# EDGAR Filing Document

**Accession Number:** 0001649752
**File Stem:** 0001104659-26-045798
**Filing Date:** 2026-4
**Character Count:** 872571
**Document Hash:** 023cc72d147b9d1aa5a7f4f49b48b646
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-045798.hdr.sgml**: 20260421

**ACCESSION NUMBER**: 0001104659-26-045798

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20260409

**FILED AS OF DATE**: 20260421

**DATE AS OF CHANGE**: 20260421

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nouveau Monde Graphite Inc.
- **CENTRAL INDEX KEY:** 0001649752
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS METAL ORES [1090]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40416
- **FILM NUMBER:** 26877117

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 6 CHEMIN DES BOULEAUX
- **CITY:** L'ANGE-GARDIEN
- **NON US STATE TERRITORY:** QUEBEC, CANADA
- **PROVINCE COUNTRY:** A8
- **ZIP:** J8L 0G2
- **BUSINESS PHONE:** 819-923-0333

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 6 CHEMIN DES BOULEAUX
- **CITY:** L'ANGE-GARDIEN
- **NON US STATE TERRITORY:** QUEBEC, CANADA
- **PROVINCE COUNTRY:** A8
- **ZIP:** J8L 0G2

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Nouveau Monde Mining Enterprises Inc.
- **DATE OF NAME CHANGE:** 20150731

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

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 <br> UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of April 2026**<br> Commission File Number: **001-40416**

**Nouveau Monde Graphite Inc.** ****<br> (Translation of registrant's name into English)

**481 rue Brassard<br> Saint-Michel-des-Saints, Quebec<br> Canada J0K 3B0**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ◻ Form 40-F ⌧

**DOCUMENTS TO BE FILED AS PART OF THIS FORM 6-K**

[99.1](tm2611280d4_ex99-1.htm) [Subscription Agreement with Canada Growth Fund Inc., dated April 9, 2026](tm2611280d4_ex99-1.htm)

[99.2](tm2611280d4_ex99-2.htm) [Subscription Agreement with Investissement Québec, dated April 9, 2026](tm2611280d4_ex99-2.htm)

[99.3](tm2611280d4_ex99-3.htm) [Subscription Agreement with ENI International B.V., dated April 9, 2026](tm2611280d4_ex99-3.htm)

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, there unto duly authorized.

---

| | |
|:---|:---|
|  | **Nouveau Monde Graphite Inc.** |
|  | (Registrant) |
| Date: April 21, 2026 | */s/ Josée Gagnon* |
|  | Josée Gagnon |
|  | Vice President, Legal Affairs & Corporate Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

**THE SECURITIES BEING ISSUED PURSUANT TO THIS SUBSCRIPTION AGREEMENT HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS (OTHER THAN DISTRIBUTORS) UNLESS SUCH SECURITIES ARE REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT.**

**<u>SUBSCRIPTION AGREEMENT</u>**

**THIS SUBSCRIPTION AGREEMENT** is made as of April 9, 2026

---

| | |
|:---|:---|
| **BETWEEN:** | **NOUVEAU MONDE GRAPHITE INC.**, a corporation organized and existing under the laws of Canada. |
|  | (the "**Corporation**") |
|  | - and - |
|  | **CANADA GROWTH FUND INC.,** a corporation organized and existing under the laws of Canada. |
|  | (the "**Investor**") |

---

**RECITALS:**

A. The Investor has agreed to make a subscription for 44,452,460 Purchased Shares (as defined below) from
the Corporation for a total subscription price of $81,792,526.40 pursuant to the terms and subject to the conditions set forth in this
Agreement (as defined below), for funding the design, engineering and construction of the Matawinie Project (as defined below), as well
as for general and administrative expenses and general working capital of the Corporation (the "**Investment** ");

B. Substantially concurrently with the transactions contemplated by this Agreement and as a condition for
the completion of the Investment by the Investor, the Corporation has agreed to simultaneously complete the FID Private Placement and
arrange for the satisfaction of the FID Prospectus Offering Release Conditions (as defined below) upon the satisfaction of such conditions
as set forth in this Agreement, the ENI Subscription Agreement (as defined below), the IQ Subscription Agreement (as defined below), the
FID Prospectus Offering Underwriting Agreement (as defined below) and the FID Prospectus Offering Subscription Receipt Agreement (as defined
below); and

C. The Investor and the Corporation have agreed to enter into this Agreement to record their agreement in
respect of these matters.

**NOW THEREFORE**, in consideration of, and in reliance on, the premises, representations, warranties, covenants and agreements set forth in this Agreement, the parties hereby agree as follows:

**ARTICLE 1 - INTERPRETATION**

**1.1** **Definitions** 

In this Agreement, unless otherwise provided:

(a) "**Affiliate**" means, as to any specified Person, any other Person who directly, or indirectly
through one or more intermediaries, (i) Controls such specified Person, (ii) is Controlled by such specified Person, or (iii) is
under common Control with such specified Person;

(b) "**Agreement**" means this subscription agreement, together with the Schedules and all
permitted amendments hereto or restatements hereof;

(c) "**Anti-Corruption Laws**" means all Applicable Laws related to the prevention of bribery,
corruption (governmental or commercial), kickbacks, money laundering, or similar unlawful or unethical conduct including the *Corruption of Foreign Public Officials Act* (Canada), the U.S. *Foreign Corrupt Practices Act of 1977* and the U.K. *Bribery Act 2010*;

(d) "**Applicable Laws**" means, with respect to any Person, property, transaction, event or
other matter, (i) all laws, statutes, codes, ordinances, decrees, rules, regulations, by-laws, instruments, Orders enacted, promulgated,
issued, released, or imposed by any Governmental Entity, including Securities Laws, and (ii) any policy, practice, protocol, requirement,
standard or guideline of any Governmental Entity, in each case relating or applicable to such Person, property, transaction, event or
other matter, including Environmental Laws, Securities Laws and Privacy Laws;

(e) "**Assets and Properties**" means, with respect to any Person, all assets and properties
of every kind, nature, character and description (whether immovable (or real), movable (or personal) or mixed, tangible or intangible,
choate or inchoate, absolute, accrued, contingent, fixed or otherwise, and, in each case, wherever situated), whether operated, owned
or leased by or in the possession or control of such Person and including Environmental Attributes, and also including the goodwill related
to such assets and properties;

(f) "**Battery Plants Project**" means, collectively, (i) the phase-2 battery anode facility
project of the Corporation, with an annual average capacity of approximately 13,000 tonnes per year of high-capacity active anode material;
and (ii) the proposed expansion of phase-2 battery anode facility project of the Corporation, to expand the annual average capacity
up to approximately 44,000 tonnes per year of high-capacity active anode material, in each case located on the Bécancour Site;

(g) "**Bécancour Site**" means a 143,000m<sup>2</sup> (approximately) brownfield site
that includes a 22,000m2 (approximately) facility, large storing and logistics area, and a contiguous 200,000m<sup>2</sup> (approximately)
greenfield site, located in the Bécancour industrial park;

(h) "**BIS**" means the U.S. Bureau of Industry and Security;

(i) "**Board**" means the board of directors of the Corporation, as constituted on the date
hereof and from time to time;

(j) "**Business Day**" means any day, other than (i) a Saturday, Sunday or statutory holiday
in the Province of Québec, and (ii) a day on which banks are generally closed in Montréal, Québec;

(k) "**CGF Manager**" means Canada Growth Fund Investment Management Inc., the exclusive investment
manager of the Investor;

(l) "**Change of Control**" means (A) the acquisition by any means, including acquisition
of equity, plan of arrangement, amalgamation, merger or business combination, by any Person, directly or indirectly, of more than 50%
of the total voting power of the outstanding voting shares of the Corporation, or (B) the acquisition by any Person, directly or
indirectly, of the right or ability by voting power, contract or otherwise to direct or cause the election or nomination for election
of a majority of the members of the Board;

(m) "**Claim**" means any cause of action, claim, demand, lawsuit, audit, hearing, examination,
investigation, arbitration, or other litigation or proceeding (whether civil, criminal, penal, administrative, tax or investigative),
including, for greater certainty, any proceeding or investigation by or before a Governmental Entity;

(n) "**Closing**" has the meaning ascribed thereto in Section 5.1;

(o) "**Closing Date**" means the third (3<sup>rd</sup>) Business Day following the satisfaction
or waiver of all of the closing conditions set forth in Sections 4.1 and 4.2 (excluding conditions that, by their terms, are to be satisfied
at the Closing), or such other date as may be mutually agreed by the Corporation and the Investor;

(p) "**Closing Time**" means 8:00 a.m. (Montréal time) on the Closing Date, or
such other time as may be mutually agreed by the Corporation and the Investor;

(q) "**Code**" has the meaning ascribed thereto in Section 3.1(sss);

(r) "**Collaboration Agreement**" means the *Entente de collaboration et de partage des bénéfices relative au projet minier Matawinie* dated January 23, 2020 between the Corporation and the Municipalité de Saint-Michel-des-Saints;

(s) "**Common Shares**" means the common shares in the capital of the Corporation;

(t) "**Contract**" means any agreement, indenture, contract, lease, deed of trust, licence,
option, instrument, arrangement, understanding or other commitment, whether written or oral;

(u) "**Control**" means, in relation to a Person, the power by another Person to influence
the business and affairs of such Person, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by means of the holding of shares or other securities, or the possession of voting power, in or in relation
to that or any other entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by virtue of any powers conferred by the constating documents of that entity, or any other document, regulating
that or any other entity, and

Control is deemed to arise (without limitation to other circumstances in which Control may arise) when that Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) owns more than 50% of all voting rights (or similar, however described) in that Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) has the power, whether through Contract or otherwise, to appoint a majority of the board of directors
(or similar, however described) of that Person, and

"**Controlled**" and "**Controlling**" have equivalent meanings;

(v) "**Corporation Annual Information Form**" means the annual information form of the Corporation
for the fiscal year ended December 31, 2025;

(w) "**Corporation Financial Statements**" means the consolidated audited financial statements
of the Corporation for the fiscal years ended December 31, 2025 and 2024, including the auditor's report thereon and the
notes thereto;

(x) "**Corporation Intellectual Property**" has the meaning ascribed thereto in Section 3.1(tt);

(y) "**Direct Claim**" has the meaning ascribed thereto in Section 8.2(a);

(z) "**Disclosure Documents**" means all information and documents relating to the Corporation
(and its predecessors) that are or become publicly available on the System for Electronic Data Analysis and Retrieval + of the Canadian
Securities Administrators or on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, or that are or become
otherwise available to the public, including financial statements, press releases, material change reports, prospectuses, information
circulars, annual information forms and technical reports since January 1, 2022;

(aa) "**Disclosure Letter**" means the disclosure letter of the Corporation delivered to the
Investor concurrently with the execution of this Agreement;

(bb) "**Dispute**" has the meaning ascribed thereto in Section 9.7(b);

(cc) "**DRS**" means the Direct Registration System maintained by the transfer agent of the
Corporation;

(dd) "**DRS Advice**" means a notification produced by the DRS evidencing ownership of the Purchased
Shares;

(ee) "**Employee Plans**" has the meaning ascribed thereto in Section 3.1(nnn);

(ff) "**ENI**" means Eni S.p.A., together with its successors and permitted assigns;

(gg) "**ENI Subscription Agreement**" means the subscription agreement entered into as of the
date hereof between the Corporation and ENI whereby the Corporation has agreed to issue, and ENI has agreed to subscribe to, upon the
terms and subject to the conditions set forth therein, 38,043,478 Common Shares, for a total subscription price of $69,999,999.52;

(hh) "**Environmental Attributes**" means any unit, credit, reduction, offset or other allowance,
including those relating to greenhouse gas emission reductions, issued pursuant to industry accepted and recognized protocols and, as
applicable, under Contracts or Applicable Laws (including Environmental Laws);

(ii) "**Environmental Laws**" means all Applicable Laws relating in whole or in part to the
protection and preservation of the environment, the protection of human health, occupational health and safety, product safety, product
liability, Hazardous Materials or natural resources, including the *Environment Quality Act* (Québec) and the *Canadian Environmental Protection Act, 1999*; provided, that the *Guide d'intervention – Protection des sols et réhabilitation des terrains contaminés* published by the Québec Ministry of the Environment, Fight against Climate Change, Fauna and
Parks (as amended, modified, replaced or supplemented from time to time) shall be deemed, with respect to the limit values for concentrations
of contaminants in soil and groundwater, to be an "Environmental Law" for purposes of this Agreement even if such guideline
does not have the force of Law;

(jj) "**Environmental Permits**" includes all Orders, Permits or any other similar authorizations
issued, granted, given or made available under the authority of or otherwise required from any Governmental Entity under any Environmental
Law;

(kk) "**ERISA**" has the meaning ascribed thereto in Section 3.1(nnn);

(ll) "**Existing Financial Indebtedness**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all indebtedness listed in the Corporation Financial Statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the remaining 2.0% net smelter royalty following the repurchase of 1.0% of the 3.0% net smelter royalty
by the Corporation as of August 15, 2024 in accordance with the Royalty Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the royalty and payments granted by the Corporation to the Municipality of Saint-Michel-des-Saints pursuant
to the Collaboration Agreement;

(mm) "**Existing Instrument**" has the meaning ascribed thereto in Section 3.1(c);

(nn) "**FID**" means the final decision of the Board to proceed with the design, engineering
and construction of the Matawinie Project on the basis of, among other things, access to the necessary capital to fund such activities
pursuant to the FID Equity Offering and the FID Debt Commitment;

(oo) "**FID Debt Commitment**" means the commitment by Export Development Canada and the Canada
Infrastructure Bank to provide senior secured credit facilities totalling $335 million to support the construction, development and commissioning
of the Matawinie Project;

(pp) "**FID Equity Offering**" means, collectively, (i) the FID Private Placement, and
(ii) the FID Prospectus Offering;

(qq) "**FID Private Placement**" means the private placement of an aggregate of 115,847,791
Common Shares (including the Purchased Shares) at a price of $1.84 per Common Share for aggregate gross proceeds of $213,159,935.44 (including
the Subscription Amount), upon the terms and subject to the conditions set forth in this Agreement, the IQ Subscription Agreement and
the ENI Subscription Agreement;

(rr) "**FID Prospectus Offering**" means a prospectus offering of an aggregate of 45,600,000
subscription receipts of the Corporation exchangeable for an aggregate of 45,600,000 Common Shares at a price of $1.84 per subscription
receipt for aggregate gross proceeds of $83,904,000, pursuant to the FID Prospectus Offering Underwriting Agreement;

(ss) "**FID Prospectus Offering Co-Lead Underwriters**" means, collectively, BMO Nesbitt Burns
Inc. and National Bank Financial Inc., in their capacity as joint bookrunners and co-lead underwriters in connection with the FID Prospectus
Offering;

(tt) "**FID Prospectus Offering Letter Agreement**" means the letter agreement entered into
as of the date hereof among the Corporation and the FID Prospectus Offering Co-Lead Underwriters;

(uu) "**FID Prospectus Offering Release Conditions**" means such conditions to be satisfied
pursuant to the FID Prospectus Offering Subscription Receipt Agreement, including for the net proceeds from the FID Prospectus Offering
to be deposited to the Corporation thereunder;

(vv) "**FID Prospectus Offering Subscription Receipt Agreement**" means the agreement governing
the terms and conditions of the subscription receipts to be issued pursuant to the FID Prospectus Offering to be entered into on the closing
date of the FID Prospectus Offering among the Corporation, the FID Prospectus Offering Co-Lead Underwriters and the subscription receipt
agent thereunder;

(ww) "**FID Prospectus Offering Underwriting Agreement**" means the underwriting agreement to
be entered into among the Corporation and a syndicate of underwriters co-led by the FID Prospectus Offering Co-Lead Underwriters in connection
with the FID Prospectus Offering, and replacing and superseding the FID Prospectus Offering Letter Agreement;

(xx) "**Financial Indebtedness**" means any indebtedness for or in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) moneys borrowed (and debit balances at banks or other financial institutions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any amount raised by acceptance under any acceptance credit facility or dematerialized equivalent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any amount raised pursuant to any note purchase facility or the issue of notes, debentures, bonds or any
similar debt instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the amount of any liability in respect of any lease or hire purchase contract which would, in accordance
with IFRS, be treated as a finance or capital lease (meaning that the lease is capitalized as an asset and booked as a corresponding liability
in the balance sheet);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse
basis provided that the requirements for derecognition under IFRS are met);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any derivative transaction entered into and, when calculating the value of any derivative transaction,
only the marked to market value (or, if any actual amount is due as a result of the termination or close-out of that derivative transaction,
that amount shall be taken into account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit
or any other instrument issued by a bank or financial institution in respect of an underlying liability of a Person which is not a member
of the Corporation which liability would fall within one of the other paragraphs of this definition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any amount raised by the issue of redeemable shares which are classified as borrowings or liabilities
under IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any amount of any liability under an advance or deferred purchase agreement, if (a) the primary reason
behind entering into the agreement is to raise finance or (b) the agreement is in respect of the supply of assets or services and
payment is due more than one hundred twenty (120) calendar days after the date of supply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any refundable tax credit granted by any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any amount raised under any other transaction (including any forward sale or purchase agreement) having
the commercial effect of a borrowing or otherwise being classified as a borrowing under IFRS; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) without double counting, the amount of any liability in respect of any guarantee for any of the items
referred to in paragraphs (i) to (xi) above;

(yy) "**Future Offtake Agreements**" means any supply agreements for graphite concentrate and/or
anode products to be entered into by the Corporation after the date hereof but before the date of the FID, including the GoC Offtake Agreement;

(zz) "**GoC Offtake Agreement**" means the definitive supply agreement for graphite concentrate
entered into between the Corporation and the Government of Canada and providing for a commitment to purchase 30,000 tonnes per annum on
a take-or-pay basis over a seven-year term, which is subject to satisfaction of customary conditions precedent, including the completion
of governmental approvals and appropriation processes, and a positive FID on the Matawinie Project;

(aaa) "**Government Official**" means any official (elected or appointed), officer, or employee
of a Governmental Entity or any department, agency or instrumentality thereof, including any employee, representative, or agent (paid
or unpaid) of a state-owned or controlled entity, public international organization, political party or organization or candidate thereof,
or any person acting in an official capacity for or on behalf of any such Governmental Entity, department, agency, instrumentality, public
international organization, political party, organization, or candidate;

(bbb) "**Governmental Entity**" means any domestic or foreign federal, provincial, regional,
state, municipal or other government, governmental department, agency, authority or body (whether administrative, legislative, executive
or otherwise), court, tribunal, commission or commissioner, bureau, minister or ministry, board or agency, or other regulatory authority,
including any securities regulatory authorities and stock exchange, or any other entity, insofar as it exercises a legislative, judicial,
regulatory, administrative, expropriation or taxing power or function of or pertaining to government;

(ccc) "**Hazardous Materials**" means (a) any chemical, mineral, material or substance that
is prohibited, regulated or designated as a pollutant, contaminant, tailings, wastewater, toxic substance, deleterious substance, dangerous
good, waste or residual material, hazardous waste or hazardous residual material, hazardous substance, hazardous material or any other
similar designation, under any provision of Environmental Law, (b) any petroleum product or by-product and derivatives thereof, including
oil and fuel of any kind, (c) any substance or material that is toxic, explosive, poisonous, corrosive, flammable, radioactive, oxidizing,
leachable, carcinogenic or mutagenic, (d) PCBs, PFAS (perfluoroalkyl and polyfluoroalkyl substances). lead including lead-containing
paint or coating and lead-containing material, urea formaldehyde foam insulation, pyrite, pyrrhotite, crystalline silica, mould, mercury
and mercury-containing material, and asbestos and asbestos-containing material and noise, and (e) any chemical, mineral, material
or substance that is otherwise regulated by Environmental Law;

(ddd) "**ICC Rules**" has the meaning ascribed thereto in Section 9.7(b);

(eee) "**IFRS**" means the International Financial Reporting Standards as issued by the International
Accounting Standards Board and as adopted by Chartered Professional Accountants of Canada (CPA Canada) in Part I of The CPA Canada
Handbook – Accounting;

(fff) "**Indigenous**" means the Indian, Inuit and Métis persons or peoples of Canada;
a band as defined pursuant to the *Indian Act* (Canada), any government or council including customary government or council established
for the benefit of Indian, Inuit and Métis peoples of Canada, a corporation, trust, partnership or other unincorporated organization
belonging to or established for the benefit of the Indian, Inuit or Métis peoples of Canada or in which one or more Indian, Inuit
or Métis persons hold an interest, any person or group asserting or otherwise claiming an aboriginal or treaty right (including
aboriginal title), and also includes a third party acting on its behalf;

(ggg) "**Intellectual Property**" has the meaning ascribed thereto in Section 3.1(tt);

(hhh) "**Intercompany Loan**" means any loan provided by the Corporation to an Affiliate of the
Corporation;

(iii) "**internal control over financial reporting**" has the meaning ascribed thereto in Regulation
52-109;

(jjj) "**Investmen** t" has the meaning ascribed thereto in the recitals;

(kkk) "**Investor Indemnified Party**" has the meaning ascribed thereto in Section 8.1(a);

(lll) "**Investor Warrant**" means the warrant dated December 20, 2024 issued by the Corporation
to the Investor for 19,841,269 Common Shares of the Corporation;

(mmm) "**IQ**" means Investissement Québec, together with its successors and permitted
assigns;

(nnn) "**IQ Subscription Agreement**" means the subscription agreement entered into as of the
date hereof between the Corporation and IQ whereby the Corporation has agreed to issue, and IQ has agreed to subscribe to, upon the terms
and subject to the conditions set forth therein, 33,351,853 Common Shares, for a total subscription price of $61,367,409.52;

(ooo) "**IT Systems and Data**" has the meaning ascribed thereto in Section 3.1(qqq);

(ppp) "**Lien**" means any mortgage, charge, pledge, hypothec, security interest, lien (statutory
or otherwise), imperfection of title, encroachment, lease, license, easement, right-of-way, condition, restriction, or adverse right or
claim, or other third-party interest or encumbrance of any kind;

(qqq) "**Loss**" means any loss, liability, Claim, damage, cost, and expense whatsoever (including
reasonable legal, consultant, expert, and other professional advisor fees and expenses), including any amounts paid in settlement of any
investigation, Order, litigation, proceeding or Claim;

(rrr) "**Matawinie Impact Benefit Agreement**" means the impact benefit agreement dated as of
December 11, 2024 between the Corporation, the *Conseil des Atikamekw de Manawan* and the *Conseil de la Nation Atikamekw* in respect of the Matawinie Project;

(sss) "**Matawinie Project**" means the Matawinie graphite mine project located in Saint-Michel-des-Saints,
Québec, approximately 120 kilometers north of Montréal, Québec, and includes 176 exclusive exploration rights forming
two (2) non-contiguous claim blocks covering 9,263.7 hectares (including the constructions, engineering, permitting, procurement,
buildings, improvements and equipment that make up the mine to be operated by the Corporation or any of the Subsidiaries and the ownership,
leasing or use of any lands in connection therewith);

(ttt) "**Material Adverse Effect**" means any action, change, fact, event, circumstance or state
of circumstances which, alone or in conjunction with other action, change, fact, event, circumstance or state of circumstances, is or
would reasonably be expected to be, individually or in the aggregate, materially adverse to the business, affairs, operations, properties,
assets, liabilities (contingent or otherwise), capital, prospects, results of operations or condition (financial or otherwise) of the
Corporation and the Subsidiaries, taken as a whole, provided that in no event shall any matter resulting from the following be deemed
a Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) changes in the regulatory accounting requirements applicable to the Corporation or the Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) changes in general economic or political conditions (whether international, national or local);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) changes (including changes of Applicable Laws) generally affecting the industry or industries in which
the Corporation or the Subsidiaries operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) acts of war, sabotage or terrorism, pandemic, epidemic or natural disasters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) shortages or price changes with respect to raw materials, metals or products used, produced or sold in
connection with the business of the Corporation or the Subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any action taken (or omitted to be taken) at the express written request or with the express written consent
of the Investor, including any action required pursuant to this Agreement;

provided, however, that any action, change, fact, event, circumstance or state of circumstances resulting from the matters referred to in clauses (i), (ii), (iii), (iv) and (v) above shall be excluded only to the extent such matters do not disproportionately impact the Corporation and the Subsidiaries, taken as a whole, as compared to other Persons operating in the same industry or industries in which the Corporation or the Subsidiaries operate;

(uuu) "**Material Contract**" means each Contract that is material to the business, affairs or
operations of the Corporation and the Subsidiaries, including in connection with the Phase 2 Projects;

(vvv) "**Material Leases**" means each lease, occupancy agreement and/or access agreement that
is material to the business, affairs or operations of the Corporation and the Subsidiaries, including: (i) the deed of servitude dated
July 18, 2024 between Sylvain Rondeau Inc. and the Corporation, registered under number 28 849 982 in the Land Book for the Registration
Division of Berthier; (ii) the lease no. 278 17 914 dated April 7, 2025 between the *Ministre des Ressources Naturelles et des Forêts*) and the Corporation for approximately 244.4 hectares for purposes of mine tailings site; (iii) the lease no. 394 18 914
dated October 12, 2021 (as amended) between the *Ministre de l'Énergie et des Ressources Naturelles* and the Corporation
for approximately 20.2 hectares for mining facilities; and (iv) the lease dated October 29, 2020 between SSTM International Inc. and the
Corporation for premises located at 600 chemin de la Forex, Saint-Michel-des-Saints, Québec, for office and graphite manufacturing/warehousing
uses;

(www) "**Mining Projects**" means, collectively, the Matawinie Project and the Uatnan Project;

(xxx) "**Mining Rights**" has the meaning ascribed thereto in Section 3.1(v);

(yyy) "**Money Laundering Laws**" has the meaning ascribed thereto in Section 3.1(hhh);

(zzz) "**Note**" means the convertible note in the principal amount of $12.5 million due November 8,
2026 issued by the Corporation to IQ, as amended and/or amended and restated from time to time;

(aaaa) "**NYSE**" means the New York Stock Exchange;

(bbbb) "**OFAC**" means the U.S. Department of the Treasury's Office of Foreign Assets Control;

(cccc) "**Operating Lease**" means any lease which in accordance with the relevant accounting
principles of the Corporation in force at the date hereof is not treated as a finance or capital lease;

(dddd) "**Order**" means any order, directive, judgment, decree, injunction, decision, ruling,
award or writ of any Governmental Entity;

(eeee) "**Ordinary Course** ", when used in relation to the taking of any action by the Corporation
or any of the Subsidiaries, means that the action is consistent with the past practices of any of them or their respective business, is
taken in the ordinary course of normal day-to-day operations of any of them or their respective business and is consistent with reasonable,
industry standard actions, including in furtherance of capital-raising activities;

(ffff) "**Outside Date**" means July 31, 2026;

(gggg) "**Owned Intellectual Property**" has the meaning ascribed thereto in Section 3.1(tt);

(hhhh) "**Permit**" means any permit, approval, consent, waiver, licence, certificate, qualification,
declaration, registration or similar authorization issued, granted, given or made available under the authority of or otherwise required
from any Governmental Entity under Applicable Laws;

(iiii) "**Permitted Financial Indebtedness**" means any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Existing Financial Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Financial Indebtedness incurred under the terms of the Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Financial Indebtedness incurred under any Intercompany Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Financial Indebtedness arising under Permitted Financial Leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Financial Indebtedness incurred under the Future Offtake Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any Financial Indebtedness incurred under the FID Debt Commitment and more generally in connection with
the Phase 2 Projects and necessary to cover, together with the net proceeds from any equity financing, the costs associated thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any Financial Indebtedness incurred in connection with the development of the Uatnan Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other Financial Indebtedness not included under (i) to (vi) above, the outstanding amount of which
shall not exceed $[REDACTED: COMMERCIALLY SENSITIVE INFORMATION] or its equivalent at any time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any Financial Indebtedness incurred for hedging or similar purposes, provided that (i) hedging shall only
be permitted in connection with currency or interest rate protection and not for speculative purposes, and (ii) the negative mark to market
of which shall not exceed [REDACTED: COMMERCIALLY SENSITIVE INFORMATION] or its equivalent at any time;

(jjjj) "**Permitted Financial Lease**" means, except for all financial leases related directly
or indirectly to the Phase 2 Projects, finance or capital leases (which in accordance with the relevant accounting principles of the Corporation
in force at the date hereof are treated as finance or capital leases) of equipment provided that the aggregate capital value of the equipment
leased does not exceed $[REDACTED: COMMERCIALLY SENSITIVE INFORMATION] or its equivalent at any time. For greater certainty, Operating
Leases do not constitute Financial Indebtedness and are therefore permitted;

(kkkk) "**Permitted Liens**" means, in respect of the Corporation and the Subsidiaries, any one
or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) security for any future supply agreements for graphite and/or anode products entered into by the Corporation
after the date hereof but before the FID;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any encumbrance relating to a Permitted Financial Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any netting or set-off arrangement entered into in the Ordinary Course of banking arrangements for the
purpose of netting debt and credit balances with an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any encumbrance relating to a Permitted Financial Lease or an Operating Lease provided that such encumbrance
is limited to the property that is the subject of the Permitted Financial Lease or Operating Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any encumbrance arising under any instalment sale or conditional sale (excluding arising under any finance
or capital lease, or Operating Lease) in respect of goods supplied in the Ordinary Course and on the supplier's standard or usual
terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any encumbrances made or incurred in the Ordinary Course to secure (a) workers' compensation,
surety or appeal notes, letters of credit, costs of litigation when required by law, Order, and public and statutory obligations, or (b) the
discharge of encumbrances or claims incidental to construction and mechanics', warehouseman's, carriers' and other similar
liens, provided such encumbrances (whether individually or in the aggregate with any other Permitted Liens described in paragraphs (vii) through
(xvi) of this definition) do not and will not impair the development, construction and operation of the Phase 2 Projects or the business
of the Corporation, or otherwise have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any development or similar agreement concerning immovable or real property entered into with a Governmental
Entity or a public utility which does not and will not (whether individually or in the aggregate with any other Permitted Liens described
in paragraphs (vii) through (xvi) of this definition) materially detract from the value of such property or materially impair
its use in the development, construction and operation of the Phase 2 Projects or the business of the Corporation, or otherwise have a
Material Adverse Effect, provided the Corporation party to any such agreement is not in default thereunder in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any such minor defects as may be revealed by an up-to-date certificate of location, any registered or
unregistered rights of way or servitude, or any encroachments, or any zoning by-laws or other municipal law restrictions as to the use
of immovable or real property, provided the foregoing do not and will not (whether individually or in the aggregate with any other Permitted
Liens described in paragraphs (vii) through (xvi) of this definition) materially detract from the value of the affected property
or materially impair its use in the development, construction and operation of the Phase 2 Projects or the business of the Corporation,
or otherwise have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any security or deposits given to a public utility or any Governmental Entity when required by such utility
or Governmental Entity pursuant to any Material Contract, or in connection with the operations of the Corporation and in the Ordinary
Course of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any encumbrance for Taxes, assessments or governmental charges or levies not at the time due or delinquent
or, provided such encumbrance (whether individually or in the aggregate with any other Permitted Liens described in paragraphs (vii) through
(xvi) of this definition) does not and will not materially impair the development, construction and operation of the Phase 2 Projects
or the business of the Corporation or otherwise have a Material Adverse Effect and provided adequate reserves in accordance with IFRS
with respect thereto are maintained in the books and records of the Corporation, any encumbrance which relates to any such obligations
to the extent such obligations are being diligently contested in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any encumbrance or charge incidental to construction or current operations (including carrier's
warehouseman's, mechanics', construction, builder's, material men's and repairmen's liens) that have not
at such time been published pursuant to Applicable Laws or which relate to obligations not due or delinquent or, provided such encumbrance
(whether individually or in the aggregate with any other Permitted Liens described in paragraphs (vii) through (xvi) of this
definition) does not and will not materially detract from the value of the affected property or materially impair its use in the development,
construction and operation of the Phase 2 Projects or the business of the Corporation or otherwise have a Material Adverse Effect and
provided adequate reserves in accordance with IFRS with respect thereto are maintained in the books and records of the Corporation, any
encumbrance which relates to any such obligations to the extent such obligations are being diligently contested in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) good faith deposits made in the Ordinary Course to secure the performance of bids, tenders, Contracts
(other than for the repayment of borrowed money), leases, surety, customs, performance bonds and other similar obligations, provided such
encumbrances (whether individually or in the aggregate with any other Permitted Liens described in paragraphs (vii) through (xvi) of
this definition) do not and will not materially impair the development, construction and operation of the Phase 2 Projects or the business
of the Corporation or otherwise have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the restrictions, exceptions, reservations, limitations, provisos and conditions, if any, expressed in
any original patents or grants from any Governmental Entity, provided such restrictions, exceptions, reservations, limitations, provisos
and conditions (whether individually or in the aggregate with any other Permitted Liens described in paragraphs (vii) through (xvi) of
this definition) do not and will not materially detract from the value of the affected property or materially impair its use in the development,
construction and operation of the Phase 2 Projects or the business of the Corporation or otherwise have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) a hypothec securing the Corporation's obligations created under the Royalty Agreement under the
terms of a deed of hypothec executed before Mtre Lyes Arfa, Notary, on August 29, 2022 and registered at the Québec Land Registry
Office, in the Register of real rights of State resource development, for the Registration Divisions of Berthier, Joliette and Maskinonge,
on August 30, 2022 under number 27 521 580;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the right reserved to or vested in any Governmental Entity by the terms of any lease, grant or Permit
acquired by the Corporation by any statutory provision to terminate any such lease, grant or Permit, or to require annual or other payments
as a condition to the continuance thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any other Liens not included under paragraphs (i) to (xv) above, in an amount that could not
result in an aggregate liability in excess of $[REDACTED: COMMERCIALLY SENSITIVE INFORMATION],

provided, however (for the avoidance of doubt) that no Lien described above, other than in paragraphs (i), (ii), (iii) and (v), shall constitute a Permitted Lien if it was incurred in connection with the incurrence of any Permitted Financial Indebtedness;

(llll) "**Person**" means and includes any individual, corporation, limited partnership, general
partnership, joint stock corporation, limited liability corporation, joint venture, association, corporation, trust, bank, trust corporation,
pension fund, business trust, administrator, authority, entity, executor, other legal representative, sole proprietorship, syndicate,
trust, trustee, unincorporated association, or other organization, whether or not a legal entity, and any Governmental Entity;

(mmmm) "**PFIC**" has the meaning ascribed thereto in Section 3.1(sss);

(nnnn) "**Phase 2 Projects**" means, collectively, the Matawinie Project and the Battery Plants
Project;

(oooo) "**Policies**" has the meaning ascribed thereto in Section 3.1(rrr);

(pppp) "**Premises**" has the meaning ascribed thereto in Section 3.1(lll);

(qqqq) "**Privacy Laws**" has the meaning ascribed thereto in Section 3.1(rrr);

(rrrr) "**Proceeds**" has the meaning ascribed thereto in Section 2.2;

(ssss) "**Purchased Shares**" has the meaning ascribed thereto in Section 2.1(a);

(tttt) "**Regulation 43-101**" means *Regulation 43-101 respecting Standards of Disclosure for Mineral Projects* (Québec), or the corresponding regulation or instrument in the Reporting Jurisdictions, other than Québec;

(uuuu) "**Regulation 45-106**" means *Regulation 45-106 respecting Prospectus Exemptions* (Québec),
or the corresponding regulation or instrument in the Reporting Jurisdictions, other than Québec;

(vvvv) "**Regulation 52-109**" means *Regulation 52-109 respecting Certification of Disclosure in Issuers' Annual and Interim Filings* (Québec) or the corresponding regulation or instrument in the Reporting Jurisdictions,
other than Québec;

(wwww) "**Regulation M**" has the meaning ascribed thereto in Section 3.1(ttt);

(xxxx) "**Regulation S**" means Regulation S promulgated by the SEC under the U.S. Securities
Act;

(yyyy) "**Reporting Jurisdictions**" means all of the provinces of Canada;

(zzzz) "**Royalty Agreement**" means the royalty agreement dated August 28, 2020 between
Pallinghurst Graphite Limited and the Corporation, as assigned to Pallinghurst Graphite International Limited pursuant to an Assignment
and Assumption Agreement dated December 17, 2020, as amended on August 18, 2023 and August 29, 2024, and as further amended
or supplemented, from time to time;

(aaaaa) "**Sanction**" means any trade, economic or financial sanctions, export controls or trade
embargoes or related restrictive measures imposed, administered or enforced from time to time by a Sanctions Authority under Applicable
Laws relating to export control or economic sanctions;

(bbbbb) "**Sanctioned Person**" means any Person: (i) who is a restricted or prohibited Person
as designated or included in any list of designated or restricted parties under any Sanctions; (ii) a Person organized under the
laws of or incorporated in (in case of an entity) or resident in (in case of an individual), a Sanctioned Territory, or which is otherwise
subject to any Sanction in a Sanctioned Territory; or (iii) an entity owned or controlled by any of the foregoing Persons in clauses
(i) or (ii) hereof;

(ccccc) "**Sanctioned Territory**" means, at any time, a country or territory which is, or whose
government is, the subject of Sanctions broadly prohibiting dealings with such country or territory or its government (which at the time
of this Agreement includes Cuba, Democratic People's Republic of Korea, the Islamic Republic of Iran, the Crimea, Kherson and Zaporizhzhia
regions of Ukraine, the so-called Donetsk People's Republic and the so-called Luhansk People's Republic;

(ddddd) "**Sanctions Authority**" means the United States government and any of its agencies (including
OFAC, BIS, the U.S. State Department and the U.S. Department of Commerce), the European Union and each of its member states, the United
Nations Security Council, the United Kingdom of Great Britain and Northern Ireland, the Canadian government, or any other Governmental
Entity with jurisdiction over the parties to this Agreement;

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

(fffff) "**Securities Laws**" means the securities laws, regulations and rules of each of
the provinces and territories of Canada and the securities laws of the United States, including the Securities Act (Québec) and
the regulations promulgated thereunder, the U.S. Securities Act and the regulations promulgated thereunder and the securities laws of
the states of the United States, and the blanket rulings and policies and written interpretations of, and multilateral or national instruments
adopted by, the securities regulatory authorities of Canada and the United States and each of their respective states, provinces and territories,
including the Autorité des marchés financiers (Québec) and the SEC, as well as the rules and policies of the
TSX, the NYSE and any other stock or securities exchange, marketplace or trading market upon which the securities of the Corporation are
listed and posted for trading;

(ggggg) "**Share Price**" has the meaning ascribed thereto in Section 2.1(a);

(hhhhh) "**Shareholder**" means a holder of Common Shares, for as long as he, she or it remains
a holder of Common Shares, and any other Person who, from time to time, holds Common Shares;

(iiiii) "**Subscription Amount**" has the meaning ascribed thereto in Section 2.1(a);

(jjjjj) "**Subsidiaries**" means, collectively, Nouveau Monde District Inc., Nouveau Monde Europe
Limited, NMG Matawinie Inc. and NMG Bécancour Inc.;

(kkkkk) "**Survival Date**" has the meaning ascribed thereto in Section 8.4;

(lllll) "**Tax**" or "**Taxes**" means any taxes, duties, fees, premiums, assessments,
imposts, levies, expansion fees and other charges of any kind whatsoever imposed by any Governmental Entity, including all interest, penalties,
fines, additions to tax or other additional amounts imposed by any Governmental Entity in respect thereof, and including those levied
on, or measured by, or referred to as, income, gross receipts, profits, windfall, royalty, capital, transfer, land transfer, sales, goods
and services, harmonized sales, use, value-added, excise, stamp, withholding, business, franchising, property, development, occupancy,
employer health, payroll, employment, health, social services, education and social security taxes, all surtaxes, all customs duties and
import and export taxes, countervail and anti-dumping, all license, franchise and registration fees and all employment insurance, health
insurance and Canada and other pension plan premiums or contributions imposed by any Governmental Entity, and any transferee liability
in respect of any of the foregoing;

(mmmmm) "**Tax Act**" means the *Income Tax Act* (Canada);

(nnnnn) "**Tax Returns**" means all returns, reports, declarations, elections, notices, filings,
forms, statements and other documents (whether in tangible, electronic or other form) and including any amendments, schedules, attachments,
supplements, appendices and exhibits thereto, made, prepared, filed or required by a Governmental Entity to be made, prepared or filed
under Applicable Laws in respect of Taxes;

(ooooo) "**Technical Report**" means the technical report titled "*NI 43-101 Technical Report: 2025 Feasibility Study for the Matawinie Graphite Mine* ", effective as of November 12, 2025 and issued on November 13,
2025;

(ppppp) "**Third Party**" has the meaning ascribed thereto in Section 8.2(a);

(qqqqq) "**Third Party Claim**" has the meaning ascribed thereto in Section 8.2(a);

(rrrrr) "**TSX**" means the Toronto Stock Exchange;

(sssss) "**Uatnan Project**" means the Phase 3 Uatnan graphite mine project located on the southwestern
shore of the Manicouagan Reservoir, within the Rivière-aux Outardes municipality, Québec, and includes 205 exclusive exploration
rights totaling 11,082.95 hectares (including the constructions, engineering, permitting, procurement, buildings, improvements and equipment
that make up the mine to be operated by the Corporation or any of the Subsidiaries and the ownership, leasing or use of any lands in connection
therewith);

(ttttt) "**U.S. Exchange Act**" means the United States *Securities Exchange Act of 1934*;

(uuuuu) "**U.S. Person**" means a "U.S. person" as defined in Rule 902(k) of
Regulation S;

(vvvvv) "**U.S. Securities Act**" means the United States *Securities Act of 1933*; and

(wwwww) "**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** 

For the purposes of this Agreement:

(a) words (including defined terms) using or importing the singular number include the plural and vice versa,
and words importing one gender only shall include all genders;

(b) the headings used in this Agreement are for ease of reference only and shall not affect the meaning or
the interpretation of this Agreement;

(c) all accounting terms not defined in this Agreement shall have the meanings generally ascribed to them
under IFRS;

(d) references to "the knowledge of the Corporation" or "the best knowledge of the Corporation"
or other similar expressions limiting the scope of any representation, warranty, acknowledgement, covenant or statement made by the Corporation
in this Agreement, means that the Corporation has reviewed all records, documents and other information currently in its possession or
under its control which would be regarded as reasonably relevant to the matter and has, where applicable, made appropriate enquiries of
the senior officers of the Corporation;

(e) unless otherwise specified, all references in this Agreement to the symbol "$" are to the
lawful money of the United States;

(f) in the event that any value or amount to be calculated hereunder is expressed in U.S. dollars and must
be calculated in Canadian dollars (and vice versa) in any documents related to this Agreement, such value or amount shall be calculated
using the applicable Bank of Canada daily average exchange rate for such conversion on the Business Day immediately preceding the applicable
date of conversion, or as the parties to this Agreement may otherwise mutually agree;

(g) the use of "including" or "include" will in all cases mean "including, without
limitation" or "include, without limitation," respectively;

(h) reference to any Person includes such Person's successors and assigns to the extent such successors
and assigns are permitted by the terms of any applicable Contract, and reference to a Person in a particular capacity excludes such Person
in any other capacity or individually;

(i) reference to any Contract (including this Agreement) or document shall mean such Contract or document
as amended or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms of this Agreement;

(j) reference to any statute means such statute as amended from time to time and includes any successor legislation
thereto and any regulations promulgated thereunder;

(k) all references to Articles, Sections, paragraphs, clauses, or Schedules are to Articles, Sections, paragraphs,
clauses, and Schedules in or to this Agreement unless otherwise specified;

(l) the phrases "hereunder", "hereof", "hereto", "herewith"
and words of similar import shall refer to this Agreement as a whole and not to any particular Article, Section, paragraph, or clause
of, or Schedule to, this Agreement; and

(m) references to time are to the local time in Montréal, Québec.

**1.3** **Schedules** 

All schedules attached to this Agreement form an integral part of this Agreement.

**ARTICLE 2 - SUBSCRIPTION**

**2.1** **Subscription** 

(a) Upon the terms and subject to the conditions set forth in this Agreement, at the Closing Time, the Investor
agrees to subscribe for and purchase from the Corporation, and the Corporation agrees to issue and sell to the Investor, 44,452,460 Common
Shares (the "**Purchased Shares**") at a price of $1.84 per Purchased Share (the "**Share Price** "),
for a total subscription price of $81,792,526.40 (the "**Subscription Amount** "); provided that the Share Price shall
be no less favourable than the price per Common Share (or subscription receipt, as applicable) payable by any other investors that are
subscribing for (or received in exchange for subscription receipt, as applicable) Common Shares substantially concurrently with the Closing,
including in connection with the FID Equity Offering.

(b) The Investor shall purchase the Purchased Shares and pay the Subscription Amount at Closing, by wire transfer
of immediately available funds to an account designated in writing by the Corporation in accordance with Section 5.3(a). Notwithstanding
the foregoing, it is understood between the Corporation and the Investor that the Investor shall have no obligation to pay the Subscription
Amount in United States dollars and shall be entitled to pay the Canadian dollar equivalent of the Subscription Amount to be determined
by the Bank of Canada daily exchange rate on the Business Day prior to the date of execution of this Agreement.

(c) At the Closing Time, the Corporation shall cause to be issued and delivered to the Investor in accordance
with Section 5.2(a) one or more share certificates or DRS Advices, as directed by or on behalf of the Investor, representing
the Purchased Shares.

**2.2** **Use of Proceeds** 

The net proceeds of the Investment (the "**Proceeds**") shall be used, in combination with the net proceeds from the FID Private Placement (other than the Proceeds) and the FID Prospectus Offering and the funds available under the FID Debt Commitment, for: (i) funding the design, engineering and construction of the Matawinie Project, and (ii) for general and administrative expenses and general working capital of the Corporation.

**ARTICLE 3 - REPRESENTATIONS, WARRANTIES, ACKNOWLEDGMENTS<br> AND AUTHORIZATIONS**

**3.1** **Representations and Warranties of the Corporation** 

The Corporation hereby represents and warrants to the Investor as of the date hereof (unless a different date is indicated, in which case the representation and warranty shall be as of such date) as follows and acknowledges that the Investor is relying on such representations and warranties in connection with the transactions contemplated herein:

(a) this Agreement has been duly authorized, executed and delivered by the Corporation and constitutes legal,
valid and binding obligations of the Corporation enforceable against the Corporation in accordance with its terms, and does not violate
or conflict with the constating documents of the Corporation or the terms of any restriction, agreement or undertaking to which the Corporation
is subject;

(b) each of the Corporation and the Subsidiaries has been duly incorporated or organized, as the case may
be, and is validly existing as a corporation in good standing under the laws of the jurisdiction of its incorporation or organization
and has the power and authority (corporate or other) to own, lease and operate its properties and to conduct its business. Each of the
Corporation and the Subsidiaries is qualified as a corporation to transact business and is in good standing in each jurisdiction in which
such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the
failure to be so qualified or in good standing would not have a Material Adverse Effect, and has all requisite power and authority to
conduct its business and to own, lease and operate its property and assets and to execute and deliver this Agreement and to perform its
obligations hereunder. All of the issued and outstanding shares or other equity or ownership interests of each of the Subsidiaries have
been duly authorized and validly issued, are fully paid and non-assessable and are owned by the Corporation, directly or indirectly, free
and clear of any Liens of any kind or nature. None of the outstanding shares of, or equity interest in, any of the Subsidiaries was issued
in violation of pre-emptive or similar rights of any securityholder of such Subsidiaries. The constating or organizational documents of
each of the Subsidiaries comply in all material respects with the requirements of Applicable Laws of its jurisdiction of incorporation
or organization and are in full force and effect, up to date and in its possession;

(c) neither the Corporation nor any of the Subsidiaries is in violation of its certificate of incorporation,
by-laws, or other constating documents, or is in default (or, with the giving of notice or lapse of time, would be in default) under any
indenture, loan, credit agreement, note, lease, license agreement, Contract, franchise or other instrument (including any pledge agreement,
security agreement, mortgage or other instrument or agreement evidencing, guaranteeing, securing or relating to indebtedness) to which
the Corporation or any of its Subsidiaries is a party or by which it or any of them may be bound, or to which any of their respective
properties or assets are subject (each, an "**Existing Instrument** "), except for such defaults as would not reasonably
be expected, individually or in the aggregate, to have a Material Adverse Effect. The Corporation's execution and delivery of this
Agreement, the performance by the Corporation of its obligations hereunder and the consummation of the transactions contemplated hereby,
including the issuance and sale of the Purchased Shares, (i) have been duly authorized by all necessary corporate action and will
not result in any violation of the provisions of the certificate of incorporation, by-laws or other constating documents of the Corporation
or any of the Subsidiaries, (ii) will not conflict with or constitute a breach of or default under, or result in the creation or
imposition of any Lien upon any property or assets of the Corporation or any of its Subsidiaries pursuant to, or require the consent of
any other party to, any Existing Instrument, except as would not reasonably be expected, individually or in the aggregate, to have a Material
Adverse Effect, and (iii) will not result in any violation of any Applicable Laws with respect to the Corporation or any of its Subsidiaries
that would reasonably be expected to have a Material Adverse Effect. Except as otherwise disclosed in Section 3.1(c) of the
Disclosure Letter, no consent, approval, authorization or other Order of, or registration or filing with, any court or other Governmental
Entity is required for the Corporation's execution and delivery of this Agreement, the performance by the Corporation of its obligations
hereunder and the consummation of the transactions contemplated hereby;

(d) the minute books of the Corporation and the Subsidiaries for the last three years are complete and accurate
in all material respects and contain copies of all by-laws and resolutions passed by and any other proceedings of their shareholders,
directors and committees of the board of directors since their respective dates of incorporation, all of which by-laws and resolutions
have been duly passed. No meeting, resolution or proceeding of any such shareholders, directors or committees of the board of directors
of the Corporation or its Subsidiaries has been held or passed that has not been reflected in such minute books;

(e) the entering into of this Agreement, the issuance of the Purchased Shares and the exercise of the rights
and performance of the obligations hereunder by the Corporation do not and will not: (i) conflict with or result in a default under
any agreement, mortgage, bond or other instrument to which the Corporation or any of the Subsidiaries is a party; or (ii) conflict
with or violate any Applicable Laws, in each case other than a conflict, default or violation that would not reasonably be expected to
have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Corporation's authorized share capital consists of an unlimited number of Common Shares, of
which, as at the close of business on April 6, 2026, 160,826,539 Common Shares are issued and outstanding, all of which have been
validly issued as fully paid and non-assessable in compliance with all Applicable Laws and the constating documents of the Corporation.
In addition, as at the close of business on April 6, 2026, the following securities are outstanding: (i) options under the Corporation's
stock option plan providing for the issuance of an aggregate of 7,510,750 Common Shares upon the exercise or settlement thereof, (ii)
units under the Corporation's omnibus equity incentive plan providing for the issuance of an aggregate of 592,000 Common Shares
upon the exercise or settlement thereof, (iii) 2,500,000 Common Shares (with interests as at that date corresponding to 1,920,176
Common Shares) and 2,500,000 Common Share purchase warrants reserved for issuance that will be issued at the maturity, conversion
or redemption of the Note, (iv) 39,682,538 Common Shares reserved for issuance pursuant to the exercise of warrants upon the occurrence
of the FID (as defined in the Investor Warrant and in IQ's share purchase warrant certificate), and (v) 31,250,000 Common Shares
reserved for issuance pursuant to the exercise of other share purchase warrants. There are no other options, convertible securities or
other rights requiring, or which may require, whether or not subject to conditions, the issuance or sale by the Corporation or any of
the Subsidiaries, including Common Shares or any securities convertible into, or exchangeable or exercisable for, or otherwise evidencing
a right to subscribe for or acquire, any securities of the Corporation or any of the Subsidiaries;

(g) the Corporation legally and beneficially owns, directly or indirectly, all of the issued and outstanding
equity securities (including for greater certainty, any securities convertible into equity securities) of the Subsidiaries. The Corporation
does not beneficially own or exercise control or direction (including through voting agreements or voting trusts) over any outstanding
voting shares of any Person other than the Subsidiaries;

(h) the Corporation has no equity or joint venture interest nor any investment or proposed investment in any
Person which accounted for, or which is expected to account for, more than 5% (five percent) of the assets or revenues of the Corporation
or would otherwise be material to the business or affairs of the Corporation;

(i) except as disclosed in Section 3.1(i) of the Disclosure Letter, there is no agreement or document,
including any Material Contract, to which the Corporation or any of its Subsidiaries is a party or by which the Corporation or any of
its Subsidiaries or any of the properties or assets thereof are bound in force or effect which in any manner affects or will affect the
voting or control of any of the securities of the Corporation;

(j) the Corporation Financial Statements have been prepared in accordance with IFRS applied on a basis consistent
with those of previous periods and in accordance with Applicable Laws, except as otherwise stated in the notes to such statements or,
in the auditor's report thereon, as the case may be. The Corporation Financial Statements, together with the related management's
discussion and analysis, present fairly, in all material respects, the assets, liabilities and financial condition of the Corporation
and the Subsidiaries as at the respective dates thereof and the losses, comprehensive losses, results of operations, changes in shareholders'
equity and cash flows of the Corporation and the Subsidiaries for the periods covered thereby. There are no outstanding loans made by
the Corporation or the Subsidiaries to any director or officer of the Corporation or the Subsidiaries. Neither the Corporation nor any
of the Subsidiaries has any debts, liabilities, or obligations, except those (i) reflected on, or reserved against, in the Corporation
Financial Statements; and (ii) liabilities that have arisen since the date of the Corporation Financial Statements in the Ordinary
Course consistent with past practice, none of which is a liability resulting from or arising out of any breach of Contracts, breach of
warranty, tort infringement, misappropriation, or violation of Applicable Law;

(k) each of the Corporation and the Subsidiaries makes and keeps accurate books and records and maintains
a system of internal accounting controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance
with the general or a specific authorization of management of the Corporation; (ii) transactions are recorded as necessary to permit
the preparation of financial statements for the Corporation (on a consolidated basis) on a proper and consistent basis in conformity with
IFRS and to maintain accountability for assets; (iii) access to assets of the Corporation and the Subsidiaries is permitted only
in accordance with the general or a specific authorization of management of the Corporation; and (iv) the recorded accountability
for assets of the Corporation and the Subsidiaries is compared with the existing assets of the Corporation and the Subsidiaries at reasonable
intervals and appropriate action is taken with respect to any differences therein. There is no material weakness (as such term is defined
in Regulation 52-109) relating to the design, implementation or maintenance of the Corporation's internal control over financial
reporting, or fraud, whether or not material, that involves management or other employees who have a significant role in the internal
control over financial reporting of the Corporation. As of the date hereof, neither the Corporation nor, to the knowledge of the Corporation,
any representative of the Corporation, has received or otherwise obtained knowledge of any complaint, allegation, assertion, or claim,
whether written or oral, regarding accounting, internal accounting controls or auditing matters, including any reasonable complaint, allegation,
assertion, claim or expression of concern that the Corporation has engaged in questionable accounting or auditing practices;

(l) there are no off-balance sheet transactions, arrangements, obligations or liabilities of the Corporation
or its Subsidiaries, whether direct, indirect, absolute, contingent or otherwise which are required to be disclosed or reflected and are
not disclosed or reflected in the Corporation Financial Statements;

(m) the Corporation and the Subsidiaries, on a consolidated basis, have established and maintain disclosure
controls and procedures (as defined in applicable Securities Laws) that (i) are designed to provide reasonable assurance that information
required to be disclosed by the Corporation in its annual filings, interim filings or other reports filed or submitted by it under applicable
Securities Laws is recorded, processed, summarized and reported within the time periods specified in applicable Securities Laws and include
controls and procedures designed to ensure that information required to be disclosed by the Corporation in its annual filings, interim
filings or other reports filed or submitted under applicable Securities Laws is accumulated and communicated to the Corporation's
management, including its certifying officers, as appropriate to allow timely decisions regarding required disclosure; (ii) have
been evaluated by management of the Corporation for effectiveness in accordance with applicable Securities Laws as of the end of the Corporation's
most recent audited fiscal year; and (iii) are effective in all material respects to perform the functions for which they were established
as of the end of the Corporation's most recent audited fiscal year. Since December 31, 2025, other than as may be publicly
disclosed by the Corporation, there have been no significant limitations or material weaknesses in the Corporation's design of its
internal control over financial reporting (whether or not remediated) and no change in the Corporation's internal control over financial
reporting that has materially affected, or is reasonably likely to materially affect, the Corporation's internal control over financial
reporting;

(n) since January 1, 2026, there has been no Material Adverse Effect and neither the Corporation nor
any of the Subsidiaries has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) made, paid or declared any dividend or other distribution or incurred any material capital expenditure
or made any commitment therefor, except in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) incurred any obligation or liability, direct or indirect, contingent or otherwise, except in the Ordinary
Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) entered into any material transaction, except in each case as disclosed in the Disclosure Documents, the
Disclosure Letter, or elsewhere in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) sold, leased, licensed, transferred, or otherwise disposed of, or incurred any Lien, (other than a Permitted
Lien) on, any of its Assets and Properties, except in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) had a change in its accounting methods, principles or practices or effected a revaluation of any of its
assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) had any material damage, destruction or Loss, whether or not covered by insurance, affecting its Assets
and Properties or business;

(o) the Corporation has not completed any "significant acquisition" that required, nor is it proposing
to complete any "significant acquisition" that would require, the filing of a business acquisition report under Canadian Securities
Laws or the inclusion of any additional financial statements or pro forma financial statements in the Corporation Financial Statements
or a description in Corporation Annual Information Form;

(p) PricewaterhouseCoopers LLP, which has expressed its opinion with respect to the Corporation Financial
Statements, is an independent auditor with respect to the Corporation as required under applicable Securities Laws. There has not been
a "reportable event" (within the meaning of section 4.11 of *Regulation 51-102 respecting Continuous Disclosure Obligations* (Québec)) between the Corporation and PricewaterhouseCoopers LLP;

(q) none of the Subsidiaries is prohibited or restricted, directly or indirectly, from paying dividends to
the Corporation, or from making any other distribution with respect to such Subsidiaries' equity securities or from repaying to
the Corporation or any of the other Subsidiaries any amounts that may from time to time become due under any loans or advances to any
such Subsidiaries from the Corporation or from transferring any property or assets to the Corporation or to any other Subsidiaries;

(r) the Corporation and the Subsidiaries have not stopped or suspended payment of any Existing Financial
 Indebtedness, have not become unable to pay any Existing Financial Indebtedness or otherwise became insolvent in any relevant
 jurisdiction, have not committed an act of bankruptcy, are not insolvent, have not proposed a compromise or arrangement to creditors
 generally, have not had a petition or a receiving Order in bankruptcy filed, or a resolution passed, against any of them for winding
 up or for the appointment of a liquidator or provisional liquidator, have not made a voluntary assignment in bankruptcy, have not
 taken any proceedings (including the presentation of any petition or application or the making of an order) with respect to a
 compromise or arrangement, have not taken any proceedings to be declared bankrupt or wound-up, have not taken any proceedings to
 have a receiver, administrator or administrative receiver appointed for any of their business or assets (nor any notice given or
 filed for the appointment of any such person), have not had any monitor appointed or any moratorium sought or obtained in respect of
 them under any applicable insolvency legislation, have not had any voluntary arrangement been proposed or approved in respect of
 them under any applicable insolvency legislation and have not had any execution or distress become enforceable or become levied upon
 any of their business and assets. The Corporation has sufficient working capital to satisfy its obligations to issue the Purchased
 Shares under this Agreement as well as its obligations under Article 6 and, upon the completion of the FID Equity Offering
 (including the transfer to the Corporation of the net proceeds from the FID Prospectus Offering upon the satisfaction of the FID
 Prospectus Offering Release Conditions), will have sufficient capital to satisfy the "going concern" test under
 IFRS;

(s) the Corporation and the Subsidiaries are, and, since January 1, 2022 have been, in material
 compliance with all Applicable Laws, and except as disclosed in Section 3.1(s) of the Disclosure Letter, there is no Claim now
 pending or, to the knowledge of the Corporation, threatened, against or affecting the Corporation and the Subsidiaries which would
 reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect and neither the Corporation nor any of
 the Subsidiaries is, to the knowledge of the Corporation, subject to any investigation or enquiry, or is subject to disciplinary
 proceeding (whether judicial, quasi-judicial or otherwise) with respect to, has been charged or, to the knowledge of the
 Corporation, threatened to be charged with, or has received notice of, any violation, potential violation or investigation of any
 Applicable Laws or a disqualification by a Governmental Entity;

(t) no material labour dispute with current and former employees of the Corporation or any of the Subsidiaries
(or with any trade union, works council, staff association or other body representing any of its or their employees) exists, or, to the
knowledge of the Corporation, is threatened and, except as disclosed in Section 3.1(t) of the Disclosure Letter, to the knowledge
of the Corporation, there is no existing, threatened or imminent labour disturbance or union organizing campaign by the employees of any
of the principal suppliers, manufacturers or contractors of the Corporation or any of the Subsidiaries that would have a Material Adverse
Effect;

(u) each of the Corporation and the Subsidiaries holds, has the benefit of, and is in compliance with, all
necessary and material licences, Permits, Environmental Permits, approvals, consents, certificates, registrations and authorizations,
whether governmental, regulatory or otherwise, to enable its business to be carried on as presently conducted and its property and assets
to be owned, leased and operated, and the same are validly existing and in good standing and none of the same contain or is subject to
any term, provision, condition or limitation which may adversely change, in a material manner, or terminate such licence, Permit, Environmental
Permit, approval, consent, certification, registration or authorization by virtue of the completion of the transactions contemplated hereby;

(v) except as disclosed in Section 3.1(v) of the Disclosure Letter, the Corporation and the Subsidiaries,
taken as a whole, (i) have all necessary mining leases, exclusive exploration rights (formerly mining claims), mineral tenures, surface
rights, access rights and other necessary rights and interests relating to the Mining Projects which are necessary or appropriate to authorize
and enable the Corporation or any of the Subsidiaries to access and carry on the mineral exploration, development and commissioning activities
and mining activities as currently being undertaken and as planned at the Mining Projects (collectively, "**Mining Rights** "),
and (ii) are not in default of such Mining Rights. Section 3.1(v) of the Disclosure Letter sets forth a complete and accurate
list of all Mining Rights, held by the Corporation and the Subsidiaries, and neither the Corporation nor any of its Subsidiaries holds
any interest in any mining leases, exclusive exploration rights (formerly mining claims) or any other mineral tenures other than the Mining
Rights. All work required to be performed and payments required to be made in relation to those Mining Rights in order to maintain the
Corporation's or the Subsidiaries' interest therein, if any, have been paid to date, performed or are in the process of being
performed in accordance with Applicable Laws and each of the Corporation and the applicable Subsidiaries has complied in all material
respects with all Applicable Laws in connection therewith as well as with regard to legal, contractual obligations to third parties (including
third party Contracts) in connection therewith except that the Corporation may decide, at its sole and absolute discretion, to abandon
or relinquish such Mining Rights which are disclosed in Section 3.1(v) of the Disclosure Letter under the subheading "Non-Material
Mining Rights" and which the Corporation considers as not material to the business and operations of the Corporation or the applicable
Subsidiaries or which do not interfere with the prospect of the Phase 2 Projects or the Uatnan Project. All of the Mining Rights are valid,
subsisting and in good standing in the name of the Corporation or each of the applicable Subsidiaries, as applicable. All exclusive exploration
rights (formerly mining claims) and mining leases, as applicable, owned by the Corporation or each of the applicable Subsidiaries are
solely registered pursuant to the provisions of the *Mining Act* (Québec) and in the register of real rights of state resource
development of the land register. All Mining Rights have been validly located, registered and recorded in accordance with all Applicable
Laws and are valid, subsisting and in good standing. There are no options or other participation interests or rights of preference relating
to the Mining Rights and all Mining Rights have active status, except for the exclusive exploration rights (formerly mining claims) set
out in Section 3.1(v) of the Disclosure Letter which are suspended awaiting partial conversion to a mining lease, and neither
the Corporation nor any of the Subsidiaries has received written notice of, nor has any knowledge of, any pending or threatened suspension
or revocation proceedings in respect of the Mining Rights or any of them from any Governmental Entity, or of any outstanding or threatened
claim, action, litigation or proceedings with respect to the Mining Rights before any Governmental Entity;

(w) Other than the Mining Rights disclosed in Section 3.1(v) of the Disclosure Letter, Section 3.1(w) of
the Disclosure Letter sets forth a complete list of the other material assets which have a value of at least $500,000, including all immovable
and real property (whether leased or owned) of the Corporation and the Subsidiaries, which constitute all of such real and immovable property
interests held for use, or used, by the Corporation and the Subsidiaries, and sets out, for each such property, the municipal address,
the correct and current legal description for each separate lot, and the entity in whose name such property is registered and, where applicable,
the beneficial owner. Each of the Corporation and the Subsidiaries is the sole absolute legal and beneficial owner of its material assets,
including Mining Rights and immovable and real property (whether leased or owned), with good and marketable title or leased interest thereto,
as applicable, free and clear of all Liens, except for the Permitted Liens. Such material assets, Mining Rights and immovable and real
property (whether leased or owned) constitute all material assets, rights of occupation, leases, rights of way and other immovable or
real property interests required for the ownership, operation and maintenance of the Mining Projects and the Battery Plants Project. All
agreements and other documents and instruments under which the Corporation or any of the Subsidiaries owns, leases, uses or operates its
immovable and real property and assets, including the Material Leases, are valid and subsisting agreements, documents or instruments in
full force and effect and are enforceable in accordance with their terms. Neither the Corporation nor any of the Subsidiaries has committed
any breach or default of any of the provisions of such agreements, documents or instruments, nor has any such breach or default been alleged,
and neither the Corporation nor any of the Subsidiaries is otherwise in default in meeting their obligations thereunder. None of the landlord
or other parties to the real property leases are in default of any of its obligations, nor is there any dispute between the Corporation
or the Subsidiaries, as applicable, and the landlord. Each of the Corporation's and the Subsidiaries' immovable and real property
and assets are in good standing under Applicable Laws and neither the Corporation nor the Subsidiaries have received any written work
order, deficiency notice or other similar notices of non-compliance issued by any Governmental Entity or third party that are outstanding
requiring or recommending that material work or repairs in connection with the owned real properties or any part thereof are necessary,
desirable or required. No breach has occurred under any lease, license, concession or agreement pursuant to which the Corporation or any
of the Subsidiaries obtains an interest in such immovable and real property (whether leased or owned) or assets; and all Taxes required
to be paid in respect of such immovable and real property (whether leased or owned) and assets as of the date hereof have been paid. There
are no options to purchase or rights of first refusal to purchase with respect to the owned real properties noted in Section 3.1(w) of
the Disclosure Letter or any part thereof granted by the Corporation or the Subsidiaries that have not expired or been waived prior to
the consummation of the transactions contemplated in this Agreement. To the knowledge of the Corporation and the Subsidiaries, as applicable,
there is no upcoming or threatened modification to the zoning, entitlement and/or other land use regulation applicable to the owned real
properties, or any part thereof which would adversely affect the operation of its business, and neither have received any written notice
or is not aware of a proposed expropriation of, or reserve with respect to, any of the owned real properties or any part thereof. Each
parcel of the Corporation's and the Subsidiaries' immovable and real property (whether leased or owned) has full and free
legally enforceable access to and from public highways, which access is sufficient for the purposes of the operation of the business.
A complete copy of all leases set out in Section 3.1(w) has been delivered to the Investor, and the leases have not been amended
by oral or written agreement, cancelled, terminated or repudiated;

(x) all activities of the Corporation and the Subsidiaries, including exploration and development activities
on the properties of the Corporation and the Subsidiaries (including the properties attached to the Mining Rights) have been and are conducted
in all material respects in accordance with good exploration, development, operations, engineering and workers' health and safety
practices, and all Applicable Laws pertaining to workers' compensation and health and safety have been complied with in all material
respects;

(y) other than as set forth in Section 3.1(y) of the Disclosure Letter, the Corporation and the
Subsidiaries own, lease, control or otherwise have legal rights to all Mining Rights under valid, subsisting and enforceable title documents
or other recognized and enforceable agreements or instruments, sufficient to permit the Corporation and the Subsidiaries, as applicable,
and subject to the nature and scope of each of the Mining Projects, to conduct operations and production, construction, transformation
and commissioning activities of, relating to and at, the Mining Projects, and, other than as set forth in Section 3.1(y) of
the Disclosure Letter, no commission, royalty, license fee or similar payment to any Person with respect to the Mining Rights is payable.
All Mining Rights in which the Corporation and the Subsidiaries hold an interest have been validly registered and recorded in accordance
with all Applicable Laws and are valid and subsisting. Each of the documents, agreements and instruments and obligations relating to surface
rights, access rights and other necessary rights and interests relating to the Mining Rights granting the Corporation or any of the Subsidiaries
the right and ability to access, explore for, mine and develop the mineral deposits as are appropriate in view of the rights and interests
therein of the Corporation or the Subsidiaries is currently in good standing in the name of the Corporation or any of the Subsidiaries,
as applicable, except where the failure to be in good standing would not reasonably be expected, individually or in the aggregate, to
have a Material Adverse Effect;

(z) except as disclosed in Section 3.1(z) of the Disclosure Letter, the Corporation has no knowledge
of any Claim or the basis for any Claim, including a Claim by or on behalf of Indigenous persons or communities (such as with respect
to Indigenous rights) with respect to the Assets and Properties (including the Mining Rights) of the Corporation and any of the Subsidiaries
that might or could materially affect the right thereof to use, transfer or otherwise explore for, mine and develop the mineral deposits
or to conduct operations and production, construction, transformation and commissioning activities on the Phase 2 Projects and the Uatnan
Project;

(aa) except as disclosed in Section 3.1(aa) of the Disclosure Letter or in the Corporation Financial Statements
or as described in the Corporation Annual Information Form, the Corporation does not know of any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Claim or the basis for any Claim by any Indigenous persons, community or group, or any local community
or any other Person, including a Claim with respect to any Indigenous rights (asserted or established) or local community rights, with
respect to the Assets and Properties (including the Mining Rights) of the Corporation and any of the Subsidiaries that might or could
materially affect the right thereof to use, transfer or otherwise explore for, mine and develop the mineral deposits or to conduct operations
and production, construction, transformation and commissioning activities on the Phase 2 Projects and the Uatnan Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Indigenous rights (including any treaty land entitlement claim or title claim) having been asserted or
any legal action by or relating to any local community or Indigenous person, community or group having been instituted against the Corporation,
any of the Subsidiaries, the Phase 2 Projects or the Uatnan Project and no dispute between the Corporation or any of the Subsidiaries
and any local community or Indigenous person, community or group exists or, to the knowledge of the Corporation, is threatened or imminent,
with respect to any Assets and Properties or any of the Corporation's or any of any such Subsidiaries' activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) outstanding, or unsatisfactory consultation or accommodation duties with respect to Indigenous persons,
communities or groups regarding the proposed development of the Phase 2 Projects (including with respect to the Permits and Environmental
Permits sought or issued to date for the Phase 2 Projects) or the Uatnan Project or potentially material impact to the Phase 2 Projects
(including the development and operation of the Phase 2 Projects) or the Uatnan Project related to any Indigenous right or interest, or
any duty to consult Indigenous persons, communities or groups;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [REDACTED: COMMERCIALLY SENSITIVE INFORMATION];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) other than the Matawinie Impact Benefit Agreement, the pre-development agreement dated March 26,
2019 between the Corporation and the *Conseil des Atikamekw de Manawan* and the *Conseil de la Nation Atikamekw* and discussions
regarding potential impacts regarding the Battery Plants Projects with the Grand Conseil of Waban-Aki Nation, the Corporation and the
Subsidiaries have not entered into any written or oral arrangements with any Indigenous person, community or group, or any local community
to provide benefits, financial compensation or more generally to provide any advantages or undertake any commitments, with respect to
the Matawinie Project and the Battery Plants Project (at any stage of development), nor has the Corporation or any of the Subsidiaries
engaged in discussions, negotiations or communications of any nature regarding the foregoing;

(bb) the Material Contracts and the Material Leases are in good standing and in full force and effect as valid
and binding agreements. None of the Corporation, any of the Subsidiaries, nor, to the knowledge of the Corporation, any other party thereto,
is in material default, violation or breach of any Material Contract or Material Lease, and there exists no condition, event or act which,
with the giving of notice or lapse of time or both would constitute a material default, violation or breach under any Material Contract
or any Material Lease which would give rise to a right of termination on the part of any other party to a Material Contract. No counterparty
to any Material Contract or Material Lease has given written notice of its intention to terminate, or has sought to repudiate or disclaim,
any Material Contract or any Material Lease and, to the knowledge of the Corporation, no such counterparty has any intention to do any
of the foregoing. The Material Contracts and the Material Leases constitute all material Contracts entered into or required to be entered
into in connection with the maintenance, repair, operation or use of the Phase 2 Projects and the Uatnan Project or for the conduct of
the Corporation's businesses and operations in respect of the Phase 2 Projects and the Uatnan Project. None of the Corporation or
the Subsidiaries is a party to or bound by any material contract or material lease relating to the Phase 2 Projects and the Uatnan Project
other than the Material Contracts and the Material Leases;

(cc) the issued and outstanding Common Shares are listed and posted for trading on the TSX under the symbol
 "NOU" and the NYSE under the symbol "NMG", and no Order ceasing or suspending trading in any securities of the
Corporation or prohibiting the sale of the Purchased Shares or the trading of any of the Corporation's issued securities has been
issued and, no proceedings for such purpose are pending or, to the knowledge of the Corporation, have been threatened. Neither the Corporation
nor any of the Subsidiaries has received notice of any Claim, inquiry, review or investigation (formal or informal) by any securities
commission or similar regulatory authority under applicable Securities Laws or by the TSX or the NYSE that is in effect or ongoing or
expected to be implemented or undertaken. The Common Shares are registered under Section 12(b) of the U.S. Exchange Act and
the Corporation is in compliance in all material respects with applicable United States Securities Laws;

(dd) the Corporation has not taken any action which would reasonably be expected to result in the delisting
or suspension of the Common Shares on or from the TSX or NYSE and the Corporation is currently in compliance, in all material respects,
with the rules and policies of the TSX and NYSE;

(ee) all Taxes due and payable by the Corporation and the Subsidiaries have been paid in the Ordinary Course.
All Tax Returns required to be filed by the Corporation and the Subsidiaries have been duly and timely filed with all appropriate Governmental
Entities and all such Tax Returns are complete and accurate in all material respects. The Corporation and the Subsidiaries are, and have
at all times been, Tax resident solely in their respective countries of incorporation and do not have, nor have they ever had, any permanent
establishment for Tax purposes in any other jurisdiction. None of the Subsidiaries is treated as a controlled-foreign-affiliate in the
hands of the Corporation for Canadian tax purposes. The Corporation and its Subsidiaries have not entered into, nor have they been a party
to, any ordinary or extraordinary transaction or arrangement (or any series of transactions or arrangements), during any period (or portion
thereof) for which the relevant statute of limitations remains open as of the date of this Agreement, the sole or main purpose of which
was to evade the payment of Taxes, and which may be subject to the application of any anti-abusive Tax provision according to any Applicable
Law. The Corporation and the Subsidiaries are registered for all sales Taxes that they should have registered for and have not taken any
Tax positions that could be challenged by a Tax authority for which a reserve has not been recorded. The Corporation has collected and
remitted sales Taxes on all its revenues as and when required, and the Corporation has not claimed GST/HST input Tax credits or QST input
Tax refunds to which it was not entitled. No audit or examination of any Tax Return of the Corporation or any of the Subsidiaries is currently
in progress or threatened and there are no material issues or disputes outstanding with any Governmental Entity respecting any Taxes that
have been paid, or may be payable, by the Corporation or any Subsidiaries, except where such examinations, issues or disputes would not
have a Material Adverse Effect. No Claim or assertion has been made, or has been threatened, by any Governmental Entity against the Corporation
or any Subsidiaries in any jurisdiction where the Corporation or any of such Subsidiaries does not currently file a Tax Return that it
is or may be subject to Tax by such jurisdiction; and each of the Corporation and the Subsidiaries is in full compliance with all terms
and conditions of any Tax exemption, Tax holiday or other Tax reduction agreement or order of a taxing authority or is entitled to benefit
from any tax deduction and/or from the validity and effectiveness of the utilization of tax losses and tax assets carry-forward, or any
tax credit or tax incentive under any Applicable Law, and the consummation of the transactions contemplated by this Agreement will not
have any adverse effect on the continued validity and effectiveness of any such Tax exemption, Tax holiday or other Tax reduction agreement
or order and of any such tax deduction, tax losses and tax assets carry-forward and tax credit or tax incentive;

(ff) the Corporation is a "reporting issuer" under applicable Securities Laws in the Reporting
Jurisdictions and is not (or will not be, as the case may be) included in a list of defaulting reporting issuers (or any similar list)
maintained by the applicable securities regulatory authorities in the Reporting Jurisdictions;

(gg) except as may be noted by or discussed with the applicable securities regulatory authorities in the Reporting
Jurisdictions in connection with continuous disclosure review programs conducted by them from time to time, the Corporation is in compliance
with its timely and continuous disclosure obligations under Securities Laws in the Reporting Jurisdictions and in the United States and
the policies, rules and regulations of the TSX and NYSE, and without limiting the generality of the foregoing, there is no material
fact, and there has not occurred any material change (actual, anticipated, contemplated, threatened, financial or otherwise), relating
to the assets, liabilities (contingent or otherwise), business, affairs, operations, prospects, capital or control of the Corporation
and the Subsidiaries, which has not been publicly disclosed on a non-confidential basis in accordance with the requirements of Securities
Laws of the Reporting Jurisdictions and the United States and the policies, rules and regulations of the TSX and NYSE, and, except
as may have been corrected by subsequent disclosure, all the statements set forth in all documents publicly filed by or on behalf of the
Corporation were true, correct, and complete in all material respects and did not contain any misrepresentation as of the date of such
statements or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in
the light of the circumstances in which they were made and the Corporation has not filed any confidential material change reports which
remain confidential. None of the Subsidiaries are subject to any continuous or periodic, or other disclosure requirements under any Securities
Laws in any Reporting Jurisdictions or the United States;

(hh) with respect to forward-looking information contained in the Disclosure Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation 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;(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, identify material risk factors that could cause actual
results to differ materially from the forward-looking information, and state the material factors or assumptions used to develop forward-looking
information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all forward-looking information is limited to a period for which the information in the future-oriented
financial information or financial outlook can be reasonably estimated;

(ii) TSX Trust Company is duly appointed as the registrar and transfer agent of the Common Shares in Canada
and Equiniti Trust Company, LLC is duly appointed as co-transfer agent and registrar for the Common Shares in the United States;

(jj) the Technical Report was in compliance in all material respects with the requirements of Regulation 43-101
at the time of filing thereof, and the Technical Report reasonably presents the quantity of mineral resources and mineral reserves attributable
to the Matawinie Project as at the date stated therein based upon information available at the time the Technical Report was prepared;

(kk) the Corporation made available to the authors of the Technical Report, prior to the issuance of such report,
for the purpose of preparing such report, all information requested by the authors, which information did not contain any misrepresentation
at the time such information was so provided and there have been no material changes since the date of delivery or preparation thereof;

(ll) the Corporation is in compliance in all material respects with the provisions of Regulation 43-101 and
has filed all technical reports required thereby and, there has been no change that would require the filing of a new technical report
under Regulation 43-101;

(mm) all scientific and technical information derived from the Technical Report, the mineral resource and mineral
reserve estimates or otherwise requiring review by a "qualified person" under Regulation 43-101 set forth in the Disclosure
Documents has been reviewed by a "qualified person" as required under Regulation 43-101 and has been prepared in accordance
with Canadian industry standards set forth in Regulation 43-101;

(nn) the Corporation has no reason to believe that the assumptions underlying the mineral resource and mineral
reserve estimates associated with the Matawinie Project contained in the Corporation Financial Statements or as described in the Corporation
Annual Information Form are not reasonable and appropriate;

(oo) the Corporation believes that the Technical Report reasonably presents the projected capital and operating
costs and projected production and operating results of the Matawinie Project as at the date stated therein based upon information available
at the time the Technical Report was prepared;

(pp) the Corporation has no reason to believe that the assumptions underlying the projected capital and operating
costs and production and operating results associated with the Phase 2 Projects contained in the Corporation Financial Statements
or as described in the Corporation Annual Information Form are not reasonable and appropriate and has no reason to believe that the
projected capital and operating costs and projected production and operating results relating to the Phase 2 Projects, as summarized
in the Corporation Financial Statements or as described in the Corporation Annual Information Form are not commercially achievable
by the Corporation;

(qq) the Corporation has no reason to believe that the projected capital and operating costs and projected
production and operating results relating to the Phase 2 Projects are not commercially achievable by the Corporation and the Corporation
is not aware of any change, fact, event or circumstance which may materially affect such costs or results, other than as has been disclosed
in the risk factors contained in the Corporation Annual Information Form;

(rr) except as disclosed in Section 3.1(rr) of the Disclosure Letter, the Corporation and the Subsidiaries
have, collectively, obtained or possess all material Permits or expect to receive, in a timely manner, all material Permits, including
any renewal of any such Permits, not yet obtained or possessed, including all material Environmental Permits, to own, lease, and operate
their Assets and Properties and to conduct the business as currently conducted by the Corporation and the Subsidiaries or proposed to
be conducted by the Corporation and the Subsidiaries in connection with the construction, development and operation of the Phase 2 Projects.
Section 3.1(rr) of the Disclosure Letter sets forth a correct list of: (i) all material Permits, including all material Environmental
Permits, currently held by the Corporation and the Subsidiaries for the construction, development and operation of the Phase 2 Projects
that are in full force and effect; (ii) all material Permits, including all material Environmental Permits, for which applications
have been submitted by the Corporation or any of the Subsidiaries (or on their behalf) to any Governmental Entity that are under review
and analysis by any such Governmental Entity, and which are required to be obtained for the construction, development and operation of
the Phase 2 Projects, including a description of such Permits and the dates of submission of such applications and the expected dates
of obtention, and (iii) all material Permits, including all material Environmental Permits, for which applications have not yet been
submitted by the Corporation or the Subsidiaries to any Governmental Entity, and which are required to be obtained for the construction,
development and operation of the Phase 2 Projects, including a description of such Permits and the expected dates of submission of the
applications for the obtention of such Permits. Except as disclosed in Section 3.1(rr) of the Disclosure Letter, all such Permits
are or, as applicable, will be, in a timely manner, in full force and effect, and the Corporation and the Subsidiaries have performed
or, as applicable, will perform all of their obligations under and have been and are or, as applicable, will be, in material compliance
with all such Permits. The Corporation and the Subsidiaries are not in violation of, or in material default under, any of the Permits
currently held and neither the Corporation nor any of the Subsidiaries has received any written or, to the knowledge of the Corporation,
oral notice, from any Governmental Entity (i) indicating or alleging that the Corporation or any of the Subsidiaries does not possess
any material Permit required to own, lease, and operate the Assets and Properties or to conduct the business as currently conducted, or
(ii) threatening or seeking to withdraw, revoke, terminate, modify or suspend any of the Corporation's or any of the Subsidiaries'
material Permits currently held or to refuse to issue or renew any Material Permits required to be maintained or obtained by any of them
for the construction, development and operation of the Phase 2 Projects. None of the Corporation's nor any of the Subsidiaries'
Permits will be subject to withdrawal, revocation, termination, or suspension as a result of the execution of this Agreement or the consummation
of the transactions contemplated by this Agreement;

(ss) since January 1, 2022, the Corporation and the Subsidiaries conform, in all material respects, to
all statements made in the documents publicly filed by or on behalf of the Corporation at the time such statements were made (including
claims related to "sustainability", "greenhouse (GHG) emissions", "carboneutrality", "net Zero",
 "no net loss of biodiversity" or similar expressions and claims, and also including the timeline related thereto) and the
Corporation and the Subsidiaries possess appropriate certifications or scientifically reliable materials (including data, evidence or
documentation) to substantiate such statements in line with the knowledge, standards and understanding commonly accepted at the time those
statements were made ;

(tt) the Corporation and the Subsidiaries: (i) own all rights, titles and interests in and to all intellectual
and industrial property, including patents, patent applications, trademarks, trademark applications, trademark registrations, service
marks, service mark applications, service mark registrations, trade names, copyrights, industrial designs, concepts, know how, inventions,
proprietary information, research data, designs, formulae, processes, technology and trade secrets, internet domain names and social media
handles, all goodwill in connection therewith, used in and material to the conduct of the business thereof (the "**Intellectual Property**") owned or purported to be owned by the Corporation or any of the Subsidiaries ()"**Owned Intellectual Property** "),
and (ii) possess sufficient rights or licenses to use all Intellectual Property used in and material to the conduct of the business
thereof that is not Owned Intellectual Property (together with the Owned Intellectual Property, "**Corporation Intellectual Property** ").
All Corporation Intellectual Property is valid, subsisting, enforceable and free and clear of any Liens of any kind or nature. The Corporation
or any of the Subsidiaries is the registered holder of all internet domain names forming part of the Corporation Intellectual Property.
The Corporation and the Subsidiaries have taken reasonable measures to protect and maintain the Corporation Intellectual Property, including
by securing the registration of Owned Intellectual Property (as appropriate or as required by contractual obligations if applicable) and
by paying all registration and renewal fees for Owned Intellectual Property which are registered or applied for in the name of the Corporation
or any of the Subsidiaries. Neither the execution or delivery of this Agreement nor the performance of the Corporation's obligations
hereunder or the consummation of any of the transactions contemplated by this Agreement will, with or without notice or lapse of time,
result in, or give any other Person the right or option to cause or declare, (i) a loss of, or Lien on, any Owned Intellectual Property;
(ii) a breach of any Material Contract related to the Corporation Intellectual Property; (iii) the release, disclosure, or delivery
of any Owned Intellectual Property by or to any escrow agent or other Person; or (iv) the grant, assignment, or transfer to any other
Person of any license or other right or interest under, to, or in any of the Owned Intellectual Property;

(uu) the Corporation and the Subsidiaries take and have taken commercially reasonable steps to protect, preserve
and maintain their rights in the Owned Intellectual Property and the confidentiality of trade secrets and material confidential information
included therein, and none of the Corporation or any of the Subsidiaries has disclosed any such trade secrets confidential information
to any third party other than pursuant to a written confidentiality agreement (and other than to legal counsel who are bound by professional
obligations of confidentiality), pursuant to which such third party agrees to protect such confidential information. Neither the Corporation
nor any of the Subsidiaries has knowledge of any unauthorized use, access, transmission, disclosure, destruction or modification of any
trade secrets or confidential information;

(vv) neither the Corporation nor any of the Subsidiaries has provided any third party with written notice or
instituted any action, suit or proceeding claiming that such third party is infringing, misappropriating, or otherwise violating any Owned
Intellectual Property, nor does the Corporation or any of the Subsidiaries have knowledge of any Person infringing, misappropriating,
or otherwise violating any Owned Intellectual Property;

(ww) no item of Owned Intellectual Property is subject to any pending action, suit or proceeding or outstanding
order to which the Corporation or any of the Subsidiaries is a named party restricting in any manner the use, transfer or licensing of
such Owned Intellectual Property by the Corporation or any of the Subsidiaries;

(xx) each Person who has contributed to, developed, created or conceived any Owned Intellectual Property, including
all current and former employees, officers, directors, consultants and independent contractors of the Corporation or the Subsidiaries
who have been involved in the development, creation or conception of the Owned Intellectual Property or who have had access to confidential
information or trade secrets relating to the Owned Intellectual Property, have done so pursuant to a written, valid and enforceable agreement
or other legal obligation that protects the confidential information of the Corporation and the Subsidiaries, includes a present assignment
of or an undertaking to assign all of the rights, title and interest such Persons may have in or to the Owned Intellectual Property to
the Corporation and the Subsidiaries, recognizes the Corporation and the Subsidiaries' ownership of the Person's contribution,
development, creation, or conception, and, where relevant, waives the Person's moral rights and rights of a similar nature in and
to such Owned Intellectual Property. Except as disclosed in Section 3.1(xx) of the Disclosure Letter, (i) no funding, personnel,
or facilities of any Governmental Entity or any university or other educational institution were used, directly or indirectly, to develop
or create any Owned Intellectual Property, and (ii) no Governmental Entity or any university or other educational institution has
any ownership in or rights to any such Owned Intellectual Property;

(yy) to the Corporation's knowledge, the operation of the business of the Corporation and the Subsidiaries
does not infringe upon, misappropriate or otherwise violate, and has not infringed upon, misappropriated, or otherwise violated, the Intellectual
Property of any third party, and neither the Corporation nor any of the Subsidiaries has received any written charge, complaint, claim,
demand or notice from any third party, or been party to any action, suit or proceeding, alleging that the operation of the business of
the Corporation or any of the Subsidiaries infringes, misappropriates, or otherwise violates the Intellectual Property of any third party,
nor does the Corporation or any of the Subsidiaries have knowledge of any facts or circumstances upon which any such charge, complaint,
claim, demand, notice or action could be based, or that would render any Corporation Intellectual Property invalid, unenforceable or inadequate
to protect the interests of the Corporation and the Subsidiaries therein;

(zz) (i) each of the Corporation and the Subsidiaries, their respective Assets and Properties and the
business, affairs and operations of each of the Corporation and the Subsidiaries, have been and are in compliance in all material respects
with all Environmental Laws and Environmental Permits; (ii) neither the Corporation nor any of the Subsidiaries is in material violation
of, or has received a written complaint or notice or been prosecuted for an offence alleging the Corporation's or any of the Subsidiaries'
violation or non-compliance with, or liability under, any Environmental Laws or otherwise relating to the presence, migration or release
or threatened release of Hazardous Materials; (iii) each of the Corporation and the Subsidiaries has complied in all material respects
with all reporting and monitoring requirements under all Environmental Laws and no Hazardous Materials or other substances or materials
(including heavy metals) capable of leaching into underground are or have been treated, stored, located or disposed of on, or are migrating
or have migrated from, on, in, under or to, any Assets and Properties of the Corporation or any of the Subsidiaries or in connection with
any activities conducted by or on behalf of the Corporation or any of the Subsidiaries, whether during the operational phase or following
the cessation of operations (*post-operam*), except in compliance with Environmental Law; (iv) there are no Orders, nor any
events or circumstances that might reasonably be expected to form the basis of an Order, for testing, reclamation, rehabilitation, clean
up or remediation, there are no Claims, nor any events or circumstances that might reasonably be expected to form the basis of a Claim,
by any private party or Governmental Entity, against or affecting the Corporation, the Subsidiaries or their Assets and Properties relating
to Hazardous Materials or any Environmental Laws and there are no obligations or liabilities, outstanding, contingent or otherwise, related
to testing, reclamation, rehabilitation, clean up or remediation work required under Environmental Law, that are associated with operations
conducted by Corporation or any of the Subsidiaries, their respective Assets and Properties or any other property used by the Corporation
or any of the Subsidiaries nor any events or circumstances that might reasonably be expected to result in such obligations or liabilities;
(v) there are no Environmental Permits which either the Corporation or the Subsidiaries do not have which are necessary to conduct
the business, affairs and operations of each of the Corporation and the Subsidiaries and all Environmental Permits held by the Corporation
and the Subsidiaries are in full force and effect; and (vi) the Corporation has provided or made available to the Investor accurate
and complete copies of all material environmental audits, evaluations, assessments, studies and documentation relating to the Phase 2
Projects or any other Assets and Properties of the Corporation or any of the Subsidiaries in the possession or control of the Corporation
or any of the Subsidiaries;

(aaa) in the Ordinary Course, the Corporation conducts a periodic review of the effect of Environmental Laws
on the business, operations and properties of the Corporation and the Subsidiaries, in the course of which it identifies and evaluates
associated costs and liabilities (including any capital or operating expenditures required for clean-up, closure of properties or compliance
with Environmental Laws or any Permit, any related constraints on operating activities and any potential liabilities to third parties).
No facts or circumstances have come to the Corporation's attention that could result in costs or liabilities that would reasonably
be expected, individually or in the aggregate, to result in a Material Adverse Effect;

(bbb) none of the directors, officers or employees of the Corporation or the Subsidiaries or any associate or
Affiliate of any of the foregoing has any material interest, direct or indirect, in any material transaction or any proposed material
transaction with the Corporation or the Subsidiaries that materially affects, is material to or will materially affect the Corporation
or any of the Subsidiaries;

(ccc) there is no broker, finder or other party or Person, that is entitled to receive from the Corporation
any brokerage or finder's fee or other fee or commission as a result of any transactions contemplated by this Agreement;

(ddd) the Corporation does not have any outstanding extension of credit, in the form of a personal loan, to
or for any director or executive officer of the Corporation except for such extensions of credit as are expressly permitted by Section 13(k) of
the U.S. Exchange Act;

(eee) neither the Corporation nor any of the Subsidiaries has (i) made any material loans to each other,
except in respect of the intercompany loans made in the Ordinary Course, or (ii) guaranteed the material obligations of each other.
Neither the Corporation nor any of the Subsidiaries has made any material loans to or guaranteed the material obligations of any other
Person;

(fff) the Corporation and the Subsidiaries maintain insurance by insurers of recognized financial responsibility,
against such losses, risks and damages to their business operations and assets in such amounts that are: (i) customary for the business
in which they are engaged, on a basis consistent with reasonably prudent persons in comparable businesses, and in compliance with the
requirements contained in any Material Contract or Material Lease; and all of the policies in respect of such insurance coverage, fidelity
or surety bonds insuring the Corporation, the Subsidiaries, and their respective directors, officers and employees, and the business operations
and assets, are in good standing and in full force and effect in all respects, and there are no defaults thereunder. The Corporation and
the Subsidiaries are in compliance with the terms of such policies and instruments in all material respects and there are no material
claims by the Corporation or any of the Subsidiaries under any such policy or instrument as to which any insurance company is denying
liability or defending under a reservation of rights clause; the Corporation and the Subsidiaries have no reason to believe that they
will not be able to renew such existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar
insurers as may be necessary to continue business operations at a cost that would not have a Material Adverse Effect, and neither the
Corporation nor any of the Subsidiaries has failed to promptly give any notice of any material claim thereunder;

(ggg) neither the Corporation nor any of the Subsidiaries, nor, to the knowledge of the Corporation, any director,
officer, or employee of the Corporation or any of the Subsidiaries, any agent, Affiliate or other person acting on behalf of the Corporation
or any of the Subsidiaries: (A) has, directly or indirectly, in the course of its actions for, or on behalf of, the Corporation or
any of the Subsidiaries (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses
relating to political activity; (ii) made or taken any act in furtherance of an offer, promise, or authorization of any direct or
indirect unlawful payment or benefit to any foreign or domestic Government Official or employee, including of any government-owned or
controlled entity or public international organization, or any political party, party official, or candidate for political office; (iii) violated
or is in violation of any provision of the Anti-Corruption Laws; or (iv) made, offered, authorized, requested, or taken an act in
furtherance of any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment or benefit; (B) is or has
been the subject of any actual, pending or, to the knowledge of the Corporation, threatened action, suit or proceeding by or before any
court or governmental agency, authority or body or any arbitrator with respect to any Anti-Corruption Laws. The Corporation and the Subsidiaries
and, to the knowledge of the Corporation, the Corporation's Affiliates conduct and have conducted their respective businesses in
compliance with the Anti-Corruption Laws and have instituted and maintain policies and procedures designed to ensure, and which are reasonably
expected to ensure, continued compliance therewith;

(hhh) the operations of the Corporation and the Subsidiaries are, and have been conducted at all times, in compliance
with applicable financial recordkeeping and reporting requirements of the *Currency and Foreign Transactions Reporting Act of 1970*,
the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada) and the money laundering statutes of all applicable
jurisdictions, the rules and regulations thereunder and any related or similar applicable rules, regulations or guidelines, issued,
administered or enforced by any governmental agency (collectively, the "**Money Laundering Laws**") and no action, suit
or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Corporation or any of the
Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Corporation, threatened;

(iii) neither the Corporation, nor the Subsidiaries or the directors, officers or employees of the Corporation
or any of the Subsidiaries, nor, to the knowledge of the Corporation, any agent, Affiliate or other person acting on behalf of the Corporation
or any of the Subsidiaries, is currently a Sanctioned Person; and the Corporation will not directly or indirectly use the Proceeds, or
lend, contribute or otherwise make available such proceeds to any of the Subsidiaries, or any joint venture partner or other Person, for
the purpose of financing the activities of or business with any Sanctioned Person, or in any other manner that will result in a violation
by any Person (including any Person participating in the transaction whether as underwriter, advisor, investor or otherwise) of applicable
Sanctions. Except as disclosed in Section 3.1(iii) of the Disclosure Letter, for the past five years, the Corporation and the
Subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions with any Person that at the
time of the dealing or transaction is or was a Sanctioned Person; the Corporation and the Subsidiaries act and have always acted in compliance
with Applicable Laws relating to Sanctions and have not received any written notice, nor have been the subject of any investigation, inquiry
or enforcement proceedings by, any Governmental Entity with respect to an alleged or actual violation of Applicable Laws relating to Sanctions;

(jjj) the Purchased Shares as described in this Agreement have been, or prior to the Closing will be, duly authorized,
created and reserved for issuance and, when issued, delivered and paid for in full, will be validly issued and fully paid and non-assessable
Common Shares;

(kkk) the Corporation has complied, or will comply, with all Applicable Laws in connection with the offer, sale
and issuance of the Purchased Shares. The Corporation has obtained or will obtain prior to Closing all necessary approvals, consents and
acceptances of the appropriate regulatory authorities required to be made or obtained by the Corporation in connection with the issuance
and sale of the Purchased Shares as herein contemplated, including the approval of the TSX and any required authorizations from NYSE;

(lll) with respect to each premises of the Corporation and the Subsidiaries which is material to the Corporation
(on a consolidated basis) and which the Corporation or any of the Subsidiaries occupies as tenant, including those referred to in the
Material Leases (collectively, the "**Premises** "), the Corporation or any of such Subsidiaries occupies the Premises and
has the exclusive right to occupy and use the Premises and each of the leases pursuant to which the Corporation or any such Subsidiaries
occupies the Premises is in good standing and in full force and effect;

(mmm) the Corporation and the Subsidiaries are in compliance with all laws and regulations respecting employment
and employment practices, terms and conditions of employment, pay equity, hours, wages, workers' compensation and occupational health
and safety except where such non-compliance would not result in a Material Adverse Effect. The Corporation and the Subsidiaries have not
and are not engaged in any unfair labor practice and there is no labor strike, dispute, slowdown, stoppage, complaint or grievance pending,
instituted or, to the knowledge of the Corporation, threatened, against the Corporation or its Subsidiaries. Except as disclosed in Section 3.1(mmm)
of the Disclosure Letter, there is no collective bargaining agreement currently in place or being negotiated by the Corporation or its
Subsidiaries and the Corporation and the Subsidiaries have not received any notice of, nor have any knowledge of, any occurrence which
would reasonably be expected to lead to a dispute, complaint, grievance or any other unresolved matter. There are no outstanding orders
under any employment or human rights legislation in any jurisdiction in which the Corporation or its Subsidiaries carry on business or
have employees;

(nnn) neither the Corporation nor any of the Subsidiaries sponsors or maintains or has any obligation to make
contributions to any "pension plan" (as defined in Section 3(2) of ERISA) subject to the standards of Section 302
of the United States *Employee Retirement Income Security Act of 1974* ()"**ERISA** "). Each plan for bonus, stock purchase,
profit sharing, stock option, deferred compensation, severance or termination pay, insurance, medical, hospital, dental, vision care,
drug, sick leave, disability, salary continuation, legal benefits, unemployment benefits, vacation, incentive or otherwise contributed
to, or required to be contributed to, by the Corporation or its Subsidiaries for the benefit of any current or former director, officer
or employee of the Corporation or its Subsidiaries, as applicable (the "**Employee Plans** "), has been maintained in all
material respects in accordance with its terms and with the requirements prescribed by any and all Applicable Laws in respect of such
Employee Plans;

(ooo) each of the Corporation and the Subsidiaries is insured by recognized and reputable institutions with
policies in such amounts and with such deductibles and covering such risks as are generally deemed adequate and customary for its business,
including policies covering immovable or real and movable or personal property, whether owned or leased by the Corporation and the Subsidiaries,
against theft, damage, destruction, acts of vandalism and earthquakes. The Corporation has no reason to believe that it or any of the
Subsidiaries will not be able (i) to renew its existing insurance coverage as and when such policies expire, or (ii) to obtain
comparable coverage from similar institutions as may be necessary or appropriate to conduct its business or the Subsidiaries' businesses
as now conducted and at a cost that would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse
Effect. Neither the Corporation nor any of the Subsidiaries has been denied any insurance coverage which it has sought or for which it
has applied;

(ppp) the Corporation is an "emerging growth company" as defined in Section 2(a) of the
U.S. Securities Act;

(qqq) there has been no material security breach or other material compromise of or relating to any of the Corporation
or the Subsidiaries' information technology assets and equipment, computer systems, networks, hardware, software, websites, applications,
and databases (including the data of their respective customers, employees, suppliers, vendors and any third party data maintained by
or on behalf of them) or technology (collectively, "**IT Systems and Data**") and (i) the IT Systems and Data are
adequate for, and operate and perform in all material respects as required in connection with the operation of the business of the Corporation
and the Subsidiaries as currently conducted and, to the best of the Corporation's knowledge, are free and clear of all material
bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants; (ii) the Corporation and the Subsidiaries have implemented
and maintained commercially reasonable controls, policies, procedures, and safeguards to maintain and protect their material confidential
information and the integrity, continuous operation, redundancy and security of all IT Systems and Data (including all personal, personally
identifiable, sensitive, confidential or regulated data); (iii) the Corporation and the Subsidiaries have not been notified of, and
have no knowledge of any event or condition that would reasonably be expected to result in, any material security breach or other material
compromise to their IT Systems and Data; (iv) the Corporation and the Subsidiaries are presently in material compliance with all
Applicable Laws or statutes and all judgments, Orders, rules and regulations of any court or arbitrator or Governmental Entity, internal
policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems
and Data from unauthorized use, access, misappropriation or modification; and (v) the Corporation and the Subsidiaries have implemented
backup and disaster recovery technology consistent with industry standards and practices;

(rrr) the Corporation and the Subsidiaries are, and at all prior times were, in material compliance with all
applicable state and federal data privacy and security laws and regulations, including *the Act Respecting the Protection of Personal Information in the Private Sector* (Québec) and the Corporation and the Subsidiaries have taken commercially reasonable actions
to prepare to comply with the European Union General Data Protection Regulation (EU 2016/679), to the extent such regulation applies to
the Corporation (collectively, the "**Privacy Laws** "). To ensure compliance with the Privacy Laws, the Corporation and
each of the Subsidiaries have in place, comply with, and take appropriate steps reasonably designed to ensure compliance in all material
respects with their policies and procedures relating to data privacy and security and the collection, storage, use, disclosure, handling,
and analysis of personal data (collectively, the "**Policies** "). The Corporation and the Subsidiaries have at all material
times made all material disclosures to users or customers required by Applicable Laws and regulatory rules or requirements, and none
of such disclosures made or contained in any Policy have, to the knowledge of the Corporation, been inaccurate or in violation of any
Applicable Laws and regulatory rules or requirements in any material respect. The Corporation further certifies that neither it nor
any of the Subsidiaries (i) has received notice of any actual or potential liability under or relating to, or actual or potential
violation of, any of the Privacy Laws, and has no knowledge of any event or condition that would reasonably be expected to result in any
such notice; (ii) is currently conducting or paying for, in whole or in part, any investigation, remediation, or other corrective
action pursuant to any Privacy Law; or (iii) is a party to any order, decree, or agreement that imposes any obligation or liability
under any Privacy Law;

(sss) based on the current profile of the Corporation's gross income, gross assets, the nature of its
business, and its anticipated market capitalization, the Corporation believes that it likely was a passive foreign investment company
(a "**PFIC**") within the meaning of Section 1297 of the U.S. *Internal Revenue Code of 1986*, as amended (the
 "**Code**") for its most recently completed taxable year. While the Corporation has not made a determination of its expected
PFIC status for the current taxable year, the Corporation may be a PFIC in the current taxable year and in the foreseeable future. For
any year in which the Corporation is a PFIC, if any, the Corporation can provide no assurances that it will satisfy the record keeping
requirements of a PFIC or that it will make available to purchasers of the Purchased Shares that are subject to United States federal
income taxation the information such purchasers require to make a "qualified electing fund" election pursuant to Section 1295
of the Code with respect to the Corporation, and as a result, such an election may not be available to such purchasers;

(ttt) neither the Corporation nor any of the Subsidiaries have taken, directly or indirectly, any action designed
to or that might reasonably be expected to cause or result in stabilization or manipulation of the price of the Common Shares or of any
 "reference security" (as defined in Rule 100 of Regulation M under the U.S. Exchange Act ()"**Regulation M** "))
with respect to the Common Shares, whether to facilitate the sale or resale of the Common Shares or otherwise, and has taken no action
which would directly or indirectly violate Regulation M;

(uuu) the Corporation is not, and will not be, either after receipt of payment for the Purchased Shares, or
after the application of the Proceeds, required to register as an "investment company" under the United States *Investment Company Act of 1940*;

(vvv) there are no business relationships or related-party transactions involving the Corporation or any of
the Subsidiaries or any other Person required to be disclosed under Securities Laws which have not been disclosed;

(www) none of the directors, officers or employees of the Corporation or any of the Subsidiaries or any associate
or Affiliate of any of the foregoing has any interest, direct or indirect, in any material transaction or any proposed transaction with
the Corporation or the Subsidiaries;

(xxx) none of the outstanding Common Shares were issued in violation of any pre-emptive rights, rights of first
refusal or other similar rights to subscribe for or purchase securities of the Corporation, to which the Corporation is subject or for
which a waiver has not been obtained. Other than as set out in Section 3.1(xxx) of the Disclosure Letter, there are no authorized
or outstanding options, warrants, pre-emptive rights, rights of first refusal or other rights to purchase, or equity or debt securities
convertible into or exchangeable or exercisable for, any shares of the Corporation or any of the Subsidiaries, to which such Corporation
or Subsidiary is subject and for which a waiver has not been obtained;

(yyy) to the Corporation's knowledge, there are no undisclosed facts or circumstances reasonably likely
to constitute a Material Adverse Effect;

(zzz) the completion of the transactions contemplated by this Agreement shall not result in the Investor holding
more than 19.9% of the issued and outstanding Common Shares;

(aaaa) to the Corporation's knowledge, no event has occurred or condition exists which is reasonably likely
to prevent the transactions contemplated in the ENI Subscription Agreement, the IQ Subscription or the FID Prospectus Offering Letter Agreement
or that will be contemplated in the FID Prospectus Offering Underwriting Agreement from being completed in accordance therewith; and

(bbbb) as of the date of this Agreement, neither the Corporation nor any of the Subsidiaries is in receipt of
any oral or written offer, indication of interest, proposal or inquiry relating to any (i) direct or indirect acquisition of an equity
interest (whether by merger, consolidation, stock sale or other business combination) in the Corporation, (ii) except as contemplated
in the ENI Subscription Agreement, the IQ Subscription Agreement and the FID Prospectus Offering Letter Agreement or as will be contemplated
in the FID Prospectus Offering Underwriting Agreement, acquisition of any of the voting equity interests of the Corporation through a primary
issuance for cash proceeds, (iii) supply, offtake or similar arrangement, (iv) tender offer or exchange offer by the Corporation
that if consummated would result in any Person or that Person's Affiliates beneficially acquiring any of the voting equity interests
of the Corporation, (v) merger, consolidation, other business combination or similar transaction involving the Corporation or any
of the Subsidiaries, pursuant to which such Person would own any of the consolidated assets, net revenues or net income of the Corporation
and the Subsidiaries, taken as a whole, or (vi) liquidation or dissolution (or the adoption of a plan of liquidation or dissolution)
of the Corporation or the declaration or payment of an extraordinary dividend (whether in cash or other property) by the Corporation.

**3.2** **Representations and Warranties of the Investor** 

The Investor hereby represents and warrants to the Corporation as of the date hereof (unless a different date is indicated, in which case the representations and warranties shall be as of such date) as follows and acknowledges that the Corporation is relying on such representations and warranties in connection with the transactions contemplated herein:

(a) this Agreement has been duly authorized and executed by the Investor and constitutes legal, valid and
binding obligations of the Investor enforceable against the Investor in accordance with its terms, subject to bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium or similar laws affecting creditors' rights generally, and will not violate or
conflict with the constating documents of the Investor or the terms of any restriction, agreement, undertaking, or Applicable Laws to
which the Investor is subject;

(b) the Investor is validly existing under the Applicable Laws of the jurisdiction in which it was formed,
and no steps or proceedings have been taken by any Person, voluntary or otherwise, requiring or authorizing the dissolution or winding
up of the Investor, and the Investor has the necessary corporate power and authority to execute the Agreement and to observe and perform
its covenants and obligations hereunder and has taken all necessary action in respect thereof;

(c) the Investor is: (A) not an individual; (B) purchasing the Purchased Shares or deemed to be
purchasing the Purchased Shares, as principal; (C) an "accredited investor" as described in paragraph (m) of section 1.1.
of Regulation 45-106; and (D) not a Person that was created, or is being used, solely to purchase or hold securities as an accredited
investor described in paragraph (m) of the definition of "accredited investor" in section 1.1 of Regulation 45-106;

(d) the Investor acknowledges that the Purchased Shares have not been offered to the Investor (or any Person
on whose behalf the Investor is contracting) in the United States, and any Person making the order to purchase the Purchased Shares and
executing this Agreement was not in the United States when the order was placed and this Agreement was executed;

(e) the Investor is not a U.S. Person, which includes, but is not limited to, an individual resident in the
United States, an estate or trust of which any executor or administrator or trustee, respectively, is a U.S. Person and any partnership
or corporation organized or incorporated under the laws of any foreign jurisdiction and formed by a U.S. Person principally for the purpose
of investing in securities not registered under the U.S. Securities Act, unless it is organized or incorporated, and owned, by accredited
investors as defined as defined by Rule 501(a) of Regulation D promulgated by the SEC under the U.S. Securities Act who are
not natural persons, estates or trusts, and is not purchasing the Purchased Shares on behalf of, or for the account or benefit of, a Person
in the United States or a U.S. Person;

(f) the Investor has not purchased the Purchased Shares as a result of any form of "directed selling
efforts" in the United States, as such term is defined in Regulation S;

(g) the current structure of the Investment and all transactions and activities contemplated hereunder is
not a scheme to avoid registration requirements of the U.S. Securities Act or applicable state laws;

(h) the Investor owns or controls, directly or indirectly, 19,841,269 Common Shares and warrants to purchase
19,841,269 Common Shares;

(i) the Investor understands that the Purchased Shares are being offered for sale only on a "private
placement" basis and that the sale and delivery of the Purchased Shares are conditional upon such sale and delivery being exempt
from the requirements as to the filing of a prospectus or upon the issuance of such orders, consents or approvals as may be required to
permit such sale without the requirement of filing a prospectus and, as a consequence (i) the Investor is restricted from using most
of the civil remedies available under Securities Laws, (ii) the Investor may not receive information that would otherwise be required
to be provided to it under Securities Laws, and (iii) the Corporation is relieved from certain obligations that would otherwise apply
under Securities Laws;

(j) the Investor is aware that the Purchased Shares have not been and will not be registered under the U.S.
Securities Act, or the securities legislation of any State of the United States and therefore may not be offered or sold directly or indirectly
in the United States or to, or for the account of benefit of a U.S. Person without registration under the U.S. Securities Act and applicable
state securities laws or compliance with requirements of an exemption from registration thereunder;

(k) the Investor has not received or been provided with, nor has it requested, nor does it have any need to
receive, any offering memorandum, prospectus, registration statement, sales or advertising literature, or any other document (other than
an annual report, annual information form, interim report, information circular or any other continuous disclosure document, the content
of which is prescribed by Securities Laws) describing or purporting to describe the business and affairs of the Corporation which has
been prepared for delivery to, and review by, prospective purchasers in order to assist them in making an investment decision in respect
of the Purchased Shares;

(l) the Investor is familiar with the provisions of Rule 144 of the U.S. Securities Act and understands
that it will need to comply with (i) safe harbor conditions when selling Common Shares in the United States or to, or for the account
of benefit of a U.S. Person, including holding periods, volume limitations, manner of sale, and filing a Form 144, (ii) another
exemption from the U.S. Securities Act, including Rule 903 of Regulation S and in compliance with any "distribution and compliance
periods", or (iii) the Purchased Shares will need to be registered for resale under the U.S. Securities Act; and

(m) if the Investor is deemed to be a "distributor" (as defined in Regulation S), the sale of
any Purchased Shares to a distributor, or dealer or person receiving a selling concession, fee or other remuneration in respect of the
securities sold prior to the "distribution and compliance period", the Investor shall send a confirmation or other notice
to the purchaser stating the purchaser is subject to the same restrictions on offers and sales that apply to the distributor.

**3.3** **Acknowledgements and Authorizations of the Investor** 

The Investor hereby acknowledges and agrees as follows:

(a) no applicable securities regulatory authority (or authorities) or regulator, agency, Governmental Entity,
regulatory body, stock exchange or other regulatory body has reviewed or passed on the investment merits of the Purchased Shares;

(b) the Purchased Shares will be subject to a restriction on resale prescribed by section 2.5 of *Regulation 45-102 respecting Resale of Securities* (Québec); and

(c) the certificate(s) or DRS Advice(s) representing the Purchased Shares, when issued, will bear
or be bound by, a legend substantially in the following form:

*"Unless permitted under securities legislation, the holder of this security must not trade the security before [insert four months and a day after the Closing Date]."*

**3.4** **Waiver of the Investor under the Investor Rights Agreement** 

(a) The Investor hereby waives any right to receive any notification that may be required in connection with
the Investment (and any related time period to make such notification), including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any notice required under the investor rights agreement dated December 20, 2024 between the Corporation
and the Investor in connection with the Investor's Pre-Emptive Right and Top-Up Right (as defined in Section 3 thereof); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any notice required under the registration rights agreement dated December 20, 2024 between the Corporation
and the Investor in connection with the Piggyback Registration Request (as defined in Section 2.2 thereof).

(b) The Investor hereby acknowledges and confirms that the Investment contemplated by this Agreement constitutes
the sole subscription to and purchase of Common Shares, including any Common Shares to be issued upon the exercise of any share purchase
warrants or subscription receipts, in connection with the FID Equity Offering. The Investor also hereby acknowledges that it will not
require any of the Common Shares or other securities of NMG held by the Investor to be registered in connection with the FID Prospectus
Offering.

**ARTICLE 4 - CONDITIONS PRECEDENT TO CLOSING**

**4.1** **Investor's Conditions Precedent to Closing** 

The Investor's obligation under this Agreement to purchase the Purchased Shares, shall be subject to the following conditions:

(a) (i) the representations and warranties of the Corporation contained in Sections 3.1(a), 3.1(b), and
3.1(e) of this Agreement shall be true and correct in all respects as at the Closing Time, with the same force and effect as if made
on and as at the Closing Time, except for such representations and warranties which are in respect of a specific date in which case such
representations and warranties shall be true and correct, in all respects, as of such date, and (ii) the other representations and
warranties of the Corporation contained in this Agreement shall be true and correct in all material respects (or, as regards specific
representations and warranties if qualified by materiality or Material Adverse Effect, in all respects) as at the Closing Time, with the
same force and effect as if made on and as at the Closing Time, except for such representations and warranties which are in respect of
a specific date in which case such representations and warranties shall be true and correct, in all material respects (or, as regards
specific representations and warranties if qualified by materiality or Material Adverse Effect, in all respects), as of such date;

(b) the Corporation shall have performed or complied with, in all respects, all of its obligations, covenants
and agreements under this Agreement required to be performed or complied with prior to the Closing;

(c) no Material Adverse Effect shall have occurred;

(d) the Investor shall have received a certificate from the President and Chief Executive Officer or the Chief
Financial Officer of the Corporation (on the Corporation's behalf and without personal liability), in form and substance satisfactory
to the Investor, acting reasonably, confirming satisfaction of the conditions referred to in Sections 4.1(a), (b) and (c);

(e) there shall be no issued Order, injunction, judgment or ruling filed or imposed by any Governmental Entity
enjoining, delaying, restricting or preventing the consummation of the transactions contemplated in this Agreement or claiming that such
transactions are improper;

(f) the Common Shares shall continue to be listed and posted for trading on the TSX and the NYSE;

(g) the Corporation shall not be the subject of a cease trading order (including a management cease trade
order) made by any applicable securities regulatory authority (or authorities) or regulator in Canada or the United States or other Governmental
Entity;

(h) the Corporation shall have made and/or obtained the necessary filings, approvals, consents and acceptances
of the appropriate regulatory authorities required to be made or obtained by the Corporation in connection with the sale of the Purchased
Shares as herein contemplated, including any required approval of the TSX, any required authorization of the NYSE and any required approval
by the Shareholders of the transactions contemplated by this Agreement, the ENI Subscription Agreement and the IQ Subscription Agreement;

(i) all necessary filings required under any applicable competition or antitrust laws shall have been made
and the expiration or termination of any applicable waiting or review periods under any competition or antitrust Applicable Laws has occurred
and all requisite approvals and authorizations under any competition or antitrust competition or antitrust Applicable Laws have been obtained,
in each case to the extent necessary to consummate the transactions contemplated hereby in compliance with such competition or antitrust
Applicable Laws;

(j) the GoC Offtake Agreement shall have been executed by the Corporation and the Government of Canada (or
on its behalf) and shall be in full force and effect as at the Closing Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Investor Warrant shall have been amended and restated to the entire satisfaction of the Investor,
acting reasonably, subject to the requisite approvals of the TSX and the NYSE (if applicable) and of the shareholders of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the FID shall have been achieved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the completion of the transactions contemplated by this Agreement shall not result in the Investor holding
more than 19.9% of the issued and outstanding Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the FID Private Placement (other than the Investment) shall close substantially concurrently with the
Closing and the exchange of subscription receipts for Common Shares and delivery to the Corporation of the net proceeds from the FID Prospectus
Offering under the FID Prospectus Offering Subscription Receipt Agreement shall occur on the Closing Date immediately after the Closing;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Investor shall have received the deliveries set forth in Section 5.2.

If any of the foregoing conditions has not been fulfilled by the Outside Date, the Investor may elect not to complete the Investment by notice in writing to the Corporation. The Investor may waive compliance with any condition in whole or in part if it sees fit to do so, without prejudice to its rights in the event of non-fulfilment of any other condition, in whole or in part, or to its rights to recover damages for the breach of any representation, warranty, covenant or condition contained in this Agreement.

**4.2** **Corporation's Conditions Precedent to Closing** 

The Corporation's obligation under this Agreement to issue and sell the Purchased Shares to the Investor is subject to the following conditions:

(a) the representations and warranties of the Investor contained in this Agreement shall be true and correct
in all material respects (or, as regards specific representations and warranties if qualified by materiality, in all respects) as at the
Closing Time, with the same force and effect as if made on and as at the Closing Time, except for such representations and warranties
which are in respect of a specific date in which case such representations and warranties shall be true and correct, in all material respects
(or, as regards specific representations and warranties if qualified by materiality, in all respects), as of such date, after giving effect
to the transactions contemplated by this Agreement;

(b) the Investor shall have performed or complied with, in all respects, all of its obligations, covenants
and agreements under this Agreement required to be performed or complied with prior to the Closing;

(c) there shall be no issued Order, injunction, judgment or ruling filed or imposed by any Governmental Entity
for the purpose of enjoining, delaying, restricting or preventing the consummation of the transactions contemplated in this Agreement
or claiming that such transactions are improper;

(d) the Corporation shall have made and/or obtained the necessary filings, approvals, consents and acceptances
of the appropriate regulatory authorities required to be made or obtained by the Corporation in connection with the sale of the Purchased
Shares as herein contemplated, including any required approval of the TSX, any required authorization of the NYSE and any required approval
by the Shareholders of the transactions contemplated by this Agreement, the ENI Subscription Agreement and the IQ Subscription Agreement;

(e) the completion of the transactions contemplated by this Agreement shall not result in the Investor holding
more than 19.9% of the issued and outstanding Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the FID Private Placement (other than the Investment) shall close substantially concurrently with the
Closing and the exchange of subscription receipts for Common Shares and delivery to the Corporation of the net proceeds from the FID Prospectus
Offering under the FID Prospectus Offering Subscription Receipt Agreement shall occur on the Closing Date immediately after the Closing;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Corporation shall have received the deliveries set forth in Section 5.3.

If any of the foregoing conditions has not been fulfilled by the Outside Date, the Corporation may elect not to complete the Investment by notice in writing to the Investor. The Corporation may waive compliance with any condition in whole or in part if they see fit to do so, without prejudice to their rights in the event of non-fulfilment of any other condition, in whole or in part, or to their rights to recover damages for the breach of any representation, warranty, covenant or condition contained in this Agreement.

**ARTICLE 5 - CLOSING**

**5.1** **Time and Place of Closing** 

The closing of the subscription and issuance of the Purchased Shares (the "**Closing**") shall take place remotely by exchange of documents and signatures (or their electronic counterparts) at the Closing Time, or at such other date or time as agreed upon by the Investor and the Corporation.

**5.2** **Corporation's Closing Deliveries** 

At or prior to the Closing Time, the Corporation shall deliver to the Investor the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one or more share certificates or, DRS Advices evidencing the Purchased Shares and registered in accordance
with the registration instructions set forth in Schedule A hereto, or as may be otherwise subsequently directed by or on behalf of the
Investor in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an executed copy of each of the ENI Subscription Agreement, the IQ Subscription Agreement, the FID Prospectus
Offering Underwriting Agreement, the FID Prospectus Offering Subscription Receipt Agreement and the GoC Offtake Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certificate of compliance of the Corporation dated within one (1) Business Day prior to the Closing
or such earlier date as may be agreed by the Investor issued by Corporations Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a certificate dated as of the Closing Date addressed to the Investor and signed by the President and Chief
Executive Officer or the Chief Financial Officer of the Corporation (in each case on behalf of the Corporation and without personal liability)
in form and content satisfactory to the Investor, acting reasonably, certifying with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the currently effective constating documents of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all necessary corporate approvals by the Corporation relating to this Agreement and the consummation of
the transactions contemplated herein, including the FID, the issuance and sale of the Purchased Shares and the issuance of the subscription
receipts and Common Shares in connection with the FID Private Placement and the FID Prospectus Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an incumbency and signatures of signing persons of authority and officers of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an opinion from the Corporation's legal counsel in Canada, in a form satisfactory to the Investor,
acting reasonably, as to certain corporate law and securities law matters relating to the Corporation, the issuance and sale of the Purchased
Shares, exemptions from the prospectus requirement under Securities Laws and other related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) evidence of any required approval of the TSX and any required authorization of the NYSE with respect to
the sale and the listing of the Purchased Shares as herein contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) evidence of any required approval by the Shareholders with respect to the transactions contemplated by
this Agreement, the ENI Subscription Agreement and the IQ Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) evidences reasonably satisfactory to the Investor that the transactions contemplated by the ENI Subscription
Agreement and the IQ Subscription Agreement have closed prior to or shall close simultaneously with the closing of the Investment and
that the proceeds to be received by the Corporation in connection with the transactions contemplated by the ENI Subscription Agreement
and the IQ Subscription Agreement have been or shall be simultaneously received by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) evidences reasonably satisfactory to the Investor that the FID Prospectus Offering Release Conditions
have been satisfied and that the net proceeds from the FID Prospectus Offering shall be delivered to the Corporation under the FID Prospectus
Offering Subscription Receipt Agreement, with the exception of: (i) the completion of the FID Private Placement; (ii) the delivery
of any notice to be delivered pursuant to the FID Prospectus Offering Subscription Receipt Agreement to confirm the satisfaction of the FID
Prospectus Offering Release Conditions and authorizing the delivery of the net proceeds from the FID Prospectus Offering to the Corporation;
and (iii) the exchange of subscription receipts for Common Shares pursuant to the terms of the FID Prospectus Offering Subscription Receipt
Agreement (and any opinion confirming the final issuance of Common Shares); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) such further certificates and other documentation from the Corporation as may be contemplated herein or
as the Investor may reasonably request.

**5.3** **Investor's Closing Deliveries.** 

At or prior to the Closing Time, the Investor shall deliver to the Corporation, the following:

(a) the Canadian dollar equivalent of the Subscription Amount as determined in accordance with Section 2.1(b) by
wire transfer of immediately available funds to an account designated by the Corporation (such account to be designated by the Corporation
no fewer than five (5) Business Days prior to the Closing); and

(b) such further certificates and other documentation from the Investor as may be contemplated herein or as
the Corporation may reasonably request.

**ARTICLE 6 - COVENANTS**

**6.1** **Actions to Satisfy Closing Conditions** 

Each of the parties hereto shall make commercially reasonable efforts to ensure satisfaction of each of the conditions for which it is responsible for performing, delivering or satisfying set forth in Article 4.

**6.2** **Consents, Approvals and Authorizations** 

(a) The Corporation covenants that it shall prepare, file and diligently pursue until received all necessary
consents, approvals and authorizations of any Person and make such necessary filings, as are required to be obtained under Applicable
Laws with respect to the Investment, including in respect of any required approval by the Shareholders. If required by Securities Laws
or reasonably requested by the Corporation, the Investor will use commercially reasonable efforts to execute, deliver, file and otherwise
assist the Corporation in filing, such reports, undertakings and other documents with respect to the issuance and sale of the Purchased
Shares.

(b) The Corporation shall keep the Investor fully informed regarding the status of such consents, approvals
and authorizations, and the Investor, its representatives and counsel shall have the right to provide input into any applications for
approval and related correspondence and any proxy circular of the Corporation prepared in connection with any required approval by the
Shareholders, which will be incorporated by the Corporation, acting reasonably. The Corporation will provide notice to the Investor (and
its counsel) of any proposed substantive discussions with the TSX or the NYSE if required in connection with the Investment. On the date
all such consents, approvals and authorizations have been obtained by the Corporation and all such filings have been made by the Corporation,
the Corporation shall notify the Investor of same.

(c) Without limiting the generality of the foregoing, the Corporation shall promptly make all filings required
by the TSX and the NYSE. If the approval or authorization of either of the TSX or the NYSE is a "conditional approval" subject
to the making of customary deliveries to the TSX or the NYSE after the Closing Time, the Corporation shall ensure that such filings are
made as promptly as practicable after such date and in any event within the time frame contemplated in the conditional approval letter
from the TSX or the authorization from the NYSE, as applicable.

(d) Without limiting the generality of the foregoing, each of the Corporation and the Investor shall use its
commercially reasonable efforts to (i) promptly file, or cause to be filed, any notification required to be made to any Governmental
Entity pursuant to the applicable antitrust or competition laws of any jurisdiction regarding the transactions contemplated hereby; (ii) supply
as promptly as practicable any additional information and documentary material that may be requested or required by such Governmental
Entity; (iii) take all steps to cause the expiration or termination of any applicable waiting or review periods and obtain all requisite
approvals and authorizations under any competition or antitrust law as necessary to consummate the transactions contemplated hereby. Each
of the Corporation and Investor shall (i) cooperate with the other in connection with any filing or submission made pursuant to this
section and keep the other informed in all material respects of any material communication received by such party from, or given by such
party to, any Governmental Entity regarding any filings contemplated hereby, (ii) provide the other notice and an opportunity to
participate in any oral communications with such Governmental Entity to the extent not prohibited by that Governmental Authority, and
(iii) provide the other the opportunity to review and comment on any substantive communications with such Governmental Authority
and consider the other's comments reasonably and in good faith. Nothing in this clause shall require any party to disclose any competitively
sensitive information or business secrets, in which case such information is to be communicated between the respective legal counsel of
each the Corporation and the Investor on an "external counsel only" basis (a non-confidential version of the relevant filing,
submission or communication being provided to the other party) or pursuant to additional procedures agreed between the parties to ensure
compliance with all Applicable Laws relating to competition, antitrust and foreign investment.

(e) The Corporation shall, as promptly as practicable after the date hereof, seek, and continue to use commercially
reasonable efforts to seek until obtained, the consent of each Person which is required in connection with the Investment.

**6.3** **Ordinary Course of Business** 

(a) Except as contemplated or permitted by this Agreement, from the date hereof until the earlier of the Closing
Time and the termination of this Agreement, the Corporation and its Subsidiaries shall conduct their business in the Ordinary Course in
material compliance with Applicable Laws, including using commercially reasonable efforts to maintain and preserve intact the current
organization and business of the Corporation in all material respects, preserve and maintain all of their Permits, and preserve the rights,
goodwill and relationships of counterparties of Material Contracts and Material Leases. Without limiting the foregoing, the Corporation
covenants and agrees with the Investor that the Corporation will not, from the date hereof and ending on the earlier of the Closing Time
and the termination of this Agreement, except with the prior written consent of the Investor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) split, combine or reclassify any of the outstanding Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) redeem, purchase or offer to purchase any Common Shares or convertible securities (excluding the Note);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) amalgamate, merge or consolidate with any other Person (which for greater certainty does not include a
Change of Control);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) perform any act or enter into any transaction or negotiation which might materially adversely interfere
or be materially inconsistent with the consummation of the Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) make or award any increases in salary, incentive compensation or other bonuses to executives of the Corporation
or its Subsidiaries (other than in the Ordinary Course);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) cause, consent to, or permit, any termination, release, cancellation, adverse amendment, modification
or variance, or waiver of timely compliance with any terms or conditions of any Material Contract and Material Lease, other than the renewal
of same in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) terminate, cancel or fail to timely comply with terms and conditions of any Mining Rights; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) agree or commit to do any of the foregoing.

**6.4** **Access to Information** 

Until the earlier of the Closing Time and the termination of this Agreement, the Corporation shall:

(a) provide the Investor, its designees and its representatives with reasonable access (i) to the virtual
data room or such other document review platform which has been constituted by the Corporation (or on its behalf), and (ii) upon
reasonable notice during normal business hours, to the Corporation's and its Subsidiaries' books and records and executive
management, in each case so that the Investor may conduct reasonable inspections, investigations and audits relating to the Corporation
and its Subsidiaries, including as to the internal accounting controls and business and operations of the Corporation and its Subsidiaries;

(b) deliver to the Investor, immediately following receipt thereof, a copy of any notice, letter, correspondence
or other communication from any Governmental Entity or any Claim or filing involving the Corporation, in each case, in respect of the
Corporation's potential, actual or alleged violation of any and all laws applicable to the business, affairs and operations of the
Corporation and its Subsidiaries anywhere in the world, and any responses by the Corporation in respect thereto;

(c) deliver to the Investor, as promptly as practicable, such information and documentation relating to the
Corporation and its Subsidiaries as the Investor may reasonably request from the Corporation from time to time for purposes of complying
with the Investor's tax reporting obligations with respect to its ownership of Common Shares; and

(d) deliver to the Investor, as promptly as practicable, such information and documentation relating to any
matter which may reasonably affect the Investor's, the CGF Manager's or any of their respective Affiliates' reputation.

**6.5** **Notice** 

Until the earlier of the Closing Time and the termination of this Agreement, the Corporation shall promptly notify the Investor of the occurrence, or failure to occur, of any event or state of facts which occurrence or failure would, or would be reasonably likely to:

(a) result in any material change (actual, anticipated, contemplated, proposed or threatened) in or affecting
the business, operations, capital, properties, assets, liabilities (absolute, accrued, contingent or otherwise), condition (financial
or otherwise), profits, obligations, cash flow, income, affairs or prospects of the Corporation and the Subsidiaries taken as a whole;

(b) cause any of the representations or warranties of the Corporation contained in Section 3.1 of this
Agreement to be untrue or inaccurate at any time from the date of this Agreement to the Closing Time; or

(c) result in the failure of the Corporation to comply with any covenant or agreement to be complied with
by the Corporation pursuant to the terms of this Agreement.

**6.6** **Anti-bribery and Corruption Compliance** 

Until the earlier of the Closing Time and the termination of this Agreement:

(a) the Corporation shall cause its employees, directors, officers, and to the best of its ability any Person
acting on its behalf to comply, with applicable Anti-Corruption Laws;

(b) neither the Corporation, the Subsidiaries, nor any of its or their employees, directors, officers or,
to the knowledge of the Corporation, any Person acting on its or their behalf shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) give, promise to give, or offer to give, any payment, loan, gift, donation, or anything else of value
(including a facilitation payment), directly or indirectly, whether in cash or in kind, to or for the benefit of, any Government Official
or any other Person while knowing or having reason to know that all or a portion of such money or thing of value will be offered, given,
or promised, directly or indirectly, to any such Government Official or to any other Person for the purpose of: (A) improperly influencing
any action or decision of any Government Official in his or her official capacity, including a decision to fail to perform official functions,
(B) inducing any Government Official or other Person to act in violation of his, her or its lawful duty, (C) securing any improper
advantage, or (D) persuading any Government Official or other Person to use his, her or its influence with any Governmental Entity
or any government-owned Person to effect or influence any act or decision of such Governmental Entity or government-owned Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) accept, receive, agree to accept, or authorize the acceptance of any contribution, payment, gift, entertainment,
money, anything of value, or other advantage in violation of applicable Anti-Corruption Laws; and

(c) the Corporation shall (and shall cause its Subsidiaries to) maintain policies, procedures and internal
controls reasonably designed to ensure compliance with all applicable Anti-Corruption Laws, including records of payments to any Persons
(including agents, consultants, representatives and distributors) and Government Officials. Upon reasonable request, the Corporation agrees
to provide responsive information to the Investor concerning its compliance with Anti-Corruption Laws. The Corporation shall promptly
notify the Investor if the Corporation becomes aware of any violation of Anti-Corruption Laws.

**6.7** **Trade and Sanctions Compliance** 

Until the earlier of the Closing Time and the termination of this Agreement:

(a) the Corporation shall and shall cause the Subsidiaries and its and their respective employees, directors,
officers, and to the best of its ability, its and their respective agents, and any Person acting on its or their behalf, to comply with
all applicable Sanctions;

(b) neither the Corporation, any of the Subsidiaries nor any of their respective directors, officers or employees:
(i) shall be engaged in any activities that would cause it to become a Sanctioned Person; or (ii) shall act under the direction
of, on behalf of, or for the benefit of a Sanctioned Person;

(c) the Corporation shall as soon as practicable and no later than [April 30, 2027], institute and maintain
a risk-based compliance program commensurate with a company of the Corporation's size and stage of development to ensure compliance
with Sanctions by itself, its Subsidiaries and each of their respective directors, officers, and employees. The compliance program shall
include risk-based policies, procedures, controls, training, monitoring, oversight and appropriate resourcing following guidance provided
by OFAC, BIS and any other relevant Sanctions Authority. Within thirty (30) days after the date on which the Corporation adopts such policy,
the Corporation shall provide a copy of such policy to the Investor, together with the resolutions of the Board or other relevant official
document evidencing the Corporation's adoption of such policy. Upon reasonable request, the Corporation agrees to provide responsive
information to the Investor concerning its compliance with Sanctions. The Corporation shall promptly notify the Investor if the Corporation
becomes aware of any material violation of Sanctions; and

(d) neither the Corporation, the Subsidiaries nor any of their respective employees, directors or officers
shall have engaged in activities that would have the effect of conducting any business transaction or activity with a Sanctioned Person
or in a Sanctioned Territory.

This Section 6.7 shall not be interpreted or applied in relation to the Corporation to the extent that the representations made under this Section 6.7 violate, or would result in a breach of the *Foreign Extraterritorial Measures Act* (Canada).

**6.8** **Compliance with Money Laundering Laws** 

Until the earlier of the Closing Time and the termination of this Agreement:

(a) the Corporation shall and shall cause its Subsidiaries and its and their respective employees, directors,
officers, and to the best of its ability, its and their respective agents, and any Person acting on its or their behalf, to comply with
all applicable Money Laundering Laws; and

(b) the Corporation shall as soon as practicable and no later than [April 30, 2027], institute and maintain
policies and procedures commensurate with a company of the Corporation's size and stage of development designed to ensure compliance
with any applicable Money Laundering Laws by itself, its Subsidiaries and each of their respective directors, officers, and employees.
As soon as practicable after the date of this Agreement, and in any event within thirty (30) days after the date on which the Corporation
adopts such policies and procedures, the Corporation shall provide a copy of such policies and procedures to the Investor, together with
the resolutions of the Board or other relevant official document evidencing the Corporation's adoption of such policies and procedures.
Upon reasonable request, the Corporation agrees to provide responsive information to the Investor concerning its compliance with Money
Laundering Laws. The Corporation shall promptly notify the Investor if the Corporation becomes aware of any material violation of Money
Laundering Laws.

**ARTICLE 7 - TERMINATION**

**7.1** **Termination** 

This Agreement shall terminate upon:

(a) the date on which this Agreement is terminated by the mutual consent of the parties hereto;

(b) written notice by either party to the other in the event the Closing has not occurred on or prior to the
Outside Date, except that the right to terminate this Agreement under this Section 7.1(b) shall not be available to any party
whose failure to fulfill any of its obligations or breach of any of its representations, warranties or covenants under this Agreement
has been the cause of, or resulted in, the failure of the Closing to occur by the Outside Date;

(c) written notice by either party if any Governmental Entity of competent jurisdiction issues an Order permanently
restraining, enjoining, or otherwise prohibiting the consummation of the transactions contemplated by this Agreement, and such Order becomes
final and non-appealable; provided, however, that the right to terminate this Agreement under this Section 7.1(c) shall not
be available to a party whose failure to perform its covenants or agreements contained in this Agreement has been the cause of or has
resulted in the imposition of such Order or the failure of such Order to be resisted, resolved, or lifted;

(d) by the Investor, if the Corporation breaches or fails to perform in any material respect any of its representations,
warranties, covenants or agreements contained in this Agreement, which breach or failure (i) would result in a failure of a condition
set forth in Section 4.1 or in a failure to make any deliveries set forth in Section 5.2, and (ii) (A) if capable
of being cured, has not been cured by the Corporation by the earlier of (x) the Outside Date, and (y) the date that is thirty
(30) days after the Corporation's receipt of a written notice from the Investor stating the Investor's intention to terminate
this Agreement pursuant to this Section 7.1(d) and the basis for such termination or (B) is incapable of being cured;

(e) by the Corporation, if the Investor breaches or fails to perform in any material respect any of its representations,
warranties, covenants or agreements contained in this Agreement, which breach or failure (i) would result in a failure of a condition
set forth in Section 4.2 or in a failure to make any deliveries set forth in Section 5.3, and (ii) (A) if capable
of being cured, has not been cured by the Investor by the earlier of (x) the Outside Date, and (y) the date that is thirty (30)
days after the Investor's receipt of a written notice from the Corporation stating the Corporation's intention to terminate
this Agreement pursuant to this Section 7.1(e) and the basis for such termination or (B) is incapable of being cured;

(f) written notice of the Investor on the bankruptcy of the Corporation or any of the Subsidiaries or the
making by the Corporation or any of the Subsidiaries of an assignment under the provisions of the *Bankruptcy and Insolvency Act* (Canada)
or the taking of any proceeding by or involving the Corporation or any of the Subsidiaries under the *Companies Creditors' Arrangement Act* (Canada) or any similar legislation of any jurisdiction; and

(g) automatically upon the occurrence of a "Termination Event" (or any similar expression) pursuant
to the FID Prospectus Offering Subscription Receipt Agreement.

**7.2** **Effect of Termination** 

Upon the termination of this Agreement:

(a) except for this Section 7.2, the surviving indemnification and contribution obligations as provided
in Section 8.5 and Article 9, all the provisions of this Agreement shall lapse and cease to have effect; and

(b) neither the lapsing of those provisions nor their ceasing to have effect shall affect any accrued rights
or liabilities of any party in respect of damages for breach of this Agreement prior to such lapse and cessation.

**ARTICLE 8 - INDEMNIFICATION**

**8.1** **Indemnification** 

(a) The Corporation shall indemnify and save harmless the Investor and each of its directors, officers and
employees (collectively referred to as the "**Investor Indemnified Parties**") from and against any Losses which may be
made or brought against the Investor Indemnified Parties, or which they may suffer or incur, directly or indirectly, as a result of or
in connection with or relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any non-fulfilment or breach of any covenant or agreement on the part of the Corporation contained in
this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any misrepresentation or any incorrectness in or breach of any representation or warranty of the Corporation
contained in this Agreement as of the Closing Date, with the same force and effect as if made on and as at the Closing Date, except for
such representations and warranties which are in respect of a specific date in which case as of such date.

(b) The Corporation's obligations under Section 8.1(a) shall be subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Survival Date, in accordance with Section 8.4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Corporation shall not be liable for any special, indirect, incidental, consequential, punitive or
aggravated damages, including damages for loss of profits and lost business opportunities or damages calculated by reference to any purchase
price methodology.

**8.2** **Indemnification Procedure** 

(a) Promptly, and in any event within twenty (20) days, after receipt by an Investor Indemnified Party of
notice of the commencement of any action, such Investor Indemnified Party shall, if a Claim in respect thereof is to be made against any
Investor Indemnified Party, notify the Corporation of the commencement thereof. Such notice shall specify whether the Claim arises as
a result of a claim by a third party Person (a "**Third Party**") against the Investor Indemnified Party (a "**Third Party Claim**") or whether the Claim does not so arise (a "**Direct Claim** "), and shall also include a description
of the Loss in reasonable detail including the sections of this Agreement which form the basis for such Loss, copies of all material written
evidence of such Loss in the possession of the Investor Indemnified Party and the actual or estimated amount of the damages that have
been or will sustained by any Investor Indemnified Party, including reasonable supporting documentation therefor; provided that the failure
to so notify the Corporation shall not relieve the Corporation of its obligations hereunder unless and to the extent the Corporation is
actually and materially prejudiced by such failure to so notify.

(b) With respect to any Direct Claim, following receipt of notice from the Investor Indemnified Party of the
Claim, the Corporation shall have sixty (60) days to make such investigation of the Claim as is considered necessary or desirable. For
the purpose of such investigation, the Investor Indemnified Party shall make available to the Corporation such reasonable information
relied upon by the Investor Indemnified Party to substantiate the Claim, together with all such other information as the Corporation may
reasonably request. If both parties hereto agree at or prior to the expiration of such 60-day period (or any mutually agreed upon extension
thereof) to the validity and amount of such Claim, the Corporation shall immediately pay to the Investor Indemnified Party the full agreed
upon amount of the Claim. If following the expiration of the 60-day period (or any mutually agreed upon extension thereof) the parties
hereto cannot agree to the validity and amount of such Claim, the Investor Indemnified Party and the Corporation shall proceed to establish
the merits and amount of such Claim (by confidential arbitration in accordance with Section 9.6) and, within five (5) Business
Days following the final determination of the merits and amount, if any, of such Claim, the Corporation shall pay to the Investor Indemnified
Party in immediately available funds an amount equal to such Claim as determined hereunder.

(c) With respect to any Third Party Claim, following the receipt of notice of any Third Party Claim to the
Corporation under Section 8.2(a), the Corporation shall have the right, by notice to the Investor Indemnified Party given not later
than thirty (30) days after receipt of the notice described in Section 8.2(a), to assume the control, defence, compromise or settlement
of the Claim, provided that such assumption shall, by its terms, be without cost to the Investor Indemnified Party and provided the Corporation
acknowledges in writing its obligation to indemnify the Investor Indemnified Party in accordance with the terms of this Article 8.

(d) Upon the assumption of control of any Claim by the Corporation as set out in Section 8.2(a), the
Corporation shall diligently proceed with the defence, compromise or settlement of the Claim at its sole expense, including, if necessary,
employment of counsel reasonably satisfactory to the Investor Indemnified Party and, in connection therewith, the Investor Indemnified
Party shall cooperate fully, but at the expense of the Corporation with respect to any out-of-pocket expenses incurred, to make available
to the Corporation all pertinent information and witnesses under the Investor Indemnified Party's control, make such assignments
and take such other steps as in the opinion of counsel for the Corporation are reasonably necessary to enable the Corporation to conduct
such defence. The Investor Indemnified Party shall also have the right to participate in the negotiation, settlement or defence of any
Claim at its own expense.

(e) The final determination of any Claim pursuant to this Section, including all related costs and expenses,
shall be binding and conclusive upon the parties as to the validity or invalidity, as the case may be, of such Claim against the Corporation.

(f) If the Corporation does not assume control of a Claim as permitted in Section 8.2(a), the obligation
of the Corporation to indemnify the Investor Indemnified Party in respect of such Claim shall terminate if the Investor Indemnified Party
settles such claim without the consent of the Corporation.

(g) Notwithstanding anything to the contrary in this Section 8.2, the indemnity obligations in this Article 8
shall cease to apply to the extent that a court of competent jurisdiction in a final judgment that has become non-appealable shall have
determined that any Losses to which an Investor Indemnified Party may be subject were caused solely by the Investor Indemnified Party's
gross or intentional fault or material breach.

(h) Except for any Claims arising from fraud or gross or intentional fault of the Corporation, the rights
to indemnification set forth in this Article 8 shall be the sole and exclusive remedy of the Indemnified Parties (including pursuant
to any statutory provision or civil law) in respect of: (i) any non-fulfilment or breach of any covenant or agreement on the part
of the Corporation contained in this Agreement; or (ii) any misrepresentation or any incorrectness in or breach of any representation
or warranty of the Corporation contained in this Agreement.

(i) An Investor Indemnified Party shall not be entitled to double recovery for any Loss even though such Loss
may have resulted from the breach of one or more representations, warranties or covenants in this Agreement.

**8.3** **Contribution** 

If the indemnification provided for in this Article 8 is held by a court of competent jurisdiction to be unavailable to an Investor Indemnified Party with respect to any Losses referred to herein, the Corporation, in lieu of indemnifying such Investor Indemnified Party hereunder, shall contribute to the amount paid or payable by such Investor Indemnified Party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the Corporation on the one hand and of the Investor Indemnified Party on the other in connection with matters that resulted in such Loss as well as any other relevant equitable considerations. The relative fault of the Corporation and of the Investor Indemnified Party shall be determined by reference to, among other things, the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement, omission or fault.

**8.4** **Survival** 

Each party hereto acknowledges that the representations, warranties and agreements made by it herein are made with the intention that they may be relied upon by the other party. The parties hereto further agree that the representations, warranties, covenants and agreements shall survive the purchase and sale of the Purchased Shares and shall continue in full force and effect for a period ending on the date that is eighteen (18) months following the Closing, notwithstanding any subsequent disposition by the Investor of the Purchased Shares, or any termination of this Agreement; provided, however, that the representations and warranties of the Corporation set forth in Sections 3.1(a) to 3.1(g) and the representations, warranties, acknowledgments, and authorizations of the Investor set forth in Sections 3.2(a) and 3.2(b) shall survive indefinitely; provided, further, that (i) the representations and warranties of the Corporation set forth in Section 3.1(ee) and the last sentence of Section 3.1(w) shall survive until sixty (60) days after the expiration of the last of the limitation periods contained in the Tax Act or any other Applicable Laws imposing Taxes on the Corporation or a Subsidiary subsequent to the expiration of which an assessment or reassessment or other form or recognized document assessing liability for Taxes, interest or penalties thereunder for the period ended on the Closing Date cannot be issued (such period to include any period extended by any agreement, waiver or arrangement with any Governmental Entity, if such extension is requested, or consented to, in writing by the Corporation or such Subsidiary), and (ii) the representations and warranties of the Corporation set forth in Sections 3.1(ggg) and 3.1(hhh) shall survive until sixty (60) days after the expiration of the last of the applicable statutes of limitations contained in the Applicable Laws (the survival date of each representation, warranty, covenant and agreement herein as set forth above is referred to as the "**Survival Date**"). This Agreement shall be binding upon and shall enure to the benefit of the parties hereto, their respective successors, permitted assigns and legal representatives. Notwithstanding the foregoing, the provisions contained in this Agreement related to indemnification or contribution obligations shall survive and continue in full force and effect, indefinitely, provided that, no Claim for indemnity pursuant to this Article 8 may be made after the Survival Date for the applicable representation, warranty, covenant or agreement unless notice of the Claim was provided to the Corporation on or prior to the Survival Date.

**8.5** **Duty to Mitigate** 

Nothing in this Agreement shall in any way restrict or limit the general obligation at law of a party hereto to mitigate any Loss which it may suffer or incur by reason of a breach of any representation, warranty or covenant of that other party under this Agreement. If any Loss can be reduced by any recovery, settlement, or payment by or against any other Person, a party hereto shall take all appropriate steps to enforce such recovery, settlement or payment. If the Investor Indemnified Party fails to make all commercially reasonably efforts to mitigate any Loss then the Corporation shall not be required to indemnify any Investor Indemnified Party for the Loss that could have been avoided if the Investor Indemnified Party had made such efforts.

**8.6** **Trustee** 

Each party hereto hereby acknowledges and agrees that, with respect to this Article 8, the Investor is contracting on its own behalf and as agent for the other Investor Indemnified Parties referred to in this Article 8. In this regard, the Investor shall act as trustee for such Investor Indemnified Parties of the covenants of the Corporation under this Article 8 with respect to such Investor Indemnified Parties and accepts these trusts and shall hold and enforce those covenants on behalf of such Investor Indemnified Parties.

**ARTICLE 9 - GENERAL PROVISIONS**

**9.1** **Expenses** 

Each party hereto shall bear its own fees and expenses incurred in connection with the Investment.

**9.2** **Time of the Essence** 

Time shall be of the essence of this Agreement. Each of the parties hereto shall be in default by the mere lapse of time for performing its obligations hereunder, without the necessity of further notice or delay, as contemplated by article 1594 of the Civil Code of Québec.

**9.3** **Further Acts** 

Each of the parties hereto shall promptly do, make, execute, deliver, or cause to be done, made, executed or delivered, all such further acts, documents and things as the other party may reasonably require from time to time for the purpose of giving effect to this Agreement.

**9.4** **Enurement** 

This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective successors, permitted assigns and legal representatives.

**9.5** **Governing Law** 

This Agreement shall be construed and governed by the laws of the Province of Québec and the federal laws of Canada applicable in that province without regard to conflict of law principles that would result in the application of the laws of any other jurisdiction.

**9.6** **Language** 

The parties confirm their express wish that this Agreement and all related documents be drafted in the English language. *Les parties confirment leur volonté expresse que la présente convention et tous les documents s'y rattachant soient rédigés en langue anglaise.*

**9.7** **Resolution of Disputes** 

(a) The parties hereto shall discuss and use reasonable efforts to settle any Dispute within twenty (20) days
from receiving written notice from either party of the existence of such Dispute.

(b) Any dispute arising out of, relating to or having any connection with this Agreement or any provision
hereof, including any dispute as to its existence, validity, enforceability, interpretation, performance, breach or termination, or the
consequences of its nullity and any dispute relating to any non-contractual obligations arising out of or in connection herewith and therewith
(a "**Dispute** "), which is not settled pursuant to Section 9.6(a), shall be referred to and finally resolved
by arbitration under the Rules of Arbitration of the International Chamber of Commerce (the "**ICC Rules** "). All
issues of arbitrability, including the existence, scope, or applicability of the agreement to arbitrate, shall be decided by the arbitral
tribunal constituted under the ICC Rules.

(c) The seat of the arbitration shall be Montréal, Québec. The parties hereto may agree to hold
hearings or other meetings in other locations or virtually.

(d) The language of the arbitration shall be English. All documents submitted in connection with the proceedings
shall be in the English language, or, if in another language, accompanied by an English translation.

(e) The parties hereto agree that any arbitration shall be maintained confidential and that the existence
of the proceeding and any element of it (including but not limited to any pleadings, briefs or other documents submitted or exchanged,
any testimony or other oral submissions, and any awards) shall not be disclosed beyond the arbitral tribunal, the parties (including their
auditors and insurers), their counsel and any person necessary to the conduct of the proceeding, except as required by law or if necessary
to enforce an award or procedural order made in the arbitration. For the avoidance of doubt, no award or procedural order made in the
arbitration shall be published.

(f) The number of arbitrators shall be one (1). The single arbitrator shall be qualified by education and
experience to determine the subject matter of the Dispute. The parties hereto shall endeavour to nominate the sole arbitrator by agreement.
If the parties have not agreed upon an individual to act as arbitrator hereunder within thirty (30) days after any party's request
for arbitration, the arbitrator shall be chosen pursuant to the applicable ICC Rules.

(g) The arbitrator shall be independent and impartial of each party hereto. The parties agree to comply with
the International Bar Association Guidelines on Conflicts of Interest in Arbitration in matters concerning prospective arbitrator appointments
and disclosure of relationships between parties, party representatives and the arbitrator.

(h) The award shall be final and binding upon the parties. Unless otherwise provided by this Agreement, the
arbitral award may involve any form of any relief permitted by Quebec law and deemed appropriate by the arbitral tribunal, including specific
performance of the parties' obligations.

(i) Each party hereto shall bear its own fees and costs for any arbitration, provided that, to the extent
the arbitrator finds that any party has caused undue delay in the arbitration or has otherwise acted unreasonably in initiating or causing
such arbitration to be initiated or during the course of the arbitration, then the arbitrator may, in his or her sole discretion award
fees and costs against such party.

(j) The parties hereby acknowledge and agree that they may apply to the arbitral tribunal or to any court
of competent jurisdiction for conservatory or interim measures.

(k) Notwithstanding the initiation of dispute resolution procedures in accordance with this Section 9.6,
the parties hereto shall continue to perform their respective obligations under this Agreement.

**9.8** **Severability** 

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced under any Applicable Laws or as a matter of public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally contemplated to the greatest extent possible.

**9.9** **Entire Agreement** 

This Agreement, the provisions contained in this Agreement, and the agreements and other documents to be delivered pursuant to this Agreement, constitute the entire agreement between the parties with respect to the subject matter thereof and supersede all prior communications, proposals, representations and agreements, whether oral or written, with respect to the subject matter thereof.

**9.10** **Notices** 

Any notice or other communication to be given hereunder shall be in writing and shall:

(a) in the case of notice to the Investor, be addressed to:

Canada Growth Fund Inc.

c/o Canada Growth Fund Investment Management Inc.

1250 René Lévesque Blvd. West, Suite 1400

Montréal, Québec

H3B 5E9

Attention: [Redacted, contact information] <br> Email: [Redacted, contact information]

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

Davies Ward Phillips & Vineberg LLP

1501 McGill College Avenue, 27<sup>th</sup> Floor

Montréal, Québec

H3A 3N9

Attention: [Redacted, contact information] <br> Email: [Redacted, contact information]

(b) in the case of notice to the Corporation shall be addressed to:

Nouveau Monde Graphite Inc.

481 rue Brassard

Saint-Michel-des-Saints, Québec

J0K 3B0

Attention: [Redacted, contact information] <br> Email: [Redacted, contact information]

Attention: [Redacted, contact information] <br> Email: [Redacted, contact information]

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

Stein Monast

70 rue Dalhousie, Suite 300

Québec, Québec

G1K 4B2

Attention: [Redacted, contact information] <br> Email: [Redacted, contact information]

and each notice or communication shall be personally delivered (including by courier service) to the addressee or sent by electronic transmission to the addressee, and (i) a notice or communication which is personally delivered shall, if delivered before 5:00 p.m. (in the jurisdiction of the recipient) on a Business Day, be deemed to be given and received on that day and, in any other case, be deemed to be given and received on the first Business Day following the day on which it is delivered; and (ii) a notice or communication which is sent by electronic transmission shall, if sent on a Business Day before 5:00 p.m. (in the jurisdiction of the recipient), be deemed to be given and received on that day and, in any other case, be deemed to be given and received on the first Business Day following the day on which it is sent. Either party hereto may at any time change its address for service from time to time by notice given in accordance with this Section 9.10.

**9.11** **Amendment; Waiver** 

No provision of this Agreement may be amended or modified except by a written instrument signed by both parties. No waiver by any party of any provision hereof shall be effective unless explicitly set forth in writing and executed by the party so waiving. The waiver by either party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other subsequent breach. No failure on the part of any party to exercise, and no delay in exercising, any right under this Agreement shall operate as a waiver of such right.

**9.12** **Assignment** 

This Agreement shall not be assigned by any party hereto without the prior written consent of the other party. Notwithstanding the foregoing, the Investor may assign and transfer all of its rights, benefits, duties and obligations under this Agreement in their entirety, without the consent of the Corporation, to any Affiliate of the Investor at the time of the assignment and transfer, provided that such Affiliate first agrees in writing with the Corporation to be bound by the terms of this Agreement.

**9.13** **No Third-Party Beneficiaries** 

Except as provided in Article 8 with respect to indemnification, this Agreement is for the sole benefit of the parties hereto and their successors and permitted assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

**9.14** **Public Notices/Press Releases** 

(a) The Investor and the Corporation shall each be permitted to publicly announce the transactions contemplated
hereby following the execution of this Agreement by the Investor and the Corporation, and the context, text and timing of each party's
announcement shall be approved by the other party in advance, acting reasonably.

(b) No party hereto shall:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) make any regulatory filing with any Governmental Entity with respect to the transactions contemplated
hereby without prior consultation with the other party; provided, however, that, this Section 9.14(b)(ii) shall be subject to
each party's overriding obligation to make any disclosure or regulatory filing required under Applicable Laws and the party making
such requisite disclosure or regulatory filing shall use all commercially reasonable efforts to give prior oral and written notice to
the other party and reasonable opportunity to review and comment on the requisite disclosure or regulatory filing before it is made; provided,
further, that, except as required by Applicable Law, in no circumstance shall any such disclosure by, or regulatory filing of, the Corporation
or any of its Affiliates include the name of the Investor or its Affiliates without the Investor's prior written consent, in its
sole discretion.

**9.15** **Public Disclosure** 

During the period from the date of this Agreement to the Closing, the Corporation shall provide prior notice to the Investor of any public disclosure related to the Investment that it proposes to make which includes the name of the Investor, the CGF Manager or any of their respective Affiliates, together with a draft copy of such disclosure; provided that, except as required by Applicable Law, in no circumstance shall any public disclosure of the Corporation or any of its Affiliates include the name of the Investor, the CGF Manager or any of their respective Affiliates without the Investor's prior written consent, in its sole discretion.

**9.16** **Confidentiality** 

The confidentiality obligations and restrictions of the parties contained in the Mutual Non-Disclosure Agreement dated May 9, 2024 shall apply to this Agreement as if fully set forth herein.

**9.17** **Counterparts** 

This Agreement may be executed in several counterparts (including by means of electronic communication in PDF format, DocuSign or any similar manner), each of which when so executed shall be deemed to be an original and shall have the same force and effect as an original, and such counterparts together shall constitute one and the same instrument.

**[The remainder of this page is intentionally left blank.]**

**IN WITNESS WHEREOF** the parties have signed this Agreement as of the date first written above.

**NOUVEAU MONDE GRAPHITE INC.**

Per: <u>*(s) Eric Desaulniers*</u> <br> Name: Eric Desaulniers <br> Title: President and Chief Executive Officer

**CANADA GROWTH FUND INC., by its manager, CANADA GROWTH FUND INVESTMENT MANAGEMENT INC.**

Per: <u>*(s) Yannick Beaudoin*</u> <br> Name: Yannick Beaudoin <br> Title: Authorized Signatory

Per: <u>*(s) Selin Bastin*</u> <br> Name: Selin Bastin <br> Title: Authorized Signatory

**<u>SCHEDULE A</u>**

**<u>REGISTRATION INSTRUCTIONS</u>**

    <br> <u>Canada Growth Fund Inc.</u>

## Exhibit 99.2

**Exhibit 99.2**

**THE SECURITIES BEING ISSUED PURSUANT TO THIS SUBSCRIPTION AGREEMENT HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS (OTHER THAN DISTRIBUTORS) UNLESS SUCH SECURITIES ARE REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT.**

**<u>SUBSCRIPTION AGREEMENT</u>**

**THIS SUBSCRIPTION AGREEMENT** is made as of April 9, 2026

---

| | |
|:---|:---|
| **BETWEEN:** | **NOUVEAU MONDE GRAPHITE INC.**, a corporation organized and existing under the laws of Canada. |

---

(the "**Corporation**")

- and -

**INVESTISSEMENT QUÉBEC,** a corporation organized and existing under the laws of the province of Québec.

(the "**Investor**")

**RECITALS:**

A. The
 Investor has agreed to make an investment in the Corporation which shall consist of a subscription
 for 33,351,853 Purchased Shares (as defined below) from the Corporation for an aggregate
 subscription price of $61,367,409.00 pursuant to the terms and subject to the conditions
 set forth in this Agreement (as defined below), for funding the construction of the Matawinie
 Project (as defined below), in connection with the FID (as defined below) as set out in Section
 2.2 (the "**Investment** ");

B. Substantially concurrently with the transactions contemplated by this
 Agreement and as a condition for the completion of the Investment by the Investor, the Corporation has
 agreed to simultaneously complete the FID Private Placement and arrange for the satisfaction of the FID
 Prospectus Offering Release Conditions (as defined below) upon the satisfaction of such conditions as
 set forth in this Agreement, the ENI Subscription Agreement (as defined below), the CGF Subscription
 Agreement (as defined below), the FID Prospectus Offering Underwriting Agreement (as defined below) and
 the FID Prospectus Offering Subscription Receipt Agreement (as defined below); and

C. The Investor and the Corporation have agreed to enter into this Agreement
 to record their agreement in respect of these matters.

**NOW THEREFORE**, in consideration of, and in reliance on, the premises, representations, warranties, covenants and agreements set forth in this Agreement, the parties hereby agree as follows:

**ARTICLE 1 - INTERPRETATION**

**1.1** **Definitions** 

In this Agreement, unless otherwise provided:

(a) "**Affiliate**" means, as to any specified Person, any
 other Person who directly, or indirectly through one or more intermediaries, (i) Controls such
 specified Person, (ii) is Controlled by such specified Person, or (iii) is under common Control
 with such specified Person. In addition, in the Investor's case, "**Affiliate** "
 shall include (i) the Government of Québec, (ii) any Crown corporation or any agent
 of the Government of Québec, (iii) any direct or indirect subsidiary of the Investor or
 any entity resulting from a reorganization or merger of the Investor or to which the assets of the
 Investor are transferred following its liquidation or dissolution, (iv) any Person whose majority
 of directors (except those appointed *ex officio*) are appointed by the Government of Quebec or
 one of its ministers acting in that capacity, and (v) any Person controlled, directly or indirectly,
 by the Government of Quebec, by one of its ministers acting in that capacity, or by any of the Persons
 listed in items (ii) to (iv) above;

(b) "**Agreement**" means this subscription agreement, together
 with the Schedules, and all permitted amendments hereto or restatements hereof;

(c) "**Anti-Corruption Laws**" means all Applicable Laws
 related to the prevention of bribery, corruption (governmental or commercial), kickbacks, money laundering,
 or similar unlawful or unethical conduct including the *Corruption of Foreign Public Officials Act* (Canada), the U.S. *Foreign Corrupt Practices Act of 1977*, and the U.K. *Bribery Act*;

(d) "**Applicable Laws**" means, with respect to any Person,
 property, transaction, event or other matter, (i) all laws, statutes, codes, ordinances, decrees,
 rules, regulations, by-laws, instruments, Orders enacted, promulgated, issued, released, or imposed
 by any Governmental Entity, including Securities Laws, and (ii) any policy, practice, protocol,
 requirement, standard or guideline of any Governmental Entity, in each case relating or applicable
 to such Person, property, transaction, event or other matter;

(e) "**Assets and Properties**" means, with respect to any
 Person, all assets and properties of every kind, nature, character and description (whether immovable
 (or real), movable (or personal) or mixed, tangible or intangible, choate or inchoate, absolute, accrued,
 contingent, fixed or otherwise, and, in each case, wherever situated), whether operated, owned or leased
 by or in the possession or control of such Person and including Environmental Attributes, and also
 including the goodwill related to such assets and properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Battery Plants Project**" means, collectively, (i) the phase-2 battery anode facility project
 of the Corporation, with an annual average capacity of approximately 13,000 tonnes per year
 of high-capacity active anode material; and (ii) the expansion of phase-2 battery anode facility
 project of the Corporation, to expand the annual average capacity up to approximately 44,000
 tonnes per year of high-capacity active anode material, in each case located on the Bécancour
 Site;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Bécancour Site**" means a 143,000 m<sup>2</sup> (approximately) brownfield site that includes
 a 22,000 m<sup>2</sup> (approximately) facility, large storing and logistics area, and
 a contiguous 200,000 m<sup>2</sup> (approximately) greenfield site, located in the Bécancour
 industrial park;

(h) "**BIS**" means the U.S. Bureau of Industry and Security;

(i) "**Board**" means the board of directors of the Corporation,
 as constituted on the date hereof and from time to time;

(j) "**Business Day**" means any day, other than (i) a
 Saturday, Sunday or statutory holiday in the Province of Québec, and (ii) a day on which
 banks are generally closed in Montréal, Québec;

(k) "**CGF**" means Canada Growth Fund Inc., together with
 its successors and permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**CGF Subscription Agreement**" means the subscription agreement entered into as of the
 date hereof between the Corporation and CGF whereby the Corporation has agreed to issue and
 sell, and CGF has agreed to subscribe for and purchase, upon the terms and subject to the
 conditions set forth therein, 44,452,460 Common Shares, for a total subscription price of
 $81,792,526.40;

(m) "**Change of Control**" means (A) the acquisition
 by any means, including acquisition of equity, plan of arrangement, amalgamation, merger or business
 combination, by any Person, directly or indirectly, of more than 50% of the total voting power of the
 outstanding voting shares of the Corporation, or (B) the acquisition by any Person, directly or
 indirectly, of the right or ability by voting power, contract or otherwise to direct or cause the election
 or nomination for election of a majority of the members of the Board;

(n) "**Claim**" means any cause of action, claim, demand,
 lawsuit, audit, hearing, examination, investigation, arbitration, or other litigation or proceeding
 (whether civil, criminal, penal, administrative, tax or investigative), including, for greater certainty,
 any proceeding or investigation by or before a Governmental Entity;

(o) "**Closing**" has the meaning ascribed thereto in Section 5.1;

(p) "**Closing Date**" means the third (3<sup>rd</sup>)
 Business Day following the satisfaction or waiver of all of the closing conditions set forth in Sections
 4.1 and 4.2 (excluding conditions that, by their terms, are to be satisfied at the Closing), or such
 other date as may be mutually agreed by the Corporation and the Investor;

(q) "**Closing Time**" means 8:00 a.m. (Montréal
 time) on the Closing Date, or such other time as may be mutually agreed by the Corporation and the
 Investor;

(r) "**Code**" has the meaning ascribed thereto in Section 3.1(rrr);

(s) "**Collaboration Agreement**" means the *Entente de collaboration et de partage des bénéfices relative au projet minier Matawinie* dated
 January 23, 2020 between the Corporation and the *Municipalité de Saint-Michel-des-Saints*;

(t) "**Common Shares**" means the common shares in the capital
 of the Corporation;

(u) "**Contract**" means any agreement, indenture, contract,
 lease, deed of trust, licence, option, instrument, arrangement, understanding or other commitment,
 whether written or oral;

(v) "**Control**" means, in relation to an entity, the power
 of a Person to ensure that the affairs of the entity are conducted in accordance with the wishes of
 that Person, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by means of the holding of shares or
 other securities, or the possession of voting power, in or in relation to that or any other
 entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by virtue of any powers conferred by
 the constating documents of that entity, or any other document, regulating that or any other
 entity, and

Control is deemed to arise (without limitation to other circumstances in which Control may arise) when that Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) owns more than 50% of all voting rights
 (or similar, however described) in that entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) has the power, whether through Contract
 or otherwise, to appoint a majority of the board of directors (or similar, however described)
 of that entity, and

"**Controlled**" and "**Controlling**" have equivalent meanings;

(w) "**Corporation Annual Information Form**" means the
 annual information form of the Corporation for the fiscal year ended December 31, 2025;

(x) "**Corporation Financial Statements**" means the consolidated
 audited financial statements of the Corporation for the fiscal years ended December 31, 2025
 and 2024, including the auditor's report thereon and the notes thereto;

(y) "**Corporation Intellectual Property**" has the meaning
 ascribed thereto in Section 3.1(tt);

(z) "**Direct Claim**" has the meaning ascribed thereto
 in Section 8.2(a);

(aa) "**Disclosure Documents**" means all information and
 documents relating to the Corporation (and its predecessors) that are, or become, publicly available
 on the System for Electronic Data Analysis and Retrieval + of the Canadian Securities Administrators
 or on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, or that are
 or become otherwise available to the public, including financial statements, press releases, material
 change reports, prospectuses, information circulars, annual information forms and technical reports
 since January 1<sup>st</sup>, 2022;

(bb) "**Disclosure Letter**" means the disclosure letter
 of the Corporation delivered to the Investor concurrently with the execution of this Agreement;

(cc) "**Dispute**" has the meaning ascribed thereto in Section 9.6(b);

(dd) "**DRS**" means the Direct Registration System maintained
 by the transfer agent of the Corporation;

(ee) "**DRS Advice**" means a notification produced by the
 DRS evidencing ownership of the Purchased Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Employee Plans**" has the meaning ascribed
 thereto in Section 3.1(nnn);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**ENI**" means Eni S.p.A., together with its
 successors and permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**ENI Subscription Agreement**" means the
 subscription agreement entered into as of the date hereof between the Corporation and ENI
 whereby the Corporation has agreed to issue and sell, and ENI has agreed to subscribe for
 and purchase, upon the terms and subject to the conditions set forth therein, 38,043,478 Common
 Shares, for a total subscription price of $69,999,999.52;

(ii) "**Environmental Attributes**" means any unit, credit,
 reduction, offset or other allowance, including those relating to greenhouse gas emission reductions,
 issued pursuant to industry accepted and recognized protocols and, as applicable, under Contracts
 or Applicable Laws (including Environmental Laws);

(jj) "**Environmental Laws**" means all Applicable Laws
 relating in whole or in part to the protection and preservation of the environment, the protection
 of human health, occupational health and safety, product safety, product liability, Hazardous Materials
 or natural resources, including the *Environment Quality Act* (Québec) and the *Canadian Environmental Protection Act*, *1999*; provided, that the *Guide d'intervention – Protection des sols et réhabilitation des terrains contaminés* published by the Québec
 Ministry of the Environment, Fight against Climate Change, Fauna and Parks (as amended, modified,
 replaced or supplemented from time to time) shall be deemed, with respect to the limit values for
 concentrations of contaminants in soil and groundwater, to be an "Environmental Law" for
 purposes of this Agreement even if such guideline does not have the force of Law;

(kk) "**Environmental Permits**" includes all Orders, Permits
 or any other similar authorizations issued, granted, given or made available under the authority of
 or otherwise required from any Governmental Entity under any Environmental Law;

(ll) "**ERISA**" has the meaning ascribed thereto in Section 3.1(nnn);

(mm) "**Existing Financial Indebtedness**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all indebtedness listed in the Corporation
 Financial Statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the remaining [REDACTED :
 COMMERCIALLY SENSITIVE INFORMATION]% net smelter royalty following the repurchase of [REDACTED :
 COMMERCIALLY SENSITIVE INFORMATION]% of the [REDACTED : COMMERCIALLY SENSITIVE INFORMATION]%
 net smelter royalty by the Corporation as of August 15, 2024 in accordance with the Royalty
 Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the royalty and payments granted by
 the Corporation to the Municipality of Saint-Michel-des-Saints pursuant to the Collaboration
 Agreement;

(nn) "**Existing Instrument**" has the meaning ascribed
 thereto in Section 3.1(c);

(oo) "**FID**" means the final decision of the Board to
 proceed with the design, engineering and construction of the Matawinie Project on the basis of, among
 other things, access to the necessary capital to fund such activities pursuant to the FID Equity Offering
 and the FID Debt Commitment;

(pp) "**FID Debt Commitment**" means the commitment by Export
 Development Canada and the Canada Infrastructure Bank to provide senior secured credit facilities
 totalling $335 million to support the construction, development and commissioning of the Matawinie
 Project;

(qq) "**FID Equity Offering**" means, collectively, (i) the
 FID Private Placement, and (ii) the FID Prospectus Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**FID Private Placement** "
 means the private placement of an aggregate of 115,847,791 Common Shares (including the Purchased
 Shares) at a price of $1.84 per Common Share for aggregate gross proceeds of $213,159,935.44
 (including the Subscription Amount), upon the terms and subject to the conditions set forth
 in this Agreement, the CGF Subscription Agreement and the ENI Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**FID Prospectus Offering** "
 means a prospectus offering of an aggregate of 45,600,000 subscription receipts of the Corporation
 exchangeable for an aggregate of 45,600,000 Common Shares at a price of $1.84 per subscription
 receipt for aggregate gross proceeds of $83,904,000.00, pursuant to the FID Prospectus Offering
 Underwriting Agreement;

(tt) "**FID Prospectus Offering Co-Lead Underwriters** "
 means, collectively, BMO Nesbitt Burns Inc. and National Bank Financial Inc., in their capacity as
 joint bookrunners and co-lead underwriters in connection with the FID Prospectus Offering;

(uu) "**FID Prospectus Offering Letter Agreement**" means
 the letter agreement entered into as of the date hereof among the Corporation and the FID Prospectus
 Offering Co-Lead Underwriters;

(vv) "**FID Prospectus Offering Release Conditions**" means
 such conditions to be satisfied pursuant to the FID Prospectus Offering Subscription Receipt Agreement,
 including for the net proceeds from the FID Prospectus Offering to be deposited to the Corporation
 thereunder;

(ww) "**FID Prospectus Offering Subscription Receipt Agreement** "
 means the agreement governing the terms and conditions of the subscription receipts to be issued pursuant
 to the FID Prospectus Offering to be entered into on the closing date of the FID Prospectus Offering
 among the Corporation, the FID Prospectus Offering Co-Lead Underwriters and the subscription receipt
 agent thereunder;

(xx) "**FID Prospectus Offering Underwriting Agreement** "
 means the underwriting agreement to be entered into among the Corporation and a syndicate of underwriters
 co-led by the FID Prospectus Offering Co-Lead Underwriters in connection with the FID Prospectus Offering,
 and replacing and superseding the FID Prospectus Offering Letter Agreement;

(yy) "**Financial Indebtedness**" means any indebtedness
 for or in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) moneys borrowed (and debit balances at
 banks or other financial institutions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any amount raised by acceptance under
 any acceptance credit facility or dematerialized equivalent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any amount raised pursuant to any note
 purchase facility or the issue of notes, debentures, bonds or any similar debt instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the amount of any liability in respect
 of any lease or hire purchase contract which would, in accordance with IFRS, be treated as
 a finance or capital lease (meaning that the lease is capitalized as an asset and booked
 as a corresponding liability in the balance sheet);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) receivables sold or discounted (other
 than any receivables to the extent they are sold on a non-recourse basis provided that the
 requirements for derecognition under IFRS are met);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any derivative transaction entered into
 and, when calculating the value of any derivative transaction, only the marked to market
 value (or, if any actual amount is due as a result of the termination or close-out of that
 derivative transaction, that amount shall be taken into account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any counter-indemnity obligation in
 respect of a guarantee, bond, standby or documentary letter of credit or any other instrument
 issued by a bank or financial institution in respect of an underlying liability of a Person
 which is not a member of the Corporation which liability would fall within one of the other
 paragraphs of this definition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any amount raised by the issue of
 redeemable shares which are classified as borrowings or liabilities under IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any amount of any liability under an
 advance or deferred purchase agreement, if (a) the primary reason behind entering into
 the agreement is to raise finance or (b) the agreement is in respect of the supply of
 assets or services and payment is due more than one hundred twenty (120) calendar days after
 the date of supply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any refundable tax credit granted by
 any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any amount raised under any other transaction
 (including any forward sale or purchase agreement) having the commercial effect of a borrowing
 or otherwise being classified as a borrowing under IFRS; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) without double counting, the amount
 of any liability in respect of any guarantee for any of the items referred to in paragraphs
 (i) to (xi) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**Future Offtake Agreements**" means any supply agreements
 for graphite concentrate and/or anode products to be entered into by the Corporation after the date
 hereof but before the date of the FID, including the GoC Offtake Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**GoC Offtake Agreement**" means the definitive supply
 agreement for graphite concentrate entered into between the Corporation and the Government of Canada
 and providing for a commitment to purchase 30,000 tonnes per annum on a take-or-pay basis over a
 seven-year term, which is subject to satisfaction of customary conditions precedent, including the
 completion of governmental approvals and appropriation processes, and a positive FID on the Matawinie
 Project;

(bbb) "**Government Official**" means any official (elected
 or appointed), officer, or employee of a Governmental Entity or any department, agency or instrumentality
 thereof, including any employee, representative, or agent (paid or unpaid) of a state-owned or controlled
 entity, public international organization, political party or organization or candidate thereof,
 or any person acting in an official capacity for or on behalf of any such Governmental Entity, department,
 agency, instrumentality, public international organization, political party, organization, or candidate;

(ccc) "**Governmental Entity**" means any domestic or foreign
 federal, provincial, regional, state, municipal or other government, governmental department, agency,
 authority or body (whether administrative, legislative, executive or otherwise), court, tribunal,
 commission or commissioner, bureau, minister or ministry, board or agency, or other regulatory authority,
 including any securities regulatory authorities and stock exchange, or any other entity, insofar
 as it exercises a legislative, judicial, regulatory, administrative, expropriation or taxing power
 or function of or pertaining to government;

(ddd) "**GST/HST**" means amounts payable under Part IX
 of the *Excise Tax Act* (Canada), and the regulations thereunder, as amended;

(eee) "**Hazardous Materials**" means (a) any chemical,
 mineral, material or substance that is prohibited, regulated or designated as a pollutant, contaminant,
 tailings, wastewater, toxic substance, deleterious substance, dangerous good, waste or residual material,
 hazardous waste or hazardous residual material, hazardous substance, hazardous material or any other
 similar designation, under any provision of Environmental Law, (b) any petroleum product or
 by-product and derivatives thereof, including oil and fuel of any kind, (c) any substance or
 material that is toxic, explosive, poisonous, corrosive, flammable, radioactive, oxidizing, leachable,
 carcinogenic or mutagenic, (d) PCBs, PFAS (perfluoroalkyl and polyfluoroalkyl substances), lead
 including lead-containing paint or coating and lead-containing material, urea formaldehyde foam insulation,
 pyrite, pyrrhotite, crystalline silica, mould, mercury and mercury-containing material, and asbestos
 and asbestos-containing material and noise, and (e) any chemical, mineral, material or substance
 that is otherwise regulated by Environmental Law;

(fff) "**ICC Rules**" has the meaning ascribed thereto in
 Section 9.6(b);

(ggg) "**IFRS**" means the International Financial Reporting
 Standards as issued by the International Accounting Standards Board and as adopted by the Chartered
 Professional Accountants of Canada (CPA Canada) in Part I of The CPA Canada Handbook –
 Accounting;

(hhh) "**Indigenous**" means the Indian, Inuit and
 Métis persons or peoples of Canada; a band as defined pursuant to the *Indian Act* (Canada),
 any government or council including customary government or council established for the benefit of
 Indian, Inuit and Métis peoples of Canada, a corporation, trust, partnership or other
 unincorporated organization belonging to or established for the benefit of the Indian, Inuit
 or Métis peoples of Canada or in which one or more Indian, Inuit or Métis persons
 hold an interest, any person or group asserting or otherwise claiming an aboriginal or treaty right
 (including aboriginal title), and also includes a third party acting on its behalf;

(iii) "**Intellectual Property**" has the meaning ascribed
 thereto in Section 3.1(tt);

(jjj) "**Intercompany Loan**" means any loan provided by
 the Corporation to an Affiliate of the Corporation;

(kkk) "**internal control over financial reporting**" has
 the meaning ascribed thereto in Regulation 52-109;

(lll) "**Investment**" has the meaning ascribed thereto
 in the recitals;

(mmm) "**Investor Indemnified Party**" has the meaning ascribed
 thereto in Section 8.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn) "**Investor Warrant**" means the warrant dated
 December 20, 2024 issued by the Corporation to the Investor for 19,841,269 Common Shares of
 the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo) "**IT Systems and Data**" has the meaning ascribed
 thereto in Section 3.1(qqq);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp) "**Lien**" means any mortgage, charge, pledge, hypothec,
 security interest, lien (statutory or otherwise), imperfection of title, encroachment, lease, license,
 easement, right-of-way, condition, restriction, or adverse right or claim, or other third-party interest
 or encumbrance of any kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq) "**Loss**" means any loss, liability, Claim,
 damage, cost, and expense whatsoever (including reasonable legal, consultant, expert, and
 other professional advisor fees and expenses), including any amounts paid in settlement of
 any investigation, Order, litigation, proceeding or Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr) "**Matawinie Impact Benefit Agreement**" means
 the impact benefit agreement dated as of December 11, 2024 between the Corporation, the *Conseil des Atikamekw de Manawan* and the *Conseil de la Nation Atikamekw* in respect of the
 Matawinie Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss) "**Matawinie Project**" means the Matawinie
 graphite mine project located in Saint-Michel-des-Saints, Québec, approximately 120
 kilometers north of Montréal, Québec, and includes 176 exclusive exploration
 rights forming two (2) non-contiguous claim blocks covering 9,263.7 hectares (including the
 constructions, engineering, permitting, procurement, buildings, improvements and equipment
 that make up the mine to be operated by the Corporation or any of the Subsidiaries and the
 ownership, leasing or use of any lands in connection therewith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt) "**Material Adverse Effect**" means any action,
 change, fact, event, circumstance or state of circumstances which, alone or in conjunction
 with other action, change, fact, event, circumstance or state of circumstances, is or would
 reasonably be expected to be, individually or in the aggregate, materially adverse to the
 business, affairs, operations, properties, assets, liabilities (contingent or otherwise),
 capital, prospects, results of operations or condition (financial or otherwise) of the Corporation
 and the Subsidiaries, taken as a whole, provided that in no event shall any matter resulting
 from the following be deemed a Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) changes in the regulatory accounting
 requirements applicable to the Corporation or the Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) changes in general economic or political
 conditions (whether international, national or local);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) changes (including changes of Applicable
 Laws) generally affecting the industry or industries in which the Corporation or the Subsidiaries
 operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) acts of war, sabotage or terrorism,
 pandemic, epidemic or natural disasters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) shortages or price changes with respect
 to raw materials, metals or products used, produced or sold in connection with the business
 of the Corporation or the Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any action taken (or omitted to be
 taken) by the Corporation at the express written request or with the express written consent
 of the Investor, including any action required pursuant to this Agreement.

provided, however, that any action, change, fact, event, circumstance or state of circumstances resulting from the matters referred to in clauses (i), (ii), (iii), (iv) and (v) above shall be excluded only to the extent such matters do not disproportionately impact the Corporation and the Subsidiaries, taken as a whole, as compared to other Persons operating in the same industry or industries in which the Corporation or the Subsidiaries operate;

(uuu) "**Material Contract**" means each Contract that is
 material to the business, affairs or operations of the Corporation and the Subsidiaries, including
 in connection with the Phase 2 Projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvv) "**Material Leases**" means each lease, occupancy
 agreement and/or access agreement that is material to the business, affairs or operations
 of the Corporation and the Subsidiaries, including: (i) the deed of servitude dated July 18,
 2024 between Sylvain Rondeau Inc. and the Corporation, registered under number 28 849 982
 in the Land Book for the Registration Division of Berthier; (ii) the lease no. 278 17 914
 dated April 7, 2025 between the *Ministre des Ressources Naturelles et des Forêts*)
 and the Corporation for approximately 244.4 hectares for purposes of mine tailings site; (iii)
 the lease no. 394 18 914 dated October 12, 2021 (as amended) between the *Ministre de l'Énergie et des Ressources Naturelles* and the Corporation for approximately
 20.2 hectares for mining facilities; and (iv) the lease dated October 29, 2020 between SSTM
 International Inc. and the Corporation for premises located at 600 chemin de la Forex, Saint-Michel-des-Saints,
 Québec, for office and graphite manufacturing/warehousing uses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(www) "**Mining Projects**" means, collectively,
 the Matawinie Project and the Uatnan Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) "**Mining Rights**" has the meaning ascribed
 thereto in Section 3.1(v);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyy) "**Money Laundering Laws**" has the meaning
 ascribed thereto in Section 3.1(hhh);

(zzz) "**Note**" means the convertible note in the principal
 amount of $12,500,000 due November 8, 2026 issued by the Corporation to the Investor, as amended
 and/or amended and restated from time to time;

(aaaa) "**NYSE**" means the New York Stock Exchange;

(bbbb) "**OFAC**" means the U.S. Department of the Treasury's
 Office of Foreign Assets Control;

(cccc) "**Operating Lease**" means any lease which in accordance
 with the relevant accounting principles of the Corporation in force at the date hereof is not treated
 as a finance or capital lease;

(dddd) "**Order**" means any order, directive, judgment,
 decree, injunction, decision, ruling, award or writ of any Governmental Entity;

(eeee) "**Ordinary Course** ", when used in relation to the
 taking of any action by the Corporation or any of the Subsidiaries, means that the action is consistent
 with the past practices of any of them or their respective business, is taken in the ordinary course
 of normal day-to-day operations of any of them or their respective business and is consistent with
 reasonable, industry standard actions, including in furtherance of capital-raising activities;

(ffff) "**Outside Date**" means July 31, 2026;

(gggg) "**Owned Intellectual Property**" has the meaning
 ascribed thereto in Section 3.1(tt);

(hhhh) "**Permit**" means any permit, approval, consent,
 waiver, licence, certificate, qualification, declaration, registration or similar authorization
 issued, granted, given or made available under the authority of or otherwise required from any Governmental
 Entity under Applicable Laws;

(iiii) "**Permitted Financial Indebtedness**" means any
 one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Existing Financial Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Financial Indebtedness incurred
 under the terms of the Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Financial Indebtedness incurred
 under any Intercompany Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Financial Indebtedness arising under
 Permitted Financial Leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Financial Indebtedness incurred under
 the Future Offtake Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any Financial Indebtedness incurred
 under the FID Debt Commitment and more generally in connection with the Phase 2 Projects
 and necessary to cover, together with the net proceeds from any equity financing, the costs
 associated therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any Financial Indebtedness incurred
 in connection with the development of the Uatnan Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other Financial Indebtedness not
 included under (i) to (vii) above, the outstanding amount of which shall not exceed
 $[REDACTED : COMMERCIALLY
 SENSITIVE INFORMATION] or its equivalent at any time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any Financial Indebtedness incurred
 for hedging or similar purposes, provided that (i) hedging shall only be permitted in
 connection with currency or interest rate protection and not for speculative purposes, and
 (ii) the negative mark to market of which shall not exceed $[REDACTED : COMMERCIALLY
 SENSITIVE INFORMATION] or its equivalent at any time;

(jjjj) "**Permitted Financial Lease**" means, except for
 all financial leases related directly or indirectly to the Phase 2 Projects, finance or capital
 leases (which in accordance with the relevant accounting principles of the Corporation in force
 at the date hereof are treated as finance or capital leases) of equipment provided that the aggregate
 capital value of the equipment leased does not exceed $[REDACTED : COMMERCIALLY SENSITIVE
 INFORMATION] or its equivalent at any time. For greater certainty, Operating Leases do not constitute
 Financial Indebtedness and are therefore permitted;

(kkkk) "**Permitted Liens**" means, in respect of the Corporation
 and the Subsidiaries, any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) security for any future supply agreements
 for graphite and/or anode products entered into by the Corporation after the date hereof
 but before the FID;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any encumbrance relating to a Permitted
 Financial Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any netting or set-off arrangement
 entered into in the Ordinary Course of banking arrangements for the purpose of netting debt
 and credit balances with an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any encumbrance relating to a Permitted
 Financial Lease or an Operating Lease provided that such encumbrance is limited to the property
 that is the subject of the Permitted Financial Lease or Operating Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any encumbrance arising under any instalment
 sale or conditional sale (excluding arising under any finance or capital lease, or Operating
 Lease) in respect of goods supplied in the Ordinary Course and on the supplier's standard
 or usual terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any encumbrances made or incurred in
 the Ordinary Course to secure (a) workers' compensation, surety or appeal notes,
 letters of credit, costs of litigation when required by law, Order, and public and statutory
 obligations, or (b) the discharge of encumbrances or claims incidental to construction
 and mechanics', warehouseman's, carriers' and other similar liens, provided
 such encumbrances (whether individually or in the aggregate with any other Permitted Liens
 described in paragraphs (vii) through (xvi) of this definition) do not and will
 not impair the development, construction and operation of the Phase 2 Projects or the business
 of the Corporation, or otherwise have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any development or similar agreement
 concerning immovable or real property entered into with a Governmental Entity or a public
 utility which does not and will not (whether individually or in the aggregate with any other
 Permitted Liens described in paragraphs (vii) through (xvi) of this definition)
 materially detract from the value of such property or materially impair its use in the development,
 construction and operation of the Phase 2 Projects or the business of the Corporation, or
 otherwise have a Material Adverse Effect, provided the Corporation party to any such agreement
 is not in default thereunder in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any such minor defects as may be revealed
 by an up-to-date certificate of location, any registered or unregistered rights of way or
 servitude, or any encroachments, or any zoning by-laws or other municipal law restrictions
 as to the use of immovable or real property, provided the foregoing do not and will not (whether
 individually or in the aggregate with any other Permitted Liens described in paragraphs (vii) through
 (xvi) of this definition) materially detract from the value of the affected property
 or materially impair its use in the development, construction and operation of the Phase
 2 Projects or the business of the Corporation, or otherwise have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any security or deposits given to a
 public utility or any Governmental Entity when required by such utility or Governmental Entity
 pursuant to any Material Contract, or in connection with the operations of the Corporation
 and in the Ordinary Course of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any encumbrance for Taxes, assessments
 or governmental charges or levies not at the time due or delinquent or, provided such encumbrance
 (whether individually or in the aggregate with any other Permitted Liens described in paragraphs
 (vii) through (xvi) of this definition) does not and will not materially impair
 the development, construction and operation of the Phase 2 Projects or the business of the
 Corporation or otherwise have a Material Adverse Effect and provided adequate reserves in
 accordance with IFRS with respect thereto are maintained in the books and records of the
 Corporation, any encumbrance which relates to any such obligations to the extent such obligations
 are being diligently contested in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any encumbrance or charge incidental
 to construction or current operations (including carrier's warehouseman's, mechanics',
 construction, builder's, material men's and repairmen's liens) that have
 not at such time been published pursuant to Applicable Laws or which relate to obligations
 not due or delinquent or, provided such encumbrance (whether individually or in the aggregate
 with any other Permitted Liens described in paragraphs (vii) through (xvi) of this
 definition) does not and will not materially detract from the value of the affected property
 or materially impair its use in the development, construction and operation of the Phase
 2 Projects or the business of the Corporation or otherwise have a Material Adverse Effect
 and provided adequate reserves in accordance with IFRS with respect thereto are maintained
 in the books and records of the Corporation, any encumbrance which relates to any such obligations
 to the extent such obligations are being diligently contested in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) good faith deposits made in the Ordinary
 Course to secure the performance of bids, tenders, Contracts (other than for the repayment
 of borrowed money), leases, surety, customs, performance bonds and other similar obligations,
 provided such encumbrances (whether individually or in the aggregate with any other Permitted
 Liens described in paragraphs (vii) through (xvi) of this definition) do not and
 will not materially impair the development, construction and operation of the Phase 2 Projects
 or the business of the Corporation or otherwise have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the restrictions, exceptions, reservations,
 limitations, provisos and conditions, if any, expressed in any original patents or grants
 from any Governmental Entity, provided such restrictions, exceptions, reservations, limitations,
 provisos and conditions (whether individually or in the aggregate with any other Permitted
 Liens described in paragraphs (vii) through (xvi) of this definition) do not and
 will not materially detract from the value of the affected property or materially impair
 its use in the development, construction and operation of the Phase 2 Projects or the business
 of the Corporation or otherwise have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) a hypothec securing the Corporation's
 obligations created under the Royalty Agreement under the terms of a deed of hypothec executed
 before Mtre Lyes Arfa, Notary, on August 29, 2022 and registered at the Québec
 Land Registry Office, in the Register of real rights of State resource development, for the
 Registration Divisions of Berthier, Joliette and Maskinonge, on August 30, 2022 under
 number 27 521 580;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the right reserved to or vested in any
 Governmental Entity by the terms of any lease, grant or Permit acquired by the Corporation
 by any statutory provision to terminate any such lease, grant or Permit, or to require annual
 or other payments as a condition to the continuance thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any other Liens not included under
 paragraphs (i) to (xv) above, in an amount that could not result in an aggregate
 liability in excess of $[REDACTED : COMMERCIALLY SENSITIVE INFORMATION].

provided, however (for the avoidance of doubt) that no Lien described above, other than in paragraphs (i), (ii), (iii) and (v), shall constitute a Permitted Lien if it was incurred in connection with the incurrence of any Permitted Financial Indebtedness;

(llll) "**Person**" means and includes any individual, corporation,
 limited partnership, general partnership, joint stock corporation, limited liability corporation,
 joint venture, association, corporation, trust, bank, trust corporation, pension fund, business
 trust, administrator, authority, entity, executor, other legal representative, sole proprietorship,
 syndicate, trust, trustee, unincorporated association, or other organization, whether or not a legal
 entity, and any Governmental Entity;

(mmmm) "**PFIC**" has the meaning ascribed thereto in Section 3.1(sss);

(nnnn) "**Phase 2 Projects**" means, collectively, the Matawinie
 Project and the Battery Plants Project;

(oooo) "**Policies**" has the meaning ascribed thereto in
 Section 3.1(rrr);

(pppp) "**Premises**" has the meaning ascribed thereto in
 Section 3.1(lll);

(qqqq) "**Privacy Laws**" has the meaning ascribed thereto
 in Section 3.1(rrr);

(rrrr) "**Proceeds**" has the meaning ascribed thereto in
 Section 2.2;

(ssss) "**Purchased Shares**" has the meaning ascribed thereto
 in Section 2.1(a);

(tttt) "**QST**" means amounts payable under the *Act respecting the Québec sales tax*, and the regulations thereunder, as amended;

(uuuu) "**Regulation 43-101**" means *Regulation 43-101 respecting Standards of Disclosure for Mineral Projects* (Québec), or the corresponding
 regulation or instrument in the Reporting Jurisdictions, other than Québec;

(vvvv) "**Regulation 45-106**" means *Regulation 45-106 respecting Prospectus Exemptions* (Québec), or the corresponding regulation or instrument
 in the Reporting Jurisdictions, other than Québec;

(wwww) "**Regulation 52-109**" means *Regulation 52-109 respecting Certification of Disclosure in Issuers' Annual and Interim Filings* (Québec)
 or the corresponding regulation or instrument in the Reporting Jurisdictions, other than Québec;

(xxxx) "**Regulation D**" means Regulation D promulgated
 by the SEC under the U.S. Securities Act;

(yyyy) "**Regulation M**" has the meaning ascribed thereto
 in Section 3.1(ttt);

(zzzz) "**Regulation S**" means Regulation S promulgated
 by the SEC under the U.S. Securities Act;

(aaaaa) "**Reporting Jurisdictions**" means each of the
 provinces of Canada;

(bbbbb) "**Royalty Agreement**" means the royalty agreement
 dated August 28, 2020 between Pallinghurst Graphite Limited and the Corporation, as assigned
 to Pallinghurst Graphite International Limited pursuant to an Assignment and Assumption Agreement
 dated December 17, 2020, as amended on August 18, 2023 and August 29, 2024, and
 as further amended or supplemented, from time to time;

(ccccc) "**Sanction**" means any trade, economic or financial
 sanctions, export controls or trade embargoes or related restrictive measures imposed, administered
 or enforced from time to time by a Sanctions Authority;

(ddddd) "**Sanctioned Person**" means, at any time, any
 Person: (i) who is the subject or target of any Sanction or a restricted or prohibited Person
 as designated or included in any list of designated or restricted parties under any Sanctions;
 (ii) a Person organized under the laws of or incorporated in (in case of an entity) or resident
 in (in case of an individual), a Sanctioned Territory, or which is otherwise subject to any Sanction
 in a Sanctioned Territory; (iii) an entity 50% or more owned or controlled by any of the foregoing
 Persons in clauses (i) or (ii) hereof, or that is otherwise directly or indirectly owned
 or controlled (individually or in the aggregate) by, or acting on behalf of, any such Person or
 Persons; or (iv) any Person that is otherwise the subject of any Sanction, including, for
 the purposes of any Sanction imposed by Canada, any entity deemed to be controlled by a Person
 or Persons described in clauses (i) through (iii) hereof, including, but not limited
 to, the circumstances in which (A) such Person or Persons, individually or in the aggregate,
 hold, directly or indirectly, 50% or more of the shares or ownership interests in the entity or
 50% or more of the voting rights in the entity or are able, directly or indirectly, to change the
 composition or powers of the entity's board of directors, or (B) it is reasonable to
 conclude, having regard to all the circumstances, that such Person or Persons, individually or
 in the aggregate, are able, directly or indirectly and through any means, to direct the entity's
 activities;

(eeeee) "**Sanctioned Territory**" means, at any time, a
 country or territory which is, or whose government is, the subject of Sanctions broadly prohibiting
 dealings with such country or territory or its government (which at the time of this Agreement
 includes Cuba, Democratic People's Republic of Korea, the Islamic Republic of Iran, the Crimea,
 Kherson and Zaporizhzhia regions of Ukraine, the so-called Donetsk People's Republic and
 the so-called Luhansk People's Republic);

(fffff) "**Sanctions Authority**" means the United States
 government and any of its agencies (including OFAC, BIS, the U.S. State Department and the U.S.
 Department of Commerce), the European Union and each of its member states, the United Nations Security
 Council, the United Kingdom of Great Britain and Northern Ireland, the Canadian government (including
 Global Affairs Canada and Public Safety Canada), or any other Governmental Entity with jurisdiction
 over the parties to this Agreement;

(ggggg) "**Schedules**" has the meaning ascribed thereto
 in Section 1.3;

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

(iiiii) "**Securities Laws**" means the securities laws,
 regulations and rules of each of the provinces and territories of Canada, including the *Securities Act* (Québec) and the regulations promulgated thereunder, and the securities laws of
 the United States, including the U.S. Securities Act and the U.S. Exchange Act, and, in each case,
 the rules, regulations and forms promulgated thereunder and the securities laws of the states of
 the United States, and the blanket rulings and policies and written interpretations of, and multilateral
 or national instruments adopted by, the securities regulatory authorities of Canada and each of
 its provinces and territories, including the *Autorité des marchés financiers* (Québec), and of the SEC and state securities regulatory authorities, as well as the rules and
 policies of the TSX, the NYSE and any other stock or securities exchange, marketplace or trading
 market upon which the securities of the Corporation are listed and posted for trading;

(jjjjj) "**Share Price**" has the meaning ascribed thereto
 in Section 2.1(a);

(kkkkk) "**Shareholder**" means a holder of Common Shares,
 for as long as he, she or it remains a holder of Common Shares, and any other Person who, from
 time to time, holds Common Shares;

(lllll) "**Subscription Price**" has the meaning ascribed
 thereto in Section 2.1(a);

(mmmmm) "**Subsidiaries**" means, collectively, Nouveau
 Monde District Inc., Nouveau Monde Europe Limited, NMG Matawinie Inc. and NMG Bécancour
 Inc.;

(nnnnn) "**Survival Date**" has the meaning ascribed thereto
 in Section 8.4;

(ooooo) "**Tax**" or "**Taxes**" means any
 taxes, duties, fees, premiums, assessments, imposts, levies, expansion fees and other charges of
 any kind whatsoever imposed by any Governmental Entity, including all interest, penalties, fines,
 additions to tax or other additional amounts imposed by any Governmental Entity in respect thereof,
 and including those levied on, or measured by, or referred to as, income, gross receipts, profits,
 windfall, royalty, capital, transfer, land transfer, sales, goods and services, harmonized sales,
 use, value-added, excise, stamp, withholding, business, franchising, property, development, occupancy,
 employer health, payroll, employment, health, social services, education and social security taxes,
 all surtaxes, all customs duties and import and export taxes, countervail and anti-dumping, all
 license, franchise and registration fees and all employment insurance, health insurance and Canada
 and other pension plan premiums or contributions imposed by any Governmental Entity, and any transferee
 liability in respect of any of the foregoing;

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

(qqqqq) "**Tax Returns**" means all returns, reports, declarations,
 elections, notices, filings, forms, statements and other documents (whether in tangible, electronic
 or other form) and including any amendments, schedules, attachments, supplements, appendices and
 exhibits thereto, made, prepared, filed or required by a Governmental Entity to be made, prepared
 or filed under Applicable Laws in respect of Taxes;

(rrrrr) "**Technical Report**" means the technical report
 titled "*NI 43-101 Technical Report: 2025 Feasibility Study for the Matawinie Graphite Mine* ", effective as of November 12, 2025 and issued on November 13, 2025;

(sssss) "**Third Party**" has the meaning ascribed thereto
 in Section 8.2(a);

(ttttt) "**Third Party Claim**" has the meaning ascribed
 thereto in Section 8.2(a);

(uuuuu) "**TSX**" means the Toronto Stock Exchange;

(vvvvv) "**Uatnan Project**" means the Phase 3 Uatnan graphite
 mine project located on the southwestern shore of the Manicouagan Reservoir, within the Rivière-aux
 Outardes municipality, Québec, and includes 205 exclusive exploration rights totaling 11,082.95
 hectares (including the constructions, engineering, permitting, procurement, buildings, improvements
 and equipment that make up the mine to be operated by the Corporation or any of the Subsidiaries
 and the ownership, leasing or use of any lands in connection therewith);

(wwwww) "**U.S. Exchange Act**" means the United States *Securities Exchange Act of 1934*, as amended;

(xxxxx) "**U.S. Person**" means a "U.S. person"
 as defined in Rule 902(k) of Regulation S;

(yyyyy) "**U.S. Securities Act**" means the United States *Securities Act of 1933*, as amended; and

(zzzzz) "**United States**" means the United States of America,
 its territories and possessions, any State of the United States and the District of Columbia.

**1.2** **Interpretation** 

For the purposes of this Agreement:

(a) words (including defined terms) using or importing the singular number
 include the plural and vice versa, and words importing one gender only shall include all genders;

(b) the headings used in this Agreement are for ease of reference only
 and shall not affect the meaning or the interpretation of this Agreement;

(c) all accounting terms not defined in this Agreement shall have the meanings
 generally ascribed to them under IFRS;

(d) references to "the knowledge of the Corporation" or "the
 best knowledge of the Corporation" or other similar expressions limiting the scope of any representation,
 warranty, acknowledgement, covenant or statement made by the Corporation in this Agreement, means that
 the Corporation has reviewed all records, documents and other information currently in its possession
 or under its control which would be regarded as reasonably relevant to the matter and has, where applicable,
 made appropriate enquiries of the senior officers of the Corporation;

(e) unless otherwise specified, all references in this Agreement to the
 symbol "$" are to the lawful money of the United States;

(f) in the event that any value or amount to be calculated hereunder is
 expressed in U.S. dollars and must be calculated in Canadian dollars (and vice versa) in any documents
 related to this Agreement, such value or amount shall be calculated using the applicable Bank of Canada
 daily average exchange rate for such conversion on the Business Day immediately preceding the applicable
 date of conversion, or as the parties to this Agreement may otherwise mutually agree;

(g) the use of "including" or "include" will in
 all cases mean "including, without limitation" or "include, without limitation,"
 respectively;

(h) reference to any Person includes such Person's successors and
 assigns to the extent such successors and assigns are permitted by the terms of any applicable Contract,
 and reference to a Person in a particular capacity excludes such Person in any other capacity or individually;

(i) reference to any Contract (including this Agreement) or document shall
 mean such Contract or document as amended or modified and in effect from time to time in accordance
 with the terms thereof and, if applicable, the terms of this Agreement;

(j) reference to any statute means such statute as amended from time to
 time and includes any successor legislation thereto and any regulations promulgated thereunder;

(k) all references to Articles, Sections, paragraphs, clauses, or Schedules
 are to Articles, Sections, paragraphs, clauses, and Schedules in or to this Agreement unless otherwise
 specified;

(l) the phrases "hereunder", "hereof", "hereto",
 "herewith" and words of similar import shall refer to this Agreement as a whole and not
 to any particular Article, Section, paragraph, or clause of, or Schedule to, this Agreement; and

(m) references to time are to the local time in Montréal, Québec.

**1.3** **Schedules** 

The following schedules attached to this Agreement (the "**Schedule**") form part of this Agreement:

---

| | |
|:---|:---|
| Schedule A | Registration Instructions |

---

**ARTICLE 2 - SUBSCRIPTION**

**2.1** **Subscription** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon
 the terms and subject to the conditions set forth in this Agreement, at the Closing Time,
 the Investor agrees to subscribe for and purchase from the Corporation, and the Corporation
 agrees to issue and sell to the Investor, 33,351,853 Common Shares (the "**Purchased Shares**") at a price of $1.84 per Purchased Share (the "**Share Price** ")
 for an aggregate consideration of $61,367,409.00 (the "**Subscription Price** ");
 provided that the Share Price shall be no less favourable than the price per Common Share
 (or subscription receipt, as applicable) payable by any other investors that are subscribing
 for (or received in exchange for subscription receipts, as applicable) Common Shares substantially
 concurrently with the Closing, including in connection with the FID Equity Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Investor shall purchase the Purchased Shares and pay the Subscription Price at Closing, by
 wire transfer of immediately available funds to an account designated in writing by the Corporation
 in accordance with Section 5.3(a). Notwithstanding the foregoing, it is understood between
 the Corporation and the Investor that the Investor shall have no obligation to pay the Subscription
 Amount in United States dollars and shall be entitled to pay the Canadian dollar equivalent
 of the Subscription Amount to be determined by the Bank of Canada daily exchange rate on
 the Business Day prior to the date of execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At
 the Closing Time, the Corporation shall cause to be issued and delivered to the Investor
 in accordance with Section 5.2(a) one or more share certificates or DRS Advices, as directed
 by or on behalf of the Investor, representing the Purchased Shares.

**2.2** **Use of Proceeds** 

The net proceeds of the Investment (the "**Proceeds**") shall be used, in combination with the net proceeds from the FID Private Placement (other than the Proceeds) and the FID Prospectus Offering and the funds available under the FID Debt Commitment, for funding the construction of the Matawinie Project, as set out in the section entitled "Sources and Uses of Proceeds" of the preliminary prospectus supplement filed by the Corporation with respect to the FID Prospectus Offering on the date hereof. The Corporation may not use any of the Proceeds to repay or prepay any Financial Indebtedness incurred under the terms of the Note.

**ARTICLE 3 - REPRESENTATIONS, WARRANTIES, ACKNOWLEDGMENTS<br> AND AUTHORIZATIONS**

**3.1** **Representations and Warranties of the Corporation** 

The Corporation hereby represents and warrants to the Investor as of the date hereof (unless a different date is indicated, in which case the representation and warranty shall be as of such date) as follows and acknowledges that the Investor is relying on such representations and warranties in connection with the transactions contemplated herein:

(a) this Agreement has been duly authorized, executed and delivered by
 the Corporation and constitutes, and will constitute at the Closing Time, legal, valid and binding
 obligations of the Corporation enforceable against the Corporation in accordance with their terms,
 and will not violate or conflict with the constating documents of the Corporation or the terms of any
 restriction, agreement or undertaking to which the Corporation is subject;

(b) each of the Corporation and the Subsidiaries has been duly incorporated
 or organized, as the case may be, and is validly existing as a corporation in good standing under the
 laws of the jurisdiction of its incorporation or organization and has the power and authority (corporate
 or other) to own, lease and operate its properties and to conduct its business. Each of the Corporation
 and the Subsidiaries is qualified as a corporation to transact business and is in good standing in
 each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing
 of property or the conduct of business, except where the failure to be so qualified or in good standing
 would not have a Material Adverse Effect, and has all requisite power and authority to conduct its
 business and to own, lease and operate its property and assets and to execute and deliver this Agreement
 and to perform its obligations hereunder. All of the issued and outstanding shares or other equity
 or ownership interests of each of the Subsidiaries have been duly authorized and validly issued, are
 fully paid and non-assessable and are owned by the Corporation, directly or indirectly, free and clear
 of any Liens of any kind or nature. None of the outstanding shares of, or equity interest in, any of
 the Subsidiaries was issued in violation of pre-emptive or similar rights of any securityholder of
 such Subsidiaries. The constating or organizational documents of each of the Subsidiaries comply in
 all material respects with the requirements of Applicable Laws of its jurisdiction of incorporation
 or organization and are in full force and effect, up to date and in its possession;

(c) neither the Corporation nor any of the Subsidiaries is in violation
 of its certificate of incorporation, by-laws, or other constating documents, or is in default (or,
 with the giving of notice or lapse of time, would be in default) under any indenture, loan, credit
 agreement, note, lease, license agreement, Contract, franchise or other instrument (including any pledge
 agreement, security agreement, mortgage or other instrument or agreement evidencing, guaranteeing,
 securing or relating to indebtedness) to which the Corporation or any of its Subsidiaries is a party
 or by which it or any of them may be bound, or to which any of their respective properties or assets
 are subject (each, an "**Existing Instrument** "), except for such defaults as would
 not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. The
 Corporation's execution and delivery of this Agreement, the performance by the Corporation of
 its obligations hereunder and the consummation of the transactions contemplated hereby and thereby,
 including the issuance and sale of the Purchased Shares, (i) have been, or will be at the Closing
 Time, as applicable, duly authorized by all necessary corporate action and will not result in any violation
 of the provisions of the certificate of incorporation, by-laws or other constating documents of the
 Corporation or any of the Subsidiaries, (ii) will not conflict with or constitute a breach of
 or default under, or result in the creation or imposition of any Lien upon any property or assets of
 the Corporation or any of its Subsidiaries pursuant to, or require the consent of any other party to,
 any Existing Instrument, except as would not reasonably be expected, individually or in the aggregate,
 to have a Material Adverse Effect, and (iii) will not result in any violation of any Applicable
 Laws with respect to the Corporation or any of its Subsidiaries that would reasonably be expected to
 have a Material Adverse Effect. Except as otherwise disclosed in Section 3.1(c) of the Disclosure
 Letter, no consent, approval, authorization or other Order of, or registration or filing with, any
 court or other Governmental Entity is required for the Corporation's execution and delivery of
 this Agreement, the performance by the Corporation of its obligations hereunder and the consummation
 of the transactions contemplated hereby and thereby;

(d) the minute books of the Corporation and the Subsidiaries for the last
 three years are complete and accurate in all material respects and contain copies of all by-laws and
 resolutions passed by and any other proceedings of their shareholders, directors and committees of
 the board of directors since their respective dates of incorporation, all of which by-laws and resolutions
 have been duly passed. No meeting, resolution or proceeding of any such shareholders, directors or
 committees of the board of directors of the Corporation or its Subsidiaries has been held or passed
 that has not been reflected in such minute books;

(e) the entering into of this Agreement, the issuance of the Purchased
 Shares and the exercise of the rights and performance of the obligations hereunder by the Corporation
 do not and will not: (i) conflict with or result in a default under any agreement, mortgage, bond
 or other instrument to which the Corporation or any of the Subsidiaries is a party; or (ii) conflict
 with or violate any Applicable Laws, in each case other than a conflict, default or violation that
 would not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Corporation's authorized share capital consists of an unlimited number of Common Shares,
 of which, as at the close of business on April 6, 2026, 160,826,539 Common Shares are
 issued and outstanding, all of which have been validly issued as fully paid and non-assessable
 in compliance with all Applicable Laws and the constating documents of the Corporation. In
 addition, as at the close of business on April 6, 2026, the following securities are outstanding:
 (i) options under the Corporation's stock option plan providing for the issuance of
 an aggregate of 7,510,750 Common Shares upon the exercise or settlement thereof, (ii) units
 under the Corporation's omnibus equity incentive plan providing for the issuance of
 an aggregate of 592,000 Common Shares upon the exercise or settlement thereof, (iii) 2,500,000 Common
 Shares (with interests as at that date corresponding to 1,920,176 Common Shares) and 2,500,000 Common
 Share purchase warrants reserved for issuance that will be issued at the maturity, conversion
 or redemption of the Note, (iv) 39,682,538 Common Shares reserved for issuance pursuant
 to the exercise of warrants upon the occurrence of the FID (as defined in the Investor Warrant
 and in CGF's share purchase warrant certificate), and (v) 31,250,000 Common Shares
 reserved for issuance pursuant to the exercise of other share purchase warrants. There are
 no other options, convertible securities or other rights requiring, or which may require,
 whether or not subject to conditions, the issuance or sale by the Corporation or any of the
 Subsidiaries, including Common Shares or any securities convertible into, or exchangeable
 or exercisable for, or otherwise evidencing a right to subscribe for or acquire, any securities
 of the Corporation or any of the Subsidiaries;

(g) the Corporation legally and beneficially owns, directly or indirectly,
 all of the issued and outstanding equity securities (including for greater certainty, any securities
 convertible into equity securities) of the Subsidiaries. The Corporation does not beneficially own
 or exercise control or direction (including through voting agreements or voting trusts) over any outstanding
 voting shares of any Person other than the Subsidiaries;

(h) the Corporation has no equity or joint venture interest nor any investment
 or proposed investment in any Person which accounted for, or which is expected to account for, more
 than 5% (five percent) of the assets or revenues of the Corporation or would otherwise be material
 to the business or affairs of the Corporation;

(i) except as disclosed in Section 3.1(i) of the Disclosure Letter,
 there is no agreement or document, including any Material Contract, to which the Corporation or any
 of its Subsidiaries is a party or by which the Corporation or any of its Subsidiaries or any of the
 properties or assets thereof are bound in force or effect which in any manner affects or will affect
 the voting or control of any of the securities of the Corporation;

(j) the Corporation Financial Statements have been prepared in accordance
 with IFRS applied on a basis consistent with those of previous periods and in accordance with Applicable
 Laws, except as otherwise stated in the notes to such statements or, in the auditor's report
 thereon, as the case may be. The Corporation Financial Statements, together with the related management's
 discussion and analysis, present fairly, in all material respects, the assets, liabilities and financial
 condition of the Corporation and the Subsidiaries as at the respective dates thereof and the losses,
 comprehensive losses, results of operations, changes in shareholders' equity and cash flows of
 the Corporation and the Subsidiaries for the periods covered thereby. There are no outstanding loans
 made by the Corporation or the Subsidiaries to any director or officer of the Corporation or the Subsidiaries.
 Neither the Corporation nor any of the Subsidiaries has any debts, liabilities, or obligations, except
 those (i) reflected on, or reserved against, in the Corporation Financial Statements; and (ii) liabilities
 that have arisen since the date of the Corporation Financial Statements in the Ordinary Course consistent
 with past practice, none of which is a liability resulting from or arising out of any breach of Contracts,
 breach of warranty, tort infringement, misappropriation, or violation of Applicable Law;

(k) each of the Corporation and the Subsidiaries makes and keeps accurate
 books and records and maintains a system of internal accounting controls sufficient to provide reasonable
 assurances that (i) transactions are executed in accordance with the general or a specific authorization
 of management of the Corporation; (ii) transactions are recorded as necessary to permit the preparation
 of financial statements for the Corporation (on a consolidated basis) on a proper and consistent basis
 in conformity with IFRS and to maintain accountability for assets; (iii) access to assets of the
 Corporation and the Subsidiaries is permitted only in accordance with the general or a specific authorization
 of management of the Corporation; and (iv) the recorded accountability for assets of the Corporation
 and the Subsidiaries is compared with the existing assets of the Corporation and the Subsidiaries at
 reasonable intervals and appropriate action is taken with respect to any differences therein. There
 is no material weakness (as such term is defined in Regulation 52-109) relating to the design, implementation
 or maintenance of the Corporation's internal control over financial reporting, or fraud, whether
 or not material, that involves management or other employees who have a significant role in the internal
 control over financial reporting of the Corporation. As of the date hereof, neither the Corporation
 nor, to the knowledge of the Corporation, any representative of the Corporation, has received or otherwise
 obtained knowledge of any complaint, allegation, assertion, or claim, whether written or oral, regarding
 accounting, internal accounting controls or auditing matters, including any reasonable complaint, allegation,
 assertion, claim or expression of concern that the Corporation has engaged in questionable accounting
 or auditing practices;

(l) there are no off-balance sheet transactions, arrangements, obligations
 or liabilities of the Corporation or its Subsidiaries, whether direct, indirect, absolute, contingent
 or otherwise which are required to be disclosed or reflected and are not disclosed or reflected in
 the Corporation Financial Statements;

(m) the Corporation and the Subsidiaries, on a consolidated basis, have
 established and maintain disclosure controls and procedures (as defined in applicable Securities Laws)
 that (i) are designed to provide reasonable assurance that information required to be disclosed
 by the Corporation in its annual filings, interim filings or other reports filed or submitted by it
 under applicable Securities Laws is recorded, processed, summarized and reported within the time periods
 specified in applicable Securities Laws and include controls and procedures designed to ensure that
 information required to be disclosed by the Corporation in its annual filings, interim filings or other
 reports filed or submitted under applicable Securities Laws is accumulated and communicated to the
 Corporation's management, including its certifying officers, as appropriate to allow timely decisions
 regarding required disclosure; (ii) have been evaluated by management of the Corporation for effectiveness
 in accordance with applicable Securities Laws as of the end of the Corporation's most recent
 audited fiscal year; and (iii) are effective in all material respects to perform the functions
 for which they were established as of the end of the Corporation's most recent audited fiscal
 year. Since the date of the Corporation Financial Statements, other than as may be publicly disclosed
 by the Corporation, there have been no significant limitations or material weaknesses in the Corporation's
 design of its internal control over financial reporting (whether or not remediated) and no change in
 the Corporation's internal control over financial reporting that has materially affected, or
 is reasonably likely to materially affect, the Corporation's internal control over financial
 reporting;

(n) since January 1, 2026 there has been no Material Adverse Effect
 and neither the Corporation nor any of the Subsidiaries has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) made, paid or declared any dividend
 or other distribution or incurred any material capital expenditure or made any commitment
 therefor, except in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) incurred any obligation or liability,
 direct or indirect, contingent or otherwise, except in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) entered into any material transaction,
 except in each case as disclosed in the Disclosure Documents, the Disclosure Letter, or elsewhere
 in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) sold, leased, licensed, transferred,
 or otherwise disposed of, or incurred any Lien, (other than a Permitted Lien) on, any of
 its Assets and Properties, except in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) had a change in its accounting methods,
 principles or practices or effected a revaluation of any of its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) had any material damage, destruction
 or Loss, whether or not covered by insurance, affecting its Assets and Properties or business;

(o) the Corporation has not completed any "significant acquisition"
 that required, nor is it proposing to complete any "significant acquisition" that would
 require, the filing of a business acquisition report under Canadian Securities Laws or the inclusion
 of any additional financial statements or pro forma financial statements in the Corporation Financial
 Statements or a description in the Corporation Annual Information Form;

(p) PricewaterhouseCoopers LLP, which has expressed its opinion with respect
 to the Corporation Financial Statements, is an independent auditor and an independent public accountant
 with respect to the Corporation as required under applicable Securities Laws. There has not been a
 "reportable event" (within the meaning of section 4.11 of *Regulation 51-102 respecting Continuous Disclosure Obligations* (Québec)) between the Corporation and PricewaterhouseCoopers
 LLP;

(q) none of the Subsidiaries is prohibited or restricted, directly or indirectly,
 from paying dividends to the Corporation, or from making any other distribution with respect to such
 Subsidiaries' equity securities or from repaying to the Corporation or any of the other Subsidiaries
 any amounts that may from time to time become due under any loans or advances to any such Subsidiaries
 from the Corporation or from transferring any property or assets to the Corporation or to any other
 Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the
 Corporation and the Subsidiaries have not stopped or suspended payment of any Existing Financial
 Indebtedness, have not become unable to pay any Existing Financial Indebtedness or otherwise
 became insolvent in any relevant jurisdiction, have not committed an act of bankruptcy, are
 not insolvent, have not proposed a compromise or arrangement to creditors generally, have
 not had a petition or a receiving Order in bankruptcy filed, or a resolution passed, against
 any of them for winding up or for the appointment of a liquidator or provisional liquidator,
 have not made a voluntary assignment in bankruptcy, have not taken any proceedings (including
 the presentation of any petition or application or the making of an order) with respect to
 a compromise or arrangement, have not taken any proceedings to be declared bankrupt or wound-up,
 have not taken any proceedings to have a receiver, administrator or administrative receiver
 appointed for any of their business or assets (nor any notice given or filed for the appointment
 of any such person), have not had any monitor appointed or any moratorium sought or obtained
 in respect of them under any applicable insolvency legislation, have not had any voluntary
 arrangement been proposed or approved in respect of them under any applicable insolvency
 legislation and have not had any execution or distress become enforceable or become levied
 upon any of their business and assets. The Corporation has sufficient working capital to
 satisfy its obligations to issue the Purchased Shares under this Agreement as well as its
 obligations under Article 6 and, upon the completion of the FID Equity Offering (including
 the transfer to the Corporation of the net proceeds from the FID Prospectus Offering upon
 the satisfaction of the FID Prospectus Offering Release Conditions), will have sufficient
 capital to satisfy the "going concern" test under IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) the
 Corporation and the Subsidiaries are, and, since January 1, 2022 have been, in material compliance
 with all Applicable Laws, and except as disclosed in Section 3.1(s) of the Disclosure Letter,
 there is no Claim now pending or, to the knowledge of the Corporation, is threatened, against
 or affecting the Corporation and the Subsidiaries which would reasonably be expected, individually
 or in the aggregate, to have a Material Adverse Effect and neither the Corporation nor any
 of the Subsidiaries is, to the knowledge of the Corporation, subject to any investigation
 or enquiry, or is subject to disciplinary proceeding (whether judicial, quasi-judicial or
 otherwise) with respect to, has been charged or, to the knowledge of the Corporation, threatened
 to be charged with, or has received notice of, any violation, potential violation or investigation
 of any Applicable Laws or a disqualification by a Governmental Entity;

(t) no material labour dispute with current and former employees of the
 Corporation or any of the Subsidiaries (or with any trade union, works council, staff association or
 other body representing any of its or their employees) exists, or, to the knowledge of the Corporation,
 is threatened and, except as disclosed in Section 3.1(t) of the Disclosure Letter, to the
 knowledge of the Corporation, there is no existing, threatened or imminent labour disturbance or union
 organizing campaign by the employees of any of the principal suppliers, manufacturers or contractors
 of the Corporation or any of the Subsidiaries that would have a Material Adverse Effect;

(u) each of the Corporation and the Subsidiaries holds, has the benefit
 of, and is in compliance with, all necessary and material licences, Permits, Environmental Permits,
 approvals, consents, certificates, registrations and authorizations, whether governmental, regulatory
 or otherwise, to enable its business to be carried on as presently conducted and its property and assets
 to be owned, leased and operated, and the same are validly existing and in good standing and none of
 the same contain or is subject to any term, provision, condition or limitation which may adversely
 change, in a material manner, or terminate such licence, Permit, Environmental Permit, approval, consent,
 certification, registration or authorization by virtue of the completion of the transactions contemplated
 hereby;

(v) except as disclosed in Section 3.1(v) of the Disclosure Letter,
 the Corporation and the Subsidiaries, taken as a whole, (i) have all necessary mining leases,
 exclusive exploration rights (formerly mining claims), mineral tenures, surface rights, access rights
 and other necessary rights and interests relating to the Mining Projects which are necessary or appropriate,
 in all material respects, to authorize and enable the Corporation or any of the Subsidiaries to access
 and carry on the mineral exploration, development and commissioning activities and mining activities
 as currently being undertaken or planned at the Mining Projects (collectively, "**Mining Rights** "),
 and (ii) are not in default of such Mining Rights. Section 3.1(v) of the Disclosure
 Letter sets forth a complete and accurate list of all Mining Rights, held by the Corporation and the
 Subsidiaries, and neither the Corporation nor any of its Subsidiaries holds any interest in any mining
 leases, exclusive exploration rights (formerly mining claims) or any other mineral tenures other than
 the Mining Rights. All work required to be performed and payments required to be made in relation to
 those Mining Rights in order to maintain the Corporation's or the Subsidiaries' interest
 therein, if any, have been paid to date, performed or are in the process of being performed in accordance
 with Applicable Laws and each of the Corporation and the applicable Subsidiaries has complied in all
 material respects with all Applicable Laws in connection therewith as well as with regard to legal,
 contractual obligations to third parties (including third party Contracts) in connection therewith
 except that the Corporation may decide, at its sole and absolute discretion, to abandon or relinquish
 such Mining Rights which are disclosed in Section 3.1(v) of the Disclosure Letter under the
 subheading "Non-Material Mining Rights" and which the Corporation considers as not material
 to the business and operations of the Corporation or the applicable Subsidiaries or which do not interfere
 with the prospect of the Phase 2 Projects or the Uatnan Project. All of the Mining Rights are valid,
 subsisting and in good standing in the name of the Corporation or the applicable Subsidiaries, as applicable.
 All exclusive exploration rights (formerly mining claims) and mining leases, as applicable, owned by
 the Corporation or the applicable Subsidiaries are solely registered pursuant to the provisions of
 the *Mining Act* (Québec) and in the register of real rights of state resource development
 of the land register. All Mining Rights have been validly located, registered and recorded in accordance
 with all Applicable Laws and are valid, subsisting and in good standing. There are no options or other
 participation interests or rights of preference relating to the Mining Rights and all Mining Rights
 have active status, except for the exclusive exploration rights (formerly mining claims) set out in
 Section 3.1(v) of the Disclosure Letter which are suspended awaiting partial conversion to
 a mining lease, and neither the Corporation nor any of the Subsidiaries has received written notice
 of, nor has any knowledge of, any pending or threatened suspension or revocation proceedings in respect
 of the Mining Rights or any of them from any Governmental Entity, or of any outstanding or threatened
 claim, action, litigation or proceedings with respect to the Mining Rights before any Governmental
 Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) other
 than the Mining Rights disclosed in Section 3.1(v) of the Disclosure Letter, Section 3.1(w)
 of the Disclosure Letter sets forth a complete list of the other material assets which have
 a value of at least $[REDACTED : COMMERCIALLY SENSITIVE INFORMATION], including all
 immovable and real property (whether leased or owned) of the Corporation and the Subsidiaries,
 which constitute all of such real and immovable property interests held for use, or used,
 by the Corporation and the Subsidiaries, and sets out, for each such property, the municipal
 address, the correct and current legal description for each separate lot, and the entity
 in whose name such property is registered and, where applicable, the beneficial owner. Each
 of the Corporation and the Subsidiaries is the sole absolute legal and beneficial owner of
 its material assets, including Mining Rights and immovable and real property (whether leased
 or owned), with good and marketable title or leased interest thereto, as applicable, free
 and clear of all Liens, except for the Permitted Liens. Such material assets, Mining Rights
 and immovable and real property (whether leased or owned) constitute all material assets,
 rights of occupation, leases, rights of way and other immovable or real property interests
 required for the ownership, operation and maintenance of the Mining Projects and Battery
 Plants Project. All agreements and other documents and instruments under which the Corporation
 or any of the Subsidiaries owns, leases, uses or operates its immovable and real property
 and assets, including the Material Leases, are valid and subsisting agreements, documents
 or instruments in full force and effect and are enforceable in accordance with their terms.
 Neither the Corporation nor any of the Subsidiaries has committed any breach or default of
 any of the provisions of such agreements, documents or instruments, nor has any such breach
 or default been alleged, and neither the Corporation nor any of the Subsidiaries is otherwise
 in default in meeting their obligations thereunder. None of the landlord or other parties
 to the real property leases is in default of any of its obligations, nor is there any dispute
 between the Corporation or any of the Subsidiaries, as applicable, and the landlord. Each
 of the Corporation's and the Subsidiaries' immovable and real property and assets
 is in good standing under Applicable Laws and neither the Corporation nor any of the Subsidiaries
 has received any written work order, deficiency notice or other similar notices of non-compliance
 issued by any Governmental Entity or third party that are outstanding requiring or recommending
 that material work or repairs in connection with the owned real properties or any part thereof
 are necessary, desirable or required. No breach has occurred under any lease, license, concession
 or agreement pursuant to which the Corporation or any of the Subsidiaries obtains an interest
 in such immovable and real property (whether leased or owned) or assets. All Taxes required
 to be paid in respect of such immovable and real property (whether leased or owned) and assets
 as of the date hereof have been paid There are no options to purchase or rights of first
 refusal to purchase with respect to the owned real properties noted in Section 3.1(w) of
 the Disclosure Letter or any part thereof granted by the Corporation or any of the Subsidiaries
 that have not expired or been waived prior to the consummation of the transactions contemplated
 in this Agreement. To the knowledge of the Corporation and the Subsidiaries, as applicable,
 there is no upcoming or threatened modification to the zoning, entitlement and/or other land
 use regulation applicable to the owned real properties, or any part thereof, which would
 adversely affect the operation of its business, and neither of them has received any written
 notice or is aware of a proposed expropriation of, or reserve with respect to, any of the
 owned real properties or any part thereof. Each parcel of the Corporation's and the
 Subsidiaries' immovable and real property (whether leased or owned) has full and free
 legally enforceable access to and from public highways, which access is sufficient for the
 purposes of the operation of the business. The leases set out in Section 3.1(w) have not
 been amended by oral or written agreement, cancelled, terminated or repudiated;

(x) all activities of the Corporation and the Subsidiaries, including exploration
 and development activities on the properties of the Corporation and the Subsidiaries (including the
 properties attached to the Mining Rights) have been and are conducted in all material respects in accordance
 with good exploration, development, operations, engineering and workers' health and safety practices,
 and all Applicable Laws pertaining to workers' compensation and health and safety have been complied
 with in all material respects;

(y) other than as set forth in Section 3.1(y) of the Disclosure
 Letter, the Corporation and the Subsidiaries own, lease, control or otherwise have legal rights to
 all Mining Rights under valid, subsisting and enforceable title documents or other recognized and enforceable
 agreements or instruments, sufficient to permit the Corporation and the Subsidiaries, as applicable,
 and subject to the nature and scope of each of the Mining Projects, to conduct exploration, development,
 operations and production, construction, transformation and commissioning activities of and at the
 Mining Projects, and, other than as set forth in Section 3.1(y) of the Disclosure Letter,
 no commission, royalty, license fee or similar payment to any Person with respect to the Mining Rights
 is payable. All Mining Rights in which the Corporation or any of the Subsidiaries hold an interest
 have been validly registered and recorded in accordance with all Applicable Laws and are valid and
 subsisting. Each of the documents, agreements and instruments and obligations relating to surface rights,
 access rights and other necessary rights and interests relating to the Mining Rights granting the Corporation
 or any of its Subsidiaries the right and ability to access, explore for, mine and develop the mineral
 deposits as is appropriate in view of the rights and interests therein of the Corporation or its Subsidiaries
 is currently in good standing in the name of the Corporation or its Subsidiaries, as applicable, except
 where the failure to be in good standing would not reasonably be expected, individually or in the aggregate,
 to have a Material Adverse Effect;

(z) except as disclosed in Section 3.1(z) of the Disclosure Letter,
 the Corporation has no knowledge of any Claim or the basis for any Claim, including a Claim by or on
 behalf of Indigenous persons or communities (such as with respect to Indigenous rights) with respect
 to the Assets and Properties (including the Mining Rights) of the Corporation and any of the Subsidiaries
 that might or could materially affect the right thereof to use, transfer or otherwise explore for,
 mine and develop the mineral deposits or to conduct operations and production, construction, transformation
 and commissioning activities on the Phase 2 Projects and the Uatnan Project;

(aa) except as disclosed in Section 3.1(aa) of the Disclosure Letter
 or in the Corporation Financial Statements or as described in the Corporation Annual Information Form,
 the Corporation does not know of any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Claim or the basis for any Claim by
 any Indigenous persons, community or group, or any local community or any other Person, including
 a Claim with respect to any Indigenous rights (asserted or established) or local community
 rights, with respect to the Assets and Properties (including the Mining Rights) of the Corporation
 and any of the Subsidiaries that might or could materially affect the right thereof to use,
 transfer or otherwise explore for, mine and develop the mineral deposits or to conduct operations
 and production, construction, transformation and commissioning activities on the Phase 2
 Projects and the Uatnan Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Indigenous rights (including any treaty
 land entitlement claim or title claim) having been asserted or any legal action by or relating
 to any local community or Indigenous person, community or group having been instituted against
 the Corporation, any of the Subsidiaries, the Phase 2 Projects or the Uatnan Project and
 no dispute between the Corporation or any of the Subsidiaries and any local community or
 Indigenous person, community or group exists or, to the knowledge of the Corporation, is
 threatened or imminent, with respect to any Assets and Properties or any of the Corporation's
 or any of any such Subsidiaries' activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) outstanding, or unsatisfactory consultation
 or accommodation duties with respect to Indigenous persons, communities or groups regarding
 the proposed development of the Phase 2 Projects (including with respect to the Permits and
 Environmental Permits sought or issued to date for the Phase 2 Projects) or the Uatnan Project
 or potentially material impact to the Phase 2 Projects (including the development and operation
 of the Phase 2 Projects) or the Uatnan Project related to any Indigenous right or interest,
 or any duty to consult Indigenous persons, communities or groups;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [REDACTED : COMMERCIALLY SENSITIVE
 INFORMATION] ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) other than the Matawinie Impact Benefit
 Agreement, the pre-development agreement dated March 26, 2019 between the Corporation
 and the *Conseil des Atikamekw de Manawan* and the *Conseil de la Nation Atikamekw* and discussions regarding potential impacts regarding the Battery Plants Projects with the
 Grand Conseil of Waban-Aki Nation, the Corporation and the Subsidiaries have not entered
 into any written or oral arrangements with any Indigenous person, community or group, or
 any local community to provide benefits, financial compensation or more generally to provide
 any advantages or undertake any commitments, with respect to the Matawinie Project and the
 Battery Plants Project (at any stage of development), nor has the Corporation or any of the
 Subsidiaries engaged in discussions, negotiations or communications of any nature regarding
 the foregoing;

(bb) the Material Contracts and the Material Leases are in good standing
 and in full force and effect as valid and binding agreements. None of the Corporation, any of the
 Subsidiaries, nor, to the knowledge of the Corporation, any other party thereto, is in material default,
 violation or breach of any Material Contract or Material Lease, and there exists no condition, event
 or act which, with the giving of notice or lapse of time or both would constitute a material default,
 violation or breach under any Material Contract or any Material Lease which would give rise to a right
 of termination on the part of any other party to a Material Contract. No counterparty to any Material
 Contract or Material Lease has given written notice of its intention to terminate, or has sought to
 repudiate or disclaim, any Material Contract or any Material Lease and, to the knowledge of the Corporation,
 no such counterparty has any intention to do any of the foregoing. The Material Contracts and the
 Material Leases constitute all material Contracts entered into or required to be entered into in connection
 with the maintenance, repair, operation or use of the Phase 2 Projects and the Uatnan Project or for
 the conduct of the Corporation's businesses and operations in respect of the Phase 2 Projects
 and the Uatnan Project. None of the Corporation or the Subsidiaries is a party to or bound by any
 material contract or material lease relating to the Phase 2 Projects and the Uatnan Project other
 than the Material Contracts and the Material Leases;

(cc) the issued and outstanding Common Shares are listed and posted for
 trading on the TSX under the symbol "NOU" and the NYSE under the symbol "NMG",
 and no Order ceasing or suspending trading in any securities of the Corporation or prohibiting the
 sale of the Purchased Shares or the trading of any of the Corporation's issued securities has
 been issued and, no proceedings for such purpose are pending or, to the knowledge of the Corporation,
 have been threatened. Neither the Corporation nor any of the Subsidiaries has received notice of any
 Claim, inquiry, review or investigation (formal or informal) by any securities commission or similar
 regulatory authority under applicable Securities Laws or by the TSX or the NYSE that is in effect
 or ongoing or expected to be implemented or undertaken. The Common Shares are registered under Section 12(b) of
 the U.S. Exchange Act and the Corporation is in compliance in all material respects with applicable
 Securities Laws of the United States;

(dd) the Corporation has not taken any action which would reasonably be
 expected to result in the delisting or suspension of the Common Shares on or from the TSX or the NYSE
 and the Corporation is currently in compliance, in all material respects, with the rules and
 policies of the TSX and the NYSE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) all Taxes due and payable by the
 Corporation and the Subsidiaries have been paid in the Ordinary Course. All Tax Returns required
 to be filed by the Corporation and the Subsidiaries have been duly and timely filed with
 all appropriate Governmental Entities and all such Tax Returns are complete and accurate
 in all material respects. The Corporation and its Subsidiaries are, and have at all times
 been, Tax resident solely in their respective countries of incorporation and do not have,
 nor have they ever had, any permanent establishment for Tax purposes in any other jurisdiction.
 None of its Subsidiaries is treated as a controlled-foreign-affiliate in the hands of the
 Corporation for Canadian tax purposes. Neither the Corporation nor any of its Subsidiaries
 has entered into, nor has any of them been a party to, any ordinary or extraordinary transaction
 or arrangement (or any series of transactions or arrangements), during any period (or portion
 thereof), for which the relevant statute of limitations remains open as of the date of this
 Agreement, the sole or main purpose of which was to evade the payment of Taxes, and which
 may be subject to the application of any anti-abusive Tax provision according to any Applicable
 Law. The Corporation and the Subsidiaries are registered for all sales Taxes that they should
 have registered for and none of them has taken any Tax positions that could be challenged
 by a Tax authority for which a reserve has not been recorded. The Corporation has collected
 and remitted sales Taxes on all its revenues as and when required, and the Corporation has
 not claimed GST/HST input Tax credits or QST input Tax refunds to which it was not entitled.
 No audit or examination of any Tax Return of the Corporation or any of the Subsidiaries is
 currently in progress or threatened and there are no material issues or disputes outstanding
 with any Governmental Entity respecting any Taxes that have been paid, or may be payable,
 by the Corporation or any Subsidiaries, except where such examinations, issues or disputes
 would not have a Material Adverse Effect. No Claim or assertion has been made, or has been
 threatened, by any Governmental Entity against the Corporation or any Subsidiaries in any
 jurisdiction where the Corporation or any of such Subsidiaries does not currently file a
 Tax Return that it is or may be subject to Tax by such jurisdiction; and each of the Corporation
 and the Subsidiaries is in full compliance with all terms and conditions of any Tax exemption,
 Tax holiday or other Tax reduction agreement or order of a taxing authority and/or is entitled
 to benefit from any tax deduction and/or from the validity and effectiveness of the utilization
 of tax losses and tax assets carry-forward, and/or any tax credit or tax incentive under
 any Applicable Law, and the consummation of the transactions contemplated by this Agreement
 will not have any adverse effect on the continued validity and effectiveness of any such
 Tax exemption, Tax holiday or other Tax reduction agreement or order and of any such tax
 deduction, tax losses and tax assets carry-forward and tax credit or tax incentive;

(ff) the Corporation is a "reporting issuer" under applicable
 Securities Laws in the Reporting Jurisdictions and is not (or will not be, as the case may be) included
 in a list of defaulting reporting issuers (or any similar list) maintained by the applicable securities
 regulatory authorities in the Reporting Jurisdictions; the Corporation has filed or furnished, within
 the time frames required, all reports required to be filed or furnished by it under the U.S. Exchange
 Act, and the rules, regulations and forms thereunder;

(gg) except as may be noted by or discussed with
 the applicable securities regulatory authorities in the Reporting Jurisdictions in connection
 with continuous disclosure review programs conducted by them from time to time, the Corporation
 is in compliance with its timely and continuous disclosure obligations under Securities Laws
 in the Reporting Jurisdictions and in the United States, and without limiting the generality
 of the foregoing, there is no material fact, and there has not occurred any material change
 (actual, anticipated, contemplated, threatened, financial or otherwise), relating to the
 assets, liabilities (contingent or otherwise), business, affairs, operations, prospects,
 capital or control of the Corporation and the Subsidiaries, which has not been publicly disclosed
 on a non-confidential basis in accordance with the requirements of Securities Laws of the
 Reporting Jurisdictions and the United States, and, except as may have been corrected by
 subsequent disclosure, all the statements set forth in all documents publicly filed by or
 on behalf of the Corporation were true, correct, and complete in all material respects and
 did not contain any misrepresentation as of the date of such statements or omit to state
 a material fact required to be stated therein or necessary to make the statements therein
 not misleading in the light of the circumstances in which they were made and the Corporation
 has not filed any confidential material change reports which remain confidential. None of
 the Subsidiaries are subject to any continuous or periodic, or other disclosure requirements
 under any Securities Laws in any Reporting Jurisdictions or the United States;

(hh) with respect to forward-looking information contained in the Disclosure
 Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation 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;(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, identify material risk factors
 that could cause actual results to differ materially from the forward-looking information,
 and state the material factors or assumptions used to develop forward-looking information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all forward-looking information is
 limited to a period for which the information in the future-oriented financial information
 or financial outlook can be reasonably estimated;

(ii) TSX Trust Company is duly appointed as the registrar and transfer
 agent of the Common Shares in Canada and Equiniti Trust Company, LLC, at its office in Brooklyn, New
 York, has been duly appointed as co-transfer agent and registrar for the Common Shares in the United
 States;

(jj) the Technical Report was in compliance in all material respects with
 the requirements of Regulation 43-101 at the time of filing thereof, and the Technical Report reasonably
 presents the quantity of mineral resources and mineral reserves attributable to the Matawinie Project
 as at the date stated therein based upon information available at the time the Technical Report was
 prepared;

(kk) the Corporation made available to the authors of the Technical Report,
 prior to the issuance of such report, for the purpose of preparing such report, all information requested
 by the authors, which information did not contain any misrepresentation at the time such information
 was so provided and there have been no material changes since the date of delivery or preparation
 thereof;

(ll) the Corporation is in compliance in all material respects with the
 provisions of Regulation 43-101 and has filed all technical reports required thereby and, there has
 been no change that would require the filing of a new technical report under Regulation 43-101;

(mm) all scientific and technical information derived from the Technical
 Report, the mineral resource and mineral reserve estimates or otherwise requiring review by a "qualified
 person" under Regulation 43-101 set forth in the Disclosure Documents has been reviewed by a
 "qualified person" as required under Regulation 43-101 and has been prepared in accordance
 with Canadian industry standards set forth in Regulation 43-101;

(nn) the Corporation has no reason to believe that the assumptions underlying
 the mineral resource and mineral reserve estimates associated with the Matawinie Project contained
 in the Corporation Financial Statements or as described in the Corporation Annual Information Form are
 not reasonable and appropriate;

(oo) the Corporation believes that the Technical Report reasonably presents
 the projected capital and operating costs and projected production and operating results of the Matawinie
 Project as at the date stated therein based upon information available at the time the Technical Report
 was prepared;

(pp) the Corporation has no reason to believe that the assumptions underlying
 the projected capital and operating costs and production and operating results associated with the
 Phase 2 Projects contained in the Corporation Financial Statements or as described in the Corporation
 Annual Information Form are not reasonable and appropriate and has no reason to believe that
 the projected capital and operating costs and projected production and operating results relating
 to the Phase 2 Projects, as summarized in the Corporation Financial Statements or as described
 in the Corporation Annual Information Form are not commercially achievable by the Corporation;

(qq) the Corporation has no reason to believe that the projected capital
 and operating costs and projected production and operating results relating to the Phase 2 Projects
 are not commercially achievable by the Corporation and the Corporation is not aware of any change,
 fact, event or circumstance which may materially affect such costs or results, other than as has been
 disclosed in the risk factors contained in the Corporation Annual Information Form;

(rr) except as disclosed in Section 3.1(rr) of the Disclosure Letter,
 the Corporation and the Subsidiaries have, collectively, obtained or possess all material Permits
 or expect to receive, in a timely manner, all material Permits, including any renewal of any such
 Permits, not yet obtained or possessed, including all material Environmental Permits, to own, lease,
 and operate their Assets and Properties and to conduct the business as currently conducted by the
 Corporation and the Subsidiaries or proposed to be conducted by the Corporation and the Subsidiaries
 in connection with the construction, development and operation of the Phase 2 Projects. Section 3.1(rr)
 of the Disclosure Letter sets forth a correct list of: (i) all material Permits, including all
 material Environmental Permits, currently held by the Corporation and the Subsidiaries for the construction,
 development and operation of the Phase 2 Projects that are in full force and effect; (ii) all
 material Permits, including all material Environmental Permits, for which applications have been submitted
 by the Corporation or any of the Subsidiaries (or on their behalf) to any Governmental Entity that
 are under review and analysis by any such Governmental Entity, and which are required to be obtained
 for the construction, development and operation of the Phase 2 Projects, including a description of
 such Permits and the dates of submission of such applications and the expected dates of obtention,
 and (iii) all material Permits, including all material Environmental Permits, for which applications
 have not yet been submitted by the Corporation or the Subsidiaries to any Governmental Entity, and
 which are required to be obtained for the construction, development and operation of the Phase 2 Projects,
 including a description of such Permits and the expected dates of submission of the applications for
 the obtention of such Permits. Except as disclosed in Section 3.1(rr) of the Disclosure Letter,
 all such Permits are or, as applicable, will be, in a timely manner, in full force and effect, and
 the Corporation and the Subsidiaries have performed or, as applicable, will perform all of their obligations
 under and have been and are or, as applicable, will be, in material compliance with all such Permits.
 The Corporation and the Subsidiaries are not in violation of, or in material default under, any of
 the Permits currently held and neither the Corporation nor any of the Subsidiaries has received any
 written or, to the knowledge of the Corporation, oral notice, from any Governmental Entity (i) indicating
 or alleging that the Corporation or any of the Subsidiaries does not possess any material Permit required
 to own, lease, and operate the Assets and Properties or to conduct the business as currently conducted,
 or (ii) threatening or seeking to withdraw, revoke, terminate, modify or suspend any of the Corporation's
 or any of the Subsidiaries' material Permits currently held or to refuse to issue or renew any
 Material Permits required to be maintained or obtained by any of them for the construction, development
 and operation of the Phase 2 Projects. None of the Corporation's nor any of the Subsidiaries'
 Permits will be subject to withdrawal, revocation, termination, or suspension as a result of the execution
 of this Agreement or the consummation of the transactions contemplated by this Agreement;

(ss) since January 1, 2022, the Corporation and the Subsidiaries conform,
 in all material respects, to all statements made in the documents publicly filed by or on behalf of
 the Corporation at the time such statements were made (including claims related to "sustainability",
 "greenhouse (GHG) emissions", "carboneutrality", "net Zero", "no
 net loss of biodiversity" or similar expressions and claims, and also including the timeline
 related thereto) and the Corporation and the Subsidiaries possess appropriate certifications or scientifically
 reliable materials (including data, evidence or documentation) to substantiate such statements in
 line with the knowledge, standards and understanding commonly accepted at the time those statements
 were made;

(tt) the Corporation and the Subsidiaries: (i) own all rights, titles
 and interests in and to all intellectual and industrial property, including patents, patent applications,
 trademarks, trademark applications, trademark registrations, service marks, service mark applications,
 service mark registrations, trade names, copyrights, industrial designs, concepts, know how, inventions,
 proprietary information, research data, designs, formulae, processes, technology and trade secrets,
 internet domain names and social media handles, all goodwill in connection therewith, used in and
 material to the conduct of the business thereof (the "**Intellectual Property**") owned
 or purported to be owned by the Corporation or any of the Subsidiaries ()"**Owned Intellectual Property** "), and (ii) possess sufficient rights or licenses to use all Intellectual
 Property used in and material to the conduct of the business thereof that is not Owned Intellectual
 Property (together with the Owned Intellectual Property, "**Corporation Intellectual Property** ").
 All Corporation Intellectual Property is valid, subsisting, enforceable and free and clear of any
 Liens of any kind or nature. The Corporation or any of the Subsidiaries is the registered holder of
 all internet domain names forming part of the Corporation Intellectual Property. The Corporation and
 the Subsidiaries have taken reasonable measures to protect and maintain the Corporation Intellectual
 Property, including by securing the registration of Owned Intellectual Property (as appropriate or
 as required by contractual obligations if applicable) and by paying all registration and renewal fees
 for Owned Intellectual Property which are registered or applied for in the name of the Corporation
 or any of the Subsidiaries. Neither the execution or delivery of this Agreement nor the performance
 of the Corporation's obligations hereunder or the consummation of any of the transactions contemplated
 by this Agreement will, with or without notice or lapse of time, result in, or give any other Person
 the right or option to cause or declare, (i) a loss of, or Lien on, any Owned Intellectual Property;
 (ii) a breach of any Material Contract related to the Corporation Intellectual Property; (iii) the
 release, disclosure, or delivery of any Owned Intellectual Property by or to any escrow agent or other
 Person; or (iv) the grant, assignment, or transfer to any other Person of any license or other
 right or interest under, to, or in any of the Owned Intellectual Property;

(uu) the Corporation and the Subsidiaries take and have taken commercially
 reasonable steps to protect, preserve and maintain their rights in the Owned Intellectual Property
 and the confidentiality of trade secrets and material confidential information included therein, and
 none of the Corporation or any of the Subsidiaries has disclosed any such trade secrets confidential
 information to any third party other than pursuant to a written confidentiality agreement (and other
 than to legal counsel who are bound by professional obligations of confidentiality), pursuant to which
 such third party agrees to protect such confidential information. Neither the Corporation nor any
 of the Subsidiaries has knowledge of any unauthorized use, access, transmission, disclosure, destruction
 or modification of any trade secrets or confidential information;

(vv) neither the Corporation nor any of the Subsidiaries
 has provided any third party with written notice or instituted any action, suit or proceeding
 claiming that such third party is infringing, misappropriating, or otherwise violating any
 Owned Intellectual Property, nor does the Corporation or any of the Subsidiaries have knowledge
 of any Person infringing, misappropriating, or otherwise violating any Owned Intellectual
 Property;

(ww) no item of Owned Intellectual Property is
 subject to any pending action, suit or proceeding or outstanding order to which the Corporation
 or any of the Subsidiaries is a named party restricting in any manner the use, transfer or
 licensing of such Owned Intellectual Property by the Corporation or any of the Subsidiaries;

(xx) each Person who has contributed to, developed,
 created or conceived any Owned Intellectual Property, including all current and former employees,
 officers, directors, consultants and independent contractors of the Corporation or the Subsidiaries
 who have been involved in the development, creation or conception of the Owned Intellectual
 Property or who have had access to confidential information or trade secrets relating to
 the Owned Intellectual Property, has done so pursuant to a written, valid and enforceable
 agreement or other legal obligation that protects the confidential information of the Corporation
 and the Subsidiaries, includes a present assignment of or an undertaking to assign all of
 the rights, title and interest such Persons may have in or to the Owned Intellectual Property
 to the Corporation and the Subsidiaries, recognizes the Corporation and the Subsidiaries'
 ownership of the Person's contribution, development, creation, or conception, and,
 where relevant, waives the Person's moral rights and rights of a similar nature in
 and to such Owned Intellectual Property. (i) No funding, personnel, or facilities of
 any Governmental Entity or any university or other educational institution were used, directly
 or indirectly, to develop or create any Owned Intellectual Property, and (ii) no Governmental
 Entity or any university or other educational institution has any ownership in or rights
 to any such Owned Intellectual Property;

(yy) to the Corporation's knowledge, the
 operation of the business of the Corporation and its Subsidiaries does not infringe upon,
 misappropriate or otherwise violate, and has not infringed upon, misappropriated, or otherwise
 violated, the Intellectual Property of any third party, and neither the Corporation nor any
 of the Subsidiaries has received any written charge, complaint, claim, demand or notice from
 any third party, or been party to any action, suit or proceeding, alleging that the operation
 of the business of the Corporation or any of the Subsidiaries infringes, misappropriates,
 or otherwise violates the Intellectual Property of any third party, nor does the Corporation
 or any of the Subsidiaries have knowledge of any facts or circumstances upon which any such
 charge, complaint, claim, demand, notice or action could be based, or that would render any
 Corporation Intellectual Property invalid, unenforceable or inadequate to protect the interests
 of the Corporation and the Subsidiaries therein;

(zz) (i) each of the Corporation and the
 Subsidiaries, their respective Assets and Properties and the business, affairs and operations
 of each of the Corporation and the Subsidiaries, have been and are in compliance in all material
 respects with all Environmental Laws and Environmental Permits; (ii) neither the Corporation
 nor any of the Subsidiaries is in material violation of, or has received a written complaint
 or notice or been prosecuted for an offence alleging the Corporation's or any of the
 Subsidiaries' violation or non-compliance with, or liability under, any Environmental
 Laws or otherwise relating to the presence, migration or release or threatened release of
 Hazardous Materials; (iii) each of the Corporation and the Subsidiaries has complied
 in all material respects with all reporting and monitoring requirements under all Environmental
 Laws and no Hazardous Materials or other substances or materials (including heavy metals)
 capable of leaching into underground are or have been treated, stored, located or disposed
 of on, or are migrating or have migrated from, on, in, under or to, any Assets and Properties
 of the Corporation or any of the Subsidiaries or in connection with any activities conducted
 by or on behalf of the Corporation or any of the Subsidiaries, whether during the operational
 phase or following the cessation of operations (*post-operam*), except in compliance
 with Environmental Law; (iv) there are no Orders, nor any events or circumstances that
 might reasonably be expected to form the basis of an Order, for testing, reclamation, rehabilitation,
 clean up or remediation, there are no Claims, nor any events or circumstances that might
 reasonably be expected to form the basis of a Claim, by any private party or Governmental
 Entity, against or affecting the Corporation, the Subsidiaries or their Assets and Properties
 relating to Hazardous Materials or any Environmental Laws and there are no obligations or
 liabilities, outstanding, contingent or otherwise, related to testing, reclamation, rehabilitation,
 clean up or remediation work required under Environmental Law, that are associated with operations
 conducted by Corporation or any of the Subsidiaries, their respective Assets and Properties
 or any other property used by the Corporation or any of the Subsidiaries nor any events or
 circumstances that might reasonably be expected to result in such obligations or liabilities;
 (v) there are no Environmental Permits which either the Corporation or the Subsidiaries
 do not have which are necessary to conduct the business, affairs and operations of each of
 the Corporation and the Subsidiaries and all Environmental Permits held by the Corporation
 and the Subsidiaries are in full force and effect; and (vi) the Corporation has provided
 or made available to the Investor accurate and complete copies of all material environmental
 audits, evaluations, assessments, studies and documentation relating to the Phase 2 Projects
 or any other Assets and Properties of the Corporation or any of the Subsidiaries in the possession
 or control of the Corporation or any of the Subsidiaries;

(aaa) in the Ordinary Course, the Corporation
 conducts a periodic review of the effect of Environmental Laws on the business, operations
 and properties of the Corporation and the Subsidiaries, in the course of which it identifies
 and evaluates associated costs and liabilities (including any capital or operating expenditures
 required for clean-up, closure of properties or compliance with Environmental Laws or any
 Permit, any related constraints on operating activities and any potential liabilities to
 third parties). No facts or circumstances have come to the Corporation's attention
 that could result in costs or liabilities that would reasonably be expected, individually
 or in the aggregate, to result in a Material Adverse Effect;

(bbb) none of the directors, officers or employees
 of the Corporation or the Subsidiaries or any associate or Affiliate of any of the foregoing
 has any material interest, direct or indirect, in any material transaction or any proposed
 material transaction with the Corporation or the Subsidiaries that materially affects, is
 material to or will materially affect the Corporation or any of the Subsidiaries;

(ccc) there is no broker, finder or other party
 or Person, that is entitled to receive from the Corporation any brokerage or finder's
 fee or other fee or commission as a result of any transactions contemplated by this Agreement;

(ddd) the Corporation does not have any outstanding
 extension of credit, in the form of a personal loan, to or for any director or executive
 officer of the Corporation except for such extensions of credit as are expressly permitted
 by Section 13(k) of the U.S. Exchange Act;

(eee) neither the Corporation nor any of the
 Subsidiaries has (i) made any material loans to each other, except in respect of the
 intercompany loans made in the Ordinary Course, or (ii) guaranteed the material obligations
 of each other. Neither the Corporation nor any of the Subsidiaries has made any material
 loans to or guaranteed the material obligations of any other Person;

(fff) the Corporation and the Subsidiaries maintain
 insurance by insurers of recognized financial responsibility, against such losses, risks
 and damages to their business operations and assets in such amounts that are: (i) customary
 for the business in which they are engaged, on a basis consistent with reasonably prudent
 persons in comparable businesses, and in compliance with the requirements contained in any
 Material Contract or Material Lease; and all of the policies in respect of such insurance
 coverage, fidelity or surety bonds insuring the Corporation, the Subsidiaries, and their
 respective directors, officers and employees, and the business operations and assets, are
 in good standing and in full force and effect in all respects, and there are no defaults
 thereunder. The Corporation and the Subsidiaries are in compliance with the terms of such
 policies and instruments in all material respects and there are no material claims by the
 Corporation or any of the Subsidiaries under any such policy or instrument as to which any
 insurance company is denying liability or defending under a reservation of rights clause;
 the Corporation and the Subsidiaries have no reason to believe that they will not be able
 to renew such existing insurance coverage as and when such coverage expires or to obtain
 similar coverage from similar insurers as may be necessary to continue business operations
 at a cost that would not have a Material Adverse Effect, and neither the Corporation nor
 any of the Subsidiaries has failed to promptly give any notice of any material claim thereunder;

(ggg) neither the Corporation nor any of the
 Subsidiaries, nor, to the knowledge of the Corporation, any director, officer, or employee
 of the Corporation or any of the Subsidiaries, nor any agent, Affiliate or other person acting
 on behalf of the Corporation or any of the Subsidiaries: (A) has, directly or indirectly,
 in the course of its actions for, or on behalf of, the Corporation or any of the Subsidiaries
 (i) used any corporate funds for any unlawful contribution, gift, entertainment or other
 unlawful expenses relating to political activity; (ii) made or taken any act in furtherance
 of an offer, promise, or authorization of any direct or indirect unlawful payment or benefit
 to any foreign or domestic Government Official or employee, including of any government-owned
 or controlled entity or public international organization, or any political party, party
 official, or candidate for political office; (iii) violated or is in violation of any
 provision of the Anti-Corruption Laws; or (iv) made, offered, authorized, requested,
 or taken an act in furtherance of any unlawful bribe, rebate, payoff, influence payment,
 kickback or other unlawful payment or benefit; (B) is or has been the subject of any
 actual, pending or, to the knowledge of Corporation, threatened action, suit or proceeding
 by or before any court or Governmental Entity or any arbitrator with respect to any Anti-Corruption
 Laws. The Corporation and the Subsidiaries and, to the knowledge of the Corporation, the
 Corporation's Affiliates conduct and have conducted their respective businesses in
 compliance with the Anti-Corruption Laws and have instituted and maintain policies and procedures
 that are designed, risk-based and effective at ensuring, and which are reasonably expected
 to ensure, continued compliance therewith;

(hhh) the operations of the Corporation and the
 Subsidiaries are, and have been conducted at all times, in compliance with applicable financial
 recordkeeping and reporting requirements of the *Currency and Foreign Transactions Reporting Act of 1970*, the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada) and the money laundering statutes of all applicable jurisdictions, the rules and
 regulations thereunder and any related or similar applicable rules, regulations or guidelines,
 issued, administered or enforced by any governmental agency (collectively, the "**Money Laundering Laws**") and no action, suit or proceeding by or before any court or governmental
 agency, authority or body or any arbitrator involving the Corporation or any of the Subsidiaries
 with respect to the Money Laundering Laws is pending or, to the knowledge of the Corporation,
 threatened;

(iii) neither the Corporation, nor the Subsidiaries
 or the directors, officers or employees of the Corporation or any of the Subsidiaries, nor,
 to the knowledge of the Corporation, any agent, Affiliate or other person acting on behalf
 of the Corporation or any of the Subsidiaries, is currently a Sanctioned Person; and the
 Corporation will not directly or indirectly use the Proceeds, or lend, contribute or otherwise
 make available such proceeds to any of the Subsidiaries, or any joint venture partner or
 other Person, for the purpose of financing the activities of or business with any Sanctioned
 Person, or in any other manner that will result in a violation by any Person (including any
 Person participating in the transaction whether as underwriter, advisor, investor or otherwise)
 of applicable Sanctions. Except as disclosed in Section 3.1(iii) of the Disclosure Letter,
 for the past five years, the Corporation and the Subsidiaries have not knowingly engaged
 in and are not now knowingly engaged in any dealings or transactions with any Person that
 at the time of the dealing or transaction is or was a Sanctioned Person; the Corporation
 and its Subsidiaries, to the best of the Corporation's knowledge, act and have always
 acted in compliance with Sanctions and have not received any written notice, nor, to the
 knowledge of the Corporation, have been the subject of any investigation, inquiry or enforcement
 proceedings by, any Governmental Entity with respect to an alleged or actual violation of
 Sanctions;

(jjj) the Purchased Shares as described in this
 Agreement have been, or prior to the Closing will be, duly authorized, created and reserved
 for issuance and, when issued, delivered and paid for in full, will be validly issued and
 fully paid and non-assessable Common Shares;

(kkk) the Corporation has complied, or will comply,
 with all Applicable Laws in connection with the offer, sale and issuance of the Purchased
 Shares. The Corporation has obtained or will obtain prior to Closing all necessary approvals,
 consents and acceptances of the appropriate regulatory authorities required to be made or
 obtained by the Corporation in connection with the issuance and sale of the Purchased Shares
 as herein contemplated, including the approval of the TSX and any required authorizations
 from the NYSE;

(lll) with respect to each premises of the Corporation
 and the Subsidiaries which is material to the Corporation (on a consolidated basis) and which
 the Corporation or any of the Subsidiaries occupies as tenant, including those referred to
 in the Material Leases (collectively, the "**Premises** "), the Corporation
 or any of such Subsidiaries occupies the Premises and has the exclusive right to occupy and
 use the Premises and each of the leases pursuant to which the Corporation or any such Subsidiaries
 occupies the Premises is in good standing and in full force and effect;

(mmm) the Corporation and the Subsidiaries are
 in compliance with all laws and regulations respecting employment and employment practices,
 terms and conditions of employment, pay equity, hours, wages, workers' compensation
 and occupational health and safety except where such non-compliance would not result in a
 Material Adverse Effect. The Corporation and the Subsidiaries have not and are not engaged
 in any unfair labor practice and there is no labor strike, dispute, slowdown, stoppage, complaint
 or grievance pending, instituted or, to the knowledge of the Corporation, threatened, against
 the Corporation or its Subsidiaries. Except as disclosed in Section 3.1(mmm) of the
 Disclosure Letter, there is no collective bargaining agreement currently in place or being
 negotiated by the Corporation or its Subsidiaries and the Corporation and the Subsidiaries
 have not received any notice of, nor have any knowledge of, any occurrence which would reasonably
 be expected to lead to a dispute, complaint, grievance or any other unresolved matter. There
 are no outstanding orders under any employment or human rights legislation in any jurisdiction
 in which the Corporation or its Subsidiaries carry on business or have employees;

(nnn) neither the Corporation nor any of the
 Subsidiaries sponsors or maintains or has any obligation to make contributions to any "pension
 plan" (as defined in Section 3(2) of ERISA) subject to the standards of Section 302
 of the United States *Employee Retirement Income Security Act of 1974* ()"**ERISA** ").
 Each plan for bonus, stock purchase, profit sharing, stock option, deferred compensation,
 severance or termination pay, insurance, medical, hospital, dental, vision care, drug, sick
 leave, disability, salary continuation, legal benefits, unemployment benefits, vacation,
 incentive or otherwise contributed to, or required to be contributed to, by the Corporation
 or its Subsidiaries for the benefit of any current or former director, officer or employee
 of the Corporation or its Subsidiaries, as applicable (the "**Employee Plans** "),
 has been maintained in all material respects in accordance with its terms and with the requirements
 prescribed by any and all Applicable Laws in respect of such Employee Plans;

(ooo) each of the Corporation and the Subsidiaries
 is insured by recognized and reputable institutions with policies in such amounts and with
 such deductibles and covering such risks as are generally deemed adequate and customary for
 its business, including policies covering immovable or real and movable or personal property,
 whether owned or leased by the Corporation and the Subsidiaries, against theft, damage, destruction,
 acts of vandalism and earthquakes. The Corporation has no reason to believe that it or any
 of the Subsidiaries will not be able (i) to renew its existing insurance coverage as
 and when such policies expire, or (ii) to obtain comparable coverage from similar institutions
 as may be necessary or appropriate to conduct its business or the Subsidiaries' businesses
 as now conducted and at a cost that would not reasonably be expected, individually or in
 the aggregate, to result in a Material Adverse Effect. Neither the Corporation nor any of
 the Subsidiaries has been denied any insurance coverage which it has sought or for which
 it has applied;

(ppp) the Corporation is an "emerging growth
 company" as defined in Section 2(a) of the U.S. Securities Act);

(qqq) there has been no material security breach
 or other material compromise of or relating to any of the Corporation or the Subsidiaries'
 information technology assets and equipment, computer systems, networks, hardware, software,
 websites, applications, and databases (including the data of their respective customers,
 employees, suppliers, vendors and any third party data maintained by or on behalf of them)
 or technology (collectively, "**IT Systems and Data**") and (i) the IT
 Systems and Data are adequate for, and operate and perform in all material respects as required
 in connection with the operation of the business of the Corporation and the Subsidiaries
 as currently conducted and, to the best of the Corporation's knowledge, are free and
 clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other
 corruptants; (ii) the Corporation and the Subsidiaries have implemented and maintained
 commercially reasonable controls, policies, procedures, and safeguards to maintain and protect
 their material confidential information and the integrity, continuous operation, redundancy
 and security of all IT Systems and Data (including all personal, personally identifiable,
 sensitive, confidential or regulated data); (iii) the Corporation and the Subsidiaries
 have not been notified of, and have no knowledge of any event or condition that would reasonably
 be expected to result in, any material security breach or other material compromise to their
 IT Systems and Data; (iv) the Corporation and the Subsidiaries are presently in material
 compliance with all Applicable Laws or statutes and all judgments, Orders, rules and
 regulations of any court or arbitrator or Governmental Entity, internal policies and contractual
 obligations relating to the privacy and security of IT Systems and Data and to the protection
 of such IT Systems and Data from unauthorized use, access, misappropriation or modification;
 and (v) the Corporation and the Subsidiaries have implemented backup and disaster recovery
 technology consistent with industry standards and practices;

(rrr) the Corporation and the Subsidiaries are,
 and at all prior times were, in material compliance with all applicable state and federal
 data privacy and security laws and regulations, including *the Act Respecting the Protection of Personal Information in the Private Sector* (Québec) and the Corporation and
 the Subsidiaries have taken commercially reasonable actions to prepare to comply with the
 European Union General Data Protection Regulation (EU 2016/679), to the extent such regulation
 applies to the Corporation (collectively, the "**Privacy Laws** "). To ensure
 compliance with the Privacy Laws, the Corporation and each of the Subsidiaries have in place,
 comply with, and take appropriate steps reasonably designed to ensure compliance in all material
 respects with their policies and procedures relating to data privacy and security and the
 collection, storage, use, disclosure, handling, and analysis of personal data (collectively,
 the "**Policies** "). The Corporation and the Subsidiaries have at all material
 times made all material disclosures to users or customers required by Applicable Laws and
 regulatory rules or requirements, and none of such disclosures made or contained in
 any Policy have, to the knowledge of the Corporation, been inaccurate or in violation of
 any Applicable Laws and regulatory rules or requirements in any material respect. The
 Corporation further certifies that neither it nor any of the Subsidiaries (i) has received
 notice of any actual or potential liability under or relating to, or actual or potential
 violation of, any of the Privacy Laws, and has no knowledge of any event or condition that
 would reasonably be expected to result in any such notice; (ii) is currently conducting
 or paying for, in whole or in part, any investigation, remediation, or other corrective action
 pursuant to any Privacy Law; or (iii) is a party to any order, decree, or agreement
 that imposes any obligation or liability under any Privacy Law;

(sss) based on the current profile of the Corporation's
 gross income, gross assets, the nature of its business, and its anticipated market capitalization,
 the Corporation believes that it likely was a passive foreign investment company (a "**PFIC** ")
 within the meaning of Section 1297 of the U.S. *Internal Revenue Code of 1986*,
 as amended (the "**Code**") for its most recently completed taxable year.
 While the Corporation has not made a determination of its expected PFIC status for the current
 taxable year, the Corporation may be a PFIC in the current taxable year and in the foreseeable
 future. For any year in which the Corporation is a PFIC, if any, the Corporation can provide
 no assurances that it will satisfy the record keeping requirements of a PFIC or that it will
 make available to purchasers of the Purchased Shares that are subject to United States federal
 income taxation the information such purchasers require to make a "qualified electing
 fund" election pursuant to Section 1295 of the Code with respect to the Corporation,
 and as a result, such an election may not be available to such purchasers;

(ttt) neither the Corporation nor any of the
 Subsidiaries have taken, directly or indirectly, any action designed to or that might reasonably
 be expected to cause or result in stabilization or manipulation of the price of the Common
 Shares or of any "reference security" (as defined in Rule 100 of Regulation
 M under the U.S. Exchange Act ()"**Regulation M** ")) with respect to the Common
 Shares, whether to facilitate the sale or resale of the Common Shares or otherwise, and has
 taken no action which would directly or indirectly violate Regulation M;

(uuu) the Corporation is not, and will not be,
 either after receipt of payment for the Purchased Shares, or after the application of the
 Proceeds (as well as the proceeds of the other components of the FID Equity Offering), required
 to register as an "investment company" (as such term is defined in the United
 States *Investment Company Act of 1940*, as amended) under such Act;

(vvv) there are no business relationships or
 related-party transactions involving the Corporation or any of the Subsidiaries or any other
 Person required to be disclosed under Securities Laws which have not been disclosed;

(www) none of the directors, officers or employees
 of the Corporation or any of the Subsidiaries or any associate or Affiliate of any of the
 foregoing has any interest, direct or indirect, in any material transaction or any proposed
 transaction with the Corporation or the Subsidiaries;

(xxx) none of the outstanding Common Shares were
 issued in violation of any pre-emptive rights, rights of first refusal or other similar rights
 to subscribe for or purchase securities of the Corporation, to which the Corporation is subject
 or for which a waiver has not been obtained. Other than as set out in Section 3.1(xxx)
 of the Disclosure Letter, there are no authorized or outstanding options, warrants, pre-emptive
 rights, rights of first refusal or other rights to purchase, or equity or debt securities
 convertible into or exchangeable or exercisable for, any shares of the Corporation or any
 of the Subsidiaries, to which such Corporation or Subsidiary is subject;

(yyy) to the Corporation's knowledge, there
 are no undisclosed facts or circumstances reasonably likely to constitute a Material Adverse
 Effect;

(zzz) to the Corporation's knowledge, no
 event has occurred or condition exists which is reasonably likely to prevent the transactions
 contemplated in the ENI Subscription Agreement, the CGF Subscription Agreement or the FID
 Prospectus Offering Letter Agreement or that will be contemplated in the FID Prospectus Offering
 Underwriting Agreement from being completed in accordance therewith;

(aaaa) as of the date of this Agreement, neither
 the Corporation nor any of the Subsidiaries is in receipt of any oral or written offer, indication
 of interest, proposal or inquiry relating to any (i) direct or indirect acquisition
 of an equity interest (whether by merger, consolidation, stock sale or other business combination)
 in the Corporation, (ii) acquisition of any of the voting equity interests of the Corporation
 through a primary issuance for cash proceeds, (iii) offtake or similar arrangement,
 (iv) tender offer or exchange offer by the Corporation that if consummated would result
 in any Person or that Person's Affiliates beneficially acquiring any of the voting
 equity interests of the Corporation, (v) merger, consolidation, other business combination
 or similar transaction involving the Corporation or any of the Subsidiaries, pursuant to
 which such Person would own any of the consolidated assets, net revenues or net income of
 the Corporation and the Subsidiaries, taken as a whole, or (vi) liquidation or dissolution
 (or the adoption of a plan of liquidation or dissolution) of the Corporation or the declaration
 or payment of an extraordinary dividend (whether in cash or other property) by the Corporation;

(bbbb) the Corporation reasonably believes, at
 the commencement of the FID Equity Offering, that it has "substantial U.S. market interest"
 (as such term is defined in Regulation S) in its Common Shares; and

(cccc) all offers and sales of securities of
 the Corporation in the FID Equity Offering outside the United States to non-U.S. Persons
 are being made in compliance with Category 2 of Regulation S, including the implementation
 of "offering restrictions" (as such term is defined in Regulation S).

**3.2** **Representations and Warranties of the Investor** 

The Investor hereby represents and warrants to the Corporation as of the date hereof (unless a different date is indicated, in which case the representations and warranties shall be as of such date) as follows and acknowledges that the Corporation is relying on such representations and warranties in connection with the transactions contemplated herein:

(a) this Agreement has been duly authorized and
 executed by the Investor and constitutes, and will constitute at the Closing Time, legal,
 valid and binding obligations of the Investor enforceable against the Investor in accordance
 with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization,
 moratorium or similar laws affecting creditors' rights generally, and will not violate
 or conflict with the constating documents of the Investor or the terms of any restriction,
 agreement, undertaking, or Applicable Laws to which the Investor is subject;

(b) the Investor is validly existing under the
 Applicable Laws of the jurisdiction in which it was formed, and no steps or proceedings have
 been taken by any Person, voluntary or otherwise, requiring or authorizing the dissolution
 or winding up of the Investor, and the Investor has the necessary corporate power and authority
 to execute the Agreement and to observe and perform its covenants and obligations hereunder
 and has taken all necessary action in respect thereof;

(c) the Investor is: (A) not an individual;
 (B) purchasing the Purchased Shares or deemed to be purchasing the Purchased Shares,
 as principal; (C) an "accredited investor" as described in paragraphs (f) and
 (m) of section 1.1. of Regulation 45-106; and (D) not a Person that was created,
 or is being used, solely to purchase or hold securities as an accredited investor described
 in paragraphs (f) and (m) of the definition of "accredited investor"
 in section 1.1 of Regulation 45-106;

(d) the Investor acknowledges that the Purchased
 Shares have not been offered to the Investor (or any Person on whose behalf the Investor
 is contracting) in the United States, and any Person making the order to purchase the Purchased
 Shares and executing this Agreement was not in the United States when the order was placed
 and this Agreement was executed and delivered;

(e) the Investor is not a U.S. Person, which
 includes, but is not limited to, a natural person resident in the United States, an estate
 or trust of which any executor or administrator or trustee, respectively, is a U.S. Person
 and any partnership or corporation organized or incorporated under the laws of any foreign
 jurisdiction and formed by a U.S. person principally for the purpose of investing in securities
 not registered under the U.S. Securities Act, unless it is organized or incorporated, and
 owned, by accredited investors as defined by Rule 501(a) of Regulation D who are
 not natural persons, estates or trusts, and is not purchasing the Purchased Shares on behalf
 of, or for the account or benefit of, a Person in the United States or a U.S. Person;

(f) the Investor has not purchased the Purchased
 Shares as a result of any form of "directed selling efforts" (as such term is
 defined in Regulation S) in the United States;

(g) the current structure of the Investment and
 all transactions and activities contemplated hereunder is not a scheme to avoid registration
 requirements of the U.S. Securities Act or applicable state laws;

(h) the Investor understands that the Purchased
 Shares are being offered for sale only on a "private placement" basis and that
 the sale and delivery of the Purchased Shares are conditional upon such sale and delivery
 being exempt from the requirements as to the filing of a prospectus or upon the issuance
 of such orders, consents or approvals as may be required to permit such sale without the
 requirement of filing a prospectus and, as a consequence (i) the Investor is restricted
 from using most of the civil remedies available under Securities Laws, (ii) the Investor
 may not receive information that would otherwise be required to be provided to it under Securities
 Laws, and (iii) the Corporation is relieved from certain obligations that would otherwise
 apply under Securities Laws;

(i) the Investor is aware that the Purchased
 Shares have not been and will not be registered under the U.S. Securities Act, or the securities
 legislation of any State of the United States and therefore may not be offered or sold directly
 or indirectly in the United States or to, or for the account of benefit of, a U.S. Person
 without registration under the U.S. Securities Act and applicable state Securities Laws or
 compliance with requirements of an exemption from registration thereunder;

(j) the Investor has not received or been provided
 with, nor has it requested, nor does it have any need to receive, any offering memorandum,
 prospectus, registration statement, sales or advertising literature, or any other document
 (other than an annual report, annual information form, interim report, information circular
 or any other continuous disclosure document, the content of which is prescribed by Securities
 Laws) describing or purporting to describe the business and affairs of the Corporation which
 has been prepared for delivery to, and review by, prospective purchasers in order to assist
 them in making an investment decision in respect of the Purchased Shares;

(k) the Investor understands that (i) it
 will need to comply with (A) the applicable requirements of Rule 144 under the
 U.S. Securities Act when selling Purchased Shares in the United States, or (B) another
 exemption or exclusion from the registration requirements of the U.S. Securities Act, including,
 without limitation, Regulation S (including compliance with any applicable "distribution
 and compliance period" under Regulation S) or (ii) such Purchased Shares will
 need to be registered for resale under the U.S. Securities Act; and

(l) if the Investor is deemed to be a "distributor"
 (as defined in Regulation S) in the FID Equity Offering, the sale of any Purchased Shares
 to a distributor, or dealer or Person receiving a selling concession, fee or other remuneration
 in respect of the securities sold prior to the "distribution and compliance period",
 the Investor shall send a confirmation or other notice to the purchaser stating the purchaser
 is subject to the same restrictions on offers and sales that apply to the distributor.

**3.3** **Acknowledgements and Authorizations of the Investor** 

The Investor hereby acknowledges and agrees as follows:

(a) no applicable securities regulatory authority
 (or authorities) or regulator, agency, Governmental Entity, regulatory body, stock exchange
 or other regulatory body has reviewed or passed on the investment merits of the Purchased
 Shares;

(b) the Purchased Shares will be subject to a
 restriction on resale prescribed by section 2.5 of *Regulation 45-102 respecting Resale of Securities* (Québec); and

(c) the certificate(s) or DRS Advice(s) representing
 the Purchased Shares, when issued, will bear or be bound by, a legend substantially in the
 following form:

*"Unless permitted under securities legislation, the holder of this security must not trade the security before [insert four months and a day after the Closing Date]."*

**3.4** **Waivers of the Investor** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor hereby waives the following
 notifications that might be required of the Corporation in connection with the FID Equity
 Offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any notice required under the investor rights
 agreement entered into by the Corporation and the Investor on December 20, 2024, related
 to the Pre-Emptive Right and the Top-Up Right provided for and defined in Section 3
 thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any notice required under the registration
 rights agreement entered into by the Corporation and the Investor on December 20, 2024,
 related to the Piggyback Registration Request as provided for and defined in Section 2.2
 thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Investor hereby acknowledges and confirms that the Investment contemplated by this Agreement
 constitutes the sole subscription to and purchase of Common Shares by the Investor in connection
 with the FID Equity Offering. The Investor also hereby acknowledges that it will not require
 any of the Common Shares or other securities of the Corporation held by the Investor to be
 registered in connection with the FID Prospectus Offering.

**ARTICLE 4 - CONDITIONS PRECEDENT TO CLOSING**

**4.1** **Investor's Conditions Precedent to Closing** 

The Investor's obligation under this Agreement to purchase the Purchased Shares, shall be subject to the following conditions (which conditions may be waived in writing by the Investor in its sole discretion):

(a) (i) the representations and warranties
 of the Corporation contained in Sections 3.1(a), 3.1(b), and 3.1(e) of this Agreement
 shall be true and correct in all respects as at the Closing Time, with the same force and
 effect as if made on and as at the Closing Time, except for such representations and warranties
 which are in respect of a specific date in which case such representations and warranties
 shall be true and correct, in all respects, as of such date, and (ii) the other representations
 and warranties of the Corporation contained in this Agreement shall be true and correct in
 all material respects (or, as regards specific representations and warranties if qualified
 by materiality or Material Adverse Effect, in all respects) as at the Closing Time, with
 the same force and effect as if made on and as at the Closing Time, except for such representations
 and warranties which are in respect of a specific date in which case such representations
 and warranties shall be true and correct, in all material respects (or, as regards specific
 representations and warranties if qualified by materiality or Material Adverse Effect, in
 all respects), as of such date;

(b) the Corporation shall have performed or complied
 with, in all respects, all of its obligations, covenants and agreements under this Agreement
 required to be performed or complied with prior to the Closing;

(c) no Material Adverse Effect shall have occurred;

(d) the Investor shall have received a certificate
 from the President and Chief Executive Officer or the Chief Financial Officer of the Corporation
 (on the Corporation's behalf and without personal liability), in form and substance
 satisfactory to the Investor, acting reasonably, confirming satisfaction of the conditions
 referred to in Sections 4.1(a), (b), and 4.1(c);

(e) there shall be no issued Order, injunction,
 judgment or ruling filed or imposed by any Governmental Entity enjoining, delaying, restricting
 or preventing the consummation of the transactions contemplated in this Agreement or claiming
 that such transactions are improper;

(f) the Common Shares shall continue to be listed
 and posted for trading on the TSX and the NYSE;

(g) the Corporation shall not be the subject
 of a cease trading order (including a management cease trade order) made by any applicable
 securities regulatory authority (or authorities) or regulator in Canada or the United States
 or other Governmental Entity;

(h) the Corporation shall have made and/or obtained
 the necessary filings, approvals, consents and acceptances of the appropriate regulatory
 authorities required to be made or obtained by the Corporation in connection with the sale
 of the Purchased Shares as herein contemplated, including any required approval of the TSX,
 any required authorization of the NYSE and any required approval by the Shareholders of the
 transactions contemplated by this Agreement, the ENI Subscription Agreement and the CGF Subscription
 Agreement;

(i) all necessary filings required under any
 applicable competition or antitrust, laws shall have been made, the expiration or termination
 of any applicable waiting or review periods under any competition or antitrust Applicable
 Laws has occurred, and all requisite approvals and authorizations under any competition or
 antitrust competition or antitrust Applicable Laws have been obtained, in each case to the
 extent necessary to consummate the transactions contemplated hereby in compliance with such
 competition or antitrust Applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the
 GoC Offtake Agreement shall have been executed by the Corporation and the Government of Canada
 (or on its behalf) and shall be in full force and effect as at the Closing Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The
 Investor Warrant shall have been amended and restated to the entire satisfaction of the Investor,
 acting reasonably, subject to the requisite approvals of the TSX and the NYSE (if applicable)
 and of the shareholders of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the
 FID shall have been achieved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the
 FID Private Placement (other than the Investment) shall close substantially concurrently
 with the Closing and the exchange of subscription receipts for Common Shares and delivery
 to the Corporation of the net proceeds from the FID Prospectus Offering under the FID Prospectus
 Offering Subscription Receipt Agreement shall occur on the Closing Date immediately after
 the Closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the
 Investor shall have received the closing deliveries set forth in Section 5.2; and

If any of the foregoing conditions has not been fulfilled by the Outside Date, the Investor may elect not to complete the Investment by notice in writing to the Corporation. The Investor may waive compliance with any condition in whole or in part if it sees fit to do so, without prejudice to its rights in the event of non-fulfilment of any other condition, in whole or in part, or to its rights to recover damages for the breach of any representation, warranty, covenant or condition contained in this Agreement.

**4.2** **Corporation's Conditions Precedent to Closing** 

The Corporation's obligation under this Agreement to issue and sell the Purchased Shares, is subject to the following conditions (which conditions may be waived by the Corporation in its sole discretion):

(a) the representations and warranties of the
 Investor contained in this Agreement shall be true and correct in all material respects (or,
 as regards specific representations and warranties if qualified by materiality, in all respects)
 as at the Closing Time, with the same force and effect as if made on and as at the Closing
 Time, except for such representations and warranties which are in respect of a specific date
 in which case such representations and warranties shall be true and correct, in all material
 respects (or, as regards specific representations and warranties if qualified by materiality,
 in all respects), as of such date, after giving effect to the transactions contemplated by
 this Agreement;

(b) the Investor shall have performed or complied
 with, in all respects, all of its obligations, covenants and agreements under this Agreement
 required to be performed or complied with prior to the Closing;

(c) there shall be no issued Order, injunction,
 judgment or ruling filed or imposed by any Governmental Entity for the purpose of enjoining,
 delaying, restricting or preventing the consummation of the transactions contemplated in
 this Agreement or claiming that such transactions are improper;

(d) the Corporation shall have made and/or obtained
 the necessary filings, approvals, consents and acceptances of the appropriate regulatory
 authorities required to be made or obtained by the Corporation in connection with the sale
 of the Purchased Shares as herein contemplated, including any required approval of the TSX,
 any required authorization of the NYSE and any required approval by the Shareholders of the
 transactions contemplated by this Agreement, the ENI Subscription Agreement and the CGF Subscription
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 FID Private Placement (other than the Investment) shall close substantially concurrently
 with the Closing and the exchange of subscription receipts for Common Shares and delivery
 to the Corporation of the net proceeds from the FID Prospectus Offering under the FID Prospectus
 Offering Subscription Receipt Agreement shall occur on the Closing Date immediately after
 the Closing; and

(f) the Corporation shall have received the closing
 deliveries set forth in Section 5.3.

If any of the foregoing conditions has not been fulfilled by the Outside Date, the Corporation may elect not to complete the Investment by notice in writing to the Investor. The Corporation may waive compliance with any condition in whole or in part if they see fit to do so, without prejudice to their rights in the event of non-fulfilment of any other condition, in whole or in part, or to their rights to recover damages for the breach of any representation, warranty, covenant or condition contained in this Agreement.

**ARTICLE 5 - CLOSING**

**5.1** **Time and Place of Closing** 

The closing of the subscription and issuance of the Purchased Shares (the "**Closing**") shall take place remotely by exchange of documents and signatures (or their electronic counterparts) at the Closing Time, or at such other date or time as agreed upon by the Investor and the Corporation.

**5.2** **Corporation's Closing Deliveries** 

At or prior to the Closing Time, the Corporation shall deliver to the Investor the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one or more share certificates or DRS
 Advices evidencing the Purchased Shares and registered in accordance with the registration
 instructions set forth in Schedule A hereto, or as may be otherwise subsequently directed
 by or on behalf of the Investor in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 executed copy of each of the ENI Subscription Agreement, the CGF Subscription Agreement,
 the FID Prospectus Offering Underwriting Agreement, the FID Prospectus Offering Subscription
 Receipt Agreement and the GoC Offtake Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certificate of compliance of the Corporation
 dated within one (1) Business Day prior to the Closing or such earlier date as may be
 agreed by the Investor issued by Corporations Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a certificate dated as of the Closing
 Date addressed to the Investor and signed by the President and Chief Executive Officer or
 the Chief Financial Officer of the Corporation (in each case on behalf of the Corporation
 and without personal liability) in form and content satisfactory to the Investor, acting
 reasonably, certifying with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the currently effective constating documents
 of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all necessary corporate approvals by the
 Corporation relating to this Agreement and the consummation of the transactions contemplated
 herein, including the FID, the issuance and sale of the Purchased Shares and the issuance
 of the subscription receipts and Common Shares in connection with the FID Private Placement
 and the FID Prospectus Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an incumbency and signatures of signing
 persons of authority and officers of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an opinion from the Corporation's
 legal counsel in Canada, in a form satisfactory to the Investor, acting reasonably, as to
 certain corporate law and securities law matters relating to the Corporation, the issuance
 and sale of the Purchased Shares, exemptions from the prospectus requirement under Securities
 Laws of Canada and other related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) evidence of any required approval of the
 TSX and any required authorization of the NYSE with respect to the sale and the listing of
 the Purchased Shares as herein contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) evidence of any required approval by the
 Shareholders with respect to the transactions contemplated by this Agreement, the ENI Subscription
 Agreement and the CGF Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) evidence reasonably satisfactory to the
 Investor that the transactions contemplated by the ENI Subscription Agreement and the CGF
 Subscription Agreement have closed prior to or shall close simultaneously with the closing
 of the Investment and that the proceeds to be received by the Corporation in connection with
 the transactions contemplated by the ENI Subscription Agreement and the CGF Subscription
 Agreement have been or shall be simultaneously received by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) evidence
 reasonably satisfactory to the Investor that the FID Prospectus Offering Release Conditions
 have been satisfied and that the net proceeds from the FID Prospectus Offering will be delivered
 to the Corporation under the FID Prospectus Offering Subscription Receipt Agreement, with
 the exception of: (i) the completion of the FID Private Placement; (ii) the delivery of any
 notice to be delivered pursuant to the FID Prospectus Offering Subscription Receipt Agreement
 to the subscription receipt agent thereunder to confirm the satisfaction of the FID Prospectus
 Offering Release Conditions and authorizing the delivery of the net proceeds from the FID
 Prospectus Offering to the Corporation; and (iii) the exchange of subscription receipts for
 Common Shares pursuant to the terms of the FID Prospectus Offering Subscription Receipt Agreement
 (and any opinion confirming the final issuance of Common Shares); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) such further certificates and other documentation
 from the Corporation as may be contemplated herein or as the Investor may reasonably request.

**5.3** **Investor's Closing Deliveries.** 

At or prior to the Closing Time, the Investor shall deliver to the Corporation, the following:

(a) the Subscription Price by wire transfer of
 immediately available funds to an account designated by the Corporation (such account to
 be designated by the Corporation no fewer than five (5) Business Days prior to the Closing);
 and

(b) such further certificates and other documentation
 from the Investor as may be contemplated herein or as the Corporation may reasonably request.

**ARTICLE 6 - COVENANTS**

**6.1** **Actions to Satisfy Closing Conditions** 

Each of the parties hereto shall make commercially reasonable efforts to ensure satisfaction of each of the conditions for which it is responsible for performing, delivering or satisfying set forth in Article 4.

**6.2** **Consents, Approvals and Authorizations** 

(a) The Corporation covenants that it shall prepare,
 file and diligently pursue until received all necessary consents, approvals and authorizations
 of any Person and make such necessary filings, as are required to be obtained under Applicable
 Laws with respect to the Investment, including in respect of any required approval by the
 Shareholders. If required by Securities Laws or reasonably requested by the Corporation,
 the Investor will use commercially reasonable efforts to execute, deliver, file and otherwise
 assist the Corporation in filing, such reports, undertakings and other documents with respect
 to the issuance and sale of the Purchased Shares.

(b) The Corporation shall keep the Investor fully
 informed regarding the status of such consents, approvals and authorizations, and the Investor,
 its representatives and counsel shall have the right to provide input into any applications
 for approval and related correspondence and any proxy circular of the Corporation prepared
 in connection with any required approval by the Shareholders, which will be incorporated
 by the Corporation, acting reasonably. The Corporation will provide notice to the Investor
 (and its counsel) of any proposed substantive discussions with the TSX or the NYSE if required
 in connection with the Investment. On the date all such consents, approvals and authorizations
 have been obtained by the Corporation and all such filings have been made by the Corporation,
 the Corporation shall notify the Investor of same.

(c) Without limiting the generality of the foregoing,
 the Corporation shall promptly make all filings required by the TSX and the NYSE. If the
 approval or authorization of either of the TSX or the NYSE is a "conditional approval"
 subject to the making of customary deliveries to the TSX or the NYSE after the Closing Time,
 the Corporation shall ensure that such filings are made as promptly as practicable after
 such date and in any event within the time frame contemplated in the conditional approval
 letter from the TSX or the authorization from the NYSE, as applicable.

(d) Without limiting the generality of the foregoing,
 each of the Corporation and the Investor shall use its commercially reasonable efforts to
 (i) promptly file, or cause to be filed, any notification required to be made to any
 Governmental Entity pursuant to the applicable antitrust or competition laws of any jurisdiction
 regarding the transactions contemplated hereby; (ii) supply as promptly as practicable
 any additional information and documentary material that may be requested or required by
 such Governmental Entity; (iii) take all steps to cause the expiration or termination
 of any applicable waiting or review periods and obtain all requisite approvals and authorizations
 under any competition or antitrust law as necessary to consummate the transactions contemplated
 hereby. Each of the Corporation and Investor shall (i) cooperate with the other in connection
 with any filing or submission made pursuant to this section and keep the other informed in
 all material respects of any material communication received by such party from, or given
 by such party to, any Governmental Entity regarding any filings contemplated hereby, (ii) provide
 the other notice and an opportunity to participate in any oral communications with such Governmental
 Entity to the extent not prohibited by that Governmental Entity, and (iii) provide the
 other the opportunity to review and comment on any substantive communications with such Governmental
 Entity and consider the other's comments reasonably and in good faith. Nothing in this
 Section 6.2(d) shall require the Corporation or the Investor to disclose any competitively
 sensitive information or business secrets, in which case such information is to be communicated
 between the respective legal counsel of each of the Corporation and the Investor on an "external
 counsel only" basis (a non-confidential version of the relevant filing, submission
 or communication being provided to the other party hereto) or pursuant to additional procedures
 agreed between the parties to ensure compliance with all competition, antitrust and foreign
 direct investment Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Corporation shall, as promptly as
 practicable after the date hereof, seek, and continue to use commercially reasonable efforts
 to seek until obtained, the consent of each Person which is required in connection with the
 Investment.

**6.3** **Ordinary Course of Business** 

(a) Except as contemplated or permitted by this
 Agreement, from the date hereof until the earlier of the Closing Time and the termination
 of this Agreement, the Corporation and its Subsidiaries shall conduct their business in the
 Ordinary Course in material compliance with Applicable Laws, including using commercially
 reasonable efforts to maintain and preserve intact the current organization and business
 of the Corporation in all material respects, preserve and maintain all of their Permits,
 and preserve the rights, goodwill and relationships of counterparties of Material Contracts
 and Material Leases. Without limiting the foregoing, the Corporation covenants and agrees
 with the Investor that the Corporation will not, from the date hereof and ending on the earlier
 of the Closing Time and the termination of this Agreement, except with the prior written
 consent of the Investor :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) split, combine or reclassify any of
 the outstanding Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) redeem, purchase or offer to purchase
 any Common Shares or convertible securities (excluding the Note);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) amalgamate, merge or consolidate with
 any other Person (which for greater certainty does not include a Change of Control);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) perform any act or enter into any transaction
 or negotiation which might materially adversely interfere or be materially inconsistent with
 the consummation of the Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) make or award any increases in salary,
 incentive compensation or other bonuses to executives of the Corporation or its Subsidiaries
 (other than in the Ordinary Course);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) cause, consent to, or permit, any termination,
 release, cancellation, adverse amendment, modification or variance, or waiver of timely compliance
 with any terms or conditions of any Material Contract and Material Lease, other than the
 renewal of same in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) terminate, cancel or fail to timely
 comply with terms and conditions of any Mining Rights; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) agree or commit to do any of the
 foregoing.

**6.4** **Access to Information** 

Until the earlier of the Closing Time and the termination of this Agreement, the Corporation shall:

(a) provide the Investor, its designees and its
 representatives with reasonable access (i) to the virtual data room or such other document
 review platform which has been constituted by the Corporation (or on its behalf), and (ii) upon
 reasonable notice during normal business hours, to the Corporation's and its Subsidiaries'
 books and records and executive management, in each case so that the Investor may conduct
 reasonable inspections, investigations and audits relating to the Corporation and its Subsidiaries,
 including as to the internal accounting controls and business and operations of the Corporation
 and its Subsidiaries;

(b) deliver to the Investor, immediately following
 receipt thereof, a copy of any notice, letter, correspondence or other communication from
 any Governmental Entity or any Claim or filing involving the Corporation, in each case, in
 respect of the Corporation's potential, actual or alleged violation of any and all
 laws applicable to the business, affairs and operations of the Corporation and its Subsidiaries
 anywhere in the world, and any responses by the Corporation in respect thereto;

(c) deliver to the Investor, as promptly as practicable,
 such information and documentation relating to the Corporation and its Subsidiaries as the
 Investor may reasonably request from the Corporation from time to time for purposes of complying
 with the Investor's tax reporting obligations with respect to its ownership of Common
 Shares; and

(d) deliver to the Investor, as promptly as practicable,
 such information and documentation relating to any matter which may reasonably affect the
 Investor's, or any of its Affiliates' reputation.

**6.5** **Notice** 

Until the earlier of the Closing Time and the termination of this Agreement, the Corporation shall promptly notify the Investor of the occurrence, or failure to occur, of any event or state of facts which occurrence or failure would, or would be reasonably likely to:

(a) cause any of the representations or warranties
 of the Corporation contained in Section 3.1 of this Agreement to be untrue or inaccurate
 at any time from the date of this Agreement to the Closing Time;

(b) result in the failure of the Corporation
 to comply with any covenant or agreement to be complied with by the Corporation pursuant
 to the terms of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) result
 in any material change (actual, anticipated, contemplated, proposed or threatened) in or
 affecting the business, operations, capital, properties, assets, liabilities (absolute, accrued,
 contingent or otherwise), condition (financial or otherwise), profits, obligations, cash
 flow, income, affairs or prospects of the Corporation and the Subsidiaries taken as a whole.

**6.6** **Anti-bribery and Corruption Compliance** 

Until the earlier of the Closing Time and the termination of this Agreement:

(a) the Corporation shall cause its employees,
 directors, officers, and to the best of its ability any Person acting on its behalf to comply,
 with applicable Anti-Corruption Laws;

(b) neither the Corporation, the Subsidiaries,
 nor any of its or their employees, directors, officers or, to the knowledge of the Corporation,
 any Person acting on its or their behalf shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) give, promise to give, or offer to give,
 any payment, loan, gift, donation, or anything else of value (including a facilitation payment),
 directly or indirectly, whether in cash or in kind, to or for the benefit of, any Government
 Official or any other Person while knowing or having reason to know that all or a portion
 of such money or thing of value will be offered, given, or promised, directly or indirectly,
 to any such Government Official or to any other Person for the purpose of: (A) improperly
 influencing any action or decision of any Government Official in his or her official capacity,
 including a decision to fail to perform official functions, (B) inducing any Government
 Official or other Person to act in violation of his, her or its lawful duty, (C) securing
 any improper advantage, or (D) persuading any Government Official or other Person to
 use his, her or its influence with any Governmental Entity or any government-owned Person
 to effect or influence any act or decision of such Governmental Entity or government-owned
 Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) accept, receive, agree to accept, or
 authorize the acceptance of any contribution, payment, gift, entertainment, money, anything
 of value, or other advantage in violation of applicable Anti-Corruption Laws; and

(c) the Corporation shall (and shall cause its
 Subsidiaries to) maintain policies, procedures and internal controls reasonably designed
 to ensure compliance with all applicable Anti-Corruption Laws, including records of payments
 to any Persons (including agents, consultants, representatives and distributors) and Government
 Officials. Upon reasonable request, the Corporation agrees to provide responsive information
 to the Investor concerning its compliance with Anti-Corruption Laws. The Corporation shall
 promptly notify the Investor if the Corporation becomes aware of any violation of Anti-Corruption
 Laws.

**6.7** **Trade and Sanctions Compliance** 

Until the earlier of the Closing Time and the termination of this Agreement:

(a) the Corporation shall and shall cause its
 Subsidiaries and its and their respective employees, directors, officers, and to the best
 of its ability, its and their respective agents, and any Person acting on its or their behalf,
 to comply with all applicable Sanctions;

(b) the Corporation shall not, and shall cause
 each of its Subsidiaries and each of its and their respective directors, officers and employees
 not to: (i) engage in any activities that would cause any of such Persons to become
 a Sanctioned Person; or (ii) act under the direction of, on behalf of, or for the benefit
 of a Sanctioned Person;

(c) the Corporation shall as soon as practicable
 and no later than April 30, 2027, institute and maintain a risk-based compliance program
 to ensure compliance with Sanctions by itself, its Subsidiaries and each of their respective
 directors, officers, and employees. The compliance program shall include risk-based policies,
 procedures, controls, training, monitoring, oversight and appropriate resourcing following
 guidance provided by OFAC, BIS and any other relevant Sanctions Authority. Within thirty
 (30) days after the date on which the Corporation adopts such policy, the Corporation shall
 provide a copy of such policy to the Investor, together with the resolutions of the Board
 or other relevant official document evidencing the Corporation's adoption of such policy.
 Upon reasonable request, the Corporation agrees to provide responsive information to the
 Investor concerning its compliance with Sanctions. The Corporation shall promptly notify
 the Investor if the Corporation becomes aware of any material violation of Sanctions;

(d) the Corporation shall not, and shall cause
 each of its Subsidiaries and each of its and their respective directors, officers and employees
 not to, engage in activities that would have the effect of conducting any business transaction
 or activity with a Sanctioned Person or Sanctioned Territory.

This Section 6.7 shall not be interpreted or applied in relation to the Corporation to the extent that the representations made under this Section 6.7 violate, or would result in a breach of the *Foreign Extraterritorial Measures Act* (Canada).

**6.8** **Compliance with Money Laundering Laws** 

Until the earlier of the Closing Time and the termination of this Agreement:

(a) the Corporation shall and shall cause its
 Subsidiaries and its and their respective employees, directors, officers, and to the best
 of its ability, its and their respective agents, and any Person acting on its or their behalf,
 to comply with all applicable Money Laundering Laws; and

(b) the Corporation shall as soon as practicable
 and no later than April 30, 2027, institute and maintain policies and procedures commensurate
 with a company of the Corporation's size and stage of development, designed to ensure
 compliance with any applicable Money Laundering Laws by itself, its Subsidiaries and each
 of their respective directors, officers, and employees. As soon as practicable after the
 date of this Agreement, and in any event within thirty (30) days after the date on which
 the Corporation adopts such policies and procedures, the Corporation shall provide a copy
 of such policies and procedures to the Investor, together with the resolutions of the Board
 or other relevant official document evidencing the Corporation's adoption of such policies
 and procedures. Upon reasonable request, the Corporation agrees to provide responsive information
 to the Investor concerning its compliance with Money Laundering Laws. The Corporation shall
 promptly notify the Investor if the Corporation becomes aware of any material violation of
 Money Laundering Laws.

**ARTICLE 7 - TERMINATION**

**7.1** **Termination** 

This Agreement shall terminate upon:

(a) the date on which this Agreement is terminated
 by the mutual consent of the parties hereto;

(b) written notice by either party to the other
 in the event the Closing has not occurred on or prior to the Outside Date, except that the
 right to terminate this Agreement under this Section 7.1(b) shall not be available
 to any party whose failure to fulfill any of its obligations or breach of any of its representations,
 warranties or covenants under this Agreement has been the cause of, or resulted in, the failure
 of the Closing to occur by the Outside Date;

(c) written notice by either party if any Governmental
 Entity of competent jurisdiction issues an Order permanently restraining, enjoining, or otherwise
 prohibiting the consummation of the transactions contemplated by this Agreement, and such
 Order becomes final and non-appealable; provided, however, that the right to terminate this
 Agreement under this Section 7.1(c) shall not be available to a party whose failure
 to perform its covenants or agreements contained in this Agreement has been the cause of
 or has resulted in the imposition of such Order or the failure of such Order to be resisted,
 resolved, or lifted;

(d) by the Investor, if the Corporation breaches
 or fails to perform in any material respect any of its representations, warranties, covenants
 or agreements contained in this Agreement, which breach or failure to perform (i) would
 result in a failure of a condition set forth in Section 4.1 or in a failure to make
 any deliveries set forth in Section 5.2, and (ii) (A) if capable of being cured,
 has not been cured by the Corporation by the earlier of (x) the Outside Date, and (y) the
 date that is thirty (30) days after the Corporation's receipt of written notice from
 the Investor stating the Investor's intention to terminate this Agreement pursuant
 to this Section 7.1(d) and the basis for such termination or (B) is incapable
 of being cured;

(e) by the Corporation, if the Investor breaches
 or fails to perform in any material respect any of its representations, warranties, covenants
 or agreements contained in this Agreement, which breach or failure to perform (i) would
 result in a failure of a condition set forth in Section 4.2, or in a failure to make
 any deliveries set forth in Section 5.3, and (ii) (A) if capable of being cured,
 has not been cured by the Investor by the earlier of (x) the Outside Date, and (y) the
 date that is thirty (30) days after the Investor's receipt of written notice from the
 Corporation stating the Corporation's intention to terminate this Agreement pursuant
 to this Section 7.1(e) and the basis for such termination or (B) is incapable
 of being cured;

(f) written notice of the Investor on the bankruptcy
 of the Corporation or any of the Subsidiaries or the making by the Corporation or any of
 the Subsidiaries of an assignment under the provisions of the *Bankruptcy and Insolvency Act* (Canada) or the taking of any proceeding by or involving the Corporation or any of
 the Subsidiaries under the *Companies Creditors' Arrangement Act* (Canada) or
 any similar legislation of any jurisdiction; or

(g) automatically upon the occurrence of a "Termination
 Event" (or any similar expression) pursuant to the FID Prospectus Offering Subscription
 Receipt Agreement.

**7.2** **Effect of Termination** 

Upon the termination of this Agreement:

(a) except for this Section 7.2, the surviving
 indemnification and contribution obligations as provided in Section 8.5 and Article 9,
 all the provisions of this Agreement shall lapse and cease to have effect; and

(b) neither the lapsing of those provisions nor
 their ceasing to have effect shall affect any accrued rights or liabilities of any party
 in respect of damages for breach of this Agreement prior to such lapse and cessation.

**ARTICLE 8 - INDEMNIFICATION**

**8.1** **Indemnification by the Corporation** 

(a) The Corporation shall indemnify and save
 harmless the Investor and each of its directors, officers, and employees (collectively referred
 to as the "**Investor Indemnified Parties**") from and against any Losses
 which may be made or brought against the Investor Indemnified Parties, or which they may
 suffer or incur, directly or indirectly, as a result of or in connection with or relating
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any non-fulfilment or breach of any
 covenant or agreement on the part of the Corporation contained in this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any misrepresentation or any incorrectness
 in or breach of any representation or warranty of the Corporation contained in this Agreement
 as of the Closing Date, with the same force and effect as if made on and as at the Closing
 Date, except for such representations and warranties which are in respect of a specific date
 in which case as of such date.

(b) The Corporation's obligations under
 Section 8.1(a) shall be subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Survival Date, in accordance with
 Section 8.4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Corporation shall not be liable
 for any special, indirect, incidental, consequential, punitive or aggravated damages, including
 damages for loss of profits and lost business opportunities or damages calculated by reference
 to any purchase price methodology.

**8.2** **Indemnification Procedure** 

(a) Promptly, and in any event within twenty
 (20) days, after receipt by an Investor Indemnified Party of notice of the commencement of
 any action, such Investor Indemnified Party shall, if a Claim in respect thereof is to be
 made against any Investor Indemnified Party, notify the Corporation of the commencement thereof.
 Such notice shall specify whether the Claim arises as a result of a claim by a third party
 Person (a "**Third Party**") against the Investor Indemnified Party (a
 "**Third Party Claim**") or whether the Claim does not so arise (a "**Direct Claim** "), and shall also include a description of the Loss in reasonable detail
 including the sections of this Agreement which form the basis for such Loss, copies of all
 material written evidence of such Loss in the possession of the Investor Indemnified Party
 and the actual or estimated amount of the damages that have been or will sustained by any
 Investor Indemnified Party, including reasonable supporting documentation therefor; provided
 that the failure to so notify the Corporation shall not relieve the Corporation of its obligations
 hereunder unless and to the extent the Corporation is actually and materially prejudiced
 by such failure to so notify.

(b) With respect to any Direct Claim, following
 receipt of notice from the Investor Indemnified Party of the Claim, the Corporation shall
 have sixty (60) days to make such investigation of the Claim as is considered necessary or
 desirable. For the purpose of such investigation, the Investor Indemnified Party shall make
 available to the Corporation such reasonable information relied upon by the Investor Indemnified
 Party to substantiate the Claim, together with all such other information as the Corporation
 may reasonably request. If both parties hereto agree at or prior to the expiration of such
 60-day period (or any mutually agreed upon extension thereof) to the validity and amount
 of such Claim, the Corporation shall immediately pay to the Investor Indemnified Party the
 full agreed upon amount of the Claim. If following the expiration of the 60-day period (or
 any mutually agreed upon extension thereof) the parties hereto cannot agree to the validity
 and amount of such Claim, the Investor Indemnified Party and the Corporation shall proceed
 to establish the merits and amount of such Claim (by confidential arbitration in accordance
 with Section 9.6) and, within five (5) Business Days following the final determination
 of the merits and amount, if any, of such Claim, the Corporation shall pay to the Investor
 Indemnified Party in immediately available funds an amount equal to such Claim as determined
 hereunder.

(c) With respect to any Third Party Claim, following
 the receipt of notice of any Third Party Claim to the Corporation under Section 8.2(a),
 the Corporation shall have the right, by notice to the Investor Indemnified Party given not
 later than thirty (30) days after receipt of the notice described in Section 8.2(a),
 to assume the control, defence, compromise or settlement of the Claim, provided that such
 assumption shall, by its terms, be without cost to the Investor Indemnified Party and provided
 the Corporation acknowledges in writing its obligation to indemnify the Investor Indemnified
 Party in accordance with the terms of this Article 8.

(d) Upon the assumption of control of any Claim
 by the Corporation as set out in Section 8.2(a), the Corporation shall diligently proceed
 with the defence, compromise or settlement of the Claim at its sole expense, including, if
 necessary, employment of counsel reasonably satisfactory to the Investor Indemnified Party
 and, in connection therewith, the Investor Indemnified Party shall cooperate fully, but at
 the expense of the Corporation with respect to any out-of-pocket expenses incurred, to make
 available to the Corporation all pertinent information and witnesses under the Investor Indemnified
 Party's control, make such assignments and take such other steps as in the opinion
 of counsel for the Corporation are reasonably necessary to enable the Corporation to conduct
 such defence. The Investor Indemnified Party shall also have the right to participate in
 the negotiation, settlement or defence of any Claim at its own expense.

(e) The final determination of any Claim pursuant
 to this Section, including all related costs and expenses, shall be binding and conclusive
 upon the parties as to the validity or invalidity, as the case may be, of such Claim against
 the Corporation.

(f) If the Corporation does not assume control
 of a Claim as permitted in Section 8.2(a), the obligation of the Corporation to indemnify
 the Investor Indemnified Party in respect of such Claim shall terminate if the Investor Indemnified
 Party settles such claim without the consent of the Corporation.

(g) Notwithstanding anything to the contrary
 in this Section 8.2, the indemnity obligations in this Article 8 shall cease to
 apply to the extent that a court of competent jurisdiction in a final judgment that has become
 non-appealable shall have determined that any Losses to which an Investor Indemnified Party
 may be subject were caused solely by the Investor Indemnified Party's gross or intentional
 fault or material breach.

(h) Except for any Claims arising from fraud
 or gross or intentional fault of the Corporation, the rights to indemnification set forth
 in this Article 8 shall be the sole and exclusive remedy of the Indemnified Parties
 (including pursuant to any statutory provision or civil law) in respect of: (i) any
 non-fulfilment or breach of any covenant or agreement on the part of the Corporation contained
 in this Agreement; or (ii) any misrepresentation or any incorrectness in or breach of
 any representation or warranty of the Corporation contained in this Agreement.

(i) An Investor Indemnified Party shall not be
 entitled to double recovery for any loss even though such Loss may have resulted from the
 breach of one or more representations, warranties or covenants in this Agreement.

**8.3** **Contribution** 

If the indemnification provided for in this Article 8 is held by a court of competent jurisdiction to be unavailable to an Investor Indemnified Party with respect to any Losses referred to herein, the Corporation, in lieu of indemnifying such Investor Indemnified Party hereunder, shall contribute to the amount paid or payable by such Investor Indemnified Party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the Corporation on the one hand and of the Investor Indemnified Party on the other in connection with matters that resulted in such Loss as well as any other relevant equitable considerations. The relative fault of the Corporation and of the Investor Indemnified Party shall be determined by reference to, among other things, the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement, omission or fault.

**8.4** **Survival** 

Each party hereto acknowledges that the representations, warranties and agreements made by it herein are made with the intention that they may be relied upon by the other party. The parties further agree that the representations, warranties, covenants and agreements shall survive the purchase and sale of the Purchased Shares and shall continue in full force and effect for a period ending on the date that is eighteen (18) months following the Closing, notwithstanding any subsequent disposition by the Investor of the Purchased Shares, or any termination of this Agreement; provided, however, that the representations and warranties of the Corporation set forth in Sections 3.1(a) to 3.1(g) and the representations, warranties, acknowledgments, and authorizations of the Investor set forth in Sections 3.2(a) and 3.2(b) of this Agreement shall survive indefinitely; provided, further, that the representations and warranties of the Corporation set forth in Section 3.1(ee) and the last sentence of Section 3.1(w) shall survive until sixty (60) days after the expiration of the last of the limitation periods contained in the Tax Act or any other Applicable Laws imposing Taxes on the Corporation or a Subsidiary subsequent to the expiration of which an assessment or reassessment or other form or recognized document assessing liability for Taxes, interest or penalties thereunder for the period ended on the Closing Date cannot be issued (such period to include any period extended by any agreement, waiver or arrangement with any Governmental Entity, if such extension is requested, or consented to, in writing by the Corporation or such Subsidiary); and provided, finally, that the representations and warranties of the Corporation set forth in Sections 3.1(hhh) and 3.1(iii) shall survive until sixty (60) days after the expiration of the last of the applicable statutes of limitations contained in the Applicable Laws (the survival date of each representation, warranty, covenant and agreement herein as set forth above is referred to as the "**Survival Date**"). This Agreement shall be binding upon and shall enure to the benefit of the parties hereto, their respective successors, permitted assigns and legal representatives. Notwithstanding the foregoing, the provisions contained in this Agreement related to indemnification or contribution obligations shall survive and continue in full force and effect, indefinitely, provided that, no Claim for indemnity pursuant to this Article 8 may be made after the Survival Date for the applicable representation, warranty, covenant or agreement unless notice of the Claim was provided to the Corporation on or prior to the Survival Date.

**8.5** **Duty to Mitigate** 

Nothing in this Agreement shall in any way restrict or limit the general obligation at law of a party hereto to mitigate any Loss which it may suffer or incur by reason of a breach of any representation, warranty or covenant of that other party under this Agreement. If any Loss can be reduced by any recovery, settlement, or payment by or against any other Person, a party hereto shall take all appropriate steps to enforce such recovery, settlement or payment. If the Investor Indemnified Party fails to make all commercially reasonably efforts to mitigate any Loss then the Corporation shall not be required to indemnify any Investor Indemnified Party for the Loss that could have been avoided if the Investor Indemnified Party had made such efforts.

**8.6** **Trustee** 

Each party hereto hereby acknowledges and agrees that, with respect to this Article 8, the Investor is contracting on its own behalf and as agent for the other Investor Indemnified Parties referred to in this Article 8. In this regard, the Investor shall act as trustee for such Investor Indemnified Parties of the covenants of the Corporation under this Article 8 with respect to such Investor Indemnified Parties and accepts these trusts and shall hold and enforce those covenants on behalf of such Investor Indemnified Parties.

**ARTICLE 9 - GENERAL PROVISIONS**

**9.1** **Expenses** 

Each party hereto shall bear its own fees and expenses incurred in connection with the Investment.

**9.2** **Time of the Essence** 

Time shall be of the essence of this Agreement. Each of the parties hereto shall be in default by the mere lapse of time for performing its obligations hereunder, without the necessity of further notice or delay, as contemplated by article 1594 of the Civil Code of Québec.

**9.3** **Further Acts** 

Each of the parties hereto shall promptly do, make, execute, deliver, or cause to be done, made, executed or delivered, all such further acts, documents and things as the other party may reasonably require from time to time for the purpose of giving effect to this Agreement.

**9.4** **Enurement** 

This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective successors, permitted assigns and legal representatives.

**9.5** **Governing Law** 

This Agreement shall be construed and governed by the laws of the Province of Québec and the federal laws of Canada applicable in that province without regard to conflict of law principles that would result in the application of the laws of any other jurisdiction.

**9.6** **Resolution of Disputes** 

(a) The parties hereto shall discuss and use
 reasonable efforts to settle any Dispute within twenty (20) days from receiving written notice
 from either party of the existence of such Dispute.

(b) Any dispute arising out of, relating to or
 having any connection with this Agreement or any provision hereof, including any dispute
 as to its existence, validity, enforceability, interpretation, performance, breach or termination,
 or the consequences of its nullity and any dispute relating to any non-contractual obligations
 arising out of or in connection herewith and therewith (a "**Dispute** "),
 which is not settled pursuant to Section 9.6(a), shall be referred to and finally resolved
 by arbitration under the Rules of Arbitration of the International Chamber of Commerce
 (the "**ICC Rules** "). All issues of arbitrability, including the existence,
 scope, or applicability of the agreement to arbitrate, shall be decided by the arbitral tribunal
 constituted under the ICC Rules.

(c) The seat of the arbitration shall be Montreal,
 in the province of Québec, at the Investor's choice. The parties hereto may
 agree to hold hearings or other meetings in other locations or virtually.

(d) The language of the arbitration shall be
 French. All documents submitted in connection with the proceedings shall be in the French
 language, or, if in another language, accompanied by a French translation.

(e) The parties hereto agree that any arbitration
 shall be maintained confidential and that the existence of the proceeding and any element
 of it (including but not limited to any pleadings, briefs or other documents submitted or
 exchanged, any testimony or other oral submissions, and any awards) shall not be disclosed
 beyond the arbitral tribunal, the parties (including their auditors and insurers), their
 counsel and any person necessary to the conduct of the proceeding, except as required by
 law or if necessary to enforce an award or procedural order made in the arbitration. For
 the avoidance of doubt, no award or procedural order made in the arbitration shall be published.

(f) The number of arbitrators shall be one (1).
 The single arbitrator shall be qualified by education and experience to determine the subject
 matter of the Dispute. The parties hereto shall endeavour to nominate the sole arbitrator
 by agreement. If the parties have not agreed upon an individual to act as arbitrator hereunder
 within thirty (30) days after any party's request for arbitration, the arbitrator shall
 be chosen pursuant to the applicable ICC Rules.

(g) The arbitrator shall be independent and impartial
 of each party hereto. The parties agree to comply with the International Bar Association
 Guidelines on Conflicts of Interest in Arbitration in matters concerning prospective arbitrator
 appointments and disclosure of relationships between parties, party representatives and the
 arbitrator.

(h) The award shall be final and binding upon
 the parties. Unless otherwise provided by this Agreement, the arbitral award may involve
 any form of any relief permitted by Quebec law and deemed appropriate by the arbitral tribunal,
 including specific performance of the parties' obligations.

(i) Each party hereto shall bear its own fees
 and costs for any arbitration, provided that, to the extent the arbitrator finds that any
 party has caused undue delay in the arbitration or has otherwise acted unreasonably in initiating
 or causing such arbitration to be initiated or during the course of the arbitration, then
 the arbitrator may, in his or her sole discretion award fees and costs against such party.

(j) The parties hereby acknowledge and agree
 that they may apply to the arbitral tribunal or to any court of competent jurisdiction for
 conservatory or interim measures.

(k) Notwithstanding the initiation of dispute
 resolution procedures in accordance with this Section 9.6, the parties hereto shall
 continue to perform their respective obligations under this Agreement.

**9.7** **Severability** 

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced under any Applicable Laws or as a matter of public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally contemplated to the greatest extent possible.

**9.8** **Entire Agreement** 

This Agreement, the provisions contained in this Agreement, and the agreements and other documents to be delivered pursuant to this Agreement, constitute the entire agreement between the parties with respect to the subject matter thereof and supersede all prior communications, proposals, representations and agreements, whether oral or written, with respect to the subject matter thereof.

**9.9** **Notices** 

Any notice or other communication to be given hereunder shall be in writing and shall:

(a) in the case of notice to the Investor,
 be addressed to:

---

| | |
|:---|:---|
| Investissement Québec | Investissement Québec |
| 1001, boul. Robert-Bourassa, Bureau 1000 | 1001, boul. Robert-Bourassa, Bureau 1000 |
| Montréal, Québec, H3B 4L4 | Montréal, Québec, H3B 4L4 |
| Attention: | [REDACTED: CONTACT INFORMATION] |
| Email: | [REDACTED: CONTACT INFORMATION] |
|  | [REDACTED: CONTACT INFORMATION] |
| with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
| McCarthy Tétrault LLP | McCarthy Tétrault LLP |
| 500, Grande-Allée Est, 9th Floor | 500, Grande-Allée Est, 9th Floor |
| Québec (Québec) G1R 2J7 | Québec (Québec) G1R 2J7 |
| Attention: | [REDACTED: CONTACT INFORMATION] |
| Email: | [REDACTED: CONTACT INFORMATION] |

---

(b) In the case of notice to the Corporation
 shall be addressed to:

---

| | |
|:---|:---|
| Nouveau Monde Graphite Inc. | Nouveau Monde Graphite Inc. |
| 481, rue Brassard | 481, rue Brassard |
| Saint-Michel-des-Saints (Québec) | Saint-Michel-des-Saints (Québec) |
| J0K 3B0 | J0K 3B0 |
| Attention: | [REDACTED: CONTACT INFORMATION] |
| Email: | [REDACTED: CONTACT INFORMATION] |
| Attention: | [REDACTED: CONTACT INFORMATION] |
| Email: | [REDACTED: CONTACT INFORMATION] |
| with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
| Stein Monast | Stein Monast |
| 70 rue Dalhousie, Suite 300 | 70 rue Dalhousie, Suite 300 |
| Québec, Québec | Québec, Québec |
| G1K 4B2 | G1K 4B2 |
| Attention: | [REDACTED: CONTACT INFORMATION] |
| Email: | [REDACTED: CONTACT INFORMATION] |

---

and each notice or communication shall be personally delivered (including by courier service) to the addressee or sent by electronic transmission to the addressee, and (i) a notice or communication which is personally delivered shall, if delivered before 5:00 p.m. (in the jurisdiction of the recipient) on a Business Day, be deemed to be given and received on that day and, in any other case, be deemed to be given and received on the first Business Day following the day on which it is delivered; and (ii) a notice or communication which is sent by electronic transmission shall, if sent on a Business Day before 5:00 p.m. (in the jurisdiction of the recipient), be deemed to be given and received on that day and, in any other case, be deemed to be given and received on the first Business Day following the day on which it is sent. Either party hereto may at any time change its address for service from time to time by notice given in accordance with this Section 9.9.

**9.10** **Amendment; Waiver** 

No provision of this Agreement may be amended or modified except by a written instrument signed by both parties. No waiver by any party of any provision hereof shall be effective unless explicitly set forth in writing and executed by the party so waiving. The waiver by either party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other subsequent breach. No failure on the part of any party to exercise, and no delay in exercising, any right under this Agreement shall operate as a waiver of such right.

**9.11** **Assignment** 

This Agreement shall not be assigned by any party hereto without the prior written consent of the other party. Notwithstanding the foregoing, the Investor may assign and transfer all of its rights, benefits, duties and obligations under this Agreement in their entirety, without the consent of the Corporation, to any Affiliate of the Investor at the time of the assignment and transfer, provided that such Affiliate first agrees in writing with the Corporation to be bound by the terms of this Agreement.

**9.12** **No Third-Party Beneficiaries** 

Except as provided in Article 8 with respect to indemnification, this Agreement is for the sole benefit of the parties hereto and their successors and permitted assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

**9.13** **Public Notices/Press Releases** 

(a) The Investor and the Corporation shall each
 be permitted to publicly announce the transactions contemplated hereby following the execution
 of this Agreement by the Investor and the Corporation, and the context, text and timing of
 each party's announcement shall be approved by the other party in advance, acting reasonably.

(b) No party hereto shall:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) make any regulatory filing with any
 Governmental Entity with respect to the transactions contemplated hereby without prior consultation
 with the other party; provided, however, that, this Section 9.13(b)(ii) shall be
 subject to each party's overriding obligation to make any disclosure or regulatory
 filing required under Applicable Laws and the party making such requisite disclosure or regulatory
 filing shall use all commercially reasonable efforts to give prior oral and written notice
 to the other party and reasonable opportunity to review and comment on the requisite disclosure
 or regulatory filing before it is made; provided, further, that, except as required by Applicable
 Law, in no circumstance shall any such disclosure by, or regulatory filing of, the Corporation
 or any of its Affiliates include the name of the Investor or its Affiliates without the Investor's
 prior written consent, in its sole discretion.

**9.14** **Public Disclosure** 

During the period from the date of this Agreement to the Closing, the Corporation shall provide prior notice to the Investor of any public disclosure related to the Investment that it proposes to make which includes the name of the Investor, or any of its Affiliates, together with a draft copy of such disclosure; provided that, except as required by Applicable Law, in no circumstance shall any public disclosure of the Corporation or any of its Affiliates include the name of the Investor, or any of its Affiliates without the Investor's prior written consent, in its sole discretion.

**9.15** **Confidentiality** 

The confidentiality obligations and restrictions of the parties contained in the Non-Disclosure Agreement dated May 9, 2024 shall apply to this Agreement as if fully set forth herein.

Notwithstanding anything to the contrary herein, the Corporation agrees that, following closing, the Investor may publicly disclose the main parameters of the financial assistance granted to the Corporation, including, but not limited to, the name of the Corporation, its type of activities, its location, the nature and amount of the financial assistance provided for herein and the number of employees working for the Corporation.

**9.16** **Counterparts** 

This Agreement may be executed in several counterparts (including by means of electronic communication in PDF format, DocuSign or any similar manner), each of which when so executed shall be deemed to be an original and shall have the same force and effect as an original, and such counterparts together shall constitute one and the same instrument.

**[The remainder of this page is intentionally left blank.]**

**IN WITNESS WHEREOF** the parties have signed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **NOUVEAU MONDE GRAPHITE INC.** | **NOUVEAU MONDE GRAPHITE INC.** |
| Per: | |
|  | Name: Eric Desaulniers |
|  | Title: President and Chief Executive Officer |
| **INVESTISSEMENT QUÉBEC** | **INVESTISSEMENT QUÉBEC** |
| Per: | |
|  | Name: |
|  | Title: |

---

**<u>SCHEDULE A</u>**

**<u>REGISTRATION INSTRUCTIONS</u>**

Investissement Québec 1001, boul. Robert-Bourassa<br> Bureau 1000 Montréal (Québec) H3B 4L4

## Exhibit 99.3

**Exhibit 99.3**

**THE SECURITIES BEING ISSUED PURSUANT TO THIS SUBSCRIPTION AGREEMENT HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS (OTHER THAN DISTRIBUTORS) UNLESS SUCH SECURITIES ARE REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT.**

**<u>SUBSCRIPTION AGREEMENT</u>**

**THIS SUBSCRIPTION AGREEMENT** is made as of April 9, 2026

---

| | |
|:---|:---|
| **BETWEEN:** | **NOUVEAU MONDE GRAPHITE INC.**, a corporation organized and existing under the laws of Canada. |

---

(the "**Corporation**")

- and -

**ENI INTERNATIONAL B.V.,** a corporation organized and existing under the laws of the Netherlands.

(the "**Investor**")

**RECITALS:**

A. The Investor has agreed to make an investment in the Corporation
which shall consist of a subscription for 38,043,478 Purchased Shares (as defined below) from the Corporation for an aggregate subscription
price of $69,999,999.52 pursuant to the terms and subject to the conditions set forth in this Agreement (as defined below), for funding
the design, engineering and construction of the Matawinie Project (as defined below) as well as for general and administrative expenses
and general working capital of the Corporation (the "**Investment** ");

B. Substantially concurrently with the completion of the transactions contemplated by this Agreement and
as a condition for the completion of the Investment by the Investor, the Corporation has agreed to complete the FID Private Placement
(as defined below), including arranging for the satisfaction of the FID Prospectus Offering Release Conditions (as defined below, upon
the satisfaction of such conditions as set forth in this Agreement, the CGF Subscription Agreement (as defined below), the IQ Subscription
Agreement (as defined below), the FID Prospectus Offering Underwriting Agreement (as defined below) and the FID Prospectus Offering Subscription
Receipt Agreement (as defined below));

C. In conjunction with the transactions contemplated by this Agreement and as a condition for the completion
of the Investment by the Investor, the Investor and the Corporation shall also enter into the Ancillary Agreements (as defined below);
and

D. The Investor and the Corporation have agreed to enter into this Agreement to record their agreement in
respect of these matters.

**NOW THEREFORE**, in consideration of, and in reliance on, the premises, representations, warranties, covenants and agreements set forth in this Agreement and the Ancillary Agreements, the parties hereby agree as follows:

**ARTICLE 1 - INTERPRETATION**

**1.1 Definitions**

In this Agreement, unless otherwise provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Affiliate**" means, as to any specified Person, any other Person who directly, or indirectly
through one or more intermediaries, (i) Controls such specified Person, (ii) is Controlled by such specified Person, or (iii) is
under common Control with such specified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Agreement**" means this subscription agreement, together with the Schedules, and all
permitted amendments hereto or restatements hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Ancillary Agreements**" means, collectively, the Investor Rights Agreement and the Registration
Rights Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Anti-Corruption Laws**" means all Applicable Laws related to the prevention of bribery,
corruption (governmental or commercial), kickbacks, money laundering, or similar unlawful or unethical conduct including the *Corruption of Foreign Public Officials Act* (Canada), the U.S. *Foreign Corrupt Practices Act of 1977*, and the U.K. *Bribery Act*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Applicable Laws**" means, with respect to any Person, property, transaction, event or
other matter, (i) all laws, statutes, codes, ordinances, decrees, rules, regulations, by-laws, instruments, Orders enacted, promulgated,
issued, released, or imposed by any Governmental Entity, including Securities Laws, and (ii) any policy, practice, protocol, requirement,
standard or guideline of any Governmental Entity, in each case relating or applicable to such Person, property, transaction, event or
other matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Assets and Properties**" means, with respect to any Person, all assets and properties
of every kind, nature, character and description (whether immovable (or real), movable (or personal) or mixed, tangible or intangible,
choate or inchoate, absolute, accrued, contingent, fixed or otherwise, and, in each case, wherever situated), whether operated, owned
or leased by or in the possession or control of such Person and including Environmental Attributes, and also including the goodwill related
to such assets and properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Battery Plants Project**" means, collectively, (i) the phase-2 battery anode facility
project of the Corporation, with an annual average capacity of approximately 13,000 tonnes per year of high-capacity active anode material,
and (ii) the expansion of phase-2 battery anode facility project of the Corporation, to expand the annual average capacity up to
approximately 44,000 tonnes per year of high-capacity active anode material, in each case located on the Bécancour Site;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Bécancour Site**" means a 143,000m *2* (approximately) brownfield site that
includes a 22,000m2 (approximately) facility, large storing and logistics area, and a contiguous 200,000m *2* (approximately) greenfield
site, located in the Bécancour industrial park;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**BIS**" means the U.S. Bureau of Industry and Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Board**" means the board of directors of the Corporation, as constituted on the date
hereof and from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Business Day**" means any day, other than (i) a Saturday, Sunday or statutory holiday
in the Province of Québec, the Netherlands or Belgium and (ii) a day on which banks are generally closed in Montréal,
Québec, in Amsterdam **,** the Netherlands or in Brussels **,** Belgium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**CGF**" means Canada Growth Fund, together with its successors and permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**CGF Subscription Agreement**" means the subscription agreement entered into as of the
date hereof between the Corporation and CGF whereby the Corporation has agreed to issue, and CGF has agreed to subscribe to, upon the
terms and subject to the conditions set forth therein, 44,452,460 Common Shares, for a total subscription price of $81,792,526.40;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Change of Control**" means (A) the acquisition by any means, including acquisition
of equity, plan of arrangement, amalgamation, merger or business combination, by any Person, directly or indirectly, of more than 50%
of the total voting power of the outstanding voting shares of the Corporation, or (B) the acquisition by any Person, directly or
indirectly, of the right or ability by voting power, contract or otherwise to direct or cause the election or nomination for election
of a majority of the members of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Claim**" means any cause of action, claim, demand, lawsuit, audit, hearing, examination,
investigation, arbitration, or other litigation or proceeding (whether civil, criminal, penal, administrative, tax or investigative),
including, for greater certainty, any proceeding or investigation by or before a Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Closing**" 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;(q) "**Closing Date**" means the third (3<sup>rd</sup>) Business Day following the satisfaction
or waiver of all of the closing conditions set forth in Sections 4.1 and 4.2 (excluding conditions that, by their terms, are to be satisfied
at the Closing), or such other date as may be mutually agreed by the Corporation and the Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Closing Time**" means 8:00 a.m. (Montréal time) on the Closing Date, or
such other time as may be mutually agreed by the Corporation and the Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Code**" has the meaning ascribed thereto in Section 3.1(sss);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Collaboration Agreement**" means the *Entente de collaboration et de partage des bénéfices relative au projet minier Matawinie* dated January 23, 2020 between the Corporation and the *Municipalité de Saint-Michel-des-Saints*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Common Shares**" means the common shares in the capital of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Contract**" means any agreement, indenture, contract, lease, deed of trust, licence,
option, instrument, arrangement, understanding or other commitment, whether written or oral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Control**" means, in relation to an entity, the power of a Person to ensure that the
affairs of the entity are conducted in accordance with the wishes of that Person, 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;(i) by means of the holding of shares or other securities, or the possession of voting power, in or in relation
to that or any other entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by virtue of any powers conferred by the constating documents of that entity, or any other document, regulating
that or any other entity, and

Control is deemed to arise (without limitation to other circumstances in which Control may arise) when that 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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) owns more than 50% of all voting rights (or similar, however described) in that entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) has the power, whether through Contract or otherwise, to appoint a majority of the board of directors
(or similar, however described) of that entity, and

"**Controlled**" and "**Controlling**" have equivalent meanings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Corporation Annual Financial Statements**" means the consolidated audited financial
statements of the Corporation for the fiscal years ended December 31, 2025 and 2024, including the auditor's report thereon
and the notes thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Corporation Annual Information Form**" means the annual information form of the Corporation
for the fiscal year ended December 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Corporation Financial Statements**" means, collectively, the Corporation Annual Financial
Statements and the Corporation Interim Financial Statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Corporation Intellectual Property**" has the meaning ascribed thereto in Section 3.1(tt);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Corporation Interim Financial Statements**" means the unaudited condensed consolidated
financial statements of the Corporation as at and for the nine months ended September 30, 2025, including the notes thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Direct Claim**" has the meaning ascribed thereto in Section 8.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Disclosure Documents**" means all information and documents relating to the Corporation
(and its predecessors) that are, or become, publicly available on the System for Electronic Data Analysis and Retrieval + of the Canadian
Securities Administrators or on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, or that are or become
otherwise available to the public, including financial statements, press releases, material change reports, prospectuses, information
circulars, annual information forms and technical reports since January 1, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Disclosure Letter**" means the disclosure letter of the Corporation delivered to the
Investor concurrently with the execution of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Dispute**" has the meaning ascribed thereto in Section 9.6(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**DRS**" means the Direct Registration System maintained by the transfer agent of the
Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**DRS Advice**" means a notification produced by the DRS evidencing ownership of the Purchased
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Employee Plans**" has the meaning ascribed thereto in Section 3.1(nnn);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Environmental Attributes**" means any unit, credit, reduction, offset or other allowance,
including those relating to greenhouse gas emission reductions, issued pursuant to industry accepted and recognized protocols and, as
applicable, under Contracts or Applicable Laws (including Environmental Laws);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Environmental Laws**" means all Applicable Laws relating in whole or in part to the
protection and preservation of the environment, the protection of human health, occupational health and safety, product safety, product
liability, Hazardous Materials or natural resources, including the *Environment Quality Act* (Québec) and the *Canadian Environmental Protection Act*, *1999*; provided, that the *Guide d'intervention – Protection des sols et réhabilitation des terrains contaminés* published by the Québec Ministry of the Environment, Fight against Climate Change, Fauna and
Parks (as amended, modified, replaced or supplemented from time to time) shall be deemed, with respect to the limit values for concentrations
of contaminants in soil and groundwater, to be an "Environmental Law" for purposes of this Agreement even if such guideline
does not have the force of Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Environmental Permits**" includes all Orders, Permits or any other similar authorizations
issued, granted, given or made available under the authority of or otherwise required from any Governmental Entity under any Environmental
Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**ERISA**" has the meaning ascribed thereto in Section 3.1(nnn);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Existing Financial Indebtedness**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&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 indebtedness listed in the Corporation Annual Financial Statements;

&nbsp;&nbsp;&nbsp;&nbsp;&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 remaining 2.0% net smelter royalty following the repurchase of 1.0% of the 3.0% net smelter royalty
by the Corporation as of August 15, 2024 in accordance with the Royalty 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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the royalty and payments granted by the Corporation to the Municipality of Saint-Michel-des-Saints pursuant
to the Collaboration Agreement;

(oo) "**Existing Instrument**" has the meaning ascribed thereto in Section 3.1(c);

(pp) "**FDI Authority**" means Canada's Minister of Industry, Governor-in-Council, or
any other Governmental Entity of Canada in charge of applying and enforcing the Investment Canada Act;

(qq) "**FDI Clearance**" means, in the event that the FDI Authority sends to the Investor a
notice under subsection 25.2(1) of the Investment Canada Act in respect of the Investment contemplated by this Agreement within the
prescribed time period (and in any event within the time period under Section 4.1(i)), the Investor having subsequently received
(A) a notice under paragraph 25.2(4)(a) of the Investment Canada Act indicating that a review of the Investment contemplated
by this Agreement on grounds of national security will not be commenced, (B) a notice under paragraph 25.3(6)(b) of the Investment
Canada Act indicating that no further action will be taken in respect of the Investment contemplated by this Agreement, or (C) a
copy of an order under paragraph 25.4(1)(b) of the Investment Canada Act authorizing the Investment contemplated by this Agreement
on terms and conditions satisfactory to the Investor (it being understood that such authorization, non-objection or exemption shall not
be subject to any Undertakings other than as provided under Section 6.2(d));

(rr) "**FID**" means the final decision of the Board to proceed with the design, engineering
and construction of the Matawinie Project on the basis of, among other things, access to the necessary capital to fund such activities
pursuant to the FID Equity Offering and the FID Debt Commitment;

(ss) "**FID Debt Commitment**" means the commitment by the Export Development Canada and the
Canada Infrastructure Bank to provide senior secured credit facilities totalling $335 million to support the construction, development
and commissioning of the Matawinie Project;

(tt) "**FID Equity Offering**" means, collectively, (i) the FID Private Placement and (ii) the
FID Prospectus Offering;

(uu) "**FID Private Placement**" means the private placement of an aggregate of 115,847,791 Common Shares (including the Purchased Shares)
at a price of $1.84 per Common Share for aggregate gross proceeds of $213,159,935.44 (including the Subscription Price), upon the terms
and subject to the conditions set forth in this Agreement, the IQ Subscription Agreement and the CGF Subscription Agreement;

(vv) "**FID Prospectus Offering**" means a prospectus offering of an aggregate of 45,600,000 subscription receipts of the Corporation exchangeable
for an aggregate of 45,600,000 Common Shares at a price of $1.84 per subscription receipt for aggregate gross proceeds of $83,904,000,
pursuant to the FID Prospectus Offering Underwriting Agreement;

(ww) "**FID Prospectus Offering Co-Lead Underwriters**" means, collectively, BMO Nesbitt Burns
Inc. and National Bank Financial Inc., in their capacity as joint bookrunners and co-lead underwriters in connection with the FID Prospectus
Offering;

(xx) "**FID Prospectus Offering Letter Agreement**" means the letter agreement entered into
as of the date hereof among the Corporation and the FID Prospectus Offering Co-Lead Underwriters;

(yy) "**FID Prospectus Offering Release Conditions**" means such conditions to be satisfied
pursuant to the FID Prospectus Offering Subscription Receipt Agreement, including for the net proceeds from the FID Prospectus Offering
to be deposited to the Corporation thereunder;

(zz) "**FID Prospectus Offering Subscription Receipt Agreement**" means the agreement governing
the terms and conditions of the subscription receipts to be issued pursuant to the FID Prospectus Offering to be entered into on the closing
date of the FID Prospectus Offering among the Corporation, the FID Prospectus Offering Co-Lead Underwriters and the subscription receipt
agent thereunder;

(aaa) **"FID Prospectus Offering Underwriting Agreement"** means the underwriting agreement to
be entered into among the Corporation and a syndicate of underwriters co-led by the FID Prospectus Offering Co-Lead Underwriters in connection
with the FID Prospectus Offering, replacing and superseding the FID Prospectus Offering Letter Agreement;

(bbb) "**Financial Indebtedness**" means any indebtedness for or in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) moneys borrowed (and debit balances at banks or other financial institutions);

&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 amount raised by acceptance under any acceptance credit facility or dematerialized equivalent;

&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 amount raised pursuant to any note purchase facility or the issue of notes, debentures, bonds or any
similar debt instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the amount of any liability in respect of any lease or hire purchase contract which would, in accordance
with IFRS, be treated as a finance or capital lease (meaning that the lease is capitalized as an asset and booked as a corresponding liability
in the balance sheet);

&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) receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse
basis provided that the requirements for derecognition under IFRS are met);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any derivative transaction entered into and, when calculating the value of any derivative transaction,
only the marked to market value (or, if any actual amount is due as a result of the termination or close-out of that derivative transaction,
that amount shall be taken into account);

&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) any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit
or any other instrument issued by a bank or financial institution in respect of an underlying liability of a Person which is not a member
of the Corporation which liability would fall within one of the other paragraphs of this definition;

&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) any amount raised by the issue of redeemable shares which are classified as borrowings or liabilities
under 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;(ix) any amount of any liability under an advance or deferred purchase agreement, if (a) the primary reason
behind entering into the agreement is to raise finance or (b) the agreement is in respect of the supply of assets or services and
payment is due more than one hundred twenty (120) calendar days after the date of supply;

&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) any refundable tax credit granted by 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;(xi) any amount raised under any other transaction (including any forward sale or purchase agreement) having
the commercial effect of a borrowing or otherwise being classified as a borrowing under IFRS; 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;(xii) without double counting, the amount of any liability in respect of any guarantee for any of the items
referred to in paragraphs (i) to (xi) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**Future Offtake Agreements**" means any supply agreements
for graphite concentrate and/or anode products to be entered into by the Corporation after the date hereof but before the date of the
FID, including the GoC Offtake Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "**GoC Offtake Agreement**" means the definitive supply
agreement for graphite concentrate entered into between the Corporation and the Government of Canada and providing for a commitment to
purchase 30,000 tonnes per annum on a take-or-pay basis over a seven-year term, which is subject to satisfaction of customary conditions
precedent, including the completion of governmental approvals and appropriation processes, and a positive FID on the Matawinie Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "**Government Official**" means any official (elected or appointed), officer, or employee
of a Governmental Entity or any department, agency or instrumentality thereof, including any employee, representative, or agent (paid
or unpaid) of a state-owned or controlled entity, public international organization, political party or organization or candidate thereof,
or any person acting in an official capacity for or on behalf of any such Governmental Entity, department, agency, instrumentality, public
international organization, political party, organization, or candidate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "**Governmental Entity**" means any domestic or foreign federal, provincial, regional,
state, municipal or other government, governmental department, agency, authority or body (whether administrative, legislative, executive
or otherwise), court, tribunal, commission or commissioner, bureau, minister or ministry, board or agency, or other regulatory authority,
including any securities regulatory authorities and stock exchange, or any other entity, insofar as it exercises a legislative, judicial,
regulatory, administrative, expropriation or taxing power or function of or pertaining to government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "**Hazardous Materials**" means (a) any chemical, mineral, material or substance that
is prohibited, regulated or designated as a pollutant, contaminant, tailings, wastewater, toxic substance, deleterious substance, dangerous
good, waste or residual material, hazardous waste or hazardous residual material, hazardous substance, hazardous material or any other
similar designation, under any provision of Environmental Law, (b) any petroleum product or by-product and derivatives thereof, including
oil and fuel of any kind, (c) any substance or material that is toxic, explosive, poisonous, corrosive, flammable, radioactive, oxidizing,
leachable, carcinogenic or mutagenic, (d) PCBs, PFAS (perfluoroalkyl and polyfluoroalkyl substances). lead including lead-containing
paint or coating and lead-containing material, urea formaldehyde foam insulation, pyrite, pyrrhotite, crystalline silica, mould, mercury
and mercury-containing material, and asbestos and asbestos-containing material and noise, and (e) any chemical, mineral, material
or substance that is otherwise regulated by Environmental Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "**ICC Rules**" has the meaning ascribed thereto in Section 9.6(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**IFRS**" means the International Financial Reporting Standards as issued by the International
Accounting Standards Board and as adopted by the Chartered Professional Accountants of Canada (CPA Canada) in Part I of The CPA Canada
Handbook – Accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "**Indigenous**" means the Indian, Inuit and Métis persons or peoples of Canada;
a band as defined pursuant to the *Indian Act* (Canada), any government or council including customary government or council established
for the benefit of Indian, Inuit and Métis peoples of Canada, a corporation, trust, partnership or other unincorporated organization
belonging to or established for the benefit of the Indian, Inuit or Métis peoples of Canada or in which one or more Indian, Inuit
or Métis persons hold an interest, any person or group asserting or otherwise claiming an aboriginal or treaty right (including
aboriginal title), and also includes a third party acting on its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) "**Intellectual Property**" has the meaning ascribed thereto in Section 3.1(tt);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) "**Intercompany Loan**" means any loan provided by the Corporation to an Affiliate of the
Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm) "**internal control over financial reporting**" has the meaning ascribed thereto in Regulation
52-109;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn) "**Investment**" has the meaning ascribed thereto in the recitals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo) "**Investment Canada Act**" means Investment Canada Act (Canada), R.S.C. 1985, c.28 (1st
Supp.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp) "**Investor Indemnified Party**" has the meaning ascribed thereto in Section 8.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq) "**Investor Rights Agreement**" means the investor rights agreement to be entered into
between the Corporation and the Investor on the Closing Date in the form substantially similar to the draft attached as Schedule B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr) "**IQ**" means Investissement Québec, together with its successors and permitted
assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss) "**IQ Subscription Agreement**" means the subscription
agreement entered into as of the date hereof between the Corporation and IQ whereby the Corporation has agreed to issue, and IQ has agreed
to subscribe to, upon the terms and subject to the conditions set forth therein, 33,351,853 Common Shares, for a total subscription price
of $61,367,409.52;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt) "**IT Systems and Data**" has the meaning ascribed thereto in Section 3.1(qqq);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuu) "**Lien**" means any mortgage, charge, pledge, hypothec, security interest, lien (statutory
or otherwise), imperfection of title, encroachment, lease, license, easement, right-of-way, condition, restriction, or adverse right or
claim, or other third-party interest or encumbrance of any kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvv) "**Loss**" means any loss, liability, Claim, damage, cost, and expense whatsoever (including
reasonable legal, consultant, expert, and other professional advisor fees and expenses), including any amounts paid in settlement of any
investigation, Order, litigation, proceeding or Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(www) "**Matawinie Impact Benefit Agreement**" means the impact benefit agreement dated as of
December 11, 2024 between the Corporation, the *Conseil des Atikamekw de Manawan* and the *Conseil de la Nation Atikamekw* in respect of the Matawinie Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) "**Matawinie Project**" means the Matawinie graphite mine project located in Saint-Michel-des-Saints,
Québec, approximately 120 kilometers north of Montréal, Québec, and includes 176 exclusive exploration rights forming
two (2) non-contiguous claim blocks covering 9,263.7 hectares (including the constructions, engineering, permitting, procurement,
buildings, improvements and equipment that make up the mine to be operated by the Corporation or any of the Subsidiaries and the ownership,
leasing or use of any lands in connection therewith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyy) "**Material Adverse Effect**" means any action, change, fact, event, circumstance or state
of circumstances which, alone or in conjunction with other action, change, fact, event, circumstance or state of circumstances, is or
would reasonably be expected to be, individually or in the aggregate, materially adverse to the business, affairs, operations, properties,
assets, liabilities (contingent or otherwise), capital, prospects, results of operations or condition (financial or otherwise) of the
Corporation and the Subsidiaries, taken as a whole, provided that in no event shall any matter resulting from the following be deemed
a 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) changes in the regulatory accounting requirements applicable to the Corporation or the 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) changes in general economic or political conditions (whether international, national or local);

&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) changes (including changes of Applicable Laws) generally affecting the industry or industries in which
the Corporation or the Subsidiaries operate;

&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) acts of war, sabotage or terrorism, pandemic, epidemic or natural disasters;

&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) shortages or price changes with respect to raw materials, metals or products used, produced or sold in
connection with the business of the Corporation or the 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) any action taken (or omitted to be taken) at the express written request or with the express written consent
of the Investor, including any action, at the express written request or with the express written consent of the Investor, required pursuant
to this Agreement;

provided, however, that any action, change, fact, event, circumstance or state of circumstances resulting from the matters referred to in clauses (i), (ii), (iii), (iv) and (v) above shall be excluded only to the extent such matters do not disproportionately impact the Corporation and the Subsidiaries, taken as a whole, as compared to other Persons operating in the same industry or industries in which the Corporation or the Subsidiaries operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzz) "**Material Contract**" means each Contract that is material to the business, affairs or
operations of the Corporation and the Subsidiaries generally, and the maintenance, repair, operation or use of the Phase 2 Projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaa) "**Material Leases** "
means each lease, occupancy agreement and/or access agreement that is material to the business, affairs or operations of the Corporation
and the Subsidiaries, including: (i) the deed of servitude dated July 18, 2024 between Sylvain Rondeau Inc. and the Corporation, registered
under number 28 849 982 in the Land Book for the Registration Division of Berthier; (ii) the lease no. 278 17 914 dated
April 7, 2025 between the *Ministre des Ressources Naturelles et des Forêts*) and the Corporation for approximately 244.4 hectares
for purposes of mine tailings site; (iii) the lease no. 394 18 914 dated October 12, 2021 (as amended) between the *Ministre de l'Énergie et des Ressources Naturelles* and the Corporation for approximately 20.2 hectares for mining facilities;
and (iv) the lease dated October 29, 2020 between SSTM International Inc. and the Corporation for premises located at 600 chemin de la
Forex, Saint-Michel-des-Saints, Québec, for office and graphite manufacturing/warehousing uses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbb) "**Mining Projects**" means, collectively, the Matawinie Project and the Uatnan Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccc) "**Mining Rights**" has the meaning ascribed thereto in Section 3.1(v);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddd) "**Money Laundering Laws**" has the meaning ascribed thereto in Section 3.1(hhh);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeee) "**Note**" means the US$12,500,000 convertible note issued by the Corporation to IQ on
November 8, 2022, with a maturity date of November 8, 2026 as amended and/or amended and restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ffff) "**NYSE**" means the New York Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gggg) "**OFAC**" means the U.S. Department of the Treasury's Office of Foreign Assets Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhh) "**Operating Lease**" means any lease which in accordance with the relevant accounting
principles of the Corporation in force at the date hereof is not treated as a finance or capital lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiii) "**Order**" means any order, directive, judgment, decree, injunction, decision, ruling,
award or writ of any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjj) "**Ordinary Course** ", when used in relation to the taking of any action by the Corporation
or any of the Subsidiaries, means that the action is consistent with the past practices of any of them or their respective business, is
taken in the ordinary course of normal day-to-day operations of any of them or their respective business and is consistent with reasonable,
industry standard actions, including in furtherance of capital-raising activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkk) "**Outside Date**" means July 31, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(llll) "**Owned Intellectual Property**" has the meaning ascribed thereto in Section 3.1(tt);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmmm) "**Permit**" means any permit, approval, consent, waiver, licence, certificate, qualification,
declaration, registration or similar authorization issued, granted, given or made available under the authority of or otherwise required
from any Governmental Entity under Applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnnn) "**Permitted Financial Indebtedness**" means any one or more 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;(i) any Existing Financial Indebtedness;

&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 Financial Indebtedness incurred under the terms of the Note;

&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 Financial Indebtedness incurred under any Intercompany Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Financial Indebtedness arising under Permitted Financial Leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Financial Indebtedness incurred under the Future Offtake Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any Financial Indebtedness incurred under the FID Debt Commitment and more generally in connection with
the Phase 2 Projects and necessary to cover, together with the net proceeds from any equity financing, the costs associated thereto;

&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) any Financial Indebtedness incurred in connection with the development of the Uatnan 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;(viii) any other
Financial Indebtedness not included under (i) to (vi) above, the outstanding amount of which shall not exceed $[REDACTED COMMERCIALLY
SENSITIVE INFORMATION] or its equivalent at any time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any Financial Indebtedness incurred
for hedging or similar purposes, provided that (i) hedging shall only be permitted in connection with currency or interest rate protection
and not for speculative purposes, and (ii) the negative mark to market of which shall not $[REDACTED COMMERCIALLY SENSITIVE INFORMATION] or its equivalent at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oooo) "**Permitted Financial Lease** "
means, except for all financial leases related directly or indirectly to the Phase 2 Projects, finance or capital leases (which in accordance
with the relevant accounting principles of the Corporation in force at the date hereof are treated as finance or capital leases) of equipment
provided that the aggregate capital value of the equipment leased does not exceed $[REDACTED COMMERCIALLY SENSITIVE INFORMATION] or its equivalent at any time. For greater certainty, Operating Leases do not constitute Financial Indebtedness and are therefore permitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pppp) "**Permitted Liens**" means, in respect of the Corporation and the Subsidiaries, any one
or more 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;(i) security for any Future Offtake Agreements, in an amount not exceeding, in respect of each such agreement
at any time, an amount equal to the anticipated average annual sales under such agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any encumbrance relating to a Permitted Financial Indebtedness;

&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 netting or set-off arrangement entered into in the Ordinary Course of banking arrangements for the
purpose of netting debt and credit balances with an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any encumbrance relating to a Permitted Financial Lease or an Operating Lease provided that such encumbrance
is limited to the property that is the subject of the Permitted Financial Lease or Operating Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any encumbrance arising under any instalment sale or conditional sale (excluding arising under any finance
or capital lease, or Operating Lease) in respect of goods supplied in the Ordinary Course and on the supplier's standard or usual
terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any encumbrances made or incurred in the Ordinary Course to secure (a) workers' compensation,
surety or appeal notes, letters of credit, costs of litigation when required by law, Order, and public and statutory obligations, or (b) the
discharge of encumbrances or claims incidental to construction and mechanics', warehouseman's, carriers' and other similar
liens, provided such encumbrances (whether individually or in the aggregate with any other Permitted Liens described in paragraphs (vii) through
(xvi) of this definition) do not and will not impair the development, construction and operation of the Phase 2 Projects or the business
of the Corporation, or otherwise have a 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;(vii) any development or similar agreement concerning immovable or real property entered into with a Governmental
Entity or a public utility which does not and will not (whether individually or in the aggregate with any other Permitted Liens described
in paragraphs (vii) through (xvi) of this definition) materially detract from the value of such property or materially impair
its use in the development, construction and operation of the Phase 2 Projects or the business of the Corporation, or otherwise have a
Material Adverse Effect, provided the Corporation party to any such agreement is not in default thereunder in any material respect;

&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) any such minor defects as may be revealed by an up-to-date certificate of location, any registered or
unregistered rights of way or servitude, or any encroachments, or any zoning by-laws or other municipal law restrictions as to the use
of immovable or real property, provided the foregoing do not and will not (whether individually or in the aggregate with any other Permitted
Liens described in paragraphs (vii) through (xvi) of this definition) materially detract from the value of the affected property
or materially impair its use in the development, construction and operation of the Phase 2 Projects or the business of the Corporation,
or otherwise have a 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;(ix) any security or deposits given to a public utility or any Governmental Entity when required by such utility
or Governmental Entity pursuant to any Material Contract, or in connection with the operations of the Corporation and in the Ordinary
Course of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any encumbrance for Taxes, assessments or governmental charges or levies not at the time due or delinquent
or, provided such encumbrance (whether individually or in the aggregate with any other Permitted Liens described in paragraphs (vii) through
(xvi) of this definition) does not and will not materially impair the development, construction and operation of the Phase 2 Projects
or the business of the Corporation or otherwise have a Material Adverse Effect and provided adequate reserves in accordance with IFRS
with respect thereto are maintained in the books and records of the Corporation, any encumbrance which relates to any such obligations
to the extent such obligations are being diligently contested in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any encumbrance or charge incidental to construction or current operations (including carrier's
warehouseman's, mechanics', construction, builder's, material men's and repairmen's liens) that have not
at such time been published pursuant to Applicable Laws or which relate to obligations not due or delinquent or, provided such encumbrance
(whether individually or in the aggregate with any other Permitted Liens described in paragraphs (vii) through (xvi) of this
definition) does not and will not materially detract from the value of the affected property or materially impair its use in the development,
construction and operation of the Phase 2 Projects or the business of the Corporation or otherwise have a Material Adverse Effect and
provided adequate reserves in accordance with IFRS with respect thereto are maintained in the books and records of the Corporation, any
encumbrance which relates to any such obligations to the extent such obligations are being diligently contested in good faith;

&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) good faith deposits made in the Ordinary Course to secure the performance of bids, tenders, Contracts
(other than for the repayment of borrowed money), leases, surety, customs, performance bonds and other similar obligations, provided such
encumbrances (whether individually or in the aggregate with any other Permitted Liens described in paragraphs (vii) through (xvi) of
this definition) do not and will not materially impair the development, construction and operation of the Phase 2 Projects or the business
of the Corporation or otherwise have a 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;(xiii) the restrictions, exceptions, reservations, limitations, provisos and conditions, if any, expressed in
any original patents or grants from any Governmental Entity, provided such restrictions, exceptions, reservations, limitations, provisos
and conditions (whether individually or in the aggregate with any other Permitted Liens described in paragraphs (vii) through (xvi) of
this definition) do not and will not materially detract from the value of the affected property or materially impair its use in the development,
construction and operation of the Phase 2 Projects or the business of the Corporation or otherwise have a 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;(xiv) a hypothec securing the Corporation's obligations created under the Royalty Agreement under the
terms of a deed of hypothec executed before Mtre Lyes Arfa, Notary, on August 29, 2022 and registered at the Québec Land Registry
Office, in the Register of real rights of State resource development, for the Registration Divisions of Berthier, Joliette and Maskinonge,
on August 30, 2022 under number 27 521 580;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the right reserved to or vested in any Governmental Entity by the terms of any lease, grant or Permit
acquired by the Corporation by any statutory provision to terminate any such lease, grant or Permit, or to require annual or other payments
as a condition to the continuance 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;(xvi) any other Liens not included under paragraphs (i) to (xv) above, in
an amount that could not result in an aggregate liability in excess of $[REDACTED COMMERCIALLY SENSITIVE INFORMATION];

provided, however (for the avoidance of doubt) that no Lien described above, other than in paragraphs (i), (ii), (iii) and (v), shall constitute a Permitted Lien if it was incurred in connection with the incurrence of any Permitted Financial Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqqq) "**Person**" means and includes any individual, corporation, limited partnership, general
partnership, joint stock corporation, limited liability corporation, joint venture, association, corporation, trust, bank, trust corporation,
pension fund, business trust, administrator, authority, entity, executor, other legal representative, sole proprietorship, syndicate,
trust, trustee, unincorporated association, or other organization, whether or not a legal entity, and any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrrr) "**PFIC**" has the meaning ascribed thereto in Section 3.1(sss);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ssss) "**Phase 2 Projects**" means, collectively, the Matawinie Project and the Battery Plants
Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tttt) "**Policies**" has the meaning ascribed thereto in Section 3.1(rrr);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuuu) "**Premises**" has the meaning ascribed thereto in Section 3.1(lll);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvvv) "**Privacy Laws**" has the meaning ascribed thereto in Section 3.1(rrr);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(wwww) "**Proceeds**" has the meaning ascribed thereto in Section 2.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxx) "**Purchased Shares**" has the meaning ascribed thereto in Section 2.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyyy) "**Registration Rights Agreement**" means the registration rights agreement to be entered
into between the Corporation and the Investor on the Closing Date in the form attached as Schedule C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzzz) "**Regulation 43-101**" means *Regulation 43-101 respecting Standards of Disclosure for Mineral Projects* (Québec), or the corresponding regulation or instrument in the Reporting Jurisdictions, other than Québec;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaaa) "**Regulation 45-106**" means *Regulation 45-106 respecting Prospectus Exemptions* (Québec),
or the corresponding regulation or instrument in the Reporting Jurisdictions, other than Québec;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbbb) "**Regulation 52-109**" means *Regulation 52-109 respecting Certification of Disclosure in Issuers' Annual and Interim Filings* (Québec) or the corresponding regulation or instrument in the Reporting Jurisdictions,
other than Québec;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccccc) "**Regulation D**" means Regulation D promulgated by the SEC under the U.S. Securities
Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddddd) "**Regulation M**" has the meaning ascribed thereto in Section 3.1(ttt);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeeee) "**Regulation S**" means Regulation S promulgated by the SEC under the U.S. Securities
Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fffff) "**Reporting Jurisdictions**" means each of the provinces of Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggggg) "**Royalty Agreement**" means the royalty agreement dated August 28, 2020 between
Pallinghurst Graphite Limited and the Corporation, as assigned to Pallinghurst Graphite International Limited pursuant to an Assignment
and Assumption Agreement dated December 17, 2020, as amended on August 18, 2023 and August 29, 2024, and as further amended
or supplemented, from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhhh) "**Sanction**" means any laws or regulations concerning trade, economic or financial sanctions,
export controls or trade embargoes or related restrictive measures imposed, administered or enforced from time to time by a Sanctions
Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiiii) "**Sanctioned Person**" means any Person: (i) who is a restricted or prohibited Person
as designated or included in any list of designated or restricted parties under any Sanctions; (ii) a Person organized under the
laws of or incorporated in (in case of an entity) or resident in (in case of an individual), a Sanctioned Territory, or which is otherwise
subject to any Sanction in a Sanctioned Territory; or (iii) an entity owned or controlled by any of the foregoing Persons in clauses
(i) or (ii) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjjj) "**Sanctioned Territory**" means, at any time, a country or territory which is, or whose
government is, the subject of Sanctions broadly prohibiting dealings with such country or territory or its government (which at the time
of this Agreement includes Cuba, Democratic People's Republic of Korea, the Islamic Republic of Iran, the Crimea, Kherson and Zaporizhzhia
regions of Ukraine, the so-called Donetsk People's Republic and the so-called Luhansk People's Republic);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkkk) "**Sanctions Authority**" means the United States government and any of its agencies (including
OFAC, BIS, the U.S. State Department and the U.S. Department of Commerce), the European Union and each of its member states, the United
Nations Security Council, the United Kingdom of Great Britain and Northern Ireland, the Canadian government, or any other Governmental
Entity with jurisdiction over the parties to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lllll) "**Schedules**" has the meaning ascribed thereto in Section 1.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmmmm) "**SEC**" means the United States Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnnnn) "**Securities Laws**" means the securities laws, regulations and rules of each of
the provinces and territories of Canada and the securities laws of the United States, including the Securities Act (Québec) and
the regulations promulgated thereunder, the U.S. Securities Act and the regulations promulgated thereunder and the securities laws of
the states of the United States, and the blanket rulings and policies and written interpretations of, and multilateral or national instruments
adopted by, the securities regulatory authorities of Canada and the United States and each of their respective states, provinces and territories,
including the Autorité des marchés financiers (Québec) and the SEC, as well as the rules and policies of the
TSX, the NYSE and any other stock or securities exchange, marketplace or trading market upon which the securities of the Corporation are
listed and posted for trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooooo) "**Share Price**" has the meaning ascribed thereto in Section 2.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppppp) "**Shareholder**" means a holder of Common Shares, for as long as he, she or it remains
a holder of Common Shares, and any other Person who, from time to time, holds Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqqqq) "**Subscription Price**" has the meaning ascribed thereto in Section 2.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrrrr) "**Subsidiaries**" means, collectively, Nouveau Monde District Inc., Nouveau Monde Europe
Limited, NMG Matawinie Inc. and NMG Bécancour Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sssss) "**Survival Date**" has the meaning ascribed thereto in Section 8.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttttt) "**Tax**" or "**Taxes**" means any taxes, duties, fees, premiums, assessments,
imposts, levies, expansion fees and other charges of any kind whatsoever imposed by any Governmental Entity, including all interest, penalties,
fines, additions to tax or other additional amounts imposed by any Governmental Entity in respect thereof, and including those levied
on, or measured by, or referred to as, income, gross receipts, profits, windfall, royalty, capital, transfer, land transfer, sales, goods
and services, harmonized sales, use, value-added, excise, stamp, withholding, business, franchising, property, development, occupancy,
employer health, payroll, employment, health, social services, education and social security taxes, all surtaxes, all customs duties and
import and export taxes, countervail and anti-dumping, all license, franchise and registration fees and all employment insurance, health
insurance and Canada and other pension plan premiums or contributions imposed by any Governmental Entity, and any transferee liability
in respect of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuuuu) "**Tax Act**" means the *Income Tax Act* (Canada);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvvvv) "**Tax Returns**" means all returns, reports, declarations, elections, notices, filings,
forms, statements and other documents (whether in tangible, electronic or other form) and including any amendments, schedules, attachments,
supplements, appendices and exhibits thereto, made, prepared, filed or required by a Governmental Entity to be made, prepared or filed
under Applicable Laws in respect of Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(wwwww) "**Technical Report**" means the technical report titled "*NI 43-101 Technical Report: 2025 Feasibility Study for the Matawinie Graphite Mine* ", effective as of November 12, 2025 and issued on November 13,
2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxxx) "**Third Party**" has the meaning ascribed thereto in Section 8.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyyyy) "**Third Party Claim**" has the meaning ascribed thereto in Section 8.2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzzzz) "**TSX**" means the Toronto Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaaaa) "**Uatnan Project**" means the Phase 3 Uatnan graphite mine project located on the southwestern
shore of the Manicouagan Reservoir, within the Rivière-aux Outardes municipality, Québec, and includes 205 exclusive exploration
rights totaling 11,082.95 hectares (including the constructions, engineering, permitting, procurement, buildings, improvements and equipment
that make up the mine to be operated by the Corporation or any of the Subsidiaries and the ownership, leasing or use of any lands in connection
therewith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbbbb) "**Undertakings**" has the meaning ascribed thereto in Section 6.2(d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccccc) "**U.S. Exchange Act**" means the United States *Securities Exchange Act of 1934*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddddd) "**U.S. Person**" means a "U.S. person" as defined in Rule 902(k) of
Regulation S;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeeeee) "**U.S. Securities Act**" means the United States *Securities Act of 1933*; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ffffff) "**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** 

For the purposes of this Agreement:

(a) words (including defined terms) using or importing the singular number include the plural and vice versa,
and words importing one gender only shall include all genders;

(b) the headings used in this Agreement are for ease of reference only and shall not affect the meaning or
the interpretation of this Agreement;

(c) all accounting terms not defined in this Agreement shall have the meanings generally ascribed to them
under IFRS;

(d) references to "the knowledge of the Corporation" or "the best knowledge of the Corporation"
or other similar expressions limiting the scope of any representation, warranty, acknowledgement, covenant or statement made by the Corporation
in this Agreement, means that the Corporation has reviewed all records, documents and other information currently in its possession or
under its control which would be regarded as reasonably relevant to the matter and has, where applicable, made appropriate enquiries of
the senior officers of the Corporation;

(e) unless otherwise specified, all references in this Agreement to the symbol "$" are to the
lawful money of the United States;

(f) in the event that any value or amount to be calculated hereunder is expressed in U.S. dollars and must
be calculated in Canadian dollars (and vice versa) in any documents related to this Agreement, such value or amount shall be calculated
using the applicable Bank of Canada daily average exchange rate for such conversion on the Business Day immediately preceding the applicable
date of conversion, or as the parties to this Agreement may otherwise mutually agree;

(g) the use of "including" or "include" will in all cases mean "including, without
limitation" or "include, without limitation," respectively;

(h) reference to any Person includes such Person's successors and assigns to the extent such successors
and assigns are permitted by the terms of any applicable Contract, and reference to a Person in a particular capacity excludes such Person
in any other capacity or individually;

(i) reference to any Contract (including this Agreement) or document shall mean such Contract or document
as amended or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms of this Agreement;

(j) reference to any statute means such statute as amended from time to time and includes any successor legislation
thereto and any regulations promulgated thereunder;

(k) all references to Articles, Sections, paragraphs, clauses, or Schedules are to Articles, Sections, paragraphs,
clauses, and Schedules in or to this Agreement unless otherwise specified;

(l) the phrases "hereunder", "hereof", "hereto", "herewith"
and words of similar import shall refer to this Agreement as a whole and not to any particular Article, Section, paragraph, or clause
of, or Schedule to, this Agreement; and

(m) references to time are to the local time in Montréal, Québec.

**1.3** **Schedules** 

The following schedules attached to this Agreement (the "**Schedules**") form part of this Agreement:

Schedule A - Registration Instructions

Schedule B - Investor Rights Agreement

Schedule C - Registration Rights Agreement

**ARTICLE 2 - SUBSCRIPTION**

**2.1** **Subscription** 

(a) Upon the terms and subject to the conditions set forth in this Agreement,
at the Closing Time, the Investor agrees to subscribe for and purchase from the Corporation, and the Corporation agrees to issue and sell
to the Investor, 38,043,478 Common Shares (the "**Purchased Shares**") at a price of $1.84 per Purchased Share
(the "**Share Price**") for an aggregate consideration of $69,999,999.52 (the "**Subscription Price** ");
provided that the Share Price shall be no less favourable than the price per Common Share (or subscription receipt, as applicable) payable
by any other investors that are subscribing for (or received in exchange for subscription receipt, as applicable) Common Shares substantially
concurrently with the Closing, including in connection with the FID Equity Offering.

(b) The Investor shall purchase the Purchased Shares and pay the Subscription Price at Closing, by wire transfer
of immediately available funds to an account designated in writing by the Corporation in accordance with Section 5.3(b).

(c) At the Closing Time, the Corporation shall cause to be issued and delivered to the Investor in accordance
with Section 5.2(b) one or more share certificates or DRS Advices, as directed by or on behalf of the Investor, representing
the Purchased Shares.

**2.2** **Use of Proceeds** 

The net proceeds of the Investment (the "**Proceeds**") shall be used in combination with the net proceeds from the FID Private Placement (other than the Proceeds) and the FID Prospectus Offering and the funds available under the FID Debt Commitment, for: (i) funding the design, engineering and construction of the Matawinie Project; and (ii) general and administrative expenses and general working capital of the Corporation.

**ARTICLE 3 - REPRESENTATIONS, WARRANTIES, ACKNOWLEDGMENTS<br> AND AUTHORIZATIONS**

**3.1** **Representations and Warranties of the Corporation** 

The Corporation hereby represents and warrants to the Investor as of the date hereof (unless a different date is indicated, in which case the representation and warranty shall be as of such date) as follows and acknowledges that the Investor is relying on such representations and warranties in connection with the transactions contemplated herein:

(a) this Agreement has been, and the Ancillary Agreements will be at the Closing Time, duly authorized, executed
and delivered by the Corporation and constitute, or will constitute at the Closing Time, as applicable, legal, valid and binding obligations
of the Corporation enforceable against the Corporation in accordance with their terms, and will not violate or conflict with the constating
documents of the Corporation or the terms of any restriction, agreement or undertaking to which the Corporation is subject;

(b) each of the Corporation and the Subsidiaries has been duly incorporated or organized, as the case may
be, and is validly existing as a corporation in good standing under the laws of the jurisdiction of its incorporation or organization
and has the power and authority (corporate or other) to own, lease and operate its properties and to conduct its business. Each of the
Corporation and the Subsidiaries is qualified as a corporation to transact business and is in good standing in each jurisdiction in which
such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the
failure to be so qualified or in good standing would not have a Material Adverse Effect, and has all requisite power and authority to
conduct its business and to own, lease and operate its property and assets and to execute and deliver this Agreement and the Ancillary
Agreements and to perform its obligations hereunder and thereunder. All of the issued and outstanding shares or other equity or ownership
interests of each of the Subsidiaries have been duly authorized and validly issued, are fully paid and non-assessable and are owned by
the Corporation, directly or indirectly, free and clear of any Liens of any kind or nature. None of the outstanding shares of, or equity
interest in, any of the Subsidiaries was issued in violation of pre-emptive or similar rights of any securityholder of such Subsidiaries.
The constating or organizational documents of each of the Subsidiaries comply in all material respects with the requirements of Applicable
Laws of its jurisdiction of incorporation or organization and are in full force and effect, up to date and in its possession;

(c) Neither the Corporation nor any of the Subsidiaries is in violation of its certificate of incorporation,
by-laws, or other constating documents, or is in default (or, with the giving of notice or lapse of time, would be in default) under any
indenture, loan, credit agreement, note, lease, license agreement, Contract, franchise or other instrument (including any pledge agreement,
security agreement, mortgage or other instrument or agreement evidencing, guaranteeing, securing or relating to indebtedness) to which
the Corporation or any of its Subsidiaries is a party or by which it or any of them may be bound, or to which any of their respective
properties or assets are subject (each, an "**Existing Instrument** "), except for such defaults as would not reasonably
be expected, individually or in the aggregate, to have a Material Adverse Effect. The Corporation's execution and delivery of this
Agreement and the Ancillary Agreements, the performance by the Corporation of its obligations hereunder and thereunder and the consummation
of the transactions contemplated hereby and thereby, including the issuance and sale of the Purchased Shares, (i) have been, or will
be at the Closing Time, as applicable, duly authorized by all necessary corporate action and will not result in any violation of the provisions
of the certificate of incorporation, by-laws or other constating documents of the Corporation or any of the Subsidiaries, (ii) will
not conflict with or constitute a breach of or default under, or result in the creation or imposition of any Lien upon any property or
assets of the Corporation or any of its Subsidiaries pursuant to, or require the consent of any other party to, any Existing Instrument,
except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, and (iii) will not
result in any violation of any Applicable Laws with respect to the Corporation or any of its Subsidiaries that would reasonably be expected
to have a Material Adverse Effect. Except as otherwise disclosed in Section 3.1(c) of the Disclosure Letter, no consent, approval,
authorization or other Order of, or registration or filing with, any court or other Governmental Entity is required for the Corporation's
execution and delivery of this Agreement and the Ancillary Agreements, the performance by the Corporation of its obligations hereunder
and thereunder and the consummation of the transactions contemplated hereby and thereby;

(d) the minute books of the Corporation and the Subsidiaries for the last three years are complete and accurate
in all material respects and contain copies of all by-laws and resolutions passed by and any other proceedings of their shareholders,
directors and committees of the board of directors since their respective dates of incorporation, all of which by-laws and resolutions
have been duly passed. No meeting, resolution or proceeding of any such shareholders, directors or committees of the board of directors
of the Corporation or its Subsidiaries has been held or passed that has not been reflected in such minute books;

(e) the entering into of this Agreement and the Ancillary Agreements, the issuance of the Purchased Shares
and the exercise of the rights and performance of the obligations hereunder and thereunder by the Corporation do not and will not: (i) conflict
with or result in a default under any agreement, mortgage, bond or other instrument to which the Corporation or any of the Subsidiaries
is a party; or (ii) conflict with or violate any Applicable Laws, in each case other than a conflict, default or violation that would
not reasonably be expected to have a Material Adverse Effect;

(f) the Corporation's authorized share capital consists of an unlimited
number of Common Shares, of which, as at the close of business on April 6, 2026, 160,826,539 Common Shares are issued and outstanding,
all of which have been validly issued as fully paid and non-assessable in compliance with all Applicable Laws and the constating documents
of the Corporation. In addition, as at the close of business on April 6, 2026, the following securities are outstanding: (i) options under
the Corporation's stock option plan providing for the issuance of an aggregate of 7,510,750 Common Shares upon the exercise or settlement
thereof, (ii) units under the Corporation's omnibus equity incentive plan providing for the issuance of an aggregate of 592,000
Common Shares upon the exercise or settlement thereof, (iii) 2,500,000 Common Shares (with interests as at that date corresponding
to 1,920,176 Common Shares) and 2,500,000 Common Share purchase warrants reserved for issuance that will be issued at the maturity,
conversion or redemption of the Note, (iv) 39,682,538 Common Shares reserved for issuance pursuant to the exercise of warrants upon
the occurrence of the FID (as defined in IQ's and CGF's respective share purchase warrant certificates), and (v) 31,250,000
Common Shares reserved for issuance pursuant to the exercise of other share purchase warrants. There are no other options, convertible
securities or other rights requiring, or which may require, whether or not subject to conditions, the issuance or sale by the Corporation
or any of the Subsidiaries, including Common Shares or any securities convertible into, or exchangeable or exercisable for, or otherwise
evidencing a right to subscribe for or acquire, any securities of the Corporation or any of the Subsidiaries;

(g) the Corporation legally and beneficially owns, directly or indirectly, all of the issued and outstanding
equity securities (including for greater certainty, any securities convertible into equity securities) of the Subsidiaries. The Corporation
does not beneficially own or exercise control or direction (including through voting agreements or voting trusts) over any outstanding
voting shares of any Person other than the Subsidiaries;

(h) the Corporation has no equity or joint venture interest nor any investment or proposed investment in any
Person which accounted for, or which is expected to account for, more than 5% (five percent) of the assets or revenues of the Corporation
or would otherwise be material to the business or affairs of the Corporation;

(i) except as disclosed in Section 3.1(i) of the Disclosure Letter, there is no agreement or document,
including any Material Contract, to which the Corporation or any of its Subsidiaries is a party or by which the Corporation or any of
its Subsidiaries or any of the properties or assets thereof are bound in force or effect which in any manner affects or will affect the
voting or control of any of the securities of the Corporation;

(j) the Corporation Financial Statements have been prepared in accordance with IFRS applied on a basis consistent
with those of previous periods and in accordance with Applicable Laws, except (i) as otherwise stated in the notes to such statements
or, in the auditor's report thereon, as the case may be, and (ii) that the Corporation Interim Financial Statements are prepared
in accordance with IFRS applicable to the preparation of interim financial statements, including International Accounting Standard 34, Interim
Financial Reporting, and are subject to normal period-end adjustments and may omit notes which are not required by Applicable Laws or
IFRS. The Corporation Financial Statements, together with the related management's discussion and analysis, present fairly, in all
material respects, the assets, liabilities and financial condition of the Corporation and the Subsidiaries as at the respective dates
thereof and the losses, comprehensive losses, results of operations, changes in shareholders' equity and cash flows of the Corporation
and the Subsidiaries for the periods covered thereby (subject, in the case of the Corporation Interim Financial Statements, to normal
period-end adjustments). There are no outstanding loans made by the Corporation or the Subsidiaries to any director or officer of the
Corporation or the Subsidiaries. Neither the Corporation nor any of the Subsidiaries has any debts, liabilities, or obligations, except
those (i) reflected on, or reserved against, in the Corporation Financial Statements; and (ii) liabilities that have arisen
since the date of the Corporation Annual Financial Statements in the Ordinary Course consistent with past practice, none of which is a
liability resulting from or arising out of any breach of Contracts, breach of warranty, tort infringement, misappropriation, or violation
of Applicable Law;

(k) each of the Corporation and the Subsidiaries makes and keeps accurate books and records and maintains
a system of internal accounting controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance
with the general or a specific authorization of management of the Corporation; (ii) transactions are recorded as necessary to permit
the preparation of financial statements for the Corporation (on a consolidated basis) on a proper and consistent basis in conformity with
IFRS and to maintain accountability for assets; (iii) access to assets of the Corporation and the Subsidiaries is permitted only
in accordance with the general or a specific authorization of management of the Corporation; and (iv) the recorded accountability
for assets of the Corporation and the Subsidiaries is compared with the existing assets of the Corporation and the Subsidiaries at reasonable
intervals and appropriate action is taken with respect to any differences therein. There is no material weakness (as such term is defined
in Regulation 52-109) relating to the design, implementation or maintenance of the Corporation's internal control over financial
reporting, or fraud, whether or not material, that involves management or other employees who have a significant role in the internal
control over financial reporting of the Corporation. As of the date hereof, neither the Corporation nor, to the knowledge of the Corporation,
any representative of the Corporation, has received or otherwise obtained knowledge of any complaint, allegation, assertion, or claim,
whether written or oral, regarding accounting, internal accounting controls or auditing matters, including any reasonable complaint, allegation,
assertion, claim or expression of concern that the Corporation has engaged in questionable accounting or auditing practices;

(l) there are no off-balance sheet transactions, arrangements, obligations or liabilities of the Corporation
or its Subsidiaries, whether direct, indirect, absolute, contingent or otherwise which are required to be disclosed or reflected and are
not disclosed or reflected in the Corporation Financial Statements;

(m) the Corporation and the Subsidiaries, on a consolidated basis, have established and maintain disclosure
controls and procedures (as defined in applicable Securities Laws) that (i) are designed to provide reasonable assurance that information
required to be disclosed by the Corporation in its annual filings, interim filings or other reports filed or submitted by it under applicable
Securities Laws is recorded, processed, summarized and reported within the time periods specified in applicable Securities Laws and include
controls and procedures designed to ensure that information required to be disclosed by the Corporation in its annual filings, interim
filings or other reports filed or submitted under applicable Securities Laws is accumulated and communicated to the Corporation's
management, including its certifying officers, as appropriate to allow timely decisions regarding required disclosure; (ii) have
been evaluated by management of the Corporation for effectiveness in accordance with applicable Securities Laws as of the end of the Corporation's
most recent audited fiscal year; and (iii) are effective in all material respects to perform the functions for which they were established
as of the end of the Corporation's most recent audited fiscal year. Since December 31, 2025, other than as may be publicly
disclosed by the Corporation, there have been no significant limitations or material weaknesses in the Corporation's design of its
internal control over financial reporting (whether or not remediated) and no change in the Corporation's internal control over financial
reporting that has materially affected, or is reasonably likely to materially affect, the Corporation's internal control over financial
reporting;

(n) since January 1, 2026, there has been no Material Adverse Effect and neither the Corporation nor
any of the Subsidiaries has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) made, paid or declared any dividend or other distribution or incurred any material capital expenditure
or made any commitment therefor, except in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) incurred any obligation or liability, direct or indirect, contingent or otherwise, except in the Ordinary
Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) entered into any material transaction, except in each case as disclosed in the Disclosure Documents, the
Disclosure Letter, or elsewhere in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) sold, leased, licensed, transferred, or otherwise disposed of, or incurred any Lien, (other than a Permitted
Lien) on, any of its Assets and Properties, except in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) had a change in its accounting methods, principles or practices or effected a revaluation of any of its
assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) had any material damage, destruction or Loss, whether or not covered by insurance, affecting its Assets
and Properties or business;

(o) the Corporation has not completed any "significant acquisition" that required, nor is it proposing
to complete any "significant acquisition" that would require, the filing of a business acquisition report under Canadian Securities
Laws or the inclusion of any additional financial statements or pro forma financial statements in the Corporation Annual Financial Statements,
or a description in the Annual Information Form;

(p) PricewaterhouseCoopers LLP, which has expressed its opinion with respect to the Corporation Annual Financial
Statements, is an independent auditor with respect to the Corporation as required under applicable Securities Laws. There has not been
a "reportable event" (within the meaning of section 4.11 of *Regulation 51-102 respecting Continuous Disclosure Obligations* (Québec)) between the Corporation and PricewaterhouseCoopers LLP;

(q) none of the Subsidiaries is prohibited or restricted, directly or indirectly, from paying dividends to
the Corporation, or from making any other distribution with respect to such Subsidiaries' equity securities or from repaying to
the Corporation or any of the other Subsidiaries any amounts that may from time to time become due under any loans or advances to any
such Subsidiaries from the Corporation or from transferring any property or assets to the Corporation or to any other Subsidiaries;

(r) the Corporation and the Subsidiaries have not stopped or suspended
payment of any Existing Financial Indebtedness, have not become unable to pay any Existing Financial Indebtedness or otherwise became
insolvent in any relevant jurisdiction, have not committed an act of bankruptcy, are not insolvent, have not proposed a compromise or
arrangement to creditors generally, have not had a petition or a receiving Order in bankruptcy filed, or a resolution passed, against
any of them for winding up or for the appointment of a liquidator or provisional liquidator, have not made a voluntary assignment in bankruptcy,
have not taken any proceedings (including the presentation of any petition or application or the making of an order) with respect to a
compromise or arrangement, have not taken any proceedings to be declared bankrupt or wound-up, have not taken any proceedings to have
a receiver, administrator or administrative receiver appointed for any of their business or assets (nor any notice given or filed for
the appointment of any such person), have not had any monitor appointed or any moratorium sought or obtained in respect of them under
any applicable insolvency legislation, have not had any voluntary arrangement been proposed or approved in respect of them under any applicable
insolvency legislation and have not had any execution or distress become enforceable or become levied upon any of their business and assets.
The Corporation has sufficient working capital to satisfy its obligations to issue the Purchased Shares under this Agreement as well as
its obligations under Article 6 and, upon the completion of the FID Equity Offering (including the transfer to the Corporation of the
net proceeds from the FID Prospectus Offering upon the satisfaction of the FID Prospectus Offering Release Conditions), will have sufficient
capital to satisfy the "going concern" test under IFRS;

(s) the Corporation and the Subsidiaries are, and, since January 1, 2022
have been, in material compliance with all Applicable Laws, and, except as disclosed in Section 3.1(s) of the Disclosure Letter, there
is no Claim now pending or, to the knowledge of the Corporation, threatened, against or affecting the Corporation and the Subsidiaries
which would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect and neither the Corporation nor
any of the Subsidiaries is, to the knowledge of the Corporation, subject to any investigation or enquiry, or is subject to disciplinary
proceeding (whether judicial, quasi-judicial or otherwise) with respect to, has been charged or, to the knowledge of the Corporation,
threatened to be charged with, or has received notice of, any violation, potential violation or investigation of any Applicable Laws or
a disqualification by a Governmental Entity;

(t) no material labour dispute with current and former employees of the
Corporation or any of the Subsidiaries (or with any trade union, works council, staff association or other body representing any of its
or their employees) exists, or, to the knowledge of the Corporation, is threatened and, except as disclosed in Section 3.1(t) of the Disclosure
Letter, to the knowledge of the Corporation, there is no existing, threatened or imminent labour disturbance or union organizing campaign
by the employees of any of the principal suppliers, manufacturers or contractors of the Corporation or any of the Subsidiaries that would
have a Material Adverse Effect;

(u) each of the Corporation and the Subsidiaries holds, has the benefit of, and is in compliance with, all
necessary and material licences, Permits, Environmental Permits, approvals, consents, certificates, registrations and authorizations,
whether governmental, regulatory or otherwise, to enable its business to be carried on as presently conducted and its property and assets
to be owned, leased and operated, and the same are validly existing and in good standing and none of the same contain or is subject to
any term, provision, condition or limitation which may adversely change, in a material manner, or terminate such licence, Permit, Environmental
Permit, approval, consent, certification, registration or authorization by virtue of the completion of the transactions contemplated hereby;

(v) except as disclosed in Section 3.1(v) of the Disclosure Letter, the Corporation and the Subsidiaries,
taken as a whole, (i) have all necessary mining leases, exclusive exploration rights (formerly mining claims), mineral tenures, surface
rights, access rights and other necessary rights and interests relating to the Mining Projects which are necessary or appropriate to authorize
and enable the Corporation or any of the Subsidiaries to access and carry on the mineral exploration, development and commissioning activities
and mining activities as currently being undertaken and as planned at the Mining Projects (collectively, "**Mining Rights** "),
and (ii) are not in default of such Mining Rights. Section 3.1(v) of the Disclosure Letter sets forth a complete and accurate
list of all Mining Rights, held by the Corporation and the Subsidiaries, and neither the Corporation nor any of its Subsidiaries holds
any interest in any mining leases, exclusive exploration rights (formerly mining claims) or any other mineral tenures other than the Mining
Rights. All work required to be performed and payments required to be made in relation to those Mining Rights in order to maintain the
Corporation's or the Subsidiaries' interest therein, if any, have been paid to date, performed or are in the process of being
performed in accordance with Applicable Laws and each of the Corporation and the applicable Subsidiaries has complied in all material
respects with all Applicable Laws in connection therewith as well as with regard to legal, contractual obligations to third parties (including
third party Contracts) in connection therewith except that the Corporation may decide, at its sole and absolute discretion, to abandon
or relinquish such Mining Rights which are disclosed in Section 3.1(v) of the Disclosure Letter under the subheading "Non-Material
Mining Rights" and which the Corporation considers as not material to the business and operations of the Corporation or the applicable
Subsidiaries or which do not interfere with the prospect of the Phase 2 Projects and the Uatnan Project. All of the Mining Rights are
valid, subsisting and in good standing in the name of the Corporation or each of the applicable Subsidiaries, as applicable. All exclusive
exploration rights (formerly mining claims) and mining leases, as applicable, owned by the Corporation or each of the applicable Subsidiaries
are solely registered pursuant to the provisions of the *Mining Act* (Québec) and in the register of real rights of state
resource development of the land register. All Mining Rights have been validly located, registered and recorded in accordance with all
Applicable Laws and are valid, subsisting and in good standing. There are no options or other participation interests or rights of preference
relating to the Mining Rights and all Mining Rights have active status, except for the exclusive exploration rights (formerly mining claims)
set out in Section 3.1(v) of the Disclosure Letter which are suspended awaiting partial conversion to a mining lease, and neither
the Corporation nor any of the Subsidiaries has received written notice of, nor has any knowledge of, any pending or threatened suspension
or revocation proceedings in respect of the Mining Rights or any of them from any Governmental Entity, or of any outstanding or threatened
claim, action, litigation or proceedings with respect to the Mining Rights before any Governmental Entity;

(w) other than the Mining Rights disclosed in Section 3.1(v) of the Disclosure Letter, Section 3.1(w) of
the Disclosure Letter sets forth a complete list of the other material assets which have a value of at least $500,000, including all immovable
and real property (whether leased or owned) of the Corporation and the Subsidiaries, which constitute all of such real and immovable property
interests held for use, or used, by the Corporation and the Subsidiaries, and sets out, for each such property, the municipal address,
the correct and current legal description for each separate lot, and the entity in whose name such property is registered and, where applicable,
the beneficial owner. Each of the Corporation and the Subsidiaries is the sole absolute legal and beneficial owner of its material assets,
including Mining Rights and immovable and real property (whether leased or owned), with good and marketable title or leased interest thereto,
as applicable, free and clear of all Liens, except for the Permitted Liens. Such material assets, Mining Rights and immovable and real
property (whether leased or owned) constitute all material assets, rights of occupation, leases, rights of way and other immovable or
real property interests required for the ownership, operation and maintenance of the Mining Projects and Battery Plants Project. All agreements
and other documents and instruments under which the Corporation or any of the Subsidiaries owns, leases, uses or operates its immovable
and real property and assets, including the Material Leases, are valid and subsisting agreements, documents or instruments in full force
and effect and are enforceable in accordance with their terms. Neither the Corporation nor any of the Subsidiaries has committed any breach
or default of any of the provisions of such agreements, documents or instruments, nor has any such breach or default been alleged, and
neither the Corporation nor any of the Subsidiaries is otherwise in default in meeting their obligations thereunder. None of the landlord
or other parties to the real property leases are in default of any of its obligations, nor is there any dispute between the Corporation
or the Subsidiaries, as applicable, and the landlord. Each of the Corporation's and the Subsidiaries' immovable and real property
and assets are in good standing under Applicable Laws and neither the Corporation nor the Subsidiaries have received any written work
order, deficiency notice or other similar notices of non-compliance issued by any Governmental Entity or third party that are outstanding
requiring or recommending that material work or repairs in connection with the owned real properties or any part thereof are necessary,
desirable or required. No breach has occurred under any lease, license, concession or agreement pursuant to which the Corporation or any
of the Subsidiaries obtains an interest in such immovable and real property (whether leased or owned) or assets; and all Taxes required
to be paid in respect of such immovable and real property (whether leased or owned) and assets as of the date hereof have been paid. There
are no options to purchase or rights of first refusal to purchase with respect to the owned real properties noted in Section 3.1(w) of
the Disclosure Letter or any part thereof granted by the Corporation or the Subsidiaries that have not expired or been waived prior to
the consummation of the transactions contemplated in this Agreement. To the knowledge of the Corporation and the Subsidiaries, as applicable,
there is no upcoming or threatened modification to the zoning, entitlement and/or other land use regulation applicable to the owned real
properties, or any part thereof which would adversely affect the operation of its business, and neither have received any written notice
or is not aware of a proposed expropriation of, or reserve with respect to, any of the owned real properties or any part thereof. Each
parcel of the Corporation's and the Subsidiaries' immovable and real property (whether leased or owned) has full and free
legally enforceable access to and from public highways, which access is sufficient for the purposes of the operation of the business.
A complete copy of all leases set out in Section 3.1(w) has been delivered to the Investor, and the leases have not been amended
by oral or written agreement, cancelled, terminated or repudiated;

(x) all activities of the Corporation and the Subsidiaries, including exploration and development activities
on the properties of the Corporation and the Subsidiaries (including the properties attached to the Mining Rights) have been and are conducted
in all material respects in accordance with good exploration, development, operations, engineering and workers' health and safety
practices, and all Applicable Laws pertaining to workers' compensation and health and safety have been complied with in all material
respects;

(y) other than as set forth in Section 3.1(y) of the Disclosure Letter, the Corporation and the
Subsidiaries own, lease, control or otherwise have legal rights to all Mining Rights under valid, subsisting and enforceable title documents
or other recognized and enforceable agreements or instruments, sufficient to permit the Corporation and the Subsidiaries, as applicable,
and subject to the nature and scope of each of the Mining Projects, to conduct operations and production, construction, transformation
and commissioning activities of and at the Mining Projects, and, other than as set forth in Section 3.1(y) of the Disclosure
Letter, no commission, royalty, license fee or similar payment to any Person with respect to the Mining Rights is payable. All Mining
Rights in which the Corporation and the Subsidiaries hold an interest have been validly registered and recorded in accordance with all
Applicable Laws and are valid and subsisting. Each of the documents, agreements and instruments and obligations relating to surface rights,
access rights and other necessary rights and interests relating to the Mining Rights granting the Corporation or its Subsidiaries the
right and ability to access, explore for, mine and develop the mineral deposits as are appropriate in view of the rights and interests
therein of the Corporation or its Subsidiaries is currently in good standing in the name of the Corporation or its Subsidiaries, as applicable,
except where the failure to be in good standing would not reasonably be expected, individually or in the aggregate, to have a Material
Adverse Effect;

(z) except as disclosed in Section 3.1(z) of the Disclosure Letter, the Corporation has no knowledge
of any Claim or the basis for any Claim, including a Claim by or on behalf of Indigenous persons or communities (such as with respect
to Indigenous rights), with respect to the Assets and Properties (including the Mining Rights) of the Corporation and any of the Subsidiaries
that might or could materially affect the right thereof to use, transfer or otherwise explore for, mine and develop the mineral deposits
or to conduct operations and production, construction, transformation and commissioning activities on the Phase 2 Projects and the Uatnan
Project;

(aa) except as disclosed in Section 3.1(aa) of the Disclosure Letter or in the Corporation Annual Financial
Statements or as described in the Corporation Annual Information Form, the Corporation does not know of any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Claim or the basis for any Claim by any Indigenous persons, community or group, or any local community
or any other Person, including a Claim with respect to any Indigenous rights (asserted or established) or local community rights, with
respect to the Assets and Properties (including the Mining Rights) of the Corporation and any of the Subsidiaries that might or could
materially affect the right thereof to use, transfer or otherwise explore for, mine and develop the mineral deposits or to conduct operations
and production, construction, transformation and commissioning activities on the Phase 2 Projects and the Uatnan Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Indigenous rights (including any treaty land entitlement claim or title claim) having been asserted or
any legal action by or relating to any local community or Indigenous person, community or group having been instituted against the Corporation,
any of the Subsidiaries, the Phase 2 Projects or the Uatnan Project and no dispute between the Corporation or any of the Subsidiaries
and any local community or Indigenous person, community or group exists or, to the knowledge of the Corporation, is threatened or imminent,
with respect to any Assets and Properties or any of the Corporation's or any of any such Subsidiaries' activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) outstanding, or unsatisfactory consultation or accommodation duties with respect to Indigenous persons,
communities or groups regarding the proposed development of the Phase 2 Projects (including with respect to the Permits and Environmental
Permits sought or issued to date for the Phase 2 Projects) or the Uatnan Project or potentially material impact to the Phase 2 Projects
(including the development and operation of the Phase 2 Projects) or the Uatnan Project related to any Indigenous right or interest, or
any duty to consult Indigenous persons, communities or groups;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [REDACTED COMMERCIALLY SENSITIVE INFORMATION]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) other than the Matawinie Impact Benefit Agreement, the pre-development agreement dated March 26,
2019 between the Corporation and the *Conseil des Atikamekw de Manawan* and the *Conseil de la Nation Atikamekw* and discussions
regarding potential impacts regarding the Battery Plants Project with the Grand Conseil of Waban-Aki Nation, the Corporation and the Subsidiaries
have not entered into any written or oral arrangements with any Indigenous person, community or group, or any local community to provide
benefits, financial compensation or more generally to provide any advantages or undertake any commitments, with respect to the Matawinie
Project and the Battery Plants Project (at any stage of development), nor has the Corporation or any of the Subsidiaries engaged in discussions,
negotiations or communications of any nature regarding the foregoing;

(bb) the Material Contracts and the Material Leases are in good standing and in full force and effect as valid
and binding agreements. None of the Corporation, any of the Subsidiaries, nor, to the knowledge of the Corporation, any other party thereto,
is in material default, violation or breach of any Material Contract or Material Lease, and there exists no condition, event or act which,
with the giving of notice or lapse of time or both would constitute a material default, violation or breach under any Material Contract
or any Material Lease which would give rise to a right of termination on the part of any other party to a Material Contract. No counterparty
to any Material Contract or Material Lease has given written notice of its intention to terminate, or has sought to repudiate or disclaim,
any Material Contract or any Material Lease and, to the knowledge of the Corporation, no such counterparty has any intention to do any
of the foregoing. The Material Contracts and the Material Leases constitute all material Contracts entered into or required to be entered
into in connection with the maintenance, repair, operation or use of the Phase 2 Projects and the Uatnan Project or for the conduct of
the Corporation's businesses and operations in respect of the Phase 2 Projects and the Uatnan Project. None of the Corporation or
the Subsidiaries is a party to or bound by any material contract or material lease relating to the Phase 2 Projects and the Uatnan Project
other than the Material Contracts and the Material Leases;

(cc) the issued and outstanding Common Shares are listed and posted for trading on the TSX under the symbol
 "NOU" and the NYSE under the symbol "NMG", and no Order ceasing or suspending trading in any securities of the
Corporation or prohibiting the sale of the Purchased Shares or the trading of any of the Corporation's issued securities has been
issued and, no proceedings for such purpose are pending or, to the knowledge of the Corporation, have been threatened. Neither the Corporation
nor any of the Subsidiaries has received notice of any Claim, inquiry, review or investigation (formal or informal) by any securities
commission or similar regulatory authority under applicable Securities Laws or by the TSX or the NYSE that is in effect or ongoing or
expected to be implemented or undertaken. The Common Shares are registered under Section 12(b) of the U.S. Exchange Act and
the Corporation is in compliance in all material respects with applicable United States Securities Laws;

(dd) the Corporation has not taken any action which would reasonably be expected to result in the delisting
or suspension of the Common Shares on or from the TSX or NYSE and the Corporation is currently in compliance, in all material respects,
with the rules and policies of the TSX and NYSE;

(ee) all Taxes due and payable by the Corporation and the Subsidiaries have been paid in the Ordinary Course.
All Tax Returns required to be filed by the Corporation and the Subsidiaries have been duly and timely filed with all appropriate Governmental
Entities and all such Tax Returns are complete and accurate in all material respects. The Corporation and its Subsidiaries are, and have
at all times been, Tax resident solely in their respective countries of incorporation and do not have, nor have they ever had, any permanent
establishment for Tax purposes in any other jurisdiction. None of its Subsidiaries is treated as a controlled-foreign-affiliate in the
hands of the Corporation for Canadian tax purposes. The Corporation and its Subsidiaries have not entered into, nor have they been a party
to, any ordinary or extraordinary transaction or arrangement (or any series of transactions or arrangements), during any period (or portion
thereof) for which the relevant statute of limitations remains open as of the date of this Agreement, the sole or main purpose of which
was to evade the payment of Taxes, and which may be subject to the application of any anti-abusive Tax provision according to any Applicable
Law. The Corporation and the Subsidiaries are registered for all sales Taxes that they should have registered for and have not taken any
Tax positions that could be challenged by a Tax authority for which a reserve has not been recorded. The Corporation has collected and
remitted sales Taxes on all its revenues as and when required, and the Corporation has not claimed GST/HST input Tax credits or QST input
Tax refunds to which it was not entitled. No audit or examination of any Tax Return of the Corporation or any of the Subsidiaries is currently
in progress or threatened and there are no material issues or disputes outstanding with any Governmental Entity respecting any Taxes that
have been paid, or may be payable, by the Corporation or any Subsidiaries, except where such examinations, issues or disputes would not
have a Material Adverse Effect. No Claim or assertion has been made, or has been threatened, by any Governmental Entity against the Corporation
or any Subsidiaries in any jurisdiction where the Corporation or any of such Subsidiaries does not currently file a Tax Return that it
is or may be subject to Tax by such jurisdiction; and each of the Corporation and the Subsidiaries is in full compliance with all terms
and conditions of any Tax exemption, Tax holiday or other Tax reduction agreement or order of a taxing authority and/or is entitled to
benefit from any tax deduction and/or from the validity and effectiveness of the utilization of tax losses and tax assets carry-forward,
and/or any tax credit or tax incentive under any Applicable Law, and the consummation of the transactions contemplated by this Agreement
and the Ancillary Agreements will not have any adverse effect on the continued validity and effectiveness of any such Tax exemption, Tax
holiday or other Tax reduction agreement or order and of any such tax deduction, tax losses and tax assets carry-forward and tax credit
or tax incentive;

(ff) the Corporation is a "reporting issuer" under applicable Securities Laws in the Reporting
Jurisdictions and is not (or will not be, as the case may be) included in a list of defaulting reporting issuers (or any similar list)
maintained by the applicable securities regulatory authorities in the Reporting Jurisdictions;

(gg) the Corporation is in compliance with its timely and continuous disclosure obligations under Securities
Laws in the Reporting Jurisdictions and in the United States and the policies, rules and regulations of the TSX and NYSE, and without
limiting the generality of the foregoing, there is no material fact, and there has not occurred any material change (actual, anticipated,
contemplated, threatened, financial or otherwise), relating to the assets, liabilities (contingent or otherwise), business, affairs, operations,
prospects, capital or control of the Corporation and the Subsidiaries, which has not been publicly disclosed on a non-confidential basis
in accordance with the requirements of Securities Laws of the Reporting Jurisdictions and the United States and the policies, rules and
regulations of the TSX and NYSE, and, except as may have been corrected by subsequent disclosure, all the statements set forth in all
documents publicly filed by or on behalf of the Corporation were true, correct, and complete in all material respects and did not contain
any misrepresentation as of the date of such statements or omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading in the light of the circumstances in which they were made and the Corporation has not filed
any confidential material change reports which remain confidential. None of the Subsidiaries are subject to any continuous or periodic,
or other disclosure requirements under any Securities Laws in any Reporting Jurisdictions or the United States;

(hh) with respect to forward-looking information contained in the Disclosure Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation 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;(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, identify material risk factors that could cause actual
results to differ materially from the forward-looking information, and state the material factors or assumptions used to develop forward-looking
information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all forward-looking information is limited to a period for which the information in the future-oriented
financial information or financial outlook can be reasonably estimated;

(ii) TSX Trust Company is duly appointed as the registrar and transfer agent of the Common Shares in Canada
and Equiniti Trust Company, LLC, at its office in Brooklyn, New York, has been duly appointed as co-transfer agent and registrar for the
Common Shares in the United States;

(jj) the Technical Report was in compliance in all material respects with the requirements of Regulation 43-101
at the time of filing thereof, and the Technical Report reasonably presents the quantity of mineral resources and mineral reserves attributable
to the Matawinie Project as at the date stated therein based upon information available at the time the Technical Report was prepared;

(kk) the Corporation made available to the authors of the Technical Report, prior to the issuance of such report,
for the purpose of preparing such report, all information requested by the authors, which information did not contain any misrepresentation
at the time such information was so provided and there have been no material changes since the date of delivery or preparation thereof;

(ll) the Corporation is in compliance in all material respects with the provisions of Regulation 43-101 and
has filed all technical reports required thereby and, there has been no change that would require the filing of a new technical report
under Regulation 43-101;

(mm) all scientific and technical information derived from the Technical Report, the mineral resource and mineral
reserve estimates or otherwise requiring review by a "qualified person" under Regulation 43-101 set forth in the Disclosure
Documents has been reviewed by a "qualified person" as required under Regulation 43-101 and has been prepared in accordance
with Canadian industry standards set forth in Regulation 43-101;

(nn) the Corporation has no reason to believe that the assumptions underlying the mineral resource and mineral
reserve estimates associated with the Matawinie Project contained in the Corporation Annual Financial Statements or as described in the
Corporation Annual Information Form are not reasonable and appropriate;

(oo) the Corporation believes that the Technical Report reasonably presents the projected capital and operating
costs and projected production and operating results of the Matawinie Project as at the date stated therein based upon information available
at the time the Technical Report was prepared;

(pp) the Corporation has no reason to believe that the assumptions underlying the projected capital and operating
costs and production and operating results associated with the Phase 2 Projects contained in the Corporation Annual Financial Statements
or as described in the Corporation Annual Information Form are not reasonable and appropriate and has no reason to believe that the
projected capital and operating costs and projected production and operating results relating to the Phase 2 Projects, as summarized
in the Corporation Annual Financial Statements or as described in the Corporation Annual Information Form are not commercially achievable
by the Corporation;

(qq) the Corporation has no reason to believe that the projected capital and operating costs and projected
production and operating results relating to the Phase 2 Projects are not commercially achievable by the Corporation and the Corporation
is not aware of any change, fact, event or circumstance which may materially affect such costs or results, other than has been disclosed
in the risk factors contained in the Corporation Annual Information Form;

(rr) except as disclosed in Section 3.1(rr) of the Disclosure Letter, the Corporation and the Subsidiaries
have, collectively, obtained or possess all material Permits or expect to receive, in a timely manner, all material Permits, including
any renewal of any such Permits, not yet obtained or possessed, including all material Environmental Permits, to own, lease, and operate
their Assets and Properties and to conduct the business as currently conducted by the Corporation and the Subsidiaries or proposed to
be conducted by the Corporation and the Subsidiaries in connection with the construction, development and operation of the Phase 2 Projects.
Section 3.1(rr) of the Disclosure Letter sets forth a correct list of: (i) all material Permits, including all material Environmental
Permits, currently held by the Corporation and the Subsidiaries for the construction, development and operation of the Phase 2 Projects
that are in full force and effect; (ii) all material Permits, including all material Environmental Permits, for which applications
have been submitted by the Corporation or any of the Subsidiaries (or on their behalf) to any Governmental Entity that are under review
and analysis by any such Governmental Entity, and which are required to be obtained for the construction, development and operation of
the Phase 2 Projects, including a description of such Permits and the dates of submission of such applications and the expected dates
of obtention, and (iii) all material Permits, including all material Environmental Permits, for which applications have not yet been
submitted by the Corporation or the Subsidiaries to any Governmental Entity, and which are required to be obtained for the construction,
development and operation of the Phase 2 Projects, including a description of such Permits and the expected dates of submission of the
applications for the obtention of such Permits. Except as disclosed in Section 3.1(rr) of the Disclosure Letter, all such Permits
are or, as applicable, will be, in a timely manner, in full force and effect, and the Corporation and the Subsidiaries have performed
or, as applicable, will perform all of their obligations under and have been and are or, as applicable, will be, in material compliance
with all such Permits. The Corporation and the Subsidiaries are not in violation of, or in material default under, any of the Permits
currently held and neither the Corporation nor any of the Subsidiaries has received any written or, to the knowledge of the Corporation,
oral notice, from any Governmental Entity (i) indicating or alleging that the Corporation or any of the Subsidiaries does not possess
any material Permit required to own, lease, and operate the Assets and Properties or to conduct the business as currently conducted, or
(ii) threatening or seeking to withdraw, revoke, terminate, modify or suspend any of the Corporation's or any of the Subsidiaries'
material Permits currently held or to refuse to issue or renew any Material Permits required to be maintained or obtained by any of them
for the construction, development and operation of the Phase 2 Projects. None of the Corporation's nor any of the Subsidiaries'
Permits will be subject to withdrawal, revocation, termination, or suspension as a result of the execution of this Agreement and the Ancillary
Agreements or the consummation of the transactions contemplated by this Agreement and the Ancillary Agreements;

(ss) since January 1, 2022, the Corporation and the Subsidiaries conform, in all material respects, to
all statements made in the documents publicly filed by or on behalf of the Corporation at the time such statements were made (including
claims related to "sustainability", "greenhouse (GHG) emissions", "carboneutrality", "net Zero",
 "no net loss of biodiversity" or similar expressions and claims, and also including the timeline related thereto) and the
Corporation and the Subsidiaries possess appropriate certifications or scientifically reliable materials (including data, evidence or
documentation) to substantiate such statements in line with the knowledge, standards and understanding commonly accepted at the time those
statements were made ;

(tt) The Corporation and the Subsidiaries: (i) own all rights, titles and interests in and to all intellectual
and industrial property, including patents, patent applications, trademarks, trademark applications, trademark registrations, service
marks, service mark applications, service mark registrations, trade names, copyrights, industrial designs, concepts, know how, inventions,
proprietary information, research data, designs, formulae, processes, technology and trade secrets, internet domain names and social media
handles, all goodwill in connection therewith, used in and material to the conduct of the business thereof (the "**Intellectual Property**") owned or purported to be owned by the Corporation or any of the Subsidiaries ()"**Owned Intellectual Property** "),
and (ii) possess sufficient rights or licenses to use all Intellectual Property used in and material to the conduct of the business
thereof that is not Owned Intellectual Property (together with the Owned Intellectual Property, "**Corporation Intellectual Property** ").
All Corporation Intellectual Property is valid, subsisting, enforceable and free and clear of any Liens of any kind or nature. The Corporation
or any of the Subsidiaries is the registered holder of all internet domain names forming part of the Corporation Intellectual Property.
The Corporation and the Subsidiaries have taken reasonable measures to protect and maintain the Corporation Intellectual Property, including
by securing the registration of Owned Intellectual Property (as appropriate or as required by contractual obligations if applicable) and
by paying all registration and renewal fees for Owned Intellectual Property which are registered or applied for in the name of the Corporation
or any of the Subsidiaries. Neither the execution or delivery of this Agreement and the Ancillary Agreements nor the performance of the
Corporation's obligations hereunder and thereunder or the consummation of any of the transactions contemplated by this Agreement
and the Ancillary Agreements will, with or without notice or lapse of time, result in, or give any other Person the right or option to
cause or declare, (i) a loss of, or Lien on, any Owned Intellectual Property; (ii) a breach of any Material Contract related
to the Corporation Intellectual Property; (iii) the release, disclosure, or delivery of any Owned Intellectual Property by or to
any escrow agent or other Person; or (iv) the grant, assignment, or transfer to any other Person of any license or other right or
interest under, to, or in any of the Owned Intellectual Property;

(uu) the Corporation and the Subsidiaries take and have taken commercially reasonable steps to protect, preserve
and maintain their rights in the Owned Intellectual Property and the confidentiality of trade secrets and material confidential information
included therein, and none of the Corporation or any of the Subsidiaries has disclosed any such trade secrets confidential information
to any third party other than pursuant to a written confidentiality agreement (and other than to legal counsel who are bound by professional
obligations of confidentiality), pursuant to which such third party agrees to protect such confidential information. Neither the Corporation
nor any of the Subsidiaries has knowledge of any unauthorized use, access, transmission, disclosure, destruction or modification of any
trade secrets or confidential information;

(vv) neither the Corporation nor any of the Subsidiaries has provided any third party with written notice or
instituted any action, suit or proceeding claiming that such third party is infringing, misappropriating, or otherwise violating any Owned
Intellectual Property, nor does the Corporation or any of the Subsidiaries have knowledge of any Person infringing, misappropriating,
or otherwise violating any Owned Intellectual Property;

(ww) no item of Owned Intellectual Property is subject to any pending action, suit or proceeding or outstanding
order to which the Corporation or any of the Subsidiaries is a named party restricting in any manner the use, transfer or licensing of
such Owned Intellectual Property by the Corporation or any of the Subsidiaries;

(xx) each Person who has contributed to, developed, created or conceived any Owned Intellectual Property, including
all current and former employees, officers, directors, consultants and independent contractors of the Corporation or the Subsidiaries
who have been involved in the development, creation or conception of the Owned Intellectual Property or who have had access to confidential
information or trade secrets relating to the Owned Intellectual Property, have done so pursuant to a written, valid and enforceable agreement
or other legal obligation that protects the confidential information of the Corporation and the Subsidiaries, includes a present assignment
of or an undertaking to assign all of the rights, title and interest such Persons may have in or to the Owned Intellectual Property to
the Corporation and the Subsidiaries, recognizes the Corporation and the Subsidiaries' ownership of the Person's contribution,
development, creation, or conception, and, where relevant, waives the Person's moral rights and rights of a similar nature in and
to such Owned Intellectual Property. Except as disclosed in Section 3.1(xx)
of the Disclosure Letter, (i) no funding, personnel, or facilities of any Governmental Entity or any university or other educational institution
were used, directly or indirectly, to develop or create any Owned Intellectual Property, and (ii) no Governmental Entity or any university
or other educational institution has any ownership in or rights to any such Owned Intellectual Property;

(yy) To the Corporation's knowledge, the operation of the business of the Corporation and its Subsidiaries
does not infringe upon, misappropriate or otherwise violate, and has not infringed upon, misappropriated, or otherwise violated, the Intellectual
Property of any third party, and neither the Corporation nor any of the Subsidiaries has received any written charge, complaint, claim,
demand or notice from any third party, or been party to any action, suit or proceeding, alleging that the operation of the business of
the Corporation or any of the Subsidiaries infringes, misappropriates, or otherwise violates the Intellectual Property of any third party,
nor does the Corporation or any of the Subsidiaries have knowledge of any facts or circumstances upon which any such charge, complaint,
claim, demand, notice or action could be based, or that would render any Corporation Intellectual Property invalid, unenforceable or inadequate
to protect the interests of the Corporation and the Subsidiaries therein;

(zz) (i) each of the Corporation and the Subsidiaries, their respective Assets and Properties and the
business, affairs and operations of each of the Corporation and the Subsidiaries, have been and are in compliance in all material respects
with all Environmental Laws and Environmental Permits; (ii) neither the Corporation nor any of the Subsidiaries is in material violation
of, or has received a written complaint or notice or been prosecuted for an offence alleging the Corporation's or any of the Subsidiaries'
violation or non-compliance with, or liability under, any Environmental Laws or otherwise relating to the presence, migration or release
or threatened release of Hazardous Materials; (iii) each of the Corporation and the Subsidiaries has complied in all material respects
with all reporting and monitoring requirements under all Environmental Laws and no Hazardous Materials or other substances or materials
(including heavy metals) capable of leaching into underground are or have been treated, stored, located or disposed of on, or are migrating
or have migrated from, on, in, under or to, any Assets and Properties of the Corporation or any of the Subsidiaries or in connection with
any activities conducted by or on behalf of the Corporation or any of the Subsidiaries, whether during the operational phase or following
the cessation of operations (*post-operam*), except in compliance with Environmental Law; (iv) there are no Orders, nor any
events or circumstances that might reasonably be expected to form the basis of an Order, for testing, reclamation, rehabilitation, clean
up or remediation, there are no Claims, nor any events or circumstances that might reasonably be expected to form the basis of a Claim,
by any private party or Governmental Entity, against or affecting the Corporation, the Subsidiaries or their Assets and Properties relating
to Hazardous Materials or any Environmental Laws and there are no obligations or liabilities, outstanding, contingent or otherwise, related
to testing, reclamation, rehabilitation, clean up or remediation work required under Environmental Law, that are associated with operations
conducted by Corporation or any of the Subsidiaries, their respective Assets and Properties or any other property used by the Corporation
or any of the Subsidiaries nor any events or circumstances that might reasonably be expected to result in such obligations or liabilities;
(v) there are no Environmental Permits which either the Corporation or the Subsidiaries do not have which are necessary to conduct
the business, affairs and operations of each of the Corporation and the Subsidiaries and all Environmental Permits held by the Corporation
and the Subsidiaries are in full force and effect; and (vi) the Corporation has provided or made available to the Investor accurate
and complete copies of all material environmental audits, evaluations, assessments, studies and documentation relating to the Phase 2
Projects or any other Assets and Properties of the Corporation or any of the Subsidiaries in the possession or control of the Corporation
or any of the Subsidiaries;

(aaa) in the Ordinary Course, the Corporation conducts a periodic review of the effect of Environmental Laws
on the business, operations and properties of the Corporation and the Subsidiaries, in the course of which it identifies and evaluates
associated costs and liabilities (including any capital or operating expenditures required for clean-up, closure of properties or compliance
with Environmental Laws or any Permit, any related constraints on operating activities and any potential liabilities to third parties).
No facts or circumstances have come to the Corporation's attention that could result in costs or liabilities that would reasonably
be expected, individually or in the aggregate, to result in a Material Adverse Effect;

(bbb) None of the directors, officers or employees of the Corporation or the Subsidiaries or any associate or
Affiliate of any of the foregoing has any material interest, direct or indirect, in any material transaction or any proposed material
transaction with the Corporation or the Subsidiaries that materially affects, is material to or will materially affect the Corporation
or any of the Subsidiaries;

(ccc) there is no broker, finder or other party or Person, that is entitled to receive from the Corporation
any brokerage or finder's fee or other fee or commission as a result of any transactions contemplated by this Agreement and the
Ancillary Agreements;

(ddd) the Corporation does not have any outstanding extension of credit, in the form of a personal loan, to
or for any director or executive officer of the Corporation except for such extensions of credit as are expressly permitted by Section 13(k) of
the U.S. Exchange Act;

(eee) neither the Corporation nor any of the Subsidiaries has (i) made any material loans to each other,
except in respect of the intercompany loans made in the Ordinary Course, or (ii) guaranteed the material obligations of each other.
Neither the Corporation nor any of the Subsidiaries has made any material loans to or guaranteed the material obligations of any other
Person;

(fff) the Corporation and the Subsidiaries maintain insurance by insurers of recognized financial responsibility,
against such losses, risks and damages to their business operations and assets in such amounts that are: (i) customary for the business
in which they are engaged, on a basis consistent with reasonably prudent persons in comparable businesses, and in compliance with the
requirements contained in any Material Contract or Material Lease; and all of the policies in respect of such insurance coverage, fidelity
or surety bonds insuring the Corporation, the Subsidiaries, and their respective directors, officers and employees, and the business operations
and assets, are in good standing and in full force and effect in all respects, and there are no defaults thereunder. The Corporation and
the Subsidiaries are in compliance with the terms of such policies and instruments in all material respects and there are no material
claims by the Corporation or any of the Subsidiaries under any such policy or instrument as to which any insurance company is denying
liability or defending under a reservation of rights clause; the Corporation and the Subsidiaries have no reason to believe that they
will not be able to renew such existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar
insurers as may be necessary to continue business operations at a cost that would not have a Material Adverse Effect, and neither the
Corporation nor any of the Subsidiaries has failed to promptly give any notice of any material claim thereunder;

(ggg) neither the Corporation nor any of the Subsidiaries, nor any director, officer, or employee of the Corporation
or any of the Subsidiaries, nor, to the knowledge of the Corporation, any agent, Affiliate or other person acting on behalf of the Corporation
or any of the Subsidiaries: (A) has, directly or indirectly, in the course of its actions for, or on behalf of, the Corporation or
any of the Subsidiaries (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses
relating to political activity; (ii) made or taken any act in furtherance of an offer, promise, or authorization of any direct or
indirect unlawful payment or benefit to any foreign or domestic Government Official or employee, including of any government-owned or
controlled entity or public international organization, or any political party, party official, or candidate for political office; (iii) violated
or is in violation of any provision of the Anti-Corruption Laws; or (iv) made, offered, authorized, requested, or taken an act in
furtherance of any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment or benefit; (B) is or has
been the subject of any actual, pending or, to the knowledge of Corporation, threatened action, suit or proceeding by or before any court
or governmental agency, authority or body or any arbitrator with respect to any Anti-Corruption Laws. The Corporation and the Subsidiaries
and, to the knowledge of the Corporation, the Corporation's Affiliates conduct and have conducted their respective businesses in
compliance with the Anti-Corruption Laws and have instituted and maintain policies and procedures designed to ensure, and which are reasonably
expected to ensure, continued compliance therewith;

(hhh) the operations of the Corporation and the Subsidiaries are, and have been conducted at all times, in compliance
with applicable financial recordkeeping and reporting requirements of the *Currency and Foreign Transactions Reporting Act of 1970*,
the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada) and the money laundering statutes of all applicable
jurisdictions, the rules and regulations thereunder and any related or similar applicable rules, regulations or guidelines, issued,
administered or enforced by any governmental agency (collectively, the "**Money Laundering Laws**") and no action, suit
or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Corporation or any of the
Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Corporation, threatened;

(iii) neither the Corporation, nor the Subsidiaries or the directors, officers or employees of the Corporation
or any of the Subsidiaries, nor, to the knowledge of the Corporation, any agent, Affiliate or other person acting on behalf of the Corporation
or any of the Subsidiaries, is currently a Sanctioned Person; and the Corporation will not directly or indirectly use the Proceeds, or
lend, contribute or otherwise make available such proceeds to any of the Subsidiaries, or any joint venture partner or other Person, for
the purpose of financing the activities of or business with any Sanctioned Person, or in any other manner that will result in a violation
by any Person (including any Person participating in the transaction whether as underwriter, advisor, investor or otherwise) of applicable
Sanctions. Except as disclosed in Section 3.1(iii) of the Disclosure Letter, for the past five years, the Corporation and the
Subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions with any Person that at the
time of the dealing or transaction is or was a Sanctioned Person; the Corporation and its Subsidiaries act and have always acted in compliance
with Sanctions and have not received any written notice, nor have been the subject of any investigation, inquiry or enforcement proceedings
by, any Governmental Entity with respect to an alleged or actual violation of Sanctions;

(jjj) the Purchased Shares as described in this Agreement have been, or prior to the Closing will be, duly authorized,
created and reserved for issuance and, when issued, delivered and paid for in full, will be validly issued and fully paid and non-assessable
Common Shares;

(kkk) the Corporation has complied, or will comply, with all Applicable Laws in connection with the offer, sale
and issuance of the Purchased Shares. The Corporation has obtained or will obtain prior to Closing all necessary approvals, consents and
acceptances of the appropriate regulatory authorities required to be made or obtained by the Corporation in connection with the issuance
and sale of the Purchased Shares as herein contemplated, including the approval of the TSX and any required authorizations from NYSE;

(lll) with respect to each premises of the Corporation and the Subsidiaries which is material to the Corporation
(on a consolidated basis) and which the Corporation or any of the Subsidiaries occupies as tenant, including those referred to in the
Material Leases (collectively, the "**Premises** "), the Corporation or any of such Subsidiaries occupies the Premises and
has the exclusive right to occupy and use the Premises and each of the leases pursuant to which the Corporation or any such Subsidiaries
occupies the Premises is in good standing and in full force and effect;

(mmm) The Corporation and the Subsidiaries are in compliance with all laws and regulations respecting employment
and employment practices, terms and conditions of employment, pay equity, hours, wages, workers' compensation and occupational health
and safety except where such non-compliance would not result in a Material Adverse Effect. The Corporation and the Subsidiaries have not
and are not engaged in any unfair labor practice and there is no labor strike, dispute, slowdown, stoppage, complaint or grievance pending,
instituted or, to the knowledge of the Corporation, threatened, against the Corporation or its Subsidiaries. Except as disclosed in Section 3.1(mmm)
of the Disclosure Letter, there is no collective bargaining agreement currently in place or being negotiated by the Corporation or its
Subsidiaries and the Corporation and the Subsidiaries have not received any notice of, nor have any knowledge of, any occurrence which
would reasonably be expected to lead to a dispute, complaint, grievance or any other unresolved matter. There are no outstanding orders
under any employment or human rights legislation in any jurisdiction in which the Corporation or its Subsidiaries carry on business or
have employees;

(nnn) neither the Corporation nor any of the Subsidiaries sponsors or maintains or has any obligation to make
contributions to any "pension plan" (as defined in Section 3(2) of ERISA) subject to the standards of Section 302
of the United States *Employee Retirement Income Security Act of 1974* ()"**ERISA** "). Each plan for bonus, stock purchase,
profit sharing, stock option, deferred compensation, severance or termination pay, insurance, medical, hospital, dental, vision care,
drug, sick leave, disability, salary continuation, legal benefits, unemployment benefits, vacation, incentive or otherwise contributed
to, or required to be contributed to, by the Corporation or its Subsidiaries for the benefit of any current or former director, officer
or employee of the Corporation or its Subsidiaries, as applicable (the "**Employee Plans** "), has been maintained in all
material respects in accordance with its terms and with the requirements prescribed by any and all Applicable Laws in respect of such
Employee Plans;

(ooo) each of the Corporation and the Subsidiaries is insured by recognized and reputable institutions with
policies in such amounts and with such deductibles and covering such risks as are generally deemed adequate and customary for its business,
including policies covering immovable or real and movable or personal property, whether owned or leased by the Corporation and the Subsidiaries,
against theft, damage, destruction, acts of vandalism and earthquakes. The Corporation has no reason to believe that it or any of the
Subsidiaries will not be able (i) to renew its existing insurance coverage as and when such policies expire, or (ii) to obtain
comparable coverage from similar institutions as may be necessary or appropriate to conduct its business or the Subsidiaries' businesses
as now conducted and at a cost that would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse
Effect. Neither the Corporation nor any of the Subsidiaries has been denied any insurance coverage which it has sought or for which it
has applied;

(ppp) the Corporation is an "emerging growth company" as defined in Section 2(a) of the
U.S. Securities Act;

(qqq) there has been no material security breach or other material compromise of or relating to any of the Corporation
or the Subsidiaries' information technology assets and equipment, computer systems, networks, hardware, software, websites, applications,
and databases (including the data of their respective customers, employees, suppliers, vendors and any third party data maintained by
or on behalf of them) or technology (collectively, "**IT Systems and Data**") and (i) the IT Systems and Data are
adequate for, and operate and perform in all material respects as required in connection with the operation of the business of the Corporation
and the Subsidiaries as currently conducted and, to the best of the Corporation's knowledge, are free and clear of all material
bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants; (ii) the Corporation and the Subsidiaries have implemented
and maintained commercially reasonable controls, policies, procedures, and safeguards to maintain and protect their material confidential
information and the integrity, continuous operation, redundancy and security of all IT Systems and Data (including all personal, personally
identifiable, sensitive, confidential or regulated data); (iii) the Corporation and the Subsidiaries have not been notified of, and
have no knowledge of any event or condition that would reasonably be expected to result in, any material security breach or other material
compromise to their IT Systems and Data; (iv) the Corporation and the Subsidiaries are presently in material compliance with all
Applicable Laws or statutes and all judgments, Orders, rules and regulations of any court or arbitrator or Governmental Entity, internal
policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems
and Data from unauthorized use, access, misappropriation or modification; and (v) the Corporation and the Subsidiaries have implemented
backup and disaster recovery technology consistent with industry standards and practices;

(rrr) the Corporation and the Subsidiaries are, and at all prior times were, in material compliance with all
applicable state and federal data privacy and security laws and regulations, including *the Act Respecting the Protection of Personal Information in the Private Sector* (Québec) and the Corporation and the Subsidiaries have taken commercially reasonable actions
to prepare to comply with the European Union General Data Protection Regulation (EU 2016/679), to the extent such regulation applies to
the Corporation (collectively, the "**Privacy Laws** "). To ensure compliance with the Privacy Laws, the Corporation and
each of the Subsidiaries have in place, comply with, and take appropriate steps reasonably designed to ensure compliance in all material
respects with their policies and procedures relating to data privacy and security and the collection, storage, use, disclosure, handling,
and analysis of personal data (collectively, the "**Policies** "). The Corporation and the Subsidiaries have at all material
times made all material disclosures to users or customers required by Applicable Laws and regulatory rules or requirements, and none
of such disclosures made or contained in any Policy have, to the knowledge of the Corporation, been inaccurate or in violation of any
applicable laws and regulatory rules or requirements in any material respect. The Corporation further certifies that neither it nor
any of the Subsidiaries (i) has received notice of any actual or potential liability under or relating to, or actual or potential
violation of, any of the Privacy Laws, and has no knowledge of any event or condition that would reasonably be expected to result in any
such notice; (ii) is currently conducting or paying for, in whole or in part, any investigation, remediation, or other corrective
action pursuant to any Privacy Law; or (iii) is a party to any order, decree, or agreement that imposes any obligation or liability
under any Privacy Law;

(sss) based on the current profile of the Corporation's gross income, gross assets, the nature of its
business, and its anticipated market capitalization, the Corporation believes that it likely was a passive foreign investment company
(a "**PFIC**") within the meaning of Section 1297 of the U.S. *Internal Revenue Code of 1986*, as amended (the
 "**Code**") for its most recently completed taxable year. While the Corporation has not made a determination of its expected
PFIC status for the current taxable year, the Corporation may be a PFIC in the current taxable year and in the foreseeable future. For
any year in which the Corporation is a PFIC, if any, the Corporation can provide no assurances that it will satisfy the record keeping
requirements of a PFIC or that it will make available to purchasers of the Purchased Shares that are subject to United States federal
income taxation the information such purchasers require to make a "qualified electing fund" election pursuant to Section 1295
of the Code with respect to the Corporation, and as a result, such an election may not be available to such purchasers;

(ttt) neither the Corporation nor any of the Subsidiaries have taken, directly or indirectly, any action designed
to or that might reasonably be expected to cause or result in stabilization or manipulation of the price of the Common Shares or of any
 "reference security" (as defined in Rule 100 of Regulation M under the U.S. Exchange Act ()"**Regulation M** "))
with respect to the Common Shares, whether to facilitate the sale or resale of the Common Shares or otherwise, and has taken no action
which would directly or indirectly violate Regulation M;

(uuu) the Corporation is not, and will not be, either after receipt of payment for the Purchased Shares, or
after the application of the Proceeds, required to register as an "investment company" under the United States *Investment Company Act of 1940*;

(vvv) there are no business relationships or related-party transactions involving the Corporation or any of
the Subsidiaries or any other Person required to be disclosed under Securities Laws which have not been disclosed;

(www) none of the directors, officers or employees of the Corporation or any of the Subsidiaries or any associate
or Affiliate of any of the foregoing has any interest, direct or indirect, in any material transaction or any proposed transaction with
the Corporation or the Subsidiaries;

(xxx) None of the outstanding Common Shares were issued in violation of any pre-emptive rights, rights of first
refusal or other similar rights to subscribe for or purchase securities of the Corporation, to which the Corporation is subject or for
which a waiver has not been obtained. Other than as set out in Section 3.1(xxx) of the Disclosure Letter, there are no authorized
or outstanding options, warrants, pre-emptive rights, rights of first refusal or other rights to purchase, or equity or debt securities
convertible into or exchangeable or exercisable for, any shares of the Corporation or any of the Subsidiaries, to which such Corporation
or Subsidiary is subject and for which a waiver has not been obtained;

(yyy) to the Corporation's knowledge, there are no undisclosed facts or circumstances reasonably likely
to constitute a Material Adverse Effect;

(zzz) as of the date of this Agreement, neither the Corporation nor any of the Subsidiaries is in receipt of
any oral or written offer, indication of interest, proposal or inquiry relating to any (i) direct or indirect acquisition of an equity
interest (whether by merger, consolidation, stock sale or other business combination) in the Corporation, (ii) except as contemplated
in the CGF Subscription Agreement, the IQ Subscription Agreement and the FID Prospectus Offering Letter Agreement or as will be contemplated
in the FID Prospectus Offering Underwriting Agreement, acquisition of any of the voting equity interests of the Corporation through a
primary issuance for cash proceeds, (iii) offtake or similar arrangement, (iv) tender offer or exchange offer by the Corporation
that if consummated would result in any Person or that Person's Affiliates beneficially acquiring any of the voting equity interests
of the Corporation, (v) merger, consolidation, other business combination or similar transaction involving the Corporation or any
of the Subsidiaries, pursuant to which such Person would own any of the consolidated assets, net revenues or net income of the Corporation
and the Subsidiaries, taken as a whole, or (vi) liquidation or dissolution (or the adoption of a plan of liquidation or dissolution)
of the Corporation or the declaration or payment of an extraordinary dividend (whether in cash or other property) by the Corporation; and

(aaaa) to the Corporation's knowledge, no event has occurred or condition exists which is reasonably likely
to prevent the transactions contemplated in the CGF Subscription Agreement, the IQ Subscription or the FID Prospectus Offering Letter
Agreement or that will be contemplated in the FID Prospectus Offering Underwriting Agreement from being completed in accordance therewith.

**3.2** **Representations and Warranties of the Investor** 

The Investor hereby represents and warrants to the Corporation as of the date hereof (unless a different date is indicated, in which case the representations and warranties shall be as of such date) as follows and acknowledges that the Corporation is relying on such representations and warranties in connection with the transactions contemplated herein:

(a) this Agreement has been, and the Ancillary Agreements will be at the Closing Time, duly authorized and
executed by the Investor and constitute, or will constitute at the Closing Time, as applicable, legal, valid and binding obligations of
the Investor enforceable against the Investor in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or similar laws affecting creditors' rights generally, and will not violate or conflict with the constating
documents of the Investor or the terms of any restriction, agreement, undertaking, or Applicable Laws to which the Investor is subject;

(b) the Investor is validly existing under the Applicable Laws of the jurisdiction in which it was formed,
and no steps or proceedings have been taken by any Person, voluntary or otherwise, requiring or authorizing the dissolution or winding
up of the Investor, and the Investor has the necessary corporate power and authority to execute the Agreement and the Ancillary Agreements
and to observe and perform its covenants and obligations hereunder and thereunder and has taken all necessary action in respect thereof;

(c) the Investor is: (A) not an individual; (B) purchasing the Purchased Shares or deemed to be
purchasing the Purchased Shares, as principal; (C) an "accredited investor" as described in paragraphs (f) and (m) of
section 1.1. of Regulation 45-106; and (D) not a Person that was created, or is being used, solely to purchase or hold securities
as an accredited investor described in paragraphs (f) and (m) of the definition of "accredited investor" in section
1.1 of Regulation 45-106;

(d) the Investor acknowledges that the Purchased Shares have not been offered to the Investor (or any Person
on whose behalf the Investor is contracting) in the United States, and any Person making the order to purchase the Purchased Shares and
executing this Agreement was not in the United States when the order was placed and this Agreement was executed and delivered;

(e) the Investor is not a U.S. Person, which includes, but is not limited to, an individual resident in the
United States, an estate or trust of which any executor or administrator or trustee, respectively, is a U.S. Person and any partnership
or corporation organized or incorporated under the laws of any foreign jurisdiction and formed by a U.S. person principally for the purpose
of investing in securities not registered under the U.S. Securities Act, unless it is organized or incorporated, and owned, by accredited
investors as defined as defined by Rule 501(a) of Regulation D of the U.S. Securities Act who are not natural persons, estates
or trusts, and is not purchasing the Purchased Shares on behalf of, or for the account or benefit of, a Person in the United States or
a U.S. Person;

(f) the Investor has not purchased the Purchased Shares as a result of any form of "directed selling
efforts" in the United States, as such term is defined in Regulation S;

(g) the current structure of the Investment and all transactions and activities contemplated hereunder is
not a scheme to avoid registration requirements of the U.S. Securities Act or applicable state laws;

(h) the Investor understands that the Purchased Shares are being offered for sale only on a "private
placement" basis and that the sale and delivery of the Purchased Shares are conditional upon such sale and delivery being exempt
from the requirements as to the filing of a prospectus or upon the issuance of such orders, consents or approvals as may be required to
permit such sale without the requirement of filing a prospectus and, as a consequence (i) the Investor is restricted from using most
of the civil remedies available under Securities Laws, (ii) the Investor may not receive information that would otherwise be required
to be provided to it under Securities Laws, and (iii) the Corporation is relieved from certain obligations that would otherwise apply
under Securities Laws;

(i) the Investor is aware that the Purchased Shares have not been and will not be registered under the U.S.
Securities Act, or the securities legislation of any State of the United States and therefore may not be offered or sold directly or indirectly
in the United States or to, or for the account of benefit of a U.S. Person without registration under the U.S. Securities Act and applicable
state securities laws or compliance with requirements of an exemption from registration thereunder;

(j) the Investor has not received or been provided with, nor has it requested, nor does it have any need to
receive, any offering memorandum, prospectus, registration statement, sales or advertising literature, or any other document (other than
an annual report, annual information form, interim report, information circular or any other continuous disclosure document, the content
of which is prescribed by Securities Laws) describing or purporting to describe the business and affairs of the Corporation which has
been prepared for delivery to, and review by, prospective purchasers in order to assist them in making an investment decision in respect
of the Purchased Shares;

(k) the Investor is familiar with the provisions of Rule 144 under the U.S. Securities Act, which, in
substance, permits limited public resale of "restricted securities" or "control securities" acquired, directly
or indirectly, from the issuer thereof (or from an affiliate of such issuer), in a non-public offering subject to the satisfaction of
certain conditions, and that (i) the Purchased Shares may be resold by the Investor pursuant to the provisions of Rule 144,
which requires, among other things, (A) the availability of certain public information about the Corporation and (B) the resale
occurring following the applicable holding period under Rule 144, (ii) the Purchased Shares may be resold by the Investor pursuant
to another exemption from the U.S. Securities Act, including Rule 903 of Regulation S and in compliance with any "distribution
and compliance periods", or (iii) such Purchased Shares will need to be registered for resale under the U.S. Securities Act;
and

(l) if the Investor is deemed to be a "distributor" (as defined in Regulation S), the sale of
any Purchased Shares to a distributor, or dealer or person receiving a selling concession, fee or other remuneration in respect of the
securities sold prior to the "distribution and compliance period", the Investor shall send a confirmation or other notice
to the purchaser stating the purchaser is subject to the same restrictions on offers and sales that apply to the distributor.

**3.3** **Acknowledgements and Authorizations of the Investor** 

The Investor hereby acknowledges and agrees as follows:

(a) no applicable securities regulatory authority (or authorities) or regulator, agency, Governmental Entity,
regulatory body, stock exchange or other regulatory body has reviewed or passed on the investment merits of the Purchased Shares;

(b) the Purchased Shares will be subject to a restriction on resale prescribed by section 2.5 of *Regulation 45-102 respecting Resale of Securities* (Québec); and

(c) the certificate(s) or DRS Advice(s) representing the Purchased Shares, when issued, will bear
or be bound by, a legend substantially in the following form:

*"Unless permitted under securities legislation, the holder of this security must not trade the security before [insert four months and a day after the Closing Date]."*

**ARTICLE 4 - CONDITIONS PRECEDENT TO CLOSING**

**4.1** **Investor's Conditions Precedent to Closing** 

The Investor's obligation under this Agreement to purchase the Purchased Shares, shall be subject to the following conditions (which conditions may be waived in writing by the Investor in its sole discretion):

(a) (i) the representations and warranties of the Corporation contained in Sections 3.1(a), 3.1(b), and
3.1(e) of this Agreement shall be true and correct in all respects as at the Closing Time, with the same force and effect as if made
on and as at the Closing Time, except for such representations and warranties which are in respect of a specific date in which case such
representations and warranties shall be true and correct, in all respects, as of such date, and (ii) the other representations and
warranties of the Corporation contained in this Agreement shall be true and correct in all material respects (or, as regards specific
representations and warranties if qualified by materiality or Material Adverse Effect, in all respects) as at the Closing Time, with the
same force and effect as if made on and as at the Closing Time, except for such representations and warranties which are in respect of
a specific date in which case such representations and warranties shall be true and correct, in all material respects (or, as regards
specific representations and warranties if qualified by materiality or Material Adverse Effect, in all respects), as of such date;

(b) the Corporation shall have performed or complied with, in all respects, all of its obligations, covenants
and agreements under this Agreement required to be performed or complied with prior to the Closing;

(c) no Material Adverse Effect shall have occurred;

(d) the Investor shall have received a certificate from the President and Chief Executive Officer or the Chief
Financial Officer of the Corporation (on the Corporation's behalf and without personal liability), in form and substance satisfactory
to the Investor, acting reasonably, confirming satisfaction of the conditions referred to in Sections 4.1(a), (b), and 4.1(c);

(e) there shall be no issued Order, injunction, judgment or ruling filed or imposed by any Governmental Entity
enjoining, delaying, restricting or preventing the consummation of the transactions contemplated in this Agreement or the Ancillary Agreements
or claiming that such transactions are improper;

(f) the Common Shares shall continue to be listed and posted for trading on the TSX and the NYSE;

(g) the Corporation shall not be the subject of a cease trading order (including a management cease trade
order) made by any applicable securities regulatory authority (or authorities) or regulator in Canada or the United States or other Governmental
Entity;

(h) the Corporation shall have made and/or obtained the necessary filings, approvals, consents and acceptances
of the appropriate regulatory authorities required to be made or obtained by the Corporation in connection with the sale of the Purchased
Shares as herein contemplated, including any required approval of the TSX, any required authorization of the NYSE and any required approval
by the Shareholders of the transactions contemplated by this Agreement, the CGF Subscription Agreement and the IQ Subscription Agreement;

(i) in the event that, by the time all other conditions precedent under this Section 4.1 have been fulfilled
(or, to the extent applicable, waived), the FDI Authority has sent a notice under subsection 25.2(1) of the Investment Canada Act
to the Investor, the Investor's obligation under this Agreement to purchase the Purchased Shares shall also be subject to the obtainment
of the FDI Clearance from the FDI Authority, to the extent necessary to consummate the transactions contemplated hereby in compliance
with the Investment Canada Act and other Applicable Laws. If such notice is sent by the Closing Date but before Closing has taken place,
the Closing Date shall be deferred until the obtainment of the FDI Clearance, it being understood that if by the Outside Date the FDI
Clearance has not been obtained, the Investor may elect not to complete the Investment by notice in writing to the Corporation;

(j) the GoC Offtake Agreement shall have been executed by the Corporation
and the Government of Canada (or on its behalf) and shall be in full force and effect as at the Closing Time;

(k) the FID shall have been achieved;

(l) at Closing, after giving effect to the issuance and sale of the Purchased Shares and any other transactions
in NMG securities occurring substantially concurrently with the Closing, including in connection with the FID Equity Offering (and also
taking into account the maximum number of Common Shares issuable under any over-allotment option in connection with the FID Prospectus
Offering), the Investor shall hold a number of Common Shares representing more than 10% (ten percent) of the total issued and outstanding
Common Shares;

(m) the FID Private Placement (other than the Investment) shall close substantially concurrently with the
Closing and the exchange of subscription receipts for Common Shares and delivery to the Corporation of the net proceeds from the FID Prospectus
Offering under the FID Prospectus Offering Subscription Receipt Agreement shall occur on the Closing Date immediately after the Closing;
and

(n) the Investor shall have received the deliveries set forth in Section 5.2.

If any of the foregoing conditions has not been fulfilled by the Outside Date, the Investor may elect not to complete the Investment by notice in writing to the Corporation. The Investor may waive compliance with any condition in whole or in part if it sees fit to do so, without prejudice to its rights in the event of non-fulfilment of any other condition, in whole or in part, or to its rights to recover damages for the breach of any representation, warranty, covenant or condition contained in this Agreement.

**4.2** **Corporation's Conditions Precedent to Closing** 

The Corporation's obligation under this Agreement to issue and sell the Purchased Shares, is subject to the following conditions (which conditions may be waived by the Corporation in its sole discretion):

(a) the representations and warranties of the Investor contained in this Agreement shall be true and correct
in all material respects (or, as regards specific representations and warranties if qualified by materiality, in all respects) as at the
Closing Time, with the same force and effect as if made on and as at the Closing Time, except for such representations and warranties
which are in respect of a specific date in which case such representations and warranties shall be true and correct, in all material respects
(or, as regards specific representations and warranties if qualified by materiality, in all respects), as of such date, after giving effect
to the transactions contemplated by this Agreement;

(b) the Investor shall have performed or complied with, in all respects, all of its obligations, covenants
and agreements under this Agreement required to be performed or complied with prior to the Closing;

(c) there shall be no issued Order, injunction, judgment or ruling filed or imposed by any Governmental Entity
for the purpose of enjoining, delaying, restricting or preventing the consummation of the transactions contemplated in this Agreement
or any Ancillary Agreement or claiming that such transactions are improper;

(d) the Corporation shall have made and/or obtained the necessary filings, approvals, consents and acceptances
of the appropriate regulatory authorities required to be made or obtained by the Corporation in connection with the sale of the Purchased
Shares as herein contemplated, including any required approval of the TSX, any required authorization of the NYSE and any required approval
by the Shareholders of the transactions contemplated by this Agreement, the CGF Subscription Agreement and the IQ Subscription Agreement;

(e) the FID Private Placement (other than the Investment) shall close substantially concurrently with the
Closing and the exchange of subscription receipts for Common Shares and delivery to the Corporation of the net proceeds from the FID Prospectus
Offering under the FID Prospectus Offering Subscription Receipt Agreement shall occur on the Closing Date immediately after the Closing;
and

(f) the Corporation shall have received the closing deliveries set forth in Section 5.3.

If any of the foregoing conditions has not been fulfilled by the Outside Date, the Corporation may elect not to complete the Investment by notice in writing to the Investor. The Corporation may waive compliance with any condition in whole or in part if they see fit to do so, without prejudice to their rights in the event of non-fulfilment of any other condition, in whole or in part, or to their rights to recover damages for the breach of any representation, warranty, covenant or condition contained in this Agreement.

**ARTICLE 5 - CLOSING**

**5.1** **Time and Place of Closing** 

The closing of the subscription and issuance of the Purchased Shares (the "**Closing**") shall take place remotely by exchange of documents and signatures (or their electronic counterparts) at the Closing Time, or at such other date or time as agreed upon by the Investor and the Corporation.

**5.2** **Corporation's Closing Deliveries** 

At or prior to the Closing Time, the Corporation shall deliver to the Investor the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a counterpart to each of the Ancillary Agreements duly executed by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) one or more share certificates or, DRS Advices evidencing the Purchased Shares and registered in accordance
with the registration instructions set forth in Schedule A hereto, or as may be otherwise subsequently directed by or on behalf of the
Investor in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an executed copy of each of the CGF Subscription Agreement, the IQ Subscription Agreement, the FID Prospectus
Offering Underwriting Agreement, the FID Prospectus Offering Subscription Receipt Agreement and the GoC Offtake Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a certificate of compliance of the Corporation dated within one (1) Business Day prior to the Closing
or such earlier date as may be agreed by the Investor issued by Corporations Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a certificate dated as of the Closing Date addressed to the Investor and signed by the President and Chief
Executive Officer or the Chief Financial Officer of the Corporation (in each case on behalf of the Corporation and without personal liability)
in form and content satisfactory to the Investor, acting reasonably, certifying with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the currently effective constating documents of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all necessary corporate approvals by the Corporation relating to this Agreement and the consummation of
the transactions contemplated herein, including the FID, the issuance and sale of the Purchased Shares and the issuance of the subscription
receipts and Common Shares in connection with the FID Private Placement and the FID Prospectus Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an incumbency and signatures of signing persons of authority and officers of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an opinion from the Corporation's legal counsel in Canada, in a form satisfactory to the Investor,
acting reasonably, as to certain corporate law and securities law matters relating to the Corporation, the issuance and sale of the Purchased
Shares, exemptions from the prospectus requirement under Securities Laws and other related matters, excluding, for more certainty, any
regulatory matters such as the obtaining or the requirement to obtain the FDI Clearance in connection with the Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) evidence of any required approval of the TSX and any required authorization of the NYSE with respect to
the sale and the listing of the Purchased Shares as herein contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) evidence of any required approval by the Shareholders with respect to the transactions contemplated by
this Agreement, the CGF Subscription Agreement and the IQ Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) evidences reasonably satisfactory to the Investor that the transactions contemplated by the CGF Subscription
Agreement and the IQ Subscription Agreement have closed prior to or shall close simultaneously with the closing of the Investment and
that the proceeds to be received by the Corporation in connection with the transactions contemplated by CGF Subscription Agreement and
IQ Subscription Agreement have been or shall be simultaneously received by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) evidences reasonably satisfactory to the Investor that the FID Prospectus Offering Release Conditions
have been satisfied and that the net proceeds from the FID Prospectus Offering shall be delivered to the Corporation under the FID Prospectus
Offering Subscription Receipt Agreement, with the exception of: (i) the completion of the FID Private Placement; (ii) the delivery
of any notice to be delivered pursuant to the FID Prospectus Offering Subscription Receipt Agreement to confirm the satisfaction of the
FID Prospectus Offering Release Conditions and authorizing the delivery of the net proceeds from the FID Prospectus Offering to the Corporation;
and (iii) the exchange of subscription receipts for Common Shares pursuant to the terms of the FID Prospectus Offering Subscription
Receipt Agreement (and any opinion confirming the final issuance of Common Shares); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) such further certificates and other documentation from the Corporation as may be contemplated herein or
as the Investor may reasonably request.

**5.3** **Investor's Closing Deliveries.** 

At or prior to the Closing Time, the Investor shall deliver to the Corporation, the following:

(a) a counterpart to each of the Ancillary Agreements duly executed by the Investor;

(b) the Subscription Price by wire transfer of immediately available funds to an account designated by the
Corporation (such account to be designated by the Corporation no fewer than five (5) Business Days prior to the Closing); and

(c) such further certificates and other documentation from the Investor as may be contemplated herein or as
the Corporation may reasonably request.

**ARTICLE 6 - COVENANTS**

**6.1** **Actions to Satisfy Closing Conditions** 

Each of the parties hereto shall make commercially reasonable efforts to ensure satisfaction of each of the conditions for which it is responsible for performing, delivering or satisfying set forth in Article 4.

**6.2** **Consents, Approvals and Authorizations** 

(a) The Corporation covenants that it shall prepare, file and diligently pursue until received all necessary
consents, approvals and authorizations of any Person and make such necessary filings, as are required to be obtained under Applicable
Laws with respect to the Investment, including in respect of any required approval by the Shareholders. If required by Securities Laws
or reasonably requested by the Corporation, the Investor will use commercially reasonable efforts to execute, deliver, file and otherwise
assist the Corporation in filing, such reports, undertakings and other documents with respect to the issuance and sale of the Purchased
Shares.

(b) The Corporation shall keep the Investor fully informed regarding the status of such consents, approvals
and authorizations, and the Investor, its representatives and counsel shall have the right to provide input into any applications for
approval and related correspondence and any proxy circular of the Corporation prepared in connection with any required approval by the
Shareholders, which will be incorporated by the Corporation, acting reasonably. The Corporation will provide notice to the Investor (and
its counsel) of any proposed substantive discussions with the TSX or the NYSE if required in connection with the Investment. On the date
all such consents, approvals and authorizations have been obtained by the Corporation and all such filings have been made by the Corporation,
the Corporation shall notify the Investor of same.

(c) Without limiting the generality of the foregoing, the Corporation shall promptly make all filings required
by the TSX and the NYSE. If the approval or authorization of either of the TSX or the NYSE is a "conditional approval" subject
to the making of customary deliveries to the TSX or the NYSE after the Closing Time, the Corporation shall ensure that such filings are
made as promptly as practicable after such date and in any event within the time frame contemplated in the conditional approval letter
from the TSX or the authorization from the NYSE, as applicable.

(d) Without limiting the generality of the foregoing, in the event that, as provided under Section 4.1(i),
the FDI Authority sends the Investor a notice under section 25.2(1) of the Investment Canada Act in respect of the Investment before
the Closing has taken place, each of the Corporation and the Investor shall henceforth use its commercially reasonable efforts to (i) promptly
file, or cause to be filed, as soon as practicable following the date of such notice and in accordance with any relevant time limit set
forth therein or under the Applicable Laws, any submission required and any mutually agreed upon filings or submissions to the FDI Authority
pursuant to the FDI Applicable Laws regarding the transactions contemplated hereby in order to obtain the FDI Clearance; (ii) supply
as promptly as practicable any additional information and documentary material that may be requested or required by the FDI Authority;
(iii) not take any action that could delay or negatively influence any FDI Authority's decision, and (iv) take all steps
to cause the expiration or termination of any applicable waiting or review periods and obtain the FDI Clearance as necessary to consummate
the transactions contemplated hereby. Each of the Corporation and Investor shall (i) cooperate with the other in connection with
any filing or submission made pursuant to this Section and keep the other informed in all material respects of any material communication
received by such party from, or given by such party to, the FDI Authority regarding any filings contemplated hereby, (ii) provide
the other notice and an opportunity to participate in any oral communications with the FDI Authority to the extent not prohibited by respectively
that FDI Authority, (iii) provide the other the opportunity to review and comment on any substantive communications with the FDI
Authority and consider the other's comments reasonably and in good faith, (iv) not propose, negotiate, effect or agree to accept
undertakings, commitments, conditions, modifications or remedies ()"**Undertakings**") that might be required by the FDI
Authority in order to obtain the FDI Clearance, unless such Undertakings are on terms mutually satisfactory to the parties and in a form
and with the content that is customary for transactions of this nature, (v) split equally among the Corporation and the Investor
any legal fees for the assistance by local counsel and/or any administrative filing fee necessary to make any relevant submission and
obtain the FDI Clearance. Nothing in this clause shall require any party to disclose any competitively sensitive information or business
secrets, in which case such information is to be communicated between the respective legal counsel of each the Corporation and the Investor
on an "external counsel only" basis (a non-confidential version of the relevant filing, submission or communication being
provided to the other party) or pursuant to additional procedures agreed between the parties to ensure compliance with all competition,
antitrust and foreign direct investment Applicable Laws.

(e) The Corporation shall, as promptly as practicable after the date hereof, seek, and continue to use commercially
reasonable efforts to seek until obtained, the consent of each Person which is required in connection with the Investment.

**6.3** **Ordinary Course of Business** 

(a) Except as contemplated or permitted by this Agreement, from the date hereof until the earlier of the Closing
Time and the termination of this Agreement, the Corporation and its Subsidiaries shall conduct their business in the Ordinary Course in
material compliance with Applicable Laws, including using commercially reasonable efforts to maintain and preserve intact the current
organization and business of the Corporation in all material respects, preserve and maintain all of their Permits, and preserve the rights,
goodwill and relationships of counterparties of Material Contracts and Material Leases. Without limiting the foregoing, the Corporation
covenants and agrees with the Investor that the Corporation will not, from the date hereof and ending on the earlier of the Closing Time
and the termination of this Agreement, except with the prior written consent of the Investor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) split, combine or reclassify any of the outstanding Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) redeem, purchase or offer to purchase any Common Shares or convertible securities (excluding the Note);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) amalgamate, merge or consolidate with any other Person (which for greater certainty does not include a
Change of Control);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) perform any act or enter into any transaction or negotiation which might materially adversely interfere
or be materially inconsistent with the consummation of the Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) make or award any increases in salary, incentive compensation or other bonuses to executives of the Corporation
or its Subsidiaries (other than in the Ordinary Course);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) cause, consent to, or permit, any termination, release, cancellation, adverse amendment, modification
or variance, or waiver of timely compliance with any terms or conditions of any Material Contract and Material Lease, other than the renewal
of same in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) terminate, cancel or fail to timely comply with terms and conditions of any Mining Rights; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) agree or commit to do any of the foregoing.

**6.4** **Access to Information** 

Until the earlier of the Closing Time and the termination of this Agreement, the Corporation shall:

(a) provide the Investor, its designees and its representatives with reasonable access (i) to the virtual
data room or such other document review platform which has been constituted by the Corporation (or on its behalf), and (ii) upon
reasonable notice during normal business hours, to the Corporation's and its Subsidiaries' books and records and executive
management, in each case so that the Investor may conduct reasonable inspections, investigations and audits relating to the Corporation
and its Subsidiaries, including as to the internal accounting controls and business and operations of the Corporation and its Subsidiaries;

(b) deliver to the Investor, immediately following receipt thereof, a copy of any notice, letter, correspondence
or other communication from any Governmental Entity or any Claim or filing involving the Corporation, in each case, in respect of the
Corporation's potential, actual or alleged violation of any and all laws applicable to the business, affairs and operations of the
Corporation and its Subsidiaries anywhere in the world, and any responses by the Corporation in respect thereto;

(c) deliver to the Investor, as promptly as practicable, such information and documentation relating to the
Corporation and its Subsidiaries as the Investor may reasonably request from the Corporation from time to time for purposes of complying
with the Investor's tax reporting obligations with respect to its ownership of Common Shares; and

(d) deliver to the Investor, as promptly as practicable, such information and documentation relating to any
matter which may reasonably affect the Investor's, or any of its Affiliates' reputation.

**6.5** **Notice** 

Until the earlier of the Closing Time and the termination of this Agreement, the Corporation shall promptly notify the Investor of the occurrence, or failure to occur, of any event or state of facts which occurrence or failure would, or would be reasonably likely to:

(a) cause any of the representations or warranties of the Corporation contained in Section 3.1 of this
Agreement to be untrue or inaccurate at any time from the date of this Agreement to the Closing Time;

(b) result in the failure of the Corporation to comply with any covenant or agreement to be complied with
by the Corporation pursuant to the terms of this Agreement; or

(c) result in any material change (actual, anticipated, contemplated,
proposed or threatened) in or affecting the business, operations, capital, properties, assets, liabilities (absolute, accrued, contingent
or otherwise), condition (financial or otherwise), profits, obligations, cash flow, income, affairs or prospects of the Corporation and
the Subsidiaries taken as a whole.

**6.6** **Anti-bribery and Corruption Compliance** 

Until the earlier of the Closing Time and the termination of this Agreement:

(a) the Corporation shall cause its employees, directors, officers, and to the best of its ability any Person
acting on its behalf to comply, with applicable Anti-Corruption Laws;

(b) neither the Corporation, the Subsidiaries, nor any of its or their employees, directors, officers or,
to the knowledge of the Corporation, any Person acting on its or their behalf shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) give, promise to give, or offer to give, any payment, loan, gift, donation, or anything else of value
(including a facilitation payment), directly or indirectly, whether in cash or in kind, to or for the benefit of, any Government Official
or any other Person while knowing or having reason to know that all or a portion of such money or thing of value will be offered, given,
or promised, directly or indirectly, to any such Government Official or to any other Person for the purpose of: (A) improperly influencing
any action or decision of any Government Official in his or her official capacity, including a decision to fail to perform official functions,
(B) inducing any Government Official or other Person to act in violation of his, her or its lawful duty, (C) securing any improper
advantage, or (D) persuading any Government Official or other Person to use his, her or its influence with any Governmental Entity
or any government-owned Person to effect or influence any act or decision of such Governmental Entity or government-owned Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) accept, receive, agree to accept, or authorize the acceptance of any contribution, payment, gift, entertainment,
money, anything of value, or other advantage in violation of applicable Anti-Corruption Laws;

(c) the Corporation shall (and shall cause its Subsidiaries to) maintain policies, procedures and internal
controls reasonably designed to ensure compliance with all applicable Anti-Corruption Laws, including records of payments to any Persons
(including agents, consultants, representatives and distributors) and Government Officials; and

(d) upon reasonable request, the Corporation agrees to provide responsive information to the Investor concerning
its compliance with Anti-Corruption Laws. The Corporation shall promptly notify the Investor if the Corporation becomes aware of any violation
of Anti-Corruption Laws.

**6.7** **Trade and Sanctions Compliance** 

Until the earlier of the Closing Time and the termination of this Agreement:

(a) the Corporation shall and shall cause its Subsidiaries and its and their respective employees, directors,
officers, and to the best of its ability, its and their respective agents, and any Person acting on its or their behalf, to comply with
all applicable Sanctions;

(b) neither the Corporation nor any of its subsidiaries, directors, officers, or employees: (i) has engaged
in any activities that would cause it to become a Sanctioned Person; or (ii) to the knowledge of the Corporation, acts or shall act
under the direction of, on behalf of, or for the benefit of a Sanctioned Person;

(c) the Corporation shall as soon as practicable and no later than April 30, 2027, institute and maintain
a risk-based compliance program to ensure compliance with Sanctions by itself, its Subsidiaries and each of their respective directors,
officers, and employees. The compliance program shall include risk-based policies, procedures, controls, training, monitoring, oversight
and appropriate resourcing following guidance provided by OFAC, BIS and any other relevant Sanctions Authority. Within thirty (30) days
after the date on which the Corporation adopts such policy, the Corporation shall provide a copy of such policy to the Investor, together
with the resolutions of the Board or other relevant official document evidencing the Corporation's adoption of such policy. Upon
reasonable request, the Corporation agrees to provide responsive information to the Investor concerning its compliance with Sanctions.
The Corporation shall promptly notify the Investor if the Corporation becomes aware of any violation of Sanctions;

(d) neither the Corporation nor its Subsidiaries nor their respective employees, directors or officers have
engaged in activities that would have the effect of conducting any business transaction or activity with a Sanctioned Person or in a Sanctioned
Territory;

(e) neither the Investor, nor any of it subsidiaries involved in the performance of this Agreement, directors,
officers, or employees: (i) is or shall be a Sanctioned Person; or (ii) to the knowledge of the Investor, acts or shall act
under the direction of, on behalf of, or for the benefit of a Sanctioned Person.

Notwithstanding anything to the contrary provided herein, the Investor shall not be obliged to perform any of its obligations otherwise required under this Agreement if this would be in violation of or would expose it to the risk of punitive measures under any Sanctions.

This Section 6.7 shall not be interpreted or applied in relation to the Corporation to the extent that the representations made under this Section 6.7 violate, or would result in a breach of the *Foreign Extraterritorial Measures Act* (Canada).

**6.8** **Compliance with Money Laundering Laws** 

Until the earlier of the Closing Time and the termination of this Agreement:

(a) the Corporation shall and shall cause its Subsidiaries and its and their respective employees, directors,
officers, and to the best of its ability, its and their respective agents, and any Person acting on its or their behalf, to comply with
all applicable Money Laundering Laws;

(b) the Corporation shall as soon as practicable and no later than April 30, 2027, institute and maintain
policies, procedures and internal controls commensurate with a company of the Corporation's size and stage of development designed
to ensure compliance with any applicable Money Laundering Laws by itself, its Subsidiaries and each of their respective directors, officers,
and employees. As soon as practicable after the date of this Agreement, and in any event within thirty (30) days after the date on which
the Corporation adopts such policies and procedures, the Corporation shall provide a copy of such policies and procedures to the Investor,
together with the resolutions of the Board or other relevant official document evidencing the Corporation's adoption of such policies
and procedures; and

(c) upon reasonable request, the Corporation agrees to provide responsive information to the Investor concerning
its compliance with Money Laundering Laws. The Corporation shall promptly notify the Investor if the Corporation becomes aware of any
material violation of Money Laundering Laws.

**6.9** **Foreign Investment Review** 

Without prejudice to the provisions set forth under Section 6.2, which are applicable to the Investment made by the Investor, the provisions set out in this Section 6.9 shall apply to investments the Corporation or its Subsidiaries have made or accepted or have undertaken to make or accept. Until the earlier of the Closing Time and the termination of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to making, or accepting, any ownership investment after the date hereof, the Corporation shall,
as applicable under the relevant laws and regulations, and unless the Investor has agreed otherwise, take such steps as are at that time
available under the Investment Canada Act to obtain certainty prior to completion regarding the status of the investment under the national
security review provisions of the Investment Canada Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) notwithstanding the foregoing or anything to the contrary set forth in this Agreement, the Corporation
and its Subsidiaries agree to cooperate with any inquiry by Canadian Governmental Entities, with respect to the Corporation's business
(or that of its Subsidiaries) or any past or new investment the Corporation or its Subsidiaries have received or undertaken, or receive
or undertake, including by providing any information and documentary material lawfully required or requested by Canadian Governmental
Entities, after due discussion with Canadian Governmental Entities. Without limiting the foregoing, following the conclusion of any applicable
appeal or review process, the Corporation and its Subsidiaries shall take commercially reasonable actions to comply with any valid Order,
writ, judgment, ruling, assessment, injunction, stipulation, determination, undertaking, commitment, mitigation measure, agreement, or
award entered by or with any Canadian Governmental Entity with respect to any such investment the Corporation or its Subsidiaries have
received or undertaken, or receive or undertake;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Corporation and its Subsidiaries shall promptly inform the Investor of any such inquiry, and keep
Investor reasonably informed regarding the existence of, and efforts to address and resolve, any action, investigation, review, or inquiry
of any kind, including but not limited to formal, informal, written, or oral, involving the Corporation or its Subsidiaries relating to
any developments in any regulatory process resulting from such inquiry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as applicable under relevant law, the Corporation and its Subsidiaries shall provide or cause to be provided
commercially reasonable assurances or agreements as required by the Minister under the Investment Canada Act, including entering into
a mitigation agreement, letter of assurance, national security agreement, or other similar arrangement or agreement; provided however,
that such assurance or agreement does not have a Material Adverse Effect on the Corporation or its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Corporation and its Subsidiaries shall provide, to the best of its and their knowledge, truthful and
materially complete information to Canadian Governmental Entities with respect to inquiries or requests that the Corporation or its Subsidiaries
have received or may receive, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Corporation and its Subsidiaries shall promptly advise the Investor of the receipt of any communication
from a Canadian Governmental Entity relating to the Investor, shall consult with the Investor prior to communicating with a Canadian Governmental
Entity relating to the Investor, and shall obtain the Investor's consent before providing any information specifically related to
the Investor to a Canadian Governmental Entity, or if possible and at the discretion of the Investor, allow the Investor to directly provide
such information to such Canadian Governmental Entity.

**ARTICLE 7 - TERMINATION**

**7.1** **Termination** 

This Agreement shall terminate upon:

(a) the date on which this Agreement is terminated by the mutual consent of the parties hereto;

(b) written notice by either party to the other in the event the Closing has not occurred on or prior to the
Outside Date, except that the right to terminate this Agreement under this Section 7.1(b) shall not be available to any party
whose failure to fulfill any of its obligations or breach of any of its representations, warranties or covenants under this Agreement
has been the cause of, or resulted in, the failure of the Closing to occur by the Outside Date;

(c) written notice by either party if any Governmental Entity of competent jurisdiction issues an Order permanently
restraining, enjoining, or otherwise prohibiting the consummation of the transactions contemplated by this Agreement, and such Order becomes
final and non-appealable; provided, however, that the right to terminate this Agreement under this Section 7.1(c) shall not
be available to a party whose failure to perform its covenants or agreements contained in this Agreement has been the cause of or has
resulted in the imposition of such Order or the failure of such Order to be resisted, resolved, or lifted;

(d) by the Investor, if the Corporation breaches or fails to perform in
any material respect any of its representations, warranties, covenants or agreements contained in this Agreement, which breach or failure
to perform (i) would result in a failure of a condition set forth in Section 4.1 or in a failure to make any deliveries set forth in Section
5.2, and (ii) (A) if capable of being cured, has not been cured by the Corporation by the earlier of (x) the Outside Date, and (y) the
date that is thirty (30) days after the Corporation's receipt of written notice from the Investor stating the Investor's intention
to terminate this Agreement pursuant to this Section 7.1(d) and the basis for such termination or (B) is incapable of being cured;

(e) by the Corporation, if the Investor breaches or fails to perform in
any material respect any of its representations, warranties, covenants or agreements contained in this Agreement, which breach or failure
to perform (i) would result in a failure of a condition set forth in Section 4.2, or in a failure to make any deliveries set forth in
Section 5.3, and (ii) (A) if capable of being cured, has not been cured by the Investor by the earlier of (x) the Outside Date, and (y)
the date that is thirty (30) days after the Investor's receipt of written notice from the Corporation stating the Corporation's
intention to terminate this Agreement pursuant to this Section 7.1(e) and the basis for such termination or (B) is incapable of being
cured;

(f) written notice of the Investor on the bankruptcy of the Corporation or any of the Subsidiaries or the
making by the Corporation or any of the Subsidiaries of an assignment under the provisions of the *Bankruptcy and Insolvency Act* (Canada)
or the taking of any proceeding by or involving the Corporation or any of the Subsidiaries under the *Companies Creditors' Arrangement Act* (Canada) or any similar legislation of any jurisdiction; or

(g) automatically upon the occurrence of a "Termination Event" (or any similar expression) pursuant
to the FID Prospectus Offering Subscription Receipt Agreement.

**7.2** **Effect of Termination** 

Upon the termination of this Agreement:

(a) except for this Section 7.2, the surviving indemnification and contribution obligations as provided
in Sections 8.4 and 8.3, and Article 9, all the provisions of this Agreement shall lapse and cease to have effect; and

(b) neither the lapsing of those provisions nor their ceasing to have effect shall affect any accrued rights
or liabilities of any party in respect of damages for breach of this Agreement prior to such lapse and cessation.

**ARTICLE 8 - INDEMNIFICATION**

**8.1** **Indemnification by the Corporation** 

(a) The Corporation shall indemnify and save harmless the Investor and each of its directors, officers, and
employees (collectively referred to as the "**Investor Indemnified Parties**") from and against any Losses which may be
made or brought against the Investor Indemnified Parties, or which they may suffer or incur, directly or indirectly, as a result of or
in connection with or relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any non-fulfilment or breach of any covenant or agreement on the part of the Corporation contained in
this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any misrepresentation or any incorrectness in or breach of any representation or warranty of the Corporation
contained in this Agreement as of the Closing Date, with the same force and effect as if made on and as at the Closing Date, except for
such representations and warranties which are in respect of a specific date in which case as of such date.

(b) The Corporation's obligations under Section 8.1(a) shall be subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Survival Date, in accordance with Section 8.4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Corporation shall not be liable for any special, indirect, incidental, consequential, punitive or
aggravated damages, including damages for loss of profits and lost business opportunities or damages calculated by reference to any purchase
price methodology.

**8.2** **Indemnification Procedure** 

(a) Promptly, and in any event within twenty (20) days, after receipt by an Investor Indemnified Party of
notice of the commencement of any action, such Investor Indemnified Party shall, if a Claim in respect thereof is to be made against any
Investor Indemnified Party, notify the Corporation of the commencement thereof. Such notice shall specify whether the Claim arises as
a result of a claim by a third party Person (a "**Third Party**") against the Investor Indemnified Party (a "**Third Party Claim**") or whether the Claim does not so arise (a "**Direct Claim** "), and shall also include a description
of the Loss in reasonable detail including the Sections of this Agreement which form the basis for such Loss, copies of all material written
evidence of such Loss in the possession of the Investor Indemnified Party and the actual or estimated amount of the damages that have
been or will sustained by any Investor Indemnified Party, including reasonable supporting documentation therefor; provided that the failure
to so notify the Corporation shall not relieve the Corporation of its obligations hereunder unless and to the extent the Corporation is
actually and materially prejudiced by such failure to so notify.

(b) With respect to any Direct Claim, following receipt of notice from the Investor Indemnified Party of the
Claim, the Corporation shall have sixty (60) days to make such investigation of the Claim as is considered necessary or desirable. For
the purpose of such investigation, the Investor Indemnified Party shall make available to the Corporation such reasonable information
relied upon by the Investor Indemnified Party to substantiate the Claim, together with all such other information as the Corporation may
reasonably request. If both parties hereto agree at or prior to the expiration of such 60-day period (or any mutually agreed upon extension
thereof) to the validity and amount of such Claim, the Corporation shall immediately pay to the Investor Indemnified Party the full agreed
upon amount of the Claim. If following the expiration of the 60-day period (or any mutually agreed upon extension thereof) the parties
hereto cannot agree to the validity and amount of such Claim, the Investor Indemnified Party and the Corporation shall proceed to establish
the merits and amount of such Claim (by confidential arbitration in accordance with Section 9.6) and, within five (5) Business
Days following the final determination of the merits and amount, if any, of such Claim, the Corporation shall pay to the Investor Indemnified
Party in immediately available funds an amount equal to such Claim as determined hereunder.

(c) With respect to any Third Party Claim, following the receipt of notice of any Third Party Claim to the
Corporation under Section 8.2(a), the Corporation shall have the right, by notice to the Investor Indemnified Party given not later
than thirty (30) days after receipt of the notice described in Section 8.2(a), to assume the control, defence, compromise or settlement
of the Claim, provided that such assumption shall, by its terms, be without cost to the Investor Indemnified Party and provided the Corporation
acknowledges in writing its obligation to indemnify the Investor Indemnified Party in accordance with the terms of this Article 8.

(d) Upon the assumption of control of any Claim by the Corporation as set out in Section 8.2(a), the
Corporation shall diligently proceed with the defence, compromise or settlement of the Claim at its sole expense, including, if necessary,
employment of counsel reasonably satisfactory to the Investor Indemnified Party and, in connection therewith, the Investor Indemnified
Party shall cooperate fully, but at the expense of the Corporation with respect to any out-of-pocket expenses incurred, to make available
to the Corporation all pertinent information and witnesses under the Investor Indemnified Party's control, make such assignments
and take such other steps as in the opinion of counsel for the Corporation are reasonably necessary to enable the Corporation to conduct
such defence. The Investor Indemnified Party shall also have the right to participate in the negotiation, settlement or defence of any
Claim at its own expense.

(e) The final determination of any Claim pursuant to this Section, including all related costs and expenses,
shall be binding and conclusive upon the parties as to the validity or invalidity, as the case may be, of such Claim against the Corporation.

(f) If the Corporation does not assume control of a Claim as permitted in Section 8.2(a), the obligation
of the Corporation to indemnify the Investor Indemnified Party in respect of such Claim shall terminate if the Investor Indemnified Party
settles such claim without the consent of the Corporation.

(g) Notwithstanding anything to the contrary in this Section 8.2, the indemnity obligations in this Article 8
shall cease to apply to the extent that a court of competent jurisdiction in a final judgment that has become non-appealable shall have
determined that any Losses to which an Investor Indemnified Party may be subject were caused solely by the Investor Indemnified Party's
gross or intentional fault or material breach.

(h) Except for any Claims arising from fraud or gross or intentional fault of the Corporation, the rights
to indemnification set forth in this Article 8 shall be the sole and exclusive remedy of the Indemnified Parties (including pursuant
to any statutory provision or civil law) in respect of: (i) any non-fulfilment or breach of any covenant or agreement on the part
of the Corporation contained in this Agreement; or (ii) any misrepresentation or any incorrectness in or breach of any representation
or warranty of the Corporation contained in this Agreement.

(i) An Investor Indemnified Party shall not be entitled to double recovery for any loss even though such Loss
may have resulted from the breach of one or more representations, warranties or covenants in this Agreement.

**8.3** **Contribution** 

If the indemnification provided for in this Article 8 is held by a court of competent jurisdiction to be unavailable to an Investor Indemnified Party with respect to any Losses referred to herein, the Corporation, in lieu of indemnifying such Investor Indemnified Party hereunder, shall contribute to the amount paid or payable by such Investor Indemnified Party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the Corporation on the one hand and of the Investor Indemnified Party on the other in connection with matters that resulted in such Loss as well as any other relevant equitable considerations. The relative fault of the Corporation and of the Investor Indemnified Party shall be determined by reference to, among other things, the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement, omission or fault.

**8.4** **Survival** 

Each party hereto acknowledges that the representations, warranties and agreements made by it herein are made with the intention that they may be relied upon by the other party. The parties further agree that the representations, warranties, covenants and agreements shall survive the purchase and sale of the Purchased Shares and shall continue in full force and effect for a period ending on the date that is eighteen (18) months following the Closing, notwithstanding any subsequent disposition by the Investor of the Purchased Shares, or any termination of this Agreement; provided, however, that the representations and warranties of the Corporation set forth in Sections 3.1(a) to 3.1(g) and the representations, warranties, acknowledgments, and authorizations of the Investor set forth in Sections 3.2(a) and 3.2(b) of this Agreement shall survive indefinitely; provided, further, that the representations and warranties of the Corporation set forth in Section 3.1(ee) and the last sentence of Section 3.1(w) shall survive until sixty (60) days after the expiration of the last of the limitation periods contained in the Tax Act or any other Applicable Laws imposing Taxes on the Corporation or a Subsidiary subsequent to the expiration of which an assessment or reassessment or other form or recognized document assessing liability for Taxes, interest or penalties thereunder for the period ended on the Closing Date cannot be issued (such period to include any period extended by any agreement, waiver or arrangement with any Governmental Entity, if such extension is requested, or consented to, in writing by the Corporation or such Subsidiary); and provided, finally, that the representations and warranties of the Corporation set forth in Sections 3.1(ggg) and 3.1(hhh) shall survive until sixty (60) days after the expiration of the last of the applicable statutes of limitations contained in the Applicable Laws (the survival date of each representation, warranty, covenant and agreement herein as set forth above is referred to as the "**Survival Date**"). This Agreement shall be binding upon and shall enure to the benefit of the parties hereto, their respective successors, permitted assigns and legal representatives. Notwithstanding the foregoing, the provisions contained in this Agreement related to indemnification or contribution obligations shall survive and continue in full force and effect, indefinitely, provided that, no Claim for indemnity pursuant to this Article 8 may be made after the Survival Date for the applicable representation, warranty, covenant or agreement unless notice of the Claim was provided to the Corporation on or prior to the Survival Date.

**8.5** **Duty to Mitigate** 

Nothing in this Agreement shall in any way restrict or limit the general obligation at law of a party hereto to mitigate any Loss which it may suffer or incur by reason of a breach of any representation, warranty or covenant of that other party under this Agreement. If any Loss can be reduced by any recovery, settlement, or payment by or against any other Person, a party hereto shall take all appropriate steps to enforce such recovery, settlement or payment. If the Investor Indemnified Party fails to make all commercially reasonably efforts to mitigate any Loss then the Corporation shall not be required to indemnify any Investor Indemnified Party for the Loss that could have been avoided if the Investor Indemnified Party had made such efforts.

**8.6** **Trustee** 

Each party hereto hereby acknowledges and agrees that, with respect to this Article 8, the Investor is contracting on its own behalf and as agent for the other Investor Indemnified Parties referred to in this Article 8. In this regard, the Investor shall act as trustee for such Investor Indemnified Parties of the covenants of the Corporation under this Article 8 with respect to such Investor Indemnified Parties and accepts these trusts and shall hold and enforce those covenants on behalf of such Investor Indemnified Parties.

**ARTICLE 9 - GENERAL PROVISIONS**

**9.1** **Expenses** 

Each party hereto shall bear its own fees and expenses incurred in connection with the Investment.

**9.2** **Time of the Essence** 

Time shall be of the essence of this Agreement. Each of the parties hereto shall be in default by the mere lapse of time for performing its obligations hereunder, without the necessity of further notice or delay, as contemplated by article 1594 of the Civil Code of Québec.

**9.3** **Further Acts** 

Each of the parties hereto shall promptly do, make, execute, deliver, or cause to be done, made, executed or delivered, all such further acts, documents and things as the other party may reasonably require from time to time for the purpose of giving effect to this Agreement and the Ancillary Agreements.

**9.4** **Enurement** 

This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective successors, permitted assigns and legal representatives.

**9.5** **Governing Law** 

This Agreement shall be construed and governed by the laws of the Province of Québec and the federal laws of Canada applicable in that province without regard to conflict of law principles that would result in the application of the laws of any other jurisdiction.

**9.6** **Resolution of Disputes** 

(a) The parties hereto shall discuss and use reasonable efforts to settle any Dispute within twenty (20) days
from receiving written notice from either party of the existence of such Dispute.

(b) Any dispute arising out of, relating to or having any connection with this Agreement or any provision
hereof, including any dispute as to its existence, validity, enforceability, interpretation, performance, breach or termination, or the
consequences of its nullity and any dispute relating to any non-contractual obligations arising out of or in connection herewith and therewith
(a "**Dispute** "), which is not settled pursuant to Section 9.6(a), shall be referred to and finally resolved
by arbitration under the Rules of Arbitration of the International Chamber of Commerce (the "**ICC Rules** "). All
issues of arbitrability, including the existence, scope, or applicability of the agreement to arbitrate, shall be decided by the arbitral
tribunal constituted under the ICC Rules.

(c) The seat of the arbitration shall be: (1) New-York, in the State of New-York, USA, (2) Paris,
France, or (3) London, United-Kingdom, at the Investor's choice. The parties hereto may agree to hold hearings or other meetings
in other locations or virtually.

(d) The language of the arbitration shall be English. All documents submitted in connection with the proceedings
shall be in the English language, or, if in another language, accompanied by an English translation.

(e) The parties hereto agree that any arbitration shall be maintained confidential and that the existence
of the proceeding and any element of it (including but not limited to any pleadings, briefs or other documents submitted or exchanged,
any testimony or other oral submissions, and any awards) shall not be disclosed beyond the arbitral tribunal, the parties (including their
auditors and insurers), their counsel and any person necessary to the conduct of the proceeding, except as required by law or if necessary
to enforce an award or procedural order made in the arbitration. For the avoidance of doubt, no award or procedural order made in the
arbitration shall be published.

(f) The number of arbitrators shall be one (1). The single arbitrator shall be qualified by education and
experience to determine the subject matter of the Dispute. The parties hereto shall endeavour to nominate the sole arbitrator by agreement.
If the parties have not agreed upon an individual to act as arbitrator hereunder within thirty (30) days after any party's request
for arbitration, the arbitrator shall be chosen pursuant to the applicable ICC Rules.

(g) The arbitrator shall be independent and impartial of each party hereto. The parties agree to comply with
the International Bar Association Guidelines on Conflicts of Interest in Arbitration in matters concerning prospective arbitrator appointments
and disclosure of relationships between parties, party representatives and the arbitrator.

(h) The award shall be final and binding upon the parties. Unless otherwise provided by this Agreement, the
arbitral award may involve any form of any relief permitted by Quebec law and deemed appropriate by the arbitral tribunal, including specific
performance of the parties' obligations.

(i) Each party hereto shall bear its own fees and costs for any arbitration, provided that, to the extent
the arbitrator finds that any party has caused undue delay in the arbitration or has otherwise acted unreasonably in initiating or causing
such arbitration to be initiated or during the course of the arbitration, then the arbitrator may, in his or her sole discretion award
fees and costs against such party.

(j) The parties hereby acknowledge and agree that they may apply to the arbitral tribunal or to any court
of competent jurisdiction for conservatory or interim measures.

(k) Notwithstanding the initiation of dispute resolution procedures in accordance with this Section 9.6,
the parties hereto shall continue to perform their respective obligations under this Agreement.

**9.7** **Severability** 

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced under any Applicable Laws or as a matter of public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally contemplated to the greatest extent possible.

**9.8** **Entire Agreement** 

This Agreement, the provisions contained in this Agreement, and the agreements and other documents to be delivered pursuant to this Agreement, constitute the entire agreement between the parties with respect to the subject matter thereof and supersede all prior communications, proposals, representations and agreements, whether oral or written, with respect to the subject matter thereof.

**9.9** **Notices** 

Any notice or other communication to be given hereunder shall be in writing and shall:

(a) in the case of notice to the Investor, be addressed to:

Eni S,p.A.

Via Emilia 1

20097 San Donato Milanese (MI) - ITALY

Attention: [Redacted, contact information]

Email: [Redacted, contact information]

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

Eni International B.V.

Strawinskylaan 1163

1077 XX Amsterdam -The Netherlands

World Trade Center \| Tower Ten - 11th Floor

Attention: [Redacted, contact information]

Email: [Redacted, contact information]

(b) In the case of notice to the Corporation shall be addressed to:

Nouveau Monde Graphite Inc.

481, rue Brassard

Saint-Michel-des-Saints, Québec

J0K 3B0

Attention: [Redacted, contact information] <br> Email: [Redacted, contact information]

Attention: [Redacted, contact information] <br> Email: [Redacted, contact information]

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

Stein Monast

70 rue Dalhousie, Suite 300

Québec, Québec

G1K 4B2

Attention: [Redacted, contact information] <br> Email: [Redacted, contact information]

and each notice or communication shall be personally delivered (including by courier service) to the addressee or sent by electronic transmission to the addressee, and (i) a notice or communication which is personally delivered shall, if delivered before 5:00 p.m. (in the jurisdiction of the recipient) on a Business Day, be deemed to be given and received on that day and, in any other case, be deemed to be given and received on the first Business Day following the day on which it is delivered; and (ii) a notice or communication which is sent by electronic transmission shall, if sent on a Business Day before 5:00 p.m. (in the jurisdiction of the recipient), be deemed to be given and received on that day and, in any other case, be deemed to be given and received on the first Business Day following the day on which it is sent. Either party hereto may at any time change its address for service from time to time by notice given in accordance with this Section 9.9.

**9.10** **Amendment; Waiver** 

No provision of this Agreement may be amended or modified except by a written instrument signed by both parties. No waiver by any party of any provision hereof shall be effective unless explicitly set forth in writing and executed by the party so waiving. The waiver by either party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other subsequent breach. No failure on the part of any party to exercise, and no delay in exercising, any right under this Agreement shall operate as a waiver of such right.

**9.11** **Assignment** 

This Agreement shall not be assigned by any party hereto without the prior written consent of the other party. Notwithstanding the foregoing, the Investor may assign and transfer all of its rights, benefits, duties and obligations under this Agreement in their entirety, without the consent of the Corporation, to any Affiliate of the Investor at the time of the assignment and transfer, provided that such Affiliate first agrees in writing with the Corporation to be bound by the terms of this Agreement.

**9.12** **No Third-Party Beneficiaries** 

Except as provided in Article 8 with respect to indemnification, this Agreement is for the sole benefit of the parties hereto and their successors and permitted assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

**9.13** **Public Notices/Press Releases** 

(a) The Investor and the Corporation shall each be permitted to publicly announce the transactions contemplated
hereby following the execution of this Agreement by the Investor and the Corporation, and the context, text and timing of each party's
announcement shall be approved by the other party in advance, acting reasonably.

(b) No party hereto shall:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) make any regulatory filing with any Governmental Entity with respect to the transactions contemplated
hereby without prior consultation with the other party; provided, however, that, this Section 9.13(b)(ii) shall be subject to
each party's overriding obligation to make any disclosure or regulatory filing required under Applicable Laws and the party making
such requisite disclosure or regulatory filing shall use all commercially reasonable efforts to give prior oral and written notice to
the other party and reasonable opportunity to review and comment on the requisite disclosure or regulatory filing before it is made; provided,
further, that, except as required by Applicable Law, in no circumstance shall any such disclosure by, or regulatory filing of, the Corporation
or any of its Affiliates include the name of the Investor or its Affiliates without the Investor's prior written consent, in its
sole discretion.

**9.14** **Public Disclosure** 

During the period from the date of this Agreement to the Closing, the Corporation shall provide prior notice to the Investor of any public disclosure related to the Investment that it proposes to make which includes the name of the Investor, or any of its Affiliates, together with a draft copy of such disclosure; provided that, except as required by Applicable Law, in no circumstance shall any public disclosure of the Corporation or any of its Affiliates include the name of the Investor, or any of its Affiliates without the Investor's prior written consent, in its sole discretion.

**9.15** **Confidentiality** 

The confidentiality obligations and restrictions of the parties (ENI S.P.A. on behalf of the Investor) contained in the Confidentiality Agreement dated October 10, 2025 shall apply to this Agreement as if fully set forth herein.

Notwithstanding anything to the contrary herein, the Corporation agrees that, following closing, the Investor may publicly disclose the main parameters of the financial assistance granted to the Corporation, including, but not limited to, the name of the Corporation, its type of activities, its location, the nature and amount of the financial assistance provided for herein and the number of employees working for the Corporation.

**9.16** **Counterparts** 

This Agreement may be executed in several counterparts (including by means of electronic communication in PDF format, DocuSign or any similar manner), each of which when so executed shall be deemed to be an original and shall have the same force and effect as an original, and such counterparts together shall constitute one and the same instrument.

**[The remainder of this page is intentionally left blank.]**

**IN WITNESS WHEREOF** the parties have signed this Agreement as of the date first written above.

**NOUVEAU MONDE GRAPHITE INC.**

Per:  <br> Name: Eric Desaulniers <br> Title: President and Chief Executive Officer

**ENI INTERNATIONAL B.V.**

Per:  <br> Name: <br> Title:

**<u>SCHEDULE A</u>**

**<u>REGISTRATION INSTRUCTIONS</u>**

---

| | | |
|:---|:---|:---|
| **Subscriber** | **Registration Instructions** | **Delivery Address** |
| Eni International B.V. | Eni International B.V.<br>[REDACTED CONTACT INFORMATION]  | Eni International B.V.<br>[REDACTED CONTACT INFORMATION]  |

---

**<u>SCHEDULE B</u>**

**<u>INVESTOR RIGHTS AGREEMENT</u>**

**INVESTOR RIGHTS AGREEMENT**

THIS Investor Rights Agreement (this "**Agreement**") is made and entered into this ●, 2026, by and between Nouveau Monde Graphite Inc., a corporation governed by the Act (as defined below) ("**NMG**" or the "**Corporation**"), and [**ENI International B.V.**], a [private limited liability company] governed by the laws of the Netherlands ("**ENI**") (NMG and ENI being hereinafter collectively called the "**Parties**", and individually, a "**Party**"), in connection with the sale and issuance by NMG of 38,043,478 Common Shares (as defined below) to ENI pursuant to the terms and subject to the conditions of the subscription agreement dated April 9, 2026 by and among NMG and ENI (the "**Subscription Agreement**").

As a material inducement of ENI to purchase the Common Shares, NMG hereby agrees that, in addition to any and all other rights provided to ENI as a Shareholder (as defined below) pursuant to the Subscription Agreement and any other agreements entered into by NMG and ENI in connection with ENI's investment in the Common Shares, ENI will be entitled to the following contractual rights.

**1.** **Definitions** 

For the purposes of this Agreement, unless the context otherwise requires, the following terms shall have the respective meanings set out below and grammatical variations of such terms shall have corresponding meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**5% Threshold**" means that ENI and its Affiliates own, directly or indirectly, 5% or
more of the issued and outstanding Common Shares on the relevant date, excluding for purposes of this calculation any Pending Top-Up Securities
and, for the avoidance of doubt, any voting or equity shares of NMG issuable upon the exercise, exchange or conversion of any Convertible
Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**10% Threshold**" means that ENI and its Affiliates own, directly or indirectly, 10%
or more of the issued and outstanding Common Shares on the relevant date, excluding for purposes of this calculation any Pending Top-Up
Securities and, for the avoidance of doubt, any voting or equity shares of NMG issuable upon the exercise, exchange or conversion of any
Convertible Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**20% Threshold**" means that ENI and its Affiliates own, directly or indirectly, 20%
or more of the issued and outstanding Common Shares on the relevant date, excluding for purposes of this calculation any Pending Top-Up
Securities and, for the avoidance of doubt, any voting or equity shares of NMG issuable upon the exercise, exchange or conversion of any
Convertible Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Act**" means the *Canada Business Corporations Act*, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Additional Notice Period**" shall have the meaning ascribed thereto in Section ‎3(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Affiliate**" (i) with reference to any Person other than ENI, shall have the meaning
ascribed thereto in National Instrument 45-106 – *Prospectus Exemptions* (in Québec, *Regulation 45-106 respecting Prospectus Exemptions*); and (ii) with reference to ENI, shall mean Eni S.p.A. (as long as ENI is Controlled by Eni S.p.A.) and
any Persons Controlled by Eni S.p.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Agreement**" shall have the meaning ascribed thereto in the preamble hereto, and shall
include any amendment and supplement hereto and restatement hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Anti-Corruption Laws**" means all applicable Laws related to the prevention of bribery,
corruption (governmental or commercial), kickbacks, money laundering, or similar unlawful or unethical conduct including the *Corruption of Foreign Public Officials Act* (Canada), the U.S. *Foreign Corrupt Practices Act of 1977*, and the U.K. *Bribery Act*,
in each case as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Anti-Money Laundering Laws**" means the U.S. *Patriot Act*, the U.S. *Money Laundering Control Act of 1986*, the U.S. *Bank Secrecy Act*, the *Proceeds of Crime (Money Laundering Act) and Terrorism Financing Act* (Canada), in each case as amended, the regulations and rules promulgated under each of the foregoing and any other applicable Laws
concerning or relating to terrorism financing or money laundering of the jurisdictions in which NMG and its Subsidiaries operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Applicable Securities Laws**" means Canadian Securities Laws and U.S. Securities Laws
or any of them, as the circumstances require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**BIS**" means the U.S. Bureau of Industry and Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Blackout Notice**" shall have the meaning ascribed thereto in Section ‎3(o);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Blackout Period**" shall have the meaning ascribed thereto in Section ‎3(o);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Blackout Termination Notice**" shall have the meaning ascribed thereto in Section ‎3(o);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Board**" means the board of directors of NMG, as
constituted from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Bought Deal**" shall have the meaning ascribed thereto in Section ‎3(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Board Materials**" shall have the meaning ascribed thereto in Section ‎2(j);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Business Day**" means any day, other than (i) a Saturday, Sunday or statutory holiday
in the Province of Québec, in the Netherlands or in Belgium and (ii) a day on which banks are generally closed in Montréal,
Québec, in Amsterdam, the Netherlands or in Brussels, Belgium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Canadian Securities Laws**" means the *Securities Act* (Qu ébec) and any similar securities legislation of each of the provinces of Canada, as amended from time to time, and the
respective rules, regulations, blanket orders and orders and the forms and disclosure requirements made or promulgated under such legislation,
and the policies, policy statements, instruments, bulletins and notices of one or more of the securities commissions or other securities
regulatory authorities in the provinces of Canada, as the same may hereafter be amended from time to time or replaced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Committee Materials**" shall have the meaning ascribed thereto in Section ‎2(j);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Common Shares**" means common shares in the capital of NMG;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Confidentiality Agreement**" means the Confidentiality
Agreement dated October 10, 2025 between NMG and ENI S.P.A.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Control**" shall have the meaning ascribed thereto in National Instrument 45-106 – *Prospectus Exemptions* (in Québec, *Regulation 45-106 respecting Prospectus Exemptions*). The terms "**Controlled** "
and "**Controlling**" shall be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Convertible Securities**" means securities that are exercisable or exchangeable for,
or convertible into, Common Shares, including options, warrants, convertible notes and convertible debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Director**" means a member of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Election Meeting**" shall have the meaning ascribed thereto in Section ‎2(e);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**ENI**" shall have the meaning ascribed thereto in the preamble hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**ENI Nominee**" shall have the meaning ascribed thereto in Section ‎2(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**ENI Observer**" shall have the meaning ascribed thereto in Section ‎2(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Exchange Rules**" means the rules and regulations of any exchange on which the
Common Shares are listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Exchanges**" shall have the meaning ascribed thereto in Section ‎7(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Excluded Securities**" shall have the meaning ascribed thereto in Section ‎3(h);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Exercise Notice**" shall have the meaning ascribed thereto in Section ‎3(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Exercise Notice Period**" shall have the meaning ascribed thereto in Section ‎3(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**FEOC**" means a (A) Person who is a "prohibited foreign entity" as
defined in Section 7701(a)(51) of the *United States Internal Revenue Code of 1986*, as amended, or (B) a Person "linked
to or subject to influence by hostile or non-likeminded regimes or states", as such concept is used in the *Policy Regarding Foreign Investments from State-Owned Enterprises in Critical Minerals* under the *Investment Canada Act*, or, in each case, under any
successor or similar policies promulgated by either the Canadian or United States government in respect of critical minerals policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**FID**" has the meaning ascribed thereto in the Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**FID Equity Offering**" has the meaning ascribed thereto in the Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**First ENI Nominee**" shall have the meaning ascribed thereto in Section ‎2(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**First Nation**" means the Indian, Inuit and Métis peoples of Canada;
a band as defined pursuant to the Indian Act (RSC 1985, c I-5); any government or council including customary government or council
established for the benefit of Indian, Inuit and Métis peoples of Canada; a corporation, trust, partnership or other
unincorporated organization belonging to or established for the benefit of the Indian, Inuit or Métis peoples of Canada or
in which one or more Indian, Inuit or Métis hold an interest; and also includes a third party acting on its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Government Official**" means any official (elected or appointed), officer, or employee
of a Governmental Entity or any department, agency or instrumentality thereof, including any employee, representative, or agent (paid
or unpaid) of a state-owned or Controlled entity, public international organization, political party or organization or candidate thereof,
or any person acting in an official capacity for or on behalf of any such Governmental Entity, department, agency, instrumentality, public
international organization, political party, organization, or candidate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Governmental Entity**" means any domestic or foreign federal, provincial, regional,
state, municipal or other government, governmental department, agency, authority or body (whether administrative, legislative, executive
or otherwise), court, tribunal, commission or commissioner, bureau, minister or ministry, board or agency, or other regulatory authority,
including any securities regulatory authorities and stock exchange, or any other entity, insofar as it exercises a legislative, judicial,
regulatory, administrative, expropriation or taxing power or function of or pertaining to government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Human Rights**" means (A) the principles contained in applicable national and international
laws and instruments, guidelines and best practices aimed at preventing human rights violations, including the United Nations Guiding
Principles on Business and Human Rights, the OECD Guidelines for Multinational Enterprises and the ILO Declaration on Fundamental Principles
and Rights at Work; (B) the provisions of Law concerning terms and conditions of employment (wages and salaries, hours of work, holidays,
rest periods, permits, leave of absence, protection of minors of non-working age, supervision methods and accommodation, if any, offered
to personnel employed in connection with the execution of contractual services); as well as (C) the national and international regulations
against the trade in and trafficking of human beings, immigration regulations and residence permit requirements for citizens of third
countries and Laws against forced labour;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**Law**" means (i) all laws, statutes, codes, ordinances, decrees, rules, regulations,
by-laws, instruments, orders, directives, judgments, decrees, injunctions, decisions, rulings, awards or writs enacted, promulgated, issued,
released, or imposed by any Governmental Entity, including Securities Laws, and (ii) any policy, practice, protocol, requirement,
standard or guideline of any Governmental Entity, in each case relating or applicable to such Person, property, transaction, event or
other matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Locked-Up Shares**" means, collectively, any Common Shares (i) purchased by ENI
or its Affiliates pursuant to the Subscription Agreement, (ii) purchased by ENI or its Affiliates in connection with any exercise
of the Pre-Emptive Right or the Top-Up Right, in each case in accordance with the provisions of this Agreement, and (iii) issued
to ENI or its Affiliates in connection with a stock dividend, stock split, recapitalization, conversion or other similar distribution
with respect to, in exchange for, or in replacement of the Common Shares referred to in clauses (i) and (ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**Management Information Circular**" means a management
information circular prepared by NMG in connection with any Election Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**Market Price**" shall have the meaning ascribed thereto in Section ‎3(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**NI 62-104**" means National Instrument – 62-104 *Take-over Bids and Issuer Bids* (in Québec, *Regulation 62-104 respecting Take-over Bids and Issuer Bids*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**NMG**" or the "**Corporation**" shall have the meaning ascribed thereto
in the preamble hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**Note**" means the unsecured convertible note issued by NMG on November 8, 2022
to Investissement Québec, as amended or amended and restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**NYSE**" means the New York Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**Observer Agreement**" shall have the meaning ascribed thereto in Section ‎2(j);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**Offering**" shall have the meaning ascribed thereto in Section ‎3(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**Offering Notice**" shall have the meaning ascribed thereto in Section ‎3(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "**Parties**" and "**Party**" shall have the meaning ascribed thereto in
the preamble hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**Pending Top-Up Securities**" means any Excluded Securities in respect of which the Top-Up
Right remains exercisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "**Person**" means and includes any individual, corporation, limited partnership, general
partnership, joint stock corporation, limited liability corporation, joint venture, association, corporation, trust, bank, trust corporation,
pension fund, business trust, administrator, authority, entity, executor, other legal representative, sole proprietorship, syndicate,
trust, trustee, unincorporated association, or other organization, whether or not a legal entity, and any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "**Pre-Emptive Right**" shall have the meaning ascribed thereto in Section ‎3(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "**Pre-Emptive Right Securities**" shall have the meaning ascribed thereto in Section ‎3(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "**Pro Rata Interest**" means on any date, the aggregate security ownership interest of
ENI and its Affiliates in NMG, expressed as a percentage, equal to (i) the aggregate number of Common Shares and other voting or
equity shares of NMG owned, directly or indirectly, or over which Control or direction is exercised, by ENI and its Affiliates; divided
by (ii) the issued and outstanding Common Shares and other voting or equity shares of NMG. For purposes of this calculation, any
voting or equity shares of NMG issuable upon the exercise or conversion of any Convertible Securities shall be excluded from this calculation
and not included in the calculations of (i) and (ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "**Registration Rights Agreement**" means the registration rights agreement dated as of
the dated hereof by and between NMG and ENI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**Sanction**" means any laws or regulations concerning trade, economic or financial sanctions,
export controls or trade embargoes or related restrictive measures imposed, administered or enforced from time to time by a Sanctions
Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "**Sanctioned Person**" means any Person: (i) who is a restricted or prohibited Person
as designated or included in any list of designated or restricted parties under any Sanctions; (ii) a Person organized under the
laws of or incorporated in (in case of an entity), or resident in (in case of an individual), a Sanctioned Territory, or which is otherwise
subject to any Sanction in a Sanctioned Territory; or (iii) an entity owned or Controlled by any of the foregoing Persons in clauses
(i) or (ii) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) "**Sanctioned Territory**" means, at any time, a country or territory which is, or whose
government is, the subject of Sanctions broadly prohibiting dealings with such country or territory or its government (which at the time
of this Agreement includes Cuba, Democratic People's Republic of Korea, the Islamic Republic of Iran, the Crimea, Kherson and Zaporizhzhia
regions of Ukraine, the so-called Donetsk People's Republic and the so-called Luhansk People's Republic);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) "**Sanctions Authority**" means the United States government and any of its agencies (including
OFAC, BIS, the U.S. State Department and the U.S. Department of Commerce), the European Union and each of its member states, the United
Nations Security Council, the United Kingdom of Great Britain and Northern Ireland, the Canadian government, or any other Governmental
Entity with jurisdiction over the parties to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm) "**SEC**" means the United States Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn) "**Second ENI Nominee**" shall have the meaning ascribed
thereto in Section ‎2(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo) "**Shareholder**" shall have the meaning ascribed thereto
in Section ‎2(d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp) "**Subject Business**" shall have the meaning ascribed thereto
in Section ‎7(m)(ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq) "**Subscription Agreement**" shall have the meaning
ascribed thereto in the preamble hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr) "**Subsidiary**" shall have the meaning ascribed thereto in National Instrument 45-106
– *Prospectus Exemptions* (in Québec, *Regulation 45-106 respecting Prospectus Exemptions*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss) "**Supplemental Exercise Notice**" shall have the meaning ascribed thereto in Section ‎3(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt) "**Supplemental Offering Notice**" shall have the meaning ascribed thereto in Section ‎3(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuu) **"Top-Up Event"** shall have the meaning ascribed thereto
in Section ‎3(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvv) **"Top-Up Exercise Notice"** shall have the meaning ascribed
thereto in Section ‎3(j);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(www) "**Top-Up Notice**" shall have the meaning ascribed
thereto in Section ‎3(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) "**Top-Up Right**" shall have the meaning ascribed
thereto in Section ‎3(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyy) "**Top-Up Shares**" shall have the meaning ascribed
thereto in Section ‎3(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzz) "**TSX**" means the Toronto Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaa) "**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;(bbbb) "**U.S. Securities Laws**" means all applicable federal
and state securities legislation of the United States, the respective regulations, rules and orders thereunder, and all applicable
rules, regulations, policy statements, notices and interpretation notes issued by the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccc) "**VWAP**" shall have the meaning ascribed thereto in Section ‎3(i).

**2.** **Board Nomination Rights; Nomination Procedure; Board Observer Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For so long as the 10% Threshold is met, ENI shall be entitled, at its own discretion, to designate one
nominee (the "**First ENI Nominee**") for election or appointment to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to its right to designate the First ENI Nominee pursuant to Section ‎(a), for so
long as the 20% Threshold is met, ENI shall be entitled, at its own discretion, to designate one additional nominee (the "**Second ENI Nominee** ", and together with the First ENI Nominee, the "**ENI Nominees** ", and individually, a "**ENI Nominee**") for election or appointment to the Board. If ENI is entitled to designate the Second ENI Nominee pursuant to this
Section ‎(b), then at least one of the ENI Nominees shall be independent of NMG within the meaning of (i) section 1.4 of
National Instrument 51-102 – *Audit Committees* (in Québec, *Regulation 52-110 respecting Audit Committees*), and
(ii) Section 303A.02 of the NYSE Listed Company Manual and applicable rules of the SEC at the time of such ENI Nominee's
election as a Director and for so long as such ENI Nominee continues to be a Director. In connection with the designation of the ENI Nominees,
ENI shall consider the equity, diversity and inclusion programs, policies and strategies of NMG, and ENI shall consider in good faith
any views, positions and recommendations made by NMG regarding the designation of the ENI Nominees in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, to be eligible as a ENI Nominee, such individual must be eligible to be
a corporate director pursuant to the Act, applicable Canadian Securities Laws and Exchange Rules and consent in writing to act as
a director of NMG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As long as ENI has a right to designate a ENI Nominee for election or appointment
to the Board under this Section ‎2, NMG shall (i) ensure that NMG's constating documents authorize the election or
appointment of such ENI Nominee to the Board, and (ii) include such ENI Nominee in any Management Information Circular, and take
the necessary steps to comply with the rights of ENI, including (i) recommending to the holders of the Common Shares or other
shares in the capital of NMG (collectively, the "**Shareholders**") that they vote in favour of the election of such ENI
Nominee to the Board, and (ii) supporting such ENI Nominee for election in a manner which is no less rigorous and favourable than
the manner in which NMG supports all of the other nominees for election as Directors, which, for the avoidance of doubt shall include
soliciting proxies for the election of all of the nominees of the Corporation for election as Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) NMG shall notify in writing ENI of its intention to hold a meeting of Shareholders at which, among other
things, the election of Directors is considered (an "**Election Meeting**") and the time at which the Management Information
Circular relating to such meeting is anticipated to be approved by the Board at least 45 days and no more than 75 days before such anticipated
approval, subject to a shorter notification period with the prior written consent of ENI. ENI shall have the right to notify NMG of the
ENI Nominee or the ENI Nominees designated by it in accordance with this Section ‎2 at any time, but at least 15 days before
the date of the anticipated approval of the Management Information Circular by the Board, failing which ENI shall be deemed to have designated
each of the ENI Nominees who is serving as a Director at such time, subject to such individual continuing to satisfy the conditions for
election or appointment to the Board set forth in Section ‎2(c), as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Before the Election Meeting following the date of this Agreement, or if the individual designated by ENI
as a ENI Nominee ceases to be a director of NMG or if the Board position held by a ENI Nominee otherwise becomes vacant, ENI shall be
entitled to designate another individual as a ENI Nominee to replace such ENI Nominee, and such individual shall be appointed by the Board
as soon as reasonably practicable, insofar as the Act, applicable Canadian Securities Laws and Exchange Rules allow, for a term ending
at the close of the next annual meeting of Shareholders. Failing such a designation by ENI, the Board may fill the vacancy, but only if
it is required to do so to comply with the Act, applicable Canadian Securities Laws and Exchange Rules, provided such individual thereby
designated by the Board to fill such vacancy resigns as soon as ENI elects to designate a ENI Nominee to fill such vacancy.

(g) Until ●, 2027<sup>1</sup> and provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ENI has exercised its right to designate a ENI Nominee in accordance with this Section ‎2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) NMG has provided ENI with advance written notice of the Director nominees that management of NMG will
recommend Shareholders vote in favour of in connection with an annual general meeting of the Shareholders (collectively, the "**Management Nominees** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Management Nominee is a Sanctioned Person or a FEOC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) ENI shall be entitled not to vote, or to abstain from voting, on the election of the Management Nominees,

then ENI agrees to vote all Common Shares beneficially owned, or over which Control or direction is exercised, by ENI and its Affiliates at each Election Meeting in favour of the Management Nominees, other than: (i) in connection with any merger, amalgamation, arrangement, take-over bid, going private transaction or other similar transaction; (ii) any Management Nominees who the Board is recommending as required under or in connection with arrangements with another Shareholder; or (iii) any Management Nominees whose nomination is, in the opinion of ENI, acting reasonably, not appropriate for reputational or similar reasons.

<sup>1</sup> Twelve months from the signature date of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The ENI Nominees shall be entitled to disclose any information or documentation
received by them in their capacity as members of the Board to ENI or its Affiliates. To the extent that any information disclosed by any
of the ENI Nominees is "Confidential Information" (as defined in the Confidentiality Agreement), ENI agrees to treat and shall
cause any of its Affiliates to treat such information or documentation as "Confidential Information" in accordance with the
Confidentiality Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For so long as ENI is entitled to designate a ENI Nominee pursuant to this Section ‎2, ENI shall
be entitled (but not obligated) to designate an observer (a "**ENI Observer**") to attend all meetings of the Board.
If (i) ENI ceases to have the right to designate a ENI Nominee pursuant to this Section ‎2, and (ii) the 5% Threshold
is met, then ENI shall also have the right to appoint a ENI Observer to attend all meetings of the Board. NMG shall invite the ENI Observer
to, subject to the terms of the Observer Agreement, attend and participate in all meetings of the Board in a non-voting capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) NMG shall, subject to the exclusions outlined in Section ‎2‎(k), give the ENI Observer (i) copies
of all notices, minutes, consents and other materials related to the Board or any of its committees (collectively, the "**Board Materials**") that it provides to the Directors (in their capacity as Directors only and not as members of any committee) at the
same time and in the same manner as provided to such Directors, and (ii) to the extent invited to attend a meeting of a committee
of the Board only, copies of all notices, minutes, consents and other materials related to such committee and meeting (collectively, the
" **Committee Materials**") that it provides to the members of such committee at the same time and in the same manner as
provided to such members; provided, however, that the ENI Observer shall agree to enter into an observer governance and confidentiality
agreement with NMG, in form and substance satisfactory to NMG, acting reasonably and on terms and subject to conditions not less favourable
to the Eni Observer in any respect than those applicable to any other Board observer (an "**Observer Agreement** "), prior
to being permitted to attend any meetings of the Board or being provided with any Board Materials or Committee Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The ENI Observer may be excluded from access to any Board Materials and, if applicable, Committee Materials,
or any portion thereof if, in the opinion of NMG's counsel, (i) such exclusion is reasonably necessary to (x) preserve
the solicitor-client or litigation privilege between the Corporation or its Affiliates and its counsel (provided that any such exclusion
shall only apply to such portion of such material or meeting which would be required to preserve such privilege), or (y) prevent
a conflict of interest between ENI and NMG (it being understood that this includes any sensitive information relating to or potentially
affecting NMG's relationship with ENI), or (ii) such exclusion is required in order to comply with any applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The ENI Observer shall be entitled to disclose any information or documentation
received by them to ENI or any of its Affiliates. To the extent that any information disclosed by the ENI Observer is "Confidential
Information" (as defined in the Confidentiality Agreement), ENI agrees to treat and shall cause any of ENI's Affiliates to
treat such information or documentation as "Confidential Information" in accordance with the Confidentiality Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) For so long as a ENI Nominee is serving on the Board, such ENI Nominee shall be entitled in such ENI Nominee's
discretion to (i) be a member of such committees of the Board to which such ENI Nominee may be appointed from time to time, and (ii) attend
any Board committee meetings, and receive any related Committee Materials at the same time and in the same manner as provided to the members
of the relevant Board committee. In addition to the foregoing, as long as a ENI Nominee is serving on the Board, such ENI Nominee (and
not more than one ENI Nominee) shall be entitled to be, in such ENI Nominee's discretion, a member of the Project Management and
Development Committee, at which it shall be entitled to be accompanied by a team of technical experts of no more than two persons, for
technical assistance purposes and without participation rights, at the meetings of such committee. For the avoidance of doubt, the ENI
Observer shall not be entitled to be a member of any committee of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) NMG shall allow the ENI Nominees and the ENI Observer to participate in any Board or committee meetings
(that they are entitled to attend) remotely by videoconference or by means of a similar communication equipment whereby all persons participating
in the Board meeting or committee meeting, as applicable, are able to hear, see and speak to each other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The ENI Nominees shall be entitled to the same board compensation, indemnification and insurance coverage
as other non-management Directors (unless waived by ENI). NMG shall pay travel and other expenses incurred by the ENI Nominees in connection
with their attendance at in-person meetings of the Board or any committee thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) NMG covenants and agrees that any advance notice by-law or policy or similar instrument, of or adopted
by NMG shall not restrict, limit, prohibit or conflict with the exercise by ENI of its nomination rights under this Section ‎2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) NMG shall not be required to (i) pay any compensation to, or reimburse any expenses of, any ENI Observer,
or (ii) provide any indemnification, or maintain coverage under any policies of directors' and officers' insurance, in
favour of any ENI Observer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Subject to Section ‎(d)(i), rules and procedures regarding Board size and operations, including
notification periods, meeting agenda content, remote participation rights and maximum number of Directors shall be governed in accordance
with NMG's Articles and By-Laws, as may be amended from time to time in accordance with the Act.

**3.** **Pre-Emptive Right and Top-Up Right** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of any issuance of Common Shares or Convertible Securities (collectively, the "**Pre-Emptive Right Securities** ", and any such issuance of Pre-Emptive Right Securities pursuant to a public offering, a private placement
or otherwise, an "**Offering** "), ENI shall have the right (the "**Pre-Emptive Right**") to subscribe for
and to be issued, on the same terms and conditions of such Offering, at the offering price per Pre-Emptive Right Security determined pursuant
to Section ‎3‎(e), and otherwise on substantially the same terms and conditions of the Offering (provided that, if ENI is
prohibited by Applicable Securities Laws or other applicable Laws from participating on substantially the same terms and conditions of
the Offering, the Corporation shall use commercially reasonable efforts to enable ENI to participate on terms and conditions that are
as substantially similar as circumstances permit):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of an Offering of Common Shares, up to such number of Common Shares as would result in the
Pro Rata Interest immediately following completion of such Offering being equal to the Pro Rata Interest immediately prior to such Offering;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of an Offering of Convertible Securities, up to such number of Convertible Securities (assuming
conversion, exercise or exchange of all of the Convertible Securities issued in connection with such Offering and issuable pursuant to
this Section ‎3‎(a)) as would result in the Pro Rata Interest immediately following completion of such Offering being equal
to the Pro Rata Interest immediately prior to such Offering,

in each case, for greater certainty, after giving effect to the issuance of any Common Shares or Convertible Securities acquired by ENI and its Affiliates as part of the Offering, other than pursuant to the exercise of the Pre-Emptive Right, if applicable. Pre-Emptive Right Securities may be offered by way of a separate private placement to ENI to be completed in accordance with Section ‎3(d), unless NMG and ENI agree that ENI will participate directly in the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly, and at least ten (10) Business Days (or such shorter period
as may be required to comply with the rules of the TSX or the NYSE) prior to the public announcement of the Offering (or, in the
case of an Offering that is made pursuant to a "bought deal agreement" (as defined in National Instrument 44-101 – *Short Form Prospectus Distributions* (in Québec, *Regulation 44-101 respecting Short Form Prospectus Distributions*))
(a "**Bought Deal** "), at least two (2) Business Days), NMG shall deliver to ENI a notice in writing (the "**Offering Notice** "). The Offering Notice shall set out:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent known, the number of Common Shares or Convertible Securities proposed to be issued under
such Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the material terms and conditions of Common Shares or any Convertible Securities proposed to be issued
and any other terms and conditions of such Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent known, the offering price per Common Share or Convertible Security proposed to be issued
by NMG under such Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the extent known, the name of any agent(s) or underwriter(s) expected to be involved in the
Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the intended form of the Offering (including a Bought Deal, overnight marketed, fully marketed or private
placement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the expected use of the proceeds of the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the proposed closing date of the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the number of Common Shares and Convertible Securities outstanding as of the date of the Offering Notice;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) if known to the Corporation, and as permitted by Applicable Securities Laws, within one (1) Business
Day of the Corporation becoming aware of such information, the intention of any other investor to subscribe for and purchase Pre-Emptive
Right Securities under rights similar to the Pre-Emptive Right, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If ENI wishes to exercise the Pre-Emptive Right in respect of an Offering, ENI shall give written notice
to NMG (the "**Exercise Notice**") of its intention to exercise such right and of the number of Common Shares or Convertible
Securities, as applicable, that ENI wishes to subscribe for and purchase pursuant to the Pre-Emptive Right. ENI shall deliver the Exercise
Notice to subscribe to: (i) an Offering (other than in connection with a public offering that is a Bought Deal), within seven (7) Business
Days after the date of receipt of the Offering Notice, or (ii) an Offering that is a Bought Deal, within 24 hours after the date
of receipt of the Offering Notice (each, the "**Exercise Notice Period** "). In the event the Offering Notice does not contain
enough information on the anticipated Offering as set forth in Section 3(b)(i) through (viii) to allow ENI to provide the
Exercise Notice within the 7-Business Day period provided for in (c)(i) above, NMG shall provide a subsequent complementary notice
including all the information set forth in Section 3(b)(i) through (viii), immediately after all such information is known to
NMG (the "**Supplemental Offering Notice** "), it being understood that an Exercise Notice that contains the information
set forth in Section 3(b)(i) and 3(b)(ii), as well as sufficient information (including any calculation formula) to determine
the price set forth in Section 3(b)(iii) shall be deemed a sufficient Exercise Notice not requiring any Supplemental Offering
Notice and that any other notice provided by NMG in such circumstances shall not be deemed a Supplemental Offering Notice for the purposes
herein. ENI shall then give written notice to NMG within forty-eight (48) hours after receipt of such Supplemental Offering Notice (the
" **Additional Notice Period**") of its intention to exercise its Pre-Emptive Right (the "**Supplemental Exercise Notice** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If ENI delivers an Exercise Notice or Supplemental Exercise Notice, as the case may be, to NMG within
the Exercise Notice Period or the Additional Notice Period (as applicable), then NMG shall, subject to the receipt of all required regulatory
and other approvals (including the approvals required pursuant to Applicable Securities Laws, Exchange Rules or other applicable
Laws and, subject to Section ‎3‎(n), any Shareholder approval required thereunder, including by recommending that Shareholders
vote in favour of the issuance of the Pre-Emptive Right Securities, as applicable, to ENI), which approvals NMG shall use its best efforts
to obtain, and subject to compliance with applicable Laws, issue to ENI against payment of the subscription price payable in respect thereof
and as determined pursuant to Section ‎3‎(e), that number of Common Shares or Convertible Securities set forth in the Exercise
Notice or Supplemental Exercise Notice, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Pre-Emptive Right will be exercisable by ENI at the offering price made available by the Corporation
to other investors in such Offering; provided that if the offering price is lowered by the Corporation in the course of any such Offering,
ENI will be entitled to pay the lowest price paid to the Corporation by any investor in the relevant Offering without regard to any applicable
fees or commissions (except for any such fees or commissions that are paid or payable to the ultimate beneficial purchasers of such Pre-Emptive
Right Securities) in respect of each class of securities issued (and ENI will be entitled to a refund (to be paid to ENI within two (2) Business
Days of completion of the Offering) to the extent that it has already remitted funds to the Corporation in payment in connection with
such Offering) and otherwise on substantially the same terms and conditions offered to other investors in the Offering; and provided,
further, that, if the consideration payable in connection with the Offering is not cash, subject to Applicable Securities Laws, the Pre-Emptive
Right will be exercisable by ENI at a price in cash per Pre-Emptive Right Security equal to the implied value per Pre-Emptive Right Security
of the non-cash consideration payable under the relevant agreement(s) in respect of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The closing of the exercise by ENI of the Pre-Emptive Right will take place on the closing date set out
in the Offering Notice or Supplemental Offering Notice (as applicable), which shall be, to the extent practicable, concurrent with the
related issuance pursuant to the Offering and, if not practicable, as soon as practicable thereafter. If the closing of the exercise of
the Pre-Emptive Right has not been completed by the 75th day following the receipt of the Offering Notice or Supplemental Offering Notice,
as applicable (or such earlier or later date as the Parties may agree), then ENI may elect to withdraw its Exercise Notice or Supplemental
Exercise Notice (as applicable), in which case NMG will have no obligation to issue to ENI, and ENI will have no obligation to subscribe
for or purchase, any Common Shares or Convertible Securities, as applicable, pursuant to such exercise of the Pre-Emptive Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If ENI does not elect to exercise its Pre-Emptive Right in connection with an Offering in full, then NMG
shall be free, for a period of 90 days following the expiration of the Exercise Notice Period or Additional Notice Period, as the case
may be (or the date of such notice from ENI to NMG that it will not exercise its Pre-Emptive Right, if delivered prior to the expiration
of the Exercise Notice Period or the Additional Notice Period, as applicable), to issue and sell the Pre-Emptive Right Securities subject
to the Offering Notice or the Supplemental Offering Notice, as the case may be, on terms and conditions not more favourable to the purchasers
thereof; provided that any Pre-Emptive Right Securities offered or sold by NMG (or on its behalf) after such 90-day period, or any Pre-Emptive
Right Securities offered or sold by NMG (or on its behalf) during such 90-day period on terms and conditions more favourable to the purchasers
thereof than those offered to ENI in the Offering Notice or the Supplemental Offering Notice, must, in either case, be reoffered to ENI
pursuant to this Section ‎3 as a new Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Pre-Emptive Right of ENI shall not apply, and NMG will not be required to grant any right to ENI to
subscribe for and purchase Common Shares or Convertible Securities, as applicable, in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of the issuance of securities pursuant to any at-the-market distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect of the issuance, exercise or settlement of options, rights, deferred share units, restricted
share units, performance share units or other securities or entitlements issued under security-based compensation arrangements or equity
incentive plans of NMG and any issuance of Common Shares pursuant thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in connection with the conversion of the Note or in connection with the exercise, conversion, exchange
or other similar right pursuant to the terms of a Convertible Security issued prior to the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in connection with bona fide bank debt, equipment financing or non-equity interim financing transactions
with third party lenders to NMG, in each case, with an equity component;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in connection with any transaction pursuant to which NMG issues Common Shares or Convertible Securities
for non-cash consideration in a business acquisition or rollover transaction, or as a result of a consolidation, amalgamation, merger,
joint venture, arrangement, corporate reorganization or similar transaction or business reorganization resulting in a combined company;
in each case, excluding such transactions where NMG would not be the surviving entity as a publicly traded company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in respect of the exercise of any top-up right similar to the Top-Up Right by any other third party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) in connection with a share split, stock dividend or any similar transaction or recapitalization involving
the Common Shares (provided, for greater certainty, that ENI shall be permitted to participate in any such event in its capacity as a
Shareholder to the same extent as all other Shareholders),

(such securities to be issued by the Corporation in the foregoing circumstances, the "**Excluded Securities**"), and, in each case, which has been approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) NMG shall deliver to ENI a written notice (the "**Top-Up Notice** ")
as soon as reasonably practicable if the Pro Rata Interest becomes less than 20%, 10% or 5% as a result of NMG issuing Excluded
Securities or Pre-Emptive Right Securities for which ENI has elected not to exercise its Pre-Emptive Right (a "**Top-Up Event** ")
setting out the number of Top-Up Shares. Upon receipt of a Top-Up Notice, ENI shall have the right (the "**Top-Up Right** "),
within 90 days of receipt of the Top-Up Notice, to subscribe for and purchase, by way of a private placement, up to such number of Common
Shares as would result in the Pro Rata Interest immediately following completion of the Top-Up Event being equal to the Pro Rata Interest
immediately prior to the Top-Up Event (the "**Top-Up Shares** "). The price of the Top-Up Shares to be subscribed for and
purchased by ENI under the Top-Up Right will be, subject to Applicable Securities Laws: (i) if the Common Shares are then listed
on the TSX, the "VWAP" (as defined in the TSX Company Manual) (the "**VWAP**") of the Common Shares on the
TSX for the twenty consecutive trading days prior to the date of receipt of the Top-Up Notice, or (ii) to the extent the Common Shares
are not then listed on the TSX, the VWAP of the Common Shares on such other exchange on which the Common Shares are then listed for the
twenty consecutive trading days prior to the date of receipt of the Top-Up Notice (in each case, the "**Market Price** "); <u>provided that</u>, if the Top-Up Right is triggered by NMG issuing Excluded Securities pursuant to Section 3(h)(v) for non-cash
consideration, subject to Applicable Securities Laws, the price of the Top-Up Shares to be subscribed for and purchased by ENI under the
Top-Up Right will be a price in cash per Top-Up Share equal to the Market Price per Top-Up Share; <u>provided</u>, further, <u>that</u>,
if the Top-Up Right is triggered by NMG issuing Excluded Securities to a third party in accordance with Section 3(h)(vi) in
respect of a top-up right of such third party which has in turn been triggered by the transactions contemplated by the FID Equity Offering,
subject to Applicable Securities Laws, the price per Top-Up Share to be subscribed for and purchased by ENI under the Top-Up Right will
be the lower of (A) the price per share paid by such third party exercising its top-up right with respect to such Excluded Securities
and (B) the Share Price (as defined in the Subscription Agreement); and <u>provided</u>, further, <u>that</u>, if a Blackout Period
delays the issuance of Top-Up Shares under the Top-Up Right, in circumstances where a Top-Up Exercise Notice has been delivered by ENI
prior to the Blackout Period, the Market Price shall be calculated: (A) as at the date on which the Top-Up Exercise Notice was delivered
by ENI, if permitted by applicable Exchange Rules; or (B) under applicable Exchange Rules after applying up to the maximum permitted
discount available in connection with such exercise of the Top-Up Right that would result in ENI subscribing for or purchasing the Top-Up
Shares at the price that is as close as possible to, but not less than, the price that would apply in (A) if permitted by applicable
Exchange Rules. For the avoidance of doubt, in no circumstances shall the Corporation be required to issue Top-Up Shares at a discount
that exceeds the maximum allowable discount under Exchange Rules. The Corporation covenants and agrees to request the applicable Exchange
to provide price protection, and issuance and listing approval, as applicable, to permit the Top-Up Shares to be issued at the price determined
pursuant to this Section ‎3‎(i). NMG shall use best efforts to obtain all required regulatory and other approvals (including
the approvals required pursuant to Applicable Securities Laws, Exchange Rules or other applicable Laws and, subject to Section ‎3‎(n),
any Shareholder approval required thereunder, including by recommending that Shareholders vote in favour of the issuance of the Top-Up
Shares, as applicable, to ENI), and, subject to compliance with applicable Laws and Exchange Rules, promptly issue to ENI against payment
of the subscription price payable in respect thereof, that number of Top-Up Shares set forth in the Top-Up Exercise Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If ENI wishes to exercise the Top-Up Right in respect of a Top-Up Notice, ENI shall give written notice
to NMG (the "**Top-Up Exercise Notice**") of its intention to exercise such right and of the number of Top-Up Shares that
ENI wishes to subscribe for and purchase pursuant to the Top-Up Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) For greater certainty, if ENI does not exercise its Top-Up Right by delivering, within the 90-day period
provided for in Section ‎3‎(i), a Top-Up Exercise Notice, ENI will no longer be entitled to exercise any Top-Up Right or
other right in connection with the issuance referred to in the applicable Top-Up Notice (it being understood, for greater certainty, that
if ENI is entitled to exercise any other right (including a Top-Up Right) if a Pro Rata Interest is lower than the Pro Rata Interest for
which the applicable Top-Up Notice was delivered to ENI, ENI shall be entitled to exercise any right (including any Top-Up Right) with
respect to any such lower Pro Rata Interest).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Notwithstanding Section ‎3(c), in the event that ENI does not deliver
an Exercise Notice (or a Supplemental Exercise Notice, as applicable) to the Corporation in connection with an Offering within the Exercise
Notice Period (or the Additional Notice Period, as applicable), ENI shall have the right, within an additional 20 days after the closing
of an Offering, to deliver to NMG an Exercise Notice to subscribe for and purchase Pre-Emptive Right Securities, by way of a private placement,
at the same price and conditions as the Offering for which ENI has failed to deliver the Exercise Notice (or Supplemental Exercise Notice,
as applicable). NMG shall use best efforts to obtain all required regulatory and other approvals (including the approvals required
pursuant to Applicable Securities Laws, Exchange Rules or other applicable Laws and, subject to Section ‎3‎(n), any
Shareholder approval required thereunder, including by recommending that Shareholders vote in favour of the issuance of the Pre-Emptive
Right Securities, as applicable, to ENI), and, subject to compliance with applicable Laws and Exchange Rules, promptly issue to ENI against
payment of the subscription price payable in respect thereof, that number of Pre-Emptive Right Securities set forth in the Exercise Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Corporation agrees to take any and all commercially reasonable steps as are required to facilitate
the rights of ENI set forth in this Section ‎3, including: (i) undertaking a private placement or directed offering of Common
Shares, Convertible Securities or Top-Up Shares to ENI in connection with the exercise of such rights, or (ii) if required, increasing
the size of the Offering to satisfy its obligations to ENI pursuant to the exercise of its Pre-Emptive Right, in each case, subject to
obtaining any regulatory or other approvals required by applicable Laws or Exchange Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) If the Corporation is required by Exchange Rules, Applicable Securities Laws or otherwise under applicable
Laws to seek Shareholder approval for the issuance of all or a portion of the Common Shares, Convertible Securities or Top-Up Shares to
ENI, then the Corporation shall: (i) complete the issuance of that portion, if any, of such Common Shares, Convertible Securities
or Top-Up Shares which may be issued without prior Shareholder approval, as applicable, to ENI in accordance with the terms of this Section **‎** 3,
(ii) cause the issuance of the balance of the Common Shares, Convertible Securities or Top-Up Shares to ENI to be included on the
agenda and voted upon by Shareholders at the Corporation's next shareholder meeting, and (iii) recommend approval of the issuance
of the Common Shares, Convertible Securities or Top-Up Shares which are subject to Shareholder approval to ENI and shall solicit proxies
in support thereof. ENI shall have a reasonable advance right to review and provide comments on all materials to be provided to the Shareholders
in connection with such meeting, and the Corporation shall give reasonable consideration to all such comments made and shall incorporate
all comments that relate to or refer to ENI, to the extent commercially reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Notwithstanding any other provision of this Agreement, to the extent that the Corporation shall have determined
in good faith, after obtaining the advice of external legal counsel, that it is prohibited under Applicable Securities Laws from offering
or issuing Top-Up Shares to ENI as a result of the existence of material undisclosed information relating to the Corporation or a regularly
scheduled quarterly blackout period that shall not exceed a period commencing on the date following the end of a fiscal year or an interim
period and ending on the date that is two trading days following release of the relevant annual or interim financial statements (a "**Blackout Period** "), the Corporation may delay compliance with the deadlines to give notice of or complete the issuance of Top-Up Shares;
provided that it complies with the alternative procedures set out in this Section ‎3‎(o). If the commencement or completion
of the exercise by ENI of a Top-Up Right is delayed as a result of a Blackout Period, the Corporation shall deliver to ENI: (i) prompt
written notice (the "**Blackout Notice**") that the exercise of a Top-Up Right has been triggered but is delayed as a result
of a Blackout Period, including details of the commencement and termination date (if known) of such Blackout Period, and (ii) no
more than five (5) Business Days following the end of such Blackout Period, written notice (a "**Blackout Termination Notice** ")
that the Blackout Period has ended. Following delivery to ENI of the Blackout Notice, ENI shall not be entitled to deliver a Top-Up Exercise
Notice in respect of the exercise of the Top-Up Right, in which case ENI shall be entitled to deliver its Top-Up Exercise Notice within
90 days of receipt of the Blackout Termination Notice. Where a Top-Up Exercise Notice is delivered prior to the commencement of a Blackout
Period, the relevant Top-Up Shares shall be issued to ENI no more than ten (10) Business Days following the end of such Blackout
Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) ENI shall not be entitled to exercise the Pre-Emptive Right under this Section 3, and the Pre-Emptive
Right shall terminate on the date on which the 10% Threshold ceases to be met (except during the exercise period, including any Blackout
Period, and unless ENI exercises its Top-Up Right in accordance with Section 3(i)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) ENI shall not be entitled to exercise the Top-Up Right under this Section ‎3, and the Top-Up
Right shall terminate on the date on which the 5% Threshold ceases to be met (except during the exercise period, including any Blackout
Period, and unless ENI intends to exercise its Top-Up Right in accordance with Section ‎3‎(i)).

**4.** **Information Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of (x) Section ‎4(a)(i), for so long as the 10% Threshold is met, (y) Section ‎4‎(a)(ii)(1) and
(2), for so long as the 5% Threshold is met, and (z) Section ‎4‎(a)(ii)(3) and (4), for so long as ENI or
any of its Affiliates is a shareholder of NMG:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) NMG shall provide ENI, its designees and its representatives with reasonable access upon reasonable notice
during normal business hours, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) NMG's and its Subsidiaries' books and records so that ENI, its
designees and its representatives may conduct reasonable inspections, investigations and audits relating to NMG and its Subsidiaries,
including as to the internal accounting controls and operations of NMG and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) conduct a maximum of two site visits per year at NMG's and its Subsidiaries' properties and
facilities, unless reasonably required by ENI to comply with applicable Laws, in which case NMG will allow ENI, its designees and its
representatives, upon reasonable notice during normal business hours, to conduct a maximum of two additional site visits per year at NMG's
and its Subsidiaries' properties and facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) NMG shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) deliver to ENI, forthwith following receipt thereof, a copy of any notice, letter, correspondence or other
communication from a Governmental Entity or any litigation proceedings or filings involving NMG, in each case, in respect of NMG's
potential, actual or alleged material violation of any and all Laws applicable to the business, affairs and operations of NMG and its
Subsidiaries anywhere in the world, and any responses by NMG in respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) deliver to ENI, as soon as available (and in any event within 45 days) after the end of each quarter or
each calendar month, as the case may be (or, in the case of the final quarter or calendar month, as the case may be, of any fiscal year,
as soon as available (and in any event within 90 days) after the end of such quarter or calendar month, as the case may be), a copy of
the quarterly, or if available monthly, financial and operational report for the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) deliver to ENI, as promptly as practicable, such information and documentation relating to NMG and its
Affiliates as ENI may reasonably request from NMG from time to time for purposes of complying with ENI's tax reporting obligations
with respect to its ownership of NMG; 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;(4) deliver to ENI, as promptly as practicable, such information and documentation relating to any matter
which may reasonably affect ENI's or its Affiliates' reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provision of any information pursuant to this Section ‎4 shall not be deemed a waiver of
any privilege, including privileges arising under or related to the attorney-client privilege or any other applicable privilege.

**5.** **Lock-Up** 

(a) Except as expressly permitted by Section ‎5(d), until ●, 2027<sup>2</sup> (the "**Lock-Up Expiration Date** "), none of ENI or any of its Affiliates shall, directly or indirectly, assign, sell, transfer, offer, contract to sell, accept an offer to purchase, gift, pledge, encumber, hypothecate, provide a security interest in respect of, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, whether by actual disposition or effective economic disposition pursuant to any swap or other arrangement that transfers to another, in whole or in part, any interest in, or economic consequences of ownership of any of the Locked-Up Shares owned, directly or indirectly, by ENI or any of its Affiliates (a "**Transfer** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In case of breach by NMG of any of its undertakings provided for in Section ‎2, or in case any
ENI Nominee is not appointed to the Board pursuant to Sections ‎2(d) to ‎2(f), in case of a vacancy, at the expiration of
the period prescribed in NMG's By-Laws to fill a Board vacancy in accordance with Section ‎2(f), then the restrictions
of Section ‎5‎(a) shall no longer apply. In addition to the foregoing, the restrictions of Section ‎5‎(a) shall
no longer apply in case of: (i) any material breach by NMG of this Agreement or of the Subscription Agreement that is not cured within
10 Business Days of such breach; or (ii) NMG, any of its Affiliates or any of their respective executives, being the subject of any
of (x) investigation, conviction, arrest, or guilty plea or admission of guilt, no contest or *nolo contendere*, relating to
fraud, bribery, corruption, money-laundering, racketeering, or other misuse of funds by a Governmental Entity; or (y) public allegations
by a First Nation, Governmental Entity or director, officer or employee of NMG relating to a material violation of human rights or indigenous
land, territory or resources rights, or other offenses involving moral turpitude that are reasonably likely to result in reputational
harm to ENI.

<sup>2</sup> Twelve months from the signature date of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Following the Lock-Up Expiration Date and except as expressly permitted by Section ‎5(d), none
of ENI or its Affiliates shall knowingly Transfer any Locked-Up Shares to a Sanctioned Person or to a FEOC; provided that any Transfer
that takes place through the facilities of a stock exchange on which the Common Shares are listed or through a transaction facilitated
by a broker-dealer without disclosure being made to ENI of the purchaser of such securities, shall not constitute a breach of this Section ‎5(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The restrictions and limitations contained in Section ‎5(a) shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Transfer in favour of any Affiliates of ENI, provided that any such transferee shall, prior to any
such Transfer, agree to be bound by, and comply with, all of the obligations, covenants, provisions, and terms of this Agreement that
are applicable to ENI, and shall deliver to NMG a duly executed undertaking to such effect in form and substance satisfactory to NMG,
acting reasonably, or an agreement that NMG believes, acting reasonably, is substantially conformed with the terms of this Agreement, *mutatis mutandis*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Transfer pursuant to a bona fide third party "take-over bid" (as defined in NI 62-104),
including pursuant to any lock-up, support or similar agreement; provided that such take-over bid is made in compliance with section 2.8
of NI 62-104 and that in the event that the take-over bid is not completed, the Locked-Up Shares shall remain subject to the restrictions
and limitations contained in Section ‎5(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Transfer pursuant to a "business combination" (as defined in Multilateral Instrument 61-101
– *Protection of Minority Security Holders in Special Transactions*) (in Québec, *Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions*)) involving NMG, including pursuant to any lock-up, support or similar agreement,
provided that in the event that the business combination is not completed, the Locked-Up Shares shall remain subject to the restrictions
and limitations contained in Section ‎5(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Transfer to a nominee, a custodian (including a trust) or an intermediary where there is no change
in ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Transfer in connection with ENI pledging or hypothecating any Locked-Up Shares in favour of a Lender
as security for a bona fide loan; provided that the Locked-Up Shares will remain subject to the restrictions and limitations contained
in Section ‎5(a); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other Transfer of any securities pursuant to the exercise of any right pursuant to this Agreement
or the Registration Rights Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing in this Agreement, including the disapplication of the restrictions of Section ‎5‎(a) in
case of application of Section ‎5‎(b), shall be construed as a waiver of the statutory lockup provisions and any other transfer
restrictions contained in Applicable Securities Laws and Exchange Rules.

**6.** **Standstill** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Until 11:59 p.m. (Montréal time) on the date that is two years from the date hereof, ENI or
any of its Affiliates will not, alone or in concert with others, without the prior written consent of NMG or as otherwise expressly permitted
or contemplated under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Purchase, acquire, or offer to purchase (except under the terms of the Subscription Agreement or any other
subscription agreement entered into between ENI and NMG following the date hereof) any equity securities of NMG (including Common Shares),
except pursuant 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;(1) a stock dividend or dividend-in-kind paid by NMG or a Subsidiary to all holders of Common Shares, including
pursuant to any dividend reinvestment plan of NMG or a 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;(2) a security-based compensation agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) open market purchase of Common Shares following the FID Equity Offering, provided that, at any given time,
the aggregate number of Common Shares purchased in all such transactions shall not be more than one percent (1%) of the number of issued
and outstanding Common Shares at such 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;(4) as otherwise permitted pursuant to Section ‎5(d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) effect, seek, offer or propose, or in any way advise or encourage any other Person to effect, seek, offer
or propose (in each case, whether publicly or otherwise):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any take-over bid, merger, amalgamation, plan of arrangement, reorganization or other business combination
involving NMG or any of its 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;(2) any recapitalization, restructuring, liquidation, dissolution, disposition of a material portion of the
assets or other extraordinary transaction with respect to NMG or any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) directly or indirectly make, or in any way participate in, any solicitation of proxies to vote, or seek
to advise or influence any other Person with respect to the voting of any voting securities of NMG;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) otherwise act in a manner to seek to control the management, Board or the policies of NMG beyond the Board
and committees representation provided in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) enter into any arrangements, understandings or agreements, whether written or oral, with, or advise, finance,
aide, encourage or act in concert with, any other Person in connection with any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) make any public announcement of any intention to do or take any of the foregoing or take any action that
could require NMG to make a public announcement with respect to any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) attempt to induce any party not to make or conclude any proposal with respect to NMG by threatening or
indicating that ENI may take any of the foregoing actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, the limitations and prohibitions set forth
in this Section ‎6 shall no longer apply from the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date that NMG enters into a definitive agreement with a third party
that provides for (1) the acquisition by any means, including, without limitation, acquisition of equity, a statutory plan of arrangement,
merger or business combination, by any Person, directly or indirectly, of more than 50% of the total voting power of the outstanding voting
stock of NMG, (2) the date NMG enters into a definitive agreement with a third party that provides for an acquisition of all or substantially
all of the assets of NMG, or (3) the date a third party, alone or in concert with others, enters into a definitive agreement to acquire,
or acquires, directly or indirectly, more than 50% of the voting securities of NMG; provided, however, that, in the event that the proposed
transaction in (1), (2) or (3) is terminated, the limitations and prohibitions set forth in Section ‎6‎(a) shall
be reinstated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The date NMG makes a public announcement regarding the entering into of an agreement described in paragraph
(i) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The date a third party publicly announces a plan that provides for any of the change-of-control transactions
indicated in paragraph (i) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of this Section ‎6 shall not apply to (i) an
acquisition or the announcement of an acquisition of NMG shares occurring as a result of ENI's acquisition of a third party that
holds such shares, unless such acquisition is conducted solely for the purpose of avoiding the application of the provisions of this Section ‎6;
and (ii) any confidential offer or proposal made by ENI or its Affiliates to the Board.

**7.** **Other Covenants of NMG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) NMG shall maintain listing of the Common Shares on the TSX and the NYSE (collectively with the TSX, the
" **Exchanges** ", and individually, an "**Exchange** "), or another securities or stock exchange approved
in advance by ENI, and shall not de-list or resolve to de-list the Common Shares from either Exchange without the prior written consent
of ENI, which consent may be withheld in ENI's sole and absolute discretion, unless such de-listing results from a take-over bid
or a business combination or such de-listing results from the graduation from one of the Exchanges to another recognized securities or
stock exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For so long as ENI or any of its Affiliates is a shareholder of NMG, and in connection with NMG carrying
out its related responsibilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) NMG shall cause its employees, Directors, officers, and to the best of its ability, any Person acting
on its behalf, to comply, with applicable Anti-Corruption Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither NMG, its Subsidiaries, nor any of its or their employees, directors, officers, or to the knowledge
of NMG, any Person acting on its behalf, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) give, promise to give, or offer to give, any payment, loan, gift, donation, or anything else of value
(including a facilitation payment), directly or indirectly, whether in cash or in kind, to or for the benefit of, any Government Official
or any other Person while knowing or having reason to know that all or a portion of such money or thing of value will be offered, given,
or promised, directly or indirectly, to any such Government Official or to any other Person for the purpose of: (A) improperly influencing
any action or decision of any Government Official in their official capacity, including a decision to fail to perform official functions,
(B) inducing any Government Official or other Person to act in violation of their lawful duty, (C) securing any improper advantage,
or (D) persuading any Government Official or other Person to use its influence with any Governmental Entity or any government-owned
Person to effect or influence any act or decision of such Governmental Entity or government-owned Person; 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;(2) accept, receive, agree to accept or receive, or authorize the acceptance or receipt of any contribution,
payment, gift, entertainment, money, anything of value, or other advantage in violation of applicable Anti-Corruption Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) NMG shall as soon as practicable and no later than April 30, 2027, institute and maintain, for itself
and its Subsidiaries, a risk-based compliance program reasonably designed to ensure compliance with all applicable Anti-Corruption Laws.
The compliance program shall include policies and procedures, due diligence on third parties, contract terms and provision, records of
payments to third parties (including, without limitation, agents, consultants, representatives and distributors) and Government Officials,
reporting mechanism and investigation process, disciplinary measures, training and communications activities, monitoring, oversight and
appropriate resourcing. As soon as practicable after the date of this Agreement, and in any event within 30 days after the date on which
NMG adopts an anti-corruption compliance policy/procedures, NMG shall provide a copy of such policy/procedures to ENI, together with the
resolutions of the Board or other relevant official document evidencing NMG's adoption of such policy/procedures. Upon reasonable
request, NMG agrees to provide responsive information to ENI concerning its compliance with Anti-Corruption Laws. NMG shall promptly notify
ENI if NMG becomes aware of any violation of Anti-Corruption Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) NMG shall not be permitted, without the prior written consent of ENI (which consent may be withheld in
ENI's sole and absolute discretion), to amend its stock option plan to provide it with a capacity to issue options which represent
a greater number than fifteen percent (15%) of the issued and outstanding Common Shares at any point in time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) NMG shall not be permitted, without the prior written consent of ENI (which consent may be withheld in
ENI's sole and absolute discretion), to amend its Articles or other constating documents, or agree to do so, or take any steps to
do so (including by means of calling a shareholder meeting or setting a record date for a shareholder meeting in respect thereof), in
order to create new voting or participating share classes or series with more favorable rights (including voting rights, rights to dividends
and distributions, or rights to the remaining property of NMG upon dissolution, liquidation or winding-up) than the rights pertaining
to the Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) NMG shall not propose, implement, adopt, or resolve to propose, implement or adopt a shareholder rights
plan without the prior written consent of ENI, which consent may be withheld in ENI's sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For so long as ENI or any of its Affiliates is a shareholder of NMG, and in connection with NMG carrying
out its related responsibilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) NMG shall and shall cause its Subsidiaries and its and their respective employees, directors, officers,
and to the best of its ability, its and their respective agents, and any Person acting on its or their behalf, to comply with all applicable
Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) NMG shall as soon as practicable and no later than April 30, 2027, institute and maintain, for itself
and its Subsidiaries, a risk-based compliance program commensurate with a company of NMG's size and stage of development reasonably
designed to ensure compliance with Sanctions by itself, its Subsidiaries, and each of their respective directors, officers, and employees.
The compliance program shall include risk-based policies, procedures, controls, training, monitoring, oversight and appropriate resourcing
following guidance provided by any relevant Sanctions Authority. Within 30 days after the date on which NMG adopts such policy, NMG shall
provide a copy of such policy to ENI, together with the resolutions of the Board or other relevant official document evidencing NMG's
adoption of such policy. Upon reasonable request, NMG agrees to provide responsive information to ENI concerning its compliance with Sanctions.
NMG shall promptly notify ENI if NMG becomes aware of any violation of Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) NMG shall not, and shall cause its Subsidiaries and its and their respective employees, directors or officers
not to, conduct any business transaction or activity with a Sanctioned Person or in a Sanctioned Territory or with a FEOC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) neither NMG, nor any of its Subsidiaries or their respective directors, officers or employees: (i) (is
or) shall be a Sanctioned Person or FEOC; or (ii) to the best knowledge of NMG, (acts or) shall act under the direction of, on behalf
of or for the benefit of, a Sanctioned Person or FEOC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) NMG represents and warrants that, as of the date of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) neither NMG, nor any of its Subsidiaries, or its or their respective employees, directors or officers,
conducts any business transaction or activity with a Sanctioned Person or in a Sanctioned Territory or with a FEOC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither NMG, nor any of its Subsidiaries or their respective directors, officers, or employees, nor any
direct or, to the knowledge of NMG, indirect owner of one percent (1%) or more interest in NMG as of the date of this Agreement, or any
direct or, to the knowledge of NMG, indirect owner that may acquire five percent (5%) or more interest in NMG after the date of this Agreement:
(i) is a Sanctioned Person or a FEOC; or (ii) to the best knowledge of NMG, acts under the direction of, on behalf of, or for
the benefit of a Sanctioned Person or a FEOC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Sections ‎7‎(c) and ‎7‎(d) shall not be interpreted or applied in relation to
NMG to the extent that the representations made under Sections ‎7‎(c) and ‎7‎(d) violate, or would result in
a breach of the *Foreign Extraterritorial Measures Act* (Canada).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For so long as ENI is a shareholder of NMG, and in connection with NMG carrying out its related responsibilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) NMG shall cause its employees, Directors, officers, and to the best of its ability, any Person acting
on its behalf to comply with all applicable Anti-Money Laundering Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) NMG shall as soon as practicable and no later than April 30, 2027, institute and maintain policies
and procedures commensurate with a company of NMG's size and stage of development reasonably designed to ensure compliance with
any applicable Anti-Money Laundering Laws by itself, its Subsidiaries and each of their respective directors, officers, and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For so long as ENI or any of its Affiliates is a shareholder of NMG, and in connection with NMG carrying
out its related responsibilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) NMG shall use best efforts to cause its employees, Directors, officers, and to the best of its ability,
any Person acting on its behalf to comply with Human Rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) NMG shall as soon as practicable and no later than April 30, 2027, institute and maintain policies
and procedures reasonably designed to ensure compliance with Human Rights, for itself and its Subsidiaries. As soon as practicable after
the date of this Agreement, and in any event within 30 days after the date on which NMG adopts a Human Rights compliance policy, NMG shall
provide a copy of such policy to ENI, together with the resolutions of the Board or other relevant official document evidencing NMG's
adoption of such policy. Upon reasonable request, NMG agrees to provide responsive information to ENI concerning its compliance with Human
Rights. NMG shall promptly notify ENI if NMG becomes aware of any violation of Human Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) NMG shall, and shall cause each of its Subsidiaries to: (a) make and keep books, records and accounts
which, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of NMG and such Subsidiaries;
and (b) devise and maintain a system of internal controls over financial reporting sufficient to provide reasonable assurances that:
(i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are
recorded as necessary: (A) to permit preparation of financial statements in conformity with IFRS or any other criteria applicable
to such statements, and (B) to maintain accountability for assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding the foregoing or anything to the contrary set forth in this Agreement, NMG and its Subsidiaries
agree to cooperate with any inquiry by Canadian Governmental Entities with respect to NMG's business (or that of its Subsidiaries)
or any past or new investment NMG or its Subsidiaries have received or undertaken, or receive or undertake, including by providing any
information and documentary material lawfully required or requested by Canadian Governmental Entities, after due discussion with Canadian
Governmental Entities. Without limiting the foregoing, following the conclusion of any applicable appeal or review process, NMG and its
Subsidiaries shall take any and all actions to comply with any valid order, writ, judgment, ruling, assessment, injunction, decree, stipulation,
determination, undertaking, commitment, mitigation measure, agreement, or award entered by or with any Canadian Governmental Entity with
respect to any such investment NMG or its Subsidiaries have received or undertaken, or receive or undertake.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) NMG and its Subsidiaries shall promptly inform ENI of any such inquiry, and keep ENI reasonably informed
regarding the existence of, and efforts to address and resolve, any action, investigation, review, or inquiry of any kind, including but
not limited to formal, informal, written, or oral, involving NMG or its Subsidiaries relating to any developments in any regulatory process
resulting from such inquiry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) As applicable under relevant Law, NMG and its Subsidiaries shall provide or cause to be provided commercially
reasonable assurances or agreements as required by the applicable Minister under the *Investment Canada Act*, including entering
into a mitigation agreement, letter of assurance, national security agreement, or other similar arrangement or agreement; provided however,
that such assurance or agreement does not have a material adverse effect on NMG or its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) NMG represents and warrants that it and its Subsidiaries have provided, and covenants to provide, to the
best of its knowledge, truthful and complete information to Canadian Governmental Entities with respect to inquiries or requests that
NMG or its Subsidiaries have received or may receive, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) For so long as ENI holds any participation in NMG's share capital, NMG shall not, without ENI's
prior written consent (which consent may be withheld in ENI's sole and absolute discretion):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) enter into any agreement in respect of, or otherwise support or recommend, a direct or indirect equity
investment in NMG from a Sanctioned Person or a FEOC;

&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) enter into any agreement in respect of, or otherwise support or recommend, any of the following transactions
with a Sanctioned Person, or a FEOC: (a) a direct or indirect equity investment in an Affiliate of the Corporation that directly
or indirectly owns the assets of the Corporation's Matawinie or Uatnan mine projects (the "**Subject Business** "),
including a joint venture with respect to the Subject Business; (b) the acquisition by any means, including, without limitation,
acquisition of equity, a statutory plan of arrangement, merger or business combination, directly or indirectly, of more than 50% of the
total voting power of the outstanding voting stock of the Subject Business; or (c) the acquisition, directly or indirectly, of the
power to direct or cause the direction of the management or policies of the Subject Business; except in any case where the failure to
enter into any such agreement, or otherwise support or recommend any such transaction, would be inconsistent with the Directors'
fiduciary duties under applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) For so long as the 5% Threshold is met, NMG shall ensure that the rules and procedures regarding
the functioning of the Board (including notification periods to call meetings and the means to participate to meetings remotely) as currently
set out in NMG's Articles and By-Laws are not amended in any manner that would place ENI in a less favourable position than as currently
provided therein (including, for the avoidance of doubt, by shortening any notification periods of meetings or reducing the means to participation
to meetings remotely).

**8.** **General Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Crossing of Thresholds</u>. It is understood that, notwithstanding anything
to the contrary set forth herein, where this Agreement provides that any rights of ENI terminate upon the 5% Threshold, the 10% Threshold
or the 20% Threshold ceasing to be met, such rights shall continue to be applicable (i) during the 20-day period referred to in Section 3(l) and,
if ENI delivers an Exercise Notice (or a Supplemental Exercise Notice, as applicable) to NMG, until the closing of the exercise by ENI
of the Pre-Emptive Right pursuant to Section 3(f); and (ii) from the moment in which the relevant threshold ceases to
be met until (a) **  if ENI does not deliver the relevant Top-Up Exercise Notice to NMG, the expiry of ENI's right to deliver
such Top-Up Exercise Notice (taking into account, for the avoidance of doubt, any delay resulting from a Blackout Period), and (b) **  if
ENI delivers the relevant Top-Up Exercise Notice to NMG, the date on which ENI and its Affiliates have crossed back above the relevant
threshold as a result of the exercise of its Top-Up Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. The provisions in Sections ‎8(c), ‎8(d), ‎8(e), ‎8(h), ‎8(i),
‎8(j), ‎8‎(j), ‎8(k), ‎8(o), ‎8(q), ‎8(r) and ‎8(s) of this Agreement and this Section ‎‎8‎(b),
this Agreement shall survive the termination of any of ENI's rights pursuant to other provisions of this Agreement. Notwithstanding
the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parties' rights and obligations under Sections ‎7(b), ‎7(c), ‎7(e), ‎7(f), ‎7(g),
‎7(i), ‎7(j), ‎7(k), ‎7(k) and ‎7(l) of this Agreement shall survive so long as ENI is a shareholder of
NMG;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Section ‎4(a)(ii) of this Agreement shall survive for the periods set forth therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the termination of this Agreement shall not affect any of the rights or liabilities of any Party in connection
with any breach of this Agreement which may have occurred before ENI ceases to be a shareholder of NMG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Amendment and Waiver</u>. No amendment or waiver of any provision of this Agreement shall be binding
on either Party unless consented to in writing by both Parties. No waiver by any Party of any provision hereof shall be effective unless
explicitly set forth in writing and executed by the Party so waiving. No waiver of any provision (or any breach thereof) of this Agreement
shall constitute a waiver of any other provision (or any breach thereof), nor shall any waiver of any provision of this Agreement constitute
a continuing waiver unless otherwise expressly provided. No failure on the part of any Party to exercise, and no delay in exercising,
any right under this Agreement shall operate as a waiver of such right. No single or partial exercise of any such right shall preclude
any other or further exercise of such right or the exercise of any other right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Non-Assignment</u>. Neither Party may assign any of its rights or benefits
under this Agreement, or delegate any of its duties or obligations, except with the prior written consent of the other Party. Notwithstanding
the foregoing, ENI may assign and transfer all of its rights, benefits, duties and obligations under this Agreement in their entirety,
without the consent of NMG, to any Affiliate of ENI ; provided that (A) any such assignee shall, prior to any such transfer,
agree to be bound by, and comply with, all of the obligations, covenants, provisions, and terms of this Agreement that are applicable
to ENI, and shall deliver to NMG a duly executed undertaking to such effect in form and substance satisfactory to NMG, acting reasonably,
and (B) such assignment and transfer shall not release ENI from any accrued liability for its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Expenses</u>. Except as otherwise expressly provided in this Agreement, each Party shall pay for its
own costs and expenses incurred in connection with the negotiation, preparation, execution and performance of this Agreement and the transactions
contemplated herein, including the fees and expenses of legal counsel, financial advisors, accountants, consultants and other professional
advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Time of the Essence</u>. Time shall be of the essence of this Agreement. Each of the parties hereto
shall be in default by the mere lapse of time for performing its obligations hereunder, without the necessity of further notice or delay,
as contemplated by article 1594 of the *Civil Code of Québec*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Further Acts</u>. Each Party shall promptly do, make, execute, deliver, or cause to be done, made,
executed or delivered, all such further acts, documents and things as the other Party may reasonably require from time to time for the
purpose of giving effect to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Successors and Assigns</u>. This Agreement shall enure to the benefit of and shall be binding on and
enforceable by and against the Parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Third-Party Beneficiaries</u>. This Agreement is for the sole benefit of the Parties and their successors
and permitted assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any legal
or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any notice or other communication to be given hereunder shall be in writing and shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of notice to ENI, be addressed to:

Eni S,p.A.

Via Emilia 1

20097 San Donato Milanese (MI) - ITALY

Attention: [REDACTED: CONTACT INFORMATION] <br> Email: [REDACTED: CONTACT INFORMATION]

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

Eni International B.V.

Strawinskylaan 1163

1077 XX Amsterdam – The Netherlands

World Trade Center \| Tower Ten – 11<sup>th</sup> Floor

Attention: [REDACTED: CONTACT INFORMATION] <br> Email: [REDACTED: CONTACT 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;(2) In the case of notice to NMG, shall be addressed to:

Nouveau Monde Graphite Inc.

481 rue Brassard<br> Saint-Michel-des-Saints, Québec

J0K 3B0

Attention: [REDACTED: CONTACT INFORMATION] <br> Email: [REDACTED: CONTACT INFORMATION]

Attention: [REDACTED: CONTACT INFORMATION] <br> Email: [REDACTED: CONTACT INFORMATION]

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

Stein Monast L.L.P.

70 rue Dalhousie, Suite 300

Québec, Québec

G1K 4B2

Attention: [REDACTED: CONTACT INFORMATION] <br> Email: [REDACTED: CONTACT INFORMATION]

and each notice or communication shall be personally delivered (including by courier service) to the addressee or sent by electronic transmission to the addressee, and (i) a notice or communication which is personally delivered shall, if delivered before 5:00 p.m. (in the jurisdiction of the recipient) on a Business Day, be deemed to be given and received on that day and, in any other case, be deemed to be given and received on the first Business Day following the day on which it is delivered; and (ii) a notice or communication which is sent by electronic transmission shall, if sent on a Business Day before 5:00 p.m. (in the jurisdiction of the recipient), be deemed to be given and received on that day and, in any other case, be deemed to be given and received on the first Business Day following the day on which it is sent. Either Party hereto may at any time change its address for service from time to time by notice given in accordance with this Section ‎‎8‎(j).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Governing Law</u>. This Agreement shall be construed and governed by the laws of the Province of Québec
and the federal laws of Canada applicable therein without regard to conflict of law principles that would result in the application of
the laws of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Dispute Resolution</u>. Any dispute, controversy, or claim arising out of, relating to, or in connection
with this Agreement, including with respect to the formation, applicability, breach, termination, validity or enforceability thereof,
shall be resolved by confidential arbitration. The arbitration shall be conducted by three arbitrators and administered by the International
Centre for Dispute Resolution in accordance with its International Dispute Resolution Procedure in effect at the time of the arbitration,
except as they may be modified herein or by mutual agreement of the parties. Each party shall designate one arbitrator, with the third
arbitrator to be designated by the parties by agreement, or failing such agreement, by the two party-appointed arbitrators. The seat of
the arbitration shall be: (1) New-York, in the State of New-York, USA, (2) Paris, France, or (3) London, United-Kingdom,
at ENI's choice, and it shall be conducted in the English language. The arbitration award shall be final and binding on the Parties,
and the Parties undertake to carry out any award without delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Filing & Disclosure</u>. NMG and ENI shall cooperate with each other in order to file, disclose,
or complete such other procedure applicable under the relevant applicable Laws and/or stock exchange rules in order to give full
effect to the terms and conditions set forth in this Agreement. If any of the terms and conditions are not permitted under the said Laws
and/or rules, then NMG and ENI shall discuss in good faith the necessary adjustments to achieve the similar effect to the terms and conditions
set forth herein to the extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Confidentiality</u>. The confidentiality obligations and restrictions of the parties contained in the
Confidentiality Agreement shall apply to this Agreement as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Public Notices/Press Releases</u>. No Party shall (i) issue any press release or otherwise make
public announcements or disclosures with respect to this Agreement without the consent of the other Party (which consent shall not be
unreasonably withheld or delayed), or (ii) make any regulatory filing with any Governmental Entity with respect thereto without prior
consultation with the other Party; provided, however, that, this Section ‎‎8(o) shall be subject to each Party's
overriding obligation to make any disclosure or regulatory filing required under applicable Laws and the Party making such requisite disclosure
or regulatory filing shall use all commercially reasonable efforts to give prior oral and written notice to the other Party and reasonable
opportunity to review and comment on the requisite disclosure or regulatory filing before it is made; provided, further, that, except
as required by applicable Laws, in no circumstances shall any such disclosure by, or regulatory filing of, NMG or any of its Affiliates,
include the name of ENI or any related Person set forth in Section ‎8‎(j) without ENI's prior written consent,
in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Language</u>. The Parties confirm their express wish that this Agreement and all related documents
be drafted in the English language. *Les Parties confirment leur volonté expresse que la présente convention et tous les documents s'y rattachant soient rédigés en langue anglaise.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Severability</u>. If any term or other provision of this Agreement is invalid, illegal or incapable
of being enforced under any applicable Laws or as a matter of public policy, all other conditions and provisions of this Agreement shall
nevertheless remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal or incapable
of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties
as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as
originally contemplated to the greatest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Entire Agreement</u>. This Agreement, the provisions contained in this Agreement, and the agreements
and other documents to be delivered pursuant to, or in connection with, this Agreement or in connection with, constitute the entire agreement
between the Parties with respect to the subject matter thereof and supersede all prior communications, proposals, representations and
agreements, whether oral or written, with respect to the subject matter thereof. Nothing in this Section ‎8(r) limits or
excludes any liability for fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Counterparts</u>. This Agreement and all documents contemplated by or delivered under or in connection
with this Agreement may be executed and delivered (including by electronic means, e.g., DocuSign or Adobe Sign) and delivered via electronic
mail (including pdf), or other transmission or method in any number of counterparts, with the same effect as if each Party had signed
and delivered the same document, and all counterparts shall be construed together to be an original and shall constitute one and the same
agreement.

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

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by their duly authorized representatives effective as of the date first written above.

---

| | |
|:---|:---|
| **NOUVEAU MONDE GRAPHITE INC.** | **NOUVEAU MONDE GRAPHITE INC.** |
| Per: | |
|  | Name: Eric Desaulniers |
|  | Title: President and Chief Executive Officer |
| **ENI INTERNATIONAL B.V.** | **ENI INTERNATIONAL B.V.** |
| Per: | |
|  | Name: |
|  | Title: Authorized Signatory |
| Per: | |
|  | Name: |
|  | Title: Authorized Signatory |

---

*[Signature page to Investor Rights Agreement]*

**<u>SCHEDULE C</u>**

**<u>REGISTRATION RIGHTS AGREEMENT</u>**

**NOUVEAU MONDE GRAPHITE INC.**

**– and –**

**ENI INTERNATIONAL B.V.**

**REGISTRATION RIGHTS AGREEMENT**

**·** **, 2026**

---

| | | |
|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| **Article 1 DEFINITIONS AND INTERPRETATION** | **Article 1 DEFINITIONS AND INTERPRETATION** | **1** |
| &nbsp;&nbsp;&nbsp;1.1 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;1.2 | Rules of Construction | 7 |
| &nbsp;&nbsp;&nbsp;1.3 | Accounting Principles | 8 |
| **Article 2 REGISTRATION RIGHTS** | **Article 2 REGISTRATION RIGHTS** | **8** |
| &nbsp;&nbsp;&nbsp;2.1 | Demand Registration Rights | 8 |
| &nbsp;&nbsp;&nbsp;2.2 | Piggyback Registration | 10 |
| &nbsp;&nbsp;&nbsp;2.3 | Shelf Registration | 11 |
| &nbsp;&nbsp;&nbsp;2.4 | Expenses | 13 |
| &nbsp;&nbsp;&nbsp;2.5 | Other Sales | 13 |
| &nbsp;&nbsp;&nbsp;2.6 | No Change or Subordination | 13 |
| &nbsp;&nbsp;&nbsp;2.7 | Preparation; Reasonable Investigation | 13 |
| &nbsp;&nbsp;&nbsp;2.8 | Indemnification | 14 |
| &nbsp;&nbsp;&nbsp;2.9 | Sale by Affiliates | 16 |
| &nbsp;&nbsp;&nbsp;2.10 | Rule 144 Compliance; Reporting | 17 |
| &nbsp;&nbsp;&nbsp;2.11 | Conflict | 17 |
| &nbsp;&nbsp;&nbsp;2.12 | Acting as Trustees | 17 |
| **Article 3 AMENDMENTS** | **Article 3 AMENDMENTS** | **18** |
| &nbsp;&nbsp;&nbsp;3.1 | Amendments and Modifications | 18 |
| &nbsp;&nbsp;&nbsp;3.2 | Changes in Capital of the Corporation | 18 |
| **Article 4 GENERAL** | **Article 4 GENERAL** | **18** |
| &nbsp;&nbsp;&nbsp;4.1 | Application of this Agreement | 18 |
| &nbsp;&nbsp;&nbsp;4.2 | Termination | 18 |
| &nbsp;&nbsp;&nbsp;4.3 | Assignment | 19 |
| &nbsp;&nbsp;&nbsp;4.4 | Permitted Transferees | 19 |
| &nbsp;&nbsp;&nbsp;4.5 | Co-operation | 19 |
| &nbsp;&nbsp;&nbsp;4.6 | Further Assurances | 20 |
| &nbsp;&nbsp;&nbsp;4.7 | Time of the Essence | 20 |
| &nbsp;&nbsp;&nbsp;4.8 | Enurement | 20 |
| &nbsp;&nbsp;&nbsp;4.9 | Public Notices/Press Releases | 20 |
| &nbsp;&nbsp;&nbsp;4.10 | Notices to Parties | 21 |
| &nbsp;&nbsp;&nbsp;4.11 | Entire Agreement | 22 |
| &nbsp;&nbsp;&nbsp;4.12 | Waiver | 22 |
| &nbsp;&nbsp;&nbsp;4.13 | Consent | 22 |
| &nbsp;&nbsp;&nbsp;4.14 | Governing Law | 22 |
| &nbsp;&nbsp;&nbsp;4.15 | Severability | 23 |
| &nbsp;&nbsp;&nbsp;4.16 | Counterparts | 23 |
| &nbsp;&nbsp;&nbsp;4.17 | Language | 23 |

---

-i-

**THIS REGISTRATION RIGHTS AGREEMENT** is made as of the ·, 2026.

**BETWEEN:**

**NOUVEAU MONDE GRAPHITE INC.**, a company governed by the *Canada Business Corporations Act*

(the "**Corporation**")

- and -

**ENI INTERNATIONAL, B.V.** a company governed by the laws of the Netherlands

(the "**Investor**").

**WHEREAS** pursuant to the terms of a subscription agreement (the "**Subscription Agreement**") dated the 9<sup>th</sup> day of April, 2026 between the Corporation and the Investor, the Corporation agreed to issue and sell to the Investor, and the Investor agreed to purchase from the Corporation, an aggregate of 38,043,478 Common Shares (as defined below) on the terms and subject to the conditions set forth in the Subscription Agreement;

**AND WHEREAS** in connection with the Subscription Agreement, the Parties (as defined below) desire to set forth their agreements regarding the Investor's registration rights with respect to the Registerable Shares (as defined below) and certain other matters relating to the Registerable Shares;

**NOW THEREFORE**, in consideration of the foregoing and the mutual promises, covenants and agreements of the Parties (as defined below), and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

**Article 1<br> DEFINITIONS AND INTERPRETATION**

**1.1**  **<u>Definitions</u>** 

In this Agreement, the following terms have the following meanings:

"**5% Threshold**" means that the Investor and its Affiliates own, directly or indirectly, 5% or more of the issued and outstanding Common Shares on the relevant date, excluding for purposes of this calculation any Pending Top-Up Securities and, for the avoidance of doubt, any voting or equity shares of the Corporation issuable upon the exercise, exchange or conversion of any Convertible Securities;

"**10% Threshold**" means that the Investor and its Affiliates own, directly or indirectly, 10% or more of the issued and outstanding Common Shares on the relevant date, excluding for purposes of this calculation any Pending Top-Up Securities and, for the avoidance of doubt, any voting or equity shares of the Corporation issuable upon the exercise, exchange or conversion of any Convertible Securities;

"**Affiliate**" (i) with reference to any Person other than the Investor, shall have the meaning ascribed thereto in NI 45-106; and (ii) with reference to the Investor, shall mean Eni S.p.A. (as long as the Investor is controlled by Eni S.p.A.) and any Persons controlled by Eni S.p.A.;

"**Applicable Securities Laws**" means Canadian Securities Laws and U.S. Securities Laws or any of them, as the circumstances require;

"**Blackout Period**" has the meaning set out in Section 2.1(d)(ii);

"**Board**" means the board of directors of the Corporation, as constituted from time to time;

"**Bought Deal**" means an underwritten public offering made on a "bought deal" basis in one or more Canadian provinces or territories, or in the United States of America, pursuant to which an underwriter has committed to purchase Registerable Shares under a "bought deal agreement" (within the meaning of NI 44-101 or any corresponding definition under U.S. Securities Laws), prior to the filing of a Canadian Preliminary Prospectus as provided for under Canadian Securities Laws, or any corresponding filing under U.S. Securities Laws;

"**Business Day**" means any day, other than (i) a Saturday, Sunday or statutory holiday in the Province of Québec, in the Netherlands or in Belgium, and (ii) a day on which banks are generally closed in Montréal, Québec, in Amsterdam, the Netherlands or in Brussels, Belgium;

"**Canadian Base Shelf Prospectus**" means a short form prospectus that is prepared in the form required under NI 44-101, as varied in accordance with NI 44-102;

"**Canadian Preliminary Prospectus**" means a preliminary prospectus of the Corporation in respect of Shares (in the English and French language, as applicable) which, unless the context otherwise requires, has been filed and a receipt issued (or deemed to be issued) therefor by the applicable Canadian Securities Authorities, including all amendments thereto and documents incorporated by reference therein;

"**Canadian Prospectus**" means a (final) prospectus of the Corporation in respect of Shares (in the English and French language, as applicable) which, unless the context otherwise requires, has been filed and a receipt issued (or deemed to be issued) therefor by the applicable Canadian Securities Authorities, including all amendments thereto and documents incorporated by reference therein, and includes, as applicable, a Canadian Base Shelf Prospectus and a Canadian Shelf Prospectus Supplement;

"**Canadian Securities Authorities**" means any of the securities commissions or similar securities regulatory authorities in each of the provinces of Canada in which the Corporation is a reporting issuer (or analogous status) and any of their successors;

"**Canadian Securities Laws**" means the *Securities Act* (Québec) and any similar securities legislation of each of the provinces of Canada, and the respective rules, regulations, blanket orders and orders and the forms and disclosure requirements made or promulgated under such legislation, and the policies, policy statements, instruments, bulletins and notices of one or more of the securities commissions or other securities regulatory authorities in the provinces of Canada, as the same may hereafter be amended from time to time or replaced;

"**Canadian Shelf Prospectus Supplement**" means a shelf prospectus supplement, as such term is defined in NI 44-102;

"**Common Shares**" means the common shares in the capital of the Corporation;

"**Convertible Securities**" means securities that are exercisable or exchangeable for, or convertible into, Common Shares, including options, warrants, convertible notes and convertible debentures;

"**Corporation**" has the meaning set out on the first page of this Agreement;

"**Demand Registration**" has the meaning set out in Section 2.1(b);

"**Demand Registration Request**" has the meaning set out in Section 2.1(c);

"**Designated Registerable Shares**" has the meaning set out in Section 2.1(c);

"**Distribution**" means a distribution of Registerable Shares to the public by way of a Prospectus under Applicable Securities Laws;

"**Exchange**" means such stock exchange(s) and quotation service(s), if any, as the Common Shares may be listed or quoted on, as applicable, from time to time;

"**Free Writing Prospectus**" means a Corporation free writing prospectus, as defined in Rule 433 under the U.S. Securities Act, relating to an offer of Registerable Shares;

"**Governmental Entity**" means any domestic or foreign federal, provincial, regional, state, municipal or other government, governmental department, agency, authority or body (whether administrative, legislative, executive or otherwise), court, tribunal, commission or commissioner, bureau, minister or ministry, board or agency, or other regulatory authority, including any securities regulatory authorities and stock exchange, or any other entity, insofar as it exercises a legislative, judicial, regulatory, administrative, expropriation or taxing power or function of or pertaining to government;

"**FINRA**" means the Financial Industry Regulatory Authority or any successor agency;

"**Incentive Plan**" means any stock option plan, omnibus plan or other equity incentive plan of the Corporation adopted by the Board from time to time, as same may be amended, restated, replaced or supplemented from time to time;

"**Investor**" has the meaning set out on the first page of this Agreement;

"**Investor Rights Agreement**" means the investor rights agreement dated the date hereof between the Corporation and the Investor;

"**Laws**" means (i) all laws, statutes, codes, ordinances, decrees, rules, regulations, by-laws, instruments, orders, directives, judgments, decrees, injunctions, decisions, rulings, awards or writs enacted, promulgated, issued, released, or imposed by any Governmental Entity, including Applicable Securities Laws, and (ii) all policies, practices, protocols, requirements, standards or guidelines of any Governmental Entity, in each case relating or applicable to such Person, property, transaction, event or other matter;

"**Losses**" has the meaning set out in Section 2.8(a);

"**MJDS**" means the multijurisdictional disclosure system established by the United States and Canada referred to in Canada as National Instrument 71-101 – *The Multijurisdictional Disclosure System* (in Québec, *Regulation 71-101 respecting The Multijurisdictional Disclosure System*);

"**NI 43-101**" means National Instrument 43-101 – *Standards of Disclosure for Mineral Projects* (in Québec, *Regulation 43-101 respecting Standards of Disclosure for Mineral Projects*);

"**NI 44-101**" means National Instrument 44-101 – *Short Form Prospectus Distributions* (in Québec, *Regulation 44-101 respecting Short Form Prospectus Distributions*);

"**NI 44-102**" means National Instrument 44-102 – *Shelf Distributions* (in Québec, *Regulation 44-102 respecting Shelf Distributions*);

"**NI 44-103**" means National Instrument 44-103 – *Post-Receipt Pricing* (in Québec, *Regulation 44-103 respecting Post-Receipt Pricing*);

"**NI 45-106**" means in National Instrument 45-106 – *Prospectus Exemptions* (in Québec, *Regulation 45-106 respecting Prospectus Exemptions*);

"**NI 51-102**" means National Instrument 51-102 – *Continuous Disclosure Obligations* (in Québec, *Regulation 51-102 respecting Continuous Disclosure Obligations*);

"**Notice**" has the meaning set out in Section 4.9;

"**Party**" or "**Parties**" means one or more of the parties to this Agreement;

"**Pending Top-Up Securities**" has the meaning ascribed thereto in the Investor Rights Agreement;

"**Permitted Holder**" means any Affiliate or Subsidiary of the Investor;

"**Permitted Transferee**" means, in each case to the extent such Person agrees in writing to be bound by the terms of this Agreement, any Permitted Holder to whom the rights of the Investor or of another Permitted Holder are assigned pursuant to Section 4.4;

"**Person**" means and includes any individual, corporation, limited partnership, general partnership, joint stock corporation, limited liability corporation, joint venture, association, corporation, trust, bank, trust corporation, pension fund, business trust, administrator, authority, entity, executor, other legal representative, sole proprietorship, syndicate, trust, trustee, unincorporated association, or other organization, whether or not a legal entity, and any Governmental Entity;

"**Piggyback Maximum Offering Size**" shall have the meaning set forth in Section 2.2(a)(i)(A);

"**Piggyback Registerable Shares**" has the meaning set out in Section 2.2(a)(i);

"**Piggyback Registration**" has the meaning set out in Section 2.2(a)(i);

"**Piggyback Registration Request**" has the meaning set out in Section 2.2(a)(i);

"**Prospectus**" means (a) a Canadian Prospectus, (b)(i) the prospectus included in any Registration Statement, all amendments and supplements to such prospectus, including post-effective amendments and supplements, and all other material incorporated by reference in such prospectus, and (ii) any Free Writing Prospectus, or (c) a combination of (a) and (b);

"**register**" means (i) the filing of a Registration Statement to register securities under the U.S. Securities Act and such Registration Statement becoming effective, (ii) the qualification of securities for distribution under applicable Canadian Securities Laws in the applicable province or territory of Canada pursuant to a Canadian Prospectus (including in reliance upon NI 44-102 or NI 44-103), or (iii) a combination of both (i) and (ii), and "**registered**" and "**registration**" have a corresponding meaning;

"**Registerable Shares**" means the Shares (it being understood that, for purposes of this Agreement, a Person shall be deemed to be a holder of Registerable Shares whenever such Person has the right to then acquire or receive from the Corporation any Registerable Shares, whether or not such acquisition or receipt has actually been effected). As to any particular Registerable Shares, such shares shall cease to be Registerable Shares when: (i) (A) the SEC has declared a Registration Statement covering such shares effective and/or a receipt has been issued (or deemed to be issued) in respect of a Canadian Prospectus covering such shares and (B) such shares have been disposed of pursuant to such registration; (ii) such shares are otherwise transferred, other than to a Permitted Holder; or (iii) (A) such shares are eligible to be sold by such holder in compliance with the requirements of Rule 144 under the Securities Act, as such Rule 144 may be amended (or any successor provision thereto), without being subject to volume or manner of sale limits, and (B) the Investor (together with any of its respective Permitted Holders) does not meet the 10% Threshold;

"**Registration**" shall mean a Demand Registration, a Piggyback Registration or a Shelf Registration, as the case may be;

"**Registration Expenses**" means all out-of-pocket expenses incidental to the Parties' performance of, or compliance with, obligations under this Agreement in connection with a Distribution, including all Taxes, all registration and filing fees, all fees and expenses incurred complying with Applicable Securities Laws, all printing expenses, all internal expenses, all "road show" and marketing expenses, all listing fees, all registrars' and transfer agents' fees, the fees and disbursements of counsel for the Corporation and the Investor and of the Corporation's independent chartered professional accountants, including the expenses of any special audits and/or "comfort" letters required by or incidental to such performance and compliance, and all expenses or reimbursements owing to any underwriter (including the fees and expenses of the underwriter's counsel), but excluding all Selling Expenses;

"**Registration Statement**" means any registration statement of the Corporation, including the Prospectus, amendments and supplements to such registration statement, including pre- and post- effective amendments, and all exhibits and all material incorporated by reference in such registration statement, other than a registration statement (and related prospectus) filed on Form S-1, Form F-1, Form S-4, Form F-4 or Form S-8 or any successor form thereto;

"**SEC**" means the Securities and Exchange Commission or any successor agency;

"**Selling Expenses**" means underwriting discounts, selling commissions and stock and share transfer taxes applicable to the sale of Registerable Shares only;

"**Shares**" means (i) Common Shares, (ii) any securities into which such shares may be converted, reclassified, redesignated, subdivided, consolidated or otherwise changed, (iii) any securities of the Corporation or of any other Person received by the holders of such shares as a result of any merger, amalgamation, reorganization, arrangement or other similar transaction involving the Corporation, (iv) any securities of the Corporation which are received by any one or more Persons as a stock dividend or distribution on or in respect of such shares, and (v) any securities, other instruments or rights that are exercisable or exchangeable for, or convertible into, or evidence the right to acquire, any shares of the Corporation or any of the other above securities; *provided* that options, restricted share units, deferred share units, performance share units and other similar equity-based awards under any Incentive Plan are not included until they are exercised for, or otherwise settled in, as applicable, Shares in accordance with such Incentive Plan;

"**Shelf Registration**" has the meaning set out in Section 2.3(a)(i);

"**Shelf Registration Statement**" has the meaning set out in Section 2.3(a)(i);

"**Shelf Underwritten Offering**" has the meaning set out in Section 2.3(a)(iv);

"**Subscription Agreement**" has the meaning set out in the recitals of this Agreement;

"**Subsidiary**" and "**Subsidiaries**" with relation to any Person has the meaning ascribed thereto in NI 45-106;

"**Surviving Provisions**" has the meaning set out in Section 4.2;

"**Tax**" or "**Taxes**" means any taxes, duties, fees, premiums, assessments, imposts, levies, expansion fees and other charges of any kind whatsoever imposed by any Governmental Entity, including all interest, penalties, fines, additions to tax or other additional amounts imposed by any Governmental Entity in respect thereof, and including those levied on, or measured by, or referred to as, income, gross receipts, profits, windfall, royalty, capital, transfer, land transfer, sales, goods and services, harmonized sales, use, value-added, excise, stamp, withholding, business, franchising, property, development, occupancy, employer health, payroll, employment, health, social services, education and social security taxes, all surtaxes, all customs duties and import and export taxes, countervail and anti-dumping, all license, franchise and registration fees and all employment insurance, health insurance and Canada and other pension plan premiums or contributions imposed by any Governmental Entity, and any transferee liability in respect of any of the foregoing;

"**U.S. Exchange Act**" means the United States *Securities Exchange Act of 1934*, and the rules and regulations promulgated thereunder;

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

"**U.S. Securities Laws**" means all applicable federal and state securities legislation of the United States, including the U.S. Securities Act and the U.S. Exchange Act, the respective regulations, rules and orders thereunder, and all applicable rules, regulations, policy statements, notices and interpretation notes issued by the SEC; and

"**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**  **<u>Rules of Construction</u>** 

Unless the context otherwise requires, in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Agreement** ", "**this Agreement** ", "**the Agreement** ",
" **hereto** ", "**hereof** ", "**herein** ", "**hereby** ", "**hereunder** "
and similar expressions mean or refer to this Agreement, as amended, supplemented or amended and restated from time to time, including
the Schedule attached hereto or to any amendment to this Agreement, and any agreement or instrument supplemental hereto, and unless otherwise
expressly stated herein, the expressions "**Article** ", "**Section**" and "**Schedule** "
followed by a number or a letter mean and refer to the specified Article, Section or Schedule of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the division of this Agreement into Articles, Sections, subsections and clauses and the insertion of headings
and a table of contents are provided for convenience of reference only and shall not affect the construction or interpretation thereof
and all references to designated Articles, Sections or other subdivisions or to Schedules, are references to Articles, Sections or other
subdivisions or to Schedules of this Agreement;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the words "includes" and "including", when following any general term or statement,
are not to be construed as limiting the general term or statement to the specific items or matters set forth or to similar items or matters,
but rather as referring to all other items or matters that could reasonably fall within the broadest possible scope of the general term
or statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if any date on which any action is required to be taken under this Agreement is not a Business Day, such
action will be required to be taken on the next succeeding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) reference to any statute shall be deemed to be a reference to such statute as amended, re-enacted or replaced
from time to time, including every regulation made pursuant thereto, all amendments to the statute or to any such regulation in force
from time to time, and any statute or regulation which supplements or supersedes such statute or any such regulation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Dollar**" or "**$** ", in respect of all amounts referred to in this Agreement
and all references to currency in this Agreement, unless otherwise expressly stated, shall mean Canadian dollars.

**1.3**  **<u>Accounting Principles</u>** 

Where the character or amount of any asset or liability or item of revenue or expense is required to be determined, or any consolidation or other accounting computation is required to be made for the purpose of this Agreement, such determination or calculation shall, to the extent applicable and except as otherwise specified herein or as otherwise agreed in writing by the Parties, be made in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, applied on a consistent basis.

**Article 2<br> REGISTRATION RIGHTS**

**2.1**  **<u>Demand Registration Rights</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For
 so long as the Investor meets the 10% Threshold and after · ,
 2027 <sup>1</sup> , the Investor may require the Corporation
 to register all or a portion of the Registerable Shares then held by the Investor by filing
 a Prospectus and taking such other steps as may be necessary to facilitate a Distribution
 of all or any portion of the Registerable Shares held by the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any such registration effected pursuant
 to this Section 2.1 is referred to herein as a "**Demand Registration** ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any such request by the Investor shall be made by a notice in writing (a "**Demand Registration Request**") to the Corporation and shall specify the number and the class or classes of Registerable Shares to be sold (the "**Designated Registerable Shares**") by the Investor, the intended method of disposition, whether such offer and sale shall be made by an underwritten
public offering and the jurisdictions in which the registration is to be effected. The Corporation shall, subject to Applicable Securities
Laws, use its commercially reasonable efforts to file within 30 days after receipt of the Demand Registration Request a Registration Statement
and a Canadian Prospectus in compliance with Applicable Securities Laws in order to permit the Distribution of all of the Designated Registerable
Shares of the Investor specified in the Demand Registration Request. The Parties shall cooperate in a timely manner in connection with
such Distribution and the procedures in Schedule A shall apply.

<sup>1</sup> 9 months from the date of closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Corporation shall not be obliged to effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) more than two (2) Demand Registrations in any twelve (12) month period; provided that for purposes
of this Section 2.1, a Demand Registration pursuant to which the Designated Registerable Shares are to be sold shall not be considered
as having been effected until (1) the Registration Statement has been declared effective by the SEC and (2) a receipt has been
issued by the Canadian Securities Authorities for the Canadian Prospectus and has not been withdrawn or suspended; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Demand Registration in the event the Corporation determines in its good faith judgment, after consultation
with its financial and legal advisors, that (A) either (I) the effect of the filing of a Registration Statement and a Canadian
Prospectus would have a material adverse effect on the Corporation because such action would materially interfere with a material acquisition,
reorganization or similar material transaction involving the Corporation; or (II) there exists at the time material non-public information
relating to the Corporation the disclosure of which would be materially adverse to the Corporation, and (B) it is therefore in the
best interests of the Corporation to defer the filing of a Prospectus at such time, in which case the Corporation's obligations
under this Section 2.1 shall be deferred for a period of not more than ninety (90) days from the date of receipt of the Demand Registration
Request (such 90-day period is referred to herein as a "**Blackout Period** "); provided, that after any initial Blackout
Period, the Corporation may not invoke a subsequent Blackout Period until 12 months have elapsed from the end of any previous Blackout
Period; provided, further, that the Corporation shall not register any securities for its own account or that of any other shareholder
during such 90-day period other than pursuant to a Registration Statement on Form S-8 or other registration solely relating to an
offering or sale to employees or Directors pursuant to any employee stock plan or other employee benefit arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the case of registration of Registerable Shares initiated pursuant to this Section 2.1, the Investor
shall have the right to select the managing underwriter(s) or managing agent(s) and the counsel retained for purposes of such
registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Investor shall have the right to withdraw a Demand Registration Request pursuant to this Section 2.1
without incurring any liability to the Corporation or any other Person by giving written notice to the Corporation; provided, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such withdrawal must be made in writing ten (10) Business Days prior to the execution of the underwriting
agreement (or such other similar agreement) with respect to such offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such withdrawal shall be irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For the avoidance of doubt, the registration rights granted pursuant to the provisions of this Section 2.1
shall be in addition to the registration rights granted pursuant to the provisions of Section 2.2.

**2.2**  **<u>Piggyback Registration</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For
 so long as the Investor meets the 5% Threshold and after · ,
 2027 <sup>2</sup> :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each time the Corporation elects to proceed
 with the preparation and filing of (i) a Registration Statement under U.S. Securities
 Laws, or (ii) a Canadian Prospectus under Canadian Securities Laws, in each case in
 connection with a proposed Distribution of any of its securities, whether for its own account
 or for the account of one or more shareholders of the Corporation entitled to piggyback registration
 rights, the Corporation shall give prompt written notice thereof to the Investor as soon
 as practicable. In such event, the Investor shall be entitled, by written notice (the "**Piggyback Registration Request**") given to the Corporation within twenty (20) days (except
 in the case of a Bought Deal in which case the Investor shall have only twenty-four (24)
 hours) after the receipt of such notice by the Investor, to require that the Corporation
 cause any or all of the Registerable Shares held by the Investor (the "**Piggyback Registerable Shares**") to be included in such Prospectus (such registration being
 hereinafter referred to as a "**Piggyback Registration** "). Notwithstanding
 the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in the event the lead underwriter or lead agent for the offering advises the Corporation and the Investor
that in its good faith opinion, the inclusion of such Piggyback Registerable Shares, together with such other Common Shares requested
to be included in the offering by other shareholders of the Corporation entitled to piggyback registration rights, may materially and
adversely affect the price or success of the offering (such maximum offering size, the "**Piggyback Maximum Offering Size** "),
the Corporation shall include in such registration, in the following priority: (i) first, such number of securities the Corporation
proposes to sell; and (ii) second, a number of Piggyback Registerable Shares requested by the Investor, together with the number
of Common Shares requested to be included in such Piggyback Registration by other shareholders of the Corporation entitled to piggyback
rights, allocated, if necessary for the offering not to exceed the Piggyback Maximum Offering Size, on a *pro rata* basis among the
Investor and such other shareholders of the Corporation based on their relative number of Common Shares requested to be included in the
Piggyback Registration;

<sup>2</sup> Nine months from the date of closing.

&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 Corporation may at any time before the effective date of such Prospectus, and without the consent
of the Investor, abandon the proposed offering in which the Investor has requested to participate; 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 Investor shall have the right to withdraw the Piggyback Registration Request pursuant to this Section 2.2
without incurring any liability to the Corporation or any other Person by giving written notice to the Corporation; provided, however,
that such withdrawal must be made in writing five (5) Business Days prior to the execution of the underwriting agreement (or such
other similar agreement) with respect to such offering; and such withdrawal shall be irrevocable and, after making such withdrawal, the
Investor shall no longer have any right to include its Piggyback Registerable Shares in the offering pertaining to which such withdrawal
was made.

**2.3**  **<u>Shelf Registration</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For
 so long as the Investor meets the 5% Threshold and after · ,
 2027 <sup>3</sup> (except where specified otherwise):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Investor shall, subject to Section 2.1(d),
 have the right to require the Corporation at any time and from time to time to (A) file
 a Registration Statement, including a Registration Statement covering the resale of all Registerable
 Shares on a delayed or continuous basis, on Form F-10 pursuant to MJDS or on Form F-3
 or Registration Statement that may be available at such time (a "**Shelf Registration Statement** "), and (B) file a Canadian Prospectus pursuant to the provisions
 of NI 44-102, which, for greater certainty and as applicable, shall include *Décision N° 2021-PDG-0066 – Décision générale relative à une dispense de certaines obligations du régime de prospectus préalable au bénéfice d'émetteurs établis bien connus* of the Autorité des marchés
 financiers (Québec), including a Canadian Base Shelf Prospectus and a Canadian Shelf
 Prospectus Supplement, and take such other steps as may be necessary to register the Distribution
 in the United States and Canada of all or any portion of the Registerable Shares held by
 the Investor (a "**Shelf Registration** "), by giving a written notice (the
 "**Shelf Registration Request**") with the information required in Section 2.1(c) to
 the Corporation;

<sup>3</sup> Nine months from the date of closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon the receipt of a Shelf Registration Request pursuant to Section 2.3(a)(i), the Corporation shall,
and subject to Applicable Securities Laws, use its commercially reasonable efforts to file within 30 days after receipt of the Shelf Registration
Request a Shelf Registration Statement relating to such Shelf Registration and cause such Shelf Registration Statement to become effective
under the U.S. Securities Act, and, as required, prepare and file a preliminary Canadian Base Shelf Prospectus (if applicable) and a final
Canadian Base Shelf Prospectus relating to such Shelf Registration and secure the issuance of a receipt for such preliminary Canadian
Base Shelf Prospectus (if applicable) and final Canadian Base Shelf Prospectus, and promptly thereafter take such other steps as may be
necessary in order to permit the Distribution in the United States of all or any portion of the Registerable Shares of the shareholders
requested to be included in such Shelf Registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) after the filing of any Shelf Registration Statement and Canadian Base Shelf Prospectus, the Corporation
shall use its commercially reasonable efforts to keep such Shelf Registration Statement effective with the SEC and Canadian Base Shelf
Prospectus effective with the applicable Canadian Securities Authorities, respectively, at all times and to re-file such Shelf Registration
Statement or renew such Canadian Base Shelf Prospectus upon its expiration by filing a preliminary Canadian Base Shelf Prospectus (if
applicable) and (final) Canadian Base Shelf Prospectus, and to cooperate in any shelf take-down, whether or not underwritten, by amending
or supplementing any Shelf Registration Statement or Canadian Base Shelf Prospectus related to such Shelf Registration as may be reasonably
requested by the Investor or as otherwise required, until such time as all Registerable Shares that could be sold pursuant to such Shelf
Registration Statement and Canadian Base Shelf Prospectus have been sold, are no longer outstanding or otherwise cease to be "Registerable
Shares"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for so long as the Investor meets the 10% Threshold and at any time that a Shelf Registration Statement
and Canadian Base Shelf Prospectus are effective, if the Investor delivers a written notice to the Corporation stating that it intends
to effect an underwritten public offering of all or part of the Registerable Shares included on the Shelf Registration Statement or the
Canadian Base Shelf Prospectus (a "**Shelf Underwritten Offering** "), then the Corporation shall file a prospectus supplement
to the Shelf Registration Statement and a Canadian Shelf Prospectus Supplement as may be necessary to enable such Registerable Shares
to be distributed pursuant to the Shelf Underwritten Offering, which Shelf Underwritten Offering shall be deemed a "Demand Registration"
for all purposes in this Agreement. Such notice shall include substantially the same information as required by Section 2.1(c) for
a Demand Registration Request and shall be considered a "Demand Registration Request" for all purposes in this Agreement,
to the extent the applicable as the context may require. The Investor's rights to request a Shelf Underwritten Offering with respect
to the Registerable Shares held by the Investor shall be in addition to the other registration rights provided in this Article 2;
provided that the Corporation shall not be obligated to effect any such Shelf Underwritten Offering for any of the reasons set forth in
Section 2.1(d) for a Demand Registration, *mutatis mutandis*. In addition, the provisions of Section 2.1(e) shall
apply to any Shelf Underwritten Offering, *mutatis mutandis*. The Corporation and the Investor shall cooperate in a timely manner
in connection with any such Shelf Underwritten Offering and the procedures in Schedule A shall apply to such Shelf Underwritten Offering.

**2.4**  **<u>Expenses</u>** 

All Registration Expenses incident to the performance of or compliance with this Article 2 by the Parties shall be borne by the Corporation.

**2.5**  **<u>Other Sales</u>** 

After receipt by the Corporation of a Request, the Corporation shall not, without the prior written consent of the Investor, authorize, issue or sell any Common Shares or Convertible Securities in any jurisdiction or agree to do so or publicly announce any intention to do so (except for Common Shares or Convertible Securities issued pursuant to any legal obligations in effect on the date of the Request or pursuant to any Incentive Plan) until the date which is the later of (a)(i) the date on which the Registration Statement has been declared effective by the SEC and (ii) the date on which a receipt is issued for the Canadian Prospectus filed in connection with such Demand Registration, and (b) the completion of the offering contemplated by the Demand Registration; provided, however, that the Corporation further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with any underwritten offering effected pursuant to this Article 2, which agreements may subject the Corporation to a longer lock-up period.

**2.6**  **<u>No Change or Subordination</u>** 

The Corporation shall not enter into any agreement, take any action, or permit any change to occur, with respect to its securities that violates or subordinates the rights granted to the Investor hereunder.

**2.7**  **<u>Preparation; Reasonable Investigation</u>** 

In connection with the preparation and filing of any Prospectus as herein contemplated, the Corporation shall give the Investor, its underwriters for an underwritten offering or agents for an agency offering, and their respective counsel, auditors and other Representatives, the opportunity to participate in the preparation of such documents and each amendment thereof or supplement thereto, and shall insert therein such material, furnished to the Corporation in writing, which in the reasonable judgment of the Investor and its counsel should be included. The Corporation shall give the Investor and the underwriters or agents such reasonable and customary access to the books and records of the Corporation and its Subsidiaries and such reasonable and customary opportunities to discuss the business of the Corporation with its officers and auditors as shall be necessary in the reasonable opinion of the Investor, such underwriters or agents and their respective counsel. The Corporation shall cooperate with the Investor and its underwriters or agents in the conduct of all reasonable and customary due diligence which the Investor, such underwriters or agents and their respective counsel may reasonably require in order to conduct a reasonable investigation for purposes of establishing a due diligence defence as contemplated by the Applicable Securities Laws and in order to enable such underwriters or agents to execute any certificate required to be executed by them for inclusion in each such document.

**2.8**  **<u>Indemnification</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any Demand Registration, Piggyback Registration and Shelf Registration, the Corporation
shall indemnify and hold harmless the Investor, each underwriter or agent involved in the Distribution of Registerable Shares thereunder,
each of their respective members, directors, officers, employees, agents and managers, and each Person, if any, who controls such Investor,
underwriter or agent within the meaning of the U.S. Securities Act or the U.S. Exchange Act against any losses, claims, damages, liabilities
(including reasonable counsels' fees) or Taxes (if any) ()"**Losses** "), solidary or joint, to which the Investor,
or such underwriter or agent or controlling Person or any of their directors, officers, employees, agents or managers may become subject,
insofar as such Losses, (or actions in respect thereof) (i) arise out of or are based upon any untrue statement or alleged untrue
statement of any material fact contained in any Prospectus, or any amendment or supplement thereof, (ii) or arise out of or are based
upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading or (iii) arise out of or are based upon any violation or alleged violation by the Corporation (or any of its
agents or Affiliates) of any Applicable Securities Law, and the Corporation will pay to each the Investor, underwriter, agent or controlling
Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from
which Losses may result, as such expenses are incurred; provided, however, that the Corporation shall not be liable in any such case if
and to the extent that any such Losses arise out of or are based upon actions or omissions made in reliance upon and in conformity with
written information furnished by the Investor, such underwriter or agent or such controlling Person expressly for use in connection with
such registration; provided further, however, that the indemnity agreement contained in this Section 2.8(a) shall not apply
to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Corporation, which
consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with any Demand Registration, Piggyback Registration and Shelf Registration, the Investor
shall indemnify and hold harmless the Corporation, its directors, each officer who has signed the Registration Statement, and each underwriter
or agent involved in the Distribution of Registerable Shares thereunder, and each Person, if any, who controls such Investor, underwriter
or agent within the meaning of the U.S. Securities Act or the U.S. Exchange Act to the same extent as the indemnity referred to in clause
(a) above from the Corporation to the Investor, but only to the extent that any such Losses arise out of or are based upon actions
or omissions made in reliance upon and in conformity with written information furnished by the Investor; provided, however, that the indemnity
agreement contained in this Section 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if
such settlement is effected without the consent of the Investor, which consent shall not be unreasonably withheld; provided further, however,
that in no event shall the aggregate amounts payable by the Investor by way of indemnity or contribution under Section 2.8(b) and
2.8(f) exceed the proceeds from the offering received by the Investor (net of any Selling Expenses paid by the Investor), except
in the case of fraud or willful misconduct by the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under this Section 2.8 of notice of the commencement
of any action (including any governmental action) for which a Party may be entitled to indemnification hereunder, such indemnified party
will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.8, give the indemnifying party
notice of the commencement thereof. The failure to give notice to the indemnifying party within a reasonable time of the commencement
of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Section 2.8, only to
the extent that such failure materially prejudices the indemnifying party's ability to defend such action. The failure to give notice
to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The indemnifying party shall have the right, by notice to the indemnified party given not later than 30
days after receipt of the notice described in Section 2.8(c), to assume the control, defence, compromise or settlement of the action,
provided that such assumption shall, by its terms, be without cost to the indemnified party and provided the indemnifying party acknowledges
in writing its obligation to indemnify the indemnified party in accordance with the terms of this Section 2.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the assumption of control of any action by the indemnifying party as set out in Section 2.8(d),
the indemnifying party shall diligently proceed with the defence, compromise or settlement of the action at its sole expense, including,
if necessary, employment of counsel reasonably satisfactory to the indemnified party and, in connection therewith, the indemnified party
shall cooperate fully, but at the expense of the indemnifying party with respect to any out-of-pocket expenses incurred, to make available
to the indemnifying party all pertinent information and witnesses under the indemnified party's control, make such assignments and
take such other steps as in the opinion of counsel for the indemnifying party are reasonably necessary to enable the indemnifying party
to conduct such defence. The indemnified party shall also have the right to participate in the negotiation, settlement or defence of any
action at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To provide for just and equitable contribution to joint liability under the U.S. Securities Act in any
case in which either: (i) any Party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to
this Section 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction
and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such
case, notwithstanding the fact that this Section 2.8 provides for indemnification in such case, or (ii) contribution under the
U.S. Securities Act may be required on the part of any Party for which indemnification is provided under this Section 2.8, then,
and in each such case, such parties will contribute to the aggregate Losses, claims, damages, liabilities, or expenses to which they may
be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying
party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such Loss, claim, damage,
liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party
and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement
of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party
or by the indemnified party and the parties' relative intent, knowledge, access to information, and opportunity to correct or prevent
such statement or omission; provided, however, that, in any such case (x) the Investor will not be required to contribute any amount
in excess of the public offering price of all such Registerable Shares offered and sold by the Investor (net of Selling Expenses paid
by the Investor, if any), pursuant to such Registration Statement or Prospectus, and (y) no Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the U.S. Securities Act) will be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation; and provided further that in no event shall the Investor's liability pursuant to this
Section 2.8(f), when combined with the amounts paid or payable by the Investor pursuant to Section 2.8(f), exceed the proceeds
from the offering received by the Investor (net of any commission paid by the Investor and net of Selling Expenses paid by the Investor,
if any), except in the case of willful misconduct or fraud by the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained
in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions,
the provisions in the underwriting agreement shall control; provided, however, that any matter expressly provided for or addressed by
the foregoing provisions that is not expressly provided for or addressed by the underwriting agreement shall be controlled by the foregoing
provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten
public offering, the obligations of the Corporation and the Investor under this Section 2.8 shall survive the completion of any offering
of Registerable Shares in a registration under this Article 2, and otherwise shall survive the termination of this Agreement or any
provision(s) of this Agreement.

**2.9**  **<u>Sale by Affiliates</u>** 

If any Registerable Shares to be sold pursuant to any Registration are owned by the Investor's Affiliates, all references to the Investor in this Article 2 and Schedule A shall be deemed, for the purpose of such Registration, to include the Investor or any of its Affiliates.

**2.10**  **<u>Rule 144 Compliance; Reporting</u>** 

The Corporation shall (i) use commercially reasonable best efforts to file with the SEC in a timely manner the reports required to be filed by it under the U.S. Securities Act and the U.S. Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Corporation is not required to file such reports, it will, upon the request of the Investor, make publicly available such necessary information for so long as necessary to permit sales that would otherwise be permitted by this Agreement pursuant to Rule 144 under the U.S. Securities Act, as such rule may be amended from time to time or any similar rule or regulation hereafter adopted by the SEC), and (ii) take such further action as the Investor may reasonably request, all to the extent required from time to time to enable the Investor to sell Registerable Shares without registration under the U.S. Securities Act in transactions that would otherwise be permitted by this Agreement and within the limitation of the exemptions provided by Rule 144 under the U.S. Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. Upon the reasonable request of the Investor, the Corporation will deliver to the Investor a written statement as to whether it has complied with such requirements and, if not, the specifics thereof. The Corporation shall also use commercially reasonable best efforts to comply with applicable Canadian Securities Laws and Exchange requirements, including continuous and timely disclosure obligations under NI 51-102 and NI 43-101 and provide the Investor, so long as the Investor owns Registerable Shares, promptly upon request, a written statement of the Chief Executive Officer or the Chief Financial Officer of the Corporation, to the best of such executive officer's knowledge and without personal liability, as to the compliance of the Corporation with the applicable Canadian Securities Laws and Exchange requirements.

**2.11**  **<u>Conflict</u>** 

Notwithstanding the foregoing, to the extent that the provisions regarding indemnification and contribution contained in the underwriting agreement entered into by the Parties in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions of the underwriting agreement shall prevail.

**2.12**  **<u>Acting as Trustees</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation hereby acknowledges and agrees that, with respect to this Article 2, the Investor
is contracting as agent for the other Indemnified Parties referred to in Section 2.8(a). In this regard, the Investor will act as
trustee for such Indemnified Parties of the covenants of the Corporation under this Article 2 with respect to such Indemnified Parties
and accepts these trusts and will hold and enforce those covenants on behalf of such Indemnified Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor hereby acknowledges and agrees that, with respect to this Article 2, the Corporation
is contracting on its own behalf and as agent for the other Indemnified Parties referred to in Section 2.8(b). In this regard, the
Corporation will act as trustee for such Indemnified Parties of the covenants of the Investor under this Article 2 with respect to
such Indemnified Parties and accepts these trusts and will hold and enforce those covenants on behalf of such Indemnified Parties.

**Article 3<br> AMENDMENTS**

**3.1**  **<u>Amendments and Modifications</u>** 

This Agreement may not be amended or modified except by an agreement in writing executed by the Parties.

**3.2**  **<u>Changes in Capital of the Corporation</u>** 

At all times after the occurrence of any event which results in a change to the Common Shares or the issuance of securities in exchange therefor, this Agreement will be deemed to be amended and modified as necessary in order that it will apply with full force and effect, with appropriate changes, to all new securities into or for which the Common Shares are so changed or exchanged, respectively, and the Parties shall promptly negotiate in good faith with a view to executing and delivering a supplemental agreement giving effect to and evidencing such necessary amendments and modifications.

**Article 4<br> GENERAL**

**4.1**  **<u>Application of this Agreement</u>** 

The terms of this Agreement shall apply *mutatis mutandis* to any shares or other securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) resulting from the conversion, reclassification, redesignation, subdivision, consolidation or other change
to the Registerable Shares beneficially owned, controlled or directed, directly or indirectly, by the Investor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of the Corporation or any successor entity that may be received by the Investor on a merger, amalgamation,
arrangement or other reorganization of or including the Corporation;

and, prior to any action referred to in subsection (a) or (b) above being taken, the Parties shall give due consideration to any changes that may be required to this Agreement in order to give effect to the intent of this Section 4.1.

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

Except for Sections 4.9, 4.10, 4.11 and 4.15 and the surviving indemnification and contribution obligations as provided in Article 2 (the "**Surviving Provisions**"), which shall survive termination of this Agreement pursuant to this Section 4.2 and continue to be binding on the Parties for the periods set forth in the respective Surviving Provisions, this Agreement will automatically terminate upon the earliest to occur of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the first date on which the Investor does not meet the 5% Threshold (at the end of any applicable top-up
exercise period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) this Agreement is terminated by written agreement of the Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) written notice by the non-defaulting Party to the defaulting Party in the event the defaulting Party is
in breach of any material obligation on its part under this Agreement and, where the breach is capable of remedy, is not remedied to the
non-defaulting Party's satisfaction within a reasonable period of time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the bankruptcy, dissolution or liquidation of the Corporation or any of the Subsidiaries or the making
by the Corporation or any of the Subsidiaries of an assignment under the provisions of the *Bankruptcy and Insolvency Act* (Canada)
or the taking of any proceeding by or involving the Corporation or any of the Subsidiaries under the *Companies Creditors' Arrangement Act* (Canada) or any similar legislation of any jurisdiction.

Neither the lapsing of the provisions in this Agreement (except for the Surviving Provisions) nor their ceasing to have effect shall affect any accrued rights or liabilities of any Party in respect of damages for non performance of any obligation under this Agreement falling due for performance prior to such lapse and cessation.

**4.3**  **<u>Assignment</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement is not assignable by the Investor without the Corporation's prior written consent,
other than to one or more Permitted Transferees and in compliance with Section 4.4. Any
assignment to a Permitted Transferee shall not relieve the Investor of its obligations under this Agreement unless the Corporation provides
written consent to such relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement is not assignable by the Corporation, except with the prior written consent of the Investor.

**4.4**  **<u>Permitted Transferees</u>** 

The rights of the Investor hereunder may be assigned (but only with all related obligations as set forth below) in connection with a transfer of Registerable Shares to a Permitted Transferee of the applicable Investor. Without prejudice to any other or similar conditions imposed hereunder with respect to any such transfer, no assignment permitted under the terms of this Section 4.4 will be effective unless the Permitted Transferee to which the assignment is being made, has delivered to the Corporation a written acknowledgment and agreement in form and substance reasonably satisfactory to the Corporation that the Permitted Transferee will be bound by, and will be a party to, this Agreement. Upon such an assignment, references in this Agreement to the "Investor" shall, *mutatis mutandis*, apply to and include reference to such Permitted Transferee. A Permitted Transferee to whom rights are transferred pursuant to this Section 4.4 may not again transfer those rights to any other Permitted Transferee, other than as provided in this Section 4.4.

**4.5**  **<u>Co-operation</u>** 

In respect of all Distributions that occur during the term of this Agreement, the Corporation and the Investor and each of their representatives shall use reasonable commercial efforts to comply with all Applicable Securities Laws and Exchange requirements, including the execution and filing of all necessary documents and prospectus certificates and the taking of all such other steps as may be necessary under Applicable Securities Laws and Exchange requirements to qualify the Distribution. The Corporation and the Investor shall cooperate to ensure compliance with all applicable Tax law.

**4.6**  **<u>Further Assurances</u>** 

Each Party shall provide such further documents or instruments required by any other Party as may be reasonably necessary or desirable to effect the purpose of this Agreement and carry out its provisions.

**4.7**  **<u>Time of the Essence</u>** 

Time is of the essence of this Agreement. Each of the Parties shall be in default by the mere lapse of time for performing its obligations hereunder, without the necessity of further notice or delay, as contemplated by article 1594 of the Civil Code of Québec.

**4.8**  **<u>Enurement</u>** 

This Agreement is binding upon and enures to the benefit of the Parties and their respective successors and permitted assigns.

**4.9**  **<u>Public Notices/Press Releases</u>** 

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 without
the consent of the other Party (which consent shall not be unreasonably withheld or delayed); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make any regulatory filing with any Governmental Entity with respect thereto without prior consultation
with the other Party; provided, however, that, this Section 4.10 shall be subject to each Party's overriding obligation to
make any disclosure or public regulatory filing required under Applicable Securities Laws or by applicable regulations or policies of
any regulatory agency of competent jurisdiction or any stock exchange, and the Party making such requisite disclosure or regulatory filing
shall use all commercially reasonable efforts to give prior oral and written notice to the other Party and reasonable opportunity to review
and comment on the requisite disclosure or regulatory filing before it is made; provided, further, that, except as required by Applicable
Securities Laws or by applicable regulations or policies of any regulatory agency of competent jurisdiction or any stock exchange, in
no circumstance shall any such disclosure by, or public regulatory filing of, the Corporation or any of its Affiliates include the name
of the Investor, or any of their respective Affiliates without the Investor's prior written consent, in its sole discretion.

**4.10**  **<u>Notices to Parties</u>** 

Any notice, approval, consent, information, payment, request or other communication (in this Section, a "**Notice**") to be given under or in connection with this Agreement shall be effective if in writing and (i) delivered personally, (ii) sent by e-mail, or (iii) sent by same-day or overnight courier, in each case, addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>if to the Corporation</u>:

481 rue Brassard<br> Saint-Michel-des-Saints, Québec

J0K 3B0

Attention: [REDACTED: CONTACT INFORMATION]

Email: [REDACTED: CONTACT INFORMATION]

Attention: [REDACTED: CONTACT INFORMATION]

Email: [REDACTED: CONTACT INFORMATION]

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

Stein Monast L.L.P.

70 rue Dalhousie, Suite 300

Québec, Québec

G1R 4G2

Attention: [REDACTED: CONTACT INFORMATION]

Email: [REDACTED: CONTACT INFORMATION]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>if to the Investor</u>:

Eni S,p.A.

Via Emilia 1

20097 San Donato Milanese (MI) - ITALY

Attention: [REDACTED: CONTACT INFORMATION]

Email: [REDACTED: CONTACT INFORMATION]

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

Eni International B.V.

Strawinskylaan 1163

1077 XX Amsterdam – The Netherlands

World Trade Center \| Tower Ten – 11th Floor

Attention: [REDACTED: CONTACT INFORMATION]

Email: [REDACTED: CONTACT INFORMATION]

Unless otherwise specified herein, such notices or other communications shall be deemed effective (i) on the date received, if personally delivered, (ii) on the date sent if delivered by e-mail on a Business Day before 5:00 p.m. (in the jurisdiction of the recipient), or if not sent on a Business Day before such time, on the first Business Day thereafter, and (iii) two Business Days after being sent by same-day or overnight courier. Each of the Parties shall be entitled to specify a different address by giving notice in writing as aforesaid to the other Party.

An accidental omission in the giving of, or failure to give, a Notice required by this Agreement will not invalidate or affect in any way the legality of any proceeding in respect of which such Notice was or was intended to be given.

**4.11**  **<u>Entire Agreement</u>** 

This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether written or oral agreements between such Parties, in connection with the subject matter hereof. There are no conditions, covenants, agreements, representations, warranties or other provisions, express or implied, relating to the subject matter hereof except as specifically set forth in this Agreement.

**4.12**  **<u>Waiver</u>** 

Any waiver of, or consent to depart from, the requirements of any provision of this Agreement shall be effective only if it is in writing and signed by the Party giving it, and only in the specific instance and for the specific purpose for which it has been given. No failure on the part of any Party to exercise, and no delay in exercising, any right under this Agreement shall operate as a waiver of such right. No single or partial exercise of any such right shall preclude any other or further exercise of such right or the exercise of any other right.

**4.13**  **<u>Consent</u>** 

Where a provision of this Agreement requires an approval or consent by a Party and written notification of such approval or consent is not delivered within the applicable time in accordance with this Agreement, then the Party whose consent or approval is required shall be conclusively deemed to have withheld its approval or consent.

**4.14**  **<u>Governing Law</u>** 

This Agreement shall be construed and governed by the laws of the Province of Québec and the federal laws of Canada applicable therein without regard to conflict of law principles that would result in the application of the laws of any other jurisdiction.

**4.15**  **<u>Severability</u>** 

If any term or other provision of this Agreement shall be determined by a court, administrative agency or arbitrator in any jurisdiction to be invalid, illegal or unenforceable, such invalidity, illegality or unenforceability shall not render the entire Agreement invalid and shall not affect the validity, legality or enforceability of such term or other provision in any other jurisdiction. Rather, this Agreement shall be construed as if not containing the particular invalid, illegal or unenforceable provision, and all other provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby are not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or unenforceable, 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 permitted under applicable law.

**4.16**  **<u>Counterparts</u>** 

This Agreement may be executed in separate counterparts, each of which shall be deemed an original and shall have the same force and effect as an original, and all of which, when taken together, shall constitute one and the same agreement. Delivery of an executed signature page to this Agreement by a Party by electronic transmission shall be as effective as delivery of a manually executed copy of this Agreement by such Party.

**4.17**  **<u>Language</u>** 

The Parties confirm their express wish that this Agreement and all related documents be drafted in the English language. *Les parties confirment leur volonté expresse que la présente convention et tous les documents s'y rattachant soient rédigés en langue anglaise.*

*[Remainder of page left intentionally blank]*

**IN WITNESS WHEREOF** the Parties have caused this Agreement to be duly executed as of the date first above written.

---

| | | |
|:---|:---|:---|
| **NOUVEAU MONDE GRAPHITE INC.** | **NOUVEAU MONDE GRAPHITE INC.** | **NOUVEAU MONDE GRAPHITE INC.** |
| Per: | | |
|  | Name: | Eric Desaulniers |
|  | Title: | President and Chief Executive Officer |
| **ENI INTERNATIONAL B.V.** | **ENI INTERNATIONAL B.V.** | **ENI INTERNATIONAL B.V.** |
| Per: | | |
|  | Name: | Name: |
|  | Title: | Authorized Signatory |
| Per: | | |
|  | Name: | Name: |
|  | Title: | Authorized Signatory |

---

*[Signature page to Registration Rights Agreement]*

**SCHEDULE A**

**REGISTRATION RIGHTS PROCEDURES**

1. Upon receipt of a Request from the Investor, the Corporation shall use its reasonable best efforts to
effect the Distribution of Registerable Shares of the Investor, and pursuant thereto the Corporation shall use its reasonable best efforts
to as expeditiously as possible:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) following the Corporation's receipt of the Request relating to a Demand Registration, Piggyback
Registration or Shelf Registration (and in any event within 30 days of a Request relating to a Shelf Registration) in respect of a Distribution
in the United States, as applicable, prepare and file with the SEC a Registration Statement or Registration Statements on such form as
shall be available for the sale of the Registerable Shares by the Investor or by the Corporation in accordance with the intended method
or methods of distribution thereof (which may be a Registration Statement filed on Form F-10 under the MJDS (if then available)),
make all required filings with FINRA, and, if such Registration Statement is not automatically effective upon filing, use its reasonable
best efforts to cause such Registration Statement to be declared effective as soon as practicable and to remain effective as provided
herein; provided, however, before filing a Registration Statement or Prospectus or any amendments or supplements thereto (including
Free Writing Prospectuses) and, to the extent reasonably practicable, documents that would be incorporated by reference or deemed to be
incorporated by reference in a Registration Statement filed pursuant to a Demand Registration, the Corporation shall furnish or otherwise
make available to the Investor, its counsel and the managing underwriter(s), if any, copies of all such documents proposed to be filed
(including exhibits thereto), which documents will be subject to the reasonable review and comment of the Investor and counsel, and such
other documents reasonably requested by the Investor and counsel, including any comment letter from the SEC, and, if requested by the
Investor or counsel, provide the Investor or counsel, as applicable, reasonable opportunity to participate in the preparation of such
Registration Statement and each Prospectus included therein and such other opportunities to conduct a reasonable investigation within
the meaning of the U.S. Securities Act, including reasonable access to the Corporation's books and records, officers, accountants
and other advisors. The Corporation will include comments to any Registration Statement and any amendments or supplements thereto from
the Investor or its counsel, or the managing underwriters, if any, as reasonably requested on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prepare and file with the SEC such amendments, including post-effective amendments, and supplements to
such Registration Statement and the Prospectus used in connection therewith and such Free Writing Prospectuses and U.S. Exchange Act reports
as may be necessary to keep such Registration Statement continuously effective during the applicable period provided herein and comply
in all material respects with the provisions of the U.S. Securities Act with respect to the disposition of all securities covered by such
Registration Statement; and cause the related Prospectus to be supplemented by any prospectus supplement as may be necessary to comply
with the provisions of the U.S. Securities Act with respect to the disposition of the securities covered by such Registration Statement,
and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the U.S. Securities Act in
each case, until such time as all of such securities have been disposed of in accordance with the intended method or methods of disposition
by the Investor set forth in such Registration Statement or otherwise cease to be "Registerable Shares";

- A-2 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) prepare and file with the Canadian Securities Authorities as soon as practicable following the Corporation's
receipt of the Request, a Canadian Prospectus relating to the applicable Demand Registration, Piggyback Registration or Shelf Registration
and any other documents reasonably necessary, including amendments and supplements in respect of those documents, to permit the Distribution
and, in so doing, act as expeditiously as is practicable and in good faith to settle all deficiencies and obtain those receipts and clearances
and provide those undertakings and commitments as may be reasonably required by the applicable Canadian Securities Authorities, all as
may be necessary to permit the Distribution of such securities in compliance with applicable Canadian Securities Laws and Exchange requirements,
and furnish to the Investor and the managing underwriters or underwriters, if any, copies of such Canadian Prospectuses and any amendments
or supplements in the form filed with the Canadian Securities Authorities, promptly after the filing of such Canadian Prospectuses, amendments
or supplements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to Applicable Securities Laws, keep the Prospectus effective until the Distribution as described
in the Prospectus has been completed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) notify the Investor and the managing underwriter(s) or managing agent(s), if any, and (if requested)
confirm such advice in writing, as soon as practicable after notice thereof is received by the Corporation (A) when the Registration
Statement, Prospectus or any amendment thereto has been filed and declared effective, and, to furnish the Investor and managing underwriter(s) or
managing agent(s) with copies thereof, (B) of any request by the SEC for amendments to the Registration Statement or related
Prospectus or for additional information, (C) of any request by the Canadian Securities Authorities for amendments to the Canadian
Prospectus or for additional information, (D) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration
Statement or the initiation or threatening of any proceedings for that purpose, (E) of the issuance by the Canadian Securities Authorities
of any cease trade order relating to the Canadian Prospectus or any order preventing or suspending the use of any Canadian Prospectus
or the initiation or threatening for any proceedings for such purposes, and (F) of the receipt by the Corporation of any notification
with respect to the suspension of the registration of the Registerable Shares for Distribution in any jurisdiction or the initiation or
threatening of any proceeding for such purpose;

- A-3 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) promptly notify the Investor and the managing underwriter(s), if any, (A) at any time the representations
and warranties contemplated by any underwriting agreement, securities/sale agreement, or other similar agreement, relating to the offering
shall cease to be true and correct in all material respects, and (B) the happening of any event as a result of which the Registration
Statement or Prospectus contains any untrue statement of a material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein (in the case of the Prospectus, in light of the circumstances under which it was made) not
misleading or, if for any other reason it shall be necessary during such time period to amend or supplement the Registration Statement
or Prospectus in order to comply with the Applicable Securities Laws and Exchange requirements and, in either case as promptly as practicable
thereafter, prepare and file with the SEC or Canadian Securities Authorities and furnish without charge to the Investor and the managing
underwriter(s) or managing agent(s), if any, a supplement or amendment to such Registration Statement or Prospectus, which shall
correct such statement or omission or effect such compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) use its commercially reasonable best efforts to comply with all applicable rules and regulations
of the SEC and the U.S. Securities Act or any successor rule thereto; and (ii) use its commercially reasonable best efforts
to comply with applicable Canadian Securities Laws and Exchange requirements, including continuous and timely disclosure obligations under
NI 51-102 and NI 43-101 (including with respect to the form and content of the documents to be prepared and filed thereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) use commercially reasonable best efforts to prevent the issuance of any stop order, cease trade order
or other order suspending the use of any Registration Statement or Prospectus or suspending any registration of the Registerable Shares
covered by the Registration Statement or Prospectus and, if any such order is issued, to obtain the withdrawal of any such order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) furnish to the Investor and each managing underwriter or managing agent, without charge, as applicable,
one executed copy and as many conformed copies as they may reasonably request, of the Registration Statement and Prospectus and any amendment
thereto, including financial statements and schedules, all documents incorporated therein by reference, and provide the Investor and its
counsel with an opportunity to review, and provide comments to the Corporation on the Registration Statement and Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) deliver to the Investor and the underwriters for an underwritten offering or the agents for an agency
offering, if any, without charge, as many copies of the Registration Statement and Prospectus and any amendment or supplement thereto
as such Persons may reasonably request (it being understood that the Corporation consents to the use of the Registration Statement and
Prospectus or any amendment thereto by the Investor and the underwriters or agents, if any, in connection with the Distribution of the
Registerable Shares covered by the Registration Statement or Prospectus or any amendment or supplement thereto) and such other documents
as the Investor may reasonably request in order to facilitate the Distribution of the Registerable Shares by such Person;

- A-4 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) use its commercially reasonable best efforts to register, and cooperate with the Investor, the managing
underwriter or managing agent, if any, and their respective counsel in connection with the registration of such Registerable Shares for
Distribution in compliance with the Applicable Securities Laws and Exchange requirements as any such Person, underwriter or agent reasonably
requests in writing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) in connection with any underwritten offering or agency offering, enter into customary agreements, including
an underwriting agreement or agency agreement, as applicable, such agreement to be satisfactory in substance and form to each of the Investor
and the Corporation and the underwriters or agents, each acting reasonably, and to contain such representations and warranties by the
Corporation and such other terms as are generally prevailing in agreements of these types, it being understood for the avoidance of doubt
that the Investor shall not be required to make any representations or warranties to or agreements with the Corporation or the underwriters'
or agents' other than representations, warranties or agreements regarding the Investor and the Corporation's intended method
of distribution and any other representation required by Law or as are generally prevailing in such underwriting or agency agreements
for secondary offerings, as the case may be, and furnish to the underwriters or agents and the Investor, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an opinion of counsel representing the Corporation for the purposes of such registration, addressed to
the underwriters or agents, in form and substance as is customarily given by company counsel to the underwriters in an underwritten public
offering or agents in an agency public offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such corporate certificates, satisfactory to the managing underwriter or underwriters acting reasonably,
as are customarily furnished in securities offerings, and, in each case, covering substantially the same matters as are customarily covered
in such documents in the relevant jurisdictions and such other matters as the managing underwriter or underwriters may reasonably request;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "comfort letter" dated such date from the independent public accountants retained by the
Corporation, addressed to the underwriters or agents, in form and substance as is customarily given in an underwritten or agency public
offering, as applicable, provided that the Investor has made such representations and furnished such undertakings as the independent public
accountants may reasonably require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) as promptly as practicable after filing with the SEC or Canadian Securities Authorities, any document
which is incorporated by reference into the Registration Statement or Prospectus, provide copies of such document to counsel for the Investor
and to the managing underwriters or managing agents, if any;

- A-5 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) provide a transfer agent and registrar for all Registerable Shares registered pursuant to this Agreement
and provide a CUSIP number for all Registerable Shares, not later than the closing date of the offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) make reasonably available its employees and personnel for participation in "road shows" and
other marketing efforts and otherwise provide reasonable assistance to the underwriters or agents (taking into account the needs of the
Corporation's businesses and the requirements of the marketing process) in the marketing of Registerable Shares in any underwritten
or agency offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) promptly prior to the filing of any document which is to be incorporated by reference into the Registration
Statement or Prospectus, provide copies of such document to counsel for the Investor and to each lead underwriter or lead agent, if any,
and make the Corporation's Representatives reasonably available for discussion of such document and make such changes in such document
concerning the Investor prior to the filing thereof as counsel for the Investor or underwriters or agents may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) cooperate with the Investor and the lead underwriter or lead agent, if any, to facilitate the timely preparation
and delivery of certificates not bearing any restrictive legends representing the Registerable Shares to be sold, and cause such Registerable
Shares to be issued in such denominations and registered in such names in accordance with the underwriting agreement prior to any sale
of Registerable Shares to the underwriters or agents or, if not an underwritten or agency offering, in accordance with the instructions
of the sellers of Registerable Shares at least three (3) Business Days prior to any sale of Registerable Shares and instruct any
transfer agent and registrar of Registerable Shares to release any stop transfer orders in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) cooperate with the Investor and each underwriter or agent participating in the disposition of such Registerable
Shares and their respective counsel in connection with any filings required to be made with FINRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) in the case of a Distribution under a Registration Statement, otherwise use its commercially reasonable
efforts to comply with all applicable rules and regulations of the SEC (including Regulation M), and make available, as soon as reasonably
practicable (but no more than 18 months after the effective date of the Registration Statement or such later date as provided by Section 11(d) of
the U.S. Securities Act), an earnings statement covering the period of at least 12 months beginning with the first day of the Corporation's
first full calendar quarter after the effective date of the Registration Statement (or such later date as provided by Section 11(d) of
the U.S. Securities Act), which earnings statement will satisfy the provisions of Section 11(a) of the U.S. Securities Act and
Rule 158 thereunder;

- A-6 -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) in the case of a Distribution under a Canadian Prospectus, otherwise use its commercially reasonable efforts
to comply with OSC Rule 48-501 – Trading During Distributions, Formal Bids and Share Exchange Transactions or Section 7.7
of the Universal Market Integrity Rules of the Canadian Investment Regulatory Organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) arrange for its interim or quarterly financial statements or reports to be prepared and filed pursuant
to the Exchange Act and NI 51-102 to be reviewed by its independent professional chartered accountants prior to such filing for purposes
of the incorporation thereof by reference in any Prospectus in accordance with Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) take all such other commercially reasonable actions as are necessary or advisable in order to expedite
or facilitate the Distribution of such Registerable Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) take such other actions and execute and deliver such other documents as may be reasonably necessary to
give full effect to the rights of the Investor under this Agreement.

2. The Corporation may require the Investor, as to which any Registration is being effected, to furnish to
the Corporation such information regarding the Distribution of such securities and such other information relating to the Investor and
its ownership of Registerable Shares as the Corporation may from time to time reasonably request in writing. The Investor agrees to furnish
such information to the Corporation and to cooperate with the Corporation as necessary to enable the Corporation to comply with the provisions
of this Agreement. The Investor shall notify the Corporation as soon as reasonably practicable upon the occurrence of any event as a result
of which any of the aforesaid Prospectuses includes an untrue statement of a material fact or omits to state a material fact required
to be stated therein or necessary to make the statements therein (in the case of a Canadian Prospectus, in light of the circumstances
under which they are made) not misleading.