# EDGAR Filing Document

**Accession Number:** 0001407583
**File Stem:** 0001641172-25-016936
**Filing Date:** 2025-6
**Character Count:** 3561201
**Document Hash:** 0a0d54cbd902f395c44eac07ec532304
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-016936.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001641172-25-016936

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 164

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bunker Hill Mining Corp.
- **CENTRAL INDEX KEY:** 0001407583
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 320196442
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288401
- **FILM NUMBER:** 251087474

**BUSINESS ADDRESS:**
- **STREET 1:** 82 RICHMOND STREET EAST
- **STREET 2:** TORONTO
- **CITY:** ONTARIO
- **STATE:** A6
- **ZIP:** M5C 1P1
- **BUSINESS PHONE:** 416-477-7771

**MAIL ADDRESS:**
- **STREET 1:** 82 RICHMOND STREET EAST
- **STREET 2:** TORONTO
- **CITY:** ONTARIO
- **STATE:** A6
- **ZIP:** M5C 1P1

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIBERTY SILVER CORP
- **DATE OF NAME CHANGE:** 20100406

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Liberty Silver Corp
- **DATE OF NAME CHANGE:** 20100212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lincoln Mining Corp
- **DATE OF NAME CHANGE:** 20070723

?xml version='1.0' encoding='ASCII'?

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-1**

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

**BUNKER HILL MINING CORP.**

(Exact name of registrant as specified in its charter)

**nevada**

(State or other jurisdiction of incorporation or organization)

---

| | |
|:---|:---|
| **1041** | **32-0196442** |
| (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification Number) |

---

**300-1055 West Hastings Street**

**Vancouver, BC, Canada V6E 2E9**

**Tel: (604)-417-7952**

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**Luke O'Dowd, Esq.**

**c/o Lyons O'Dowd, PLLC**

**703 East Lakeside Avenue P.O. Box 131**

**Coeur d'Alene, ID 83816**

**Tel: (208)** **714-0487**

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

Copies of Communications to:

**Brian Boonstra, Esq.**

**Edward Shaoul, Esq.**

**Davis Graham & Stubbs LLP**

**3400 Walnut Street, Suite 700**

**Denver, CO 80205**

**Tel: (303) 892-9400**

**Email: <u>brian.boonstra@davisgraham.com</u>**

**<u>edward.shaoul@davisgraham.com</u>**

Approximate date of commencement of proposed sale of the securities to the public: **From time to time commencing as soon as possible after the registration statement becomes effective.**

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

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

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

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

---

| | |
|:---|:---|
| Large accelerated filer **☐** | Accelerated filer **☐** |
| Non-accelerated filer ☒ | Smaller reporting company ☒ |
|  | Emerging growth company **☐** |

---

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

**THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES ACT OF 1933, AS AMENDED, OR UNTIL THIS REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE.**

The information in this prospectus is not complete and may be changed. The selling shareholders named herein may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

**Subject to Completion, Dated June 27, 2025**

**PRELIMINARY PROSPECTUS**

**PROSPECTUS**

**BUNKER HILL MINING CORP.**

**571,944,197** **Shares of Common Stock**

**126,107,874 Shares of Common Stock Issuable upon Exercise of Warrants**

This prospectus relates to the resale of shares of common stock of Bunker Hill Mining Corp. ("we," "our," "us," or the "Company") and shares of our common stock issuable upon exercise of common stock purchase warrants held by the selling security holders named herein under "*Selling Shareholders and Certain Beneficial Owners*." We will not receive any proceeds from the resale of our common stock, although we may receive proceeds from the exercise of the warrants. The selling shareholders may offer all or part of the shares of common stock for resale from time to time through public or private transactions, at either prevailing market prices or at privately negotiated prices. The Company is paying for all registration, listing and qualification fees, printing fees and legal fees.

Our common stock is quoted on the OTCQB under the ticker symbol "BHLL." On June 26, 2025, the closing price of our common stock was US$0.09 per share.

**We are a "smaller reporting company" as defined under the federal securities laws and, as such, may elect to comply with certain reduced public company reporting requirements. The purchase of the securities offered through this prospectus involves a high degree of risk. See section entitled "Risk Factors" starting on page 13.**

**NEITHER THE SECURITIES AND EXCHANGE COMMISSION ("SEC") NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

**Dated &nbsp;&nbsp;&nbsp;&nbsp; , 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| [PROSPECTUS SUMMARY](#SSS_001) | 2 |
| [SUMMARY OF THE OFFERING](#SSS_002) | 12 |
| [RISK FACTORS](#SSS_003) | 13 |
| [DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS](#SSS_004) | 26 |
| [USE OF PROCEEDS](#SSS_005) | 27 |
| [DESCRIPTION OF THE COMPANY'S BUSINESS](#SSS_006) | 28 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#SSS_007) | 39 |
| [EXECUTIVE COMPENSATION](#SSS_008) | 49 |
| [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT](#SSS_009) | 53 |
| [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE](#SSS_010) | 55 |
| [DESCRIPTION OF SECURITIES TO BE REGISTERED](#SSS_019) | 56 |
| [PRINCIPAL ACCOUNTING FEES AND SERVICES](#SSS_011) | 58 |
| [SELLING SHAREHOLDERS AND CERTAIN BENEFICIAL OWNERS](#SSS_012) | 59 |
| [PLAN OF DISTRIBUTION](#SSS_013) | 62 |
| [LEGAL PROCEEDINGS](#SSS_014) | 64 |
| [INTERESTS OF NAMED EXPERTS AND COUNSEL](#SSS_015) | 64 |
| [DISCLOSURE OF COMMISSION POSITION OF INDEMNIFICATION FOR SECURITIES ACT LIABILITIES](#SSS_016) | 65 |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#SSS_017) | 66 |
| [FINANCIAL STATEMENTS](#SSS_018) | F-1 |

---

i

**ABOUT THIS PROSPECTUS**

This prospectus is part of a registration statement that we have filed with the Securities and Exchange Commission (the "SEC") pursuant to which the selling shareholders named herein may, from time to time, offer and sell or otherwise dispose of the shares of our common stock covered by this prospectus. You should not assume that the information contained in this prospectus is accurate on any date subsequent to the date set forth on the front cover of this prospectus or that any information we have incorporated by reference is correct on any date subsequent to the date of the document incorporated by reference, even though this prospectus is delivered or shares of common stock are sold or otherwise disposed of on a later date. It is important for you to read and consider all information contained in this prospectus in making your investment decision. You should also read and consider the information in the documents to which we have referred you under "Where You Can Find Additional Information."

We have not authorized anyone to give any information or to make any representation to you other than those contained in this prospectus. You must not rely upon any information or representation not contained in this prospectus. This prospectus does not constitute an offer to sell or the solicitation of an offer to buy any of our common stock other than the shares of our common stock covered hereby, nor does this prospectus constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. Persons who come into possession of this prospectus in jurisdictions outside the United States are required to inform themselves about, and to observe, any restrictions as to the offering and the distribution of this prospectus applicable to those jurisdictions.

**PROSPECTUS SUMMARY**

*This summary description about us and our business highlights selected information contained elsewhere in this prospectus. To understand this offering fully, you should read carefully the entire prospectus, including "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements." Unless the context indicates or suggests otherwise, references to "we," "our," "us," the "Company," or the "Registrant" refer to Bunker Hill Mining Corp., a Nevada corporation, and its subsidiaries. References to "$" refer to monetary amounts expressed in U.S. dollars. All references to "C$" refer to monetary amounts expressed in Canadian dollars.*

**Our Business**

Bunker Hill Mining Corp. was incorporated under the laws of Nevada in 2007 under its former name Lincoln Mining Corp. We have one wholly owned subsidiary, Silver Valley Metals Corp. Our business address is 1009 McKinley Ave, Kellogg, ID 83837, USA. The telephone number for our office is +1 604 417 7952. We maintain a corporate website at <u>https://bunkerhillmining.com</u>.

Overview

Our focus is the development and restart of our 100% owned flagship asset, the Bunker Hill Mine (the "Bunker Hill Mine" or the "Mine") in Idaho, USA. The Mine remains the largest single producing mine by tonnage in the Silver Valley region of northwest Idaho, historically producing over 165 million ounces of silver and 5 million tons of base metals between 1885 and 1981. The Bunker Hill Mine is located within Operable Unit 2 of the Bunker Hill Superfund site (EPA National Priorities Listing IDD048340921), where cleanup activities have been completed.

We were incorporated for the purpose of mineral exploration at the Bunker Hill Mine. We have moved into the development stage concurrent with (i) purchasing the mine and a process plant, (ii) completing successive technical and economic studies, including a Prefeasibility Study, (iii) delineating mineral reserves, and (iv) advancing the construction of the facilities. Subject to securing additional financing discussed in Item 7, "Subsequent Events" operations are planned to commence in mid-2026.

2025 Developments

EQUITY OFFERINGS

On June 5, 2025, we, closed the brokered private placement (the "Brokered Offering") for aggregate cash consideration of approximately US$6.2 million, which included participation by Sprott Streaming and Royalty Corp. (together with its affiliates, "Sprott Streaming"), and concurrent non-brokered private placement (the "Non-Brokered Offering" and together with the Brokered Offering, collectively, the "Equity Offerings") with Teck Resources Limited (together with its affiliates, "Teck") for approximately US$20.5 million. As part of the Equity Offerings, we issued an aggregate of our 252,215,751 units ("Units") at a price of C$0.15 (or the U.S. Dollar equivalent thereof) per Unit (the "Offering Price"). Each Unit issued under the Equity Offerings consisted of one share of our common stock and one-half of one share of common stock purchase warrant (a "Warrant"). Each whole Warrant will be exercisable to acquire one additional share of our common stock (a "Warrant Share") at a price of C$0.25 per Warrant Share for a period of three years following the date of issuance, subject to customary adjustments.

In the Brokered Offering, 56,921,096 Units were sold at the Offering Price by a syndicate of agents led by BMO Capital Markets, CIBC Capital Markets and Red Cloud Securities Inc., as joint bookrunners, and including National Bank Financial Inc. (collectively, the "Agents"), of which Sprott Streaming acquired 10,000,000 Units (the "Sprott Subscription"). In the Non-Brokered Offering, Teck acquired 195,294,655 Units (the "Teck Units") at the Offering Price. We intend to use the net proceeds of the Equity Offerings to support the construction, start-up and ramp-up of the Bunker Hill Mine.

The Equity Offerings, including both the brokered and non-brokered components, were conducted on a private placement basis pursuant to applicable exemptions from the requirements of securities laws under National Instrument 45-106 – *Prospectus Exemptions* and the United States Securities Act of 1933, as amended (the "Securities Act"), in such other jurisdictions outside of Canada and the United States pursuant to applicable exemptions from the prospectus, registration or other similar requirements in such other jurisdictions. All securities issued pursuant to the Equity Offerings (i) are subject to a four month plus one day hold period in accordance with applicable Canadian securities laws and, if applicable, the policies of the TSX Venture Exchange (the "TSX-V") and (ii) have not been registered under the Securities Act or any U.S. state securities laws and may not be offered or sold in the United States without registration under the Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom.

*Brokered Offering*

 

On June 5, 2025, in connection with the Brokered Offering, we and the Agents entered into an agency agreement (the "Agency Agreement"), pursuant to which the Agents conducted a "best efforts" marketed private placement of Units at the Offering Price for aggregate cash consideration of approximately US$6.2 million. Pursuant to the Agency Agreement, the Agents received cash commissions of C$461,061.

On June 5, 2025, pursuant to the Agency Agreement, we entered into subscription agreements (collectively, the "Brokered Subscription Agreements") with certain investors, pursuant to which such investors acquired Units at the Offering Price. The Brokered Subscription Agreements contain customary representations and warranties by us and the investors. The representations, warranties and covenants contained in the Brokered Subscription Agreements were made solely for purposes of such agreements and as of a specific date, were solely for the benefit of the parties to such agreements and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to security holders. Security holders should not rely on the representations, warranties, and covenants or any descriptions thereof as characterizations of the actual state of facts or condition of us.

In connection with the issuance of the Warrants, on June 5, 2025, we entered a warrant indenture (the "Warrant Indenture") with Computershare Trust Company of Canada, as warrant agent, to govern the issuance and management of the Warrants.

*Non-Brokered Offering*

 

On March 5, 2025, under the Non-Brokered Offering, we entered into a subscription agreement, as amended by an amending agreement, dated March 24, 2025 with Teck, pursuant to which Teck (i) contributed US$2.00 for every US$1.00 raised in the Brokered Offering and pursuant to the Debt Settlements and Equity Payment Agreement (each as defined herein and further described below) and (ii) acquired the Teck Units at the Offering Price, for aggregate consideration of approximately US$20.5 million.

Immediately prior to the closing of the Non-Brokered Offering, Teck beneficially owned, directly or indirectly, or exercised control or direction over, 23,784,723 shares of our common stock and warrants to purchase an additional 2,951,389 shares of our common stock, representing approximately 6.6% of the issued and outstanding shares of our common stock on a non-diluted basis and approximately 7.4% on a partially diluted basis. Upon closing of the Non-Brokered Offering, Teck now beneficially owns, directly or indirectly, or exercises control or direction over 219,079,378 shares of our common stock and warrants to purchase an additional 100,598,716 shares of our common stock, representing approximately 23.9% of the issued and outstanding shares of our common stock (on a non-diluted basis and, assuming the exercise of all warrants now held by Teck, approximately 31.4% on a partially diluted basis) and is considered a "Control Person" of us (as such term is defined in the policies of the TSX-V). We obtained written consents of our disinterested stockholders holding a majority of our voting shares (collectively, the "Stockholder Consent") for, among other things, the Non-Brokered Offering, including the creation of Teck as a Control Person of us, in satisfaction of the applicable shareholder approval requirements of the TSX-V.

*Investor Rights Agreement*

 

On June 5, 2025, in connection with the Non-Brokered Offering, we entered into a customary investor rights agreement (the "Teck IRA") with Teck pursuant to which, among other things, for as long as Teck holds 10% or more of the issued and outstanding shares of our common stock (on a fully diluted basis), Teck will have certain pre-emptive and information rights, including the right to appoint one nominee to the our board of directors (the "Board"). In addition, in accordance with the terms of the Teck IRA, we will not be permitted to incur any additional indebtedness or grant any additional liens (other than certain permitted indebtedness and liens) nor grant any additional royalties, enter into any streaming arrangements or conduct any non-equity financings without the prior written consent of Teck.

CAPITAL RESTRUCTURING TRANSACTIONS

Concurrently with the closing of the Equity Offerings, we closed capital restructuring transactions, including the conversion into equity of certain outstanding debt, and the modification of certain existing royalty and stream financing arrangements with Sprott Streaming, as set forth in the recapitalization agreement, dated as of June 5, 2025, by and among us, our wholly-owned subsidiary Silver Valley Metals Corp. (formerly American Zinc Corp.) ("Silver Valley"), Sprott Streaming, Teck, and Monetary Metals (the "Recapitalization Agreement") and as further discussed below.

All securities issued pursuant to restructuring transactions described below (i) are subject to a four months plus one day holding period in accordance with applicable Canadian securities laws and, if applicable, the policies of the TSX-V and (ii) have not been registered under the Securities Act or any U.S. state securities laws and may not be offered or sold in the United States without registration under the Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom.

*Standby Facility*

 

On June 5, 2025, we and Teck agreed that the uncommitted revolving standby prepayment facility of up to US$10 million (the "SP Facility") will bear interest at a rate of 13.5% per annum until June 30, 2027, and a rate equal to 15.0% per annum thereafter, calculated and capitalized quarterly. The SP Facility will be available to us until the earlier of (i) June 30, 2028, and (ii) the date on which the Bunker Hill Mine hits 90% of name plate capacity or on the date on which we are cash flow positive for a quarter, unless terminated earlier by Teck. The SP Facility is secured by a security interest over all our assets, properties and undertakings and Silver Valley in form and scope similar to the security held by Sprott Streaming, with certain security held on a first priority basis. No bonus securities of ours were issued to Teck in connection with the SP Facility, nor is the SP Facility convertible into our securities.

*Offtake Amendments*

 

We have agreed to amend certain zinc and lead offtake agreements previously entered into with respect to the Bunker Hill Mine (the "Zinc and Lead Offtake Agreements"). On June 5, 2025, in connection with the Non-Brokered Offering, we and Teck amended the existing zinc offtake agreement (with an effective date of November 10, 2023) (the "Zinc Offtake Amendment") and the lead concentrate offtake agreement (with an effective date of November 20, 2023) (the "Lead Offtake Amendment"), in each case between Teck and Silver Valley, pursuant to which, among other amendments, the offtake under each respective agreement will apply to life-of-mine production rather than the current five-year term.

*Amendment of Existing Convertible Debentures*

 

We completed the Series 1 CDs and Series 2 CDs (each as defined below), as further described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On
 June 5, 2025, we and Sprott Streaming entered into the amended and restated series 1 secured
 convertible debentures (the "Series 1 CDs"), which amended and restated the Series
 1 convertible debentures previously issued to Sprott Streaming and certain creditors, maturing
 on March 31, 2028, pursuant to which, among other things, (i) the rate of interest of the
 Series 1 convertible debentures has been reduced from 7.5% to 5.0% per annum, (ii) the current
 conversion price, being the U.S. dollar equivalent of C$0.30 per shares of our common stock,
 has been reduced to equal the Offering Price, and (iii) certain prepayment and conversion
 terms were amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On
 June 5, 2025, we and Sprott Streaming entered into the amended and restated series 2 secured
 convertible debentures (the "Series 2 CDs"), which amended and restated the Series
 2 convertible debentures previously issued to Sprott Streaming and certain creditors, maturing
 on March 31, 2029, pursuant to which, among other things, (i) the rate of interest of the
 Series 2 CDs have been reduced from 10.5% to 5.0% per annum, (ii) the current conversion
 price, being the U.S. dollar equivalent of C$0.29 per share of our common stock, have reduced
 to equal the Offering Price, and (iii) certain prepayment and conversion terms were amended.

*Amendments of Existing Royalty*

 

On June 5, 2025, in addition to the amendment of the Second Royalty (as defined below), we amended certain existing royalty interests (collectively, the "First Royalty") previously granted to Sprott Streaming, which applies to certain primary, residual and other claims comprising the Bunker Hill Mine. As a result of such amendment, the First Royalty has been consolidated into one 1.85% life-of-mine gross revenue royalty applying to both primary and secondary claims comprising the Bunker Hill Mine.

*Amendment to the Debt Facility*

 

On June 5, 2025, in connection with the capital restructuring transactions (the "Capital Restructuring Transactions" and, together with the Equity Offerings, the "Transactions"), we and Sprott Streaming amended and restated the senior secured loan agreement in the aggregate principal amount of US$21 million (the "Debt Facility") to (i) reduce the outstanding principal amount under the Debt Facility from US$21 million to US$15 million, (ii) increase the secondary claims percentage under the additional royalty (the "Second Royalty"), which amendment is also reflected in an amending agreement to the Second Royalty, and (iii) cancel the royalty buyback option granted to us thereunder, which amendment is also reflected in the amending agreement to the Second Royalty. In addition, the Debt Facility was amended to include an option, at our election, to settle any accrued and unpaid interest through the issuance of shares of our common stock, subject to the prior approval of the TSX-V.

*Sprott Stream Conversion*

 

On June 5, 2025, the existing metals purchase agreement (the "Metals Purchase Agreement") dated June 23, 2023, by and among us, Silver Valley, and Sprott Streaming, pursuant to which Sprott Streaming previously advanced a US$46 million deposit to Silver Valley, was terminated and exchanged (the "Exchange Agreement") for (i) 200,000,000 shares of our common stock; (ii) senior secured Series 3 convertible debentures in the aggregate principal amount of US$4 million and with a maturity date of June 5, 2030 (the "Series 3 CDs"); and (iii) an additional 1.65% life-of-mine gross revenue royalty (the "New Royalty") on primary and secondary claims comprising the Bunker Hill Mine.

*Sprott Streaming Debt Settlements*

 

On June 5, 2025, we and Silver Valley entered into the debt settlement agreements with Sprott Streaming (collectively, the "Sprott Debt Settlement Agreements"), pursuant to which an aggregate of 63,690,476 shares of our common stock were issued to Sprott Streaming at the Offering Price in full satisfaction of (i) US$487,500 of unpaid interest under the secured convertible debentures held by Sprott Streaming, and (ii) US$6,200,000, consisting of the principal amount of US$6 million previously advanced to us under the Debt Facility, together with an aggregate of US$200,000 of interest accrued thereon.

*Amendments to the Monetary Metals Silver Loan*

 

On June 5, 2025, in connection with the Transactions, we and Silver Valley entered into (i) an amendment to the secured promissory note purchase agreement dated August 8, 2024, as previously amended by a first amendment to secured promissory note purchase agreement dated November 11, 2024 (the "MM NPA"), and (ii) an amendment to the secured promissory note dated August 8, 2024 (the "MM Note"), each with Monetary Metals Bond III LLC ("Monetary Metals") to, amongst other things, (A) reduce the rate at which advances under the MM NPA bear interest from 15% to 13.5% per annum, (B) clarify the calculation of the cash flow sweep, (C) extend the availability date for advances thereunder from January 31, 2025 to June 30, 2025, and (D) in connection with any further advances, provide for the issuance of bonus warrants in such number and on such terms as to be agreed upon between the parties before issuance and subject to prior approval of the TSX-V. In any event, the number of bonus warrants issued or issuable to Monetary Metals will not exceed, in the aggregate, the maximum of 3,000,000 allowable under the MM NPA. The MM NPA and the MM Note are secured by security interests over all our and Silver Valley's assets, properties and undertakings, in form and scope similar to the security held by Sprott Streaming and the security held by Teck.

*Amendments to Existing Security and Intercreditor Arrangements*

 

Pursuant to existing security arrangements, we have granted security interests to Sprott Streaming, Monetary Metals, and MineWater LLC ("MineWater," and together with Sprott Streaming and Monetary Metals, the "Original Intercreditor Parties") over all our and Silver Valley's the assets, properties and undertakings. On June 5, 2025, in connection with the existing security and intercreditor arrangements among the Original Intercreditor Parties and us, the parties amended and restated such arrangements to, among other things, (i) reflect the termination of the Metals Purchase Agreement and other applicable Capital Restructuring Transactions; (ii) defer certain royalty payments and restrict early principal prepayments on certain outstanding debt obligations of ours for so long as amounts are outstanding under the SP Facility, as described above; (iii) allow for the first priority security in favor of Teck over certain inventory and accounts receivable in connection with the SP Facility; and (iv) account for Teck under such arrangements (collectively, the "A&R Intercreditor and Subordination Agreement").

*Sprott Investor Rights Agreement*

 

On June 5, 2025, we entered into a customary investor rights agreement (the "Sprott IRA") with Sprott Streaming pursuant to which, among other things, Sprott Streaming has the right to appoint one nominee (or an observer) to the Board, subject to certain customary exceptions.

In connection with the transactions described herein (including the Sprott Subscription), Sprott Streaming was issued an aggregate of 259,802,380 shares of our common stock, 5,000,000 Warrants and convertible debentures of which the principal amount is convertible into up to 38,320,000 shares of our common stock. As a result, Sprott Streaming now owns or exercises control over approximately 29.6% of the issued and outstanding shares of our common stock (or, assuming the exercise of all warrants and the conversion of the full principal amount of the convertible debentures now held by Sprott, approximately 39.1% on a partially diluted basis) and is considered a "Control Person" of us. We obtained the Stockholder Consent for, among other things, the restructuring transactions with Sprott Streaming and the Sprott Subscription, including the creation of Sprott Streaming as a Control Person of us, in satisfaction of the applicable shareholder approval requirements of the TSX-V.

Given that Sprott Streaming is a "Non-Arm's Length Party" (as such term is defined in the policies of the TSX-V), the amendment and restatement of the Debt Facility and the granting of the Second Royalty each constituted a "Reviewable Disposition" under TSX-V Policy 5.3 – *Acquisitions and Dispositions of Non-Cash Assets* and were therefore subject to the TSX-V requirement to provide evidence of value. We satisfied this requirement by way of the Stockholder Consent.

*Additional Debt Settlements*

 

We and Silver Valley have agreed to settle outstanding receivables and other amounts owing (including, where applicable, accrued and unpaid interest thereon) in aggregate amounts of approximately US$80,000, US$3,072,254 and C$195,000 with certain creditors, contractors, and directors, respectively, of ours or Silver Valley through the issuance of equity securities at the Offering Price. On June 5, 2025, concurrently with the closing of the Equity Offerings, we entered into debt settlement agreements (collectively, the "Debt Settlement Agreements") with such creditors, contractors, and directors (collectively, the "Debt Settlements") in order to preserve its cash for the potential restart and ongoing development of the Bunker Hill Mine.

In connection with the Debt Settlements, we issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 761,904
 Units to MineWater, as further described herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 257,379
 shares of our common stock to four of our directors (the "Participating Directors")
 for their services for the period beginning on March 1, 2025, and ending on April
 30, 2025 (collectively, the "Director Services") in lieu of their cash compensation.
 Given that the amounts owed for the Director Services exceed the limits under the TSX-V policies
 in respect of debt settlements to non-arm's length parties (being a maximum of C$5,000
 per person and, in the aggregate, C$10,000 per issuer), we obtained shareholder approval
 under the Stockholder Consent for the issuance of shares of our common stock to the Participating
 Directors prior to issuance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 30,302,181
 Units to certain other arm's length creditors or contractors of ours to settle certain
 other outstanding receivables and other amounts owing in the aggregate amount of approximately
 US$3,072,254.

Each Unit issued pursuant to the Debt Settlements consisted of one share of our common stock and one-half of Warrant, with each whole Warrant exercisable for one additional Warrant Share at an exercise price of C$0.25 per Warrant Share for a period of three years following the date of issuance. The Participating Directors, each being a Non-Arm's Length Party (as such term is defined in the policies of the TSX-V), received shares of our common stock in lieu of Units. We satisfied the shareholder approval requirements of the TSX-V applicable to the issuance of the shares of our common stock to the Participating Directors, as Non-Arm's Length Parties, by way of the Stockholder Consent.

*Equity Payment*

 

Silver Valley and C & E Tree Farm, L.L.C. ("C&E") previously entered into an option agreement dated March 3, 2023 (the "Option Agreement"), pursuant to which Silver Valley has an option to purchase certain real property in Idaho, USA, from C&E upon making a cash payment of US$3,129,500, subject to adjustment for lease payments made pursuant to a commercial lease agreement between the parties. We wanted to satisfy a portion of the purchase price payable under the Option Agreement through the issuance of equity securities. Accordingly, on June 5, 2025, we, Silver Valley and C&E entered into an equity payment agreement (the "Equity Payment Agreement"), pursuant to which we issued 4,761,905 Units to C&E at a deemed price equal to the Offering Price to satisfy US$500,000 of the purchase price payable under the Option Agreement. Each Unit issued pursuant to the Equity Payment Agreement consists of one share of our common stock and one-half of one Warrant, with each whole Warrant exercisable for one additional Warrant Share at an exercise price of C$0.25 per Warrant Share for a period of three years following the date of issuance, being June 5, 2028.

*Amended and Restated Articles of Incorporation*

 

On June 5, 2025, in connection with the Transactions, we amended and restated our articles of incorporation (the "A&R Articles") to, among other things, increase the total number of shares of capital stock that we are authorized to issue from 1,510,000,000 shares to 2,510,000,000 shares and make certain other non-substantive amendments. We obtained shareholder approval of the A&R Articles pursuant to the Stockholder Consent.

2024 Developments

*Project Development*

 

During the course of 2024, the Wardner operating yard, the base for our future mining operations, continued to undergo significant changes as new offices were installed and major earthworks were undertaken to create the footprint for the operating setup. Underground, rehabilitation continued to upgrade the historic infrastructure for modern active mining and as part of this a 400hp primary ventilation fan was installed – complete with automatic air doors – and major work was undertaken to reinforce the decline as it goes through the Cate Fault area (the one major fault high in the Mine). In parallel with this activity, the Underground ("UG") team continued to build up its fleet of heavy mobile equipment.

In the main Kellogg yard, construction of the Process Plant advanced significantly with the Plant building structurally complete by year-end. Several remaining pieces of key equipment are still to be placed with the majority of the remaining work spanning electrical and piping installation. The Filter Plant also got underway and at year-end had complete foundations and a fully erected main Filter Feed Tank. During the quarter ended December 31, 2024, Avista Utilities installed the main power feed from the Kellogg substation to the yard to ensure the electrical infrastructure is setup for the significant power draw that will come with the restart. Throughout 2024, the refurbishment of Pend Oreille and other used mill equipment advanced as did procurement, such that both areas were essentially complete by year ended December 31, 2024.

*Financial Instruments in 2024*

 

On August 8, 2024, we and Silver Valley entered into the MM NPA with Monetary Metals, established by Monetary Metals & Co., pursuant to which Monetary Metals agreed to purchase, and Silver Valley agreed to issue and sell to Monetary Metals, the MM Note in a private placement. Pursuant to the MM Note, Monetary Metals agreed to loan to Silver Valley, in one or more tranches, up to an aggregate principal amount of U.S. dollars equal to 1.2 million ounces of silver (the "Silver Loan"). On August 8, 2024, we closed the first tranche of the Silver Loan in the principal amount of $16,422,039, equivalent to 609,805 ounces of silver. After deduction of financing costs and the first-year interest, we received $13,225,005. On September 25, 2024, we closed the second tranche of the Silver Loan in the principal amount of $6,369,000, equivalent to 200,000 ounces of silver. After deduction of financing costs and the first-year interest, we received $5,352,438. On November 6, 2024, we closed the third tranche of the Silver Loan in the principal amount of $6,321,112, equivalent to 198,777 ounces of silver. After deduction of financing costs and the first-year interest, we received $5,422,474. On November 8, 2024, we closed the fourth tranche of the Silver Loan in the principal amount of $1,250,000, equivalent to 39,620 ounces of silver. After deduction of financing costs and the first-year interest, we received $1,076,563. On December 30, 2024, we closed the fifth tranche of the Silver Loan in the principal amount of $1,478,847, equivalent to 50,198 ounces of silver. After deduction of financing costs and the first-year interest, we received $1,201,781.

A series of related transactions also took place concurrently with the closing of the Silver Loan in August 2024 to amend certain terms of the then-existing SP Facility with Sprott Streaming. Additionally, the termination date of the royalty put option (the "Royalty Put Option") previously granted by us to Sprott Streaming was amended from the later of the payment in full of the Series 1 CDs and Series 2 CDs and the exercise of the Royalty Put Option, to the later of the payment in full of the Series 1 CDs and Series 2 CDs and March 31, 2029. We also amended certain terms of the then existing SP Facility dated as of June 23, 2023, by and among (i) us, (ii) Silver Valley, and (iii) Sprott Private Resource Streaming and Royalty (US Collector), LP and Sprott Private Resources Streaming and Royalty Annex (US Collector), LP (collectively, the "Sprott Lenders") to extend the maturity date of the SP Facility from June 30, 2027 to June 30, 2030 and increase the interest payable from June 30, 2027 onwards from 10% to 15%.

As consideration for advancing the Silver Loan, we agreed to issue to Monetary Metals, non-transferable bonus share purchase warrants (the "Bonus Warrants") in one or more tranches under the then current MM NPA. The number of Bonus Warrants issued in each tranche were equal to (a) in connection with the first tranche, two times the number of ounces of silver advanced by Monetary Metals under the first tranche (the "Base Warrants") and a bonus ratchet of (i) 2.5% of the Base Warrants if at least 500,000 and up to 599,999 silver ounces are advanced, (ii) 5.0% of the Base Warrants if up at least 600,000 and up to 699,999 silver ounces are advanced, (iii) 10.0% of the Base Warrants if at least 700,000 and up to 799,999 silver ounces are advanced, and (iv) 15.0% of the Base Warrants if at least 800,000 silver ounces are advanced; and (b) in connection with any additional tranches, two times the number of ounces of silver advanced under such tranche. In any event, the number of Bonus Warrants issuable to Monetary Metals is subject to a cap of 3,000,000 Bonus Warrants.

On December 12, 2024, we drew $5,000,000 on the SP Facility. As consideration for Sprott Streaming advancing the facility, we granted a royalty for 0.5% of life-of-mine gross revenue from mining claims considered to be historically worked, contiguous to current accessible underground development, and covered by our 2021 ground geophysical survey.

Company History

In early 2020, a management team comprised of former executives from Barrick Gold Corp. assumed leadership of us. Since that time, we conducted multiple exploration campaigns, economic studies and mineral resource estimates, and advanced the rehabilitation and development of the Mine. In December 2021, we announced a project finance package with Sprott, an amended Settlement Agreement with the U.S. Environmental Protection Agency (the "EPA"), and the purchase of the Bunker Hill Mine, setting the stage for a restart of the Mine.

*Lease and Purchase of the Bunker Hill Mine*

 

Prior to purchasing the Mine in January 2022, we had entered into a series of agreements with Placer Mining Corporation ("Placer Mining"), the prior owner, for the lease and option to purchase the Mine. The first of these agreements was dated August 28, 2017, with subsequent amendments and/or extensions announced on November 1, 2019, July 7, 2020, and November 20, 2020.

Under the terms of the November 20, 2020, amended agreement (the "Amended Agreement"), a purchase price of $7,700,000 was agreed, with $5,700,000 payable in cash (with an aggregate of $300,000 to be credited toward the purchase price of the Mine as having been previously paid by us) and $2,000,000 in shares of our common stock. We agreed to make an advance payment of $2,000,000, credited toward the purchase price of the Mine, which had the effect of decreasing the remaining amount to an aggregate of $3,400,000 payable in cash and $2,000,000 in shares of our common stock.

The Amended Agreement also required payments pursuant to an agreement with the EPA whereby for so long as we lease, own and/or occupy the Mine, we would make payments to the EPA on behalf of Placer Mining in satisfaction of the EPA's claim for historical water treatment cost recovery in accordance with the Settlement Agreement reached with the EPA in 2018. Immediately prior to the purchase of the Mine, our liability to the EPA totaled $11,000,000.

We completed the purchase of the Bunker Hill Mine on January 7, 2022. The terms of the purchase price were modified to $5,400,000 in cash, from $3,400,000 of cash and $2,000,000 of our common stock. Concurrent with the purchase of the Mine, we assumed incremental liabilities of $8,000,000 to the EPA, consistent with the terms of the amended Settlement Agreement with the EPA that was executed in December 2021 (see "EPA 2018 Settlement Agreement & 2021 Amended Settlement Agreement" section below).

*EPA 2018 Settlement Agreement & 2021 Amended EPA Settlement Agreement*

We entered into a Settlement Agreement and Order of Consent with the EPA on May 15, 2018. This agreement limits our exposure to the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA") liability for past environmental damage to the mine site and surrounding area to obligations that include:

● Payment of $20,000,000 for historical water treatment cost recovery for amounts paid by the EPA from 1995 to 2017

● Payment for water treatment services provided by the EPA at the Central Treatment Plant ("CTP") in Kellogg, Idaho until such time that we either purchase or lease the CTP or build a separate EPA-approved water treatment facility

● Conducting a work program as described in the Ongoing Environmental Activities section of this study

In December 2021, we entered into an amended Settlement Agreement (the "Amendment") between us, Idaho Department of Environmental Quality, U.S. Department of Justice (the "DOJ") and the EPA modifying the payment schedule and terms for recovery of historical environmental response costs at Bunker Hill Mine incurred by the EPA. With the purchase of the mine, the remaining payments of the EPA cost recovery liability were assumed by us, resulting in a total of $19,000,000 liability to us, an increase of $8,000,000. The new payment schedule included a $2,000,000 payment to the EPA within 30 days of execution of the amendment, which was made.

Pursuant to the December 2021 Agreement, the remaining $17,000,000 would be paid on the following dates:

---

| | |
|:---|:---|
| **Date** | **Amount** |
| November 1, 2025 | $3000000 |
| November 1, 2026 | $3000000 |
| November 1, 2027 | $3000000 |
| November 1, 2028 | $3000000 |
| November 1, 2029 | $2,000,000 plus accrued interest |

---

 

The changes in payment terms and schedule were contingent upon our securing financial assurance in the form of performance bonds or letters of credit deemed acceptable to the EPA totaling $17,000,000, corresponding to our cost recovery obligations to be paid in 2025 through 2029 as outlined above. In June 2022, we were successful in obtaining financial assurance. The amount of the bonds or letters of credit will decrease over time as individual payments are made.

In December 2024, we made the second payment under the 2021 Amended Settlement Agreement in the amount of $3,000,000. As a result, the remainder of the payment obligation is $14,000,000. As of December 31, 2024, we had two payment bonds of $9,999,000 and $4,001,000 in place to secure this liability. As of January 20, 2025, the collateral for the payment bonds is comprised of $2,975,000 letter of credits and land pledged by third parties, with whom we have entered into a financing cooperation agreement that contemplates a monthly fee of $20,000 (payable in cash or our common stock, at our election).

*2023 Financings*

 

In March 2023, we amended the exercise price and expiry date of 10,416,667 March 2023 Warrants (as defined below) previously issued in a private placement to Teck on May 13, 2022, in consideration for our acquisition of the Pend Oreille processing plant. The March 2023 Warrant entitled the holder to purchase one share of our common stock at an exercise price of C$0.37 per March 2023 Warrant at any time on or prior to May 12, 2025. We amended the exercise price from C$0.37 to C$0.11 per March 2023 Warrant and the expiry date from May 12, 2025, to March 31, 2023. In March 2023, Teck exercised all 10,416,667 March 2023 Warrants at an exercise price of C$0.11, for aggregate gross proceeds of $837,459 (C$1,145,834) to us.

In March 2023, we closed a brokered private placement of special warrants (the "March 2023 Offering"), issuing 51,633,727 special warrants of us ("March 2023 Special Warrants") at C$0.12 per March 2023 Special Warrant for $4,536,020 (C$6,196,047), of which $3,661,822 was received in cash and $874,198 was applied towards settlement of accounts payable, accrued liabilities and promissory notes. Each March 2023 Unit consists of one share of our common stock (each, a "Unit Share") and one common stock purchase warrant of us (each, a "March 2023 Warrant"). Each whole March 2023 Warrant entitles the holder thereof to acquire one share of our common stock (a "March 2023 Warrant Share", and together with the Unit Shares, the "Underlying Shares") at an exercise price of C$0.15 per March 2023 Warrant Share until March 27, 2026, subject to adjustment in certain events. The March 2023 Special Warrants issued on March 27, 2023, were converted to 51,633,727 shares of our common stock and common stock purchase warrants on July 24, 2023.

On June 23, 2023, we closed the upsized and improved $67,000,000 project finance package with Sprott Streaming, consisting of a $46,000,000 stream and a $21,000,000 new Debt Facility. The Bridge Loan was repaid from the proceeds of the Stream. The parties also agreed to extend the maturities of the Series 1 CDs and Series 2 CDs to March 31, 2026, when the full $6 million and $15 million, respectively, will become due.

During 2023, a subsidiary of Teck exercised its option for a minimum 5-year, 100% offtake of our zinc and lead concentrates at its smelter in Trail, British Columbia, ensuring a long-term, sustainable revenue source.

*Process Plant Purchase*

 

On May 13, 2022, we completed the purchase of a comprehensive package of equipment and parts inventory from Teck's Pend Oreille site (the "Process Plant") in eastern Washington State. The package comprised substantially all processing equipment including complete crushing, grinding and flotation circuits suitable for a planned ~1,500 ton-per-day operation at the Bunker Hill Mine, and nearly 10,000 components and parts for mill, assay lab, conveyer, field instruments, and electrical spares.

**Business Operations**

The Mine is a zinc-lead-silver mine. When in production, we intend to mill polymetallic mineralization on-site to produce both zinc and lead-silver concentrates which will then be shipped to Teck's Trail smelter for processing as per the underlying off-take agreement.

Infrastructure

The Mine includes all mining rights and claims, surface rights, fee parcels, mineral interests, easements, existing infrastructure at Milo Gulch, and the majority of machinery and buildings at the Kellogg Tunnel portal level, as well as all equipment and infrastructure underground at the Bunker Hill Mine Complex. It also includes all current and historic data relating to the Bunker Hill Mine Complex, such as drill logs, reports, maps, and similar information located at the Mine site or any other location. For further detail, please refer to the "Project Infrastructure" section in Item 2 below.

Government Regulation and Approval

Exploration and development activities, and any future mining operations, are subject to extensive laws and regulations governing the protection of the environment, waste disposal, worker safety, mine construction, and protection of endangered and protected species. We have made, and expect to make in the future, significant expenditures to comply with such laws and regulations. Future changes in applicable laws, regulations and permits or changes in their enforcement or regulatory interpretation could have an adverse impact on our financial condition or results of operations.

It will be necessary to obtain one additional operations permit, the air quality permit, from the IDEQ prior to commencement of mine operations. As the air quality permit is required for operations, there can be no assurance that we will be able to obtain it in a timely manner or at all. For further detail, please refer to the "Environmental Studies and Permitting" section of the "Technical Report Summary" in Item 2 below.

Property Description

We have mineral rights to 440 patented mining claims covering over 5,700 acres. Of these claims, 35 include surface ownership of approximately 259 acres. We also have certain parcels of fee property which include mineral and surface rights but not patented mining claims. Mining claims and fee properties are located in Townships 47, 48 North, Range 2 East, Townships 47, 48 North, Range 3 East, Boise Meridian, Shoshone County, Idaho.

Patented mining claims in the State of Idaho do not require permits for underground mining activities to commence on private lands. Other permits associated with underground mining may be required, such as water discharge and site disturbance permits. The water discharge is being handled by the EPA at the existing CTP. We expect to be responsible for water treatment in the future and obtain an appropriate discharge permit.

For further detail, please refer to the "Property Description and Ownership" section of the "Technical Report Summary" in Item 2 below.

Competition

We compete with other mining and exploration companies in connection with the acquisition of mining claims and leases on zinc and other base and precious metals prospects as well as in connection with the recruitment and retention of qualified employees. Many of these companies are much larger than us, have greater financial resources and have been in the mining business for much longer than we have. As such, these competitors may be in a better position through size, finances and experience to acquire suitable exploration and development properties. We may not be able to compete against these companies in acquiring new properties and/or qualified people to work on our current project, or any other properties that may be acquired in the future.

Given the size of the world market for base precious metals such as silver, lead and zinc, relative to the number of individual producers and consumers, it is believed that no single company has sufficient market influence to significantly affect the price or supply of these metals in the world market.

Employees

We had forty full-time employees as of December 31, 2024. The balance of our operations is comprised of contracted labor and consultants.

**Available Information**

We make available, free of charge, on or through our Internet website, at <u>www.bunkerhillmining.com</u>, our annual reports on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. Our website and the information contained therein or connected thereto are not intended to be, and are not, incorporated into this Annual Report.

Our reports and other information can be inspected on the SEC's website at <u>www.sec.gov</u>. We also file reports under Canadian regulatory requirements on the System for Electronic Document Analysis and Retrieval ("SEDAR+"). Our reports which are filed on SEDAR+ can be found under our SEDAR+ profile at <u>www.sedarplus.ca</u>.

**Smaller Reporting Company Status**

Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") defines a "smaller reporting company" as an issuer that is not an investment company, an asset-backed issuer, or a majority-owned subsidiary of a parent that is not a smaller reporting company and that:

● had
 a public float of less than $75,000,000 as of the last business day of its most recently
 completed second fiscal quarter, computed by multiplying the aggregate worldwide number of
 shares of its voting and non-voting common equity held by non-affiliates by the price at
 which the common equity was last sold, or the average of the bid and asked prices of common
 equity, in the principal market for the common equity; or

● in
 the case of an initial registration statement under the Securities Act, or Exchange Act for
 shares of its common equity, had a public float of less than $75,000,000 as of a date within
 30 days of the date of the filing of the registration statement, computed by multiplying
 the aggregate worldwide number of such shares held by non-affiliates before the registration
 plus, in the case of a Securities Act registration statement, the number of such shares included
 in the registration statement by the estimated public offering price of the shares; or

● in
 the case of an issuer whose public float as calculated under the first and second bulleted
 paragraph above of this definition was zero, had annual revenues of less than $50,000,000
 during the most recently completed fiscal year for which audited financial statements are
 available.

As a smaller reporting company, we will not be required and may not include a Compensation Discussion and Analysis section in our proxy statements; we will provide only two years of financial statements; and we need not provide the table of selected financial data. We also will have other "scaled" disclosure requirements that are less comprehensive than issuers that are not smaller reporting companies which could make shares of our common stock less attractive to potential investors, which could make it more difficult for our stockholders to sell their shares.

**SUMMARY OF THE OFFERING**

---

| | | |
|:---|:---|:---|
| **Shares of our common stock offered by Selling Shareholders and Certain Beneficial Owners** | 698,052,071 shares of our common stock, including: | 698,052,071 shares of our common stock, including: |
|  | ● | 266,385,824 shares of our common stock issued to Sprott Streaming and Royalty Corp.; |
|  | ● | 195,294,655 shares of our common stock issued on June 5, 2025 to Teck Resources Limited; |
|  | ● | 121,000 shares of our common stock issued pursuant to awards granted under the Company's equity compensation plans; |
|  | ● | 106,892,559 shares of our common stock issued on June 5, 2025 private placement transaction;<br>|
|  | ● | 3,250,159 shares of our common stock issued on June 5, 2025, pursuant to debt restructuring transactions; and |
|  | ● | 126,107,874 shares of our common stock issuable pursuant to the Warrants issued on June 5, 2025. |
| **Shares of our common stock outstanding before the offering** |  | 911,615,863 shares of our common stock as of June 26, 2025 (not including shares of our common stock issuable upon exercisable Warrants). |
| **Offering Price** |  | Determined at the time of sale by the selling shareholders. |
| **Use of proceeds** |  | We will not receive any proceeds from the sale of the shares of our common stock by the selling shareholders, although it may receive proceeds from the exercise of Warrants. Any such proceeds will be used for general working capital purposes. |
| **TSX Venture Exchange (TSX-V) Trading Symbol** |  | BNKR |
| **OTCQB Trading Symbol** |  | BHLL |
| **Risk Factors** |  | The shares of our common stock offered hereby involves a high degree of risk and should not be purchased by investors who cannot afford the loss of their entire investment. See "*Risk Factors*". |

---

**RISK FACTORS**

*You should carefully consider the risks described below together with all other information included in our public filings before making an investment decision with regard to our securities. The statements contained in or incorporated into this prospectus that are not historic facts are forward- looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward- looking statements. While the risks described below are the ones we believe are most important for you to consider, these risks are not the only ones that we face. If any of the following events described in these risk factors actually occurs, our business, financial condition or results of operations could be harmed. In that case, the trading price of our common stock could decline, and you may lose all or part of your investment.*

 

Our business activities and the value of our securities are subject to significant hazards and risks, including those described below. If any of such events should occur, our business, financial condition, liquidity, and/or results of operations could be materially harmed, and holders and purchasers of our securities could lose part or all of their investments. Our risk factors are grouped into the following categories:

● General
 Risk Factors;

● Risks
 Related to Mining and Exploration;

● Risks
 Related to shares of our common stock; and

● Risks
 Related to the Offering.

**General Risk Factors**

***There is substantial doubt about our ability to continue as a going concern.***

To date, we have earned no revenue from operations and have an accumulated deficit of $110,366,721 as of December 31, 2024. In addition, we have limited financial resources. As of December 31, 2024, we had cash and equivalents of $3,786,277 (excluding $4,474,000 of restricted cash) and a working capital deficit of $20,311,773. Continuation as a going concern is dependent upon achieving future financing or strategic transactions, including but not limited to a possible debt funding package from the Export-Import Bank of the United States ("EXIM"), a restructuring of our outstanding debt (including the Debt Facility and SP Facility) alongside an equity financing and new standby facility. However, there is no assurance that we will be able to successfully complete these financing and/or strategic transactions. Accordingly, there is substantial doubt as to whether existing cash resources and working capital are sufficient to enable us to continue our operations for the next 12 months as a going concern. Ultimately, if we are unable to secure sufficient additional financial resources, we may need to curtail or suspend our development or operations plans regarding the Bunker Hill Mine. The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern. The consolidated financial statements do not include any adjustments that may result from the outcome of this uncertainty. Such adjustments could be material.

Our consolidated financial statements do not give effect to any adjustments required to realize our assets and discharge our liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying Financial Statements.

***The Bunker Hill Mine restart has been delayed to 2026. Further changes to this timeline, or other factors impacting the restart project budget, will increase our required capital needs through the completion of the project, which would adversely affect our ability to secure additional funding, thereby adversely affecting our financial condition.***

On December 13, 2024, we announced that the Bunker Hill Mine restart project underwent a strategic review resulting in an updated timeline and capital requirements. Pursuant to this review, we now forecast a total restart expenditure (excluding working capital) of $103,000,000, up from the previously forecasted $67,000,000 and $56,000,000 in the pre-feasibility study (the "PFS"), with the restart project anticipated to be delayed by up to four months. To provide sufficient project financing for the ongoing development of the Bunker Hill Mine, we have been drawing down in tranches on the Debt Facility provided by Sprott Streaming.

However, the estimated timing of the Bunker Hill Mine restart is subject to change further based on factors beyond our control, including but not limited to supply chain dynamics. In addition, our pre-production budget estimates are subject to change further based on factors beyond our control, including but not limited to cost inflation and supply chain dynamics. Any further increase in our pre-production budget estimates could have a materially adverse impact on our ability to secure additional financing. This could have a material adverse effect on our financial condition, results of operations, or prospects. Sales of substantial amounts of securities will have a highly dilutive effect on our ownership or share structure. Sales of a large number of shares of our common stock in the public markets, or the potential for such sales, could decrease the trading price of the common stock and could impair our ability to raise capital through future sales of common stock. We are a pre-production development company, and have not yet commenced commercial production and, therefore, have not generated positive cash flows and have no reasonable prospects of doing so unless successful commercial production can be achieved at the Mine. We expect to continue to incur negative investing and operating cash flows until such time as we enter into successful commercial production. This will require us to deploy our working capital to fund such negative cash flow and to seek additional sources of capital. There is no assurance that additional capital will be available or sufficient to meet our requirements, or if available, upon terms acceptable to us. There is no assurance that we will be able to continue to raise equity capital, secure additional debt financing, or secure other financing. As a result, we may not be able to timely continue our development plans or continue as a going concern.

***Payment bonds securing $14,000,000 due by us to the EPA for cost recovery may not be renewable or may only be renewable on terms that are unfavorable to us, which would adversely affect our financial condition or cause a default under the revised settlement agreement with the EPA and Sprott.***

In 2022, we secured financial assurance in the form of payment bonds in accordance with the revised settlement agreement with the EPA, in relation to $14,000,000 of payments due to the EPA for cost recovery between 2025 and 2029. These bonds are renewed annually, and as of December 31, 2024, require $4,475,000 of collateral in the form of letters of credit. To the extent that the parties providing the payment bonds demand additional collateral beyond the current requirements, or other unfavorable terms or conditions, we may not be able to renew the payment bonds on favorable conditions, or at all. This could have a materially adverse impact on us, including a potential default under the revised settlement agreement with the EPA.

***We have no recent operating history on which to base an evaluation of our business and prospects.***

Since our inception, we have had no revenue from operations. We have no history of producing concentrates from the Bunker Hill Mine. The Mine is a historic, past producing mine with limited exploration work since its closure in 1981. Advancing the Mine through the development stage will require significant capital and time, and successful commercial production from the Mine will be subject to completing the requisite studies, permitting and re-commissioning, constructing a processing plant, and completing other related works and infrastructure. As a result, we are subject to all of the risks associated with developing and establishing new mining operations and business enterprises, including:

● completion of studies to verify reserves and commercial viability, including the ability to find sufficient ore reserves to support a commercial mining operation;

● the timing and cost, which can be considerable, of further exploration, preparing feasibility studies, and permitting and construction of infrastructure, mining and processing facilities;

● the availability and costs of drill equipment, exploration personnel, skilled labor, and mining and processing equipment, if required;

● the availability and cost of appropriate smelting and/or refining arrangements,

● compliance with stringent environmental and other governmental approval and permit requirements;

● the availability of funds to finance exploration, development, and construction activities, as warranted;

● potential opposition from non-governmental organizations, local groups or local inhabitants that may delay or prevent development activities;

● potential increases in exploration, construction, and operating costs due to changes in the cost of fuel, power, materials, and supplies; and

● potential shortages of mineral processing, construction, and other facilities related supplies.

The costs, timing, and complexities of exploration, development, and construction activities may be increased by the location of our properties and demand by other mineral exploration and mining companies. It is common in exploration programs to experience unexpected problems and delays during drill programs and, if commenced, development, construction, and mine start-up. In addition, our management and workforce will need to be expanded, and support systems for our workforce will have to be established. This could result in delays in the commencement of mineral production and increased costs of production. Accordingly, our activities may not result in profitable mining operations, and we may not succeed in establishing mining operations or profitably producing base metal concentrates at any of our current or future properties, including the Mine.

***We have a history of losses and expect to continue to incur losses in the future.***

We have incurred losses since inception, have had negative cash flow from operating activities, and expect to continue to incur losses in the future. We have incurred the following losses from operations during each of the following periods:

● $15,649,142 for the year ended December 31, 2024;

● $11,600,574 for the year ended December 31, 2023; and

● $16,487,161 for the year ended December 31, 2022.

We expect to continue to incur losses unless and until such time as the Mine enters into commercial production and generates sufficient revenues to fund continuing operations. We recognize that if we are unable to generate significant revenues from mining operations and dispositions of our properties, we will not be able to earn profits or continue operations. At this early stage of our operation, we also expect to face the risks, uncertainties, expenses, and difficulties frequently encountered by smaller reporting companies. We cannot be sure that we will be successful in addressing these risks and uncertainties and our failure to do so could have a materially adverse effect on our financial condition.

***Government actions, such as tariffs and/or foreign policy actions could adversely and unexpectedly impact our business.***

In early February 2025, the United States announced additional 25% tariffs on all goods originating from Canada and Mexico, and an additional 10% tariff on goods imported from China. While certain pauses were announced on many of these tariffs, we cannot currently predict when or if such tariffs will take effect or their duration. These tariffs, along with any new tariffs adopted by the United States or retaliatory measures by other counties could materially increase the cost of equipment and other goods necessary for our exploration and development plans. Further, there is a risk that the tariffs imposed by the United States on other counties may trigger a broader global trade war. The extent and impacts thereof are still uncertain, but they may negatively impact global economic conditions, which could materially adversely impact our ability to access capital to finance our exploration and development plans.

**Risks Related to Mining and Exploration**

We are in the development stage.

***The nature of mineral exploration and production activities involves a high degree of risk and the possibility of uninsured losses.***

Exploration for and the production of minerals is highly speculative and involves much greater risk than many other businesses. Most exploration programs do not result in the discovery of mineralization, and any mineralization discovered may not be of sufficient quantity or quality to be profitably mined. Our operations are, and any future development or mining operations we may conduct will be, subject to all of the operating hazards and risks normally incidental to exploring for and development of mineral properties, including, but not limited to:

● economically insufficient mineralized material;

● fluctuation in production costs that make mining uneconomical;

● labor disputes;

● unanticipated variations in grade and other geologic uncertainties;

● environmental hazards;

● water conditions;

● difficult surface or underground conditions;

● industrial accidents;

● metallurgic and other processing problems;

● mechanical and equipment performance problems;

● failure of dams, stockpiles, wastewater transportation systems, or impoundments;

● unusual or unexpected rock formations; and

● personal injury, fire, flooding, cave-ins and landslides.

Any of these risks can materially and adversely affect, among other things, the development of properties, production quantities and rates, costs and expenditures, potential revenues, and production dates. If we determine that capitalized costs associated with any of our mineral interests are not likely to be recovered, we would incur a write-down of our investment in these interests. All these factors may result in losses in relation to amounts spent that are not recoverable, or that result in additional expenses.

***Commodity price volatility could have dramatic effects on the results of operations and our ability to execute our business plan.***

The price of commodities varies on a daily basis. Our future revenues, if any, will be derived from the extraction and sale of base and precious metals. The price of those commodities has fluctuated widely, particularly in recent years, and is affected by numerous factors beyond our control, including economic and political trends, expectations of inflation, currency exchange fluctuations, interest rates, global and regional consumptive patterns, speculative activities and increased production due to new extraction developments and improved extraction and production methods. The effect of these factors on the price of base and precious metals, and therefore the economic viability of our business, could negatively affect our ability to secure financing or our results of operations.

***Our development and production plans, and cost estimates, in the Technical Report Summary may vary and/or not be achieved.***

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There is no certainty that the results in the Technical Report Summary (as defined below) will be realized. The decision to implement the Mine restart scenario to be included in the Technical Report Summary was not based on a feasibility study of mineral reserves demonstrating economic and technical viability, and therefore there is increased risk that the Technical Report Summary results will not be realized. If we are unable to achieve the results in the Technical Report Summary, it may have a material negative impact on us, and our capital investment to implement the restart scenario may be lost.

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***Costs charged to us by the Idaho Department of Environmental Quality (the "IDEQ") for treatment of wastewater fluctuate a great deal and are not within our control.***

We are billed annually for water treatment activities performed by the IDEQ on behalf of the EPA who is the owner of the water treatment plant. The water treatment costs that we are billed for are partially related to the EPA's direct cost of treating the water emanating from the Bunker Hill Mine, which are comprised of lime and flocculant usage, electricity consumption, maintenance and repair, labor and some overhead. Rate of discharge of effluent from the Bunker Hill Mine is largely dependent on the level of precipitation within a given year and how close in the calendar year we are to the spring run-off. Increases in water infiltrations and gravity flows within the Mine generally increase after winter and result in a peak discharge rate in May. Increases in gravity flow and consequently the rate of water discharged by the mine have a robust correlation with metals concentrations and consequently metal loads of effluent.

Hydraulic loads (quantities of water per unit of time) and metal loads (quantities of metals per unit of volume of effluent per unit of time) are the two main determinants of cost of water treatment by the EPA in the relationship with the Bunker Hill Mine because greater metal loads consume more lime, more flocculent and more electricity to remove the increased levels of metals and make the water clean. The scale of the treatment plant is determined by how much total water can be processed (hydraulic load) at any point in time. This determines how much labor is required to operate the plant and generally determines the amount of overhead required to run the IDEQ business.

The EPA has completed significant upgrades to the water treatment capabilities of the CTP and the plant is now capable of producing treated water that can meet a much higher discharge standard (which we have been satisfying since May 2023). While it was understood that improved performance capability would increase the cost of operating the plant, it was unclear to the EPA, and consequently to us, how much the costs would increase by.

These elements described above, and others, impact the direct costs of water treatment. A significant portion of the total amount invoiced by the EPA each year is indirect cost that is determined as a percentage of the direct cost. Each year the indirect costs percentage changes within each region of the EPA. We have no ability to impact the percentage of indirect cost that is set by the EPA regional office and has no advance notice of what the percentage of indirect cost will be until it receives an invoice in June of the year following the billing period. We remain unable to estimate EPA billings to a high degree of accuracy.

***Estimates of mineral reserves and resources are subject to evaluation uncertainties that could result in project failure.***

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Our exploration and future mining operations, if any, are and would be faced with risks associated with being able to accurately predict the quantity and quality of mineral resources/reserves within the earth using statistical sampling techniques. Estimates of any mineral resource/reserve on the Mine would be made using samples obtained from appropriately placed trenches, test pits, underground workings, and designed drilling. There is an inherent variability of assays between check and duplicate samples taken adjacent to each other and between sampling points that cannot be reasonably eliminated. Additionally, there also may be unknown geologic details that have not been identified or correctly appreciated at the current level of accumulated knowledge about the Mine. This could result in uncertainties that cannot be reasonably eliminated from the process of estimating mineral resources/reserves. If these estimates were to prove to be unreliable, we could implement an exploitation plan that may not lead to commercially viable operations in the future.

***Any material changes in mineral resource/reserve estimates and grades of mineralization will affect the economic viability of placing a property into production and a property's return on capital.***

As we have not commenced actual production, mineral resource estimates may require adjustments or downward revisions. In addition, the grade of ore ultimately mined, if any, may differ from that indicated by future feasibility studies and drill results. Minerals recovered in small-scale tests may not be duplicated in large-scale tests under on-site conditions or on a production scale.

***Our exploration activities may not be commercially successful, which could lead us to abandon our plans to develop the Mine and our investments in exploration.***

Our long-term success depends on our ability to expand the known mineralization and/or identify new mineral zones or deposits on the Mine and other properties we may acquire, if any, that we can then develop into commercially viable mining operations. Mineral exploration is highly speculative in nature, involves many risks, and is frequently non-productive. These risks include unusual or unexpected geologic formations, and the inability to obtain suitable or adequate machinery, equipment, or labor. The success of commodity exploration is determined in part by the following factors:

● the identification of potential mineralization based on surficial analysis;

● availability of government-granted exploration permits;

● the quality of management and its geological and technical expertise; and

● the capital available for exploration and development work.

Substantial expenditures are required to establish proven and probable reserves through drilling and analysis, to develop metallurgical processes to extract metal, and to develop the mining and processing facilities and infrastructure at any site chosen for mining. Whether a mineral deposit will be commercially viable depends on a number of factors that include, without limitation, the particular attributes of the deposit, such as size, grade, and proximity to infrastructure; commodity prices, which can fluctuate widely; and government regulations, including, without limitation, regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals, and environmental protection. We may invest significant capital and resources in exploration activities and may abandon such investments if we are unable to identify commercially exploitable mineral reserves. The decision to abandon a project may have an adverse effect on the market value of our securities and the ability to raise future financing.

***We are subject to significant governmental regulations that affect our operations and costs of conducting our business and may not be able to obtain all required permits and licenses to place our properties into production.***

Our current and future operations, including exploration and development of the Mine, do and will require permits from governmental authorities and will be governed by laws and regulations, including:

● laws and regulations governing mineral concession acquisition, prospecting, development, mining, and production;

● laws and regulations related to exports, taxes, and fees;

● labor standards and regulations related to occupational health and mine safety; and

● environmental standards and regulations related to waste disposal, toxic substances, land use reclamation, and environmental protection.

Specifically, it will be necessary to obtain the following environmental permit or approved plan prior to commencement of mine operations:

● Air quality operating permit

It may be necessary to obtain the following environmental permit or approved plan prior to commencement of mine operations:

● Reclamation and closure plan

If a reclamation and closure plan is required, there can be no assurance that we will be able to obtain it in a timely manner or at all.

Companies engaged in exploration activities often experience increased costs and delays in production and other schedules as a result of the need to comply with applicable laws, regulations, and permits. Failure to comply with applicable laws, regulations, and permits may result in enforcement actions, including the forfeiture of mineral claims or other mineral tenures, orders issued by regulatory or judicial authorities requiring operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or costly remedial actions. We cannot predict if all permits that we may require for continued exploration, development, or construction of mining facilities and conduct of mining operations will be obtainable on reasonable terms, if at all. Costs related to applying for and obtaining permits and licenses may be prohibitive and could delay our planned exploration and development activities. We may be required to compensate those suffering loss or damage by reason of the mineral exploration or our mining activities, if any, and may have civil or criminal fines or penalties imposed for violations of, or our failure to comply with, such laws, regulations, and permits.

Existing and possible future laws, regulations, and permits governing operations and activities of exploration companies, or more stringent implementation of such laws, regulations and permits, could have a material adverse impact on our business and cause increases in capital expenditures or require abandonment or delays in exploration. The Mine is located in Northern Idaho and has numerous clearly defined regulations with respect to permitting mines, which could potentially impact the total time to market for the project.

***Our activities are subject to environmental laws and regulations that may increase our costs of doing business and restrict our operations.***

Both mineral exploration and extraction require permits from various federal, state, and local governmental authorities and are governed by laws and regulations, including those with respect to prospecting, mine development, mineral production, transport, export, taxation, labor standards, occupational health, waste disposal, toxic substances, land use, environmental protection, mine safety and other matters. There can be no assurance that er will be able to obtain or maintain any of the permits required for the exploration of the mineral properties or for the construction and operation of the Mine at economically viable costs. If er cannot accomplish these objectives, our business could fail. We believe that we are in compliance with all material laws and regulations that currently apply to our activities but there can be no assurance that we can continue to remain in compliance. Current laws and regulations could be amended, and we might not be able to comply with them, as amended. Further, there can be no assurance that we will be able to obtain or maintain all permits necessary for our future operations, or that we will be able to obtain them on reasonable terms. To the extent such approvals are required and are not obtained, we may be delayed or prohibited from proceeding with planned exploration or development of the mineral properties.

Our activities are subject to extensive laws and regulations governing environmental protection. We are also subject to various reclamation-related conditions. Although we closely follow and believe we are operating in compliance with all applicable environmental regulations, there can be no assurance that all future requirements will be obtainable on reasonable terms. Failure to comply may result in enforcement actions causing operations to cease or be curtailed and may include corrective measures requiring capital expenditures. Intense lobbying over environmental concerns by non-governmental organizations has caused some governments to cancel or restrict development of mining projects. Current publicized concern over climate change may lead to carbon taxes, requirements for carbon offset purchases or new regulation. The costs or likelihood of such potential issues to us cannot be estimated at this time.

The legal framework governing this area is constantly developing; therefore, we are unable to fully ascertain any future liability that may arise from the implementation of any new laws or regulations, although such laws and regulations are typically strict and may impose severe penalties (financial or otherwise). Our proposed activities, as with any exploration company, may have an environmental impact that may result in unbudgeted delays, damage, loss and other costs and obligations, including, without limitation, rehabilitation and/or compensation. There is also a risk that our operations and financial position may be adversely affected by the actions of environmental groups or any other group or person opposed in general to our activities and, in particular, the proposed exploration and mining by us within the state of Idaho and the United States.

Environmental hazards unknown to us, which have been caused by previous owners or operators of the Mine, may exist on the properties in which we hold an interest. Many of the properties in which we have ownership rights are located within the Coeur d'Alene Mining District, which is currently the site of a Federal Superfund cleanup project. It is possible that environmental cleanup or other environmental restoration procedures could remain to be completed or mandated by law, causing unpredictable and unexpected liabilities to arise.

***Regulations and pending legislation governing issues involving climate change could result in increased operating costs, which could have a material adverse effect on our business.***

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A number of governments or governmental bodies have introduced or are contemplating legislative and/or regulatory changes in response to concerns about the potential impact of climate change. Legislation and increased regulation regarding climate change could impose significant costs on us, on our future joint venture partners, if any, and on our suppliers, including costs related to increased energy requirements, capital equipment, environmental monitoring and reporting, and other costs necessary to comply with such regulations. Any adopted future climate change regulations could also negatively impact our ability to compete with companies situated in areas not subject to such limitations. Given the emotional and political significance and uncertainty surrounding the impact of climate change and how it should be dealt with, we cannot predict how legislation and regulation will ultimately affect our financial condition, operating performance, and ability to compete. Furthermore, even without such regulation, increased awareness and any adverse publicity in the global marketplace about potential impacts on climate change by us or other companies in our industry could harm our reputation. The potential physical impacts of climate change on our operations are highly uncertain, could be particular to the geographic circumstances in areas in which we operate and may include changes in rainfall and storm patterns and intensities, water shortages, changing sea levels, and changing temperatures. These impacts may adversely impact the cost, production, and financial performance of our operations.

There are several governmental regulations that materially restrict mineral exploration. We will be subject to the federal regulations (environmental) and the laws of the State of Idaho as we carry out our exploration program. We may be required to obtain additional work permits, post bonds and perform remediation work for any physical disturbance to the land in order to comply with these laws. While our planned exploration program budgets for regulatory compliance, there is a risk that new regulations could increase our costs of doing business and prevent us from carrying out our exploration program.

***Land reclamation requirements for our properties may be burdensome and expensive.***

Although variable depending on location and the governing authority, land reclamation requirements are generally imposed on mineral exploration companies (as well as companies with mining operations) in order to minimize long-term effects of land disturbance.

Reclamation may include requirements to:

● control dispersion of potentially deleterious effluents;

● treat ground and surface water to drinking water standards; and

● reasonably re-establish pre-disturbance landforms and vegetation.

To date, we have not been subject to reclamation or bonding obligations in connection with our past or potential future development activities. If these obligations were to occur in the future, or if we are required to carry out reclamation work, we must allocate financial resources that might otherwise be spent on further exploration and development programs.

***Social and environmental activism may have an adverse effect on our reputation and financial condition or our relationship with the communities in which we operate.***

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There is an increasing level of public concern relating to the effects of mining on the nature landscape, in communities and on the environment. Certain non-governmental organizations, public interest groups and reporting organizations ("NGOs") that oppose resource development can be vocal critics of the mining industry. In addition, there have been many instances in which local community groups have opposed resource extraction activities, which have resulted in disruption and delays to the relevant operation. While we seek to operate in a socially responsible manner and believe we have good relationships with local communities in the regions in which we operate, NGOs or local community organizations could direct adverse publicity against and/or disrupt our operations in respect of one or more of our properties, regardless of our successful compliance with social and environmental best practices, due to political factors or activities of unrelated third parties on lands in which we have an interest or our operations specifically. Any such actions and the resulting media coverage could have an adverse effect on our reputation and financial condition or our relationships with the communities in which we operate, which could have a material adverse effect on our business, financial condition, results of operations, cash flows or prospects.

***The mineral exploration and mining industry is highly competitive.***

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The mining industry is intensely competitive in all of its phases. As a result of this competition, some of which is with large established mining companies with substantial capabilities and with greater financial and technical resources than us, we may be unable to acquire additional properties or obtain financing on terms we consider acceptable. We also compete with other mining companies in the recruitment and retention of qualified managerial and technical employees. If we are unable to successfully compete for qualified employees, our exploration and development programs may be slowed down or suspended. We compete for capital with other companies that produce our planned commercial products. If we are unable to raise sufficient capital, our exploration and development programs may be jeopardized or we may not be able to acquire, develop, or operate additional mining projects.

***Metal prices are highly volatile. If a profitable market for our metals does not exist, we may have to cease operations.***

Mineral prices are highly volatile and are affected by numerous international economic and political factors over which we have no control. Our long-term success is highly dependent upon the price of silver, lead and zinc, as the economic feasibility of any ore body discovered on our current property, or on other properties we may acquire in the future, would, in large part, be determined by the prevailing market price of the minerals. If a profitable market does not exist, we may have to cease operations.

***A shortage of equipment and supplies could adversely affect our ability to operate our business.***

We are dependent on various supplies and equipment to carry out our mining exploration and, if warranted, development operations. Any shortage of such supplies, equipment, and parts could have a material adverse effect on our ability to carry out our operations and could therefore limit, or increase the cost of, production.

***Joint ventures and other partnerships, including offtake arrangements, may expose us to risks.***

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We may enter into joint ventures, partnership arrangements, or offtake agreements with other parties in relation to the exploration, development, and production of the properties in which we have an interest. Specifically, we have offtake and strategic relationships with Sprott, Teck, and Monetary Metals. Any failures of these or future other companies to meet their obligations to us or to third parties, or any disputes with respect to the parties' respective rights and obligations, could have a material adverse effect on us, the development and production at our properties, including the Mine, and on future joint ventures, if any, or their properties, and therefore could have a material adverse effect on our results of operations, financial performance, cash flows and the price of our common stock.

***We may experience difficulty attracting and retaining qualified management to meet the needs of our anticipated growth, and the failure to manage our growth effectively could have a material adverse effect on our business and financial condition.***

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Our success is currently largely dependent on the performance of our officers and directors. The loss of the services of any of these people could have a materially adverse effect on our business and prospects. There is no assurance we can maintain the services of our officers, directors, or other qualified personnel required to operate our business. As our business activity grows, we will require additional key financial, administrative and mining personnel as well as additional operations staff. The Mine is located in an area active in mining activities, and we compete with other companies for personnel and talent. There can be no assurance that these efforts will be successful in attracting, training and retaining qualified personnel as competition for people with these skill sets increase. If we are not successful in attracting, training and retaining qualified personnel, the efficiency of our operations could be impaired, which could have an adverse impact on our operations and financial condition.

We are dependent on a relatively small number of key employees, including our Chief Executive Officer (the "CEO") and Chief Financial Officer (the "CFO"). The loss of any officer could have an adverse effect on us. We have no life insurance on any individual, and we may be unable to hire a suitable replacement for them on favorable terms, should that become necessary.

***We may be subject to potential conflicts of interest with our directors and/or officers.***

Certain of our directors and officers are or may become associated with other mining and/or mineral exploration and development companies, which may give rise to conflicts of interest. Directors who have a material interest in any person who is a party to a material contract or a proposed material contract with us are required, subject to certain exceptions, to disclose that interest and generally abstain from voting on any resolution to approve such a contract. In addition, directors and officers are required to act honestly and in good faith with a view to our best interests. Some of our directors and officers have either other full-time employment or other business or time restrictions placed on them and accordingly, we will not be the only business enterprise of these directors and officers. Further, any failure of our directors or officers to address these conflicts in an appropriate manner or to allocate opportunities that they become aware of to us could have a material adverse effect on our business, financial condition, results of operations, cash flows or prospects.

***Our results of operations could be affected by currency fluctuations.***

Our properties are currently all located in the U.S. and while most costs associated with these properties are paid in U.S. dollars, a significant amount of our administrative expenses are payable in Canadian dollars. There can be significant swings in the exchange rate between the U.S. dollar and the Canadian dollar. Recent developments in U.S. and Canadian trade and tariff discussions have created an environment that can and has affected the currency exchange. There are no plans at this time to hedge against any exchange rate fluctuations in currencies.

***Title to our properties may be subject to other claims that could affect our property rights and claims.***

There are risks that title to our properties may be challenged or impugned. The Mine is located in Northern Idaho a historic mining district and may be subject to prior unrecorded agreements or transfers and title may be affected by undetected defects.

***We may be unable to secure surface access or purchase required surface rights.***

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Although we obtain the rights to some or all of the minerals in the ground subject to the mineral tenures that we acquire, or have the right to acquire, in some cases we may not acquire any rights to, or ownership of, the surface to the areas covered by such mineral tenures. In such cases, applicable mining laws usually provide for rights of access to the surface for the purpose of carrying on mining activities; however, the enforcement of such rights through the courts can be costly and time consuming. It is necessary to negotiate surface access or to purchase the surface rights if long-term access is required. There can be no guarantee that, despite having the right at law to access the surface and carry on mining activities, we will be able to negotiate satisfactory agreements with any such existing landowners/occupiers for such access or purchase of such surface rights, and therefore we may be unable to carry out planned mining activities. In addition, in circumstances where such access is denied, or no agreement can be reached, we may need to rely on the assistance of local officials or the courts in such jurisdiction, the outcomes of which cannot be predicted with any certainty. Our inability to secure surface access or purchase required surface rights could materially and adversely affect our timing, cost, or overall ability to develop any mineral deposits we may locate.

***Our properties and operations may be subject to litigation or other claims.***

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From time to time our properties or operations may be subject to disputes that may result in litigation or other legal claims. We may be required to take countermeasures or defend against these claims, which will divert resources and management time from operations. The costs of these claims or adverse filings may have a material effect on our business and results of operations.

We are currently engaged in a legal dispute with Crescent Mining. See Item 3: Legal Proceedings for further information. It is uncertain the outcome or impact of the litigation on our financial condition or ability to operate in the area of dispute.

***Mineral exploration and development is subject to extraordinary operating risks. We currently insure against these risks on a limited basis. In the event of a cave-in or similar occurrence, our liability may exceed our resources and insurance coverage, which would have an adverse impact on us.***

Mineral exploration, development and production involve many risks. Our operations will be subject to all the hazards and risks inherent in the exploration for mineral resources and, if we discover a mineral resource in commercially exploitable quantity, our operations could be subject to all of the hazards and risks inherent in the development and production of resources, including liability for pollution, cave-ins or similar hazards against which we cannot insure or against which we may elect not to insure. Any such event could result in work stoppages and damage to property, including damage to the environment. As of the date hereof, we currently maintain commercial general liability insurance and umbrella liability insurance against these operating hazards, in connection with our exploration program. The payment of any liabilities that arise from any such occurrence that would not otherwise be covered under the current insurance policies would have a material adverse impact on us.

***Mineral exploration and development are dependent on adequate infrastructure.***

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Exploration, development and processing activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important elements of infrastructure, which affect access, capital and operating costs. The lack of availability of acceptable terms or the delay in the availability of any one or more of these items could prevent or delay exploration or development of our mineral properties. If adequate infrastructure is not available in a timely manner, there can be no assurance that the exploration or development of our mineral properties will be commenced or completed on a timely basis, if at all. Furthermore, unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of necessary infrastructure could adversely affect our operations.

Exploration operations depend on adequate infrastructure. In particular, reliable power sources, water supply, transportation and surface facilities are necessary to explore and develop mineral projects. Failure to adequately meet these infrastructure requirements or changes in the cost of such requirements could affect our ability to carry out exploration and future development operations and could have a material adverse effect on our business, financial condition, results of operations, cash flows or prospects.

***We may be unable to purchase additional mining properties.***

If we lose or abandon our interests in our mineral properties or plans further property acquisition as part of our business plan, there is no assurance that we will be able to acquire another mineral property of merit. There is also no guarantee that we will be able to obtain necessary capital to acquire any additional properties, whether by way of an option or otherwise, should we wish to acquire any additional properties.

***Our operations are dependent on information technology systems that may be subject to network disruptions***

Our operations depend on information technology ("IT") systems. These IT systems could be subject to network disruptions caused by a variety of sources, including computer viruses, security breaches and cyber-attacks, as well as disruptions resulting from incidents such as cable cuts, damage to physical plants, natural disasters, terrorism, fire, power loss, vandalism and theft. Our operations also depend on the timely maintenance, upgrade and replacement of networks, equipment, IT systems and software, as well as pre-emptive expenses to mitigate the risks of failures. Any of these and other events could result in information system failures, delays and/or increase in capital expenses. The failure of information systems or a component of information systems could, depending on the nature of any such failure, adversely impact our reputation and results of operations.

Although to date we have not experienced any material losses relating to cyber-attacks or other information security breaches, there can be no assurance that we will not incur such losses in the future. Our risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats. As a result, cyber security and the continued development and enhancement of controls, processes and practices designed to protect systems, computers, software, data and networks from attack, damage or unauthorized access remain a priority. As cyber threats continue to evolve, we may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities. In late 2024, we retained a third-party cyber assessment firm to complete an audit and make recommendations for updates to our IT system and related policies and procedures.

***We are a reporting issuer and reporting requirements under applicable securities laws may increase legal and financial compliance costs.***

We are subject to reporting requirements under applicable securities law, the listing and other requirements of the TSX-V, the OTCQB, the SEC and other applicable securities rules and regulations. Compliance with these requirements can increase legal and financial compliance costs, make some activities more difficult, time-consuming or costly, and increase demand on existing systems and resources. Among other things, we are required to file annual, quarterly and current reports with respect to our business and results of operations and maintain effective disclosure controls and procedures and internal controls over financial reporting. In order to maintain and, if required, improve disclosure controls and procedures and internal controls over financial reporting to meet this standard, significant resources and management oversight is required. As a result, management's attention may be diverted from other business concerns, which could harm our business and results of operations. We may need to hire additional employees to comply with these requirements in the future, which would increase our costs and expenses.

**Risks Related to our Common Stock**

***The price of our common stock is historically volatile and trading volume changes rapidly, as a result, investors could lose all or part of their investment.***

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In addition to volatility associated with equity securities in general, the value of an investor's investment could decline due to the impact of any of the following factors upon the market price of our common stock:

● disappointing results from our exploration efforts;

● decline in demand for our common stock;

● downward revisions in securities analysts' estimates or changes in general market conditions;

● technological innovations by competitors or in competing technologies;

● investor perception of our industry or our prospects; and

● general economic trends.

The price of our common stock on the TSX-V has experienced significant price and volume fluctuations. Stock markets in general have experienced extreme price and volume fluctuations, and the market prices of securities have been highly volatile. These fluctuations are often unrelated to operating performance and may adversely affect the market price of our common stock. As a result, an investor may be unable to sell any common stock such investor acquires at a desired price.

***Potential future sales under Rule 144 may depress the market price for our common stock.***

In general, under Rule 144, a person who has satisfied a minimum holding period of between six months and one-year and any other applicable requirements of Rule 144 may thereafter sell such shares publicly. A significant number of our currently issued and outstanding shares of common stock held by existing stockholders, including officers and directors and other principal stockholders, are currently eligible for resale pursuant to and in accordance with the provisions of Rule 144. The possible future sale of our common stock by our existing stockholders, pursuant to and in accordance with the provisions of Rule 144, may have a depressive effect on the price of our common stock in the over-the-counter market.

***Our common stock is currently deemed a "penny stock", which may make it more difficult for investors to sell their shares of our common stock.***

The SEC has adopted regulations which generally define "penny stock" to be any equity security that has a market price less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions. Our securities are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and "accredited investors." The term "accredited investor" refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000, exclusive of their principal residence, or annual income exceeding $200,000 or $300,000 jointly with their spouse. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the SEC that provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer's account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer's confirmation. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written agreement to the transaction. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules. Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities. We believe that the penny stock rules may discourage investor interest in and limit the marketability of our common stock.

***We have never paid dividends on our common stock.***

We have not paid dividends on our common stock to date and do not expect to pay dividends for the foreseeable future. We intend to retain our initial earnings, if any, to finance our operations. Any future dividends on shares of our common stock will depend upon our earnings, our then-existing financial requirements, and other factors, and will be at the discretion of our Board.

***FINRA has adopted sales practice requirements, which may also limit an investor's ability to buy and sell shares of our common stock.***

In addition to the "penny stock" rules described above, FINRA has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low-priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer's financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative low-priced securities will not be suitable for at least some customers. FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit an investor's ability to buy and sell our stock and have an adverse effect on the market for our common stock.

***Investors' interests in us will be diluted and investors may suffer dilution in their net book value per share of our common stock issues additional employee/director/consultant options or if we sell additional shares of our common stock and/or warrants to finance its operations.***

In order to further expand our operations and meet our objectives, any additional growth and/or expanded exploration activity will likely need to be financed through the sale and issuance of additional shares of our common stock, including, but not limited to, raising funds to explore the Mine. Furthermore, to finance any acquisition activity, should that activity be properly approved, and depending on the outcome of our exploration programs, we will also likely need to issue additional shares of our common stock to finance future acquisitions, growth, and/or additional exploration programs of any or all of our projects or to acquire additional properties. We will also in the future grant some or all of our directors, officers, and key employees and/or consultants options to purchase shares of our common stock as non-cash incentives. The issuance of any equity securities could, and the issuance of any additional shares of our common stock will, cause our existing stockholders to experience dilution of their ownership interests.

If we issue additional shares of our common stock or decide to enter into joint ventures with other parties in order to raise financing through the sale of equity securities, investors' interests in us will be diluted and investors may suffer dilution in their net book value per share, depending on the price at which such securities are sold.

***The issuance of additional shares of our common stock may negatively impact the trading price of our securities.***

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We have issued shares of our common stock in the past and will continue to issue shares of our common stock to finance our activities in the future. In addition, newly issued or outstanding options, warrants, and broker warrants to purchase shares of our common stock may be exercised, resulting in the issuance of additional shares of our common stock. Any such issuance of additional shares of our common stock would result in dilution to our stockholders, and even the perception that such an issuance may occur could have a negative impact on the trading price of our common stock.

***Our common stock could be influenced by research and reports that industry or securities analysts may publish.***

The trading market for our common stock could be influenced by research and reports that industry and/or securities analysts may publish about us, our business, the market or our competitors. We do not have any control over these analysts and cannot assure that such analysts will cover us or provide favorable coverage. If any of the analysts who may cover our business adversely change their recommendation regarding our stock, or provide more favorable relative recommendations about our competitors, the stock price would likely decline. If any analysts who may cover our business were to cease coverage or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause the stock price or trading volume to decline.

***We are subject to the continued listing or trading criteria of the TSX-V and the OTCQB, and our failure to satisfy these criteria may result in delisting or removal of trading of our common stock from the TSX-V and the OTCQB.***

Our common stock is currently listed for trading on the TSX-V and quoted on the OTCQB. In order to maintain the listing on the TSX-V and the quotation on the OTCQB or any other securities exchange or marketplace, we must maintain certain financial and share distribution targets, including maintaining a minimum number of public stockholders. In addition to objective standards, these exchanges or marketplaces may delist or cease to quote the securities of any issuer if, in the exchange's opinion, our financial condition and/or operating results appear unsatisfactory; if it appears that the extent of public distribution or the aggregate market value of the security has become so reduced as to make continued listing inadvisable; if we sell or dispose of our principal operating assets or ceases to be an operating company; if we fail to comply with the listing requirements; or if any other event occurs or any condition exists which, in their opinion, makes continued listing on the exchange inadvisable.

If the TSX-V, the OTCQB or any other exchange or quotation service were to delist or cease to quote our common stock, investors may face material adverse consequences, including, but not limited to, a lack of trading market for the shares of our common stock, reduced liquidity, decreased analyst coverage, and/or an inability for us to obtain additional financing to fund our operations.

***We face risks related to compliance with corporate governance laws and financial reporting standards.***

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The Sarbanes-Oxley Act of 2002, as well as related new rules and regulations implemented by the SEC and the Public Company Accounting Oversight Board, require changes in the corporate governance practices and financial reporting standards for public companies. These laws, rules and regulations, including compliance with Section 404 of the Sarbanes-Oxley Act of 2002 relating to internal control over financial reporting, referred to as Section 404, materially increase our legal and financial compliance costs and make certain activities more time-consuming and burdensome.

**Risks Related to the Offering**

***Resales of shares of our common stock in the public market may cause the trading price to fall.***

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Resales of a substantial number of shares of our common stock could depress the trading price of shares of our common stock. The resale by the selling shareholders of shares of our common stock or shares of our common stock issuable upon exercise of Warrants could reduce the trading price of the stock and could result in resales of our common stock by our other current stockholders. If our stockholders sell substantial amounts of our common stock in the public market after the date hereof, the trading price of our common stock could fall.

**DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS**

*Except for statements of historical facts, this prospectus contains forward-looking statements involving risks and uncertainties. The words "anticipate," "believe," "estimate," "expect," "future," "intend," "plan" or the negative of these terms and similar expressions or variations thereof are intended to forward looking statements. Such statements reflect our current views with respect to future events and are subject to risks, uncertainties, assumptions and other factors (including the risks contained in the section of this registration statement on Form S-1 entitled "Risk Factors") relating to our industry, our operations and results of operations and any businesses that may be acquired by us. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned.*

*Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results. The following discussion should be read in conjunction with our financial statements and the related notes included in this registration statement on Form S-1.*

**USE OF PROCEEDS**

This prospectus relates to the sale or other disposition of shares of our common stock by the selling shareholders listed in the "*Selling shareholders and Certain Beneficial Owners*" section below, and their transferees. We will not receive any proceeds from any sale of our common stock by the selling shareholders. We will receive the exercise price of the Warrants. Any proceeds received from exercise of Warrants will be used for payment of general corporate and operating expenses.

**DESCRIPTION OF THE COMPANY'S BUSINESS**

**The Bunker Hill Mine**

*History*

Initial discovery and development of the Mine property began in 1885, and from that time until the Mine closed in 1981 it produced over 35.8 million tons of ore at an average mined grade of 8.76% lead, 4.52 ounces per ton silver, and 3.67% zinc, which represented 162Moz of silver, 3.16M lbs. of lead and 1.35M lbs. of zinc (Bunker Limited Partnership, 1985). Throughout the 95-year operating history, there were over 40 different lead-silver-zinc orebodies discovered and mined. Although known for its significant lead and zinc production, 45-50% of the Net Smelter Value of its historical production came from its silver. We and the Sullivan Mining Company had a strong history of regular dividend payments to stockholders from the time we went public in 1905 until it was acquired in a hostile takeover by Gulf Resources in 1968.

The Mine and Smelter Complex were closed in 1981 when Gulf Resources was not able to continue to comply with new regulatory structures brought on by the passage of environmental statutes and as then enforced by the EPA. At closure it was estimated to still contain significant mineral resources (Bunker Limited Partnership, 1985). The Bunker Hill Lead Smelter, Electrolytic Zinc Plant and historic milling facilities were demolished in or around 1986, and the area became part of the "National Priority List" for cleanup under EPA regulations. The cleanup of the smelter, zinc plant, and associated sites has been completed, and management believes the Mine is well positioned for development and an eventual return to production.

*Property Map of Bunker Hill Mine Land Ownership*

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A more detailed description of the Mine can be found in the "Technical Report Summary" section of this report, including the current mineral resource estimate, mineral reserves, an economic summary, property description and ownership, geology and mineralization, environmental studies and permitting, metallurgical testing, mining method, recovery methods, and current exploration and development.

*Restart Project Activities*

In early 2020, a new management team comprised of former executives from Barrick Gold Corp. assumed leadership of us. Since that time, we have conducted multiple exploration campaigns, published multiple economic studies and mineral resource estimates, and advanced the rehabilitation and development of the Mine. In December 2021, we announced a project finance package with Sprott, an amended Settlement Agreement with the EPA, and the purchase of the Bunker Hill Mine, setting the stage for a restart of the Mine.

In January 2022, with the closing of the purchase of the Bunker Hill Mine, the funding of the $8,000,000 Royalty Convertible Debenture and $6,000,000 Series Convertible Debenture, and the announcement of an MOU for the purchase of the Pend Oreille process plant from a subsidiary of Teck, we embarked on a program of activities with the goal of achieving a restart of the Mine.

**Technical Report Summary**

The following summary is extracted from the S-K 1300 Technical Report Summary, Bunker Hill Mine Pre-Feasibility Study, Coeur D'Alene Mining District Shoshone County, Idaho, USA with a Report Date of April 14, 2023 and an Effective Date of August 29, 2022 (the "Technical Report Summary"). The following information does not purport to be a complete summary of the Technical Report Summary, is subject to all the assumptions, qualifications and procedures set out in the Technical Report Summary and is qualified in its entirety with reference to the full text of the Technical Report Summary. Each of the Qualified Persons of the Technical Report Summary is an independent qualified person under the definitions of Item 1300 of Regulation S-K (each a "Qualified Person", and together the "Qualified Persons") and have approved the summary of the Technical Report Summary below.

*Technical Report Summary*

The Technical Report Summary describes the mining and processing operations at our 100% owned Bunker Hill Mine located near the town of Kellogg, Idaho.

The Technical Report Summary considers a processing approach at the Mine where lead (Pb), silver (Ag) and zinc (Zn) mineralization is mined underground. Mineralized material will be conventionally milled and then concentrated by flotation of lead and silver followed by flotation of zinc. Metal rich concentrates will then be sold to smelters in North America or overseas. Mill tailings will be deposited underground in the historic mining voids located throughout the project.

Economic and Life of Mine highlights of the Technical Report Summary are listed in Table 1-3 and Table 1-4. Table 1-1 lists the mineral resource estimate for the Bunker Hill Mine and Table 1-2 lists the mineral reserves for the Bunker Hill Mine. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves.

*Quality Assurance/Quality Control*

Our internal controls were employed on the 5,067 samples collected during the data verification and drilling programs. Various laboratories were used in the analytical process and the results verified using industry accepted Quality Assurance and Quality Control procedures ("QAQC"). QAQC procedures included the submission of blanks and certified standard reference material with the submittal of samples. Blanks were analyzed in order to verify the accuracy of the sample preparation process. Certified standard reference material results were evaluated in order to assess the accuracy of the laboratory assaying procedure. Additionally, preparation duplicates were submitted in order to assess the accuracy of sample collection at the project site. Any failures from expected results were addressed and explained before being used for mineral resource estimates.

Risks and uncertainties exist in the quantification of the spatial distribution on mineralization. These risks are inherent in estimation of mineral resources. Samples themselves have uncertainty related to sampling collection errors and the homogeneity of the deposit. Wider spaced drilling has more uncertainty than closely spaced drilling. Capping of high-grade outliers was used to ensure that the mineral content of the deposit was not overstated. High grade outlier samples will tend to overestimate the metal content of the mineral deposit. The block model for the deposit was constructed using sufficient sized blocks to account for mining dilution and uncertainties related to the actual physical distribution of mineralization. Domains were utilized to minimize the estimation of mineralization into rock units that do not host mineralization. These underlying factors and risks were considered in the final conclusion of the mineral resource estimate.

*Mineral Resource Estimate*

Geostatistics and estimates of mineralization were prepared by Resource Development Associates Inc. Industry accepted grade estimation techniques were used to develop global mineralization block models for the Newgard, Quill and UTZ zones. The mineral resource estimate considers underground mining and mill processing as a basis for reasonable prospects of eventual economic extraction. The total mineral resource estimate for the Bunker Hill Mine is listed in Table 1-1 at a cutoff grade of net smelter return (NSR) 70 $/ton. Mineral Resources are classified according to Item 1302(d)(1)(iii)(A) of Regulation S-K.

**Table 1-1 Bunker Hill Mine Mineral Resource Estimate (Exclusive of Mineral Reserves), December 31, 2024 – Resource Development Associates Inc.**

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(1) The mineral resource estimate was prepared by Resource Development Associates Inc.

(2) Measured, Indicated and Inferred classifications are classified according to Item 1302(d)(1)(iii)(A) of Regulation S-K.

(3) Mineral resources that are not mineral reserves do not have demonstrated economic viability.

(4) Net smelter return (NSR) is defined as the return from sales of concentrates, expressed in U.S.$/t (i.e., NSR = (Contained metal) \* (Metallurgical recoveries) \* (Metal Payability %) \* (Metal prices) – (Treatment, refining, transport and other selling costs)). For the mineral resource estimate, NSR values were calculated using updated open-cycle metallurgical results including recoveries of 85.1%, 84.2% and 88.2% for Zn, Ag and Pb, respectively, and concentrate grades of 58% Zn in zinc concentrate, and 67% Pb and 12.13 oz/ton Ag in lead concentrate.

(5) Mineral resources are estimated using a zinc price of $1.20 per pound, silver price of $20.00 per ounce, and lead price of $1.00 per pound.

(6) Historic mining voids, stopes and development drifting have been depleted from the mineral resource estimate.

(7) Totals may not add up due to rounding.

(8) Mineral resources are reported exclusive of mineral reserves. The reserves disclosed in the report represent measured mineral resources and indicated resources that were evaluated with modifying factors related to underground mining.

(9) The point of reference for mineral resources is in situ mineralization.

*Mineral Reserves*

Mineral reserves have been estimated for the Quill, Newgard and UTZ sections of the Bunker Hill Mine. Measured and indicated mineral resources were converted to probable mineral reserves for the Mine. Measured mineral resources were converted to probable mineral reserves because of uncertainties associated with modifying factors that were taken into account in the conversion from mineral resources to mineral reserves.

Measured and indicated mineral resources were converted to probable mineral reserves by evaluating operating cost, projected metal revenues and estimated stope shapes and geometries. The general widths, plunge and shape of the Quill and Newgard mineralization lends itself well to transverse (perpendicular to strike) long hole open stoping (LHOS) with fill utilizing rubber tire equipment. The UTZ deposit is more amenable to cut-and-fill (CF) methods due to its shape and geometry. Extraction of the planned mine shapes is assumed to be 100% of the NSR $80/ton plan. Breakeven NSR is $70/ton for LHOS and $75/ton for cut-and-fill stopes.

Mineral reserves were classified in accordance with Item 1302(e)(2) of Regulation S-K. The mineral reserve statement is presented in Table 1-2. Mineral reserves are estimated at an NSR value cutoff of $80/short ton at the reference point of saleable mill concentrates with an effective date of August 29, 2022.

**Table 1-2 Bunker Hill Mineral Reserve Estimate, December 31, 2024 – Minetech, USA, LLC**

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(1) Planned dilution is zero grade waste included in the designed stope shapes and probable tonnages.

(2) Unplanned dilution is 5% external dilution added at zero grade.

(3) Mineral reserves stated are inclusive of all above mentioned dilutions and are factored for ore loss due to mining activities.

(4) Net smelter return (NSR) is defined as the return from sales of concentrates, expressed in U.S.$/t (i.e., NSR = (Contained metal) \* (Metallurgical recoveries) \* (Metal Payability %) \* (Metal prices) – (Treatment, refining, transport and other selling costs)). For the mineral reserve estimate, NSR values were calculated using updated open-cycle metallurgical results including recoveries of 85.1%, 84.2% and 88.2% for Zn, Ag and Pb, respectively, and concentrate grades of 58% Zn in zinc concentrate, and 67% Pb and 12.13 oz/ton Ag in lead concentrate.

(5) Mineral reserves are estimated using a zinc price of $1.20 per pound, silver price of $20.00 per ounce, and lead price of $1.00 per pound.

(6) Historic mining voids, stopes and development drifting have been depleted from the mineral reserve estimate.

(7) Totals may not add up due to rounding.

*Economic Summary*

The summary of the current projected financial performance of the Bunker Hill Mine is listed in Table 1-3. Sensitivities are summarized in Table 1-4.

**Table 1-3 Bunker Hill Project Economic Summary**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Initial Capex** | **1** | **2** | **3** | **4** | **5** | **TOTAL** | **ANNUAL AVERAGE** |
| Metal Prices |  |  |  |  |  |  |  |  |
| Zinc ($/lb) | 1.5 | 1.4 | 1.3 | 1.25 | 1.25 | 1.25 | **1.29** | **1.29** |
| Lead ($/lb) | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 | **0.95** | **0.95** |
| Silver ($/oz) | 22 | 22 | 22 | 21.5 | 21.5 | 21.5 | **21.7** | **21.7** |
| Mine plan |  |  |  |  |  |  |  |  |
| Ore mined (kt) | 77 | 652 | 655 | 655 | 655 | 665 | **3360** | **657** |
| Zinc grade (%) | 5.90% | 5.60% | 4.70% | 5.70% | 5.70% | 5.90% | **5.50%** | **5.50%** |
| Lead grade (%) | 2.10% | 2.40% | 2.70% | 2.90% | 2.40% | 1.90% | **2.50%** | **2.50%** |
| Silver grade (oz/t) | 0.5 | 0.7 | 1.3 | 1.4 | 1.2 | 0.8 | **1.1** | **1.1** |
| Zinc eq grade (%) | 7.70% | 8.00% | 8.10% | 9.40% | 8.80% | 8.20% | **8.50%** | **8.50%** |
| Production |  |  |  |  |  |  |  |  |
| Zinc concentrate (t) | 6671 | 53504 | 44852 | 54997 | 55061 | 57909 | **272995** | **53265** |
| Lead concentrate (t) | 2091 | 20945 | 23577 | 25078 | 20955 | 16605 | **109251** | **21432** |
| Zn grade - Zn conc (%) | 58.00% | 58.00% | 58.00% | 58.00% | 58.00% | 58.00% | **58.00%** | **58.00%** |
| Pb grade - Pb conc (%) | 67.00% | 67.00% | 67.00% | 67.00% | 67.00% | 67.00% | **67.00%** | **67.00%** |
| Ag grade - Pb conc (oz/t) | 14.4 | 18.6 | 31.5 | 30.1 | 31 | 27.4 | **27.6** | **27.7** |
| Zn prod. - Zn conc (klbs) | 7738 | 62065 | 52029 | 63796 | 63871 | 67174 | **316674** | **61787** |
| Pb prod. - Pb conc (klbs) | 2802 | 28067 | 31593 | 33605 | 28080 | 22251 | **146397** | **28719** |
| Ag prod. - Pb conc (koz) | 30 | 390 | 742 | 754 | 649 | 455 | **3020** | **598** |
| Zinc eq produced (klbs) | 9954 | 87233 | 87679 | 102310 | 96375 | 91909 | **475460** | **93101** |
| Cost metrics |  |  |  |  |  |  |  |  |
| Mining ($/t) |  | 35 | 38 | 37 | 35 | 41 | **37** | **37** |
| Processing ($/t) |  | 21 | 21 | 21 | 21 | 21 | **21** | **21** |
| G&A ($/t) |  | 9 | 9 | 9 | 9 | 6 | **9** | **9** |
| Opex - total ($/t) |  | 65 | 68 | 67 | 65 | 69 | **67** | **67** |
| Sustaining capex ($/t) |  | 18 | 22 | 19 | 41 | 8 | **21** | **21** |
| Cash costs: by-prod. ($/lb Zn payable) |  | 0.61 | 0.42 | 0.36 | 0.45 | **0.64** | **0.5** | 0.5 |
| AISC: by-prod. ($/lb Zn payable) |  | 0.82 | 0.74 | 0.59 | 0.95 | 0.73 | **0.77** | **0.77** |
| FCF & Valuation ($000's) |  |  |  |  |  |  |  |  |
| Zinc revenue |  | 73857 | 57492 | 67784 | 67863 | 71373 | **338368** | **67674** |
| Lead revenue |  | 25330 | 28513 | 30328 | 25342 | 20081 | **129595** | **25919** |
| Silver revenue |  | 7900 | 15515 | 15406 | 13256 | 9260 | **61337** | **12267** |
| Gross revenue |  | 107087 | 101520 | 113518 | 106461 | 100714 | **529300** | **105860** |
| TC - Zinc conc |  | -16257 | -11138 | -13657 | -13673 | -14380 | **-69105** | **-13821** |
| TC - Lead conc |  | -3698 | -4162 | -4428 | -3700 | -2932 | **-18919** | **-3784** |
| RC - Lead conc |  | -449 | -882 | -896 | -771 | -538 | **-3535** | **-707** |
| Land freight |  | -2193 | -2019 | -2360 | -2239 | -2192 | **-11002** | **-2200** |
| Net smelter return |  | 84491 | 83319 | 92178 | 86079 | 80672 | **426739** | **85348** |
| Mining costs |  | -22828 | -24592 | -23971 | -22927 | -27454 | **-121772** | **-24354** |
| Processing costs |  | -13766 | -13842 | -13842 | -13842 | -14053 | **-69346** | **-13869** |
| G&A costs |  | -6050 | -6063 | -6063 | -6063 | -4257 | **-28496** | **-5699** |
| **EBITDA** |  | **41847** | **38822** | **48302** | **43247** | **34908** | **207126** | **41425** |
| Sustaining capex |  | -11475 | -14127 | -12651 | -26982 | -5215 | **-70450** | **-14090** |
| Initial capex | -54853 |  |  |  |  |  | **-54853** | **-** |
| Land & salvage value |  |  |  |  |  | 12281 | **12281** | **12281** |
| **Pre-tax free cash flow** | **-54853** | **30372** | **24695** | **35650** | **16266** | **41974** | **94103** | **29791** |
| Taxes | -511 | -1394 | -1382 | -2218 | -1155 | -1224 | -7884 | **-1475** |
| **Free cash flow** | **-55364** | **28978** | **23313** | **33432** | **15111** | **40750** | **86219** | **28317** |
| **NPV (5%)** | **62826** |  |  |  |  |  |  |  |
| **NPV (8%)** | **51813** |  |  |  |  |  |  |  |
| **IRR (%)** | **36.00%** |  |  |  |  |  |  |  |
| **Payback (years)** | **2.1** |  |  |  |  |  |  |  |

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**Table 1-4 Sensitivity Analysis**

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*Property Description and Ownership*

The Bunker Hill Mine is located in Shoshone County, Idaho with portions of the Mine located within the cities of Kellogg and Wardner, Idaho in northwestern USA. The Kellogg Tunnel, which is the main access to the Mine, is located at 47.53611°N latitude, 116.1381W longitude. The approximate elevation for the above cited coordinates is 2366 ft.

On December 15, 2021, we signed a Purchase and Sale Agreement (PSA) with Placer Mining Corporation and both William and Shirley Pangburn to acquire full ownership of the subsequently listed mineral titles in addition to other surface rights and real property associated with land and structures of the Bunker Hill Mine.

On January 7, 2022, we closed the purchase of the Bunker Hill Mine. Mine assets were purchased for $7,700,000, with $300,000 of previous lease payments and a deposit of $2,000,000 applied to the purchase, resulting in cash paid at closing of approximately $5,400,000. The EPA obligation of $19,000,000 was assumed by us as part of the acquisition.

*Geology and Mineralization*

The Northern Idaho Panhandle Region in which the Bunker Hill Mine is underlain by the Middle Proterozoic-aged Belt-Purcell Supergroup of fine-grained, dominantly siliciclastic sedimentary rocks, which extends from western Montana (locally named the Belt Supergroup) to southern British Columbia (locally named the Purcell Supergroup) and is collectively over 23,000 feet in total stratigraphic thickness.

Mineralization at the Bunker Hill Mine is hosted almost exclusively in the Upper Revett formation of the Ravalli Group, a part of the Belt Supergroup of Middle Proterozoic-aged, fine-grained sediments. Geologic mapping and interpretation progressed by leaps and bounds following the recognition of a predictable stratigraphic section at the Bunker Hill Mine and enabled the measurement of specific offsets across major faults, discussed in the following section. From an exploration and mining perspective, there were two critical conclusions from this research: all significant mineralized shoots are hosted in quartzite units where they are cut by vein structures, and the location of the quartzite units can be projected up and down section, and across fault offsets, to target extensions and offsets of known mineralized shoots and veins.

Mineralization at Bunker Hill Mine falls in four categories, described below from oldest to youngest events:

**Bluebird Veins (BB):** W–NW striking, SW-dipping, variable ratio of sphalerite-pyrite-siderite mineralization. Thick, tabular cores with gradational margins bleeding out along bedding and fractures.

**Stringer/Disseminated Zones:** Disseminated, fracture controlled and bedding controlled blebs and stringer mineralization associated with Bluebird structures, commonly as halos to vein-like bodies or as isolated areas where brecciated quartzite beds are intersected by the W-NW structure and fold fabrics.

**Galena-Quartz Veins (GQ):** E to NE striking, S to SE dipping, quartz-argentiferous galena +/-siderite-sphalerite-chalcopyrite-tetrahedrite veins, sinuous-planar with sharp margins, cross-cut Bluebird veins.

**Hybrid Zones:** Formed at intersections where GQ veins cut BB veins, with open space deposition of sulfides and quartz in the vein refraction in quartzite beds, and replacement of siderite in the BB vein structure by argentiferous galena from the GQ vein.

*Environmental Studies and Permitting*

Because the Mine is on patented mining claims (privately-owned land), only a limited number of permits are required for mining and milling operations. These relate to (1) air quality and emissions from crushing, milling and processing and (2) any refurbishment of surface buildings that may require construction permits.

The Bunker Hill Mine is located within the Bunker Hill Superfund site (EPA National Priorities Listing IDD048340921). Cleanup activities have been completed in Operable Unit 2 of the Bunker Hill Superfund Site where the Mine is located, though water treatment continues at the Central Treatment Plant (the "CTP") located near Bunker Hill Mine. The CTP is owned by the EPA and is operated by its contractors.

We entered into a Settlement Agreement and Order on Consent with the EPA and the DOJ on May 14, 2018. Section 9, Paragraph 33 of that agreement stipulates that BHMC must obtain a National Pollutant Discharge Elimination System ("NPDES") permit for effluent discharged by Bunker Hill Mine by May 14, 2023. This obligation currently exists and will be reviewed at a point in time when restart activities are planned to occur.

We will initiate a voluntary Environmental, Social and Health Impact Assessment ("ESHIA") for the activities described in the Technical Report Summary and for our business model as a whole. We intend to complete such a study that will conform with ISO, IFC, and GRI standards after receiving all of our required operational and environmental permits.

*Metallurgical Testing*

Resource Development Inc. (Rdi) initiated metallurgical test work on three samples designated Newgard, Quill and Utz, with the primary objective of determining the process flowsheet and the metal recoveries and concentrate grades. Flotation testing was completed through locked-cycle testing, the results of which are displayed in table 1-5

**Table 1-5 Summary of Locked-Cycle Flotation Test Results**

The open-cycle and locked-cycle tests were completed at a primary grind of P<sub>80</sub> 270 mesh for rougher flotation. Rougher scavenger flotation was included in both the lead and zinc circuits to increase the amount of value sent to the cleaner stages. Regrind of the lead rougher concentrate with a pebble mill was completed to a particle size of approximately P<sub>80</sub> 400 mesh for cleaner flotation. No regrind was completed with the zinc rougher concentrate.

We have contracted SGS Canada Inc (SGS) to conduct a metallurgical study to further evaluate and optimize metal recovery for the Bunker Hill Mine. The primary objective of the test program is to complete metallurgical test work to improve met results over the Pre-feasibility Study (PFS) performed by Rdi for the Bunker Hill Mine.

**Figure 1-1 Locked-Cycle Test Process Flowsheet**

![](forms-1_006.jpg)

*Mining Method*

Long-hole stoping with fill (LHOS), cut-and-fill and possibly room-and-pillar mining with fill are the only methods viable for sustained operations today. LHOS is the preferred mining method with limited cut-and-fill mining at Bunker Hill Mine. Room-and-pillar mining is not in the current plan. Timbered ground support has been replaced with newer ground support technology of rock bolts, mesh, shotcrete and steel sets as required.

Beginning in October of 2021 and completed in April of 2022, we conducted a geotechnical investigation of the underground conditions at the Bunker Hill Mine. Data collection involved a data analysis of rock quality designation (RQD) values logged with previous exploration drilling, geotechnical logging of recently drilled rock cores and an extensive investigation of pre-existing underground excavations and development. Ground conditions are generally good to excellent at Bunker Hill Mine and the rest of the mines in the Silver Valley. Bunker Hill Mine does not have a history of rock burst events that are frequent in the deeper mines to the east.

*Recovery Methods*

We plan to reconstruct a crush-grind-flotation-concentration mill from the nearby Pend Oreille mine in northern Washington on the Bunker Hill Kellogg Mine Yard. The future structures to house the grind-flotation-concentration circuit, the secondary crushing circuit and concentrate storage facilities will need to be constructed.

The process consists of a primary and secondary ore crushing circuit, then a primary grinding circuit followed by two separate flotation circuits to recover lead, zinc, silver and gold into two separate concentrate products: a lead, silver, gold concentrate and a zinc concentrate. Approximately 648,000 short tons of ore will be processed a year at a rate of 1,800 short tons per day (stpd), or 79 short tons per hour (stph) at 95% availability.

**Figure 1-2 Bunker Hill Process Flowsheet**

*Current Exploration and Development*

We have a rare exploration opportunity available at the Bunker Hill Mine and have embarked on a new path to fully maximize the potential. A treasure trove of geologic and production data has been organized and preserved in good condition in the mine office since the shutdown of major mine operations in the early 1980s. This data represents 70+ years of proper scientific data and sample collection, with high standards of accuracy and precision that were generally at or above industry standards at the time.

We saw the wealth of information that was available but not readily usable and embarked on a scanning and digitizing program. From this, we were able to build a three-dimensional ("3D") digital model of the mine workings and 3D surfaces and solids of important geologic features. To add to this, all the historic drill core lithology logs and assay data (>2900 holes) was entered into a database and imported with the other data into Maptek Vulcan 3D software.

In addition to both continued geologic digitization and the completed 2021 exploration drill program, we have performed a geophysical survey over the summer of 2021. The survey was conducted as a ground geophysical 3DIP survey through DIAS Geophysical Ltd out of Saskatoon, Saskatchewan.

*Conclusions*

The Pre-Feasibility level analyses demonstrates that the restart of the Bunker Hill Mine can reasonably be expected to generate a positive return on investment with an after-tax internal rate of return (IRR) of 36% based on the reserves presented. It is reasonable to expect the conversion of inferred resources to indicated resources and indicated resources to measured resources to continue. Inferred mineral resources are considered too geologically speculative to have economic considerations applied to them to be classified as a mineral reserve.

The Technical Report Summary is based on all available technical and scientific data available as of August 29, 2022. Mineral resources are considered by the Qualified Persons to meet the reasonable prospects of eventual economic extraction due two main factors: (1) cut-off grades are based on scientific data and assumptions related to the project and (2) mineral resources are estimated only within blocks of mineralization that have been accessible in the past by mining operations as well as by using generally accepted mining and processing costs that are similar to many projects in Idaho.

*Recommendations*

Continued analysis and interpretation of the geophysical survey results should aid to guide future exploration activities outside of historical mine working areas. Additional exploration drilling, with the advancement of underground mine development, is also advised due to the proximity of future development to under-explored areas of historical workings. Continued digitization and interpretation of historical mapping and research will aid to guide future underground and surface exploration activities.

Completion of issued for construction (IFC) level drawings for the mineral processing facilities is recommended.

Completion of IFC-level engineering drawings related to the paste backfill plant are recommended. Final tails product material generated from additional metallurgical testing will work to optimize binder compositions and have the potential to reduce backfill operating expenses or costs.

Additional geotechnical studies are recommended with the advancement of underground development. Continued geotechnical diamond drilling associated with future resource delineation and exploration drilling activities will provide a better sample set for rock strength testing and geotechnical logging. Future underground development will also allow for the investigation of previously mined areas and association of historical span allowances based on previous ground support methods.

Additional resource delineation and conversion drilling and mine block modeling should continue to increase the conversion of inferred resources to indicated resources.

**Table 1-6 Proposed Work Program to Advance Bunker Hill**

---

| | |
|:---|:---|
| **Activity** | **Amount<br> ($ in millions)** |
| Geophysical Interpretation and Additional Geophysics | $0.05 |
| Environmental Studies | $0.03 |
| Geotechnical Studies | $0.15 |
| Mill and Process Plant Engineering | $1.70 |
| Hydraulic Backfill and Tailing Placement Engineering | $0.50 |
| **Total Recommended Budget** | $**2.43** |

---

*Project Infrastructure*

The Bunker Hill Mine complex is a mature mine with much of the underground infrastructure and development still in place. The mill, smelter and tailing impoundment have been removed, and these sites have been reclaimed. Part of the reclamation included surface water diversion structures, which are still in use and are maintained in good condition. The original Bunker Hill Mine offices, car and maintenance shops, and change house are located near the Kellogg Tunnel (KT) portal and are in serviceable condition.

The Bunker Hill Mine is located in Kellogg, Idaho, along the Interstate 90 corridor on the west side of what is traditionally known as the Silver Valley. It is 60 miles from the Spokane, Washington airport to the west and 125 miles to the Missoula, Montana airport to the east. The Silver Valley of north Idaho is a desirable place to live and is home to an enthusiastic and talented underground mining work force.

Mine power requirements have been met and completed with the Avista Kellogg substation, located next to our main offices supplying power to the Mine and other local consumers. There are two existing distribution lines now supplying the Mine from the Kellogg Avista substation. One feeds the surface mine facilities and the underground loads from the Kellogg side, and the other feeds the Wardner mine yard and facilities. The current three-phase 2.5 kilovolt (kV) mine distribution system on the Kellogg side was upgraded to three-phase 13.2kV during the year ended December 31, 2023.

Mine discharge water now gravity drains out the nine-level through the Kellogg Tunnel via a ditch adjacent to the rail line to the portal. It is then routed to a water treatment plant constructed by the EPA and currently operated by the IDEQ.

We commissioned Patterson & Cooke North America to perform tradeoff studies for costing and operating the mine backfill and tailing placement facilities. Results from the tradeoff studies led to the location of the plant on surface, both adjacent to the mill and at Wardner. Tailings thickening will take place inside the mill/process facility building, with the underflow being pumped to the tailings filtration plant located adjacent to the mill/process building. Vacuum filtration will take the thickened tailings and produce a filter cake material, which will be deposited and stored in a load-out facility at the plant. A surface loader will transfer the filter cake tailings into overland haul trucks to deliver the material up to the Wardner side of operations along the return route from run-of-mine (ROM) ore haulage. Once delivered to the storage facility at Wardner, material will be loaded into the paste plant, combined with an ordinary cement binder, and subsequently pumped underground via a reticulated piping system.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**SPECIAL NOTE OF CAUTION REGARDING FORWARD-LOOKING STATEMENTS**

*Certain statements in this report, including statements in the following discussion, are what are known as "forward looking statements," which are basically statements about the future. For that reason, these statements involve risk and uncertainty since no one can accurately predict the future. Words such as "plans," "intends," "will," "hopes," "seeks," "anticipates," "expects" and the like often identify such forward looking statements, but are not the only indication that a statement is a forward-looking statement. Such forward looking statements include statements concerning our plans and objectives with respect to our present and future operations, and statements which express or imply that such present and future operations will or may produce revenues, income or profits. Numerous factors and future events could cause us to change such plans and objectives or fail to successfully implement such plans or achieve such objectives, or cause such present and future operations to fail to produce revenues, income or profits. Therefore, the reader is advised that the following discussion should be considered in light of the discussion of risks and other factors contained in this report and in our other filings with the SEC. No statements contained in the following discussion should be construed as a guarantee or assurance of future performance or future results.*

 

**Background and Overview**

Our focus is the development and restart of our 100% owned flagship asset, the Bunker Hill Mine, in Idaho, USA. The Mine remains the largest single producing mine by tonnage in the Silver Valley region of northwest Idaho, producing over 165 million ounces of silver and 5 million tons of base metals between 1885 and 1981. The Bunker Hill Mine is located within Operable Unit 2 of the Bunker Hill Superfund site (EPA National Priorities Listing IDD048340921), where cleanup activities have been completed.

Since early 2020, we have conducted multiple exploration campaigns, published multiple economic studies and mineral resource estimates, and advanced the rehabilitation and development of the Mine. In December 2021, we announced a project finance package with Sprott, an amended Settlement Agreement with the EPA, and the purchase of the Bunker Hill Mine. In 2022, we completed the purchase of a package of equipment and parts inventory from Teck's Pend Oreille operation. The package comprises substantially all the mineral processing equipment including complete crushing, grinding and flotation circuits suitable for a planned ~1,500 ton-per-day operation at our site, and total inventory of components and parts for the mill, assay lab, conveyer, field instruments, and electrical spares.

We moved into the development stage concurrent with (i) purchasing the Mine and a process plant, (ii) completing successive technical and economic studies, including a Prefeasibility Study, (iii) delineating mineral reserves, and (iv) conducting the program of activities to restart the Mine.

In June 2025, we closed the Brokered Offering and Non-Brokered Offering, and received cash consideration of approximately US$6.2 million and US$20.5 million, respectively. In June 2025, we also closed the Capital Restructuring Transactions, pursuant to which, among other things, we amended the Debt Facility with Sprott Streaming, which allowed us to reduce the principal amount under the Debt Facility from US$21 million to US$15 million.

The Bunker Hill Mine restart is expected to take place in 2026. However, the estimated timing of Bunker Hill Mine restart is subject to change based on factors beyond our control, including but not limited to supply chain dynamics.

**Results of Operations**

The following discussion and analysis provide information that is believed to be relevant to an assessment and understanding of our results of operation and financial condition for the years ended December 31, 2024, and 2023, and the three-month periods ended March 31, 2025, and March 31, 2024. Unless otherwise stated, all figures herein are expressed in U.S. dollars, which is our functional currency.

***Comparison of the year ended December 31, 2024, and the year ended December 31, 2023***

 ****

Revenue

During the years ended December 31, 2024, and December 31, 2023, we generated no revenue.

Expenses

During the years ended December 31, 2024, and December 31, 2023, we reported total operating expenses of $15,649,142 and $11,600,574, respectively. The increase in total operating expenses was primarily due to an increase in the volume of transactions and employee head count associated with construction of the process plant commencing in the year ended December 31, 2024.

Net Income and Comprehensive Income

We experienced a net loss of $25,341,623 for the year ended December 31, 2024 (compared to a net loss of $13,432,539 for the year ended December 31, 2023). In addition to the increase in operating expenses (as described above), net loss for the year ended December 31, 2024 was impacted by an increase in interest expense of $966,885 ($8,091,412 for the year ended December 31, 2024 compared to $7,124,527 for the year ended December 31, 2023), and $nil of gain on debt settlement for the year ended December 31, 2024 compared to $7,151,873 of gain on debt settlement relating to the conversion of the royalty convertible debentures into a royalty during the year ended December 31, 2023. A loss on fair value of the convertible debentures of $890,258 was recognized for the year ended December 31, 2024, compared to a gain on fair value of the convertible debentures of $1,673,776 for the year ended December 31, 2023. Additionally, the year ended December 31, 2024, included $2,820,533 loss on revaluation of the Silver Loan due to updated key assumptions such as commodity prices (compared to $nil for the year ended December 31, 2023). During the year ended December 31, 2024, we incurred a loss of $924,820 from the sale of equipment (compared to $nil for the year ended December 31, 2023) and a gain on in derivative liabilities of $838,378 in the year ended December 31, 2024 compared to a gain of $2,360,025 in the year ended December 31, 2023 (driven by the decrease in remaining contractual life of the warrants issued and outstanding). Net loss for the year ended December 31, 2024, included a current tax expense of $1,050,000 compared to $nil for the year ended December 31, 2023.

Our net loss for the year ended December 31, 2024 was partially offset by (i) a gain on debt modification of $1,308,062 for the year ended December 31, 2024 compared to a loss on debt modification of $99,569 for the year ended December 2023 and (ii) a decrease in the loss on modification of debt of $2,898,956 relating to the revaluation of the stream ($230,000 for the year ended December 31, 2024 compared to $3,128,956 for the year ended December 31, 2023). Net loss for the year ended December 31, 2024, included a deferred tax recovery of $2,588,590 compared to deferred tax expense of $2,588,590 for the year ended December 31, 2023. Current income tax expense for the year ended December 31, 2024, $1,050,000 ($nil for the year ended December 31, 2023) relates to the proceeds of the stream debenture which are classified as income under the internal revenue code. We elected to defer the income, one year to 2024, in which most of the income was offset by losses incurred in the current year and previous years.

We had a comprehensive loss of $29,152,646 and $12,877,752 for the year ended December 31, 2024, and December 31, 2023, respectively. Comprehensive (loss) income for the year ended December 31, 2024, and December 31, 2023, is inclusive of a ($3,811,023) and $554,787 change in fair value on own credit risk, respectively.

***Comparison of the three months ended March 31, 2025, and 2024***

Revenue

During the three months ended March 31, 2025, and 2024, respectively, we generated no revenue.

Expenses

During the three months ended March 31, 2025, and 2024, we reported total operating expenses of $2,909,374 and $3,787,631, respectively. The decrease in total operating expenses was primarily due to a decrease in the volume of transactions associated with construction of the process plant during the quarter ended March 31, 2025.

Net Income and Comprehensive Income

We experienced a net loss of $6,346,213 for the three months ending March 31, 2025 (compared to $5,582,036 for the three months ended March 31, 2024). The net loss for the three months ended March 31, 2025, was impacted by a loss on revaluation of the Silver Loan of $6,068,932 compared to $nil respectively for the three months ended March 31, 2024. The period ended March 31, 2025, included a gain in derivative liability of $462,763 (loss of $263,943 for the three months ended March 31, 2024) which was driven by warrants with an exercise price less than the market price of Bunker Hill Mining Corp's closing price on March 31, 2025, nearing their expiry. The three months ended March 31, 2025, included a $4,699,460 gain ($217,000 loss for the three months ended March 31, 2024) on the revaluation of the stream debenture due to updated key assumptions such as commodity prices and timing of production. The three months ended March 31, 2025, included interest income of $63,329 (compared to $291,330 for the three months ended March 31, 2024), a decrease from the comparable period as cash and restricted cash balances were lower.

We had a comprehensive loss of $4,313,671 for the three months ended March 31, 2025 ($5,293,664 for the month three ended March 31, 2024). Comprehensive income for the three months ending March 31, 2025, is inclusive of a $2,032,542 gain on change in fair value on own credit risk ($288,372 for the three months ended March 31, 2024).

**Liquidity and Capital Resources**

***Going Concern***

 ****

These consolidated financial statements have been prepared on a going concern basis. We have incurred losses since inception resulting in an accumulated deficit of $116,712,934 and further losses are anticipated in the development of its business. We do not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment on certain current liabilities and/or raising additional funds. Our ability to continue as a going concern is dependent upon our ability to complete a near term financing, as well as generate profitable operations in the future and to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. The accompanying condensed interim consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event we cannot continue in existence.

***Current Assets and Total Assets***

As of March 31, 2025, we had total current assets of $6,806,787, compared to total current assets of $9,332,639 at December 31, 2024 – a decrease of $2,525,852; and total assets of $102,926,078 at March 31, 2025, compared to total assets of $97,601,550 at December 31, 2024 – an increase of $5,324,528. During the three months ended March 31, 2025, our current assets decreased due to cash expenditures on the process plant and additions to the Bunker Hill Mine. Total assets increased primarily as a result of investing activities in the process plant as well as the Bunker Hill Mine improvements, which was partially offset by the decrease in cash.

***Current Liabilities and Total Liabilities***

As of March 31, 2025, our total current liabilities of $24,980,063 and total liabilities of $158,201,429, compared to total current liabilities of $29,644,412 and total liabilities of $149,736,915 at December 31, 2024. Total liabilities increased primarily due to the $11 million drawdown on the Sprott Streaming Debt Facility, the issuance and $3.1 million drawdown on the SP Note, and the $6.1 million revaluation of the Silver Loan, which was somewhat offset by the accretion of the stream debenture and a decrease in accounts payable and accrued liabilities due to timing of invoices and payments.

***Working Capital and Stockholders' Deficit***

As of March 31, 2025, we had a working capital deficit of $18,173,276 and shareholders' deficiency of $55,275,351, compared to $20,311,773 and $52,135,365, respectively, as of December 31, 2024. The working capital deficit as of March 31, 2025, was primarily due to cash expenditures on the process plant and additions to the Bunker Hill Mine. The shareholders' deficiency increased primarily due to the net loss for the period ended March 31, 2025.

Based on our limited cash resources and history of losses, our existing cash resources are insufficient to sustain operations for the next 12 months as a going concern. On a medium to long term basis, we are pursuing a possible debt funding package from the Export-Import Bank of the United States ("EXIM"), potential future equity financings and other strategic initiatives. However, there is no assurance that we will be able to successfully complete these financings and/or strategic transactions. Accordingly, there is substantial doubt as to whether existing cash resources and working capital are sufficient to enable us to continue our operations for the next 12 months as a going concern. Ultimately, if we are unable to secure sufficient additional financial resources, we will need to curtail or suspend its development or operations plans regarding the Bunker Hill Mine. The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern. Our consolidated financial statements do not give effect to any adjustments required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying Financial Statements. Such adjustments could be material.

***Cash Flow***

During the year ended December 31, 2024, we had a net cash decrease of $18,317,319, primarily due to cash expenditures on the process plant, purchasing of equipment, and additions to the Bunker Hill Mine, offset by $32,740,264 of cash provided by financing activities relating to the issuance of the Silver Loan.

During the three months ended March 31, 2025, we had a net cash decrease of $2,929,739, primarily due to cash expenditures on the process plant, and additions to the Bunker Hill Mine, offset by $11,000,000 of cash provided by financing activities relating to drawings on the loan facility and $3,095,097 relating to the issuance of the SP Note.

**Subsequent Events**

***RSU Amendments***

On May 1, 2025, our Board approved an amendment to the vesting schedule of certain RSUs previously granted to certain directors and officers of the Company under the Company's amended and restated restricted stock unit incentive plan (the "RSU Plan") on November 2, 2022, July 4, 2023 and March 13, 2024, such that an aggregate of 5,562,419 RSUs granted to such directors, officers and employees vested on June 1, 2025 rather than on May 1, 2025. All other terms of such RSUs remain the same.

**Share Issuance**

On April 14, 2025, the Company issued 187,500 shares of our common stock in connection with its election to satisfy interest payments under the outstanding convertible debentures for the three months ended March 31, 2025.

On June 5, 2025, we closed the Equity Offerings, pursuant to which, we issued an aggregate of 252,215,751 Units at the Offering Price. Under the Brokered Offering, 56,921,096 Units were sold at the Offering Price by the Agents. In the Non-Brokered Offering, we issued 195,294,655 Units to Teck at the Offering Price.

***Capital Restructuring Transactions***

*Offtake Amendments*

 

On June 5, 2025, in connection with the closing of the Non-Brokered Offering, we and Teck agreed to amend the existing Zinc and Lead Offtake Agreements and entered into the Zinc Offtake Amendment and Lead Offtake Amendment.

*Amendment of Existing Convertible Debentures*

On June 5, 2025, we and Sprott Streaming entered into the Series 1 CDs and Series 2 CDs. Pursuant to the Series 1 CDs, (i) the rate of interest of the Series 1 convertible debentures has been reduced from 7.5% to 5.0% per annum, (ii) the current conversion price, being the U.S. dollar equivalent of C$0.30 per share of our common stock, has been reduced to equal the Offering Price, and (iii) certain prepayment and conversion terms were amended. Pursuant to the Series 2 CDs, (i) the rate of interest of the Series 2 CDs have been reduced from 10.5% to 5.0% per annum, (ii) the current conversion price, being the U.S. dollar equivalent of C$0.29 per share of our common stock, have reduced to equal the Offering Price, and (iii) certain prepayment and conversion terms were amended.

*Amendments of Existing Royalty*

On June 5, 2025, in addition to the amendment of the Second Royalty, we amended the First Royalty previously granted to Sprott Streaming, which applies to certain primary, residual and other claims comprising the Bunker Hill Mine. As a result of such amendment, the First Royalty has been consolidated into one 1.85% life-of-mine gross revenue royalty applying to both primary and secondary claims comprising the Bunker Hill Mine.

*Amendment to the Debt Facility*

On June 5, 2025, in connection with the Capital Restructuring Transactions, we and Sprott Streaming amended the Debt Facility to (i) reduce the outstanding principal amount under the Debt Facility from US$21 million to US$15 million, (ii) increase the secondary claims percentage under the additional royalty (the "Second Royalty"), which amendment is also reflected in an amending agreement to the Second Royalty, and (iii) cancel the royalty buyback option granted to us thereunder, which amendment is also reflected in the amending agreement to the Second Royalty. In addition, the Debt Facility was amended to include an option, at our election, to settle any accrued and unpaid interest through the issuance of shares of our common stock, subject to the prior approval of the TSX-V.

*Sprott Stream Conversion*

On June 5, 2025, the Metals Purchase Agreement was terminated, and we and Sprott Streaming entered into the Exchange Agreement, pursuant to which (i) we issued 200,000,000 shares of our common stock to Sprott Streaming; (ii) we entered into the Series 3 CDs, and (iii) we entered into the New Royalty.

*Sprott Streaming Debt Settlements*

On June 5, 2025, we and Silver Valley entered into the Debt Settlement Agreements with Sprott Streaming, pursuant to which an aggregate of 63,690,476 shares of our common stock were issued to Sprott Streaming at the Offering Price in full satisfaction of (i) US$487,500 of unpaid interest under the secured convertible debentures held by Sprott Streaming, and (ii) US$6,200,000, consisting of the principal amount of US$6 million previously advanced to us under the Debt Facility, together with an aggregate of US$200,000 of interest accrued thereon.

*Amendments to the Monetary Metals Silver Loan*

 

On June 5, 2025, in connection with the Transactions, we and Silver Valley entered into (i) an amendment to the MM NPA, and (ii) an amendment to the MM Note, each with Monetary Metals to, amongst other things, (A) reduce the rate at which advances under the MM NPA bear interest from 15% to 13.5% per annum, (B) clarify the calculation of the cash flow sweep, (C) extend the availability date for advances thereunder from January 31, 2025 to June 30, 2025, and (D) in connection with any further advances, provide for the issuance of bonus warrants in such number and on such terms as to be agreed upon between the parties before issuance and subject to prior approval of the TSX-V. In any event, the number of bonus warrants issued or issuable to Monetary Metals will not exceed, in the aggregate, the maximum of 3,000,000 allowable under the MM NPA. The MM NPA and the MM Note are secured by security interests over all our and Silver Valley's assets, properties and undertakings, in form and scope similar to the security held by Sprott Streaming and the security held by Teck.

*Amendments to Existing Security and Intercreditor Arrangements*

 

Pursuant to existing security arrangements, we have granted security interests to the Original Intercreditor Parties over all of our and Silver Valley's assets, properties and undertakings. On June 5, 2025, in connection with the existing security and intercreditor arrangements among the Original Intercreditor Parties and us, the parties amended and restated such arrangements to, among other things, (i) reflect the termination of the Metals Purchase Agreement and other applicable Capital Restructuring Transactions; (ii) defer certain royalty payments and restrict early principal prepayments on certain outstanding debt obligations of ours for so long as amounts are outstanding under the SP Facility, as described above; (iii) allow for the first priority security in favor of Teck over certain inventory and accounts receivable in connection with the SP Facility; and (iv) account for Teck under such arrangements.

*Sprott Investor Rights Agreement*

 

On June 5, 2025, we entered into the Sprott IRA with Sprott Streaming pursuant to which, among other things, Sprott Streaming has the right to appoint one nominee (or an observer) to the Board, subject to certain customary exceptions.

In connection with the transactions described herein (including the Sprott Subscription), Sprott Streaming was issued an aggregate of 259,802,380 shares of our common stock, 5,000,000 Warrants and convertible debentures of which the principal amount is convertible into up to 38,320,000 shares of our common stock. As a result, Sprott Streaming now owns or exercises control over approximately 29.6% of the issued and outstanding shares of our common stock (or, assuming the exercise of all warrants and the conversion of the full principal amount of the convertible debentures now held by Sprott, approximately 39.1% on a partially diluted basis) and is considered a "Control Person" of us. We obtained the Stockholder Consent for, among other things, the restructuring transactions with Sprott Streaming and the Sprott Subscription, including the creation of Sprott Streaming as a Control Person of us, in satisfaction of the applicable shareholder approval requirements of the TSX-V.

*Additional Debt Settlements*

 

We and Silver Valley have agreed to settle outstanding receivables and other amounts owing (including, where applicable, accrued and unpaid interest thereon) in aggregate amounts of approximately US$80,000, US$3,072,254 and C$195,000 with certain creditors, contractors, and directors, respectively, of ours or Silver Valley through the issuance of equity securities at the Offering Price. On June 5, 2025, concurrently with the closing of the Equity Offerings, we entered into Debt Settlement Agreements (with such creditors, contractors, and directors in order to preserve its cash for the potential restart and ongoing development of the Bunker Hill Mine.

In connection with the Debt Settlements, we issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 761,904
 Units to MineWater, as further described herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 257,379
 shares of our common stock to the Participating Directors for the Director Services for the
 period beginning on March 1, 2025, and ending on April 30, 2025. Given that the amounts
 owed for the Director Services exceed the limits under the TSX-V policies in respect of debt
 settlements to non-arm's length parties (being a maximum of C$5,000 per person and,
 in the aggregate, C$10,000 per issuer), we obtained shareholder approval under the Stockholder
 Consent for the issuance of shares of our common stock to the Participating Directors prior
 to issuance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 30,302,181
 Units to certain other arm's length creditors or contractors of ours to settle certain
 other outstanding receivables and other amounts owing in the aggregate amount of approximately
 US$3,072,254.

Each Unit issued pursuant to the Debt Settlements consisted of one share of our common stock and one-half of Warrant, with each whole Warrant exercisable for one additional Warrant Share at an exercise price of C$0.25 per Warrant Share for a period of three years following the date of issuance. The Participating Directors, each being a Non-Arm's Length Party (as such term is defined in the policies of the TSX-V), received shares of our common stock in lieu of Units. We satisfied the shareholder approval requirements of the TSX-V applicable to the issuance of shares of our common stock to the Participating Directors, as Non-Arm's Length Parties, by way of the Stockholder Consent.

*Equity Payment*

 

On June 5, 2025, we, Silver Valley and C&E entered into the Equity Payment Agreement, pursuant to which we issued 4,761,905 Units to C&E at a deemed price equal to the Offering Price to satisfy US$500,000 of the purchase price payable under the Option Agreement. Each Unit issued pursuant to the Equity Payment Agreement consists of one share of our common stock and one-half of one Warrant, with each whole Warrant exercisable for one additional Warrant Share at an exercise price of C$0.25 per Warrant Share for a period of three years following the date of issuance, being June 5, 2028.

*Amended and Restated Articles of Incorporation*

 

On June 5, 2025, in connection with the Transactions, we adopted the A&R Articles which, among other things, increased the total number of shares of capital stock that we are authorized to issue from 1,510,000,000 shares to 2,510,000,000 shares and make certain other non-substantive amendments. We obtained shareholder approval of the A&R Articles pursuant to the Stockholder Consent.

**Critical Accounting Estimates**

The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Estimates and judgments are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual outcomes can differ from these estimates. The key sources of estimation uncertainty that have a significant risk of causing material adjustment to the amounts recognized in the financial statements are:

***Share-based Payments***

Management determines costs for share-based payments using market-based valuation techniques. The fair value of the share awards and warrant liabilities are determined at the date of grant using generally accepted valuation techniques and for warrant liabilities at each balance sheets date thereafter. Assumptions are made and judgment is used in applying valuation techniques. These assumptions and judgments include estimating the future volatility of the stock price and expected dividend yield. Such judgments and assumptions are inherently uncertain. Changes in these assumptions affect the fair value estimates.

***Convertible Loans, Promissory Notes, Stream Obligation and Warrants***

 ****

Estimating the fair value of derivative warrant liability requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the issuance. This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the warrants derivative liability, volatility and dividend yield, and making assumptions about them.

The fair value estimates of the convertible loans use inputs to the valuation model that include risk-free rates, equity value per share of common stock, USD-CAD exchange rates, expected equity volatility, discount for lack of marketability, credit spread.

The stream obligation inputs used to determine the future cash flows and effective interest for the amortized cost calculation include futures prices of minerals and expected mineral production over the life of the mine.

The fair value estimates of the Silver Loan use inputs to the valuation model that include risk-free rates, spot and futures prices of minerals, and expected volatility in minerals prices.

The fair value estimates may differ from actual fair values, and these differences may be significant and could have a material impact on our balance sheets and the consolidated statements of operations. Assets are reviewed for an indication of impairment at each reporting date. This determination requires significant judgment. Factors that could trigger an impairment review include, but are not limited to, significant negative industry or economic trends, interruptions in exploration activities or a significant drop in precious metal prices.

***Accrued Liabilities***

 ****

We have to make estimates to accrue for certain expenditures due to a delay in receipt of third-party vendor invoices. These accruals are made based on trends, history, and knowledge of activities. Actual results may be different.

We make monthly estimates of our water treatment costs, with a true-up to the annual invoice received from the IDEQ. Using the actual costs in the annual invoice, we will then reassess our estimate for future periods. Given the nature, complexity and variability of the various actual cost items included in the invoice, we have used the most recent invoice as our estimate of the water treatment costs for future periods.

***Incremental Borrowing Rate***

We estimate the incremental borrowing rate to determine the present value of future lease payments. Actual results may be different from estimates.

***Borrowing Cost Capitalization rate***

 ****

We make estimates to determine the percentage of borrowing costs that are capitalized into property plant and equipment. Actual results may be different.

**Off-Balance Sheet Arrangements**

We have no off-balance sheet arrangements.

**DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE**

**Directors and Executive Officers**

The following table sets forth our directors, executive officers, their ages, and all offices and positions held as of December 31, 2024. Directors are elected for a period of one year and thereafter serve until their successor is duly elected by the stockholders and qualified. Officers and other employees serve at the will of our Board.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Position Held with Us** | **Age** | **Date First Elected or Appointed** |
| Sam Ash | President, CEO and Director | 46 | April 14, 2020 |
| Richard Williams | Executive Chairman and Director | 58 | March 27, 2020 |
| Gerbrand van Heerden | CFO and Corporate Secretary | 48 | November 1, 2023 |
| Mark Cruise | Director | 54 | June 30, 2022 |
| Cassandra Joseph | Former Director | 53 | November 2, 2020 |
| Kelli Kast | Director | 58 | October 1, 2024 |
| Dickson Hall | Director | 72 | January 5, 2018 |
| Pamela Saxton | Director | 72 | October 30, 2020 |
| Paul Smith\* | Director | 54 | July 5, 2023 |

---

\*On June 5, 2025, Paul Smith resigned as a member of the Board effective immediately. Mr. Smith did not advise the Company that his resignation resulted from any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Mr. Smith was the Chair of the Growth Committee of the Board.

**Biographical Information**

***Sam Ash*** was a Partner at Barrick Gold Corp. ("Barrick") from 2015 to 2018 and held various roles over a nine-year tenure between 2009 and 2018. His role at Barrick included three years as General Manager of the Lumwana Copper Mine in Zambia (2016–2018), Technical Support Manager to Barrick's Copper Business Unit (2014–2016), General Support Manager on the Cortez Mine in Nevada (2012–2014) and Chief Engineer leading the roll-out of new Underground Mining standards in the USA and Tanzania (2011–2012). Prior to his time at Barrick, Mr. Ash served as Manager of New Operations for Veris Gold Corp. (formerly, Yukon-Nevada Gold Corp.), primarily on the Jerritt Canyon Mine in Nevada, and also as an Underground Mine Supervisor with Drummond Company, Inc. He achieved a Masters' Degree in Leadership and Strategy at the London Business School and has a BS in Mining Engineering from the University of Missouri Rolla.

***Richard Williams*** is an experienced mining executive and organizational leader with an established track-record of transformational leadership within the mining industry and other demanding environments. He is currently an advisor to companies facing complex operational, political or ESG challenges. Formerly the Chief Operating Officer of Barrick (2015–2018) and the company's Executive Envoy to Tanzania (2017–2018), he has also served as Chief Executive Officer of the Afghan Gold and Minerals Company (2010-2014), non-executive director of Trevali Mining Corporation (2019–2022) and as a non-executive director of Gem Diamonds Limited (2007–2015). Prior to his commercial mining experience, Mr. Williams served as the Commanding Officer of the British Army's Special Forces Regiment, the SAS. He holds an MBA from Cranfield University, a BSc in Economics from University College London and an MA in Security Studies from Kings College London.

***Gerbrand van Heerden*** is an experienced financial executive with over 20 years of mining industry experience. From May 2020 to October 2023, Mr. van Heerden served as the Chief Financial Officer of BMC Minerals Limited. From November 2017 to May 2020, he served in various roles at Trevali Mining Corporation, including as Chief Financial Officer and Senior Vice President of Business Development/Finance. From March 2013 to October 2017, Mr. van Heerden served as the Chief Financial Officer of Rosh Pinah Zinc Corporation (Proprietary) Limited, a subsidiary of Glencore Plc. From October 2005 to March 2013, he served in various roles at Metorex Limited, including as General Manager of Metorex Commercial Services, a finance executive, and as Group Financial Controller. Mr. van Heerden started his professional career as a Tax and Assurance Manager with Deloitte. He is a CPA registered with the Chartered Professional Accountants of British Columbia and a CA(SA) registered in South Africa and holds a Bachelor of Commerce (Honors) Degree in Accounting from the University of Johannesburg.

***Mark Cruise*** is a professional geologist with over 27 years of international exploration, development, and mining experience. A former polymetallic commodity specialist with Anglo American plc, Dr. Cruise founded and was Chief Executive Officer of Trevali Mining Corporation. Under his leadership, from 2007 to 2019, the company grew from an initial discovery into a global zinc-lead-silver producer with operations in the Americas and Africa. Dr. Cruise currently serves as a non-executive director of Velocity Minerals Ltd. (since 2017), NiCAN Ltd (since 2022), Interra Copper Corp (since 2023) and Volta Metals Ltd. (since 2023). He previously served as COO, CEO, and director of New Pacific Metals Corp. (2020–2022), a non-executive director of Abzu Resources (2010–2011), Prism Resources Inc. (2016–2019), Ethos Gold Corporation (2010–2015), and Tincorp Metals Inc. (formerly Whitehorse Gold Corp.) (2020–2022).

***Kelli Kast*** has nearly 30 years of in-house legal experience, including twenty years as a top legal officer in the mineral resource industry. Ms. Kast currently serves as the Vice President, General Counsel and Chief Administrative Officer of Rare Element Resources, Ltd. ("RER") (since July 2024). Prior thereto, she served in various capacities for RER including as a consultant (June 2015 through June 2024), interim President and CEO (March 2024 through May 2024), Director (August 2022 through August 2024) and as the Vice President, General Counsel, Chief Administrative Officer and Corporate Secretary (July 2012 through May 2015). Prior to her tenure with RER, she served as Coeur d'Alene Mines Corporation's Sr. Vice President, General Counsel, Chief Administrative Officer and Corporate Secretary from May 2009 to April 2012, and as the Vice President, General Counsel and Corporate Secretary from May 2005 to April 2009. From 2004 to 2005, Ms. Kast served as Corporate Counsel for HealtheTech Inc. From 1997 to 2003, she served as the Assistant General Counsel and Corporate Secretary for Global Water Technologies Inc. and Psychrometric Systems, Inc. Ms. Kast earned her Juris Doctor from the University of South Dakota School of Law and her Bachelor's degree from the University of Idaho.

***Dickson Hall*** is a proven financial executive in the international resource sector. Since August 2016, he has been a partner in Valuestone Advisors Limited, manager of Valuestone Global Resources Fund 1, a mining fund associated with Jiangxi Copper Corporation and China Construction Bank International. Mr. Hall has more than 40 years' experience in the resource field, much of which was in Asia. From 2005 to 2016, he directed corporate development efforts in Asia for Hunter Dickinson Inc. (HDI), raising capital, establishing strategic partnerships and broadening the Asian shareholder base for HDI public companies. From 2007 to 2011, he was Senior Vice President of Continental Minerals Corporation, which developed the Xietongmen copper-gold project in Tibet, China before selling to China's Jinchuan Group in 2011 for $446 million. Since 2014 Mr. Hall has been a director and Investment Committee member of Can-China Global Resources Fund, an energy and mining fund backed by the Export-Import Bank of China. Mr. Hall currently serves as a non-executive director of New Pacific Metals Corp. (since 2022) and Arcland Resources Inc (since 2023, and he previously served as a non-executive director of Nova Canada Enterprises (2001–2004), Stepstone Enterprises Ltd. (2001–2004), Kona Bay Technologies Inc. (2004–2020), CY Oriental Holdings Ltd. (2007–2011), Baikal Forest Corp. (2011–2012), Hylands International Holdings Inc. (2013–2016), Nanotech Security Corp. (2015–2019), and Bexar Ventures Inc. (2018–2020). Mr. Hall is a graduate of the University of British Columbia (BA, MA) and has diplomas from Beijing University and Beijing Language Institute.

***Pam Saxton*** is an experienced mining company executive and independent director. She currently serves as a director of Rare Element Resources, Ltd. (since August 2024). She has served on the board of Timberline Resources Corporation and as Audit Committee Chair from May 2021 to August 2024 and was a Board Member and Audit Committee Chair at Pershing Gold Corporation from 2017 to 2019. She also has served on the board of Aquila Resources Inc. from 2019 to 2021 and served on a North American Advisory Board for Damstra Technology – Damstra Holdings Limited from 2021 to 2022. As an executive, she served as Executive Vice President and CFO for Thompson Creek Metals Company (2008–2016) and as CFO for NewWest Gold Corporation (2006-2007). Having started her professional life working as an auditor for Arthur Andersen in Denver, Colorado, her career has included senior finance appointments in the American natural resources industry, including serving as VP Finance for Franco-Nevada Corporation's U.S. Operations. Ms. Saxton is qualified to serve on the Board by virtue of her expertise in finance, accounting and auditing matters.

**Family Relationships**

There are no family relationships between any of our current directors or officers.

**Involvement in Certain Legal Proceedings**

We are not aware of any other legal proceedings in which any of our directors, officers or affiliates, any owner of record or beneficially of more than 5% of any class of our voting securities, or any associate of any such director, officer, affiliate or security holder, is a party adverse to us or any of our subsidiaries or has a material interest adverse to us or any of our subsidiaries.

**Directorships**

None of our executive officers or directors is a director of any company with a class of equity securities registered pursuant to Section 12 of the Exchange Act or subject to the requirements of the Exchange Act or any company registered as an investment company under the Investment Company Act of 1940.

**Code of Ethics**

Our Board has adopted a code of ethics that will apply to our principal executive officer, principal financial officer and principal accounting officer or controller and to persons performing similar functions. The code of ethics is designed to deter wrongdoing and to promote honest and ethical conduct, full, fair, accurate, timely and understandable disclosure, compliance with applicable laws, rules and regulations, prompt internal reporting of violations of the code and accountability for adherence to the code. We will provide a copy of our code of ethics, without charge, to any person upon receipt of written request for such, delivered to our corporate headquarters. All such requests should be sent care of Bunker Hill Mining Corp., Attn: Corporate Secretary, 300-1055 West Hasting, Vancouver, British Columbia, Canada, V6E 2E9.

**Insider Trading Arrangements and Policies**

We have adopted insider trading policies and procedures governing the purchase, sale, and/or other dispositions of our securities by directors, officers and employees, or us, that are reasonably designed to promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to us.

**EXECUTIVE COMPENSATION**

**Summary Compensation Table**

The following table sets forth, for the years indicated, all compensation paid, distributed or accrued for services, including salary and bonus amounts, rendered in all capacities by our principal executive officer, chief financial officer and all other executive officers. The information contained below represents compensation paid, distributed, or accrued to our officers for their work related to us.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary ($)** | **Bonus ($)** | **Stock Awards** <sup>(1)</sup> **($)** | **Option Awards ($)** | **Non-Equity Incentive Plan Compensation** <sup>(2)</sup>**(#)** | **Non-qualified Deferred Compensation Earnings ($)** | **All other Compensation ($)** | **Total ($)** |
| Richard Williams | 2024 | 285000 |  | 208328 | – |  | – |  | 493328 |
| Executive Chairman | 2023 | 240000 |  | 433765 | – | 127152 | – |  | 800917 |
| Sam Ash | 2024 | 311250 |  | 234369 | – |  | – |  | 545619 |
| Chief Executive Officer | 2023 | 270000 |  | 477376 | – | 143046 | – |  | 890422 |
| Gerbrand van Heerden<sup>(3)</sup><br>| 2024 | 312000 |  | 91072 | – |  | – |  | 403072 |
| Chief Financial Officer | 2023 | 52000 | 80000 |  | – |  | – |  | 132000 |
| David Wiens<sup>(4)</sup> | 2024 |  |  |  | – |  | – |  |  |
| Former Chief Financial Officer | 2023 | 199998 | 46675 | 185673 | – |  | – | 3600 | 435946 |

---

<sup>(1)</sup> The amounts reported in the above table reflect the aggregate grant date fair value of RSU awards, calculated in accordance with FASB ASC Topic 718. These values have been determined under the principles used to calculate the grant date fair value of equity awards for purposes of our financial statements, as set forth in Note 10 to this Annual Report on Form 10-K. All 2023 and 2024 C$ amounts have been converted to $ using the C$/US$ exchange rate as of the applicable grant date.

<sup>(2)</sup> The short-term incentive plan amounts earned with respect to 2024 have not been finalized as of the date of this report and will be disclosed in our proxy statement.

<sup>(3)</sup> Gerbrand van Heerden became our CFO on November 1, 2023.

<sup>(4)</sup> David Wiens resigned as our CFO on October 31, 2023.

**Outstanding Stock Options Awards at Fiscal Year End**

The following table provides a summary of equity awards outstanding as of December 31, 2024, for each of the named executive officers.

**Outstanding Equity Awards at 2024 Fiscal Year-End**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Option Awards<sup>(1)</sup>** | **Option Awards<sup>(1)</sup>** | **Option Awards<sup>(1)</sup>** | **Stock Awards<sup>(1)</sup>** | **Stock Awards<sup>(1)</sup>** | **Stock Awards<sup>(1)</sup>** | **Stock Awards<sup>(1)</sup>** |
| <br>**Name of NEO and Position** | **Number of shares of common stock underlying unexercised Options**<br>**(#) exercisable** | **Number of shares of common stock underlying unexercised Options (#) unexercisable** | **Option exercise price**<br>**(C$)** | **Option expiration date** | **Number of shares or units of shares that have not vested (#)** |  | **Market or payout value of share awards that have not vested**<br>**($)**<sup>(6)</sup> |
| *Richard Williams, Executive Chairman* |  |  |  |  | 370252 | (2) | 39884 |
|  |  |  |  |  | 1059200 | (3) | 114098 |
|  |  |  |  |  | 2556566 | (4) | 275396 |
|  | 3957659 |  | 0.55 | 4/20/2025 |  |  |  |
| *Sam Ash, CEO* |  |  |  |  | 416533 | (2) | 44869 |
|  |  |  |  |  | 1191600 | (3) | 128361 |
|  |  |  |  |  | 2876137 | (4) | 309821 |
| *Gerbrand van Heerden, CFO* |  |  |  |  | 672450 | (5) | 72437 |
|  |  |  |  |  | 504034 | (4) | 54295 |
| *David Wiens, Former CFO* |  |  |  |  |  |  |  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | All C$ amounts have been converted to $ using the C$/US$ exchange rate as of December 31, 2024. |
| |  |
| <sup>(2)</sup> | These RSUs vested on March 31, 2025. |
| |  |
| <sup>(3)</sup> | Half of these RSUs vested on March 31, 2025, and the other half vests on March 31, 2026. |
| |  |
| <sup>(4)</sup> | One-third of these RSUs vested on March 13, 2025, and the balance will vest in equal increments on March 13, 2026, and March 13, 2027. |
| |  |
| <sup>(5)</sup> | These RSUs vested on January 26, 2025. |
| |  |
| <sup>(6)</sup> | Value is equal to the number of outstanding awards multiplied by C$0.155, the closing price on the TSXV for the shares of common stock on December 31, 2024. |

---

**Long-Term Incentive and Compensation Plans**

As part of our overall compensation, we provide for time-based RSUs, Deferred Share Units ("DSUs") and stock options ("Options," and collectively with RSUs and DSUs, "Awards") that may be granted to our, and our affiliates', employees, officers and eligible consultants and directors. Recipients of Awards are defined as "Participants".

The aim of our compensation program is to attract and retain highly qualified executives and to link compensation to performance and stockholder value. The compensation therefore must be sufficiently competitive to achieve this objective. The Board considers a number of factors in order to determine compensation, including our contractual obligations, the individual's performance and other qualitative aspects of the individual's performance and achievements, the amount of time and effort the individual will devote to us and our financial resources.

Our compensation program is comprised of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **A base salary or management fee arrangement and benefits**. The base salaries or management fee arrangements and benefits paid to
 the key executives are not based on any specific formula and are set so as to be competitive with other companies of similar size
 and state of development in the mineral industry. This component of our compensation program also includes sign-on incentives, which
 may be issued in the form of cash, RSUs, DSUs or Options.

(b) **A short-term incentive program in the form of bonuses**. Cash bonuses are paid to key executives based on individual, team, and performance
 and the executive's position in us. Any bonus awards are at the sole discretion of the Board.

(c) **Long-term incentives** consist of DSUs, RSUs, and Options which provide the Board with additional long-term incentive mechanisms to align
 the interests of our directors, officers, employees, or consultants with stockholder interests. These incentives also provide
 for, among other things, an accelerated vesting of awards in the event of a change in control, thereby aligning our practices with
 current corporate governance best practices regarding a change in control.

The Board believes that equity-based compensation plans are the most effective way to align the interests of management with those of stockholders. Long-term incentives must also be competitive and align with our compensation philosophy.

We do not have a pension plan that provides for payments or benefits to our executive officers.

**Change of Control Agreements**

We have provided change of control benefits to NEO's to encourage them to continue their employment in the event of a purchase, sale, reorganization, or other significant change in the business.

If the employment agreement of the senior officer is terminated by us without just cause, or resigns for good reason pursuant to the terms of the employment agreement, in each case at any time within 12 months of a change of control, we are required to make a lump sum severance payment equal to 24 months of base salary. In addition, at such time all Awards shall be deemed to have vested, and all restrictions and conditions applicable to such Awards shall be deemed to have lapsed and the Awards shall be issued and delivered.

**Employment Agreements**

We have employment agreements with our Executive Chairman, CEO, CFO, Vice President Business Development and Vice President Investor Relations, which provide for compensation and certain other benefits and for severance payments under certain circumstances. These agreements also contain clauses that become effective upon a change of control of us, as described above. We may be obligated to pay certain amounts to such employees upon the occurrence of any of the defined events in the various employment agreements.

**Policies and Practices for Granting Certain Equity Awards**

While we do not have a formal written policy in place with regard to the timing of awards of Options in relation to the disclosure of material non-public information, the Board does not seek to time equity grants to take advantage of information, either positive or negative, about us that has not been publicly disclosed. It has been our practice to grant equity awards to our officers and directors upon their appointment. We intend to issue equity grants to our officers and/or directors at the same time each year, typically in connection with our first meeting of the Board each fiscal year. Option grants are effective on the date the award determination is made by the Board, and the exercise price of Options is the closing market price of our common stock on the immediately preceding business day of the grant.

During the fiscal year ended December 31, 2024, we did not award any Options to an NEO in the period beginning four business days before the filing of a periodic report on Form 10-Q or Form 10-K, or the filing or furnishing of a current report on Form 8-K that discloses material non-public information, and ending one business day after the filing or furnishing of such report.

**Director Compensation**

The general policy of the Board is that compensation for independent directors should be a fair mix between cash and equity-based compensation. Additionally, we reimburse directors for reasonable expenses incurred during the course of their performance. There are no long-term incentive or medical reimbursement plans. We do not pay directors, who are part of management, for Board service in addition to their regular employee compensation. The Board determines the amount of director compensation and has appointed the compensation committee of the Board to make recommendations regarding director compensation.

The following table provides information regarding compensation paid to our directors (other than a director who was a NEO) during the year ended December 31, 2024.

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| | | | |
|:---|:---|:---|:---|
| **Director** | **Fees Earned or Paid in Cash**<br> **($)** | **Stock**<br> **Awards**<sup>(1)(2)</sup><br> **($)** | **Total**<br> **($)** |
| Dickson Hall | 43448 | 43922 | 87370 |
| Mark Cruise | 34185 | 43922 | 78107 |
| Kelli Kast | 9875 | 39985 | 49860 |
| Paul Smith | 43009 | 43922 | 86931 |
| Pam Saxton | 41299 | 43922 | 85221 |
| Cassandra Joseph | 21178 | 57099 | 78277 |

---

<sup>(1)</sup> Represents DSUs granted to our non-employee directors. The amounts reported in this table reflect the grant date fair value of the DSUs computed in accordance with FASB ASC Topic 718 based on the share price on the applicable date of grant. For Messrs. Hall, Cruise, Smith and Mses. Saxton and Joseph, the DSUs were calculated using a share price of C$0.125 and for Ms. Kast, the DSUs were calculated using a share price of C$0.16. For Messrs. Hall, Cruise, Smith and Mses. Saxton and Joseph, the DSUs reported in this table vested on April 1, 2024, and for Ms. Kast, the DSUs reported in this table vest on October 1, 2025.

<sup>(2)</sup> At December 31, 2024, the aggregate number of DSUs outstanding for each non-employee director were as follows: Mr. Hall – 851,134; Mr. Cruise – 1,061,134; Ms. Kast – 337,475; Mr. Smith – 722,414; Ms. Saxton – 908,699; Mr. Williams – 5,000,000 and Ms. Joseph – 0.

**SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**

**Directors and Executive Officers**

The following table sets forth the number of shares of our common stock owned beneficially by each of our directors and NEOs as of June 25, 2025 (unless another date is specified by footnote below), and by all of our current directors and NEOs as a group:

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| | | |
|:---|:---|:---|
| | **Amount and Nature of**<br> **Beneficial Ownership \*** | **Amount and Nature of**<br> **Beneficial Ownership \*** |
| <br>**Name of Individual or Group (a)** | **Shares** | **Percent of Class (b)** |
| Richard Williams, Executive Chairman | 7079533 (c) | \*\* |
| Sam Ash, CEO and Director | 6020258 (d) | \*\* |
| Gerbrand Van Heerden, CFO | 938746 (e) | \*\* |
| Dickson Hall, Director | 1318000 (f) | \*\* |
| Pamela Saxton, Director | 362968 (g) | \*\* |
| Mark Cruise, Director | 405873 (h) | \*\* |
| Kelli Kast, Director | 62698 (i) | \*\* |
| **Current Directors and Executive Officers as a Group (a total of 7 persons)** | **16188076** | **1.8%** |

---

\* Unless otherwise indicated, each person listed has the sole power to vote and dispose of the shares listed. Pursuant to Rule 13d-3 under the Exchange Act, beneficial ownership includes shares as to which the individual or entity has or shares voting power or investment power, and any shares that the individual or entity has the right to acquire within 60 days of June 25, 2025, including through the exercise of any option, warrant, or right. For each individual or entity that holds options, warrants or rights to acquire shares, the shares of our common stock underlying those securities are treated as owned by that holder and as outstanding shares when that holder's percentage ownership of our shares of our common stock are calculated. Those shares of our common stock not treated as outstanding when the percentage ownership of any other holder is calculated.

\*\* The percent of class owned is less than 1%.

(a) Except as otherwise indicated below, the address and telephone number of each of these persons is c/o Bunker Hill Mining Corp., 300-1055 West Hastings Street, Vancouver, British Columbia V6E 2E9, Canada and (604-417-7952), respectively.

(b) Based on a total of 911,615,863 shares of our common stock outstanding as of June 25, 2025.

(c) Includes (i) 4,930,106 shares of our common stock, (ii) 397,387 shares subject to warrants exercisable within 60 days of June 25, 2025, and (iv) 1,752,040 shares subject to RSUs convertible within 60 days of June 25, 2025.

(d) Includes (i) 3,763,210 shares of common stock, (ii) 286,003 shares subject to warrants exercisable within 60 days of June 25, 2025, and (iii) 1,971,045 shares subject to RSUs convertible within 60 days of June 25, 2025.

(e) Includes (i) 770,735 shares of our common stock and (ii) 168,011 shares subject to RSUs convertible within 60 days of June 25, 2025.

(f) Includes (i) 568,000 shares of our common stock and (ii) 368,000 shares subject to warrants exercisable within 60 days of June 25, 2025.

(g) Includes 362,968 shares of our common stock.

(h) Includes (i) 230,873 shares of our common stock and (ii) 175,000 shares subject to warrants exercisable within 60 days of June 25, 2025. 

(i) Includes 62,698 shares of our common stock.

**Holders of More Than 5% of Our Common Stock**

The following table sets forth information (as of the date indicated) as to all persons or groups known to us to be beneficial owners of more than 5% of issued and outstanding shares of our common stock as of June 25, 2025, unless otherwise indicated below.

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| | | |
|:---|:---|:---|
| **Name and Address of Beneficial Holder** | **Shares**<br> **Beneficially Owned** | **Percent of Class (a)** |
| Sprott Asset Management LP, Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, P.O. Box 26, Toronto, Ontario M5J 2J1, Canada | 504465684 (b) | 44.1% |
| Sprott Asset Management USA, Inc., 320 Post Road, Suite 230, Darien, Connecticut 06820 |  |  |
| Resource Capital Investment Corp., 1910 Palomar Point Way, Suite 200, Carlsbad, California 92008 |  |  |
| Teck Resources Limited, 550 Burrard street, Suite 3300, Vancouver, BC V6C 0B3, Canada | 319678094 (c) | 31.6% |

---

(a) Based
 on a total of 911,615,863 shares of our common stock outstanding as of June 25, 2025.

(b) Includes
 (i) 270,891,255 shares of our common stock, (ii) 5,003,000 shares subject to warrants exercisable within 60 days of June 25,
 2025, and (iii) 228,571,429 shares subject to convertible debentures convertible within 60 days of June 25, 2025.

(c) Includes
 (i) 219,079,378 shares of our common stock, and (ii) 100,598,716 shares subject to warrants exercisable within 60 days of June 25,
 2025.

**Equity Compensation Plan**

The following table provides information as of December 31, 2024, with respect to shares of our common stock that may be issued pursuant to Options granted under the Option Plan and the vesting of RSUs granted under the RSU Plan.

---

| | | | |
|:---|:---|:---|:---|
| **Plan Category** | **Number of shares of common stock to be issued upon exercise of outstanding Options and RSUs (a)** | **Weighted-average exercise price of outstanding Options (b) <br> (C$)** | **Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))** |
| Option Plan | 6445152 | 0.52 | 28524710 |
| RSU Plan | 14026493 | N/A | 7516576 |
| **Total** | **20471645** |  | **36041286** |

---

**CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**

**Certain Relationships and Related Transactions**

There were no material transactions, or series of similar transactions, during our last fiscal year, or any currently proposed transactions, or series of similar transactions, to which we were or are to be a party, in which the amount involved exceeded the lesser of $120,000 or one percent of the average of the small business issuer's total assets at year-end for the last three completed fiscal years and in which any director, executive officer or any security holder who is known to us to own of record or beneficially more than five percent of any class of our common stock, or any member of the immediate family of any of the foregoing persons, had an interest.

**Director Independence**

Our common stock is currently traded on the TSX-V and the OTCQB and as such, is not subject to the rules of any national securities exchange that requires that a majority of a listed company's directors and specified committees of its board of directors meet independence standards prescribed by such rules. For the purpose of preparing the disclosures in this document with respect to director independence, we have used the definition of "independent director" within the meaning of National Instrument 52-110 – *Audit Committees* adopted by the Canadian Securities Administration and as set forth in the Marketplace Rules of the NASDAQ, which defines an "independent director" generally as being a person, other than an executive officer or employee of the company or any other individual having a relationship which, in the opinion of the company's board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.

Pam Saxton, Kelli Kast, Mark Cruise, and Dickson Hall have been determined to be "independent" directors of the Company. Mr. Williams is not independent due to his position with us as the Executive Chairman and Mr. Ash is not independent due to his position as Chief Executive Officer.

**DESCRIPTION OF SECURITIES TO BE REGISTERED**

Our authorized capital stock consists of 2,500,000,000 shares of our common stock with a par value of $0.000001 per share and 10,000,000 preferred shares with a par value of $0.000001 per preferred share. As of June 25, 2025, there were 911,615,863 shares of our common stock outstanding.

The following description of our common stock and provisions of our A&R Articles and by-laws is only a summary. Investors are directed to a complete description of the terms and provisions of our A&R Articles and by-laws, which are exhibits to the registration statement which contains this prospectus. We encourage you to review complete copies of our A&R Articles and by-laws.

**Voting Rights**

Holders of our common stock are entitled to one vote per share on all matters to be voted upon by the stockholder.

**Dividend Rights**

Holders of our common stock are entitled to receive ratably such dividends, if any, as may be declared by the Board out of funds legally available for dividends.

**Liquidation Rights**

Upon the liquidation, dissolution, or winding up of our company, the holders of our common stock are entitled to share ratably in all of our assets which are legally available for distribution after payment of all debts and other liabilities.

**Conversion and Redemption**

Holders of our common stock have no preemptive, subscription, redemption or conversion rights.

**Preferred Stock**

The A&R Articles authorize the Board to establish one or more series of preferred stock. Unless required by law or by any stock exchange, and subject to the terms of the A&R Articles, the authorized shares of preferred stock will be available for issuance without further action by holders of our common stock.

The Board is able to determine, with respect to any series of preferred stock, designations, powers, preferences and relative, participating, optional or other rights, if any, and the qualifications, limitations or restrictions thereof, if any.

We could issue a series of preferred stock that could, depending on the terms of the series, impede or discourage an acquisition attempt or other transaction that some, or a majority, of the holders of our common stock might believe to be in their best interests or in which the holders of our common stock might receive a premium over the market price of our common stock. Additionally, the issuance of preferred stock may adversely affect the rights of holders of our common stock by restricting dividends on shares of our common stock, diluting the voting power of shares of our common stock or subordinating the rights of holders of our common stock to distributions upon a liquidation, dissolution or winding up or other event. As a result of these or other factors, the issuance of preferred stock could have an adverse impact on the market price of our common stock.

**Change of Control**

Nevada's "Acquisition of Controlling Interest Statute" applies to Nevada corporations that have at least 200 stockholders, with at least 100 stockholders of record being Nevada residents and that do business directly or indirectly in Nevada. Where applicable, the statute prohibits an acquiror from voting shares of a target company's stock after exceeding certain threshold ownership percentages, until the acquiror provides certain information to the company and a majority of the disinterested stockholders vote to restore the voting rights of the acquiror's shares at a meeting called at the request and expense of the acquiror. If the voting rights of such shares are restored, stockholders voting against such restoration may demand payment for the "fair value" of their shares. The Nevada statute also restricts a "business combination" with "interested stockholders," unless certain conditions are met, with respect to corporations which have at least 200 stockholders of record. A "combination" includes:

&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 merger with an "interested stockholder," or any other corporation which is or after the merger would be, an affiliate
 or associate of the interested stockholder;

(ii) any
 sale, lease, exchange, mortgage, pledge, transfer or other disposition of assets, to an "interested stockholder," having
 an aggregate market value equal to 5% or more of the aggregate market value of the corporation's assets; an aggregate market
 value equal to 5% or more of the aggregate market value of all outstanding shares of the corporation; or representing 10% or more
 of the earning power or net income of the corporation;

(iii) any
 issuance or transfer of shares of the corporation or its subsidiaries, having an aggregate market value equal to 5% or more of the
 aggregate market value of all the outstanding shares of the corporation to the "interested stockholder"

(iv) the
 adoption of any plan or proposal for the liquidation or dissolution of the corporation proposed by the "interested stockholder";

(v) certain
 transactions which would result in increasing the proportionate percentage of shares of the corporation owned by the "interested
 stockholder"; or

(vi) the
 receipt of benefits, except proportionately as a stockholder, of any loans, advances or other financial benefits by an "interested
 stockholder."

An "interested stockholder" is a person who, together with affiliates and associates, beneficially owns (or within the prior three years, did beneficially own) 10% or more of the corporation's voting stock. A corporation to which this statute applies may not engage in a "combination" within three years after the interested stockholder acquired its shares, unless the combination or the interested stockholder's acquisition of shares was approved by the board of directors before the interested stockholder acquired the shares. If this approval was not obtained, then after the three-year period expires, the combination may be consummated if all applicable statutory requirements are met.

Approval of mergers, conversion, amendments to the articles of incorporation, and sales, leases or exchanges of all of the property or assets of a corporation, whether or not in the ordinary course of business, requires the affirmative vote or consent of the holders of a majority of the outstanding shares entitled to vote, except that, unless required by the articles of incorporation, no vote of stockholders of the corporation surviving a merger is necessary if:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 merger does not amend the articles of incorporation of the corporation;

(ii) each
 outstanding share immediately prior to the merger is to be an identical share after the merger;

(iii) The
 number of voting shares outstanding immediately after the merger, plus the number of voting issued as a result of the merger, either
 by the conversion of shares securities issued pursuant to the merger or the exercise of rights and warrants issued pursuant to the
 merger, will not exceed by more than 20% the total number of voting shares of the surviving domestic corporation outstanding immediately
 before the merger; and

(iv) the
 number of participating shares (i.e. shares that entitle their holders to participate without limitation in distribution) outstanding
 immediately after the merger, plus the number of participating shares issuable as a result of the merger, either by the conversion
 of securities issued pursuant to the merger or the exercise of rights and warrants issued pursuant to the merger, will not exceed
 by more than 20% the total number of participating shares outstanding immediately before the merger.

**PRINCIPAL ACCOUNTING FEES AND SERVICES**

**Audit Fees**

Effective September 2, 2014, we appointed MNP LLP, Chartered Professional Accountants, as our independent audit firm.

MNP LLP, Chartered Professional Accountants, 50 Burnhamthorpe Road West, Mississauga, ON L5B 3C2, served as our independent registered public accounting firm for the years ended December 31, 2024, and 2023, and is expected to serve in that capacity for the ensuing year 2025. Principal accounting fees for professional services rendered us by MNP LLP for the years ended December 31, 2024, and 2023 are summarized in the following table:

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2023** |
| Audit | $116756 | $119599 |
| Audit related | 110983 | 93663 |
| Tax |  | 2603 |
| All other | 8145 | 50043 |
| Total | $235884 | $265908 |

---

**Audit Related Fees**

The aggregate fees billed by MNP LLP for assurance and related services were related to its review of our quarterly financial statements.

**Tax Fees**

The aggregate fees billed by MNP LLP for tax compliance, advice and planning.

**All Other Fees**

The aggregate fees billed by MNP LLP for all other professional services, including services associated with financing activities.

**Audit Committee's Pre-approval Policies and Procedures**

At our regularly scheduled and special meetings, the Board, or the Board-appointed audit committee, considers and pre-approves any audit and non-audit services to be performed by our independent registered public accounting firm. The audit committee has the authority to grant pre-approvals of non-audit services.

**SELLING SHAREHOLDERS AND CERTAIN BENEFICIAL OWNERS**

This prospectus covers the offering of up to 698,052,071 shares of our common stock by selling shareholders. This includes shares of our common stock acquirable upon exercise of our outstanding Warrants.

Selling shareholders are persons or entities that, directly or indirectly, have acquired shares, or will acquire shares from us from time to time upon exercise of certain Warrants. This prospectus and any prospectus supplement will only permit the selling shareholders to sell shares of our common stock identified in the column "*Number of Shares Offered Hereby*".

The selling shareholders may from time to time offer and sell shares of our common stock pursuant to this prospectus and any applicable prospectus supplement. The selling shareholders may offer all or some portion of shares of our common stock they hold or acquire, but only shares that are currently outstanding or are acquired upon the exercise of certain Warrants that are currently outstanding, and in either case included in the "*Number of Shares Offered Hereby*" column, may be sold pursuant to this prospectus or any applicable prospectus supplement.

The shares of our common stock issued to the selling shareholders are "restricted" securities under applicable federal and state securities laws and are being registered to give the selling shareholders the opportunity to sell their shares of our common stock. The registration of such shares does not necessarily mean, however, that any of these shares of our common stock will be offered or sold by the selling shareholders. The selling shareholders may from time to time offer and sell all or a portion of their shares of our common stock on the TSX Venture Exchange, in the over-the-counter market (to the extent that there is a market), in negotiated transactions, or otherwise, at market prices prevailing at the time of sale or at negotiated prices.

The registered shares of our common stock may be sold directly or through brokers or dealers, or in a distribution by one or more underwriters on a firm commitment or best-efforts basis. To the extent required, the names of any agent or broker-dealer and applicable commissions or discounts and any other required information with respect to any particular offer will be set forth in an accompanying prospectus supplement. See "*Plan of Distribution*".

Each of the selling shareholders reserves the sole right to accept or reject, in whole or in part, any proposed purchase of the registered shares of our common stock to be made directly or through agents. To the extent that any of the selling shareholders are our affiliates or are brokers or dealers, they may be deemed to be "underwriters" within the meaning of the Securities Act and any commissions received by them and any profit on the resale of the registered shares may be deemed to be underwriting commissions or discounts under the Securities Act. Selling shareholders that are affiliates of or have material relationships with us are also identified below.

The following table sets forth the name of persons who are offering the resale of shares of our common stock by this prospectus, the number of such shares beneficially owned by each person, the number of shares that may be sold in this offering and the number of such shares each person will own after the offering, assuming they sell all of the shares offered. The information appearing in the table below is based on information provided by or on behalf of the named selling shareholders and is given as of June 25, 2025. We will not receive any proceeds from the resale of shares of our common stock by the selling shareholders.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Common Stock Beneficially Owned Prior to Offering (Undiluted Basis)** | **Common Stock Beneficially Owned Prior to Offering (Undiluted Basis)** | **Common Stock Purchase Warrants Owned Prior to Offering** | **Common Stock Beneficially Owned Prior to Offering (Partially diluted Basis)** | **Common Stock Beneficially Owned Prior to Offering (Partially diluted Basis)** | **Shares of Common Stock Offered** | **Shares of Common Stock Offered** | **Shares of Common Stock Offered** | **Common Stock Beneficially Owned After Offering** | **Common Stock Beneficially Owned After Offering** |
| <br>**#** | **Selling**<br> **Shareholders** | **Number** | **%** | **Number** | **Number** | **%** | **Warrants** | **Shares** | **Number** | **Number** | **%** |
| 1 | 1514380 Ontario Inc. | 1523809 | 0.17% |  | 1523809 | 0.17% |  | 1523809 | 1523809 |  | 0.00% |
| 2 | 2308 Shangri-La Holdings Ltd. | 1000000 | 0.11% | 500000 | 1500000 | 0.16% | 500000 | 1000000 | 1500000 |  | 0.00% |
| 3 | 599189 British Columbia Ltd. | 500000 | 0.05% | 250000 | 750000 | 0.08% | 250000 | 500000 | 750000 |  | 0.00% |
| 4 | Andrew Barrett | 1000000 | 0.11% | 250000 | 1250000 | 0.14% | 250000 | 1000000 | 1250000 |  | 0.00% |
| 5 | Andrew John Stanislaw Jarmolkiewicz | 666668 | 0.07% | 166667 | 833335 | 0.09% | 166667 | 666668 | 833335 |  | 0.00% |
| 6 | Andrew Sage | 2666666 | 0.29% | 666666 | 3333332 | 0.36% | 666666 | 2666666 | 3333332 |  | 0.00% |
| 7 | Anthony Harnett | 1000000 | 0.11% | 500000 | 1500000 | 0.16% | 500000 | 1000000 | 1500000 |  | 0.00% |
| 8 | Barbara Hoffman | 600000 | 0.07% | 150000 | 750000 | 0.08% | 150000 | 600000 | 750000 |  | 0.00% |
| 9 | Barr Engineering Co. | 740569 | 0.08% |  | 740569 | 0.08% |  | 740569 | 740569 |  | 0.00% |
| 10 | Blue Dog Capital, LLC | 866668 | 0.10% | 216667 | 1083335 | 0.12% | 216667 | 866668 | 1083335 |  | 0.00% |
| 11 | Bradley Barnett | 476190 | 0.05% |  | 476190 | 0.05% |  | 476190 | 476190 |  | 0.00% |
| 12 | Bret Dirks | 500000 | 0.05% | 125000 | 625000 | 0.07% | 125000 | 500000 | 625000 |  | 0.00% |
| 13 | Bruce Jorgenson | 2000000 | 0.22% | 1000000 | 3000000 | 0.33% | 1000000 | 2000000 | 3000000 |  | 0.00% |
| 14 | C&E Tree Farm, LLC. | 4761905 | 0.52% |  | 4761905 | 0.52% |  | 4761905 | 4761905 |  | 0.00% |
| 15 | Cassandra Joseph Family Trust | 750000 | 0.08% |  |  |  |  |  |  |  |  |
| 16 | Chad E. Oakland | 500000 | 0.05% | 125000 | 625000 | 0.07% | 125000 | 500000 | 625000 |  | 0.00% |
| 17 | Challenge Holdings Ltd. | 1428571 | 0.16% |  | 1428571 | 0.16% |  | 1428571 | 1428571 |  | 0.00% |
| 18 | CMQ Engineering LLC | 4865139 | 0.53% |  | 4865139 | 0.53% |  | 4865139 | 4865139 |  | 0.00% |
| 19 | Collingwood Capital Partners AG | 69841 | 0.01% |  | 69841 | 0.01% |  | 69841 | 69841 |  | 0.00% |
| 20 | Cruise Geoservices Ltd. | 55872 | 0.01% |  | 55872 | 0.01% |  | 55872 | 55872 |  | 0.00% |
| 21 | David L Rucker | 1000000 | 0.11% | 250000 | 1250000 | 0.14% | 250000 | 1000000 | 1250000 |  | 0.00% |
| 22 | David Wiens | 400000 | 0.04% | 200000 | 600000 | 0.07% | 200000 | 400000 | 600000 |  | 0.00% |
| 23 | Devon Hoffman | 500000 | 0.05% | 125000 | 625000 | 0.07% | 125000 | 500000 | 625000 |  | 0.00% |
| 24 | Douglas Hamilton | 2800000 | 0.31% | 1400000 | 4200000 | 0.46% | 1400000 | 2800000 | 4200000 |  | 0.00% |
| 25 | Frank Collier | 475631 | 0.05% |  | 475631 | 0.05% |  | 475631 | 475631 |  | 0.00% |
| 26 | Greg Gervais | 1000000 | 0.11% | 250000 | 1250000 | 0.14% | 250000 | 1000000 | 1250000 |  | 0.00% |
| 27 | Gundyco | 167000 | 0.02% | 83500 | 250500 | 0.03% | 83500 | 167000 | 250500 |  | 0.00% |
| 28 | Gundyco TR Ninepoint Alternative | 412662 | 0.05% |  | 412662 | 0.05% |  | 412662 | 412662 |  | 0.00% |
| 29 | Gundyco TR Ninepoint Credit | 412662 | 0.05% |  | 412662 | 0.05% |  | 412662 | 412662 |  | 0.00% |
| 30 | Gypsy Life LLC | 19047619 | 2.09% |  | 19047619 | 2.05% |  | 19047619 | 19047619 |  | 0.00% |
| 31 | ITF Alphaninja partners (securities) inc | 5000000 | 0.55% | 2500000 | 7500000 | 0.82% | 2500000 | 5000000 | 7500000 |  | 0.00% |
| 32 | J & A Mac Holdings Inc | 333333 | 0.04% | 166666 | 499999 | 0.05% | 166666 | 333333 | 499999 |  | 0.00% |
| 33 | James DeWulf | 700000 | 0.08% | 175000 | 875000 | 0.10% | 175000 | 700000 | 875000 |  | 0.00% |
| 34 | Jeff Fuller | 2000000 | 0.22% | 1000000 | 3000000 | 0.33% | 1000000 | 2000000 | 3000000 |  | 0.00% |
| 35 | Jeff Meredith | 456978 | 0.05% |  | 456978 | 0.05% |  | 456978 | 456978 |  | 0.00% |
| 36 | Jim Hoffman | 600000 | 0.07% | 150000 | 750000 | 0.08% | 150000 | 600000 | 750000 |  | 0.00% |
| 37 | John McMahon | 2000000 | 0.22% | 500000 | 2500000 | 0.27% | 500000 | 2000000 | 2500000 |  | 0.00% |
| 38 | Justin T Jacobsen | 500000 | 0.05% | 125000 | 625000 | 0.07% | 125000 | 500000 | 625000 |  | 0.00% |
| 39 | Keith Gednalske | 600000 | 0.07% | 150000 | 750000 | 0.08% | 150000 | 600000 | 750000 |  | 0.00% |
| 40 | Kelli Kast | 62698 | 0.01% |  | 62698 | 0.01% |  | 62698 | 62698 |  | 0.00% |
| 41 | Layne McNee | 1904762 | 0.21% |  | 1904762 | 0.21% |  | 1904762 | 1904762 |  | 0.00% |
| 42 | Lukas O'Dowd | 1000000 | 0.11% | 250000 | 1250000 | 0.14% | 250000 | 1000000 | 1250000 |  | 0.00% |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Common Stock Beneficially Owned Prior to Offering (Undiluted Basis)** | **Common Stock Beneficially Owned Prior to Offering (Undiluted Basis)** | **Common Stock Purchase Warrants Owned Prior to Offering** | **Common Stock Beneficially Owned Prior to Offering (Partially diluted Basis)** | **Common Stock Beneficially Owned Prior to Offering (Partially diluted Basis)** | **Shares of Common Stock Offered** | **Shares of Common Stock Offered** | **Shares of Common Stock Offered** | **Common Stock Beneficially Owned After Offering** | **Common Stock Beneficially Owned After Offering** |
| <br>**#** | **Selling**<br> **Shareholders** | **Number** | **%** | **Number** | **Number** | **%** | **Warrants** | **Shares** | **Number** | **Number** | **%** |
| 43 | March RE Partners, LLC | 500000 | 0.05% | 125000 | 625000 | 0.07% | 125000 | 500000 | 625000 |  | 0.00% |
| 44 | Mcleod Farms LTD | 200000 | 0.02% | 100000 | 300000 | 0.03% | 100000 | 200000 | 300000 |  | 0.00% |
| 45 | MineWater | 1674835 | 0.18% |  | 1674835 | 0.18% |  | 1674835 | 1674835 |  | 0.00% |
| 46 | MineWater LLC | 761904 | 0.08% |  | 761904 | 0.08% |  | 761904 | 761904 |  | 0.00% |
| 47 | Murphey - West Investment LLC | 952381 | 0.10% | 476190 | 1428571 | 0.16% | 476190 | 952381 | 1428571 |  | 0.00% |
| 48 | Nesbitt Burns | 2300000 | 0.25% | 1150000 | 3450000 | 0.38% | 1150000 | 2300000 | 3450000 |  | 0.00% |
| 49 | Nordwand Foundation | 5533333 | 0.61% | 2766666 | 8299999 | 0.90% | 2766666 | 5533333 | 8299999 |  | 0.00% |
| 50 | Pam Saxton | 68968 | 0.01% |  | 68968 | 0.01% |  | 68968 | 68968 |  | 0.00% |
| 51 | Pamela Saxton | 21000 | 0.00% |  | 21000 | 0.00% |  | 21000 | 21000 |  | 0.00% |
| 52 | Peer Schleyerbach | 150000 | 0.02% | 75000 | 225000 | 0.02% | 75000 | 150000 | 225000 |  | 0.00% |
| 53 | Peter Mccallum | 300000 | 0.03% | 150000 | 450000 | 0.05% | 150000 | 300000 | 450000 |  | 0.00% |
| 54 | Qwid Consulting Inc | 166000 | 0.02% | 83000 | 249000 | 0.03% | 83000 | 166000 | 249000 |  | 0.00% |
| 55 | Rhodes Crane & Rigging, Inc. | 476190 | 0.05% |  | 476190 | 0.05% |  | 476190 | 476190 |  | 0.00% |
| 56 | Richard Williams | 476190 | 0.05% | 238095 | 714285 | 0.08% | 238095 | 476190 | 714285 |  | 0.00% |
| 57 | Robert J Worrell | 1000000 | 0.11% | 250000 | 1250000 | 0.14% | 250000 | 1000000 | 1250000 |  | 0.00% |
| 58 | Roger A. Van Voorhees | 500000 | 0.05% | 125000 | 625000 | 0.07% | 125000 | 500000 | 625000 |  | 0.00% |
| 59 | Roger Morris | 1904761 | 0.21% |  | 1904761 | 0.21% |  | 1904761 | 1904761 |  | 0.00% |
| 60 | Samuel Ash | 100000 | 0.01% |  | 100000 | 0.01% |  | 100000 | 100000 |  | 0.00% |
| 61 | Samuel Engineering Inc. | 463866 | 0.05% |  | 463866 | 0.05% |  | 463866 | 463866 |  | 0.00% |
| 62 | Sebastian Marr | 3500000 | 0.38% | 1750000 | 5250000 | 0.57% | 1750000 | 3500000 | 5250000 |  | 0.00% |
| 63 | Sebastien de Montessus | 1600000 | 0.18% | 800000 | 2400000 | 0.26% | 800000 | 1600000 | 2400000 |  | 0.00% |
| 64 | Shaun Gibson | 200000 | 0.02% | 100000 | 300000 | 0.03% | 100000 | 200000 | 300000 |  | 0.00% |
| 65 | Sprott Private Resource Streaming and Royalty Annex US Collector, LP | 127577674 | 13.99% |  | 127577674 | 12.28% |  | 127577674 | 127577674 |  | 0.00% |
| 66 | Sprott Private Resource Streaming and Royalty Collector, LP | 26583444 | 2.92% | 5000000 | 31583444 | 3.35% | 5000000 | 26583444 | 31583444 |  | 0.00% |
| 67 | Sprott Private Resource Streaming and Royalty US Collector, LP | 122224706 | 13.41% |  | 122224706 | 11.82% |  | 122224706 | 122224706 |  | 0.00% |
| 68 | Subramanian/Nithya Shanmugam& Ku Rumbailm | 500000 | 0.05% | 250000 | 750000 | 0.08% | 250000 | 500000 | 750000 |  | 0.00% |
| 69 | Summer Road LLC | 6666667 | 0.73% | 3333334 | 10000001 | 1.09% | 3333334 | 6666667 | 10000001 |  | 0.00% |
| 70 | Teck Resources Limited | 195294655 | 21.42% | 97647328 | 292941983 | 24.32% | 97647328 | 195294655 | 292941983 |  | 0.00% |
| 71 | Thomas Hoffman | 600000 | 0.07% | 150000 | 750000 | 0.08% | 150000 | 600000 | 750000 |  | 0.00% |
| 72 | Tony Young | 50000 | 0.01% | 25000 | 75000 | 0.01% | 25000 | 50000 | 75000 |  | 0.00% |
| 73 | Wayne Parsons | 1300000 | 0.14% |  | 1300000 | 0.14% |  | 1300000 | 1300000 |  | 0.00% |
| 74 | William Parry | 952380 | 0.10% | 238095 | 1190475 | 0.13% | 238095 | 952380 | 1190475 |  | 0.00% |
|  | **Total** | **571944197** | **63%** | **126107874** | **698052071** | **65%** | **126107874** | **571944197** | **698052071** |  | **0.0%** |
|  | **All directors and officers as a group (6 persons)** | **1284728** | **0.1%** | **488095** | **1772823** | **0.2%** | **488095** | **1284728** | **1772823** |  | **0.0%** |

---

**Stockholders**

As of March 31, 2025, there were approximately 160 stockholders of record of our common stock and, according to our estimates, approximately 500 beneficial owners of our common stock.

**PLAN OF DISTRIBUTION**

We are registering shares of our common stock to permit the resale of those shares under the Securities Act from time to time after the date of this prospectus at the discretion of the holders of such shares. We will not receive any of the proceeds from the sale by the selling shareholders of such shares. We will bear all fees and expenses incident to our obligation to register the such shares.

Each selling shareholder and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their shares of common stock on the TSX-V, the OTCQB or any other stock exchange, market, quotation service or trading facility on which the shares are traded or in private transactions, provided that all applicable laws are satisfied. The selling shareholders may also sell their shares of our common stock directly or through one or more underwriters, broker-dealers, or agents. If the shares are sold through underwriters or broker-dealers, the selling shareholders will be responsible for underwriting discounts or commissions or agent's commissions. The shares may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. A selling shareholder may use any one or more of the following methods when selling shares:

● ordinary
 brokerage transactions and transactions in which the broker-dealer solicits purchasers;

● block
 trades in which the broker-dealer will attempt to sell the shares as agent but may position
 and resell a portion of the block as principal to facilitate the transaction;

● purchases
 by a broker-dealer as principal and resale by the broker-dealer for its account;

● an
 exchange distribution in accordance with the rules of the applicable exchange;

● privately
 negotiated transactions;

● settlement
 of short sales entered into after the effective date of the registration statement of which
 this prospectus is a part;

● broker-dealers
 may agree with the selling shareholders to sell a specified number of such shares at a stipulated
 price per share;

● through
 the writing or settlement of options or other hedging transactions, whether through an options
 exchange or otherwise;

● a
 combination of any such methods of sale; and

● any
 other method permitted pursuant to applicable law.

The selling shareholders may also sell shares pursuant to Rule 144 under the Securities Act, if available, rather than under this prospectus.

If the selling shareholders effect such transactions by selling shares of our common stock to or through underwriters, broker-dealers, or agents, such underwriters, broker-dealers, or agents may receive commissions in the form of discounts, concessions, or commissions from the selling shareholders or commissions from purchasers of the shares for whom they may act as agent or to whom they may sell as principal (which discounts, concessions, or commissions as to particular underwriters, broker-dealers, or agents may be in excess of those customary in the types of transactions involved). Broker-dealers engaged by any selling shareholder may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the selling shareholder (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this prospectus, in the case of an agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2121; and in the case of a principal transaction, a markup or markdown in compliance with FINRA Rule 2121.

In connection with sales of our common stock or interests therein, the selling shareholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the shares in the course of hedging in positions they assume. The selling shareholders may also sell shares of our common stock short and deliver shares covered by this prospectus to close out their short positions and to return borrowed shares in connection with such short sales. The selling shareholders may also loan or pledge shares of our common stock to broker-dealers that in turn may sell such shares. The selling shareholders may also enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares of common stock offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

The selling shareholders and any broker-dealers or agents that are involved in selling the shares of our common stock may be deemed to be "underwriters" within the meaning of the Securities Act, in connection with such sales. In such event, any commissions received by, or any discounts or concessions allowed to, any such broker-dealer or agent and any profit on the resale of any Shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. At the time a particular offering of such shares is made, a prospectus supplement, if required, will be distributed that will set forth the aggregate amount of the shares being offered and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions, and other terms constituting compensation from the selling shareholders and any discounts, commissions, or concessions allowed or re-allowed or paid to broker-dealers.

Each selling shareholder has informed us that it does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute shares of our common stock.

Because the selling shareholders may be deemed to be "underwriters" within the meaning of the Securities Act, they will be subject to the prospectus delivery requirements of the Securities Act, including Rule 172 thereunder. Once this registration statement becomes effective, we intend to file the final prospectus with the SEC in accordance with SEC Rules 172 and 424. Provided we are not the subject of any SEC stop orders, and we are not subject to any cease-and-desist proceedings, the obligation to deliver a final prospectus to a purchaser will be deemed to have been met.

There is no underwriter or coordinating broker acting in connection with the proposed sale of the resale shares by the selling shareholders.

Under the securities laws of some states, our common stock may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states shares of our common stock may not be sold unless such shares have been registered or qualified for sale in such state, or an exemption from registration or qualification is available and is complied with.

There can be no assurance that any selling shareholder will sell any or all of the shares of our common stock registered pursuant to the registration statement of which this prospectus forms a part.

Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of shares of our common stock may not simultaneously engage in market making activities with respect to shares of our common stock for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, the selling shareholders will be subject to applicable provisions of the Exchange Act, and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of shares of our common stock by the selling shareholders or any other person. All of the foregoing provisions may affect the marketability of shares of our common stock and the ability of any person or entity to engage in market-making activities with respect to shares of our common stock.

We will pay all expenses of the offering, estimated to be approximately $34,725.33 in total, including, without limitation, SEC filing fees, expenses of compliance with state securities or "blue sky" laws, and legal and accounting fees; provided, however, that a selling shareholder will pay all underwriting discounts and selling commissions, if any. We will indemnify the selling shareholders against liabilities, including some liabilities under the Securities Act, in accordance with applicable registration rights agreements, if any, or the selling shareholders will be entitled to contribution. We may be indemnified by the selling shareholders against civil liabilities, including liabilities under the Securities Act, that may arise from any written information furnished to us by the selling shareholder specifically for use in this prospectus, in accordance with the related registration rights agreement, or we may be entitled to contribution.

We agreed to keep this prospectus effective until the earlier of (i) the date on which shares of our common stock may be resold by the selling shareholders without registration and without the requirement to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144 or (ii) all of the shares of our common stock have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect.

Once sold under the registration statement of which this prospectus forms a part, shares of our common stock will be freely tradable in the hands of persons other than our affiliates.

**LEGAL PROCEEDINGS**

Other than as described below, neither we nor our property is the subject of any pending legal proceedings. We are not aware of any other legal proceedings in which any of our directors, officers or affiliates, any owner of record or beneficially of more than 5% of any class of our voting securities, or any associate of any such director, officer, affiliate or security holder of ours, is a party adverse to us or any of our subsidiaries or has a material interest adverse to us or any of our subsidiaries.

*Crescent Mining Litigation*

On July 28, 2021, a lawsuit was filed in the U.S. District Court for the District of Idaho brought by Crescent Mining, LLC ("Crescent"). The named defendants include Placer Mining, Robert Hopper Jr., and us. The lawsuit alleges that Placer Mining and Robert Hopper Jr. intentionally flooded the Crescent Mine during the period from 1991 and 1994, and that we are jointly and severally liable with the other defendants for unspecified past and future costs associated with the presence of acid mine drainage in the Crescent Mine. The plaintiff has requested unspecified damages. On September 20, 2021, we filed a motion to dismiss Crescent's claims against us, contending that such claims are facially deficient. On March 2, 2022, Chief U.S. District Court Judge, David C. Nye granted in part and denied in part our motion to dismiss. The court granted our motion to dismiss in respect of Crescent's cost recovery claim under CERCLA Section 107(a) and declaratory judgment, tortious interference, trespass, nuisance and negligence claims. These claims were dismissed without prejudice. The court denied the motion to dismiss filed by Placer Mining Corp. for Crescent's trespass, nuisance and negligence claims. Crescent later filed an amended complaint on April 1, 2022. We and Placer Mining Corp. are named as co-defendants. We responded to the amended filing, refuting and denying all allegations made in the complaint except those that are assertions of fact as a matter of public record. We believe Crescent's lawsuit is without merit and intends to vigorously defend itself, as well as Placer Mining Corp. pursuant to our indemnification of Placer Mining Corp. in the sale and purchase agreement executed between the companies for the Mine on December 15, 2021.

In December 2024, we engaged in mandatory mediation with Crescent on the consolidated claims with no resolution of the matter.

On October 26, 2021, we asserted claims against Crescent in a separate lawsuit. Bunker Hill Mining Corporation v. Venzee Technologies Inc. (Venzee) et al, Case No. 2:21-cv-209-REP, was filed in the U.S. District Court for the District of Idaho on May 14, 2021. We have subsequently executed a tolling agreement with Venzee in exchange for dropping its lawsuit. We originally filed this lawsuit on May 14, 2021, against other parties, but have since filed an amended complaint to include our claims against Crescent. This lawsuit has been consolidated into the lawsuit Crescent filed on July 28, 2021.

**INTERESTS OF NAMED EXPERTS AND COUNSEL**

No expert or counsel named in this prospectus as having prepared or certified any part of this prospectus or having given an opinion upon the validity of the securities being registered or upon other legal matters in connection with the registration or offering of shares of our common stock was employed on a contingency basis, or had, or is to receive, in connection with the offering, a substantial interest, direct or indirect, in us or any of our parents or subsidiaries. Nor was any such person connected with us or any of our parents or subsidiaries as a promoter, managing or principal underwriter, voting trustee, director, officer, or employee.

The Financial Statements included in this prospectus and in the registration statement have been audited by MNP LLP and are included in reliance upon such report given upon the authority of said firm as experts in auditing and accounting.

The technical information appearing or incorporated by reference in this prospectus concerning the Bunker Hill Mine, including estimates of mineral resources and mineral reserves, was derived from the Bunker Hill Technical Report and the Amended Technical Report prepared by Resource Development Associates, Inc. independent mining consultants. As of the date hereof, Resource Developments Associates, Inc. beneficially owns none of our outstanding common stock.

The validity of the issuance of the shares of our common stock hereby will be passed upon for us by Davis Graham & Stubbs LLP, 3400 Walnut Street, Suite 700, Denver, CO 80205. As disclosed in the table of selling shareholders in the "*Selling Shareholders and Certain Beneficial Owners*" section above, Mr. Galda owns certain shares of our common stock and common stock purchase warrants, which upon their exercise, and together with the shares of our common stock, will represent less than 1% of our outstanding common stock.

**DISCLOSURE OF COMMISSION POSITION OF INDEMNIFICATION FOR SECURITIES ACT LIABILITIES**

Nevada law allows a corporation to indemnify its directors, officers, employees and agents against all reasonable expenses (including attorneys' fees and amounts paid in settlement) and, provided that such individual, or indemnitee, acted in good faith and for a purpose which he or she reasonably believed to be in, or not opposed to, the best interests of the corporation and, in the case of a criminal proceeding, had reasonable grounds to believe his or her conduct was lawful. Nevada law authorizes a corporation to indemnify its directors, officers, employees and agents against all reasonable expenses including amounts paid in settlement and attorneys' fees in connection with a lawsuit by or in the right of the corporation to procure a judgment in its favor if such person acted in good faith and in a manner reasonably believed to be in or not opposed to the best interest of the corporation, except that no indemnification may be paid as to any claim, issue or matter as to which such person has been adjudged liable to the corporation unless it is determined by the court making such adjudication of liability that, despite such finding, such person is fairly and reasonably entitled for such expenses deemed proper.

Nevada law also provides for discretionary indemnification made by the corporation only as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances. The determination must be made either:

&nbsp;&nbsp;&nbsp;&nbsp;(i) by
 the stockholders;

(ii) by
 the board of directors by majority vote of a quorum consisting of directors who were not parties to the actions, suit or proceeding;

(iii) if
 a majority vote of a quorum consisting of directors who were not parties to the actions, suit or proceeding so orders, by independent
 legal counsel in a written opinion; or

(iv) if
 a quorum consisting of directors who were not parties to the actions, suit or proceeding cannot be obtained by independent
 legal counsel in a written opinion.

The articles of incorporation, the bylaws or an agreement made by the corporation may provide that the expenses of officers and directors incurred in defending a civil or criminal action, suit or proceeding must be paid by the corporation as they are incurred and in advance of the final disposition of the actions, suit or proceeding, upon receipt of an undertaking by or on behalf of the director or officer to repay the amount if it is ultimately determined by a court of competent jurisdiction that he is not entitled to be indemnified by the corporation. The provisions do not affect any right to advancement of expenses to which corporate personnel other than directors or officers may be entitled under any contract or otherwise by law. The indemnification and advancement of expenses authorized in or ordered by a court pursuant to Nevada law does not exclude any other rights to which a person seeking indemnification or advancement of expenses may be entitled under the articles of incorporation or any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, for either an action in his official capacity or an action in another capacity while holding office, except that indemnification, unless ordered by a court or for the advancement of expenses, may not be made to or on behalf of any director or officer if his acts or omissions involved intentional misconduct, fraud or a knowing violation of the law and was material to the cause of action. In addition, indemnification continues for a person who has ceased to be a director, officer, employee or agent and inures to the benefit of the heirs, executors, and administrators of such a person.

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

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We are subject to the information requirements of the Exchange Act and we therefore file periodic reports, proxy statements and other information with the SEC relating to our business, financial statements and other matters. The SEC maintains a website that contains reports, proxy and information statements and other information regarding issuers like us that file electronically with the SEC. The address of the SEC's website is http://www.sec.gov.

This prospectus constitutes part of a registration statement filed under the Securities Act with respect to the shares of our common stock covered hereby. As permitted by the SEC's rules, this prospectus omits some of the information, exhibits and undertakings included in the registration statement. You may read and copy the information omitted from this prospectus but contained in the registration statement, as well as the periodic reports and other information we file with the SEC. You may also access our filings with the SEC on our website, which is located at http://www.bunkerhillmining.com/. Except as specifically incorporated by reference into this prospectus, the information contained on our website is not part of this prospectus.

Statements contained in this prospectus as to the contents of any contract or other document are not necessarily complete, and in each instance we refer you to the copy of the contract or other document filed or incorporated by reference as an exhibit to the registration statement or as an exhibit to our Exchange Act filings, each such statement being qualified in all respects by such reference.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| [Report of Independent Registered Public Accounting Firm – MNP LLP](#sw_006), PCAOB ID: 1930 | F-2 |
| [Consolidated Balance Sheets, December 31, 2024 and 2023](#sw_001) | F-4 |
| [Consolidated Statements of Operations for the years ended December 31, 2024 and 2023](#sw_002) | F-5 |
| [Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023](#sw_003) | F-6 |
| [Consolidated Statements of Changes in Stockholders' Deficit for the years ended December 31, 2024 and 2023](#sw_004) | F-7 |
| [Notes to the Consolidated Financial Statements](#sw_005) | F-8 - F-37 |

---

![](forms-1_008.jpg)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of Bunker Hill Mining Corp.

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated balance sheets of Bunker Hill Mining Corp. (the "Company") as of December 31, 2024 and 2023, and the related consolidated statements of loss and comprehensive loss, cash flows, and changes in stockholders' deficiency for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively referred to as the "consolidated financial statements").

In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2024 and 2023, and the results of its consolidated operations and its consolidated cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Material Uncertainty Related to Going Concern**

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has incurred losses since inception resulting in an accumulated deficit and does not have sufficient working capital which raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. This matter is also described in the "Critical Audit Matters" section of our report.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

---

| | |
|:---|:---|
| **Critical Audit Matter Description** | **Audit Response** |
| ***Going Concern***<br> ****<br>As described in Note 1 to the consolidated financial statements, the Company may not have sufficient cash to fund its operations and meet debt obligations and therefore, will need to obtain additional equity or debt financing. Management has prepared future cash flow forecasts, which involves judgement and estimation of key variables that affect cash flows, such as planned expenditure.<br>We identified the Company's ability to continue as a going concern as a critical audit matter because auditing the Company's going concern assessment is complex and involves a high degree of auditor judgment to assess the reasonableness of cash flow forecasts, planned refinancing actions and other assumptions used in the Company's going concern analysis.<br>This matter is also described in the "Material Uncertainty Related to Going Concern" section of our report.<br>| <br>We responded to this matter by performing audit procedures in relation to management's assessment of the Company's ability to continue as a going concern. Our audit work in relation to this included, but was not restricted to, the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Evaluated the cash flow forecasts prepared by management and evaluated the integrity and arithmetical accuracy of the model.<br>● Evaluated the key assumptions used in management's model to estimate future cash flows by comparing assumptions used by management against historical performance and budgets.<br>● Assessed the adequacy of the going concern disclosure included in Note 1 to the consolidated financial statements. |
| ***Valuation of Series 1 & 2 Convertible Debentures (CDs)***<br> ****<br>The Company had previously issued CDs which are complex in nature and are required to be fair valued at the end of each reporting period.<br>The calculation of the fair value of the CDs requires management to use an appropriate valuation model and incorporates estimates.<br>This resulted in an increased extent of audit effort, including the involvement of internal valuation specialists.<br>Due to the complexity of these CDs and the estimates and assumptions involved in the determination of fair value we consider this to be a critical audit matter.<br>Refer to Note 3 Significant Account Policies – Use of Estimates and Assumptions and Note 10 Promissory Notes Payable and Convertible Debentures. | <br>We responded to this matter by performing audit procedures in relation to the valuation of the CDs. Our audit work in relation to this included, but was not restricted to, the following:<br>● Obtained and assessed all amendments signed in the year in relation to the CDs.<br>● Obtained management's assessment of the fair value of the CDs.<br>● With the assistance of internal valuation specialists, evaluated the reasonability of management's model for valuing the CDs and the appropriateness of the inputs used in the model, and recalculated fair values.<br>● Recalculated the covenants involved to ensure compliance.<br>● Assessed the appropriateness of the related disclosures.  |
| <br> ***Valuation of Silver Loan***<br> ****<br>The Company closed multiple tranches of advancements relating to a loan in an amount of U.S. dollars equal up to 1.2 million ounces of silver ("Silver Loan").<br>The loan is complex in nature and is required to be fair valued on issuance date and at each reporting period.<br>The calculation of the fair value of the Silver Loan requires management to use an appropriate valuation model and incorporates estimates.<br>This resulted in an increased extent of audit effort, including the involvement of internal valuation specialists.<br>Due to the complexity of the Silver Loan and the estimates and assumptions involved in the determination of fair value we consider this to be a critical audit matter.<br>Refer to Note 3 Significant Accounting Policies – Use of Estimates and Assumptions and Note 10 Promissory Notes Payable and Convertible Debentures. | <br>We responded to this matter by performing audit procedures in relation to the valuation of the Silver Loan. Our audit work in relation to this included, but was not restricted to, the following:<br>● Obtained and assessed all agreements signed in the year in relation to the Silver Loan.<br>● Obtained management's assessment of the fair value of the Silver Loan.<br>● With the assistance of internal valuation specialists, evaluated the reasonability of management's model for valuing the Silver Loan and the appropriateness of the inputs used in the model, and recalculated fair values.<br>● Assessed the appropriateness of the related disclosures.<br>|

---

![](forms-1_009.jpg)

Chartered Professional Accountants

Licensed Public Accountants

We have served as the Company's auditor since 2014.

Mississauga, Canada

March 28, 2025

**Bunker Hill Mining Corp.**

**Consolidated Balance Sheets**

**(Expressed in United States Dollars)**

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $3786277 | $20102596 |
| &nbsp;&nbsp;&nbsp;Restricted cash (note 9, 20) | 4475000 | 6476000 |
| &nbsp;&nbsp;&nbsp;Asset held for sale (note 6) | 40000 |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable and prepaid expenses (note 4) | 690358 | 598401 |
| &nbsp;&nbsp;&nbsp;Spare parts inventory | 341004 | - |
| **Total current assets** | 9332639 | 27176997 |
| **Non-current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Spare parts inventory |  | 341004 |
| &nbsp;&nbsp;&nbsp;Long-term deposit | 254106 | 249265 |
| &nbsp;&nbsp;&nbsp;Equipment (note 5) | 1741981 | 946661 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets (note 5) | 758125 | 625022 |
| &nbsp;&nbsp;&nbsp;Land | 309861 |  |
| &nbsp;&nbsp;&nbsp;Bunker Hill Mine and Mining interests (note 7) | 18795591 | 15198259 |
| &nbsp;&nbsp;&nbsp;Process plant (note 6) | 66409247 | 17452470 |
| **Total assets** | $97601550 | $61989678 |
| **EQUITY AND LIABILITIES** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable (note 18) | $14678901 | $1788950 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities (note 18) | 5210939 | 1225525 |
| &nbsp;&nbsp;&nbsp;Current portion of lease liability (note 8) | 189368 | 353526 |
| &nbsp;&nbsp;&nbsp;Deferred share units liability (note 14) | 929466 | 569327 |
| &nbsp;&nbsp;&nbsp;U.S. Environmental Protection Agency cost recovery payable (note 9) | 3000000 | 3000000 |
| &nbsp;&nbsp;&nbsp;Stream debenture (note 10) | 4063253 |  |
| &nbsp;&nbsp;&nbsp;Interest payable (notes 9 and 10) | 522485 | 534998 |
| &nbsp;&nbsp;&nbsp;Current income tax payable (note 16) | 1050000 | - |
| **Total current liabilities** | 29644412 | 7472326 |
| **Non-current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Lease liability (note 8) | 62282 | 71808 |
| &nbsp;&nbsp;&nbsp;Series 1 convertible debenture (note 10) | 5494151 | 5244757 |
| &nbsp;&nbsp;&nbsp;Series 2 convertible debenture (note 10) | 13898481 | 13458570 |
| &nbsp;&nbsp;&nbsp;Stream debenture (note 10) | 52923747 | 51138000 |
| &nbsp;&nbsp;&nbsp;Silver loan (note 10) | 31802708 |  |
| &nbsp;&nbsp;&nbsp;Debt facility (note 10) | 9236610 |  |
| &nbsp;&nbsp;&nbsp;Environment protection agency cost recovery liability net of discount (note 9) | 5549229 | 6574140 |
| &nbsp;&nbsp;&nbsp;Deferred tax liability (note 16) |  | 2588590 |
| &nbsp;&nbsp;&nbsp;Derivative warrant liability (note 11) | 1125295 | 1808649 |
| **Total liabilities** | 149736915 | 88356840 |
| **Shareholders' Deficiency** |  |  |
| &nbsp;&nbsp;&nbsp;Preferred shares, $0.000001 par value, 10,000,000 preferred shares authorized; Nil preferred shares issued and outstanding (note 11) |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.000001 par value, 1,500,000,000 shares of common stock authorized; 349,698,625 and 322,661,482 shares of common stock issued and outstanding, respectively (note 11) | 348 | 321 |
| &nbsp;&nbsp;&nbsp;Additional paid-in-capital (note 11) | 61233369 | 57848953 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive (income) loss | (3002361) | 808662 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (110366721) | (85025098) |
| **Total shareholders' deficiency** | (52135365) | (26367162) |
| **Total shareholders' deficiency and liabilities** | $97601550 | $61989678 |

---

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

**Bunker Hill Mining Corp.**

**Consolidated Statements of Loss and Comprehensive Loss**

**(Expressed in United States Dollars)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** |
| **Operating expenses (note 17)** | (15649142) | (11600574) |
| **Other income or gain (expense or loss)** |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 655125 | 1107093 |
| &nbsp;&nbsp;&nbsp;Change in derivative liability (note 11) | 838378 | 2360025 |
| &nbsp;&nbsp;&nbsp;Gain (loss) on foreign exchange | (7004) | 4821 |
| &nbsp;&nbsp;&nbsp;Gain (loss) on fair value of convertible debentures (note 10) | (890258) | 1673776 |
| &nbsp;&nbsp;&nbsp;Gain on debt settlement (note 7) |  | 7151873 |
| &nbsp;&nbsp;&nbsp;Gain on warrant modification |  | 214714 |
| &nbsp;&nbsp;&nbsp;Loss on fair value of silver loan (note 10) | (2820533) |  |
| &nbsp;&nbsp;&nbsp;Loss on revaluation of stream debenture (note 10) | (230000) | (3128956) |
| &nbsp;&nbsp;&nbsp;Interest expense and accretion (notes 9 and 10) | (8091412) | (7124527) |
| &nbsp;&nbsp;&nbsp;Financing costs (note 10) | (676784) | (934502) |
| &nbsp;&nbsp;&nbsp;Other income | 2631 | 23520 |
| &nbsp;&nbsp;&nbsp;Gain (loss) on debt modification (note 10) | 1308062 | (99569) |
| &nbsp;&nbsp;&nbsp;Loss on debt settlement (note 10) | (394456) | (491643) |
| &nbsp;&nbsp;&nbsp;Loss on sale of equipment (note 6) | (924820) | - |
| **(Loss) for the year pre tax** | $(26880213) | $(10843949) |
| Current income tax expense (note 16) | (1050000) |  |
| Deferred tax recovery (expense) (note 16) | 2588590 | (2588590) |
| **Net (loss) for the year** | (25341623) | (13432539) |
| **Other comprehensive income (loss), net of tax** |  |  |
| (Loss) gain on change in FV on own credit risk (note 10) | (3811023) | 554787 |
| **Other comprehensive (loss) income** | (3811023) | 554787 |
| **Comprehensive (loss)** | (29152646) | (12877752) |
| **Net (loss) Income per share of common stock** |  |  |
| &nbsp;&nbsp;&nbsp;Net (loss) per share of common stock – basic (note 12) | $(0.07) | $(0.05) |
| &nbsp;&nbsp;&nbsp;Net (loss) per share of common stock – fully diluted (note 12) | $(0.07) | $(0.05) |
| **Weighted average number of shares of common stock** |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average shares of common stock – basic (note 12) | 340244856 | 280354631 |
| &nbsp;&nbsp;&nbsp;Weighted average shares of common stock – fully diluted (note 12) | 340244856 | 280354631 |

---

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

**Bunker Hill Mining Corp.**

**Consolidated Statements of Cash Flows**

**(Expressed in United States Dollars)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** |
| **Operating activities** |  |  |
| Net loss for the year | $(25341623) | $(13432539) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation (note 11,13,14) | 1356071 | 1092290 |
| &nbsp;&nbsp;&nbsp;Settlement of DSUs (note 14) | (36495) |  |
| &nbsp;&nbsp;&nbsp;Depreciation expense (note 5) | 393297 | 190133 |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivative liabilities | (838378) | (2360025) |
| &nbsp;&nbsp;&nbsp;Change in fair value of silver loan | 2820533 |  |
| &nbsp;&nbsp;&nbsp;Current tax expense | 1050000 |  |
| &nbsp;&nbsp;&nbsp;Deferred tax (recovery) expense | (2588590) | 2588590 |
| &nbsp;&nbsp;&nbsp;Financing costs | 155024 |  |
| &nbsp;&nbsp;&nbsp;(Gain) on warrant extinguishment |  | (214714) |
| &nbsp;&nbsp;&nbsp;Units issued for services |  | 111971 |
| &nbsp;&nbsp;&nbsp;Interest expense on lease liability (note 8) | 50560 | 29699 |
| &nbsp;&nbsp;&nbsp;Interest expense |  | 92799 |
| &nbsp;&nbsp;&nbsp;Loss on sale of equipment (note 6) | 924820 |  |
| &nbsp;&nbsp;&nbsp;Loss on debt settlement | 394456 | 491643 |
| &nbsp;&nbsp;&nbsp;Loss on modification of debt |  | 99569 |
| &nbsp;&nbsp;&nbsp;Loss on revaluation of stream debenture | 230000 | 3128956 |
| &nbsp;&nbsp;&nbsp;Gain on modification of debt | (1308062) |  |
| &nbsp;&nbsp;&nbsp;Accretion of liabilities | 6010303 | 4149267 |
| &nbsp;&nbsp;&nbsp;Loss (gain) on fair value of convertible debt derivatives | 890258 | (1673777) |
| &nbsp;&nbsp;&nbsp;Gain on debt settlement |  | (7151873) |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable and prepaid deposits | (96798) | (26267) |
| &nbsp;&nbsp;&nbsp;Accounts payable | 2456577 | (1840426) |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 1043405 | 425719 |
| &nbsp;&nbsp;&nbsp;Interest payable | 2018037 | 1966233 |
| **Net cash used in operating activities** | (10416605) | (12332752) |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Process plant | (35433926) | (9398032) |
| &nbsp;&nbsp;&nbsp;Mine development | (3913472) | (1458506) |
| &nbsp;&nbsp;&nbsp;Purchase of land | (309861) |  |
| &nbsp;&nbsp;&nbsp;Purchase of machinery and equipment | (983719) | (539803) |
| **Net cash used in investing activities** | (40640978) | (11396341) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from silver loan | 26278261 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from debt facility | 10000000 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from stream obligation |  | 46000000 |
| &nbsp;&nbsp;&nbsp;Transaction costs stream obligation |  | (740956) |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of shares, net of issue costs |  | 3661822 |
| &nbsp;&nbsp;&nbsp;Proceeds from warrants exercise |  | 837459 |
| &nbsp;&nbsp;&nbsp;Proceeds from promissory notes |  | 390000 |
| &nbsp;&nbsp;&nbsp;Repayment of U.S. Environmental Protection Agency cost recovery payable | (3000000) |  |
| &nbsp;&nbsp;&nbsp;Repayment of bridge loan |  | (5000000) |
| &nbsp;&nbsp;&nbsp;Repayment of promissory notes |  | (150000) |
| &nbsp;&nbsp;&nbsp;Repayment of promissory note |  | (1599568) |
| &nbsp;&nbsp;&nbsp;Lease payments | (537997) | (275173) |
| **Net cash provided by financing activities** | 32740264 | 43123584 |
| **Net change in cash and restricted cash** | (18317319) | 19394491 |
| **Cash, beginning of year** | 26578596 | 7184105 |
| **Cash and restricted cash, end of year** | $8261277 | $26578596 |
| **Supplemental disclosures** |  |  |
| Cash interest paid | $- | $322708 |
| Non-cash activities: |  |  |
| &nbsp;&nbsp;&nbsp;Units issued to settle accounts payable and accrued liabilities | $- | $874198 |
| &nbsp;&nbsp;&nbsp;Units issued to settle deferred shared units | 83802 |  |
| &nbsp;&nbsp;&nbsp;Units issued to settle interest payable | 2030526 | 2515235 |
| Reconciliation from Cash Flow Statement to Balance Sheet: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and restricted cash, end of year | $8261277 | $26578596 |
| &nbsp;&nbsp;&nbsp;Less restricted cash | 4475000 | 6476000 |
| &nbsp;&nbsp;&nbsp;Cash | $3786277 | $20102596 |

---

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

**Bunker Hill Mining Corp.**

**Consolidated Statements of Changes in Shareholders' Deficiency**

**(Expressed in United States Dollars)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common stock** | **Common stock** | | | | |
|  | **Shares** | **Amount** |<br>**Additional**<br>**paid-in-**<br>**capital** | **Accumulated**<br>**other**<br>**comprehensive**<br>**income** |<br>**Accumulated**<br>**deficit** |<br><br>**Total** |
| **Balance, December 31, 2023** | **322661482** | $**321** | $**57848953** | $**808662** | $**(85025098)** | $**(26367162)** |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 873076 |  |  | 873076 |
| &nbsp;&nbsp;&nbsp;Shares issued for interest payable | 23619707 | 24 | 2427541 |  |  | 2427565 |
| &nbsp;&nbsp;&nbsp;Shares issued for deferred share units | 750000 | 1 | 83801 |  |  | 83802 |
| &nbsp;&nbsp;&nbsp;Shares issued for restricted share units vested | 2667436 | 2 | (2) |  |  |  |
| &nbsp;&nbsp;&nbsp;Other comprehensive (loss) |  |  |  | (3811023) |  | (3811023) |
| &nbsp;&nbsp;&nbsp;Net (loss) for the year | - | - | - | - | (25341623) | (25341623) |
| **Balance, December 31, 2024** | **349698625** | $**348** | $**61233369** | $**(3002361)** | $**(110366721)** | $**(52135365)** |
| **Balance, December 31, 2022** | **229501661** | $**228** | $**45161513** | $**253875** | $**(71592559)** | $**(26176943)** |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 1458946 |  |  | 1458946 |
| &nbsp;&nbsp;&nbsp;Compensation options |  |  | 111971 |  |  | 111971 |
| &nbsp;&nbsp;&nbsp;Shares issued for restricted share units vested | 5809218 | 6 | (6) |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued for interest payable | 25300209 | 25 | 2784124 |  |  | 2784149 |
| &nbsp;&nbsp;&nbsp;Shares issued for warrant exercise | 10416667 | 10 | 907080 |  |  | 907090 |
| &nbsp;&nbsp;&nbsp;Special warrant shares issued for $0.15 CAD | 51633727 | 52 | 7425325 |  |  | 7425377 |
| &nbsp;&nbsp;&nbsp;Other comprehensive income |  |  |  | 554787 |  | 554787 |
| &nbsp;&nbsp;&nbsp;Net (loss) for the year | - | - | - | - | (13432539) | (13432539) |
| **Balance, December 31, 2023** | **322661482** | $**321** | $**57848953** | $**808662** | $**(85025098)** | $**(26367162)** |

---

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

**1. Nature and continuance of operations**

Nature and Continuance of Operations

Bunker Hill Mining Corp. ("we", "us", "Bunker Hill", or the "Company") was incorporated under the laws of the state of Nevada, U.S.A. on February 20, 2007, under the name Lincoln Mining Corp. Pursuant to a Certificate of Amendment dated February 11, 2010, the Company changed its name to Liberty Silver Corp., and on September 29, 2017, the Company changed its name to Bunker Hill Mining Corp. The Company's registered office is located at 1802 N. Carson Street, Suite 212, Carson City, Nevada 89701, and its head office is located at 300-1055 West Hastings Street, Vancouver, British Columbia, Canada, V6E 2E9. As of the date of this Form 10-K, the Company had one subsidiary, Silver Valley Metals Corp. ("Silver Valley", formerly American Zinc Corp.), an Idaho corporation created to facilitate the work being conducted at the Bunker Hill Mine in Kellogg, Idaho ("Bunker Hill Mine").

The Company was incorporated for the purpose of engaging in mineral exploration, and exploitation activities, and is currently focused on the development and planned operations of the Bunker Hill Mine.

Bunker Hill holds a 100% interest in the historic Bunker Hill Mine located in the town of Kellogg, Idaho. The Bunker Hill Mine, previously operated between 1885 and 1981 producing over 165 million ounces of silver and 5 million tons of base metals during that time.

We are currently focused on the construction of mill facilities and upgrades to the historic underground infrastructure as well as further delineation of mineral resources.

**Going Concern**

These consolidated financial statements have been prepared on a going concern basis. The Company has incurred losses since inception resulting in an accumulated deficit of $110,366,721 and further losses are anticipated in the development of its business. The Company does not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment on certain current liabilities and/or raising additional funds. In order to continue to meet its fiscal obligations in the current fiscal year and beyond, the Company must seek additional financing. The Company has announced a debt restructure and equity offering, however, there is no assurance these transactions will be finalized, and if finalized the timing of such finalizations. This raises substantial doubt about the Company's ability to continue as a going concern. Its ability to continue as a going concern is dependent upon the ability of the Company to generate profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.

 ****

***Tariff War***

The Company's operations could be adversely affected by the effects of the tariff war between the United States of America and other countries around the world. The Company cannot accurately predict the impact the crisis will have on its operations and the ability of contractors to meet their obligations with the Company, including uncertainties relating the severity of its effects, the duration of the conflict, and the length and magnitude of restrictions imposed by governments. In addition, the crisis could adversely affect the economies and financial markets of the United States in general, resulting in an economic downturn that could further affect the Company's operations and ability to finance its operations. Additionally, the Company cannot predict changes in precious metals pricing or changes in commodities pricing which may alternately affect the Company either positively or negatively.

**2. Basis of presentation**

The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America applicable to exploration stage enterprises. The consolidated financial statements are expressed in U.S. dollars, the Company's functional currency.

**3. Significant accounting policies**

Significant Accounting Policies

The following is a summary of significant accounting policies used in the preparation of these consolidated financial statements.

**Basis of consolidation**

These consolidated financial statements include the assets, liabilities and expenses of the Company and its wholly owned subsidiary, Silver Valley Metals Corp. (formerly American Zinc Corp.). All intercompany transactions and balances have been eliminated on consolidation.

**Cash and cash equivalents**

Cash and cash equivalents may include highly liquid investments with original maturities of three months or less.

**Mineral rights, property and acquisition costs**

The Company transitioned from the exploration stage to the development stage at the beginning of the fourth quarter of 2022. The Company has not yet realized any revenues from its planned operations.

The Company capitalizes acquisition costs of mineral rights as intangible assets when there is sufficient evidence to support probability of generating positive economic returns in the future. Upon commencement of commercial production, the mineral rights will be amortized using the unit-of-production method over the life of the mineral rights.

The costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred to develop and expand the capacity of mines, or to develop mine areas in advance of production, are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current exploration or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment.

Borrowing costs that are directly attributable to the acquisition, construction or production of an asset that takes a substantial period of time to prepare for its intended use are capitalized as part of the cost of the asset. Capitalization of borrowing costs begins when there are borrowings, and activities commence to prepare an asset for its intended use. Capitalization of borrowing costs ends when substantially all activity necessary to prepare a qualifying asset for its intended use are complete. When proceeds of project-specific borrowings are invested on a temporary basis, borrowing costs are capitalized net of any investment income.

**Equipment**

Equipment is stated at cost less accumulated depreciation. Depreciation is provided principally on the straight-line method over the estimated useful lives of the assets, which range from 3 to 10 years. The cost of repairs and maintenance is charged to expense as incurred. Upon sale or other disposition of a depreciable asset, cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in other income or gain (expense or loss).

The Company periodically evaluates whether events and circumstances have occurred that may warrant revision of the estimated useful lives of equipment or whether the remaining balance of the equipment should be evaluated for possible impairment. If events and circumstances warrant evaluation, the Company uses an estimate of the related undiscounted cash flows over the remaining life of the equipment in measuring their recoverability.

**Leases**

Operating lease right of use ("ROU") assets represent the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is included in operation and administration expenses in the consolidated statements of loss and comprehensive loss.

Rental income obtained through subleases is recorded as income over the lease term and is offset against operation and administration expenses.

**Impairment of long-lived assets**

The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under FASB ASC 360, Property, Plant and Equipment, if events or circumstances indicate that their carrying amount might not be recoverable. When the Company determines that an impairment analysis should be done, the analysis is performed using the rules of FASB ASC 930-360-35, Extractive Activities – Mining, and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets.

Various factors could impact the Company's ability to achieve forecasted production schedules. Additionally, commodity prices, capital expenditure requirements and reclamation costs could differ from the assumptions the Company may use in future production cash flow models when compared to factors used to assess impairment. The ability to achieve the estimated quantities of recoverable minerals from development stage mineral interests involves further risks in addition to those factors applicable to mineral interests where proven and probable reserves have been identified, due to the lower level of confidence that the identified mineralized material can ultimately be mined economically.

**Fair value of financial instruments**

The Company adopted FASB ASC 820-10, Fair Value Measurement. This guidance defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows:

● Level
 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

● Level
 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that
 are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

● Level
 3 inputs to valuation methodology are unobservable and significant to the fair measurement.

The carrying amounts reported in the consolidated balance sheets for cash, restricted cash, accounts receivable excluding HST, accounts payable, accrued liabilities, interest payable, promissory notes payable, current portion of environmental protection agency cost recovery payable, and current portion of lease liability, all of which qualify as financial instruments, are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and current market rate of interest. The carrying amounts of convertible loans are reported at estimated fair values as a result of the application of fair value models at each period end. The Company measures its DSU liability at fair value on recurring basis using level 1 inputs. Derivative warrant liabilities, silver loan, and convertible debentures are measured at fair value on recurring basis using level 3 inputs. The Company measured the non-current portion of the EPA liability and the stream debenture using a discount rate that represents the market rate. The Company measures its lease liabilities using the rate implicit in the lease or incremental borrowing rate if the rate implicit in the lease is not available.

**Environmental expenditures**

The operations of the Company have been, and may in the future be, affected from time to time, in varying degrees, by changes in environmental regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company vary greatly and are not predictable. The Company's policy is to meet, or if possible, surpass standards set by relevant legislation, by application of technically proven and economically feasible measures.

Environmental expenditures that relate to ongoing environmental and reclamation programs are expensed as incurred or capitalized and amortized depending on their future economic benefits. Estimated future reclamation and site restoration costs, when the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries.

**Income taxes**

The Company accounts for income taxes in accordance with Accounting Standard Codification 740, Income Taxes ("FASB ASC 740"), on a tax jurisdictional basis. The Company files income tax returns in the United States.

Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the tax bases of assets and liabilities and the consolidated financial statements reported amounts using enacted tax rates and laws in effect in the year in which the differences are expected to reverse. A valuation allowance is provided against deferred tax assets when it is determined to be more likely than not that the deferred tax asset will not be realized.

The Company assesses the likelihood of the consolidated financial statements effect of a tax position that should be recognized when it is more likely than not that the position will be sustained upon examination by a taxing authority based on the technical merits of the tax position, circumstances, and information available as of the reporting date. The Company is subject to examination by taxing authorities in jurisdictions such as the United States. Management does not believe that there are any uncertain tax positions that would result in an asset or liability for taxes being recognized in the accompanying consolidated financial statements. The Company recognizes tax-related interest and penalties, if any, as a component of income tax expense.

FSAB ASC 740 prescribes recognition threshold and measurement attributes for the consolidated financial statements recognition and measurement of a tax position taken, or expected to be taken, in a tax return. FASB ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in periods, disclosure and transition. At December 31, 2024, December 31, 2023, the Company has not taken any tax positions that would require disclosure under FASB ASC 740.

**Basic and diluted net (loss) income per share**

The Company computes net (loss) income per share in accordance with FASB ASC 260, Earnings per Share ("FASB ASC 260"). Under the provisions of FASB ASC 260, basic net (loss) income per share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net (loss) income per share is computed using the weighted average number of shares of common stock and, if dilutive, potential shares of common stock outstanding during the period. Potential shares of common stock consist of the incremental shares of common stock issuable upon the exercise of stock options, restricted share units ("RSUs"), warrants and the conversion of convertible loan payable. As of December 31, 2024, a $6,000,000 convertible debenture (the "CD1"), a $15,000,000 convertible debenture (the "CD2"), 6,445,152 stock options, 147,219,360 warrants, and 2,070,258 broker options, and 14,026,493 RSUs were considered in the calculation but not included, as they were anti-dilutive (December 31, 2023 - 8,970,636 stock options, 145,061,976 warrants, 4,301,150 broker options and 7,044,527 RSUs were considered in the calculation but not included).

**Stock-based compensation**

In December 2004, FASB issued FASB ASC 718, Compensation – Stock Compensation ("FASB ASC 718"), which establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity's equity instruments or that may be settled by the issuance of those equity instruments. FASB ASC 718 focuses primarily on accounting for transactions in which an entity obtains employee services in share-based payment transactions. FASB ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the consolidated financial statements. That cost will be measured based on the fair value of the equity or liability instruments issued.

**Restricted share units**

The Company estimates the grant date fair value of RSUs using the Company's common stock at the grant date. The Company records the value of the RSUs in paid-in capital.

**Deferred share units ("DSUs")**

The Company estimates the grant date fair value of the DSUs using the trading price of the Company's common stock on the day of grant. The Company records the value of the DSUs owing to its directors as DSU liability and measures the DSU liability at fair value at each reporting date, with changes in fair value recognized as stock-based compensation in profit (loss).

**Use of estimates and assumptions**

Many of the amounts included in the consolidated financial statements require management to make judgments and/or estimates. These judgments and estimates are continuously evaluated and are based on management's experience and knowledge of the relevant facts and circumstances. Actual results may differ from the amounts included in the consolidated financial statements.

Areas of significant judgment and estimates affecting the amounts recognized in the consolidated financial statements include:

*Going concern*

The assessment of the Company's ability to continue as a going concern involves judgment regarding future funding available for its operations and working capital requirements.

 

*Accrued liabilities*

The Company has to make estimates to accrue for certain expenditures due to delay in receipt of third-party vendor invoices. These accruals are made based on trends, history and knowledge of activities. Actual results may be different. The Company makes monthly estimates of its water treatment costs, with a true-up to the annual invoice received from the Idaho Department of Environmental Quality ("IDEQ"). Using the actual costs in the annual invoice, the Company then reassesses its estimate for future periods. Given the nature, complexity and variability of the various actual cost items included in the invoice, the Company has used the most recent invoice as its estimate of the water treatment costs for future periods.

*Convertible Loans, Promissory Notes, Stream Obligation, Silver Loan and Warrants*

Estimating the fair value of derivative warrant liability requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the issuance. This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the warrants derivative liability, volatility, USD-CAD exchange rates and dividend yield and making assumptions about them. The assumptions and models used for estimating fair value of warrants derivative liability are disclosed in Notes 11.

The fair value estimates of the convertible loans use inputs to the valuation model that include risk-free rates, equity value per share of common stock, USD-CAD exchange rates, expected equity volatility, expected volatility in minerals prices, credit spread, and project risk/estimation risk factors. See Note 10 for full disclosures related to the convertible loans and promissory notes.

The fair value estimates of the silver loan use inputs to the valuation model that include risk-free rates, spot and futures prices of minerals, expected volatility in minerals prices, credit spread, and project risk/estimation risk factors. See Note 10 for full disclosures related to the silver loan.

The stream obligation inputs used to determine the future cash flows and effective interest for the amortized cost calculation include futures prices of minerals and expected mineral production over the life of the mine. See Note 10 for full disclosures related to the stream obligation.

The fair value estimates may differ from actual fair values and these differences may be significant and could have a material impact on the Company's balance sheets and the consolidated statements of operations.

*Impairment of mineral properties, plant and equipment*

Assets are reviewed for an indication of impairment at each reporting date. This determination requires significant judgment. Factors that could trigger an impairment review include, but are not limited to, significant negative industry or economic trends, interruptions in exploration activities or a significant drop in precious metal prices.

*Incremental borrowing rate*

Estimating the present value of minimum future lease payments requires determining the most appropriate incremental borrowing rate. The assessment of the Company's incremental borrowing rate involves judgment regarding the cost of borrowings for the related asset.

*Borrowing cost capitalization rate*

The assessment of the Company's incremental borrowing rate involves judgment on what qualifies as a qualifying asset and on determining the capitalization rates.

**Reclassifications**

Certain reclassifications have been made to conform prior year's data to the current presentation. The reclassifications have no effect on the results of reported operations or stockholders' deficit or cash flows.

**Concentrations of credit risk**

The Company's financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and restricted cash. The Company places its cash with financial institutions of high credit worthiness. At times, its cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company's management also routinely assesses the financial strength and credit worthiness of any parties to which it extends funds and as such, it believes that any associated credit risk exposures are limited.

**Risks and uncertainties**

The Company operates in the mineral resource exploration and mine development industry that is subject to significant risks and uncertainties, including financial, operational, and other risks associated with operating a mineral resource exploration business, including the potential risk of business failure.

**Foreign currency transactions**

The Company from time to time will receive invoices from service providers that are presenting their invoices using the Canadian dollar. The Company will use its U.S. dollars to settle the Canadian dollar liabilities and any differences resulting from the exchange transaction are reported as gain or loss on foreign exchange.

**Debt instruments**

The Company reviews the terms of its agreements to identify any embedded derivatives. If an embedded derivative is identified in a contract the Company assesses if it is clearly and closely related to the host debt. If the embedded derivative is determined to not be clearly and closely related to the host debt the fair value election is made to account for the entire instrument at fair value with the change in fair value accounted through earnings, profit and loss for each period reported.

The Company applies ASC 480 distinguishing liabilities from equity and ASC 815 derivatives and hedging in determining the appropriate accounting treatment for hybrid instruments. The Company has measured the whole instrument at fair value per the fair value election therefore, the embedded options within the convertible loans are not bifurcated and measured at fair value at each period end.

**Recent Accounting Pronouncements**

*New Accounting Pronouncements –* In August 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which clarifies the business combination accounting for joint venture formations. The amendments in the ASU seek to reduce diversity in practice that has resulted from a lack of authoritative guidance regarding the accounting for the formation of joint ventures in separate financial statements. The amendments also seek to clarify the initial measurement of joint venture net assets, including businesses contributed to a joint venture. The guidance is applicable to all entities involved in the formation of a joint venture. The amendments are effective for all joint venture formations with a formation date on or after January 1, 2025. Early adoption and retrospective application of the amendments are permitted. The Company does not expect adoption of the new guidance to have a material impact on our consolidated financial statements and disclosures.

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. The adoption of this new standard has not had a material impact on our consolidated financial statements and note disclosures.

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, and are applied prospectively. The adoption of this new standard has not had a material impact on our consolidated financial statements and note disclosures.

Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption.

**4. Accounts receivable and prepaid expenses**

Accounts receivable and prepaid expenses consists of the following:

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| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
| Prepaid expenses and deposits | $464380 | $382198 |
| HST and interest receivable | 125978 | 121621 |
| U.S. Environment Protection Agency overpayment (note 9) | 100000 | 94582 |
| Total | $690358 | $598401 |

---

**5. Equipment and Right-of-Use asset**

Equipment, Right-of-Use Asset

Equipment consists of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
| Equipment | $2468339 | $1460375 |
| Less accumulated depreciation | (726358) | (513714) |
| Equipment, net | $1741981 | $946661 |

---

The total depreciation expense during the year ended December 31, 2024, was $212,645 (year ended December 31, 2023 - $144,347).

Right-of-use asset consists of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
| Right-of-use asset | $984562 | $670808 |
| Less accumulated depreciation | (226437) | (45786) |
| Right-of-use asset, net | $758125 | $625022 |

---

The total depreciation expense during the year ended December 31, 2024, was $180,652 (year ended December 31, 2023 - $45,786, relating to an expired lease). The weighted average remaining lease term is 7 months as of December 31, 2024 (13 months as of December 31, 2023). The weighted average discount rate of the lease contracts is 15%. The Company is a party primarily to lease contracts for mining related mobile equipment.

**6. Process Plant**

On May 13, 2022, the Company purchased a comprehensive package of equipment and parts inventory from Teck Resources Limited ("Teck"). The package comprised substantially all processing equipment of value located at the Pend Oreille mine site, including complete crushing, grinding and flotation circuits suitable for a planned ~1,500 ton-per-day operation at the Bunker Hill site, and total inventory of nearly 10,000 components and parts for mill, assay lab, conveyer, field instruments, and electrical spares.

The process plant was purchased in an assembled state in the seller's location, and included major processing systems, significant components, and a large inventory of spare parts. The Company has disassembled and transported it to the Bunker Hill site, and is reassembling it as an integral part of the Company's future operations. The Company determined that the transaction would be accounted for as an asset acquisition, with the process plant representing a single asset, with the exception of the inventory of spare parts, which has been separated out on the consolidated balance sheets as a non-current asset. As the plant is demobilized, transported and reassembled, installation and other costs associated with these activities are being captured and capitalized as components of the asset.

Process plant consists of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
| Mill purchase, detailed engineering, and construction costs | $65545594 | $17219063 |
| Capitalized interest (note 10) | 1848473 | 233407 |
| Disposal of Grinding Circuits | (984820) | - |
| Process Plant | $66409247 | $17452470 |

---

In August 2024, the Company sold a Grinding Circuit previously purchased from Teck as part of the Pend Oreille Mill purchase for $20,000 recognizing a loss on sale of equipment of $308,273. In September 2024, the Company reclassified two remaining Grinding Circuits as assets at $40,000 held for sale and recognized a loss on sale of equipment of $616,547 on the consolidated statements of loss and comprehensive loss.

**7. Bunker Hill Mine and Mining Interests**

The Company purchased the Bunker Hill Mine in January 2022.

The carrying cost of the Bunker Hill Mine is comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
| Bunker Hill Mine purchase | $14247210 | $14247210 |
| Capitalized development | 6626865 | 2722889 |
| Sale of mineral properties (note 10) | (2768510) | (1973840) |
| Land | 202000 | 202000 |
| Definition drilling | 488026 | - |
| Bunker Hill Mine | $18795591 | $15198259 |

---

 

*Land purchase and leases*

The Company owns a 225-acre surface land parcel valued at its original purchase price of $202,000 which includes the surface rights to portions of 24 patented mining claims, for which the Company already owns the mineral rights.

During the year ended December 31, 2023, the Company entered into a lease agreement with C & E Tree Farm LLC for the lease of a land parcel overlaying a portion of the Company's existing mineral claims package. The Company is committed to making monthly payments of $10,000 through February 2026. The Company has the option to purchase the land parcel through March 1, 2026, for $3,129,500 less 50% of the payments made through the date of purchase.

*Sale of Mineral Properties*

 

On June 23, 2023, as consideration for the extinguishment of the royalty convertible debenture (the "RCD"), as described in note 10, the Company granted a royalty for 1.85% of life-of-mine gross revenue (the "Royalty") from mining claims considered to be historically worked, contiguous to current accessible underground development, and covered by the Company's 2021 ground geophysical survey. A 1.35% rate will apply to claims outside of these areas. This 2023 transaction was treated as a sale of mineral interest to Sprott Private Resource Streaming & Royalty Corp. ("Sprott"). The portion of the mineral interest sold was determined based on an analysis of discounted life-of-mine royalty payments relative to discounted future cash flows generated from the mine net of capital and operating costs, applied to the carrying value of the Bunker Hill Mine as of June 23, 2023 before consideration of the sale of mineral properties. This analysis utilized a discount rate of 13% and long-term metal prices of $1.09/lb, $0.98/lb and $25.51/oz for zinc, lead and silver respectively, consistent with assumptions utilized in the valuation of the RCD at extinguishment.

 

On December 12, 2024, as consideration for Sprott advancing the debt facility, as described in note 10, the Company granted a royalty for 0.5% of life-of-mine gross revenue from mining claims considered to be historically worked, contiguous to current accessible underground development, and covered by the Company's 2021 ground geophysical survey. A 0.35% rate will apply to claims outside of these areas.

On December 19, 2024, as consideration for Sprott advancing the debt facility, as described in note 10, the Company granted a royalty for 0.5% of life-of-mine gross revenue from mining claims considered to be historically worked, contiguous to current accessible underground development, and covered by the Company's 2021 ground geophysical survey. A 0.35% rate will apply to claims outside of these areas.

The 2024 transactions were treated as a sale of mineral interest to Sprott. The portion of the mineral interest sold was determined based on an analysis of discounted life-of-mine royalty payments relative to discounted future cash flows generated from the mine net of capital and operating costs, applied to the carrying value of the Bunker Hill Mine as of December 19, 2024, before consideration of the sale of mineral properties. This analysis utilized a discount rate of 15% and long-term metal prices of $1.20/lb, $0.95/lb and $27.29/oz for zinc, lead and silver respectively.

**8. Lease Liability**

As of December 31, 2024, and December 31, 2023, The Company's undiscounted lease obligations consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
| Gross lease obligation – minimum lease payments |  |  |
| 1 year | $200755 | $393673 |
| 2- 3 years | 64375 | 73588 |
| 4-5 years |  |  |
| Future interest expense on lease obligations | (13480) | (41927) |
| Total lease liability | 251650 | 425334 |
| Current lease liability | 189368 | 353526 |
| Non-current lease liability | 62282 | 71808 |
| Total lease liability | $251650 | $425334 |

---

Interest expense for the year ended December 31, 2024, was $50,560 (year ended Decembre 31, 2023, $23,669).

**9. U.S. Environmental Protection Agency ("EPA")**

**** 

Effective December 19, 2021, the Company entered into an amended Settlement Agreement between the Company, Idaho Department of Environmental Quality, U.S. Department of Justice, and the EPA (the "Amended Settlement"). Upon the effectiveness of the Amended Settlement, the Company would become fully compliant with its payment obligations to these parties. The Amended Settlement modified the payment schedule and payment terms for recovery of the historical environmental response costs. Pursuant to the terms of the Amended Settlement, upon purchase of the Bunker Hill Mine and the satisfaction of financial assurance commitments (as described below), the $19,000,000 of cost recovery liabilities were to be paid by the Company to the EPA on the following dates:

---

| | |
|:---|:---|
| **Date** | **Amount** |
| Within 30 days of Settlement Agreement | $2000000 |
| November 1, 2024 | $3000000 |
| November 1, 2025 | $3000000 |
| November 1, 2026 | $3000000 |
| November 1, 2027 | $3000000 |
| November 1, 2028 | $3000000 |
| November 1, 2029 | $2,000,000 plus accrued interest |

---

In addition to the changes in payment terms and schedule, the Amended Settlement includes a commitment by the Company to secure financial assurance for the principle outstanding in the form of performance bonds or letters of credit deemed acceptable to the EPA. The financial assurance can be drawn on by the EPA in the event of non-performance by the Company of its payment obligations under the Amended Settlement (the "Financial Assurance"). The amount of the bonds will decrease over time as individual payments are made.

During the year end December 31, 2024, the Company made a $3,000,000 payment to the EPA bringing the principal of the cost recovery liability to $14,000,000 as of December 31, 2024 (compared to $17,000,000 as of December 31, 2023).

As of December 31, 2024, the Company had two payment bonds of $9,999,000 and $4,001,000 in place to secure this liability (as of December 31, 2023, the Company had two payment bonds of $9,999,000 and $5,000,000, and a $2,001,000 letter of credit, in place to secure this liability). The collateral for the payment bonds is comprised of two letters of credit of $4,475,000 in aggregate, as well as land pledged by third parties with whom the Company has entered into a financing cooperation agreement that contemplates a monthly fee of $20,000 (payable in cash or common shares of the Company, at the Company's election). The letters of credit of $4,475,000 in aggregate are secured by cash deposits under an agreement with a commercial bank, which comprise the $4,475,000 of restricted cash shown within current assets as of December 31, 2024, compared to $6,476,000 as of December 31, 2023.

The Company recorded accretion expense on the liability of $1,975,089 for the year ended December 31, 2024, respectively, bringing the discounted, at 19.5%, net liability to $8,549,229 (previously accrued interest of $154,743) as of Decembre 31, 2024. The Company recorded accretion expense on the liability of $1,632,674 for the year ended December 31, 2023, respectively.

*Water Treatment Charges – Idaho Department of Environmental Quality*

Separate to the cost recovery liability outlined above, the Company is responsible for the payment of ongoing water treatment charges. Water treatment charges incurred through December 31, 2021, were payable to the EPA, and charges thereafter are payable to the IDEQ following a handover of responsibilities for the Central Treatment Plant from the EPA to the IDEQ as of that date.

The Company currently makes monthly payments of $100,000 to the IDEQ as instalments toward the cost of treating water at the Central Treatment Plant. Upon receipt of an invoice from the IDEQ for actual costs incurred, a reconciliation is performed relative to payments made, with an additional payment made or refund received as applicable. The Company accrues $100,000 per month based on its estimate of the monthly cost of water treatment. As of December 31, 2024, a prepaid expense of $100,000 (December 31, 2023: $94,582) represents the difference between the estimated cost of water treatment and net payments made by the Company to the IDEQ to date. This balance has been recognized on the consolidated balance sheets as accounts receivable and prepaid expenses and accounts payable.

**10. Promissory notes payable and convertible debentures**

Promissory Notes Payable, Convertible Debentures, and Silver Loan

On September 22, 2021, the Company issued a non-convertible promissory note of $2,500,000 bearing interest of 15% per annum and payable at maturity. Interest expense for the years ended December 31, 2024, and 2023 was $nil and $189,179 respectively. The Company incurred a one-time penalty of 10% of the outstanding principal on June 30, 2023, of $99,569 which is included in loss on debt modification in the consolidated statements of loss and comprehensive loss. A final principal payment of $1,599,569 was made during the year ended December 31, 2023.

On February 21, 2023, the Company issued a non-convertible promissory note to a related party of $120,000, and a separate non-convertible promissory note of $120,000 to another party. Each promissory note bore fixed interest of $18,000, payable at maturity. Both promissory notes, including interest were settled on March 27, 2023.

In June 2023, the Company issued a non-convertible promissory note in the amount of $150,000. The promissory note bore fixed interest of $15,000, payable at maturity, which was the earlier of one year or the receipt of an equity or debt financing. The promissory note, including interest, was settled in June 2023.

*Project Finance Package with Sprott*

On December 20, 2021, the Company executed a non-binding term sheet outlining a $50,000,000 project finance package with Sprott.

The non-binding term sheet with Sprott outlined a $50,000,000 project financing package that the Company expected to fulfill the majority of its funding requirements to restart the Mine. The term sheet consisted of an $8,000,000 royalty convertible debenture (the "RCD"), a $5,000,000 convertible debenture (the "CD1"), and a multi-metals Stream of up to $37,000,000. The CD1 was subsequently increased to $6,000,000, increasing the project financing package to $51,000,000.

On June 17, 2022, the Company consummated a new $15,000,000 convertible debenture (the "CD2"). As a result, total potential funding from Sprott was further increased to $66,000,000 including the RCD, CD1, CD2 and the Stream (together, the "Project Financing Package").

On June 23, 2023, the Company closed the upsized and improved $67,000,000 project finance package with Sprott, consisting of a $46,000,000 stream and a $21,000,000 new debt facility. The newly proposed $46,000,000 stream (the "Stream") was envisaged to have the same economic terms as the previously proposed $37,000,000 stream, with a $9,000,000 increase in gross proceeds received by the Company, resulting in a lower cost of capital for the Company. The Company also announced a new $21,000,000 new debt facility (the "Debt Facility"), available for draw at the Company's election for two years. As a result, total funding commitments from Sprott was envisaged to increase to $96,000,000 including the RCD, CD1, CD2, Stream and debt facility (together, the "Project Financing Package"). The Bridge Loan, as previously envisaged, was repaid from the proceeds of the Stream. The parties also agreed to extend the maturities of the CD1 and CD2 to March 31, 2026, when the full $6,000,000 and $15,000,000, respectively, will become due.

*<u>$8,000,000 Royalty Convertible Debenture (RCD)</u>*

The Company closed the $8,000,000 RCD on January 7, 2022. The RCD bears interest at an annual rate of 9.0%, payable in cash or common stock at the Company's option, until such time that Sprott elects to convert a royalty, with such conversion option expiring at the earlier of advancement of the Stream or July 7, 2023 (subsequently amended as described below). In the event of conversion, the RCD will cease to exist and the Company will grant a royalty for 1.85% of life-of-mine gross revenue from mining claims considered to be historically worked, contiguous to current accessible underground development, and covered by the Company's 2021 ground geophysical survey (the "Sprott Royalty"). A 1.35% rate will apply to claims outside of these areas. The RCD was initially secured by a share pledge of the Company's operating subsidiary, Silver Valley, until a full security package was put in place concurrent with the consummation of the CD1. In the event of non-conversion, the principal of the RCD will be repayable in cash.

Concurrent with the funding of the CD2 in June 2022, the Company and Sprott agreed to a number of amendments to the terms of the RCD, including an amendment of the maturity date from July 7, 2023 to March 31, 2025. The parties also agreed to enter into a Royalty Put Option such that in the event the RCD is converted into a royalty as described above, the holder of the royalty will be entitled to resell the royalty to the Company for $8,000,000 upon default under the CD1 or CD2 until such time that the CD1 and CD2 are paid in full. The Company determined that the amendments in the terms of the RCD should not be treated as an extinguishment of the RCD, and have therefore been accounted for as a modification.

On June 23, 2023, the funding date of the Stream, the RCD was repaid by the Company granting a royalty for 1.85% of life-of-mine gross revenue (the "Royalty") from mining claims historically worked as described above. A 1.35% rate will apply to claims outside of these areas. The Company has accounted for the Royalty as a sale of mineral properties (refer to note 7 for further detail). The Company has recognized a gain of $6,980,932 in the consolidated statements of (loss) income and comprehensive (loss) income for the year ending December 31, 2023.

*<u>$6,000,000 Series 1 Convertible Debenture (CD1)</u>*

The Company closed the $6,000,000 CD1 on January 28, 2022, which was increased from the previously-announced $5,000,000. The CD1 bears interest at an annual rate of 7.5%, payable in cash or common stock at the Company's option, and matures on July 7, 2023 (subsequently amended, as described below). The CD1 is secured by a pledge of the Company's properties and assets. Until the closing of the Stream, the CD1 was to be convertible into shares of Company common stock at a price of C$0.30 per share, subject to stock exchange approval (subsequently amended, as described below). Alternatively, Sprott may elect to retire the CD1 with the cash proceeds from the Stream. The Company may elect to repay the CD1 early; if Sprott elects not to exercise its conversion option at such time, a minimum of 12 months of interest would apply.

Concurrent with the funding of the CD2 in June 2022, the Company and Sprott agreed to a number of amendments to the terms of the CD1, including that the maturity date would be amended from July 7, 2023 to March 31, 2025, and that the CD1 would remain outstanding until the new maturity date regardless of whether the Stream is advanced, unless the Company elects to exercise its option of early repayment. The Company determined that the amendments in the terms of the CD1 should not be treated as an extinguishment of the CD1 and have therefore been accounted for as a modification.

Concurrent with the funding of the Stream in June 2023, the Company and Sprott agreed to amend the maturity date of CD1 from March 31, 2025, to March 31, 2026, and that CD1 would remain outstanding until the new maturity date unless the company elects to exercise its option of early repayment. The Company determined that the amendments to the terms of the CD1 should not be treated as an extinguishment of the CD1 and have therefore been accounted for as a modification.

In August 2024, the Company and Sprott agreed to amend the maturity date of CD1 from March 31, 2026, to March 31, 2028, and that CD1 would remain outstanding until the new maturity date unless the Company elects to exercise its option of early repayment. The Company determined that the amendments to the terms of the CD1 should not be treated as an extinguishment of the CD1 and have therefore been accounted for as a modification. As a result of the modification the company reported a gain of $366,201 in the gain (loss) on debt modification of the consolidated statement of loss for year ended December 31, 2024 (gain of $58,657 for the year ended December 31, 2023).

The CD1 is convertible into Common Shares at a price of C$0.30 per Common Share, subject to stock exchange approval.

*<u>$15,000,000 Series 2 Convertible Debenture (CD2)</u>*

The Company closed the $15,000,000 CD2 on June 17, 2022. The CD2 bears interest at an annual rate of 10.5%, payable in cash or common stock at the Company's option, and matured on March 31, 2025. The CD2 is secured by a pledge of the Company's properties and assets, and is convertible into Company common stock at a price of C$0.29 per share at Sprott's election at any time through the maturity date. The repayment terms included 3 quarterly payments of $2,000,000 each beginning June 30, 2024, and $9,000,000 on the maturity date.

Concurrent with the funding of the Stream in June 2023, the Company and Sprott agreed to amend the maturity date of the CD2 from 3 quarterly payments of $2,000,000 each beginning June 30, 2024, and $9,000,000 on March 31, 2025, to payment in full on March 31, 2026, and that the CD2 would remain outstanding until the new maturity date unless the Company elects to exercise its option of early repayment or Sprott elects to exercise its share conversion option. The Company determined that the amendments to the terms of the CD2 should not be treated as an extinguishment of the CD2 and have therefore been accounted for as a modification. As a result of the modification the company reported a gain of $941,861 in the gain (loss) on debt modification of the consolidated statement of loss for year ended December 31, 2024 (loss of $3,833 for the year ended December 31, 2023).

In August 2024, the Company and Sprott agreed to amend the maturity date of CD2 from March 31, 2026, to March 31, 2029, and that CD2 would remain outstanding until the new maturity date unless the Company elects to exercise its option of early repayment. The Company determined that the amendments to the terms of the CD2 should not be treated as an extinguishment of the CD2 and have therefore been accounted for as a modification.

The CD2 is convertible into Common Shares at a price of C$0.29 per Common Share, subject to stock exchange approval.

The Company determined that in accordance with ASC 815 derivatives and hedging, each debenture will be valued and carried as a single instrument, with the periodic changes to fair value accounted through earnings, profit and loss.

Consistent with the approach above, the following table summarizes the key valuation inputs as at applicable valuation dates using the binomial lattice methodology based on a Cox-Ross-Rubenstein ("CRR") approach:

Schedule of Key Valuation Inputs

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference (1)(2) | Valuation <br> date | Maturity <br> date | Contractual <br> Interest rate | Stock price ($) | Expected equity volatility | Credit spread | Risk-free rate | Risk- <br> adjusted rate |
| CD1 note(3) | 12-31-23 | 03-31-26 | 7.50% | 0.098 | 115% | 8.41% | 4.18% | 18.89% |
| CD2 note (3) | 12-31-23 | 03-31-26 | 10.50% | 0.098 | 115% | 8.41% | 4.18% | 20.79% |
| CD1 note(3) | 12-31-24 | 03-31-28 | 7.50% | 0.113 | 105% | 4.72% | 4.28% | 15.45% |
| CD2 note(3) | 12-31-24 | 03-31-29 | 10.50% | 0.113 | 105% | 5.03% | 4.34% | 17.89% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 CD1 carried a Discount for Lack of Marketability ("DLOM") of 5.0 % as of the issuance date. The CD2 carried a DLOM of 10.0 % as of the issuance date.

(2) CD1
 carries an instrument-specific spread of 7.23 %, CD2 carries an instrument-specific spread of 9.32 %

(3) The
 conversion price of the CD1 is $0.208 and CD2 is $0.202 as of December 31, 2024. The conversion price of the CD1 is $0.227 and CD2
 is $0.219 as of December 31, 2023.

The resulting fair values of the CD1, RCD, and CD2 at December 31, 2024, and as of December 31, 2023, were as follows:

Schedule of Fair Value Derivative Liability

---

| | | |
|:---|:---|:---|
| **Instrument Description** | **December 31,**<br> **2024** | **December 31,**<br> **2023** |
| CD1 | $5494151 | $5244757 |
| CD2 | 13898481 | 13458570 |
| Total | $19392632 | $18703327 |

---

The total (loss) gain on fair value of debentures recognized during the year ended December 31, 2024 and December 31, 2023, was $(890,258) and $1,673,776, respectively. The portion of changes in fair value that is attributable to changes in the Company's credit risk is accounted for within other comprehensive loss. During the year ended December 31, 2024 and December 31, 2023, the Company recognized $(1,107,109) and $554,787 respectively, within other comprehensive loss. Interest expense for the year ended December 31, 2024 and 2023 was $2,030,548 and $2,368,233 respectively. At December 31, 2024 interest of $510,411 ($510,411 at December 31, 2023) is included in interest payable on the consolidated balance sheets. During the year ended December 31, 2024, the Company issued shares of common stock in connection with its election to satisfy interest payments under the outstanding convertible debentures recognizing a loss on extinguishment of debt of $397,016 ($268,889 in the year ended December 31, 2023) in the consolidated statements of loss and comprehensive loss.

The Company performs quarterly testing of the covenants in the CD1 and CD2 and was in compliance with all such covenants as of December 31, 2024.

 

*<u>$5,000,000 Bridge Loan</u>*

On December 6, 2022, the Company closed a $5,000,000 loan facility with Sprott (the "Bridge Loan"). The Bridge Loan is secured by the same security package in place for the RCD, CD1, and CD2. The Bridge Loan bears interest at 10.5% per annum and matures at the earlier of (i) the advance of the Stream, or (ii) June 30, 2024. In addition, the minimum quantity of metal delivered under the Stream, if advanced, would increase by 5% relative to amounts previously announced.

On June 23, 2023, the Company repaid the outstanding principal and interest on the Bridge Loan recognizing a loss on extinguishment of debt of $222,754 in the consolidated statements of loss and comprehensive loss. Interest expense for year ended December 31, 2024, was $nil compared to $346,550 for the year ended December 31, 2023.

 

*<u>The Stream</u>*

On June 23, 2023, all conditions were met for the closing of the Stream, and $46,000,000 was advanced to the Company. The Stream is secured by the same security package that is in place with respect to the RCD, CD1, and CD2. The Stream is repayable by applying 10% of all payable metals sold until a minimum quantity of metal is delivered consisting of, individually, 63.5 million pounds of zinc, 40.4 million pounds of lead, and 1.2 million ounces of silver (subsequently amended, as described below). Thereafter, the Stream would be repayable by applying 2% of payable metals sold. The delivery price of streamed metals will be 20% of the applicable spot price. At the Company's option, the Company may buy back 50% of the Stream Amount at a 1.40x multiple of the Stream Amount between the second and third anniversary of the date of funding, and at a 1.65x multiple of the Stream Amount between the third and fourth anniversary of the date of funding. The Company incurred $740,956 of transactions costs directly related to the Stream which were capitalized against the initial recognition of the Stream of $45,259,044 on the consolidated balance sheets.

The Company determined that in accordance with ASC 815 derivatives and hedging, the Stream does not meet the criteria for treatment as a derivate instrument as the quantities of metal to be sold thereunder are not subject to a minimum quantity, and therefore a notional amount is not determinable. The Company has therefore determined that in accordance with ASC 470, the stream obligation should be treated as a liability based on the indexed debt rules thereunder. The initial recognition has been made at fair value based on cash received, net of transaction costs, and the discount rate calibrated so that the future cash flows associated with the Stream, using forward commodity prices, equal the cash received. The measurement of the stream obligation is accounted for at amortized cost with accretion at the discount rate. Subsequent changes to the expected cash flows associated with the Stream will result in the adjustment of the carrying value of the stream obligation using the same discount rate, with changes to the carrying value recognized in the consolidated statements of loss and comprehensive loss.

The Company determined the effective interest rate of the Stream obligation to be 10.7% and recorded accretion expense on the liability of $4,003,934 for the year ended December 31, 2024 ($2,516,593 for the year ended December 31, 2023) recognized in the consolidated statement of loss and comprehensive loss, accretion expense on the liability of $1,615,066 for the year ended December 31, 2024 ($233,407 for the year ended December 31, 2023) capitalized into the process plant (note 6) on the consolidated balance sheets and loss on revaluation of the liability of $230,000 for the year ended December 31, 2024 ($3,128,956 for the year ended December 31, 2023), bringing the liability to $56,987,000 as of December 31, 2024. The revaluation is because of a change in projections. The key assumptions used in the revaluation are production of 676,000,000 lbs of zinc, 366,000,000 lbs of lead, 8,800,000 oz of silver over 14 years and commodity prices of 1.20 $/lb to 1.27 $/lb for zinc, 0.94 $/lb to 0.97 $/lb for lead, and 27.61 $/oz to $31.7 $/oz for silver.

 

*<u>$21,000,000 Debt Facility</u>*

On June 23, 2023, the Company closed a $21,000,000 debt facility with Sprott which is available for draw at the Company's election for a period of 2 years. Any amounts drawn will bear interest of 10% per annum, from the later of the Funding Date and June 30, 2027 to the date of repayment in full, at the rate of per cent 15.0% per annum, which is payable annually in cash or capitalized at the Company's election. The maturity date of any drawings under the Debt Facility will be June 30, 2030. For every $5,000,000 or part thereof advanced under the Debt Facility, the Company will grant a new 0.5% life-of-mine gross revenue royalty, on the same terms as the Royalty, to a maximum of 2.0% on the Primary Claims and 1.4% on the Secondary Claims. The Company may buy back 50% of these royalties for $20,000,000.

On December 12, 2024, the Company drew $5,000,000 on the debt facility. The proceeds were bifurcated between host debt and the underlying sale of mineral interest to Sprott (Note 7). On December 19, 2024, the Company drew $5,000,000 on the debt facility. The proceeds were bifurcated between host debt and the underlying sale of mineral interest to Sprott (Note 7). The Company recorded accretion expense on the debt facility of $31,280 for the year ended December 31, 2024 ($nil for the year ended December 31, 2023), bringing the net liability to $9,236,610 as of December 31, 2024.

The Company performs quarterly testing of the covenants in the debt facility and was in compliance with all such covenants as of December 31, 2024.

*<u>Silver Loan</u>*

 

On August 8, 2024, the Company entered into definitive agreements with Monetary Metals Bond III LLC, an entity established by Monetary Metals & Co., for a silver loan in an amount of U.S. dollars equal to up to 1.2 million ounces of silver, to be advanced in one or more tranches, in support of the re-start and ongoing development of the Bunker Hill Mine (the "Silver Loan"). On August 8, 2024, the Company closed the first tranche Silver Loan in the principal amount of $16,422,039, being the number of U.S. dollars equal to 609,805 ounces of silver. After deduction of financing costs and the first year interest, the Company received $13,225,005. The Silver Loan is for a term of three years, secured against the Company's assets and repayable in cash or silver ounces. The Silver Loan bears interest at the rate of 15% per annum, payable in cash or silver ounces on the last day of each quarterly interest period. On September 25, 2024, the Company closed the second tranche Silver Loan in the principal amount of $6,369,000, being the number of U.S. dollars equal to 200,000 ounces of silver. After deduction of financing costs and the first year interest the Company received $5,352,438. On November 6, 2024, the Company closed the third tranche Silver Loan in the principal amount of $6,321,112, being the number of U.S. dollars equal to 198,777 ounces of silver. After deduction of financing costs and the first year interest the Company received $5,422,474. On November 8, 2024, the Company closed the fourth tranche Silver Loan in the principal amount of $1,250,000, being the number of U.S. dollars equal to 39,620 ounces of silver. After deduction of financing costs and the first year interest the Company received $1,076,563. On December 30, 2024, the Company closed the fifth tranche Silver Loan in the principal amount of $1,478,847, being the number of U.S. dollars equal to 50,198 ounces of silver. After deduction of financing costs and the first year interest the Company received $1,201,781.

In connection with closing of the First Tranche, the Company issued a total of 1,280,591 Warrants to Monetary Metals & Co. (the "Tranche 1 Warrants"). The Tranche 1 Warrants will be exercisable until August 8, 2027, and the Exercise Price of the Tranche 1 Warrants will be C$0.16.

In connection with closing of the Second Tranche, the Company issued a total of 400,000 Warrants to Monetary Metals & Co. (the "Tranche 2 Warrants"). The Tranche 2 Warrants will be exercisable until August 8, 2027, and the Exercise Price of the Tranche 2 Warrants will be C$0.16.

In connection with closing of the Third and Fourth Tranches, the Company issued a total of 476,793 Warrants to Monetary Metals & Co. (the "Tranche 3 & 4 Warrants"). The Tranche 3 & 4 Warrants will be exercisable until August 8, 2027, and the Exercise Price of the Tranche 3 & 4 Warrants will be C$0.12.

The Company determined that in accordance with ASC 815 Derivatives and Hedging, the Silver Loan is valued and recorded as a single instrument, with the periodic changes to fair value accounted through earnings, profit and loss.

The fair value of the Silver Loan was determined using the Black-Derman-Toy ("BDT") model. The BDT model models the evolution of interest rates over time using a binomial tree structure by capturing level of interest rates and volatility and estimates the value of the prepayment option by assessing how the borrower's incentive to prepay changes with interest rate movements. The key inputs include:

Schedule of Estimates Value of Prepayment Option by Assessing Interest Rate Movements

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference | Valuation Date | Maturity Date | Contractual Interest Rate | Interest Rate Volatility | Risk-free rate | Credit Spread | Risk-adjusted rate |
| Tranche 1 | Aug 8, 2024 | Aug 8, 2027 | 15% | 31.5% | 3.86% | 12.92% | 16.78% |
| Tranche 2 | Sep 25, 2024 | Aug 8, 2027 | 15% | 31.0% | 3.49% | 11.02% | 14.51% |
| Tranche 3 | Nov 6, 2024 | Aug 8, 2027 | 15% | 28.0% | 4.21% | 4.46% | 15.78% |
| Tranche 4 | Nov 8, 2024 | Aug 8, 2027 | 15% | 28.5% | 4.21% | 4.76% | 16.30% |
| Tranche 5 | Dec 30, 2024 | Aug 8, 2027 | 15% | 26.5% | 4.23% | 4.23% | 16.54% |
| Tranche 1, 2, 3, 4, & 5 | Dec 31, 2024 | Aug 8, 2027 | 15% | 26.5% | 4.23% | 4.53% | 16.54% |

---

The resulting fair values of the Silver Loan at December 31, 2024, and as of the issuance date, were as follows:

---

| | | |
|:---|:---|:---|
| Reference | Dec 31, 2024 | Aug 8, 2024 |
| Silver Loan | $31802708 | $13225005 |

---

The loss on changes in fair value of Silver Loan recognized on the consolidated statements of loss and comprehensive loss during the year ended December 31, 2024, was $2,820,533 compared to $nil for the year ended December 31, 2023. The portion of changes in fair value that is attributable to changes in the Company's credit risk is accounted for within other comprehensive income (loss) during the year ended December 31, 2024, was $2,703,914, compared to $nil for the year ended December 31, 2023.

 

The Company performs quarterly testing of the covenant of the Silver Loan and was in compliance with all such covenants as of December 31, 2024.

 

*<u>Other Interest</u>*

During the year ended December 31, 2024, and December 31, 2023 the Company recognized $nil and $1,708 respectively of other interest expense.

**11. Capital stock, warrants and stock options**

Capital Stock, Warrants, Stock Options and Restricted Share Units

**Authorized**

The total authorized capital is as follows:

● 1,500,000,000 shares of common stock, with a par value of $0.000001 per share; and

● 10,000,000 preferred shares with a par value of $0.000001 per preferred share

**Issued and outstanding**

In January 2023, the Company issued 6,377,271 shares of common stock in connection with its election to satisfy interest payments under the outstanding convertible debentures for the three months ended December 31, 2022.

In March 2023, the Company issued 9,803,574 shares of common stock in connection with its election to satisfy interest payments under the outstanding convertible debentures for the three months ending March 31, 2023.

In March 2023, the Company amended the exercise price and expiry date of 10,416,667 warrants which were previously issued in a private placement to Teck on May 13, 2022 in consideration for the Company's acquisition of the Pend Oreille process plant. The warrant entitled the holder thereof to purchase one share of Common Share of the Company at an exercise price of C$0.37 per Warrant at any time on or prior to May 12, 2025. The Company amended the exercise price of the warrants from C$0.37 to C$0.11 per Warrant and the expiry date from May 12, 2025, to March 31, 2023, resulting in a gain on modification of warrants of $214,714. In March 2023, Teck exercised all 10,416,667 warrants at an exercise price of C$0.11, for aggregate gross proceeds of C$1,145,834 to the Company. During the quarter ended March 31, 2023, the Company recognized a change in derivative liability of $400,152 relating to the Teck warrants using the following assumptions: volatility of 120%, stock price of C$0.11, interest rate of 3.42% to 4.06%, and dividend yield of 0%.

In March 2023, the Company closed a brokered private placement of special warrants of the Company (the "March 2023 Offering"), issuing 51,633,727 special warrants of the Company ("March 2023 Special Warrants") at C$0.12 per March 2023 Special Warrant for $4,536,020 (C$6,196,047), of which $3,661,822 was received in cash and $874,198 was applied towards settlement of accounts payable, accrued liabilities and promissory notes.

In connection with the March 2023 Offering, each March 2023 Special Warrant is automatically exercisable (without payment of any further consideration and subject to customary anti-dilution adjustments) into one unit of the Company (a "March 2023 Unit"). Each March 2023 Unit consists of one share of common stock of the Company (each, a "Unit Share") and one common stock purchase warrant of the Company (each, a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one share of common stock of the Company (a "Warrant Share", and together with the Unit Shares, the "Underlying Shares") at an exercise price of C$0.15 per Warrant Share until March 27, 2026, subject to adjustment in certain events. In the event that the Registration Statement had not been declared effective by the SEC on or before 5:00 p.m. (EST) on July 27, 2023, each unexercised Special Warrant would be deemed to be exercised on the Automatic Exercise Date into one penalty unit of the Company (each, a "Penalty Unit"), with each Penalty Unit being comprised of 1.2 Unit Shares and 1.2 Warrants. Notice of such effectiveness was received on July 11, 2023, eliminating the potential for issuance of the Penalty Units.

In connection with the March 2023 Offering, the Company incurred share issuance costs of $846,661 and issued 2,070,258 compensation options (the "March 2023 Compensation Options"). Each March 2023 Compensation Option is exercisable at an exercise price of C$0.15 into one Unit Share and one Warrant Share.

The Special Warrants issued on March 27, 2023, were converted to 51,633,727 shares of common stock and common stock purchase warrants on July 24, 2023. The Company determined that in accordance with ASC 815 derivatives and hedging, each Special Warrant will be valued and carried as a single instrument, with the periodic changes to fair value accounted through earnings, profit and loss until the shares of common stock and common stock purchase warrants are issued.

In May 2023, the Company issued 1,318,183 shares of common stock in connection with settlement of RSUs.

In June 2023, the Company issued 4,449,035 shares of common stock in connection with settlement of RSUs.

In June 2023, the Company issued 3,944,364 shares of common stock in connection with its election to satisfy interest payments under the outstanding convertible debentures for the three months ended June 30, 2023.

In November 2023, the Company issued 42,000 shares of common stock in connection with settlement of RSUs.

In January 2024, the Company issued 7,392,859 shares of common stock in connection with its election to satisfy interest payments under the outstanding convertible debentures for the three months ended December 31, 2023.

In March 2024, the Company issued 2,546,436 shares of common stock in connection with settlement of RSUs.

In April 2024, the Company issued 100,000 shares of common stock in connection with settlement of RSUs.

In April 2024, the Company issued 6,398,439 shares of common stock in connection with its election to satisfy interest payments under the outstanding convertible debentures for the three months ending March 31, 2024.

In July 2024, the Company issued 4,653,409 shares of common stock in connection with its election to satisfy interest payments under the outstanding convertible debentures for the three months ending June 30, 2024.

In August 2024, in connection with closing of the First Tranche, the Company issued 1,280,591 Warrants to Monetary Metals & Co. The Tranche 1 Warrants will be exercisable until August 8, 2027, at an exercise price of C$0.16.

In October 2024, in connection with closing of the Second Tranche, the Company issued 400,000 Warrants to Monetary Metals & Co. The Tranche 2 Warrants will be exercisable until August 8, 2027, at an exercise price of C$0.16.

In October 2024, the Company issued 5,175,000 shares of common stock in connection with its election to satisfy interest payments under the outstanding convertible debentures for the three months ending September 30, 2024.

In October 2024, the Company issued 5,175,000 shares of common stock in connection with its election to satisfy interest payments under the outstanding convertible debentures for the three months ending June 30, 2024.

In October 2024, the Company issued 750,000 shares of common stock in connection with settlement of DSUs.

In November 2024, the Company issued 21,000 shares of common stock in connection with settlement of RSUs.

In November 2024, in connection with closing of the Third & Fourth Tranche, the Company issued 476,793 Warrants to Monetary Metals & Co. The Tranche 3 & 4 Warrants will be exercisable until August 8, 2027, at an exercise price of C$0.12.

For each financing, the Company has accounted for the warrants in accordance with ASC Topic 815 Derivatives and Hedging. The warrants are considered derivative instruments as they were issued in a currency other than the Company's functional currency of the U.S. dollar. The estimated fair value of warrants accounted for as liabilities was determined on the date of issue and marked to market at each financial reporting period. The change in fair value of the warrant is recorded in the consolidated statement of operations and comprehensive loss as a gain or loss in the change in derivative liability line item and is estimated using the Binomial model.

The fair value of the warrant liabilities related to the various tranches of warrants issued during the period were estimated using the Binomial model to determine the fair value using the following assumptions as at December 31, 2024 and December 31, 2023:

Schedule of Estimated Using the Binomial Model to Determine the Fair Value of Warrant Liabilities

---

| | | |
|:---|:---|:---|
| **November 2024 warrants** | **December 31,**<br> **2024** | **Grant**<br> **Date** |
| Expected life | 950 days | 996 days |
| Volatility | 95% | 105% |
| Risk free interest rate | 2.96% | 3.14% |
| Dividend yield | 0% | 0% |
| Share price (C$) | $0.155 | $0.125 |
| Fair value | $32374 | $26752 |
| Change in derivative liability | $5622 |  |

---

---

| | | |
|:---|:---|:---|
| **October 2024 warrants** | **December 31,**<br> **2024** | **Grant**<br> **Date** |
| Expected life | 950 days | 1,041 days |
| Volatility | 95% | 105% |
| Risk free interest rate | 2.96% | 2.84% |
| Dividend yield | 0% | 0% |
| Share price (C$) | $0.155 | $0.16 |
| Fair value | $25881 | $29780 |
| Change in derivative liability | $(3899) |  |

---

---

| | | |
|:---|:---|:---|
| **August 2024 warrants** | **December 31,**<br> **2024** | **Grant**<br> **Date** |
| Expected life | 950 days | 1,095 days |
| Volatility | 95% | 105% |
| Risk free interest rate | 2.96% | 3.25% |
| Dividend yield | 0% | 0% |
| Share price (C$) | $0.155 | $0.16 |
| Fair value | $82857 | $98493 |
| Change in derivative liability | $(15636) |  |

---

---

| | | |
|:---|:---|:---|
| **March 2023 warrants** | **December 31,**<br> **2024** | **December 31,**<br> **2023** |
| Expected life | 451 days | 817 days |
| Volatility | 24% | 24% |
| Risk free interest rate | 2.96% | 3.88% |
| Dividend yield | 0% | 0% |
| Share price (C$) | $0.155 | $0.11 |
| Fair value | $915046 | $281085 |
| Change in derivative liability | $633961 |  |

---

---

| | | |
|:---|:---|:---|
| **April 2022 special warrants issuance** | **December 31,**<br> **2024** | **December 31,**<br> **2023** |
| Expected life | 91 days | 457 days |
| Volatility | 70% | 110% |
| Risk free interest rate | 2.96% | 3.88% |
| Dividend yield | 0% | 0% |
| Share price (C$) | $0.155 | $0.11 |
| Fair value | $1 | $546592 |
| Change in derivative liability | $(546591) | $— |

---

---

| | | |
|:---|:---|:---|
| **April 2022 non-brokered issuance** | **December 31,**<br> **2024** | **December 31,**<br> **2023** |
| Expected life | 91 days | 457 days |
| Volatility | 70% | 110% |
| Risk free interest rate | 2.96% | 3.88% |
| Dividend yield | 0% | 0% |
| Share price (C$) | $0.155 | $0.11 |
| Fair value | $1 | $21252 |
| Change in derivative liability | $(21251) | $— |

---

---

| | | |
|:---|:---|:---|
| **June 2022 issuance** | **December 31,**<br> **2024** | **December 31,**<br> **2023** |
| Expected life | 91 days | 457 days |
| Volatility | 70% | 110% |
| Risk free interest rate | 2.96% | 3.88% |
| Dividend yield | 0% | 0% |
| Share price (C$) | $0.155 | $0.11 |
| Fair value | $1 | $17589 |
| Change in derivative liability | $(17588) |  |

---

---

| | | |
|:---|:---|:---|
| **February 2021 issuance** | **December 31,**<br> **2024** | **December 31,**<br> **2023** |
| Expected life | 405 days | 771 days |
| Volatility | 70% | 110% |
| Risk free interest rate | 2.96% | 3.88% |
| Dividend yield | 0% | 0% |
| Share price | $0.155 | $0.11 |
| Fair value | $44465 | $367349 |
| Change in derivative liability | $(322884) |  |

---

---

| | | |
|:---|:---|:---|
| **June 2019 issuance** | **December 31,**<br> **2024** | **December 31,**<br> **2023** |
| Expected life | 365 days | 731 days |
| Volatility | 70% | 110% |
| Risk free interest rate | 2.96% | 3.88% |
| Dividend yield | 0% | 0% |
| Share price | $0.155 | $0.11 |
| Fair value | $9724 | $226570 |
| Change in derivative liability | $(216846) |  |

---

---

| | | |
|:---|:---|:---|
| **August 2019 issuance** | **December 31,**<br> **2024** | **December 31,**<br> **2023** |
| Expected life | 365 days | 731 days |
| Volatility | 70% | 110% |
| Risk free interest rate | 2.96% | 3.88% |
| Dividend yield | 0% | 0% |
| Share price | $0.155 | $0.11 |
| Fair value | $14945 | $348211 |
| Change in derivative liability | $(333266) |  |

---

**Warrants**

Schedule of Warrant Activity

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Number of**<br>**warrants** | **Weighted**<br>**Average**<br>**exercise price**<br>**(C$)** | **Weighted**<br>**average**<br>**grant date**<br>**value ($)** |
| Balance, December 31, 2022 | 162129064 | $0.49 | $0.17 |
| Issued | 51633727 | 0.15 | 0.05 |
| Exercised | (10416667) | 0.11 | 0.12 |
| Expired | (58284148) | 0.50 | 0.27 |
| Balance, December 31, 2023 | 145061976 | $0.37 | $0.09 |
| Issued | 2157384 | 0.15 | 0.07 |
| Balance, December 31, 2024 | 147219360 | $0.37 | $0.09 |

---

At December 31, 2024, the following warrants were outstanding:

Schedule of Warrants Outstanding Exercise Price

---

| | | | |
|:---|:---|:---|:---|
| <br>**Expiry date** | **Exercise**<br>**price (C$)** | **Number of**<br>**warrants** | **Number of**<br> **warrants**<br>**exercisable** |
| April 1, 2025 | 0.37 | 40538969 | 40538969 |
| December 31, 2025 | 0.59 | 32895200 | 32895200 |
| February 9, 2026 | 0.60 | 17112500 | 17112500 |
| February 16, 2026 | 0.60 | 2881580 | 2881580 |
| March 27, 2026 | 0.15 | 51633727 | 51633727 |
| August 8, 2027 | 0.16 | 1680591 | 1680591 |
| August 8, 2027 | 0.12 | 476793 | 476793 |
|  |  | 147219360 | 147219360 |

---

During the year ended December 31, 2024, 10,416,667 May 2022 Teck warrants were exercised

**Compensation options**

At December 31, 2024, the following broker options were outstanding:

Schedule of Compensation Options

---

| | | |
|:---|:---|:---|
|  |<br>**Number of**<br>**broker**<br>**options** | **Weighted**<br>**average**<br>**exercise price**<br>**(C$)** |
| Balance, December 31, 2022 | 5470799 | $0.34 |
| Issued – March 2023 Compensation Options (i) | 2070258 | 0.15 |
| Expired – August 2020 Compensation Options | (3239907) | 0.35 |
| Balance, December 31, 2023 | 4301150 | 0.24 |
| Balance, December 31, 2023 | 4301150 | 0.24 |
| Expired – February 2024 | (351000) | 0.50 |
| Expired – April 2024 | (1879892) | 0.30 |
| Balance, December 31, 2024 | 2070258 | $0.15 |

---

(i) The
 grant date fair value of the March 2023 Compensation Options was estimated at $111,971 using the Black-Scholes valuation model with
 the following underlying assumptions:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Grant Date** | **Risk free**<br> **interest rate** | **Dividend yield** | **Volatility** | **Stock price** | **Weighted average life** |
| March 2023 | 3.4% | 0% | 120% | C$0.11 | 3 years |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Expiry date** | **Exercise**<br>**price (C$)** | **Number of**<br>**broker options** | **Grant date**<br> **Fair value**<br>**($)** |
| March 27, 2026 (i) | $0.15 | 2070258 | $111971 |
|  |  | 2070258 | $111971 |

---

(i) Exercisable
 into one March 2023 Unit.

**Stock options**

The following table summarizes the stock option activity during the years ended December 31, 2024 and 2023:

Schedule of Stock Options

---

| | | |
|:---|:---|:---|
|  |<br>**Number of**<br>**stock options** | **Weighted**<br>**average**<br>**exercise price**<br>**(C$)** |
| Balance, December 31, 2022 | 9320636 | $0.51 |
| Expired September 30, 2023 | (200000) | 0.60 |
| Expired November 25, 2023 | (150000) | 0.15 |
| Balance, December 31, 2023 | 8970636 | $0.52 |
| Granted August 1, 2024 | 87493 | 0.16 |
| Expired October 24, 2024 | (1575000) | 0.60 |
| Expired October 31, 2024 | (1037977) | 0.34 |
| Balance, December 31, 2024 | 6445152 | $0.52 |

---

(i) On
 August 1, 2024, 87,493 stock options were issued to an employee of the Company, which vest on August 1, 2025. These options have
 a 5 -year life and are exercisable at C$0.16 per share of common stock. The grant fair value of the options was estimated at $7,242 .
 The vesting of these options resulted in stock-based compensation of $3,016 for the year ended December 31, 2024, which is included
 in the operation and administration expense of the consolidated statements of loss and comprehensive loss.

The fair value of these stock options was determined on the date of grant using the Black-Scholes valuation model, and using the following underlying assumptions:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Risk free <br> interest rate | Dividend yield | Volatility | Stock price | Weighted <br> average life |
| October 2019 | 1.54% | 0% | 100% | C$0.50 | 5 years |
| April 2020 | 0.44% | 0% | 100% | C$0.50 | 5 years |
| February 2021 | 0.64% | 0% | 100% | C$0.34 | 5 years |
| November 2022 | 3.22% | 0% | 120% | C$0.15 | 5 years |
| August 2024 | 3.09% | 0% | 91% | C$0.16 | 5 years |

---

The following table reflects the stock options issued and outstanding as of December 31, 2024:

Schedule of Actual Stock Options Issued and Outstanding

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Exercise**<br>**price (C$)** |<br>**Remaining**<br>**contractual**<br>**life (years)** |<br>**Number of**<br>**options**<br>**outstanding** | **Number of**<br>**options**<br>**vested**<br>**(exercisable)** |<br>**Grant date**<br>**fair value ($)** |
| 0.55 | 0.30 | 5957659 | 5957659 | 1536764 |
| 0.15 | 2.90 | 400000 | 400000 | 37387 |
| 0.16 | 4.59 | 87493 | - | 7242 |
|  |  | 6445152 | 6357659 | $1581393 |

---

The vesting of stock options during the year ended December 31, 2024, resulted in stock-based compensation expenses of $36,386 ($147,592 for the year ended December 31, 2023).

**12. Income per Share**

Potentially dilutive securities include convertible debentures payable, warrants, broker options, stock options, and unvested RSU. Diluted income per share reflects the assumed exercise or conversion of all dilutive securities using the treasury stock method.

Schedule of Income Per Share

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,**<br> **2024** | **Year ended December 31,**<br> **2023** |
| Net loss for the year | (25341623) | (13432539) |
| Basic loss per share Weighted average number of shares of common stock - basic | 340244856 | 280354631 |
| Net loss per share – basic | (0.07) | (0.05) |
| Net loss for the period | (25341623) | (13432539) |
| Dilutive effect of convertible debentures |  |  |
| Dilutive effect of warrants on net income | **-** | **-** |
| Diluted net loss for the year | (25341623) | (13432539) |
| Weighted average number of shares of common stock - basic | 340244856 | 280354631 |
| Diluted effect: |  |  |
| Stock options and RSUs | - | - |
| Weighted average number of shares of common stock - fully diluted | 340244856 | 280354631 |
| Net loss per share - fully diluted | (0.07) | (0.05) |

---

**13. RSU's**

Effective March 25, 2020, the board of directors approved a RSU Plan to grant RSUs to its officers, directors, key employees and consultants.

The following table summarizes the RSU activity during the year ended December 31, 2023:

Schedule of Restricted Share Units

---

| | | |
|:---|:---|:---|
|  |<br><br>**Number of**<br>**shares** | **Weighted**<br>**average**<br>**grant date**<br>**fair value**<br>**per share**<br>**(C$)** |
| Unvested as at December 31, 2022 | 4822741 | $0.22 |
| Granted (i, ii, iii) | 10844993 | 0.23 |
| Vested | (5809217) | 0.24 |
| Forfeited | (2813990) | 0.20 |
| Unvested as at December 31, 2023 | 7044527 | $0.24 |
| Granted (iv, v) | 9720403 | 0.11 |
| Vested | (2667436) | 0.23 |
| Forfeited | (71000) | 0.50 |
| Unvested as at December 31, 2024 | 14026494 | $0.15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i) On June 1, 2023, the Company granted 4,067,637 RSUs to executives and employees of the Company, which vested immediately. The vesting of these RSUs resulted in stock-based compensation
of $355,420 for the year ended December 31, 2023, which is included in operation and administration expenses on the consolidated statements
of loss and comprehensive loss.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) On June 4, 2023, the Company granted 42,000 RSUs to a consultant of the Company, vested immediately. The vesting of these RSUs resulted in stock-based compensation of $7,825 for the year ended December 31, 2023, which is included in operation and administration expenses on the consolidated statements
of loss and comprehensive loss.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) On July 4, 2023, the Company granted 6,735,356 RSUs to executives and employees of the Company, which vest in one-third increments on March 31 of 2024, 2025 and 2026. The vesting
of these RSUs resulted in stock-based compensation of $344,515 for the year ended December 31, 2023, which is included in operation and administration expenses on the consolidated statements
of loss and comprehensive loss.

&nbsp;&nbsp;&nbsp;&nbsp;(iv) On
 January 29, 2024, the Company granted 672,450 RSUs
 to executives and employees of the Company, which vest on January 29, 2025. The vesting of these RSUs resulted in stock-based
 compensation of $50,000 for the year ended December 31, 2024, which is included in operation and administration expenses on the consolidated statements of
 loss and comprehensive loss.

&nbsp;&nbsp;&nbsp;&nbsp;(v) On
March 13, 2024, the Company granted 9,047,953 RSUs to executives and employees of the Company, which vest in one-third increments on March 31 of 2025, 2026 and 2027. The vesting of these RSUs resulted in stock-based compensation of $361,690 for the year ended December 31, 2024, which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss.

The vesting of RSUs during the year ended December 31, 2024, resulted in stock-based compensation expense of $836,691 (949,114 for the year ended December 31, 2023), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss.

**14. DSU's**

Deferred Share Units

Effective April 21, 2020, the board of directors approved a DSUs Plan to grant DSUs to its directors. The DSU Plan permits the eligible directors to defer receipt of all or a portion of their retainer or compensation until termination of their services and to receive such fees in the form of cash at that time.

Upon vesting of the DSUs or termination of service as a director, the director will be able to redeem DSUs based upon the then market price of the Company's common stock on the date of redemption in exchange for cash.

The following table summarizes the DSU activity during the years ended December 31, 2024 and 2023:

Schedule of Deferred Share Units

---

| | | |
|:---|:---|:---|
|  |<br><br>**Number of**<br>**shares** | **Weighted**<br>**average**<br>**grant date**<br>**fair value**<br>**per share**<br>**(C$)** |
| Unvested as at December 31, 2022 | 2710000 | $0.97 |
| Granted (i, ii) | 1857280 | 0.22 |
| Vested (i, iii, iv) | (3071826) | 0.55 |
| Unvested as at December 31, 2023 | 1495454 | $0.90 |
| Granted (v, vi) | 2865363 | 0.13 |
| Vested (ii)(v) | (4023342) | 0.41 |
| Unvested as at December 31, 2024 | 337475 | $0.16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On
 July 4, 2023, 1,611,826 DSUs were issued to the Company's Directors which vested immediately.

(ii) On
 July 6, 2023, 245,454 DSUs were issued to one of the Company's Directors which vests on July 6, 2024.

(iii) On
 April 21, 2023, 1,250,000 DSUs for one of the Company's Directors vested.

(iv) On
 July 1, 2023, 210,000 DSUs for one of the Company's Directors vested.

(v) On
April 1, 2024, 1,907,840 DSUs were issued to the Company's Directors which vested immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) On
October 1, 2024, 337,475 DSUs were issued to one of the Company's Directors which vests on October 1, 2025.

In October 2024 the Company settled 1,051,787 DSUs by issuing 750,000 shares of common stock at C$0.16 a share and cash payment $46,304 to a certain director of the Company. The vesting of DSU's during the year ended December 31, 2024, resulted in stock-based compensation of $482,994 (a stock-based recovery of $4,416 for the year ended December 31, 2023). The fair value of each DSU is $0.11 as of December 31, 2024 and $0.08 as of December 31, 2023.

**15. Commitments and contingencies**

Commitments and Contingencies

As stipulated in the agreement with the EPA and as described in Note 9, the Company is required to make two types of payments to the EPA and IDEQ, one for historical water treatment cost-recovery to the EPA, and the other for ongoing water treatment. Water treatment costs incurred through December 2021 are payable to the EPA, and water treatment costs incurred thereafter are payable to the IDEQ. The IDEQ (as done formerly by the EPA) invoices the Company on an annual basis for the actual water treatment costs, which may exceed the recognized estimated costs significantly. When the Company receives the water treatment invoices, it records any liability for actual costs over and above any estimates made and adjusts future estimates as required based on these actual invoices received. The Company is required to pay for the actual costs regardless of the periodic required estimated accruals and payments made each year.

On July 28, 2021, a lawsuit was filed in the U.S. District Court for the District of Idaho brought by Crescent Mining, LLC ("Crescent"). The named defendants include Placer Mining, Robert Hopper Jr., and the Company. The lawsuit alleges that Placer Mining and Robert Hopper Jr. intentionally flooded the Crescent Mine during the period from 1991 and 1994, and that the Company is jointly and severally liable with the other defendants for unspecified past and future costs associated with the presence of acid mine drainage in the Crescent Mine. The plaintiff has requested unspecified damages. On September 20, 2021, the Company filed a motion to dismiss Crescent's claims against it, contending that such claims are facially deficient. On March 2, 2022, Chief U.S. District Court Judge, David C. Nye granted in part and denied in part the Company's motion to dismiss. The court granted the Company's motion to dismiss in respect of Crescent's cost recovery claim under CERCLA Section 107(a), and declaratory judgment, tortious interference, trespass, nuisance and negligence claims. These claims were dismissed without prejudice. The court denied the motion to dismiss filed by Placer Mining Corp. for Crescent's trespass, nuisance and negligence claims. Crescent later filed an amended complaint on April 1, 2022. Placer Mining Corp. and Bunker Hill Mining Corp are named as co-defendants. Bunker Hill responded to the amended filing, refuting and denying all allegations made in the complaint except those that are assertions of fact as a matter of public record. The Company believes Crescent's lawsuit is without merit and intends to vigorously defend itself, as well as Placer Mining Corp. pursuant to the Company's indemnification of Placer Mining Corp in the sale and purchase agreement executed between the companies for the Mine on December 15, 2021. The lawsuit is currently in the discovery phase, in which information is gathered and exchanged.

**16. Income taxes**

Deferred Tax liability

At December 31, 2024, and December 31, 2023, the Company had no accrued interest and penalties related to uncertain tax positions. The income tax provision differs from the amount of income tax determined by applying the U.S. federal tax rate of 21.0% (December 31, 2023 – 21.0%) to pretax loss from operations for the periods ended December 31, 2024 and December 31, 2023 as follows:

Schedule of Income Tax Provision

---

| | | |
|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**December 31,**<br>**2024** | **Year**<br>**Ended**<br>**December 31,**<br>**2023** |
| (Loss) before income taxes | $(26880213) | $(10843949) |
| Expected income tax (recovery) | (5644845) | (2277229) |
| Change in estimates in respect of prior periods | 104648 | (340768) |
| Change in tax rate | 135998 |  |
| Change in fair value of derivative liability | (176059) | (495605) |
| State and local taxes, net of federal benefit | (463643) | 463643 |
| Loss on debt settlement | 37723 | 124154 |
| Other | 39876 | (75605) |
| Change in valuation allowance | 4427712 | 5190000 |
| **Total** | $(1538590) | $2588590 |

---

The components of deferred tax assets and liabilities are as follows:

Schedule of Components of Deferred Tax Assets and Liabilities

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;Net operating loss carryforwards | $9692247 | $15583299 |
| &nbsp;&nbsp;&nbsp;Mining interests | 7097179 | 7000260 |
| &nbsp;&nbsp;&nbsp;EPA liabilities | 2282217 | 2565870 |
| &nbsp;&nbsp;&nbsp;Stream debenture | 15212680 | 13903560 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 67178 | 113990 |
| &nbsp;&nbsp;&nbsp;Other deferred tax assets | 2489658 | 993979 |
| &nbsp;&nbsp;&nbsp;Total deferred tax assets | 36841159 | 40160958 |
| &nbsp;&nbsp;&nbsp;Valuation allowance | (35631961) | (29214112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax assets | 1209198 | 10946846 |
| Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Deferred revenue |  | (12526577) |
| &nbsp;&nbsp;&nbsp;Convertible debentures | (429087) | (615508) |
| &nbsp;&nbsp;&nbsp;Right of use assets and lease obligations | (202381) | (167506) |
| &nbsp;&nbsp;&nbsp;Equipment | (577730) | (224553) |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange gain | - | (1292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax liabilities | (1209198) | (13535436) |
| **Net deferred tax liabilities** | $- | $(2588590) |

---

The potential income tax benefit of net deferred tax assets has been offset by a full valuation allowance.

At December 31, 2024 and December 31, 2023, the Company has an unused net operating loss carryforward balance of $37,379,170 and $58,145,638, respectively, that is available to offset future taxable income. The net operating loss carryforwards generated before 2018 expire between 2031 and 2037. The losses generated in 2018 and later tax years do not expire.

The Company did not have any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months.

The Company incurred income tax benefit of $(1,538,590) for the year ended December 31, 2024, and incurred $2,588,590 of income tax expense for the year ended December 31, 2023. The Company's effective income tax rate for 2024 was 5.8% compared to -23.4% for 2023. The effective tax rate for 2024 differed from the statutory rate primarily due to the income tax treatment of the Stream proceeds as deferred revenue on receipt, the recognition of the Stream proceeds in current year taxable income, and due to changes in the valuation allowance established to offset net deferred tax assets.

The tax years that remain subject to examination by major taxing jurisdictions are those for the years ended December 31, 2015 through 2024.

**17. Operating Expenses**

Schedule of Operating Expenses

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31** | **December 31** |
|  | **2024** | **2023** |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;General administration expenses | $11709118 | $7995201 |
| &nbsp;&nbsp;&nbsp;Salaries, wages, and consulting fees | 3940024 | 3605373 |
| **Total** | $15649142 | $11600574 |

---

**18. Related party transactions**

The Company's key management personnel have the authority and responsibility for planning, directing and controlling the activities of the Company and consists of the Company's executive management team and management directors.

Schedule of Related Party Transactions

---

| | | |
|:---|:---|:---|
|  | Year <br> Ended<br>December 31,<br>2024 | Year <br> Ended<br>December 31,<br>2023 |
| Consulting fees, wages and bonus | $1400278 | $1104075 |

---

At December 31, 2024 and December 31, 2023, $24,658 and $67,800, respectively, is owed to key management personnel with all amounts included in accounts payable and accrued liabilities.

(i) During the year ended December 31, 2024, Richard Williams (Director and Executive Chairman) billed $412,152 (year ended December 31, 2023 - $286,253) for wages and bonus payment for services to the Company. At December 31, 2024, $nil is owed to Richard Williams (December 31, 2023 - $67,800) for consulting services, with all amounts included in accounts payable and accrued liabilities.

During the year ended December 31, 2024, 2,556,566 RSUs were issued to Richard Williams which will vest in one third increments on March 31, 2025, March 31, 2026, and March 31, 2027. The vesting of these RSUs resulted in stock-based compensation of $102,198 for the year ended December 31, 2024.

During the year ended December 31, 2023, 1,588,800 RSUs were issued to Richard Williams which will vest in one third increments on March 31, 2024, March 31, 2025, and March 31, 2026. The vesting of these RSUs resulted in stock-based compensation of $103,688 for the year ended December 31, 2023.

During the year ended December 31, 2023, 894,199 RSUs were issued to Richard Williams which vested immediately. The vesting of these RSUs resulted in stock-based compensation of $157,765 for the year ended December 31, 2023.

(ii) During the year ended December 31, 2024, the Company incurred $454,296 in payroll expense and bonus payment for Sam Ash (CEO) (year ended December 31, 2023 - $318,924) for services to the Company. At December 31, 2023, $nil (December 31, 202 - $nil) is payable and included in accrued liabilities.

During the year ended December 31, 2024, 2,876,137 RSUs were issued to Sam Ash which will vest in one third increments on March 31, 2025, March 31, 2026, and March 31, 2027. The vesting of these RSUs resulted in stock-based compensation of $114,973 for the year ended December 31, 2024.

During the year ended December 31, 2023, 1,787,400 RSUs were issued to Sam Ash which will vest in one third increments on March 31, 2024, March 31, 2025, and March 31, 2026. The vesting of these RSUs resulted in stock-based compensation of $116,649 for the year ended December 31, 2023.

During the year ended December 31, 2023, 945,841 RSUs were issued to Sam Ash which vested immediately. The vesting of these RSUs resulted in stock-based compensation of $166,876 for the year ended December 31, 2023.

(iii) During the year ended December 31, 2024, Gerbrand van Heerden billed $362,000 (year ended December 31, 2023, $132,000) for wages and bonus payment for services to the Company. At December 31, 2024, $nil (year ended December 31, 2023, $nil) is payable, including reimbursable expenses, and included in accrued liabilities.

During the year ended December 31, 2024, 672,450 RSUs were issued to Gerbrand van Heerden which vested on January 26, 2025. The vesting of these RSUs resulted in stock-based compensation of $46,448 for the year ended December 31, 2024.

During the year ended December 31, 2024, 504,034 RSUs were issued to Gerbrand van Heerden which will vest in one third increments on March 31, 2025, March 31, 2026, and March 31, 2027. The vesting of these RSUs resulted in stock-based compensation of $20,149 for the year ended December 31, 2024.

(iv) During the year ended December 31, 2024, the Company incurred $nil in payroll expense and bonus payment for David Wiens (Former CFO) (year ended December 31, 2023, $246,673) for services to the Company.

During the year ended December 31, 2023, 1,456,400 RSUs were issued to David Wiens which will vest in one third increments on March 31, 2024, March 31, 2025, and March 31, 2026. The vesting of these RSUs resulted in stock-based compensation of $nil for the year ended December 31, 2023.

During the year ended December 31, 2023, 902,365 RSUs were issued to David Wiens which vested immediately. The vesting of these RSUs resulted in stock-based compensation of $159,206 for the year ended December 31, 2023.

(v) During the year ended December 31, 2024, Pam Saxton (Director) billed $41,299 (year ended December 31, 2023 - $34,832) for consulting services to the Company. On April 1, 2024, the Company issued 476,960 DSU's to Pam Saxton which vested immediately. On July 4, 2023, the Company issued 431,739 DSU's to Pam Saxton which vested immediately.

(vi) During the year ended December 31, 2024, Cassandra Joseph (Director) billed $21,178 (year ended December 31, 2022 - $34,832) for consulting services to the Company. On April 1, 2024, the Company issued 620,048 DSU's to Cassandra Joseph which vested immediately. On July 4, 2023, the Company issued 431,739 DSU's to Cassandra Joseph which vested immediately. In October 2024 the Company settled 1,051,787 DSUs by issuing 750,000 shares of common stock at C$0.16 a share and cash payment $46,304 to Cassandra Joseph.

(vii) During the year ended December 31, 2024, the Company incurred $34,185 in director fees for Mark Cruise (year ended December 31, 2023 - $31,240). At December 31, 2024, $2,933 is owed to Mark Cruise (December 31, 2023 - $nil) for consulting services. On April 1, 2024, the Company issued 476,960 DSU's to Mark Cruise which vested immediately. On July 4, 2023, the Company issued 374,174 DSU's to Mark Cruise which vested immediately.

(viii) During the year ended December 31, 2024, Paul Smith (Director) billed $43,009 (year ended December 31, 2023 - $19,322) for consulting services to the Company. On April 1, 2024, the Company issued 476,960 DSU's to Paul Smith which vested immediately. On July 5, 2023, the Company issued 245,454 DSU's to Paul Smith which vest on July 5, 2024.

(ix) During the year ended December 31, 2024, Dickson Hall (Director) billed $43,448 (year ended December 31, 2023 - $nil) for consulting services to the Company. At December 31, 2024, $21,725 is owed to Dickson Hall (December 31, 2023 - $nil) for consulting services. On April 1, 2024, the Company issued 476,960 DSU's to Dickson Hall which vested immediately. On July 4, 2023, the Company issued 374,174 DSU's to Dickson Hall which vested immediately.

x) During the year ended December 31, 2024, Kelli Kast (Director) billed $9,875 (year ended December 31, 2023 - $nil) for consulting services to the Company. On October 1, 2024, the Company issued 337,475 DSU's to Kelli Kast which vested on October 1, 2025.

*Sprott Transactions*

In August 2024, the Company and Sprott agreed to amend the maturity date of CD1 from March 31, 2026, to March 31, 2028, and CD2 from March 31, 2026, to March 31, 2029, and that CD1 and CD2 would remain outstanding until the new maturity dates unless the Company elects to exercise its option of early repayment.

In December 2024, the Company drew $10,000,000 on the debt facility. As consideration for Sprott advancing the debt facility the Company granted a royalty for 1.0% of life-of-mine gross revenue from mining claims considered to be historically worked, contiguous to current accessible underground development, and covered by the Company's 2021 ground geophysical survey and a 0.70% rate will apply to claims outside of these areas.

In June 2023, all conditions were met for the closing of the Stream, and $46,000,000 was advanced to the Company.

Concurrent with the funding of the stream in June 2023, the Company repaid the outstanding principal and interest on the Bridge Loan.

Concurrent with the funding of the stream in June 2023, the Company closed a $21,000,000 debt facility with Sprott which is available for draw at the Company's election for a period of 2 years.

Concurrent with the funding of the Stream in June 2023, the Company and Sprott agreed to amend the maturity date of CD1 from March 31, 2025, to March 31, 2026, and CD2 from 3 quarterly payments of $2,000,000 each beginning June 30, 2024, and $9,000,000 on March 31, 2025, to payment in full on March 31, 2026.

**19. Segment Reporting**

**** 

The Company's sole focus is the development and restart of its 100% owned Bunker Hill Mine in Idaho, USA. As of December 31, 2024, and December 31, 2023, the Company had one single reportable segment, which is the Bunker Hill Mine. The executive team, consisting of the CEO, CFO and Executive Chairman, uses the following measurements to manage the business. The chief operating decision maker of the Bunker Hill Mine is the CEO.

---

| | | |
|:---|:---|:---|
|  | **December 31** | **December 31** |
|  | **2024** | **2023** |
| Total assets | $97601550 | $61989678 |
| Interest income | $655125 | $1107093 |
| Interest expense & accretion | $(8091412) | $(7124527) |
| Net (loss) for the year | $(25341623) | $(13432539) |

---

**20. Subsequent events**

Subsequent Events

*Share Issuance*

 

On January 8, 2025, the Company issued 1,053,335 shares of common stock to satisfy $120,000 owed to a certain service provider of the Company as of December 31, 2024.

On January 14, 2025, the Company issued 7,392,859 shares of common stock in connection with its election to satisfy interest payments under the outstanding convertible debentures for the three months ended December 31, 2024.

On January 27, 2025, the Company issued 672,450 shares of common stock in connection with settlement of RSUs.

On January 29, 2025, the Company issued 621,500 shares of common stock to satisfy $60,000 owed to a certain service provider of the Company as of December 31, 2024.

On March 13, 2025, the Company's board of directors approved an amendment to the vesting schedule of certain RSUs previously granted to certain directors and officers of the Company under the Company's amended and restated restricted stock unit incentive plan (the "RSU Plan") on November 2, 2022, July 4, 2023 and March 13, 2024, such that an aggregate of 5,562,419 RSUs granted to such directors, officers and employees will now vest on May 1, 2025 rather than on March 13, 2025 or March 31, 2025, as applicable. All other terms of such RSUs remain the same.

*Warrant Issuance*

On January 7, 2025, in connection with the Silver Loan, the Company issued 100,397 Bonus Warrants to Monetary Metals. Each such warrant will entitle the holder to acquire one share of common stock of the Company at an exercise price of C$0.15. Each such warrant is exercisable until August 8, 2027.

*Debt Facility*

On January 17, 2025, the Company drew $5,000,000 on the debt facility.

On January 31, 2025, the Company drew the final $6,000,000 on the debt facility.

As consideration for Sprott advancing $11,000,000 of the debt facility, the Company granted a royalty for 1.0% of life-of-mine gross revenue from mining claims considered to be historically worked, contiguous to current accessible underground development, and covered by the Company's 2021 ground geophysical survey. A 0.70% rate will apply to claims outside of these areas.

*Unsecured Promissory Note*

On March 21, 2025, the company closed an unsecured promissory note for an aggregate principal amount of up to $3,400,000 (the "**Note**") to ensure sufficient short-term funding to keep the Project on track while the Private Placements close. The Note will bear interest at 12% per annum, with such interest being capitalized and added to the principal amount outstanding under the Note monthly. The Note will be available in multiple advances, at the discretion of Teck, and is payable on demand from Teck. On March 21, 2025, the Company received $763,000 advance from Teck. On March 25, 2025, the Company received $2,325,000 advance from Teck. As of March 28, 2025, the principal outstanding on the unsecured promissory note is $3,088,000.

*Restricted Cash*

During the year end December 31, 2024, the Company made a $3,000,000 payment to the EPA bringing the principal of the cost recovery liability to $14,000,000. As a result of this payment the Company's letter of credit requirement decreased by $1,500,000 and the restricted cash balance (utilized as collateral for letters of credit) decreased by the same amount from $4,475,000 as of December 31, 2024, to $2,975,000 on January 20, 2025.

*Restructuring of Outstanding Debt alongside up to $45,000,000 Equity Financing and Provision of New Standby Facility*

 

In March 2025, the Company announced a restructuring of outstanding debt alongside an equity financing of up to $45,000,000 and a new standby facility agreement for $10,000,000. The planned brokered private placement equity offering for minimum aggregate gross proceeds of $10,000,000 (C$14,370,000), and up to maximum aggregate gross proceeds of $15,000,000 (C$21,555,000) (the "Brokered Offering"). Teck has agreed to contribute, through a non-brokered private placement, $2 for every $1 raised through the Brokered Offering in aggregate, with a minimum lead order of $6,600,000 and total gross proceeds of up to $30,000,000 (C$43,110,000)1 (collectively, the "Non-Brokered Offering" and together with the Brokered Offering, the "Private Placements"), subject to shareholder approval, closing of the debt restructuring transactions and other customary closing conditions. Proceeds will be used to support the construction, start-up, and ramp-up of the Project. In connection with the Non-Brokered Offering, the Company and Teck have amended the subscription agreement dated March 5, 2025, to, among other things, amend the closing condition thereunder requiring the Company to raise aggregate gross proceeds of at least $20,000,000 under the Brokered Offering to a minimum of at least $10,000,000.

In accordance with the TSX-V policies, the approval of the Company's stockholders will be required with respect to Teck becoming a Control Person (over 20% ownership in the Company). In lieu of a special meeting of its stockholders, the Company intends to obtain the written consent of disinterested stockholders holding more than 50% of the current issued and outstanding Common Shares (the "Stockholder Consent"), which Stockholder Consent will exclude any votes held by Teck and its Affiliates or Associates (each as defined in the TSX-V policies).

Also in connection with the Non-Brokered Offering, the Company and its wholly-owned subsidiary Silver Valley Metals Corp. ("Silver Valley") announced its intention to enter into a standby facility agreement with Teck (or an affiliate thereof) pursuant to which, among other things, Teck will provide an uncommitted revolving standby prepayment facility of up to $10,000,000 to the Company (the "SP Facility"), which will be available to the Company until the earlier of (i) June 30, 2028, and (ii) the date on which the Project hits 90% of name plate capacity or the date on which the Company is cash positive for a quarter, unless terminated earlier by Teck. The SP Facility will bear interest at a to-be-agreed-basis per annum, calculated and capitalized quarterly.

The Company announced its intention to restructure, either directly or indirectly, its existing debt financing package with Sprott Streaming and certain other creditors on the following principal terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the amendment and restatement of the Series 1 secured convertible debentures in the aggregate principal amount of $6,000,000 (collectively, the "Series 1 CDs") previously issued to Sprott Streaming and certain other creditors, maturing on March 31, 2028 , pursuant to which, among other things, (i) the rate of interest of the Series 1 CDs will be reduced from 7.5 % to 5.0 % per annum, (ii) the current conversion price, being the U.S. dollar equivalent of C$0.30 per Common Share, will be reduced to equal the Offering Price, and (iii) certain prepayment and conversion terms will be amended;

b. the amendment and restatement of the Series 2 secured convertible debentures in the aggregate principal amount of $15,000,000 (collectively, the "Series 2 CDs") previously issued to Sprott Streaming, maturing on March 31, 2029 , pursuant to which, among other things, (i) the rate of interest of the Series 2 CDs will be reduced from 10.5 % to 5.0 % per annum, (ii) the current conversion price, being the U.S. dollar equivalent of C$0.29 per Common Share, will be reduced to equal the Offering Price, and (iii) certain prepayment and conversion terms will be amended;

<sup>1</sup>Based on a USD/CAD exchange rate of 1.4370 as published by the Bank of Canada on March 5, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the exchange of a $46,000,000 multi-metals stream previously entered into with Sprott Streaming, which currently applies to up to 10% of payable metals sold from the Project and expires on June 23, 2063 (the "Stream"), for the Series 3 CDs , the Sprott Tranche II Shares and the Third Royalty referred to and defined below under paragraph (A) below;

d. the cancellation of the royalty put option previously granted to Sprott Streaming, pursuant to which, among other things, upon the occurrence of an event of default under any of the Series 1 CDs and the Series 2 CDs, Sprott Streaming may require the Company to purchase the First Royalty (as defined below);

e. the amendments of certain royalty interests granted to Sprott Streaming (collectively, the "First Royalty"), currently applying to certain primary, residual and other claims comprising the Project (with the royalty percentage being between 1.35 % to 1.85 % based on the type of claim), pursuant to which, among other things, the First Royalty will be consolidated into one 1.85 % life-of-mine gross revenue royalty applying to both primary and secondary claims comprising the Project, which will also include additional surface and mineral rights recently acquired by the Company or Silver Valley, as applicable; and

f. the amendment and restatement of the loan agreement with respect to the existing senior secured credit facility in the aggregate principal amount of $21,000,000 advanced by Sprott Streaming (the "Debt Facility"), maturing on June 30, 2030 and secured by first-ranking interests and charges on all of the property and assets of the Company and its wholly-owned subsidiary Silver Valley Metals Corp., pursuant to which (i) the sliding scale royalty payable in connection with advances thereunder (the "Second Royalty Amendments") will be fixed at 1.5 % for both the primary and secondary claims comprising the Project and (ii) the Company's royalty buyback option thereunder will be cancelled; the foregoing amendments will also be reflected in an amendment to the additional royalty granted to Sprott in connection with the Debt Facility,

g. the Company and Monetary Metals Bond III LLC (together with its affiliates, "Monetary Metals") enter into an amending agreement to the note purchase agreement dated August 8, 2024, as previously by amended by a first amending agreement dated November 11, 2024 (the "MM NPA"), the parties intend to, among other things, (i) reduce the interest rate payable on advances under the existing loan by Monetary Metals to Silver Valley Metals Corp., a wholly-owned subsidiary of the Company, in the aggregate principal amount equal to the U.S. dollar equivalent of up to 1,200,000 troy ounces of silver (the "Silver Loan") from 15% to 13.5%; (ii) clarify the calculation of the cash flow sweep; (iii) extend the availability date for advances of the Silver Loan from January 31, 2025 to June 30, 2025; and (v) in connection with any advances of the Silver Loan, to provide for the issuance of bonus warrants ("Bonus Warrants") in such number and on such terms as to be agreed upon between the parties before issuance and subject to prior approval from the TSX-V (however, in any event, the aggregate number of Bonus Warrants issued to Monetary Metals under the Silver Loan will not exceed the maximum amount of 3,000,000 allowable under the MM NPA).

In consideration for, and in connection with, the Debt Amendments, the Company intends to, either directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. in consideration for the exchange of the Stream pursuant to the terms of a recapitalization agreement to be entered into among the Company, Teck, and Sprott Streaming, (i) issue to Sprott Streaming, on a private placement basis, two senior secured Series 3 convertible debentures in the aggregate principal amount of $4,000,000 (the "Series 3 CDs") which, once issued, will (a) mature on June 30, 2030 , (b) bear interest at an accrued rate of 5.0 %, which interest shall be capitalized until the beginning of 2028 or an event of default, and (c) otherwise have terms substantially similar to the terms of the Series 1 CDs, (ii) issue up to 200,000,000 Common Shares at the Offering Price ("Sprott Tranche II Shares") and (iii) grant Sprott Streaming an additional 1.65 % life-of-mine gross revenue royalty on both the primary and secondary claims comprising the Project (the "Third Royalty");

b. enter into a debt settlement agreement with Sprott Streaming, pursuant to which, among other things, Sprott Streaming will convert $6,000,000 outstanding under the Debt Facility, together with all accrued and unpaid interest thereon, in consideration of up to 58,142,857 Common Shares at the Offering Price ("Sprott Tranche I Shares") and the Second Royalty Amendments (the "Sprott Loan Conversion");

c. enter into an amended and restated intercreditor agreement with, among others, the Company, Teck, Monetary Metals and Sprott Streaming pursuant to which certain payment terms under the First Royalty, the Second Royalty Amendment, Third Royalty, the Series 1CDs, the Series 2 CDs, the Series 3 CDs and the Debt Facility will be waived, restricted or otherwise revised during the term in which the Company has any outstanding obligations owing under the SP Facility;

The Company is unable to predict the outcome of these financing transactions or any future financing or strategic transactions that we may pursue or whether any such efforts will be successful. There can be no assurance that these financing transactions will close as anticipated. In addition, our ability to complete these financing transactions and any future financing or strategic transactions depends on a number of factors, including the state of the global commodity, credit and equity markets. If we are unable to complete these financings transactions, complete new capital transactions or obtain additional financings on acceptable terms or at all, we will face significant liquidity challenges. Refer to Part I, Item 1.A "Risk Factors" for a discussion of additional risks relating to our liquidity.

**Bunker Hill Mining Corp.**

**Condensed Interim Consolidated Balance Sheets**

**(Expressed in U.S. Dollars)**

**Unaudited**

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2025** | **December 31,**<br>**2024** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $2356538 | $3786277 |
| &nbsp;&nbsp;&nbsp;Restricted cash (note 8) | 2975000 | 4475000 |
| &nbsp;&nbsp;&nbsp;Accounts receivable and prepaid expenses (note 3) | 564382 | 690358 |
| &nbsp;&nbsp;&nbsp;Prepaid financing costs | 529863 | - |
| &nbsp;&nbsp;&nbsp;Asset held for sale | 40000 | 40000 |
| &nbsp;&nbsp;&nbsp;Spare parts inventory | 341004 | 341004 |
| **Total current assets** | 6806787 | 9332639 |
| **Non-current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Long term deposit | 244807 | 254106 |
| &nbsp;&nbsp;&nbsp;Equipment (note 4) | 1605310 | 1741981 |
| &nbsp;&nbsp;&nbsp;Right-of-use asset (note 4) | 714437 | 758125 |
| &nbsp;&nbsp;&nbsp;Land | 309861 | 309861 |
| &nbsp;&nbsp;&nbsp;Bunker Hill Mine and mining interests (note 6) | 19094706 | 18795591 |
| &nbsp;&nbsp;&nbsp;Process plant (note 5) | 74150170 | 66409247 |
| **Total assets** | $102926078 | $97601550 |
| **EQUITY AND LIABILITIES** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable (note 15) | $12042441 | $14678901 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 1636978 | 5210939 |
| &nbsp;&nbsp;&nbsp;Current portion of lease liability (note 7) | 185175 | 189368 |
| &nbsp;&nbsp;&nbsp;Deferred share units liability (note 11) | 878680 | 929466 |
| &nbsp;&nbsp;&nbsp;Environment protection agency cost recovery payable (note 8) | 3000000 | 3000000 |
| &nbsp;&nbsp;&nbsp;Current portion of stream debenture | 2592377 | 4063253 |
| &nbsp;&nbsp;&nbsp;Interest payable (note 9) | 499315 | 522485 |
| &nbsp;&nbsp;&nbsp;Teck promissory note (note 9) | 3095097 |  |
| &nbsp;&nbsp;&nbsp;Current income tax payable (note 13) | 1050000 | 1050000 |
| **Total current liabilities** | 24980063 | 29644412 |
| **Non-current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Lease liability (note 7) | 19965 | 62282 |
| &nbsp;&nbsp;&nbsp;Series 1 convertible debenture (note 9) | 5364818 | 5494151 |
| &nbsp;&nbsp;&nbsp;Series 2 convertible debenture (note 9) | 13565280 | 13898481 |
| &nbsp;&nbsp;&nbsp;Stream debenture (note 9) | 51204163 | 52923747 |
| &nbsp;&nbsp;&nbsp;Silver loan (note 9) | 36379996 | 31802708 |
| &nbsp;&nbsp;&nbsp;Debt facility (note 9) | 20060254 | 9236610 |
| &nbsp;&nbsp;&nbsp;Environment protection agency cost recovery liability, net of discount (note 8) | 5957242 | 5549229 |
| &nbsp;&nbsp;&nbsp;Derivative warrant liability (note 10) | 669648 | 1125295 |
| **Total liabilities** | 158201429 | 149736915 |
| **Shareholders' Deficiency** |  |  |
| &nbsp;&nbsp;&nbsp;Preferred shares, $0.000001 par value, 10,000,000 preferred shares authorized; nil preferred shares issued and outstanding (note 10) |  |  |
| &nbsp;&nbsp;&nbsp;Common shares, $0.000001 par value, 1,500,000,000 common shares authorized; 359,438,769 and 349,698,625 shares of common stock issued and outstanding, respectively (note 10) | 358 | 348 |
| &nbsp;&nbsp;&nbsp;Additional paid-in-capital (note 10) | 62407044 | 61233369 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | (969819) | (3002361) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (116712934) | (110366721) |
| **Total shareholders' deficiency** | (55275351) | (52135365) |
| **Total shareholders' deficiency and liabilities** | $102926078 | $97601550 |

---

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

**Bunker Hill Mining Corp.**

**Condensed Interim Consolidated Statements of Loss and Comprehensive Loss**

**(Expressed in U.S. Dollars)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2025** | **2024** |
| **Operating expenses (note 14)** | $(2909374) | $(3787631) |
| **Other income or gain (expense or loss)** |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 63329 | 291330 |
| &nbsp;&nbsp;&nbsp;Change in derivative liability (note 10) | 462763 | (263943) |
| &nbsp;&nbsp;&nbsp;(Loss) on fair value of convertible debentures (note 9) | (78364) | (157232) |
| &nbsp;&nbsp;&nbsp;(Loss) on fair value of silver loan | (6068932) |  |
| &nbsp;&nbsp;&nbsp;Gain on foreign exchange | 1732 | 5654 |
| &nbsp;&nbsp;&nbsp;Interest expense (note 7,8,9) | (2210998) | (2083735) |
| &nbsp;&nbsp;&nbsp;Financing costs (note 10) | (7116) |  |
| &nbsp;&nbsp;&nbsp;Gain (loss) on stream debentures (note 9) | 4699460 | (217000) |
| &nbsp;&nbsp;&nbsp;(Loss) on debt settlement (note 9) | (298713) | (70093) |
| &nbsp;&nbsp;&nbsp;Other income | - | 694 |
| **(Loss) for the period pre tax** | (6346213) | (6281956) |
| Deferred income tax recovery (note 13) | - | 699920 |
| **(Loss) for the period** | (6346213) | (5582036) |
| **Other comprehensive income (loss), net of tax** |  |  |
| Gain on change in FV on own credit risk (note 9) | 2032542 | 288372 |
| **Other comprehensive income** | 2032542 | 288372 |
| **Comprehensive (loss)** | (4313671) | (5293664) |
| Net (loss) per common share – basic | $(0.02) | $(0.02) |
| Net (loss) per common share – fully diluted | $(0.02) | $(0.02) |
| Weighted average common shares – basic | 357438769 | 329407128 |
| Weighted average common shares – fully diluted | 357438769 | 329407128 |

---

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

**Bunker Hill Mining Corp.**

**Condensed Interim Consolidated Statements of Cash Flows**

**(Expressed in U.S. Dollars)**

**Unaudited**

---

| | | |
|:---|:---|:---|
|  | **Three Months**<br>**Ended**<br>**March 31, 2025** | **Three Months**<br>**Ended**<br>**March 31, 2024** |
| **Operating activities** |  |  |
| Net (loss) for the period | $(6346213) | $(5582036) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation (note 10) | 133775 | 336927 |
| &nbsp;&nbsp;&nbsp;Depreciation expense | 161894 | 90814 |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrant liability | (462763) | 263943 |
| &nbsp;&nbsp;&nbsp;Deferred tax expense |  | (699920) |
| &nbsp;&nbsp;&nbsp;Change in fair value of silver loan | 6068932 |  |
| &nbsp;&nbsp;&nbsp;Interest expense on lease liability (note 7) | 8907 | 27008 |
| &nbsp;&nbsp;&nbsp;Financing costs | 7116 |  |
| &nbsp;&nbsp;&nbsp;Loss on debt settlement | 298713 | 70093 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on debt modification | (4699460) | 217000 |
| &nbsp;&nbsp;&nbsp;Accretion of liabilities | 1695679 | 1551867 |
| &nbsp;&nbsp;&nbsp;Loss on fair value of convertible debentures | 78364 | 157232 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable and prepaid expenses | (394588) | (104603) |
| &nbsp;&nbsp;&nbsp;Accounts payable | 455629 | 608475) |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | (329008) | (304831) |
| &nbsp;&nbsp;&nbsp;Interest payable | 487241 | 504864 |
| **Net cash (used in) operating activities** | (2835782) | (2863167) |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Process plant | (12550192) | (2596535) |
| &nbsp;&nbsp;&nbsp;Mine improvements | (1583445) | (495050) |
| &nbsp;&nbsp;&nbsp;Purchase of machinery and equipment | - | (264634) |
| **Net cash (used in) investing activities** | (14133637) | (3356219) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from debt facility | 11000000 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Teck promissory note | 3095097 |  |
| &nbsp;&nbsp;&nbsp;Lease payments | (55417) | (198668) |
| **Net cash (used in) provided by financing activities** | 14039680 | (198668) |
| **Net change in cash** | (2929739) | (6418054) |
| **Cash, beginning of period** | 8261277 | 26578596 |
| **Cash, end of period** | $5331538 | $20160542 |
| **Supplemental disclosures** |  |  |
| Non-cash activities |  |  |
| Financing cooperation fee settled with common shares | $179998 | $- |
| Interest payable settled with common shares | $510404 | $580498 |
| Reconciliation from Cash Flow Statement to Balance Sheet: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and restricted cash end of period | $5331538 | $20160542 |
| &nbsp;&nbsp;&nbsp;Less restricted cash | 2975000 | 6476000 |
| &nbsp;&nbsp;&nbsp;Cash end of period | $2356538 | $13684542 |

---

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

**Bunker Hill Mining Corp.**

**Condensed Interim Consolidated Statements of Changes in Shareholders' Deficiency**

**(Expressed in U.S. Dollars)**

**Unaudited**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common stock** | **Common stock** | | | | |
|  | **Shares** | **Amount** |<br>**Additional**<br>**paid-in-**<br>**capital** | **Accumulated**<br>**other**<br>**comprehensive**<br>**income** |<br>**Accumulated**<br>**deficit** |<br><br>**Total** |
| **Balance, December 31, 2024** | **349698625** | $**348** | $**61233369** | $**(3002361)** | $**(110366721)** | $**(52135365)** |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 184561 |  |  | 184561 |
| &nbsp;&nbsp;&nbsp;Shares issued for interest payable | 7392859 | 7 | 795144 |  |  | 795151 |
| &nbsp;&nbsp;&nbsp;Shares issued for RSUs vested | 672450 | 1 | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued for services | 1674835 | 2 | 193971 |  |  | 193973 |
| &nbsp;&nbsp;&nbsp;OCI |  |  |  | 2032542 |  | 2032542 |
| &nbsp;&nbsp;&nbsp;Net (loss) for the period | - | - | - | - | (6346213) | (6346213) |
| **Balance, March 31, 2025** | **359438769** | $**358** | $**62407044** | $**(969819)** | $**(116712934)** | $**(55275351)** |
| **Balance, December 31, 2023** | **322661482** | $**321** | $**57848953** | $**808662** | $**(85025098)** | $**(26367162)** |
| &nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 873076 |  |  | 873076 |
| &nbsp;&nbsp;&nbsp;Shares issued for interest payable | 23619707 | 24 | 2427541 |  |  | 2427565 |
| &nbsp;&nbsp;&nbsp;Shares issued for DSUs vested | 750000 | 1 | 83801 |  |  | 83802 |
| &nbsp;&nbsp;&nbsp;Shares issued for RSUs vested | 2667436 | 2 | (2) |  |  |  |
| &nbsp;&nbsp;&nbsp;OCI |  |  |  | (3811023) |  | (3811023) |
| &nbsp;&nbsp;&nbsp;Net (loss) for the period | - | - | - | - | (25341623) | (25341623) |
| **Balance, December 31, 2024** | **349698625** | $**348** | $**61233369** | $**(3002361)** | $**(110366721)** | $**(52135365)** |

---

 

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

**Bunker Hill Mining Corp.**

**Notes to the Condensed Interim Consolidated Financial Statements (Unaudited)**

**Three Months Ended March 31, 2025**

**(Expressed in U.S. Dollars)**

**1. Nature and Continuance of Operations**

Bunker Hill Mining Corp. ("we", "us", "Bunker Hill", or the "Company") was incorporated under the laws of the state of Nevada, U.S.A. on February 20, 2007, under the name Lincoln Mining Corp. Pursuant to a Certificate of Amendment dated February 11, 2010, the Company changed its name to Liberty Silver Corp., and on September 29, 2017, the Company changed its name to Bunker Hill Mining Corp. The Company's registered office is located at 1802 N. Carson Street, Suite 212, Carson City, Nevada 89701, and its head office is located at 300-1055 West Hastings Street, Vancouver, British Columbia, Canada, V6E 2E9. As of the date of this Form 10-Q, the Company had one subsidiary, Silver Valley Metals Corp. ("Silver Valley", formerly American Zinc Corp.), an Idaho corporation created to facilitate the work being conducted at the Bunker Hill Mine in Kellogg, Idaho ("Bunker Hill Mine").

The Company was incorporated for the purpose of engaging in mineral exploration, and exploitation activities, and is currently focused on the development and planned operations of the Bunker Hill Mine.

Bunker Hill holds a 100% interest in the historic Bunker Hill Mine located in the town of Kellogg, Idaho. The Bunker Hill Mine, which previously operated between 1885 and 1981 producing over 165 million ounces of silver and 5 million tons of base metals during that time.

We are currently focused on the construction of mill facilities and upgrades to the historic underground infrastructure as well as further delineating our mineral resources.

**Going Concern**

These condensed interim consolidated financial statements have been prepared on a going concern basis. The Company has incurred losses since inception resulting in an accumulated deficit of $116,712,934 and further losses are anticipated in the development of its business. The Company does not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment on certain current liabilities and/or raising additional funds. In order to continue to meet its fiscal obligations in the current fiscal year and beyond, the Company must seek additional financing. The Company has announced a debt restructure and equity offering, however, there is no assurance these transactions will be finalized, and if finalized, the timing of such finalizations. This raises substantial doubt about the Company's ability to continue as a going concern. Its ability to continue as a going concern is dependent upon the ability of the Company to generate profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The accompanying condensed interim consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

These condensed interim consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.

 ****

***Tariff War***

The Company's operations could be adversely affected by the effects of the tariff war between the United States of America and other countries around the world. The Company cannot accurately predict the impact the crisis will have on its operations and the ability of contractors to meet their obligations with the Company, including uncertainties relating the severity of its effects, the duration of the conflict, and the length and magnitude of restrictions imposed by governments. In addition, the crisis could adversely affect the economies and financial markets of the U.S. in general, resulting in an economic downturn that could further affect the Company's operations and ability to finance its operations. Additionally, the Company cannot predict changes in precious metals pricing or changes in commodities pricing which may alternately affect the Company either positively or negatively.

**2. Significant Accounting Policies**

**Basis of Presentation**

The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. and the rules and regulations of the U.S. Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, shareholders' deficiency, or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The unaudited condensed interim consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K, which contains the annual audited consolidated financial statements and notes thereto, together with the Management's Discussion and Analysis, for the year ended December 31, 2024. The interim results for the period ended March 31, 2025 are not necessarily indicative of the results for the full fiscal year. The unaudited condensed interim consolidated financial statements are presented in United States dollars, which is the Company's functional currency.

**Use of Estimates**

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes for items such as mineral reserves, useful lives and depreciation methods, potential impairment of long-lived assets, sale of mineral properties for the accounting of the conversion of the royalty convertible debenture (the "RCD"), deferred income taxes, settlement pricing of commodity sales, fair value of stock based compensation, accrued liabilities, estimation of asset retirement obligations and reclamation liabilities, convertible debentures, stream obligation, and warrants. Estimates are based on historical experience and various other assumptions that the Company believes to be reasonable. Actual results could differ from those estimates.

**3. Accounts receivable and prepaid expenses**

Accounts receivable and prepaid expenses consists of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2025** | **December 31,**<br>**2024** |
| Prepaid expenses and deposits | $435945 | $464380 |
| HST and interest receivable | 128437 | 125978 |
| U.S. Environment Protection Agency overpayment (note 8) | - | 100000 |
| Total | $564382 | $690358 |

---

**4. Equipment, Right-of-Use Asset**

Equipment consists of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2025** | **December 31,**<br>**2024** |
| Equipment | $2454489 | $2468339 |
| Less accumulated depreciation | (849179) | (726358) |
| Equipment, net | $1605310 | $1741981 |

---

The total depreciation expense relating to equipment during the three months ended March 31, 2025, and March 31, 2024, was $118,206 and $46,465, respectively.

Right-of-use asset consists of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2025** | **December 31,**<br>**2024** |
| Right-of-use asset | 984562 | 984562 |
| Less accumulated depreciation | (270125) | (226437) |
| Right-of-use asset, net | $714437 | $758125 |

---

The total depreciation expense during the three months ended March 31, 2025, and March 31, 2024, was $43,688 and $44,349, respectively. The Company is a party primarily to lease contracts for mining related mobile equipment.

**5. Process Plant**

On May 13, 2022, the Company purchased a comprehensive package of equipment and parts inventory from Teck Resources Limited ("Teck"). The package comprised substantially all processing equipment of value located at the Pend Oreille mine site, including complete crushing, grinding and flotation circuits suitable for a planned ~1,500 ton-per-day operation at the Bunker Hill site, and total inventory of nearly 10,000 components and parts for mill, assay lab, conveyer, field instruments, and electrical spares.

The process plant was purchased in an assembled state in the seller's location, and included major processing systems, significant components, and a large inventory of spare parts. The Company has disassembled and transported it to the Bunker Hill site, and is reassembling it as an integral part of the Company's future operations. The Company determined that the transaction would be accounted for as an asset acquisition, with the process plant representing a single asset, with the exception of the inventory of spare parts, which has been separated out on the condensed interim consolidated balance sheets as a non-current asset. As the plant is demobilized, transported and reassembled, installation and other costs associated with these activities are being captured and capitalized as components of the asset.

Process plant consists of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2025** | **December 31,**<br>**2024** |
| Mill purchase, detailed engineering, and construction costs | $72478277 | $65545594 |
| Capitalized interest (note 9) | 2656713 | 1848473 |
| Disposal of grinding circuits | (984820) | (984820) |
| Process Plant | $74150170 | $66409247 |

---

In August 2024, the Company sold a grinding circuit previously purchased from Teck as part of the Pend Oreille Mill purchase for $20,000 recognizing a loss on sale of equipment of $308,273. In September 2024, the Company reclassified two remaining grinding circuits as assets at $40,000 held for sale and recognized a loss on sale of equipment of $616,547.

**6. Bunker Hill Mine and Mining Interests**

The Company purchased the Bunker Hill Mine (the "Mine") in January 2022.

The carrying cost of the Mine is comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2025** | **December 31,**<br>**2024** |
| Bunker Hill Mine purchase | $14247210 | $14247210 |
| Capitalized development | 7688143 | 6626865 |
| Sale of mineral properties (note 9) | (3531773) | (2768510) |
| Land | 202000 | 202000 |
| Definition drilling | 489126 | 488026 |
| Bunker Hill mine | $19094706 | $18795591 |

---

*Land purchase and leases*

The Company owns a 225-acre surface land parcel valued at its original purchase price of $202,000 which includes the surface rights to portions of 24 patented mining claims, for which the Company already owns the mineral rights.

During the year ended December 31, 2023, the Company entered into a lease agreement with C & E Tree Farm LLC for the lease of a land parcel overlaying a portion of the Company's existing mineral claims package. The Company is committed to making monthly payments of $10,000 through February 2026. The Company has the option to purchase the land parcel through March 1, 2026, for $3,129,500 less 50% of the payments made through the date of purchase.

*Sale of Mineral Properties*

 

On January 17, 2025, as consideration for Sprott advancing the debt facility, as described in note 9, the Company granted a royalty for 0.5% of life-of-mine gross revenue from mining claims considered to be historically worked, contiguous to current accessible underground development, and covered by the Company's 2021 ground geophysical survey. A 0.35% rate will apply to claims outside of these areas.

On January 31, 2025, as consideration for Sprott advancing the debt facility, as described in note 9, the Company granted a royalty for 0.5% of life-of-mine gross revenue from mining claims considered to be historically worked, contiguous to current accessible underground development, and covered by the Company's 2021 ground geophysical survey. A 0.35% rate will apply to claims outside of these areas.

On December 19, 2024, as consideration for Sprott advancing the debt facility, as described in note 9, the Company granted a royalty for 0.5% of life-of-mine gross revenue from mining claims considered to be historically worked, contiguous to current accessible underground development, and covered by the Company's 2021 ground geophysical survey. A 0.35% rate will apply to claims outside of these areas.

On December 12, 2024, as consideration for Sprott advancing the debt facility, as described in note 9, the Company granted a royalty for 0.5% of life-of-mine gross revenue from mining claims considered to be historically worked, contiguous to current accessible underground development, and covered by the Company's 2021 ground geophysical survey. A 0.35% rate will apply to claims outside of these areas.

As a result of the debt facility drawdowns as of March 31, 2025, Sprott holds a 2% life-of-mine gross revenue from mining claims considered to be historically worked, contiguous to current accessible underground development, and covered by the Company's 2021 ground geophysical survey and a 1.4% rate applying to claims outside of these areas.

These transactions were treated as a sale of mineral interest to Sprott. The portion of the mineral interest sold was determined based on an analysis of discounted life-of-mine royalty payments relative to discounted future cash flows generated from the mine net of capital and operating costs, applied to the carrying value of the Bunker Hill Mine as of above funding dates, before consideration of the sale of mineral properties. This analysis utilized a discount rate of 15% and long-term metal prices of $1.20/lb, $0.95/lb and $27.29/oz for zinc, lead and silver respectively.

**7. Lease Liability**

As of March 31, 2025, and December 31, 2024, The Company's undiscounted lease obligations consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2025** | **December 31,**<br>**2024** |
| Gross lease obligation – minimum lease payments |  |  |
| 1 year | $192087 | $200755 |
| 2- 3 years | 19375 | 64375 |
| 4-5 years |  |  |
| Future interest expense on lease obligations | (6322) | (13480) |
| Total lease liability | 205140 | 251650 |
| Current lease liability | 185175 | 189368 |
| Non-current lease liability | 19965 | 62282 |
| Total lease liability | 205140 | 251650 |

---

Interest expense for the three months ended March 31, 2025, and March 31, 2024, was $8,907 and $27,008 respectively.

**8. Environmental Protection Agency and Water Treatment Liabilities ("EPA")**

Effective December 19, 2021, the Company entered into an amended Settlement Agreement between the Company, Idaho Department of Environmental Quality, U.S. Department of Justice, and the EPA (the "Amended Settlement"). Upon the effectiveness of the Amended Settlement, the Company would become fully compliant with its payment obligations to these parties. The Amended Settlement modified the payment schedule and payment terms for recovery of the historical environmental response costs. Pursuant to the terms of the Amended Settlement, upon purchase of the Bunker Hill Mine and the satisfaction of financial assurance commitments (as described below), the $19,000,000 of cost recovery liabilities were to be paid by the Company to the EPA on the following dates:

---

| | |
|:---|:---|
| **Date** | **Amount** |
| Within 30 days of Settlement Agreement | $2000000 |
| November 1, 2024 | $3000000 |
| November 1, 2025 | $3000000 |
| November 1, 2026 | $3000000 |
| November 1, 2027 | $3000000 |
| November 1, 2028 | $3000000 |
| November 1, 2029 | $2,000,000 plus accrued interest |

---

In addition to the changes in payment terms and schedule, the Amended Settlement includes a commitment by the Company to secure financial assurance for the principle outstanding in the form of performance bonds or letters of credit deemed acceptable to the EPA. The financial assurance can be drawn on by the EPA in the event of non-performance by the Company of its payment obligations under the Amended Settlement (the "Financial Assurance"). The amount of the bonds will decrease over time as individual payments are made.

In December 2024, the Company made the second payment under the 2021 Amended Settlement Agreement in the amount of $3,000,000. As a result, the remainder of the payment obligation is $14,000,000. As of March 31, 2025 (unchanged from December 31, 2024), the Company had two payment bonds of $9,999,000 and $4,001,000, in place to secure this liability. As of March 31, 2025, the collateral for the payment bonds are comprised of a $2,975,000 letter of credits and land pledged by third parties, with whom the Company has entered into a financing cooperation agreement (the "Cooperation Agreement") that contemplates a monthly fee of $20,000 (payable in cash or common stock of the Company, at the Company's election). As of December 31, 2024, the collateral for the payment bonds was comprised of two letters of credit totaling $4,475,000 in aggregate, as well as land pledged by third parties with whom the company has entered into a financing cooperation agreement that contemplates a monthly fee of $20,000 (payable in cash or common shares of the Company, at the Company's election). The letters of credit are secured by cash deposits under an agreement with a commercial bank, which comprise the $2,975,000 of restricted cash shown within current assets as of March 31, 2025, and $4,475,000 December 31, 2024.

The Company recorded accretion expense on the liability of $408,013 for the three months ended March 31, 2025 ($452,807 for the three months ended March 31, 2024), bringing the net liability to $8,957,242 (inclusive of interest payable of $156,743).

*Water Treatment Charges – Idaho Department of Environmental Quality ("IDEQ")*

Separate to the cost recovery liability outlined above, the Company is responsible for the payment of ongoing water treatment charges. Water treatment charges incurred through December 31, 2021, were payable to the EPA, and charges thereafter are payable to the Idaho Department of Environmental Quality ("IDEQ") following a handover of responsibilities for the Central Treatment Plant from the EPA to the IDEQ as of that date.

The Company currently makes monthly payments of $100,000 to the IDEQ as instalments toward the cost of treating water at the Central Treatment Plant. Upon receipt of an invoice from the IDEQ for actual costs incurred, a reconciliation is performed relative to payments made, with an additional payment made or refund received as applicable. The Company accrues $100,000 per month based on its estimate of the monthly cost of water treatment. As of March 31, 2025, a prepaid expense of $nil (December 31, 2024: $100,000) represented the difference between the estimated cost of water treatment and net payments made by the Company to the IDEQ to date. This balance has been recognized on the condensed interim consolidated balance sheets as accounts receivable and prepaid expenses.

**9. Promissory Notes Payable, Convertible Debentures, and Silver Loan**

*<u>$6,000,000 Convertible Debenture (CD1)</u>*

CD1 bears interest at an annual rate of 7.5%, payable in cash or shares at the Company's option on principal of $6,000,000. The CD1 is secured by a pledge of the Company's properties and assets. In August 2024, the Company and Sprott agreed to amend the maturity date of CD1 from March 31, 2026, to March 31, 2028, and that CD1 would remain outstanding until the new maturity date unless the Company elects to exercise its option of early repayment. The Company determined that the amendments to the terms of the CD1 should not be treated as an extinguishment of the CD1 and have therefore been accounted for as a modification.

The CD1 is convertible into Common Shares at a price of Canadian Dollars ("C$") C$0.30 per Common Share, subject to stock exchange approval.

*<u>$15,000,000 Series 2 Convertible Debenture (CD2)</u>*

CD2 bears interest at an annual rate of 10.5%, payable in cash or shares at the Company's option on principal of $15,000,000. CD2 is secured by a pledge of the Company's properties and assets.

In August 2024, the Company and Sprott agreed to amend the maturity date of CD2 from March 31, 2026, to March 31, 2029, and that CD2 would remain outstanding until the new maturity date unless the Company elects to exercise its option of early repayment. The Company determined that the amendments to the terms of the CD2 should not be treated as an extinguishment of the CD2 and have therefore been accounted for as a modification.

The CD2 is convertible into Common Shares at a price of C$0.29 per Common Share, subject to stock exchange approval.

The Company determined that in accordance with ASC 815 Derivatives and Hedging, each debenture will be valued and recorded as a single instrument, with the periodic changes to fair value accounted through earnings, profit and loss.

Consistent with the approach above, the following table summarizes the key valuation inputs as at applicable valuation dates:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>(123) | Valuation <br>date | Maturity <br>date | Contractual <br>Interest rate | Stock <br>price <br>(US$) | Expected <br>equity <br>volatility | Credit <br>spread | Risk-free <br>rate | Risk- adjusted <br>rate |
| CD1 note | 12-31-24 | 03-31-28 | 7.50% | 0.113 | 105% | 4.72% | 4.28% | 15.45% |
| CD2 note | 12-31-24 | 03-31-29 | 10.50% | 0.113 | 105% | 5.03% | 4.34% | 17.89% |
| CD1 note | 03-31-25 | 03-31-28 | 7.50% | 0.102 | 100% | 6.88% | 3.89% | 16.06% |
| CD2 note | 03-31-25 | 03-31-29 | 10.50% | 0.102 | 100% | 7.06% | 3.93% | 18.16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The CD1 carried a Discount for Lack of Marketability ("DLOM") of 5.0 % as of the issuance date. The CD2 carried a DLOM of 10.0 % as of the issuance date.

(2) CD1 carries an instrument-specific spread of 7.23 %, CD2 carries an instrument-specific spread of 9.32 %.

(3) The conversion price of the CD1 is $0.209 and CD2 is $0.202 as of March 31, 2025. The conversion price of the CD1 is $0.208 and CD2 is $0.202 as of December 31, 2024.

The resulting fair values of the CD1 and CD2 at March 31, 2025, and as of December 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| **Instrument Description** | **March 31,**<br> **2025** | **December 31,**<br> **2024** |
| CD1 | $5364818 | $5494151 |
| CD2 | 13565280 | 13898481 |
| Total | $18930098 | $19392632 |

---

The loss on changes in fair value of convertible debentures recognized on the condensed interim consolidated statements of loss and comprehensive loss during the three months ended March 31, 2025, and March 31, 2024, was $78,364 and $157,232, respectively. The portion of changes in fair value that is attributable to changes in the Company's credit risk is accounted for within other comprehensive income. During the three months ended March 31, 2025, and March 31, 2024, the Company recognized $540,898 and $288,372 respectively, within other comprehensive income. Interest expense for the three months ended March 31, 2025, and 2024 was $499,315 and $504,863 respectively. At March 31, 2025 interest of $499,315 ($510,411 at December 31, 2024) is included in interest payable on the condensed interim consolidated balance sheets. For the three months ended March 31, 2025, and March 31, 2024, the Company recognized $284,741 and $70,093, respectively, loss on debt settlement on the condensed interim consolidated statements of loss and comprehensive loss as a result of settling interest by issuance of shares.

The Company performs quarterly testing of the covenants in the CD1 and CD2 and was not in compliance with the working capital covenant required as of March 31, 2025, however, each debenture holder agreed to waive the working capital covenant for the period of March 31, 2025. It is probable that the violation will be cured by June 30, 2025.

*<u>The Stream</u>*

On June 23, 2023, all conditions were met for the closing of the Stream, and $46,000,000 was advanced to the Company. The Stream is secured by the same security package that is in place with respect to the RCD, CD1, and CD2. The Stream is repayable by applying 10% of all payable metals sold until a minimum quantity of metal is delivered consisting of, individually, 63.5 million pounds of zinc, 40.4 million pounds of lead, and 1.2 million ounces of silver (subsequently amended, as described below). Thereafter, the Stream would be repayable by applying 2% of payable metals sold. The delivery price of streamed metals will be 20% of the applicable spot price. At the Company's option, the Company may buy back 50% of the Stream Amount at a 1.40x multiple of the Stream Amount between the second and third anniversary of the date of funding, and at a 1.65x multiple of the Stream Amount between the third and fourth anniversary of the date of funding. The Company incurred $740,956 of transactions costs directly related to the Stream which were capitalized against the initial recognition of the Stream.

The Company determined that in accordance with ASC 815 derivatives and hedging, the Stream does not meet the criteria for treatment as a derivate instrument as the quantities of metal to be sold thereunder are not subject to a minimum quantity, and therefore a notional amount is not determinable. The Company has therefore determined that in accordance with ASC 470, the stream obligation should be treated as a liability based on the indexed debt rules thereunder. The initial recognition has been made at fair value based on cash received, net of transaction costs, and the discount rate calibrated so that the future cash flows associated with the Stream, using forward commodity prices, equal the cash received. The measurement of the stream obligation is accounted for at amortized cost with accretion at the discount rate. Subsequent changes to the expected cash flows associated with the Stream will result in the adjustment of the carrying value of the stream obligation using the same discount rate, with changes to the carrying value recognized in the condensed interim consolidated statements of loss and comprehensive loss.

The Company determined the effective interest rate of the Stream obligation to be 10.6% and recorded accretion expense on the liability of $945,295 for the three months ended March 31, 2025 ($1,099,060 for the three months ended March 31, 2024) recognized in the consolidated statement of (loss) and comprehensive (loss), accretion expense on the liability of $563,705 for the three months ended March 31, 2025 ($258,940 for the three months ended March 31, 2024) capitalized into the process plant (note 5) on the condensed interim consolidated balance sheets and gain (loss) on revaluation of the liability of $4,699,460 for the three months ended March 31, 2025 ($217,000) for the three months ended March 31, 2024, bringing the liability to $53,796,540 as of March 31, 2025. The revaluation is because of a change in projections. The key assumptions used in the revaluation are production of 700,000,000 lbs of zinc, 385,000,000 lbs of lead, 8,700,000 oz of silver over 14 years and commodity prices of 1.20 $/lb to 1.28 $/lb for zinc, 0.91 $/lb to 0.93 $/lb for lead, and 27.76 $/oz to $31.96 $/oz for silver.

*<u>$21,000,000 Debt Facility</u>*

On June 23, 2023, the Company closed a $21,000,000 debt facility with Sprott which is available for draw at the Company's election for a period of 2 years. Any amounts drawn will bear interest of 10% per annum, from the later of the Funding Date and June 30, 2027 to the date of repayment in full, at the rate of per cent 15.0% per annum, which is payable annually in cash or capitalized at the Company's election. The maturity date of any drawings under the Debt Facility will be June 30, 2030. For every $5,000,000 or part thereof advanced under the Debt Facility, the Company will grant a new 0.5% life-of-mine gross revenue royalty, on the same terms as the Royalty, to a maximum of 2.0% on the Primary Claims and 1.4% on the Secondary Claims. The Company may buy back 50% of these royalties for $20,000,000.

On January 17, 2025, the Company drew $5,000,000 on the debt facility. The proceeds were bifurcated between host debt and the underlying sale of mineral interest to Sprott (note 6). On January 31, 2025, the Company drew $6,000,000 on the debt facility. On December 12, 2024, the Company drew $5,000,000 on the debt facility. The proceeds were bifurcated between host debt and the underlying sale of mineral interest to Sprott (note 6). On December 19, 2024, the Company drew $5,000,000 on the debt facility. The proceeds were bifurcated between host debt and the underlying sale of mineral interest to Sprott (note 6). The Company recorded accretion expense on the debt facility of $525,540 for the three months ended March 31, 2025 ($nil for the three months ended March 31, 2024), bringing the net liability to $20,060,254 as of March 31, 2025.

The Company performs quarterly testing of the covenants in the debt facility and was not in compliance with the working capital covenant required as of March 31, 2025, however, each debenture holder agreed to waive the working capital covenant for the period of March 31, 2025. It is probable that the violation will be cured by June 30, 2025.

*<u>Silver Loan</u>*

 

On August 8, 2024, the Company entered into definitive agreements with Monetary Metals Bond III LLC, an entity established by Monetary Metals & Co., for a silver loan in an amount of U.S. dollars equal to up to 1.2 million ounces of silver, to be advanced in one or more tranches, in support of the re-start and ongoing development of the Bunker Hill Mine (the "Silver Loan").

The Company determined that in accordance with ASC 815 Derivatives and Hedging, the Silver Loan is valued and recorded as a single instrument, with the periodic changes to fair value accounted through earnings, profit and loss.

The fair value of the Silver Loan was determined using the Black-Derman-Toy ("BDT") model. The BDT model models the evolution of interest rates over time using a binomial tree structure by capturing level of interest rates and volatility and estimates the value of the prepayment option by assessing how the borrower's incentive to prepay changes with interest rate movements. The key inputs include:

Schedule of Estimates Value of Prepayment Option by Assessing Interest Rate Movements

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference | Valuation Date | Maturity Date | Contractual Interest Rate | Interest Rate Volatility | Risk-free rate | Credit Spread | Risk-adjusted rate |
| Tranche 1, 2, 3, 4, & 5 | Dec 31, 2024 | Aug 8, 2027 | 15% | 26.5% | 4.23% | 4.53% | 16.54% |
| Tranche 1, 2, 3, 4, & 5 | Mar 31, 2025 | Aug 8, 2027 | 15% | 30.5% | 4.24% | 6.76% | 18.80% |

---

The resulting fair values of the Silver Loan at March 31, 2025 and December 31, 2024, and as of the issuance date, were as follows:

---

| | | |
|:---|:---|:---|
| Reference | Mar 31, 2025 | Dec 31, 2024 |
| Silver Loan | $36379996 | $31802708 |

---

The loss on changes in fair value of Silver Loan recognized on the condensed interim consolidated statements of loss and comprehensive loss during the three months ended March 31, 2025 was $6,068,932 compared to $nil for the three months ended March 31, 2024. The portion of changes in fair value that is attributable to changes in the Company's credit risk is accounted for within other comprehensive income during the three months ended March 31, 2025, was $1,491,644, compared to $nil for the three months ended March 31, 2024.

 

The Company performs quarterly testing of the covenant of the Silver Loan and was in compliance with all such covenants as of March 31, 2025.

*<u>Teck Promissory Note</u>*

 

On March 21, 2025, the Company closed an unsecured promissory note for an aggregate principal amount of up to $3,400,000 (the "Note"). The Note will bear interest at 12% per annum, with such interest being capitalized and added to the principal amount outstanding under the Note monthly. The Note will be available in multiple advances at the discretion of Teck and is payable on demand from Teck. On March 21, 2025, the Company received $763,000 in advance from Teck. On March 25, 2025, the Company received $2,325,000 advance from Teck. As of March 31, 2025, the principal outstanding on the unsecured promissory note is $3,088,000. At March 31, 2025, interest of $7,097 ($nil at December 31, 2024) is included in the Teck promissory note payable on the condensed interim consolidated balance sheets. Interest expense for the three months ended March 31, 2025, was $7,097 ($nil for the three months ended March 31, 2024).

**10. Capital Stock, Warrants, Stock Options and Restricted Share Units**

**Authorized**

The total authorized capital is as follows:

● 1,500,000,000 Common Shares with a par value of $0.000001 per Common Share; and

● 10,000,000 preferred shares with a par value of $0.000001 per preferred share

**Issued and outstanding**

The Cooperation Agreement provides for, among other things, MineWater LLC (the "Creditor") and its affiliates providing certain collateral security in order for the Company to obtain certain surety bonds with respect to the Bunker Hill Mine (the "Collateral Security"). In consideration for the Collateral Security, the Company is required to pay the Creditor a financing cooperation fee of US$20,000 per month during the term of the Cooperation Agreement. In January 2025, the Company issued 1,053,335 shares of common stock in connection with its election to satisfy financing cooperation fee for the six months ended September 30, 2024. In January 2025, the Company issued 621,500 shares of common stock in connection with its election to satisfy financing cooperation fee for the three months ended December 31, 2024.

In January 2025, the Company issued 7,392,859 shares of common stock in connection with its election to satisfy interest payments under the outstanding convertible debentures for the three months ending December 31, 2024.

In January 2025, the Company issued 672,450 shares of common stock in connection with settlement of RSUs.

In January 2024, the Company issued 7,392,859 shares of common stock in connection with its election to satisfy interest payments under the outstanding convertible debentures for the three months ending December 31, 2023.

In March 2024, the Company issued 2,546,436 shares of common stock in connection with settlement of RSUs.

The Company has accounted for the warrants in accordance with ASC Topic 815. The warrants are considered derivative instruments as they were issued in a currency other than the Company's functional currency of the U.S. dollar. The estimated fair value of warrants accounted for as liabilities was determined on the date of issue and marked to market at each financial reporting period. The change in fair value of the warrant is recorded in the condensed interim consolidated statements of loss and comprehensive loss as a gain or loss and is estimated using the Binomial model.

The fair value of the warrant liabilities related to the various tranches of warrants issued during the period were estimated using the Binomial model to determine the fair value using the following assumptions as at March 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| **January 2025 warrants** | **March 31,**<br> **2025** | **Grant**<br> **Date** |
| Expected life | 860 days | 943 days |
| Volatility | 90% | 105% |
| Risk free interest rate | 2.46% | 2.85% |
| Dividend yield | 0% | 0% |
| Share price (C$) | $0.145 | $0.165 |
| Fair value | $5370 | $7116 |
| Change in derivative liability | $(1746) |  |

---

---

| | | |
|:---|:---|:---|
| **November 2024 warrants** | **March 31,**<br> **2025** | **December**<br> **2024** |
| Expected life | 860 days | 950 days |
| Volatility | 90% | 95% |
| Risk free interest rate | 2.46% | 2.96% |
| Dividend yield | 0% | 0% |
| Share price (C$) | $0.145 | $0.155 |
| Fair value | $28921 | $32374 |
| Change in derivative liability | $(3453) |  |

---

---

| | | |
|:---|:---|:---|
| **October 2024 warrants** | **March 31,**<br> **2025** | **December**<br> **2024** |
| Expected life | 860 days | 950 days |
| Volatility | 90% | 95% |
| Risk free interest rate | 2.46% | 2.96% |
| Dividend yield | 0% | 0% |
| Share price (C$) | $0.145 | $0.155 |
| Fair value | $20952 | $25881 |
| Change in derivative liability | $(4929) |  |

---

---

| | | |
|:---|:---|:---|
| **August 2024 warrants** | **March 31,**<br> **2025** | **December**<br> **2024** |
| Expected life | 860 days | 950 days |
| Volatility | 90% | 95% |
| Risk free interest rate | 2.46% | 2.96% |
| Dividend yield | 0% | 0% |
| Share price (C$) | $0.145 | $0.155 |
| Fair value | $67076 | $82857 |
| Change in derivative liability | $(15781) |  |

---

---

| | | |
|:---|:---|:---|
| **March 2023 warrants** | **March 31,**<br> **2025** | **December 31,**<br> **2024** |
| Expected life | 361 days | 451 days |
| Volatility | 24% | 24% |
| Risk free interest rate | 2.46% | 2.96% |
| Dividend yield | 0% | 0% |
| Share price (C$) | $0.145 | $0.155 |
| Fair value | $545933 | $915046 |
| Change in derivative liability | $(369113) |  |

---

---

| | | |
|:---|:---|:---|
| **April 2022 special warrants issuance** | **March 31,**<br> **2025** | **December 31,**<br> **2024** |
| Expected life | 1 days | 91 days |
| Volatility | 105% | 70% |
| Risk free interest rate | 2.46% | 2.96% |
| Dividend yield | 0% | 0% |
| Share price (C$) | $0.145 | $0.155 |
| Fair value | $1 | $1 |
| Change in derivative liability | $- |  |

---

---

| | | |
|:---|:---|:---|
| **April 2022 non-brokered issuance** | **March 31,**<br> **2025** | **December 31,**<br> **2024** |
| Expected life | 1 days | 91 days |
| Volatility | 105% | 70% |
| Risk free interest rate | 2.46% | 2.96% |
| Dividend yield | 0% | 0% |
| Share price (C$) | $0.145 | $0.155 |
| Fair value | $1 | $1 |
| Change in derivative liability | $- |  |

---

---

| | | |
|:---|:---|:---|
| **June 2022 issuance** | **March 31,**<br> **2025** | **December 31,**<br> **2024** |
| Expected life | 1 days | 91 days |
| Volatility | 105% | 70% |
| Risk free interest rate | 2.46% | 2.96% |
| Dividend yield | 0% | 0% |
| Share price (C$) | $0.145 | $0.155 |
| Fair value | $1 | $1 |
| Change in derivative liability | $- |  |

---

---

| | | |
|:---|:---|:---|
| **February 2021 issuance** | **March 31,**<br> **2025** | **December 31,**<br> **2024** |
| Expected life | 315 days | 405 days |
| Volatility | 75% | 70% |
| Risk free interest rate | 2.46% | 2.96% |
| Dividend yield | 0% | 0% |
| Share price (C$) | $0.145 | $0.155 |
| Fair value | $1391 | $44465 |
| Change in derivative liability | $(43074) |  |

---

---

| | | |
|:---|:---|:---|
| **June 2019 issuance** | **March 31,**<br> **2025** | **December 31,**<br> **2024** |
| Expected life | 275 days | 365 days |
| Volatility | 75% | 70% |
| Risk free interest rate | 2.46% | 2.96% |
| Dividend yield | 0% | 0% |
| Share price (C$) | $0.145 | $0.155 |
| Fair value | $1 | $9724 |
| Change in derivative liability | $(9723) |  |

---

---

| | | |
|:---|:---|:---|
| **August 2019 issuance** | **March 31,**<br> **2025** | **December 31,**<br> **2024** |
| Expected life | 275 days | 365 days |
| Volatility | 75% | 70% |
| Risk free interest rate | 2.46% | 2.96% |
| Dividend yield | 0% | 0% |
| Share price (C$) | $0.145 | $0.155 |
| Fair value | $1 | $14945 |
| Change in derivative liability | $(14944) |  |

---

Outstanding warrants at March 31, 2025 and December 31, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Number of**<br>**warrants** | **Weighted**<br>**average**<br>**exercise price**<br>**(C$)** | **Weighted**<br>**average**<br>**grant date**<br>**value ($)** |
| Balance, December 31, 2023 | 145061976 | $0.37 | $0.09 |
| Issued | 2157384 | 0.15 | 0.07 |
| Balance, December 31, 2024 | 147219360 | $0.37 | $0.09 |
| Balance, December 31, 2024 | 147219360 | $0.37 | $0.09 |
| Issued | 100397 | 0.15 | 0.07 |
| Balance, March 31, 2025 | 147319757 | $0.37 | $0.09 |

---

At March 31, 2025, the following warrants were outstanding:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Expiry date** | **Exercise**<br>**price (C$)** | **Number of**<br>**warrants** | **Number of**<br> **warrants**<br>**exercisable** |
| April 1, 2025 | 0.37 | 40538969 | 40538969 |
| December 31, 2025 | 0.59 | 32895200 | 32895200 |
| February 9, 2026 | 0.60 | 17112500 | 17112500 |
| February 16, 2026 | 0.60 | 2881580 | 2881580 |
| March 27, 2026 | 0.15 | 51633727 | 51633727 |
| August 8, 2027 | 0.16 | 1680591 | 1680591 |
| August 8, 2027 | 0.15 | 100397 | 100397 |
| August 8, 2027 | 0.12 | 476793 | 476793 |
|  |  | 147319757 | 147319757 |

---

**Compensation options**

At March 31, 2025, and December 31, 2024 the following broker options were outstanding:

---

| | | |
|:---|:---|:---|
|  |<br>**Number of**<br>**broker**<br>**options** | **Weighted**<br>**average**<br>**exercise price**<br>**(C$)** |
| Balance, December 31, 2023 | 4301150 | $0.24 |
| Expired – February 2024 | (351000) | 0.50 |
| Expired – April 2024 | (1879892) | 0.30 |
| Balance, December 31, 2024 | 2070258 | 0.15 |
| Balance, December 31, 2024 (i) | 2070258 | 0.15 |
| Balance, March 31, 2025 (i) | 2070258 | 0.15 |

---

(i) The grant date fair value of the
March 2023 Compensation Options was estimated at $111,971 using the Black-Scholes valuation model with the following underlying assumptions:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Grant Date** | **Risk free**<br> **interest rate** | **Dividend yield** | **Volatility** | **Stock price** | **Weighted average life** |
| March 2023 | 3.4% | 0% | 120% | C$0.11 | 3 years |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Expiry date** | **Exercise**<br>**price (C$)** | **Number of**<br>**broker options** | **Grant date** <br> **Fair value**<br>**($)** |
| March 27, 2026<sup>(ii)</sup> | $0.15 | 2070057 | $111971 |

---

i) Exercisable into one March 2023
Unit.

**Stock options**

Outstanding stock options at March 31, 2025 and December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  |<br>**Number of**<br>**stock options** | **Weighted**<br>**average**<br>**exercise price**<br>**(C$)** |
| Balance, December 31, 2023 | 8970636 | $0.52 |
| Granted August 1, 2024 | 87493 | $0.16 |
| Expired October 24, 2024 | (1575000) | $0.60 |
| Expired October 31, 2024 | (1037977) | $0.34 |
| Balance, December 31, 2024 | 6445152 | $0.52 |
| Balance, December 31, 2024 | 6445152 | $0.52 |
| Balance, March 31, 2025 | 6445152 | $0.52 |

---

The following table reflects the stock options issued and outstanding as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|<br>**Exercise**<br>**price (C$)** |<br>**remaining**<br>**contractual**<br>**life (years)** |<br>**Number of**<br>**options**<br>**outstanding** | **Number of**<br>**options**<br>**vested**<br>**(exercisable)** |<br>**Grant date**<br>**fair value ($)** |
| 0.55 | 0.05 | 5957659 | 5957659 | 1536764 |
| 0.15 | 2.65 | 400000 | 400000 | 37387 |
| 0.16 | 4.34 | 87493 | - | 7242 |
|  |  | 6445152 | 6357659 | $1581393 |

---

The vesting of stock options during the three months ending March 31, 2025 and March 31, 2024, resulted in stock based compensation expenses of $1,786 and $25,093 respectively.

**Restricted Share Units**

Effective March 25, 2020, the Board of Directors approved a Restricted Share Unit ("RSU") Plan to grant RSUs to its officers, directors, key employees and consultants.

Outstanding RSUs at March 31, 2025 and December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  |<br><br>**Number of**<br>**shares** | **Weighted**<br>**average**<br>**grant date**<br>**fair value**<br>**per share**<br>**(C$)** |
| Unvested as at December 31, 2023 | 7044527 | $0.24 |
| Granted | 9720403 | $0.11 |
| Vested | (2667436) | $0.23 |
| Forfeited | (71000) | $0.50 |
| Unvested as at December 31, 2024 | 14026494 | $0.15 |
| Unvested as at December 31, 2024 | 14026494 | $0.15 |
| Vested | (672450) | 0.10 |
| Unvested as at March 31, 2025 | 13354044 | $0.15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i) On January 29, 2024, the Company granted 672,450 RSUs to the CFO of the Company, which vest on January 29, 2025. The vesting of these RSUs resulted in stock-based compensation of
 $3,552 and $8,880 for the three months ended March 31, 2025 and March 31, 2024, respectively, which is included in operating expenses in the condensed interim
 consolidated statements of loss and comprehensive loss.

(ii) On March 13, 2024, the Company granted 9,047,953 RSUs to certain executives and employees of the Company, which vest in one-third increments on March 13 of 2025, 2026 and 2027. The vesting of these RSUs resulted in stock-based compensation of $98,979 and $22,220 for the three months ended March 31, 2025 and March 31, 2024 respectively, which is included in operating expenses in the condensed interim consolidated statements of loss and comprehensive loss.

The vesting of RSU's during the three months ending March 31, 2025, and March 31, 2024, resulted in stock based compensation expense of $182,776 and $236,856 respectively.

**11. Deferred Share Units**

Effective April 21, 2020, the Board of Directors approved a Deferred Share Unit ("DSU") Plan to grant DSUs to its directors. The DSU Plan permits the eligible directors to defer receipt of all or a portion of their retainer or compensation until termination of their services and to receive such fees in the form of cash at that time.

Upon vesting of the DSUs or termination of service as a director, the director will be able to redeem DSUs based upon the then market price of the Company's Common Share on the date of redemption in exchange for cash.

Outstanding DSUs at March 31, 2025 and December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  |<br><br>**Number of**<br>**shares** | **Weighted**<br>**average**<br>**grant date**<br>**fair value**<br>**per share**<br>**(C$)** |
| Unvested as at December 31 2023 | 1495454 | $0.90 |
| Granted | 2865363 | $0.13 |
| Vested | (4023342) | $0.41 |
| Unvested as at December 31 2024 | 337475 | $0.16 |
| Unvested as at December 31 2024, and March 31, 2025 | 337475 | $0.16 |

---

The vesting of DSU's during the three months ended March 31, 2025, resulted in a recovery of stock-based compensation of $50,786 and stock-based compensation expense of $74,978 for the three months ended March 31, 2024. The fair value of each DSU is $0.10 as of March 31, 2025, and $0.11 as of December 31, 2024.

**12. Commitments and Contingencies**

As stipulated in the agreement with the EPA and as described in Note 8, the Company is required to make two types of payments to the EPA and IDEQ, one for historical water treatment cost-recovery to the EPA, and the other for ongoing water treatment. Water treatment costs incurred through December 2021 are payable to the EPA, and water treatment costs incurred thereafter are payable to the IDEQ. The IDEQ (as done formerly by the EPA) invoices the Company on an annual basis for the actual water treatment costs, which may exceed the recognized estimated costs significantly. When the Company receives the water treatment invoices, it records any liability for actual costs over and above any estimates made and adjusts future estimates as required based on these actual invoices received. The Company is required to pay for the actual costs regardless of the periodic required estimated accruals and payments made each year.

On July 28, 2021, a lawsuit was filed in the U.S. District Court for the District of Idaho brought by Crescent Mining, LLC ("Crescent"). The named defendants include Placer Mining, Robert Hopper Jr., and the Company. The lawsuit alleges that Placer Mining and Robert Hopper Jr. intentionally flooded the Crescent Mine during the period from 1991 and 1994, and that the Company is jointly and severally liable with the other defendants for unspecified past and future costs associated with the presence of acid mine drainage in the Crescent Mine. The plaintiff has requested unspecified damages. On September 20, 2021, the Company filed a motion to dismiss Crescent's claims against it, contending that such claims are facially deficient. On March 2, 2022, Chief U.S. District Court Judge, David C. Nye granted in part and denied in part the Company's motion to dismiss. The court granted the Company's motion to dismiss in respect of Crescent's cost recovery claim under CERCLA Section 107(a), and declaratory judgment, tortious interference, trespass, nuisance and negligence claims. These claims were dismissed without prejudice. The court denied the motion to dismiss filed by Placer Mining Corp. for Crescent's trespass, nuisance and negligence claims. Crescent later filed an amended complaint on April 1, 2022. Placer Mining Corp. and Bunker Hill Mining Corp are named as co-defendants. Bunker Hill responded to the amended filing, refuting and denying all allegations made in the complaint except those that are assertions of fact as a matter of public record. The Company believes Crescent's lawsuit is without merit and intends to vigorously defend itself, as well as Placer Mining Corp. pursuant to the Company's indemnification of Placer Mining Corp in the sale and purchase agreement executed between the companies for the Mine on December 15, 2021. The lawsuit is currently in the discovery phase, in which information is gathered and exchanged.

**13. Deferred Tax liability**

The Company incurred no income tax recovery or expense for the three months ended March 31, 2025 and incurred income tax recovery of $699,920 for the three months ended March 31, 2024. The Company's effective income tax rate for the first three months of 2024 was 12.6%. The effective tax rate during the first three months of 2024 rate differed from the statutory rate primarily due to the recognition of deferred tax assets available to offset the deferred tax liability associated with the Stream Obligation. The Company maintains a valuation allowance against net operating losses subject to Section 382 and other deferred tax assets.

Current liabilities at March 31, 2025, and December 31, 2024, include an income tax payable of $1,050,000. This relates to the proceeds of the Stream which are classified as income under the U.S. internal revenue code. The Company elected to defer the income, one year, to 2024, in which most of the income was offset by losses incurred in the current year and previous years.

A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will likely ultimately be able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced.

**14. Operating Expenses**

**** 

---

| | | |
|:---|:---|:---|
|  | Three Months<br> Ended <br> March 31, 2025 | Three Months<br> Ended <br> March 31, 2024 |
| Salaries, wages, and consulting fees | $800337 | $942394 |
| General administration expenses | 2109037 | 2845237 |
| Total | $2909374 | $3787631 |

---

**15. Related party transactions**

The Company's key management personnel have the authority and responsibility for planning, directing and controlling the activities of the Company and consists of the Company's executive management team and management directors.

---

| | | |
|:---|:---|:---|
|  | Three Months<br> Ended <br> March 31, 2025 | Three Months<br> Ended <br> March 31, 2024 |
| Consulting Fees and Salaries | $264208 | $474185 |

---

At March 31, 2025 and March 31, 2024, $46,100 and $89,324 respectively is owed to key management personnel with all amounts included in accounts payable and accrued liabilities due to cash preservation efforts.

*Sprott Transactions*

In January 2025, the Company drew $11,000,000 on the Sprott debt facility. As consideration for Sprott advancing the debt facility the Company granted Sprott a royalty for 1.0% of life-of-mine gross revenue from mining claims considered to be historically worked, contiguous to current accessible underground development, and covered by the Company's 2021 ground geophysical survey and a 0.70% rate will apply to claims outside of these areas.

In January 2025, the Company issued 7,119,049 shares of common stock to Sprott in connection with its election to satisfy interest payments under the outstanding convertible debentures owned by Sprott for the three months ended December 31, 2024.

**16. Geographic and Segment Information**

The Company has one reportable operating segment. The Company's primary focus is the development and restart of our 100% owned Bunker Hill Mine in Kellogg, Idaho, U.S. The Company reported no revenues during the three months ended March 31, 2025, and 2024.

**17. Subsequent Events**

*Share Issuance*

On April 14, 2025, the Company issued 187,500 shares of common stock in connection with its election to satisfy interest payments under the outstanding convertible debentures for the three months ended March 31, 2025.

*RSU Amendments*

On May 1, 2025, the Company's board of directors approved an amendment to the vesting schedule of certain RSUs previously granted to certain directors and officers of the Company under the Company's amended and restated restricted stock unit incentive plan (the "RSU Plan") on November 2, 2022, July 4, 2023 and March 13, 2024, such that an aggregate of 5,562,419 RSUs granted to such directors, officers and employees will now vest on June 1, 2025 rather than on May 1, 2025. All other terms of such RSUs remain the same.

**PART II. INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 13. Other Expenses of Issuance and Distribution.**

The estimated expenses of the offering (assuming all shares are sold), all of which are to be paid by us, are as follows

---

| | | |
|:---|:---|:---|
| SEC Registration Fee | US$ | 9725.33 |
| Printing Expenses | US$ | 1500 |
| Accounting Fees and Expenses | US$ | 3500 |
| Legal Fees and Expenses | US$ | 20000 |
| Blue Sky Fees/Expenses | US$ | 0 |
| Transfer Agent Fees | US$ | 0 |
| **Total** | US$ | 34725.33 |

---

**Item 14. Indemnification of Directors and Officers.**

The only statute, charter provision, bylaw, contract, or other arrangement under which any of our controlling persons, directors or officers is insured or indemnified in any manner against any liability which he may incur in his capacity as such, is as follows:

**Nevada Law**

Section 78.7502 of the Nevada Revised Statutes permits a corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, except an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with the action, suit or proceeding if he:

&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 not liable pursuant to Nevada Revised Statute 78.138, or

(b) acted
 in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and,
 with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.

In addition, Section 78.7502 permits a corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses, including amounts paid in settlement and attorneys' fees actually and reasonably incurred by him in connection with the defense or settlement of the action or suit if he:

&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 not liable pursuant to Nevada Revised Statute 78.138; or

(b) acted
 in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation.

To the extent that a director, officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to above, or in defense of any claim, issue or matter, the corporation is required to indemnify him against expenses, including attorneys' fees, actually and reasonably incurred by him in connection with the defense.

Section 78.751 of the Nevada Revised Statutes provides that such indemnification may also include payment by us of expenses incurred in defending a civil or criminal action or proceeding in advance of the final disposition of such action or proceeding upon receipt of an undertaking by the person indemnified to repay such payment if he shall be ultimately found not to be entitled to indemnification under Section 78.751. Indemnification may be provided even though the person to be indemnified is no longer a director, officer, employee or agent of us or such other entities.

Section 78.752 of the Nevada Revised Statutes allows a corporation to purchase and maintain insurance or make other financial arrangements on behalf of any person who is or was a director, officer, employee or agent of the corporation or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise for any liability asserted against him and liability and expenses incurred by him in his capacity as a director, officer, employee or agent, or arising out of his status as such, whether or not the corporation has the authority to indemnify him against such liability and expenses.

Other financial arrangements made by the corporation pursuant to Section 78.752 may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 creation of a trust fund;

(b) the
 establishment of a program of self-insurance;

(c) the
 securing of its obligation of indemnification by granting a security interest or other lien on any assets of the corporation; and

(d) the
 establishment of a letter of credit, guaranty or surety

No financial arrangement made pursuant to Section 78.752 may provide protection for a person adjudged by a court of competent jurisdiction, after exhaustion of all appeals, to be liable for intentional misconduct, fraud or a knowing violation of law, except with respect to the advancement of expenses or indemnification ordered by a court.

Any discretionary indemnification pursuant to NRS 78.7502, unless ordered by a court or advanced pursuant to an undertaking to repay the amount if it is determined by a court that the indemnified party is not entitled to be indemnified by the corporation, may be made by the corporation only as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances. The determination must be made:

&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 the stockholders;

(b) by
 the board of directors by majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding;

(c) if
 a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding so orders, by independent
 legal counsel in a written opinion, or

(d) if
 a quorum consisting of directors who were not parties to the action, suit or proceeding cannot be obtained, by independent legal
 counsel in a written opinion.

The A&R Articles and bylaws limit director liability and provide for indemnification to the fullest extent provided by Nevada law.

**Item 15. Recent Sales of Unregistered Securities.**

EQUITY OFFERINGS

On June 5, 2025, we, closed the Brokered Offering for aggregate cash consideration of approximately US$6.2 million, which included participation by Sprott Streaming, and the concurrent Non-Brokered Offering with Teck for approximately US$20.5 million. As part of the Equity Offerings, we issued an aggregate of 252,215,751 Units at the Offering Price of C$0.15 (or the U.S. Dollar equivalent thereof) per Unit. Each Unit issued under the Equity Offerings consisted of one share of our common stock and one-half of one share of our common stock purchase Warrant. Each whole Warrant will be exercisable to acquire one additional share of our common stock at a price of C$0.25 per Warrant Share for a period of three years following the date of issuance, subject to customary adjustments.

In the Brokered Offering, 56,921,096 Units were sold at the Offering Price by the Agents, of which Sprott Streaming acquired 10,000,000 Units. In the Non-Brokered Offering, Teck acquired 195,294,655 Units at the Offering Price. We intend to use the net proceeds of the Equity Offerings to support the construction, start-up and ramp-up of the Bunker Hill Mine.

The Equity Offerings, including both the brokered and non-brokered components, were conducted on a private placement basis, and we relied on the exemption from registration under Section 4(a)(2) the Securities Act, or Rule 506 of Regulation D, or Regulation S. All securities issued pursuant to the Equity Offerings (i) are subject to a four month plus one day hold period in accordance with applicable Canadian securities laws and, if applicable, the policies of the TSX-Venture and (ii) have not been registered under the Securities Act or any U.S. state securities laws and may not be offered or sold in the United States without registration under the Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom.

*Brokered Offering*

 

On June 5, 2025, in connection with the Brokered Offering, we and the Agents entered into the Agency Agreement, pursuant to which the Agents conducted a "best efforts" marketed private placement of Units at the Offering Price for aggregate cash consideration of approximately US$6.2 million. Pursuant to the Agency Agreement, the Agents received cash commissions of C$461,061.

On June 5, 2025, pursuant to the Agency Agreement, we entered into Brokered Subscription Agreements with certain investors, pursuant to which such investors acquired 56,921,096 Units at the Offering Price.

*Non-Brokered Offering*

 

On March 5, 2025, under the Non-Brokered Offering, we entered into a subscription agreement, as amended by an amending agreement, dated March 24, 2025 with Teck, pursuant to which Teck (i) contributed US$2.00 for every US$1.00 raised in the Brokered Offering and pursuant to the Debt Settlements and Equity Payment Agreement (each as defined herein and further described below) and (ii) acquired the Teck Units at the Offering Price, for aggregate consideration of approximately US$20.5 million.

Immediately prior to the closing of the Non-Brokered Offering, Teck beneficially owned, directly or indirectly, or exercised control or direction over, 23,784,723 shares of our common stock and warrants to purchase an additional 2,951,389 shares of our common stock, representing approximately 6.6% of the issued and outstanding shares of our common stock on a non-diluted basis and approximately 7.4% on a partially diluted basis. Upon closing of the Non-Brokered Offering, Teck now beneficially owns, directly or indirectly, or exercises control or direction over 219,079,378 shares of our common stock and warrants to purchase an additional 100,598,716 shares of our common stock, representing approximately 23.9% of the issued and outstanding shares of our common stock (on a non-diluted basis and, assuming the exercise of all warrants now held by Teck, approximately 31.4% on a partially diluted basis) and is considered a "Control Person" of us (as such term is defined in the policies of the TSX-V). We obtained written consents of our disinterested stockholders holding a majority of our voting shares (collectively, the "Stockholder Consent") for, among other things, the Non-Brokered Offering, including the creation of Teck as a Control Person of us, in satisfaction of the applicable shareholder approval requirements of the TSX-V.

CAPITAL RESTRUCTURING TRANSACTIONS

Concurrently with the closing of the Equity Offerings, we closed capital restructuring transactions, including the conversion into equity of certain outstanding debt, and the modification of certain existing royalty and stream financing arrangements with Sprott Streaming, as set forth in the Recapitalization Agreement, dated as of June 5, 2025, by and among us, Silver Valley, Sprott Streaming, Teck, and Monetary Metals, and as further discussed below.

All securities issued pursuant to Capital Restructuring Transactions were conducted on a private placement basis, and we relied on the exemption from registration under Section 4(a)(2) the Securities Act, or Rule 506 of Regulation D, or Regulation S. All securities issued pursuant to the Capital Restructuring Transactions (i) are subject to a four month plus one day hold period in accordance with applicable Canadian securities laws and, if applicable, the policies of the TSX-Venture and (ii) have not been registered under the Securities Act or any U.S. state securities laws and may not be offered or sold in the United States without registration under the Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom.

*Amendment of Existing Convertible Debentures*

 

We completed the Series 1 CDs and Series 2 CDs, as further described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On
 June 5, 2025, we and Sprott Streaming entered into the Series 1 CDs, which amended and restated
 the Series 1 convertible debentures previously issued to Sprott Streaming and certain creditors,
 maturing on March 31, 2028, pursuant to which, among other things, (i) the rate of interest
 of the Series 1 convertible debentures has been reduced from 7.5% to 5.0% per annum, (ii)
 the current conversion price, being the U.S. dollar equivalent of C$0.30 per share of our
 common stock, has been reduced to equal the Offering Price, and (iii) certain prepayment
 and conversion terms were amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On
 June 5, 2025, we and Sprott Streaming entered into the Series 2 CDs, which amended and restated
 the Series 2 convertible debentures previously issued to Sprott Streaming and certain creditors,
 maturing on March 31, 2029, pursuant to which, among other things, (i) the rate of interest
 of the Series 2 CDs have been reduced from 10.5% to 5.0% per annum, (ii) the current conversion
 price, being the U.S. dollar equivalent of C$0.29 per share of our common stock, have reduced
 to equal the Offering Price, and (iii) certain prepayment and conversion terms were amended.

*Amendment to the Debt Facility*

 

On June 5, 2025, in connection with the Capital Restructuring Transactions (, we and Sprott Streaming amended and restated the Debt Facility to, among other things, include an option, at our election, to settle any accrued and unpaid interest through the issuance of shares of our common stock, subject to the prior approval of the TSX-V.

*Sprott Stream Conversion*

 

On June 5, 2025, the Metals Purchase Agreement was terminated and as consideration, we entered into the Exchange Agreement, pursuant to which, among other things, 200,000,000 shares of our common stock were issued to Sprott Streaming.

*Sprott Streaming Debt Settlements*

 

On June 5, 2025, we and Silver Valley entered into the Sprott Debt Settlement Agreements with Sprott Streaming, pursuant to which, among other things, an aggregate of 63,690,476 shares of our common stock were issued to Sprott Streaming at the Offering Price in full satisfaction of (i) US$487,500 of unpaid interest under the secured convertible debentures held by Sprott Streaming, and (ii) US$6,200,000, consisting of the principal amount of US$6 million previously advanced to us under the Debt Facility, together with an aggregate of US$200,000 of interest accrued thereon.

*Amendments to the Monetary Metals Silver Loan*

 

On June 5, 2025, in connection with the Transactions, we and Silver Valley entered into (i) the MM NPA, and (ii) the MM Note, each with Monetary Metals to, amongst other things, (A) reduce the rate at which advances under the MM NPA bear interest from 15% to 13.5% per annum, (B) clarify the calculation of the cash flow sweep, (C) extend the availability date for advances thereunder from January 31, 2025 to June 30, 2025, and (D) in connection with any further advances, provide for the issuance of bonus warrants in such number and on such terms as to be agreed upon between the parties before issuance and subject to prior approval of the TSX-V. In any event, the number of bonus warrants issued or issuable to Monetary Metals will not exceed, in the aggregate, the maximum of 3,000,000 allowable under the MM NPA. The MM NPA and the MM Note are secured by security interests over all our and Silver Valley's assets, properties and undertakings, in form and scope similar to the security held by Sprott Streaming and the security held by Teck.

*Additional Debt Settlements*

 

We and Silver Valley have agreed to settle outstanding receivables and other amounts owing (including, where applicable, accrued and unpaid interest thereon) in aggregate amounts of approximately US$80,000, US$3,072,254 and C$195,000 with certain creditors, contractors, and directors, respectively, of ours or Silver Valley through the issuance of equity securities at the Offering Price. On June 5, 2025, concurrently with the closing of the Equity Offerings, we entered into Debt Settlement Agreements in order to preserve its cash for the potential restart and ongoing development of the Bunker Hill Mine.

In connection with the Debt Settlements, we issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 761,904
 Units to MineWater, as further described herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 257,379
 shares of our common stock to the Participating Directors for the Director Services.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 30,302,181
 Units to certain other arm's length creditors or contractors of ours to settle certain
 other outstanding receivables and other amounts owing in the aggregate amount of approximately
 US$3,072,254.

Each Unit issued pursuant to the Debt Settlements consisted of one share of our common stock and one-half of Warrant, with each whole Warrant exercisable for one additional Warrant Share at an exercise price of C$0.25 per Warrant Share for a period of three years following the date of issuance. The Participating Directors, each being a Non-Arm's Length Party (as such term is defined in the policies of the TSX-V), received shares of our common stock in lieu of Units.

*Equity Payment*

 

On June 5, 2025, we, Silver Valley and C&E entered into the Equity Payment Agreement, pursuant to which we issued 4,761,905 Units to C&E at a deemed price equal to the Offering Price to satisfy US$500,000 of the purchase price payable under the Option Agreement. Each Unit issued pursuant to the Equity Payment Agreement consists of one share of our common stock and one-half of one Warrant, with each whole Warrant exercisable for one additional Warrant Share at an exercise price of C$0.25 per Warrant Share for a period of three years following the date of issuance, being June 5, 2028.

*Shares of Common Stock Issued in Satisfaction of Interest Payable on Convertible Debentures*

 

We and Sprott entered into (i) six convertible debentures on January 28, 2022 in the aggregate principal amount of $6,000,000 (the "CD1") and (ii) three convertible debentures on June 17, 2022 in the aggregate principal amount of $15,000,000 (the "CD2" and together with the CD1, the "convertible debentures"). Pursuant to the terms of the convertible debentures, we may elect to pay the accrued and unpaid interest due thereunder by issuing shares of our common stock, as opposed to paying cash, at the conversion price set forth therein. On January 9, 2024, we issued 7,392,859 shares of our common stock in connection with our election to satisfy interest payments under the outstanding convertible debentures for the three months ended December 31, 2023. On April 4, 2024, we issued 6,398,439 shares of our common stock in connection with our election to satisfy interest payments under the outstanding convertible debentures for the three months ended March 31, 2024. On July 8, 2024, we issued 4,653,409 shares of our common stock in connection with our election to satisfy interest payments under the outstanding convertible debentures for the three months ended June 30, 2024. On October 3, 2024, we issued 5,175,000 shares of our common stock in connection with our election to satisfy interest payments under the outstanding convertible debentures for the three months ended September 30, 2024. On January 14, 2025, we issued 7,392,859 shares of our common stock in connection with our election to satisfy interest payments under the outstanding convertible debentures for the three months ended December 31, 2024. On April 14, 2025, we issued 187,500 shares of our common stock in connection with our election to satisfy interest payments under the outstanding convertible debentures for the three months ended March 31, 2025. We relied on the exemption from registration under Section 4(a)(2) of the Securities Act, or Rule 506 of Regulation D, or Regulation S, and in reliance on similar exemptions under applicable state laws, for purposes of issuance of the shares in satisfaction of the interest payable under the convertible debentures.

*Shares of Common Stock Issued in Satisfaction of financing cooperation fee*

 

The Cooperation Agreement provides for, among other things, the Creditor and its affiliates providing certain collateral security in order for us to obtain certain surety bonds with respect to the Bunker Hill Mine (the "Collateral Security"). In consideration for the Collateral Security, we are required to pay the Creditor a financing cooperation fee of US$20,000 per month during the term of the Cooperation Agreement.

On January 8, 2025, we issued shares of our common stock in connection with our election to satisfy financing cooperation fee for the six months ended September 30, 2024. On January 29, 2025, we issued 621,500 shares of our common stock in connection with our election to satisfy financing cooperation fee for the three months ended December 31, 2024.

*Shares of Common Stock Issued in Satisfaction of deferred share units*

 

On October 28, 2024, we issued 750,000 shares of our common stock at a deemed price of C$0.125 for the settlement of DSUs.

*Securities Issued Pursuant to Equity Incentive Plans*

During the fiscal year ended December 31, 2024, we issued 9,720,403 RSUs and 87,493 options to purchase shares of our common stock to our directors, employees and consultants under our equity incentive plans.

On March 28, 2024, we issued 2,546,436 shares of our common stock at a deemed price of C$0.125 for the settlement of RSUs.

On April 16, 2024, we issued 100,000 shares of our common stock at a deemed price of C$0.13 for the settlement of RSUs.

On November 18, 2024, we issued 21,000 shares of our common stock at a deemed price of C$0.125 for the settlement of RSUs.

On January 27, 2025, we issued 672,450 shares of our common stock at a deemed price of C$0.17 for the settlement of RSUs.

We relied on the exemption from registration under Section 4(a)(2) of the Securities Act, or Rule 506 of Regulation D, or Regulation S, and in reliance on similar exemptions under applicable state laws, for purposes of the issuance of such securities.

**Item 16. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1\* | [Second Amended and Restated Articles of Incorporation of Bunker Hill Mining Corp., effective as of June 5, 2025](ex3-1.htm) |
| 3.2 | [Amended and Restated Bylaws of Liberty Silver Corp., dated as of December 21, 2012 (incorporated by reference to Exhibit 3.6 to the Form 8-K filed on December 28, 2012)](https://www.sec.gov/Archives/edgar/data/1407583/000113705012000501/exhibit36libertysilveramende.htm) |
| 4.1 | [Warrant Indenture, dated as of August 14, 2020 (incorporated by reference to Exhibit 4.1 to the Form S-1 filed on October 27, 2020)](https://www.sec.gov/Archives/edgar/data/1407583/000149315220019971/ex4-1.htm) |
| 4.2 | [Form of Warrant Certificate, dated as of February 2021 (incorporated by reference to Exhibit 4.2 to Amendment No. 3 to the Form S-1 filed on January 25, 2023)](https://www.sec.gov/Archives/edgar/data/1407583/000149315223002401/ex4-2.htm) |
| 4.3 | [Underlying Warrant Indenture, dated as of April 1, 2022, by and between Bunker Hill Mining Corp. and Capital Transfer Agency (incorporated by reference to Exhibit 10.13 to the Form S-1 filed on May 2, 2022)](https://www.sec.gov/Archives/edgar/data/1407583/000149315222011674/ex10-13.htm) |
| 4.4 | [Special Warrant Indenture, dated as of March 27, 2023, by and between Bunker Hill Mining Corp. and Capital Transfer Agency ULC, as warrant agent (incorporated by reference to Exhibit 10.2 to the Form 8-K filed on March 31, 2023)](https://www.sec.gov/Archives/edgar/data/1407583/000149315223009906/ex10-2.htm) |

---

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 4.5 | [Warrant Indenture, dated as of March 27, 2023, by and between Bunker Hill Mining Corp. and Capital Transfer Agency ULC, as warrant agent (incorporated by reference to Exhibit 10.3 to the Form 8-K filed on March 31, 2023)](https://www.sec.gov/Archives/edgar/data/1407583/000149315223009906/ex10-3.htm) |
| 4.6 | [Supplemental Warrant Indenture, dated as of June 6, 2024, by and among Bunker Hill Mining Corp., Capital Transfer Agency ULC, and Computershare Trust Company of Canada (incorporated by reference to Exhibit 4.1 to the Form 10-Q filed on July 30, 2024)](https://www.sec.gov/Archives/edgar/data/1407583/000149315224029604/ex4-1.htm) |
| 4.7 | [Form of Bunker Hill Mining Corp. Non-Transferable Common Stock Purchase Warrant (incorporated by reference to Exhibit 4.1 to the Form 8-K filed on August 14, 2024)](https://www.sec.gov/Archives/edgar/data/1407583/000149315224032162/ex4-1.htm) |
| 5.1\* | [Opinion of Davis Graham & Stubbs LLP](ex5-1.htm) |
| 10.1 | [Settlement Agreement and Order on Consent for Response Action by Bunker Hill Mining Corp., effective as of May 15, 2018 (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on May 21, 2018)](https://www.sec.gov/Archives/edgar/data/1407583/000105291818000194/ex10.htm) |
| 10.1.1 | [First Amendment to the Settlement Agreement with EPA, effective as of December 19, 2021 (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on January 3, 2022)](https://www.sec.gov/Archives/edgar/data/1407583/000149315222000142/ex10-1.htm) |
| 10.2 | [Purchase and Sale Agreement for the Bunker Hill Mine, dated as of December 15, 2023, by and among Placer Mining Corporation, William Pangburn and Shirley Pangburn, as sellers, and Silver Velley Metals Corp., as buyer (incorporated by reference to Exhibit 10.2 to the Form 8-K filed on January 3, 2022)](https://www.sec.gov/Archives/edgar/data/1407583/000149315222000142/ex10-2.htm) |
| 10.3 | [Form of Secured Convertible Debenture, dated as of January 28, 2022 (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on February 4, 2022)](https://www.sec.gov/Archives/edgar/data/1407583/000149315222003146/ex10-1.htm) |
| 10.4 | [Secured Royalty Convertible Debenture, dated as of January 7, 2022, held by Sprott Private Resource Streaming and Royalty (Collector), LP (incorporated by reference to Exhibit 10.2 to the Form 8-K filed on February 4, 2022)](https://www.sec.gov/Archives/edgar/data/1407583/000149315222003146/ex10-2.htm) |
| 10.5 | [Omnibus Agreement Amendment, dated as of January 28, 2022, by and among Silver Valley Metals Corp. and Bunker Hill Mining Corp., as obligors, and the other party named therein (incorporated by reference to Exhibit 10.5 to the Form 10-K filed on March 12, 2024)](https://www.sec.gov/Archives/edgar/data/1407583/000149315224009660/ex10-5.htm) |
| 10.6 | [Second Omnibus Amendment Agreement, dated as of June 17, 2022, by and among Silver Valley Metals Corp. and Bunker Hill Mining Corp., as obligors, and the other parties named therein (incorporated by reference to Exhibit 10.7 to Amendment No. 1 to the Form S-1 filed on December 23, 2022)](https://www.sec.gov/Archives/edgar/data/1407583/000149315222036378/ex10-7.htm) |
| 10.7 | [Third Omnibus Amendment Agreement, dated as of December 5, 2022, by and among Silver Valley Metals Corp. and Bunker Hill Mining Corp., as obligors, and the other parties named therein (incorporated by reference to Exhibit 10.7 to the Form 10-K filed on March 12, 2024)](https://www.sec.gov/Archives/edgar/data/1407583/000149315224009660/ex10-7.htm) |
| 10.8 | [Fourth Omnibus Amendment Agreement, dated as of June 23, 2023, by and among Silver Valley Metals Corp. and Bunker Hill Mining Corp., as obligors, and the other parties named therein (incorporated by reference to Exhibit 10.3 to the Form 8-K filed on June 29, 2023)](https://www.sec.gov/Archives/edgar/data/1407583/000149315223022955/ex10-3.htm) |
| 10.9 | [Fifth Omnibus Amendment Agreement, dated as of August 8, 2024, by and among Silver Valley Metals Corp. and Bunker Hill Mining Corp., as obligors, and the other parties named therein (incorporated by reference to Exhibit 10.3 to the Form 8-K filed on June 29, 2023)](https://www.sec.gov/Archives/edgar/data/1407583/000149315223022955/ex10-3.htm) |
| 10.10 | [Asset Sale and Purchase Agreement for the Pend Oreille Process Plant, dated as of March 1, 2022, by and between Silver Valley Metals Corp. and Teck Washington Incorporated (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on March 14, 2022)](https://www.sec.gov/Archives/edgar/data/1407583/000149315222006688/ex10-1.htm) |

---

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.11 | [Series 2 Convertible Debenture, dated as of June 17, 2022, held by the holder named therein (incorporated by reference to Exhibit 10.5 to Amendment No. 1 to the Form S-1 filed on December 23, 2022)](https://www.sec.gov/Archives/edgar/data/1407583/000149315222036378/ex10-5.htm) |
| 10.12 | [Bridge Loan Facility, dated as of December 5, 2022, by and between Bunker Hill Mining Corp., as borrower, Silver Balley Metals Corp., as guarantor, and the lenders named therein (incorporated by reference to Exhibit 10.6 to Amendment No. 1 to the Form S-1 filed on December 23, 2022)](https://www.sec.gov/Archives/edgar/data/1407583/000149315222036378/ex10-6.htm) |
| 10.13 | [Form of Subscription Agreement for Special Warrant Financing, dated as of March 27, 2023, by and between Bunker Hill Mining Corp. and each Purchaser (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on March 31, 2023)](https://www.sec.gov/Archives/edgar/data/1407583/000149315223009906/ex10-1.htm) |
| 10.14‡ | [Metals Purchase Agreement, dated as of June 23, 2023, by and among Silver Valley Metals Corp., as seller, Bunker Hill Mining Corp., and the purchaser named therein (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on June 29, 2023)](https://www.sec.gov/Archives/edgar/data/1407583/000149315223022955/ex10-1.htm) |
| 10.15‡ | [Loan Agreement, dated as of June 23, 2023, by and among Bunker Hill Mining Corp., as borrower, Silver Valley Metals Corp., as guarantor, and the lenders and agent named therein (incorporated by reference to Exhibit 10.2 to the Form 8-K filed on June 29, 2023)](https://www.sec.gov/Archives/edgar/data/1407583/000149315223022955/ex10-2.htm) |
| 10.16 | [First Amendment to Loan Agreement, dated as of August 8, 2024, by and among Bunker Hill Mining Corp., as borrower, Silver Valley Metals Corp., as guarantor, and the lenders and agent named therein (incorporated by reference to Exhibit 10.4 to the Form 8-K filed on August 14, 2024)](https://www.sec.gov/Archives/edgar/data/1407583/000149315224032162/ex10-4.htm) |
| 10.17 | [Royalty Agreement, dated as of June 23, 2023, by and among Bunker Hill Mining Corp., as guarantor, Silver Valley Metals Corp., as grantee, and grantee and royalty holder named therein (incorporated by reference to Exhibit 10.4 to the Form 8-K filed on June 29, 2023)](https://www.sec.gov/Archives/edgar/data/1407583/000149315223022955/ex10-4.htm) |
| 10.18 | [Form of Secured Promissory Note, dated as of August 8, 2024, issued by Silver Valley Metals Corp., as borrower, for the benefit of Monetary Metals Bond III LLC, as holder (incorporated by reference to Exhibit 10.2 to the Form 8-K filed on August 14, 2024)](https://www.sec.gov/Archives/edgar/data/1407583/000149315224032162/ex10-2.htm) |
| 10.19‡ | [Royalty Put Option Agreement, dated as of July 22, 2022, by and among Sprott Private Resource Streaming and Royalty (Collector), LP, the Company, and Silver Valley Metals Corp. (incorporated by reference to Exhibit 10.1 to the Form 10-Q filed on November 7, 2024)](https://www.sec.gov/Archives/edgar/data/1407583/000149315224044009/ex10-1.htm) |
| 10.20† | [Bunker Hill Mining Corp. Amended and Restated Restricted Stock Unit Incentive Plan, effective as of August 4, 2023 (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on August 11, 2023)](https://www.sec.gov/Archives/edgar/data/1407583/000149315223027704/ex10-1.htm) |
| 10.21† | [Bunker Hill Mining Corp. Amended and Restated Stock Option Plan, effective as of August 4, 2023 (incorporated by reference to Exhibit 10.2 to the Form 8-K filed on August 11, 2023)](https://www.sec.gov/Archives/edgar/data/1407583/000149315223027704/ex10-2.htm) |
| 10.22† | [Bunker Hill Mining Corp. Deferred Share Unit Plan, effective as of April 21, 2020 (incorporated by reference to Exhibit 10.15 to the Form 10-K filed on March 12, 2024)](https://www.sec.gov/Archives/edgar/data/1407583/000149315224009660/ex10-15.htm) |
| 10.23† | [Form of Board Member Agreement (incorporated by reference to Exhibit 10.16 to the Form 10-K filed on March 12, 2024)](https://www.sec.gov/Archives/edgar/data/1407583/000149315224009660/ex10-16.htm) |
| 10.24† | [Subscription Agreement, dated as of March 5, 2025, by and between Bunker Hill Mining Corp. and Teck Resources Limited (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on March 6, 2025)](https://www.sec.gov/Archives/edgar/data/1407583/000149315225009327/ex10-1.htm) |

---

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.25† | [Bunker Hill Mining Corp. Amended and Restated Restricted Stock Unit Incentive Plan, effective as of May 16, 2024 (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on June 26, 2024)](https://www.sec.gov/Archives/edgar/data/1407583/000149315224025261/ex10-1.htm) |
| 10.26† | [Bunker Hill Mining Corp. Amended and Restated Stock Option Plan, effective as of August 4, 2023 (incorporated by reference to Exhibit 10.2 to the Form 8-K filed on August 11, 2023)](https://www.sec.gov/Archives/edgar/data/1407583/000149315223027704/ex10-2.htm) |
| 10.27† | [Bunker Hill Mining Corp. Deferred Share Unit Plan, effective as of April 21, 2020 (incorporated by reference to Exhibit 10.15 to the Form 10-K filed on March 12, 2024)](https://www.sec.gov/Archives/edgar/data/1407583/000149315224009660/ex10-15.htm) |
| 10.28† | [Form of Board Member Agreement (incorporated by reference to Exhibit 10.16 to the Form 10-K filed on March 12, 2024)](https://www.sec.gov/Archives/edgar/data/1407583/000149315224009660/ex10-16.htm) |
| 10.29\*†† | [Agency Agreement, dated as of June 5, 2025, by and between Bunker Hill Mining Corp., BMO Capital Markets, CIBC Capital Markets, Red Cloud Securities Inc., and National Bank Financial Inc.](ex10-29.htm) |
| 10.30\*‡ | [Form of Subscription Agreement, dated as of June 5, 2025, by and between Bunker Hill Mining Corp. and the investor party thereto](ex10-30.htm) |
| 10.31\*†† | [Warrant Indenture, dated as of June 5, 2025, by and between Bunker Hill Mining Corp. and Computershare Trust Company of Canada, as warrant agent](ex10-31.htm) |
| 10.32\*†† | [Investor Rights Agreement, dated as of June 5, 2025, by and between Bunker Hill Mining Corp. and Teck Resources Limited](ex10-32.htm) |
| 10.33\*‡†† | [Recapitalization Agreement, dated as of June 5, 2025, among Bunker Hill Mining Corp., Silver Valley Metals Corp., certain affiliates of Sprott Streaming, Teck Resources Limited and Monetary Metals Bond III LLC](ex10-33.htm) |
| 10.34\*†† | [Standby Prepayment Facility Agreement, dated as of June 5, 2025, by and between Bunker Hill Mining Corp., Silver Valley Metals Corp. and Teck Metals Ltd.](ex10-34.htm) |
| 10.35\*‡†† | [Form of Amended and Restated Series 1 Secured Convertible Debenture, dated as of June 5, 2025, by and among Bunker Hill Mining Corp., Silver Valley Metals Corp. and the holder named therein](ex10-35.htm) |
| 10.36\*‡†† | [Form of Amended and Restated Series 2 Secured Convertible Debenture, dated as of June 5, 2025, by and among Bunker Hill Mining Corp., Silver Valley Metals Corp. and the holder named therein](ex10-36.htm) |
| 10.37\*‡†† | [Second Amendment to Royalty Agreement, dated as of June 5, 2025, by and among Bunker Hill Mining Corp., as parent and guarantor, Silver Valley Metals Corp., as grantor, and Sprott Private Resource Streaming and Royalty (US Collector), LP, as grantee and royalty holder](ex10-37.htm) |
| 10.38\*‡†† | [Amended and Restated Loan Agreement, dated as of June 5, 2025, between Bunker Hill Mining Corp., Silver Valley Metals Corp., Sprott Private Resource Streaming and Royalty (US Collector), LP and Sprott Private Resource Streaming and Royalty Annex (US Collector), LP](ex10-38.htm) |
| 10.39\*‡†† | [First Amendment to Royalty Agreement No. 2, dated as of June 5, 2025, by and among Bunker Hill Mining Corp., as parent and guarantor, Silver Valley Metals Corp., as grantor, and Sprott Private Resource Streaming and Royalty (US Collector), LP, as grantee and royalty holder](ex10-39.htm) |
| 10.40\*†† | [Exchange Agreement, dated as of June 5, 2025, among Bunker Hill Mining Corp., Silver Valley Metals Corp., Sprott Private Resource Streaming and Royalty (US Collector), LP and Sprott Private Resource Streaming and Royalty Annex (US Collector), LP](ex10-40.htm) |

---

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.41\*‡†† | [Form of Series 3 Secured Convertible Debenture, dated as of June 5, 2025, by and among Bunker Hill Mining Corp., Silver Valley Metals Corp. and the holder named therein](ex10-41.htm) |
| 10.42\*‡†† | [Royalty Agreement No. 3, dated as of June 5, 2025, by and among Bunker Hill Mining Corp., as guarantor, Silver Valley Metals Corp., as grantor, and Sprott Private Resource Streaming and Royalty (US Collector), LP, as agent, grantee, and royalty holder](ex10-42.htm) |
| 10.43\*‡†† | [Debt Settlement Agreement, dated as of June 5, 2025, by and among between Bunker Hill Mining Corp., Silver Valley Metals Corp., Sprott Private Resource Streaming and Royalty (US Collector), LP and Sprott Private Resource Streaming and Royalty Annex (US Collector), LP](ex10-43.htm) |
| 10.44\*‡†† | [Debt Settlement Agreement, dated as of June 5, 2025, by and among between Bunker Hill Mining Corp., Silver Valley Metals Corp., Sprott Private Resource Streaming and Royalty (US), LP, Sprott Private Resource Streaming and Royalty (International), LP and Sprott Private Resource Streaming and Royalty (Canada), LP](ex10-44.htm) |
| 10.45\* | [First Amendment to Secured Promissory Note Purchase Agreement, dated as of November 11, 2024, by and among Bunker Hill Mining Corp., Silver Valley Metals Corp., and Monetary Metals Bond III LLC](ex10-45.htm) |
| 10.46\*‡ | [Second Amendment to Secured Promissory Note Purchase Agreement, dated as of June 5, 2025, by and among Bunker Hill Mining Corp., Silver Valley Metals Corp., and Monetary Metals Bond III LLC](ex10-46.htm) |
| 10.47\*‡ | [First Amendment to Secured Promissory Note, dated as of June 5, 2025, by and among Bunker Hill Mining Corp., Silver Valley Metals Corp., Monetary Metals Bond III LLC and Monetary Metals & Co.](ex10-47.htm) |
| 10.48\*‡ | [Amended and Restated Intercreditor and Subordination Agreement, dated as of June 5, 2025, among Bunker Hill Mining Corp., Silver Valley Metals Corp., Sprott Private Resource Streaming and Royalty (US Collector), LP, Sprott Private Resource Streaming and Royalty (Collector), LP, Monetary Metals Bond III LLC, Teck Metals Ltd., Minewater Finance LLC, Minewater LLC and MW HH LLC](ex10-48.htm) |
| 10.49\*†† | [Investor Rights Agreement, dated as of June 5, 2025, by and between Bunker Hill Mining Corp. and Sprott Private Resource Streaming and Royalty (US Collector), LP](ex10-49.htm) |
| 21.1 | [List of Subsidiaries (incorporated by reference to Exhibit 21.1 to the Form 10-KT filed on April 1, 2021)](https://www.sec.gov/Archives/edgar/data/1407583/000149315221007614/ex21-1.htm) |
| 23.1\* | [Consent of MNP LLP](ex23-1.htm) |
| 23.2\* | [Consent of Davis Graham & Stubbs LLP (included in Exhibit 5.1)](ex5-1.htm) |
| 23.3\* | [Consent of Resource Development Associates Inc.](ex23-3.htm) |
| 23.4\* | [Consent of Robert H. Todd](ex23-4.htm) |
| 23.5\* | [Consent of Peter Kondos](ex23-5.htm) |
| 24.1\* | [Power of Attorney (included on signature page hereto)](#Ss_001) |
| 96.1 | [S-K 1300 Technical Report Summary, Bunker Hill Mine Pre-Feasibility Study, Coeur d'Alene Mining District, Shoshone County, Idaho, USA (incorporated by reference to Exhibit 96.1 to the Form 10-K filed on April 17, 2023)](https://www.sec.gov/Archives/edgar/data/1407583/000149315223012475/ex96-1.htm) |
| 107\* | [Filing Fee Table](ex107.htm) |

---

\* Filed herewith.

† Management
 contract or compensatory plan, contract or arrangement.

‡ Certain
 schedules or similar attachments to this exhibit have been omitted in accordance with Item
 601(a)(5) of Regulation S-K. The registrant hereby agrees to furnish supplementally to the
 Securities and Exchange Commission upon request a copy of any omitted schedule or attachment
 to this exhibit.

**Item 17. Undertakings.**

**A.** We hereby undertake:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) include any prospectus required by Section 10(a)(3) of the Securities Act;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) include any additional or changed material information with respect to the plan of distribution.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of a registration statement in reliance upon Rule 430A and contained in the form of prospectus filed by us pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of the Registration Statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) For the purpose of determining liability under the Securities Act to any purchaser:

Each prospectus filed pursuant to Rule 424(b) under the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A (§§230.430A of this chapter), shall be deemed to be part of and included in the Registration Statement as of the date it is first used after effectiveness. Provided however, that no statement made in a registration statement or prospectus that is part of the Registration Statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the Registration Statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the Registration Statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) For the purpose of determining our liability under the Securities Act to any purchaser in the initial distribution of securities:

We undertake that in a primary offering of our securities pursuant to this Registration Statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, we will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any preliminary prospectus or prospectus of ours relating to the offering required to be filed pursuant to Rule 424 of this chapter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any free writing prospectus relating to the offering prepared by or on behalf of us or used or referred to by us;

&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 portion of any other free writing prospectus relating to the offering containing material information about us or our securities provided by or on behalf of us; 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;(d) Any other communication that is an offer in the offering made by us to the purchaser.

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

**C.** We hereby undertake that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this Registration Statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this Registration Statement as of the time it was declared effective.

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

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Kellogg, State of Idaho, on June 27, 2025.

---

| | |
|:---|:---|
| Bunker Hill Mining Corp. | Bunker Hill Mining Corp. |
| By: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | Chief Executive Officer, Principal Executive Officer |

---

**POWER OF ATTORNEY**

Each person whose signature appears below hereby constitutes and appoints Gerbrand Van Heerden and Edward Shaoul, and each of them, as his true and lawful attorneys-in-fact and agents, with full power of substitution and re-substitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed, as of June 27, 2025, by the following persons in the capacities indicated below.

---

| | | | |
|:---|:---|:---|:---|
| Date: | June 27, 2025 | By: | */s/ Sam Ash* |
|  |  | Name: | Sam Ash |
|  |  | Title: | Chief Executive Officer, Principal Executive Officer and Director |
| Date: | June 27, 2025 | By: | */s/ Gerbrand Van Heerden* |
|  |  | Name: | Gerbrand Van Heerden |
|  |  | Title: | Chief Financial Officer and Corporate Secretary, Principal Financial Officer, Principal Accounting Officer |
| Date: | June 27, 2025 | By: | */s/ Richard Williams* |
|  |  | Name: | Richard Williams |
|  |  | Title: | Executive Chairman and Director |
| Date: | June 27, 2025 | By: | */s/ Dickson Hall* |
|  |  | Name: | Dickson Hall |
|  |  | Title: | Director |
| Date: | June 27, 2025 | By: | */s/ Mark Cruise* |
|  |  | Name: | Mark Cruise |
|  |  | Title: | Director |
| Date: | June 27, 2025 | By: | */s/ Kelli Kast* |
|  |  | Name: | Kelli Kast |
|  |  | Title: | Director |
| Date: | June 27, 2025 | By: | */s/ Pamela Saxton* |
|  |  | Name: | Pamela Saxton |
|  |  | Title: | Director |

---

## Exhibit 3.1

**Exhibit 3.1**

![](ex3-1_007.jpg)

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

June 27, 2025

Board of Directors

Bunker Hill Mining Corp.

300-1055 West Hastings Street

Vancouver, BC V6E 2E9

Canada

Re: Registration Statement on Form S-1 Relating to Resale of up to 698,052,071 Shares of Common Stock by the Selling Shareholders

Ladies and Gentlemen:

We have acted as counsel to Bunker Hill Mining Corp., a Nevada corporation (the "**Company**"), in connection with the filing by the Company of a Registration Statement on Form S-1 (the "**Registration Statement**") filed with the Securities and Exchange Commission (the "**SEC**") under the Securities Act of 1933, as amended (the "**Securities Act**"), relating to the resale by the selling shareholders named therein (the "**Selling Shareholders**") of up to 698,052,071 shares of common stock, par value $0.000001 per share, of the Company ("**Common Stock**"), consisting of (i) 126,107,874 shares of Common Stock (the "**Warrant Shares**") issuable upon the exercise of warrants issued on June 5, 2025 (the "**Warrants**"); (ii) 266,385,824 shares of Common Stock issued to Sprott Private Resource Streaming & Royalty Corp. (the "**Sprott Shares**"); (iii) 195,294,655 shares of Common Stock issued on June 5, 2025 to Teck Resources Limited (the "**Teck Shares**"); (iv) 121,000 shares of Common Stock issued pursuant to awards granted under the Company's equity compensation plans (the "**Award Shares**"); (v) 106,892,559 shares of Common Stock issued on June 5, 2025 pursuant to private placement transactions (the "**Other Private Placement Shares**"); and (vi) 3,250,159 shares of Common Stock issued on June 5, 2025 pursuant to debt restructuring transactions (the "**Debt Restructuring Shares**" and together with the Sprott Shares, the Teck Shares, the Award Shares, and the Other Private Placement Shares, collectively, the "**Issued Shares**"). The Issued Shares and the Warrant Shares are collectively referred to herein as the "**Offered Shares**."

We have examined and relied on originals or copies, certified or otherwise identified to our satisfaction, of such documents, corporate records and other instruments, have made such inquiries as to questions of fact of officers and representatives of the Company, and have made such examinations of law as we have deemed necessary or appropriate for purposes of giving the opinions expressed below. In such examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, and the conformity with the originals of all documents submitted to us as copies. In conducting our examination of documents, we have assumed the power, corporate or other, of all parties thereto other than the Company to enter into and perform all obligations thereunder and have also assumed the due authorization by all requisite action, corporate or other, and the due execution and delivery by such parties of such documents and that to the extent such documents purport to constitute agreements, such documents constitute valid and binding obligations of such parties. As to any facts material to our opinion, we have made no independent investigation of such facts and have relied, to the extent that we deem such reliance proper, upon certificates of public officials and officers or other representatives of the Company.

OFFICE: 303.892.9400 \| FAX: 303.893.1379 \| 3400 WALNUT STREET, SUITE 700, DENVER, COLORADO 80205 \| DAVISGRAHAM.COM

Bunker Hill Mining Corp.

June 27, 2025

Based upon the foregoing and subject to the assumptions, exceptions, qualifications and limitations set forth herein, we are of the opinion that (i) the issuance of the Issued Shares was duly authorized, (ii) the Issued Shares are validly issued, fully paid and non-assessable, and (iii) when the Warrant Shares have been issued and duly registered on the books of the transfer agent and registrar therefor in the name or on behalf of the respective holders, and have been issued by the Company in accordance with the terms of the Warrants, the issuance of the Warrant Shares will have been duly authorized by all necessary corporate action of the Company, and the Warrant Shares will be validly issued, fully paid and nonassessable.

The opinions and other matters in this letter are qualified in their entirety and subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 foregoing opinion is limited to the Nevada Private Corporations Chapter of the Nevada Revised
 Statutes, Nev. Rev. Stat. 78, including interpretations thereof in published decisions of
 the Nevada courts, and the federal laws of the United States of America. We are expressing
 no opinion as to the effect of the laws of any other jurisdiction, domestic or foreign.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This
 letter is limited to the matters stated herein, and no opinion is implied or may be inferred
 beyond the matters expressly stated. We assume herein no obligation, and hereby disclaim
 any obligation, to make any inquiry after the date hereof or to advise you of any future
 changes in the foregoing or of any fact or circumstance that may hereafter come to our attention.

We hereby consent to the filing of this opinion with the SEC as Exhibit 5.1 to the Registration Statement. We also consent to the reference in the Registration Statement to this firm under the heading "Legal Matters" as the counsel who will pass upon the validity of the Offered Shares. In giving this consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules of the SEC thereunder.

---

| |
|:---|
| Sincerely, |
| /S/ DAVIS GRAHAM & STUBBS LLP |
| DAVIS GRAHAM & STUBBS LLP |

---

## Exhibit 10.29

**Exhibit 10.29**

**AGENCY AGREEMENT**

Effective as of June 5, 2025.

Bunker Hill Mining Corp.<br> 300 - 1055 West Hastings Street<br> Vancouver, British Columbia V6E 2E9

Attention: Sam Ash, Chief Executive Officer and Director

Dear Sir:

---

| | |
|:---|:---|
| **Re:** | **Private Placement of Units** |

---

BMO Nesbitt Burns Inc., as lead agent ("**BMO**" or the "**Lead Agent**"), together with CIBC World Markets Inc. ("**CIBC**") and Red Cloud Securities Inc. ("**Red Cloud**"), as joint bookrunners, and National Bank Financial Inc. (collectively with BMO, CIBC and Red Cloud, the "**Agents**") understand that Bunker Hill Mining Corp. (the "**Corporation**") proposes to issue and sell up to 56,921,096 units of the Corporation (the "**Units**") at a price of CDN$0.15 per Unit (the "**Issue Price**"), with each Unit consisting of one Common Share (as defined below) (a "**Unit Share**") and one-half (½) of one (1) Common Share purchase warrant (each whole warrant, a "**Warrant**"). Each Warrant will entitle the holder to acquire one Common Share (a "**Warrant Share**") at a price of CDN$0.25 for a period of three (3) years following the closing of the Offering (as defined below). The Warrants shall be created and issued pursuant to, and the exercise of the Warrants shall be governed by, the provisions of a warrant indenture (the "**Warrant Indenture**"), to be entered into effective on the date hereof between the Corporation and Computershare Trust Company of Canada, as warrant agent, in the form and on terms satisfactory to the Corporation and the Agents, acting reasonably.

The Corporation hereby grants the Agents an option (the "**Agents' Option**"), exercisable in whole or in part by the Lead Agent, on behalf of itself and the other Agents, at any time for a period of up to 48 hours prior to the Closing Date (as defined below), to arrange for the purchase from the Corporation of up to an additional 9,312,928 Units (the "**Additional Units**"). The purchase price for each Additional Unit shall be equal to the Issue Price. The Additional Units shall have attributes that are identical to the Units and references in this Agreement to the "**Units**" include the Additional Units. The offering of Units by the Corporation is referred to in this Agreement (as defined below) as the "**Offering**". The Unit Shares and Warrants comprising the Units sold pursuant to this Agreement, including for the avoidance of doubt the Unit Shares and Warrants comprising the Additional Units sold under the Agents' Option, are collectively referred to as the "**Offered Securities**". If the Lead Agent, on behalf of itself and the other Agents, elects to exercise the Agents' Option, the Lead Agent shall notify the Corporation in writing, which notice shall specify the number of Additional Units to be sold under the Offering pursuant to the Agents' Option.

Subject to the terms and conditions of this Agreement, the Agents agree to act as, and the Corporation appoints the Agents as, the exclusive agents of the Corporation (i) to offer and solicit the Offered Securities for sale and purchase on a "best efforts" basis in the Canadian Jurisdictions (as defined below) on a private placement basis, (ii) to offer the Offered Securities for sale on a "best efforts" basis to, or for the account or benefit of, persons in the United States or U.S. Persons (as defined in Schedule A) that are either (A) Qualified Institutional Buyers (as defined in Schedule A) as well as Accredited Investors (as defined in Schedule A), or (B) Accredited Investors that are not Qualified Institutional Buyers, in transactions that are exempt from the registration requirements of the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), and applicable state securities laws, and (iii) to offer the Offered Securities on a "best efforts" basis in such other Selling Jurisdictions as may be agreed upon between the Corporation and the Lead Agent on a private placement basis in compliance with all Applicable Securities Laws of such other Selling Jurisdictions and Section 2 hereof. The Corporation acknowledges and agrees that the Agents may, but are not obligated to, purchase any of the Offered Securities as principal.

The Corporation agrees that the Agents shall be permitted to appoint, at their sole expense, other registered dealers or other dealers duly qualified in their respective jurisdictions, as agents, to assist in the Offering in the Selling Jurisdictions and that the Agents may determine, and shall be solely responsible for, the remuneration payable to such other dealers appointed.

The Corporation shall be entitled to identify to the Agents certain investors, that are current securityholders, officers, directors, employees or consultants of the Corporation, as President's List Purchasers (as defined below), which will be no more than 20% of the Offering. The Corporation acknowledges and agrees that the Agents shall not be required to conduct a suitability review in respect of sales to the President's List Purchasers, and that the Agents do not and will not have any liability whatsoever to the Corporation or to the President's List Purchasers with respect to such sales and the Corporation shall indemnify and save harmless the Agents from any and all losses or expenses relating to sales to President's List Purchasers.

In consideration of the Agents' services to be rendered in connection with the Offering, including assisting in preparing documentation relating to the Offered Securities and distributing the Offered Securities, directly and through other investment dealers and brokers, subject to the paragraph below, the Corporation shall pay to the Agents a cash fee equal to: (i) 6.0% of the aggregate purchase price of Offered Securities sold under the Offering to Subscribers (as defined below) (excluding proceeds derived from the sale of Offered Securities to any President's List Purchasers); and (ii) 3.0% of the aggregate purchase price of Offered Securities sold under the Offering to President's List Purchasers (collectively, the "**Agents' Fee**"). The Agents' Fee shall be payable at the Closing Time (as defined below) as provided for in Section 8.

No other commission or fee is payable by the Corporation in connection with the completion of the Offering; provided that the Corporation will pay certain fees and expenses of the Agents (including fees and expenses of the Agents' Counsel) plus applicable taxes in connection with the Offering, as provided for in Section 9.

The Agents understand that, concurrently with the Offering, the Corporation intends to complete a non-brokered private placement of a minimum of US$6,600,000 and a maximum of up to US$30,000,000 in units (the "**Concurrent Private Placement**") subscribed for in full by Teck Resources Limited ("**Teck**"). The Agents and the Corporation acknowledge and agree that the Agents will not be entitled to any fee or commission with respect to the units sold as part of the Concurrent Private Placement and that the Agents do not and will not have any liability whatsoever to the Corporation or Teck under the Concurrent Private Placement with respect to such sales and the Corporation shall indemnify and save harmless the Agents from any and all losses or expenses relating to sales made pursuant to the Concurrent Private Placement. Closing of the Concurrent Private Placement is conditional upon the closing of the Offering.

**1.** **Definitions** 

In this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Additional Units**" has the meaning given to it above;

(b) "**affiliate** ",
 "**distribution** ", "**material change** ", "**material fact** ", "**misrepresentation** ", and "**subsidiary** "
 have the respective meanings given to them in the *Securities Act* (Ontario);

(c) "**Agents** "
 has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Agents' Counsel**" means Borden Ladner Gervais LLP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Agents' Fee**" has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Agents' Option**" has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Agreement** "
 means the agreement resulting from the acceptance by the Corporation of the offer made by
 the Agents by this letter, including the schedules attached to this letter and the Disclosure
 Letter, all as may be amended or supplemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Applicable Securities Laws**" means, unless the context otherwise requires, the Canadian Securities
 Laws and all applicable securities laws in each of the other Selling Jurisdictions, together
 with respective published national, multilateral and local policy statements, instruments,
 notices and blanket orders of the securities regulatory authorities in such jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Business Day**" means any day, other than a Saturday or Sunday on which banking institutions
 in Toronto, Ontario and Vancouver, British Columbia are open for commercial banking business
 during normal banking hours;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Canadian Jurisdictions**" means each of the Selling Jurisdictions in Canada in which the Subscribers
 and the Agents are resident;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Canadian Securities Commissions**" means, collectively, the applicable securities commission
 or other securities regulatory authority in each of the Canadian Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Canadian Securities Laws**" means the applicable rules and regulations under such laws, together
 with applicable published national, multilateral and local policy statements, instruments,
 notices and blanket orders of the securities regulatory authorities in each of the Canadian
 Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Claims** "
 has the meaning given to it in Section 12;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Closing** "
 means the completion of the Offering pursuant to this Agreement and the Subscription Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Closing Date**" means June 5, 2025, or such other date as the Lead Agent and the Corporation
 may agree upon in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Closing Time**" means 8:00 a.m. (Toronto time) or such other time on the Closing Date as
 the Lead Agent and the Corporation may agree;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Common Share**" means a share of common stock of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Concurrent Debt Transactions**" means the series of restructuring transactions by and among
 the Corporation, its subsidiary and certain creditors, as further described to the Lead Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Concurrent Private Placement**" has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Corporation** "
 has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Corporation's Counsel**" means Blakes, Cassels & Graydon LLP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Disclosure Letter**" means the disclosure letter dated the date hereof and signed by the Corporation
 and delivered to the Agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Documents** "
 means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 proxy statement of the Corporation dated May 16, 2024 with respect to the annual meeting
 of stockholders of the Corporation held on June 20, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 audited consolidated financial statements of the Corporation as at December 31, 2024 and
 2023, together with the notes to such financial statements, the report of the auditors of
 the Corporation on such financial statements and management's discussion and analysis
 in respect of such financial statements (the "**Annual Financial Statements** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 unaudited condensed interim consolidated financial statements of the Corporation with respect
 to the three months ended March 31, 2025, together with the notes to such financial statements
 and the management's discussion and analysis in respect of such financial statements
 (the "**Interim Financial Statements** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all
 press releases released by the Corporation since January 1, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all
 material change reports filed by the Corporation since January 1, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Due Diligence Session Responses**" means the written or oral responses of the Corporation,
 as given by any director or officer of the Corporation, at a Due Diligence Session;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Due Diligence Sessions**" has the meaning given to it in Section 6(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Employment Laws**" has the meaning given to it in Section 5(z);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Environmental Laws**" means any federal, provincial, state, local or foreign law, statute, ordinance,
 rule, regulation, order, decree, judgment, injunction, permit, license, authorization or
 other binding requirement or common law, relating to health, safety or the regulation, protection,
 cleanup or restoration of the environment or natural resources, including those relating
 to the distribution, processing, generation, treatment, control, storage, disposal, transportation,
 other handling or release or threatened release of Hazardous Materials or Conditions, and
 "**Hazardous Materials or Conditions**" means any material, substance (including,
 without limitation, pollutants, contaminants, hazardous or toxic substances or wastes) or
 condition that is regulated by or may give rise to liability under any Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Financial Statements**" means, together, the Annual Financial Statements and the Interim Financial
 Statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Gemstone Investor Rights Agreement**" means the investor rights agreement dated December 4,
 2017 between the Corporation and Gemstone 102 Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Governmental Authorities**" means governments, regulatory authorities, governmental departments,
 agencies, commissions, bureaus, officials, ministers, Crown corporations, courts, bodies,
 boards, tribunals or dispute settlement panels or other law, rule or regulation-making organizations
 or entities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) having
 or purporting to have jurisdiction on behalf of any nation, province, territory or state
 or any other geographic or political subdivision of any of them; or

(ii) exercising,
 or entitled or purporting to exercise any administrative, executive, judicial, legislative,
 policy, regulatory or taxing authority or power;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Governmental Licences**" has the meaning given to it in Section 5(x);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**GST** "
 has the meaning given to it in Section 9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Indemnified Party**" and "**Indemnified Parties**" have the meaning given to it
 in Section 12;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Issue Price**" has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Lead Agent**" has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Lien** "
 means any mortgage, charge, pledge, hypothec, security interest, assignment, lien (statutory
 or otherwise), charge, title retention agreement or arrangement, restrictive covenant or
 other encumbrance of any nature, or any other arrangement or condition which, in substance,
 secures payment or performance of an obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Losses** "
 has the meaning given to it in Section 12;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Material Adverse Effect**" means any result, fact, effect, change, event, development or occurrence
 that when taken together with all other results, facts, effects, changes, events, developments
 or occurrences has, or would reasonably likely to be, materially adverse to the results of
 operations, condition (financial or otherwise), assets, properties, capital, liabilities
 (contingent or otherwise), cash flow, income or business operations of the Corporation and
 its subsidiary taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Material Agreements**" means, collectively, the Subscription Agreements, the Warrant Indenture
 and this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Material Project**" means the Bunker Hill Mine located in Coeur D'Alene Mining District,
 in the cities of Kellogg and Wardner and in Shoshone County, Idaho, USA, which is comprised
 of and covers, *inter alia*, the Corporation's and its subsidiary's mining
 rights, properties and other assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Money Laundering Laws**" has the meaning given to it in Section 5(ss);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**notice** "
 has the meaning given to it in Section 18;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**Offered Securities**" has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Offering** "
 has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**President's List Purchasers**" means, collectively, certain purchasers of Units that are current
 securityholders, directors, officers, employees, consultants and such other persons that
 are acquiring such Units and whose names are set forth on a president's list agreed
 to between the Corporation and the Lead Agent, on its own behalf and on behalf of the other
 Agents, as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**Public Record**" means all information filed by or on behalf of the Corporation with the
 Canadian Securities Commissions via SEDAR+ in Canada since January 1, 2023, including without
 limitation, the Documents and any other information filed with any Canadian Securities Commission
 in compliance, or intended compliance, with any Canadian Securities Laws of the Canadian
 Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**Reporting Jurisdictions** has the meaning given to it in Section 5(pp);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**ROFR Period**" has the meaning given to it in Section 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**SEC** "
 means the U.S. Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**Securities Commissions**" means, unless the context otherwise requires, the Canadian Securities
 Commissions, the SEC and all other applicable securities commissions or similar regulatory
 authorities in the Selling Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**SEDAR** +"
 means the System for Electronic Document Analysis and Retrieval + maintained by the Canadian
 Securities Administrators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**Selling Jurisdictions**" means the provinces of British Columbia, Alberta and Ontario, the
 United States and such other jurisdictions as the Agents and the Corporation may agree;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**Sprott Investor Rights Agreement**" means the investor rights agreement to be entered into
 by the Corporation and Sprott Private Resource Streaming and Royalty (US Collector), LP (or
 an affiliate thereof) on or around the Closing Date in connection with the Concurrent Debt
 Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "**Subscriber** "
 means, for the purposes of this Agreement, the person who executes a Subscription Agreement
 or, if such person executes a Subscription Agreement as a duly authorized agent of one or
 more principals, the principal or principals of such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**Subscription Agreements**" means the agreements entered into by each Subscriber for Units and
 the Corporation in respect of the Subscriber's subscription for Units in connection
 with the Offering in the form and on terms and conditions satisfactory to each of the Corporation
 and the Agents, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "**Teck Investor Rights Agreement**" means the investor rights agreement to be entered into
 by the Corporation and Teck on or around the Closing Date in connection with the Concurrent
 Private Placement;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "**Unit Share**" has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "**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;(hhh) "**Units** "
 has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**U.S. Exchange Act**" has the meaning given to it in Section 13(e);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "**U.S. GAAP**" means the generally accepted principles adopted by the SEC in effect from
 time to time, and applied on a consistent basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) "**U.S. Securities Act**" has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) "**Warrant** "
 has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm) "**Warrant Indenture**" has the meaning given to it above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn) "**Warrant Share**" has the meaning given to it above.

**2.** **Restrictions on Sale** 

Each of the Agents hereby severally, and not jointly, nor jointly and severally, represents, warrants, covenants and agrees with the Corporation and acknowledges that the Corporation is relying upon such representations, warranties and covenants, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 will not directly or indirectly solicit subscriptions for Offered Securities, trade in Offered
 Securities or otherwise do any act in furtherance of a trade of Offered Securities outside
 of the Selling Jurisdictions, provided that the Agent may so solicit, trade or act within
 such jurisdictions only if such solicitation, trade or act is in compliance with Applicable
 Securities Laws in such jurisdiction and does not (i) obligate the Corporation to take any
 action to qualify any of its securities or any trade of any of its securities, including
 the filing of a prospectus, registration statement or similar document in such jurisdiction,
 (ii) obligate the Corporation to establish or maintain any office or director or officer
 in such jurisdiction, or (iii) subject the Corporation to any ongoing continuous disclosure
 obligation or other reporting requirement in such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 respect of the offer and sale of the Offered Securities, it will conduct its activities in
 connection with the Offering and comply with all Applicable Securities Laws and the provisions
 of this Agreement and the Subscription Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it
 is duly registered pursuant to the provisions of the Applicable Securities Laws, and is duly
 registered or licensed as an investment dealer in those jurisdictions in which it is required
 to be so registered in order to perform the services contemplated by this Agreement, or if
 or where not so registered or licensed, the Agent will act only through members of a selling
 group who are so registered or licensed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it
 shall not make any representation or warranty with respect to the Offered Securities in connection
 with the Offering, other than as set forth in this Agreement or the Subscription Agreements;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it
 will not advertise the proposed sale of the Offered Securities in printed media of general
 and regular paid circulation, radio or television nor provide or make available to prospective
 purchasers of Offered Securities any document or material which would constitute an offering
 memorandum as defined in Canadian Securities Laws.

The parties to this Agreement acknowledge that the Offered Securities have not been registered under the U.S. Securities Act or any U.S. state securities laws and may not be offered or sold to, or for the account or benefit of, persons in the United States or U.S. Persons except that the Units, Unit Shares and Warrants may be offered and sold to, or for the account or benefit of, persons in the United States or U.S. Persons pursuant to transactions that are exempt from the registration requirements of the U.S. Securities Act and the applicable laws of any U.S. state. Accordingly, the Corporation and the Agents hereby agree that offers and sales of the Units, Unit Shares and Warrants shall be conducted only in the manner specified in Schedule A, which terms and conditions are hereby incorporated by reference in and shall form a part of this Agreement.

**3.** **Delivery of Subscription Agreements** 

The Lead Agent agrees to obtain from each Subscriber executed Subscription Agreements (including the execution of applicable schedules to such Subscription Agreements) and will use commercially reasonable efforts to deliver such Subscription Agreements (including applicable schedules) to the Corporation at least two Business Days prior to the Closing Date. In addition, the Lead Agent agrees to obtain from each Subscriber such forms and other documents as may be required by the Securities Commissions and provided by the Corporation to the Lead Agent for delivery under this Agreement.

The Corporation may not reject any properly completed Subscription Agreement unless the number of Offered Securities subscribed for pursuant to the Subscription Agreements and tendered by the Lead Agent exceeds the maximum number of Offered Securities to be sold under this Agreement or unless the distribution cannot be completed in accordance with Applicable Securities Laws.

**4.** **Exclusivity** 

The Lead Agent shall have the exclusive right to act as lead manager and sole bookrunner of any public offerings or private placements of securities by the Corporation or its subsidiary (other than an issuance to existing stockholders or in the ordinary course of business) and as lead advisor on the merger and acquisition activities of the Corporation or its subsidiary, in each case for the period commencing on the date hereof and ending on March 1, 2026 (the "**ROFR Period**"). The terms and conditions upon which the Lead Agent would provide such other services will be contained in one or more separate agreements. The fees for such services will be negotiated separately and in good faith and be consistent with fees paid to investment dealers in Canada for similar services in comparable situations. If the Corporation receives an offer from a third party, at any time during the ROFR Period, in connection with which such third party proposes to serve as lead manager and sole bookrunner of any public offerings or private placements of securities by the Corporation or its subsidiary or as lead advisor on the merger and acquisition activities of the Corporation or its subsidiary, the Corporation shall disclose in writing the terms upon which such third party (which, for greater clarity, shall be identified) has proposed to act in such capacity. The Lead Agent shall be entitled to exercise its right of first refusal by notifying the Corporation within three Business Days following the Corporation's provision of such written notice. If the Lead Agent elects, in its sole discretion, to accept the engagement, then the parties will negotiate in good faith a separate agreement which will be consistent with then-prevailing industry practice, including as to fees (which, for greater clarity, shall be in addition to the fees payable pursuant to this Agreement) and reimbursement of expenses which cannot be less favourable to the Corporation than the compensation set out by the third party in its proposal to the Corporation. If the Lead Agent does not accept the engagement, the Corporation may engage any other financial institution as lead or co-lead manager, agent or underwriter in connection with such transaction provided that the terms and conditions of any such engagement shall be no more favourable to such other financial institution as the terms and conditions offered by the Corporation to the Lead Agent.

**5.** **Representations and Warranties of the Corporation** 

The Corporation represents and warrants to the Agents, and acknowledges that the Agents are relying upon such representations and warranties, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) since
 January 1, 2025, the Corporation has been and is in compliance with its timely disclosure
 obligations under Canadian Securities Laws and the rules and regulations of the TSXV; no
 confidential material change report has been filed by the Corporation under Canadian Securities
 Laws that remains confidential at the date of this Agreement; the Corporation has not completed
 a "significant acquisition", which would require the Corporation to file a business
 acquisition report under Canadian Securities Laws; all of the material contracts and agreements
 of the Corporation and its subsidiary not made in the ordinary course of business, if required
 under the Canadian Securities Laws, have been filed with the Canadian Securities Commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) other
 than as disclosed in the Public Record, since the date of the most recent audited balance
 sheet (i) there has been no material change (actual, anticipated, contemplated or threatened,
 financial or otherwise) in the business, affairs, operations, assets, liabilities (contingent
 or otherwise) or capital of the Corporation and its subsidiary, taken as a whole, (ii) there
 have been no transactions entered into by the Corporation or its subsidiary which are material
 with respect to the Corporation and its subsidiary, taken as a whole, other than those in
 the ordinary course of business, and (iii) there has been no dividend or distribution of
 any kind declared, paid or made by the Corporation on any class of its shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Corporation and its subsidiary have been duly incorporated and organized and are validly
 subsisting under the laws of their respective jurisdictions of incorporation and are properly
 registered or licensed to carry on business under the laws of all jurisdictions in which
 their respective businesses are carried on, except where the failure to be so registered
 or licensed would not have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Corporation has the requisite corporate power, authority and capacity to enter into the Material
 Agreements and to perform its obligations under the Material Agreements and the Corporation
 has the requisite corporate power, authority and capacity to own, lease and operate its property
 and assets and to carry on its business as currently carried on or as proposed to be carried
 on;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Corporation has an authorized share capital consisting of 1,500,000,000 Common Shares with
 a par value of US$0.000001 per Common Share and 10,000,000 shares of preferred stock with
 a par value of US$0.000001 per share of preferred stock, of which 359,438,769 Common Shares
 and no shares of preferred stock are issued and outstanding as of the date immediately prior
 to the date of this Agreement. After the filing of amended and restated articles of incorporation
 of the Corporation or a certificate of amendment to the articles of incorporation of the
 Corporation with the Secretary of State of the State of Nevada on or around the Closing Date,
 it is anticipated that the authorized share capital of the Corporation will consist of 2,500, 0000
 Common Shares with a par value of US$0.000001 per Common Share and 10,000,000 shares of preferred
 stock with a par value of US$0.000001 per share of preferred stock. Other than as disclosed
 in the Public Record or in connection with the Teck Investor Rights Agreement, the Sprott
 Investor Rights Agreement and the Gemstone Investor Rights Agreement, no person, firm or
 corporation has any agreement or option, or right or privilege (whether pre-emptive or contractual)
 capable of becoming an agreement or option, for the purchase from the Corporation of any
 unissued shares of the Corporation, other than stock options, restricted stock units and
 deferred share units issued in the ordinary course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all
 of the issued and outstanding securities of the Corporation have been duly and validly authorized
 and issued and are fully paid and non-assessable shares of the Corporation, and none of the
 outstanding securities of the Corporation were issued in violation of the pre-emptive or
 similar rights of any securityholder of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) except
 as disclosed in the Public Record or Schedule 5(g) of the Disclosure Letter the Corporation
 is the beneficial owner and holder of record of all of the issued and outstanding shares
 in the capital of its subsidiary, with good and valid title to all such shares, free and
 clear of all Liens and encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 Corporation has full corporate power and authority to issue the Offered Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Offered Securities at the Closing Time, and the Warrant Shares issuable upon the exercise
 of the Warrants in accordance with their terms at the time of issue of the Warrant Shares,
 shall be duly authorized and upon receipt of payment, validly issued, and with respect to
 the Unit Shares and Warrant Shares, shall be fully paid and non-assessable Common Shares
 and the provisions of the Unit Shares and Warrant Shares conform in all material respects
 with their descriptions in this Agreement and the Subscription Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the
 Unit Shares and Warrant Shares are conditionally listed for trading on the TSXV, subject
 to the satisfaction of customary conditions required by the TSXV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) at
 all times prior to the expiry of the Warrants, a sufficient number of Warrant Shares shall
 be allocated and reserved for issuance upon due exercise of the Warrants in accordance with
 their terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the
 Corporation is not in default or breach of, and the execution and delivery of, and the performance
 of and compliance with the terms of, the Material Agreements and the performance of any of
 the transactions contemplated by the Material Agreements by the Corporation, do not and will
 not result in any breach of, or constitute a default under, and do not and will not create
 a state of facts which, after notice or lapse of time or both, will result in a breach of
 or constitute a default under any applicable laws or any term or provision of the articles,
 by-laws or resolutions of the directors or stockholders of the Corporation, or any mortgage,
 note, indenture, contract, agreement (written or oral), instrument, lease or other document
 to which the Corporation is a party or by which it is bound, or any judgment, decree, order,
 statute, rule or regulation applicable to the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the
 Material Agreements and the performance of the Corporation's obligations under the
 Material Agreements have been duly authorized by all necessary corporate action and the Material
 Agreements have been duly executed and delivered by the Corporation and constitute legal,
 valid and binding obligations of the Corporation, enforceable against the Corporation in
 accordance with their terms, except as enforcement may be limited by bankruptcy, insolvency,
 reorganization, arrangement, winding-up, moratorium or similar laws affecting the rights
 of creditors generally and, with respect to this Agreement, by the application of equitable
 principles when equitable remedies are sought and subject to the fact that rights of indemnity
 and contribution may be limited by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) no
 approval, authorization, consent or other order of, and no filing, registration or recording
 with any Governmental Authority or other person is required of the Corporation in connection
 with the execution and delivery of, or with the performance by the Corporation of, its obligations
 under the Material Agreements, except as required by Applicable Securities Laws with regard
 to the distribution of the Offered Securities in the Selling Jurisdictions, including the
 filing of a material change report with the Canadian Securities Commissions, the filing of
 a report of exempt distribution with the Canadian Securities Commissions, the filing of a
 Current Report on Form 8-K, and such other filings as are required to be made under applicable
 provincial or state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the
 Corporation is not aware of any pending change or contemplated change to any applicable law
 or regulation or governmental position that would have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the
 Financial Statements have been prepared in conformity with U.S. GAAP in effect from time
 to time applied on a consistent basis throughout the periods involved, contain no misrepresentations
 and present fairly in all material respects the financial position, results of operations
 and cash flows of the Corporation on a consolidated basis as at the respective dates of such
 Financial Statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the
 Corporation maintains a system of internal control over financial reporting to provide reasonable
 assurance regarding the reliability of financial reporting and the preparation of financial
 statements for external purposes in accordance with U.S. GAAP and maintains a system of disclosure
 controls and procedures that is designed to provide reasonable assurances that information
 required to be disclosed by the Corporation under Applicable Securities Laws is recorded,
 processed, summarized and reported within the time periods specified under Applicable Securities
 Laws and to ensure that information required to be disclosed by the Corporation under Applicable
 Securities Laws is accumulated and communicated to the Corporation's management, including
 its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely
 decisions regarding required disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) no
 director or officer, former director or officer, or stockholder or employee of, or any other
 person not dealing at arm's length with, the Corporation or its subsidiary will continue
 after the Closing to be engaged in any material transaction or arrangement with or to be
 a party to a material contract with, or has any indebtedness, liability or obligation to,
 the Corporation or its subsidiary, except as disclosed in the Documents or for employment
 or consulting arrangements with employees or consultants or those serving as a director or
 officer of the Corporation or its subsidiary as described in the Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) neither
 the Corporation nor its subsidiary has incurred any liabilities or obligations (whether accrued,
 absolute, contingent or otherwise) that continue to be outstanding except (i) as disclosed
 or contemplated in the Documents, or (ii) as incurred in the ordinary course of business
 by the Corporation or its subsidiary, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) except
 as disclosed in the Public Record or Schedule 5(t) of the Disclosure Letter, there is no
 litigation or governmental or other proceeding or investigation at law or in equity before
 any Governmental Authority, domestic or foreign, in progress, pending or, to the Corporation's
 knowledge, threatened (and the Corporation does not know of any basis therefor) against,
 or involving the assets, properties or business of, the Corporation, nor are there any matters
 under discussion with any Governmental Authority relating to taxes, governmental charges,
 orders or assessments asserted by any such authority and to the Corporation's knowledge
 there are no facts or circumstances which would reasonably be expected to form the basis
 for any such litigation, governmental or other proceeding or investigation, taxes, governmental
 charges, orders or assessments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) MNP
 LLP, Chartered Professional Accountants, is independent with respect to the Corporation within
 the meaning of the rules of professional conduct applicable to auditors in Ontario and there
 has not been any reportable event (within the meaning of National Instrument 51-102 – *Continuous Disclosure Obligations* of the Canadian Securities Administrators) with
 such firm or any other prior auditor of the Corporation or its subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) except
 as disclosed in the Public Record or Schedule 5(v) of the Disclosure Letter, all tax returns
 required to be filed by the Corporation and its subsidiary on or prior to the date of this
 Agreement have been filed and all taxes and other assessments of a similar nature (whether
 imposed directly or through withholding), including any interest, additions to tax or penalties
 applicable thereto, due or claimed to be due have been paid and neither the Corporation nor
 its subsidiary is a party to any agreement, waiver or arrangement with any taxing authority
 which relates to any extension of time with respect to the filing of any tax returns, any
 payment of taxes or any assessment of taxes; there is no tax deficiency which has been asserted
 against the Corporation or its subsidiary and all material tax liabilities are adequately
 provided for in accordance with U.S. GAAP within the Financial Statements of the Corporation
 for all periods up to date of latest audited balance sheet; there are no assessments or investigations
 in progress, pending or, to the knowledge of the Corporation, threatened against the Corporation
 in respect of taxes; there are no Liens for taxes upon the assets of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) each
 of the Corporation and its subsidiary has conducted and are conducting their business in
 compliance in all material respects with all applicable laws, rules and regulations of each
 jurisdiction in which they carry on business and neither the Corporation nor its subsidiary
 has received any notice of any alleged violation of any such laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) each
 of the Corporation and its subsidiary possess such permits, licences, approvals, consents
 and other authorizations issued by Governmental Authorities (collectively, "**Governmental Licences**") necessary to conduct the business as currently operated by them and
 all such Governmental Licences are valid and existing and in good standing; each of the Corporation
 and its subsidiary is in compliance with the terms and conditions of all such Governmental
 Licences in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) to
 the Corporation's knowledge, (i) neither the Corporation nor its subsidiary is in violation
 of any Environmental Laws, (ii) the Corporation and its subsidiary have all permits, authorizations
 and approvals required under any applicable Environmental Laws and are each in compliance
 with their requirements in all material respects, and (iii) there are no pending administrative,
 regulatory or judicial actions, suits, demands, demand letters, claims, Liens, orders, directions,
 notices of non-compliance or violation, investigation or proceedings relating to any Environmental
 Law against the Corporation or its subsidiary, and there are no facts or circumstances which
 would reasonably be expected to form the basis for any such administrative, regulatory or
 judicial actions, suits, demands, demand letters, claims, Liens, orders, directions, notices
 of non-compliance or violation, investigation or proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) to
 the Corporation's knowledge, (i) each of the Corporation and its subsidiary is in compliance,
 in all material respects, with the provisions of all applicable federal, provincial, local
 and foreign laws and regulations respecting employment and employment practices, terms and
 conditions of employment and wages and hours (collectively, "**Employment Laws** "),
 (ii) no collective labour dispute, grievance, arbitration or legal proceeding is ongoing,
 pending or, to the knowledge of the Corporation, threatened and no individual labour dispute,
 grievance, arbitration or legal proceeding is ongoing, pending or, to the knowledge of the
 Corporation, threatened with any employee of the Corporation or its subsidiary and, to the
 knowledge of the Corporation, none has occurred during the past year, and (iii) no union
 has been accredited or otherwise designated to represent any employees of the Corporation
 or any of its subsidiary and, to the knowledge of the Corporation, no accreditation request
 or other representation question is pending with respect to the employees of the Corporation
 or its subsidiary and no collective agreement or collective bargaining agreement or modification
 thereof has expired or is in effect in any of the Corporation's or its subsidiary's
 facilities and none is currently being negotiated by the Corporation or its subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) except
 as disclosed in the Public Record or Section 5(aa) of the Disclosure Letter, no existing
 supplier, manufacturer or contractor of the Corporation has indicated that it intends to
 terminate its relationship with the Corporation or that it will be unable to meet the Corporation's
 supply, manufacturing or contracting requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) neither
 the Corporation nor its subsidiary is in default or breach, in any material respect, of any
 real property lease, and neither the Corporation nor its subsidiary has received any notice
 or other communication from the owner or manager of any real property leased by the Corporation
 or its subsidiary that the Corporation or its subsidiary is not in compliance with any real
 property lease, and to the knowledge of the Corporation, no such notice or other communication
 is pending or has been threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) the
 Corporation maintains such policies of insurance, issued by responsible insurers, as are
 appropriate to its operations, property and assets, in such amounts and against such risks
 as are customarily carried and insured against by owners of comparable businesses, properties
 and assets and all such policies of insurance will at the Closing continue to be in full
 force and effect; and neither the Corporation nor its subsidiary is in default as to the
 payment of premiums or otherwise, under the terms of any such policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) except
 as disclosed in the Public Record or Schedule 5(dd) of the Disclosure Letter, each of the
 Corporation and its subsidiary has good and marketable title to all of its assets and property
 and no person has any contract or any right or privilege capable of becoming a right to purchase
 any personal property from the Corporation or its subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) except
 as disclosed in the Public Record or Schedule 5(ee) of the Disclosure Letter, the Corporation
 does not have any loans or other indebtedness outstanding which have been made to or from
 any of its stockholders, officers, directors or employees or any other person not dealing
 at arm's length with the Corporation that are currently outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) except
 as disclosed in the Public Record or Schedule 5(ff) of the Disclosure Letter, no officer,
 director, employee or any other person not dealing at arm's length with the Corporation
 or, to the knowledge of the Corporation, any associate or affiliate of any such person, owns,
 has or is entitled to any royalty, net profits interest, carried interest or any other encumbrances
 or claims of any nature whatsoever which are based on production from the Corporation's
 properties or assets or any revenue or rights attributed to the Corporation's properties
 or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) to
 the knowledge of the Corporation, no insider of the Corporation has a present intention to
 sell any securities of the Corporation held by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) except
 as disclosed in the Public Record or Schedule 5(hh) of the Disclosure Letter, neither of
 the Corporation nor its subsidiary has outstanding any debentures, notes, mortgages, or other
 indebtedness that is material to the Corporation and its subsidiary taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Corporation or its subsidiary holds freehold title, mining leases, mining claims, mining
 concessions or other conventional proprietary interests or rights recognized in the jurisdiction
 in which each material mining property described in the Documents is located, in respect
 of the ore bodies and minerals in such mining properties under valid, subsisting and enforceable
 title documents, contracts, leases, licenses of occupation, mining concessions, permits,
 or other recognized and enforceable instruments and documents, sufficient to permit the Corporation
 or its subsidiary, as the case may be, to explore for, extract, exploit, remove, process
 or refine the minerals relating thereto. In addition, the Corporation or its subsidiary has
 all necessary surface rights, access rights and water rights, and all other presently required
 rights and interests granting the Corporation or its subsidiary, as the case may be, the
 rights and ability to explore for, mine, extract, remove or process the minerals derived
 from each material mining property described in the Documents, with only such exceptions
 as are described in the Documents or Schedule 5(ii) of the Disclosure Letter. Each of the
 aforementioned interests and rights is currently in good standing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) the
 minute books and corporate records of the Corporation and its subsidiary made available to
 Agents' Counsel in connection with the Agents' due diligence investigations are
 the original minute books and records or true and complete copies of the original minute
 books and contain copies of all or substantially all proceedings of the stockholders, the
 boards of directors and all committees of the boards of directors of each of such entities
 that have been minuted or resolved and there have been no other meetings, resolutions or
 proceedings of the stockholders, boards of directors or any committee thereof to the date
 of review of such corporate records and minute books not reflected in such minute books and
 other corporate records, other than those which are not material in the context of such entities,
 as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) to
 the knowledge of the Corporation, no securities commission, stock exchange or comparable
 authority has issued any order requiring trading in any of the Corporation's securities
 to cease or preventing the distribution of the Offered Securities in any Selling Jurisdiction
 that is currently persisting, nor instituted proceedings for that purpose and, to the knowledge
 of the Corporation, no such proceedings are pending or contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) Computershare
 Investor Services Inc., at its principal office in the City of Vancouver, has been duly appointed
 as registrar and transfer agent for the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) other
 than as contemplated by this Agreement, there is no person acting at the request of the Corporation
 who is entitled to any brokerage or agency fee in connection with the sale of the Offered
 Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) except
 for such agreement(s) as will be terminated on or prior to the Closing Date or the Teck Investor
 Rights Agreement, Sprott Investor Rights Agreement and the Gemstone Investor Rights Agreement,
 there are no stockholders' agreements, voting agreements, investors' rights agreements
 or other agreements in force or effect which in any manner affects or will affect the voting
 or control of any of the securities of the Corporation or its subsidiary or the operations
 or affairs of the Corporation or its subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) the
 representations and warranties of the Corporation in the Subscription Agreements are, or
 will be at the Closing Time, true and correct in all material respects (except those representations
 and warranties which are qualified by materiality which shall be true and correct in all
 respects);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) the
 Corporation is a reporting issuer in British Columbia, Alberta and Ontario (the "**Reporting Jurisdictions**") not in default of any requirement under Canadian Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) the
 information and statements set forth in the Public Record were true, correct and complete
 in all material respects and did not contain any misrepresentation as of the date of such
 information or statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) none
 of the Corporation, its subsidiary, or to the knowledge of the Corporation, any director,
 officer, employee, consultant, representative or agent of the Corporation or its subsidiary,
 has (i) violated any anti-bribery or anti-corruption laws applicable to the Corporation or
 its subsidiary, including but not limited to the *Foreign Corrupt Practices Act of 1977* (United States) and the *Corruption of Foreign Public Officials Act* (Canada), or (ii)
 offered, paid, promised to pay, or authorized the payment of any money, or offered, given,
 promised to give, or authorized the giving of anything of value, that goes beyond what is
 reasonable and customary and/or of modest value: (x) to any government official, whether
 directly or through any other person, for the purpose of influencing any act or decision
 of a government official in his or her official capacity; inducing a government official
 to do or omit to do any act in violation of his or her lawful duties; securing any improper
 advantage; inducing a government official to influence or affect any act or decision of any
 Governmental Authority; or assisting any representative of the Corporation in obtaining or
 retaining business for or with, or directing business to, any person; or (y) to any person
 in a manner which would constitute or have the purpose or effect of public or commercial
 bribery, or the acceptance of or acquiescence in extortion, kickbacks, or other unlawful
 or improper means of obtaining business or any improper advantage. Neither the Corporation
 nor its subsidiary has and, to the knowledge of the Corporation no director, officer, employee,
 consultant, representative or agent of foregoing, has (i) conducted or initiated any review,
 audit, or internal investigation that concluded the Corporation or its subsidiary, or any
 director, officer, employee, consultant, representative or agent of the Corporation or its
 subsidiary violated such laws or committed any material wrongdoing, or (ii) made a voluntary,
 directed, or involuntary disclosure to any Governmental Authority responsible for enforcing
 anti-bribery or anti-corruption laws, in each case with respect to any alleged act or omission
 arising under or relating to non-compliance with any such laws, or received any notice, request,
 or citation from any person alleging noncompliance with any such laws;

(ss) the
 operations of the Corporation and its subsidiary are and have been conducted at all times
 in all material respects in compliance with applicable financial recordkeeping and reporting
 requirements of the money laundering statutes of all applicable jurisdictions, the rules
 and regulations thereunder and any related or similar rules, regulations or guidelines, issued,
 administered or enforced by any applicable Governmental Authority (collectively, the "**Money Laundering Laws**") and no action, suit or proceeding by or before any court of Governmental
 Authority or any arbitrator or non-Governmental Authority involving the Corporation or its
 subsidiary with respect to the Money Laundering Laws is to the knowledge of the Corporation
 pending or threatened;

(tt) there
 are no claims or actions with respect to indigenous rights currently outstanding, or to the
 knowledge of the Corporation, threatened or pending, with respect to the Material Project.
 No land entitlement claims have been asserted and no legal actions relating to indigenous
 issues have been instituted with respect to the Material Project, and no dispute in respect
 of the Material Project or any of the material mineral projects of the Corporation with any
 local or indigenous group or other interest group exists or, to the knowledge of the Corporation,
 is threatened or imminent; and

(uu) the
 Corporation acknowledges that the Agents provide no representations, warranties or covenants
 with respect to: (i) the Offering; or (ii) any agreement or information provided by the Corporation
 to any Subscriber, whether express or implied or under any prior agreement or statement,
 other than the representations, warranties and covenants provided herein and in the Subscription
 Agreements and the Corporation hereby releases the Agents from any claims that may arise
 in respect of any such agreement or information given or statements made by the Corporation.

It is further agreed by the Corporation that all representations, warranties and covenants contained in this Agreement made by the Corporation to the Agents shall also be deemed to be made for the benefit of Subscribers as if the Subscribers were also parties to this Agreement (it being agreed that the Agents are acting for and on behalf of the Subscribers for this purpose).

**6.** **Covenants of the Corporation** 

The Corporation covenants with the Agents that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior
 to the Closing Time, the Corporation shall allow the Agents the opportunity to conduct required
 due diligence and to obtain, acting reasonably, satisfactory results from such due diligence
 and in particular, the Corporation shall allow the Agents and Agents' Counsel to conduct
 all due diligence which the Agents may reasonably require in order to confirm the Documents
 and the Public Record are accurate, complete and current in all material respects and to
 fulfill the Agents' obligations as a registrant and, in this regard, without limiting
 the scope of the due diligence inquiries that the Agents may conduct, the Corporation shall
 make available its senior management, directors and auditors to participate in one or more
 due diligence sessions (the "**Due Diligence Sessions**") to answer in person
 any questions that the Agents may have, the first such Due Diligence Session to be held prior
 to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 any of the facts or information underlying or supporting the statement provided in the Corporation's
 Due Diligence Session Responses have changed, the Corporation shall provide the Lead Agent
 with prompt notice of the particulars of any such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it
 will comply with all the obligations to be performed by it, and all of its covenants and
 agreements, under and pursuant to the Material Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) during
 the period commencing on the date of this Agreement and ending at the Closing Time, it will
 promptly provide to the Agents, for review by the Agents and Agents' Counsel, prior
 to filing or issuance of the same, any proposed public disclosure document, including without
 limitation, any financial statements of the Corporation, report to stockholders, information
 or proxy circular or any press release or material change report and any press release issued
 by the Corporation concerning the Offered Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) during
 the period commencing as of the date of this Agreement and ending as of the Closing Time
 any press release issued by the Corporation concerning the Offered Securities is to include
 the following or substantially similar legend: "NOT FOR DISTRIBUTION TO UNITED STATES
 NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.", provided however, that
 any press release issued announcing the closing of the Offering shall not bear such legend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) during
 the period commencing on the date of this Agreement and ending at the Closing Time, promptly
 notify the Agents in writing of any of the representations or warranties made by the Corporation
 in this Agreement being no longer true and correct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) during
 the period commencing on the date of this Agreement and ending on the Closing Time, the Corporation
 will promptly inform the Agents of the full particulars of any material change (actual, anticipated,
 contemplated or threatened) in the business, affairs, operations, capital or condition (financial
 or otherwise) of the Corporation or its properties or assets; provided, however, that if
 the Corporation is uncertain as to whether a material change, occurrence or event of the
 nature referred to in this Section 6(g) has occurred, the Corporation shall promptly inform
 the Lead Agent of the full particulars of the occurrence giving rise to the uncertainty and
 shall consult with the Lead Agent as to whether the occurrence is of such a nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) for
 a period of two years following the Closing Date, use commercially reasonable efforts to
 maintain its status as a "reporting issuer" or the equivalent not in default
 in each of the Reporting Jurisdictions, provided that this covenant shall not prevent the
 Corporation from completing any transaction which would result in the Corporation ceasing
 to be a "reporting issuer" so long as the holders of Common Shares receive securities
 of an entity which is listed on a stock exchange in Canada and/or the United States, or cash,
 or the holders of Common Shares have approved the transaction in accordance with the requirements
 of applicable corporate and Securities Laws ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for
 a period of two years following the Closing Date, use commercially reasonable efforts to
 maintain its listing on the TSXV, or on such other recognized stock exchange provided that
 this covenant shall not prevent the Corporation from completing any transaction which would
 result in the Corporation ceasing to be so listed so long as the holders of Common Shares
 receive securities of an entity which is listed on a stock exchange in Canada and/or the
 United States, or cash, or the holders of Common Shares have approved the transaction in
 accordance with the requirements of applicable corporate and Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) during
 the period commencing on the date of this Agreement and ending at the Closing Time, the Corporation
 will promptly inform the Agents of the receipt by the Corporation of (i) any communication
 of a material nature from any Securities Commission or similar regulatory authority, any
 stock exchange or any other Governmental Authority relating to the Corporation or the distribution
 of the Offered Securities, and (ii) the issuance by any Securities Commission or similar
 regulatory authority, any stock exchange or any other Governmental Authority of any order
 to cease or suspend trading of any securities of the Corporation or of the institution or
 threat of institution of any proceedings for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the
 Corporation will promptly, and in any event within any applicable time limitation, comply
 to the reasonable satisfaction of the Agents and Agents' Counsel with Applicable Securities
 Laws of the Selling Jurisdictions in which it is a reporting issuer with respect to any material
 change, occurrence or event of the nature referred to in Sections 6(f) and 6(g);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the
 Corporation will use the net proceeds from the Offering, together with the net proceeds from
 the Concurrent Private Placement, to advance its efforts to restart the Material Project
 and for general working capital purposes and to pay outstanding accounts payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) as
 soon as reasonably possible, and in any event by the Closing Date, the Corporation shall
 take all such steps as may reasonably be necessary to enable the Offered Securities to be
 offered for sale and sold on a private placement basis to Subscribers in the Selling Jurisdictions
 through the Agents or any other investment dealers or brokers registered in any of the Selling
 Jurisdictions by way of the exemptions set forth in Applicable Securities Laws of each of
 the Selling Jurisdictions and on the basis that the "hold period" under applicable
 Securities Laws applicable to the Offered Securities issued as contemplated hereunder shall
 not exceed four months and a day, subject to any "control person" or escrow requirements
 applicable to the Subscriber;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) use
 its commercially reasonable efforts to obtain any necessary regulatory approvals from the
 TSXV in connection with the sale of the Offered Securities hereunder, including the conditional
 approval for the Offering by the TSXV necessary for the consummation of the transactions
 contemplated herein on such conditions as are acceptable to the Agents and the Corporation,
 each acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) cause
 the Unit Shares and Warrant Shares to, upon issuance, be duly issued as fully paid and non-assessable
 Common Shares (subject to receipt of the applicable purchase price therefore), and shall
 cause the Offered Securities to have the attributes corresponding in all material respects
 to the description thereof set forth in this Agreement and the Subscription Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) not
 take any action so as to require the filing of a prospectus with respect to the Offering;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the
 Corporation will use its commercially reasonable efforts to cause each of the directors and
 officers of the Corporation who are directors and officers effective as of the Closing Date
 to enter into lock-up agreements in a form satisfactory to the Corporation and the Lead Agent,
 each acting reasonably, pursuant to which the director and/or officer agrees that such director
 and/or officer shall not, directly or indirectly, without the prior written consent of the
 Lead Agent, such consent not to be unreasonably withheld, sell, offer to sell, grant any
 option, warrant or other right for the sale of, or otherwise lend, transfer, assign or dispose
 of (including without limitation by making any short sale, engaging in any hedging, monetization
 or derivative transaction or entering into any swap or other arrangement that transfers to
 another, in whole or in part, any of the economic consequences of ownership of Common Shares
 or other securities of the Corporation or securities convertible into, exchangeable for,
 or otherwise exercisable into Common Shares or other securities of the Corporation, whether
 or not cash settled) any Common Shares or other securities of the Corporation, or any securities
 convertible into, exchangeable for, or otherwise exercisable into Common Shares or other
 securities of the Corporation, whether now owned directly or indirectly, or under their control
 or direction, or with respect to which each has beneficial ownership, or agree to do any
 of the foregoing or publicly announce any intention to do any of the foregoing, other than
 in accordance with certain permitted transfers or transactions as further described in the
 lock-up agreements, for a period of 120 days following Closing.

**7.** **Conditions to the Subscribers' Obligation to Purchase** 

The obligations of the Agents under this Agreement and the obligations of the Subscribers under the Subscription Agreements shall be conditional upon the Agents receiving, and the Agents shall have the right on behalf of Subscribers for Offered Securities to withdraw all Subscription Agreements delivered and not previously withdrawn by Subscribers unless the Agents receive, on the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 favourable legal opinion dated the Closing Date from Corporation's Counsel, in form
 and substance satisfactory to the Lead Agent, acting reasonably, together with corresponding
 opinions (where relevant) of local counsel to the Corporation in relation to the laws of
 the Selling Jurisdictions in Canada and the United States in which the Offered Securities
 are sold and on which Corporation's Counsel is not qualified to express opinions (which
 includes, for greater certainty, an opinion of the Corporation's U.S. counsel, addressed
 to the Agents, in form and substance reasonably satisfactory to the Lead Agent, to the effect
 that no registration is required under the U.S. Securities Act, in connection with the offer
 and sale of the Units in the United States);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 favourable title opinion (in customary form) dated the Closing Date from the Corporation's
 Idaho counsel regarding the Material Project, in form and substance satisfactory to the Lead
 Agent, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 certificate of the Corporation dated the Closing Date, addressed to the Agents and signed
 on the Corporation's behalf by its Chief Executive Officer or such other officer or
 director of the Corporation satisfactory to the Lead Agent, acting reasonably, with respect
 to the constating documents of the Corporation, all resolutions of the board of directors
 of the Corporation relating to this Agreement and the incumbency and specimen signatures
 of signing officers of the Corporation and such other matters as the Lead Agent may reasonably
 request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 certificate of the Corporation dated the Closing Date, addressed to the Agents and signed
 on the Corporation's behalf by its Chief Executive Officer or such other officer or
 director of the Corporation satisfactory to the Lead Agent, acting reasonably, certifying
 that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Corporation has complied with and satisfied all terms and conditions of this Agreement and
 the Subscription Agreements on its part to be complied with or satisfied at or prior to the
 Closing Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 representations and warranties of the Corporation contained in this Agreement are true and
 correct at the Closing Time with the same force and effect as if made at and as of the Closing
 Time after giving effect to the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Due Diligence Session Responses provided by the Corporation at the Due Diligence Session
 are true and correct and would not be different in any material respect if the Due Diligence
 Session were held immediately prior to the Closing Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Corporation has made and/or obtained on or prior to the Closing Time, all necessary filings,
 approvals, consents and acceptances of applicable regulatory authorities and under any applicable
 agreement or document to which the Corporation is a party or by which it is bound, required
 for the execution and delivery of this Agreement and the Subscription Agreements, the offering
 and sale of the Offered Securities and the consummation of the other transactions contemplated
 by this Agreement (subject to completion of filings with certain regulatory authorities following
 the Closing Date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no
 order, ruling or determination having the effect of suspending the sale or cease trading
 of the Common Shares or any other securities of the Corporation has been issued by any regulatory
 authority and is continuing in effect and no proceedings for that purpose have been instituted
 or are pending or, to the knowledge of such officer of the Corporation, contemplated or threatened
 under any Applicable Securities Laws or by any other regulatory authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) executed
 lock-up agreements from each director and executive officer of the Corporation in favour
 of the Agents in a form satisfactory to the Lead Agent as required pursuant to Section 6(s)
 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Lead Agent being satisfied, in its sole discretion, with the results of its due diligence
 review.

The foregoing conditions contained in this Section 7(a), (b), (c) and (d) are for the sole benefit of the Agents and may be waived in whole or in part by the Lead Agent, on its own behalf and on behalf of the other Agents, at any time and without limitation. If any of the foregoing conditions have not been met at each Closing Time, the Agents may terminate their obligations under this Agreement without prejudice to any other remedies it may have and the Agents shall have the right on behalf of the Subscribers to withdraw all Subscription Agreements delivered and not previously withdrawn by Subscribers.

**8.** **Deliveries and Agents' Fee** 

The sale of the Offered Securities shall be completed at the Closing Time at the offices of Corporation's Counsel in Vancouver, British Columbia, or at such other place as the Corporation and the Lead Agent may agree. At the Closing Time, the Corporation shall deliver to the Agents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 opinions, certificates and agreements referred to in Section 7 and all other documents required
 to be provided by the Corporation to the Agents pursuant to this Agreement and the Subscription
 Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i)
 physical certificates or direct registration statements representing the Unit Shares and
 Warrants purchased from it by U.S. Persons or President's List Purchasers in such name
 or names as the Lead Agent, on its own behalf and on behalf of the other Agents, may direct
 the Corporation in writing not less than 24 hours prior to the Closing Time and (ii) in all
 other cases, evidence of the electronic deposit of the Units purchased from it and registered
 in the name of "CDS & Co." or such other name or names as the Lead Agent,
 on its own behalf and on behalf of the other Agents, may direct the Corporation in writing
 not less than 24 hours prior to the Closing Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Corporation's receipt for payment by the Agents of an amount equal to the aggregate
 purchase price for the Offered Securities sold pursuant to the Offering, less an amount equal
 to the Agents' Fee and the costs and expenses of the Agents provided for in Section
 9; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such
 further documentation as may be contemplated by this Agreement or as Agents' Counsel
 or the applicable regulatory authorities may reasonably require;

against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all
 duly completed Subscription Agreements tendered by the Subscribers for the Offered Securities
 being issued and sold and, where applicable, all completed forms, schedules and certificates
 contemplated by the Subscription Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a
 wire transfer of immediately available funds in an amount equal to the aggregate purchase
 price for the Offered Securities sold pursuant to the Offering, less an amount equal to the
 Agents' Fee and the costs and expenses of the Agents provided for in Section 9; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Agents' receipt for the Agents' Fee.

**9.** **Expenses** 

Whether or not the transactions contemplated by this Agreement shall be completed, all expenses of or incidental to the issue, sale and delivery of the Offered Securities and all expenses of or incidental to all other matters in connection with the Offering shall be borne by the Corporation including, without limitation, all fees and disbursements of all legal counsel to the Corporation (including U.S., foreign and local counsel), all fees and disbursements of the Corporation's accountants and auditors, all expenses related to road shows and marketing activities, all printing costs incurred in connection with the Offering, including certificates, if any, representing the Offered Securities, all filing fees, all fees and expenses relating to listing the Offered Securities on any exchanges, all fees and expenses of the Corporation's road show consultants, all transfer agent and warrant agent fees and expenses, all reasonable out-of-pocket expenses of the Agents incurred in connection with the offering of the Offered Securities, including without limitation the fees and disbursements of Agent's Counsel, up to a maximum of $85,000, exclusive of taxes, and any advertising, printing, courier, telecommunications, data search, presentation, travel and other expenses incurred by the Agents, together with all related taxes (including, without limitation, provincial sales taxes and GST(as defined below)).

For the avoidance of doubt, the services provided by the Agents in connection with this Agreement will not be subject to the Goods and Services Tax or Harmonized Sales Tax ("**GST**") provided for in the *Excise Tax Act* (Canada) and taxable supplies provided will be incidental to the exempt financial services provided. However, in the event that the Canada Revenue Agency determines that GST provided for in the *Excise Tax Act* (Canada) is exigible on the Agents' Fee, the Corporation agrees to pay the amount of GST forthwith upon the request of the Lead Agent.

**10.** **Restriction on Offerings** 

During the period beginning on the Closing Date and ending on the date that is 90 days after the Closing Date, the Corporation shall not, directly or indirectly, without the prior written consent of the Lead Agent, such consent not to be unreasonably withheld, sell, offer to sell, issue, grant any option, warrant or other right for the sale or issuance of, or otherwise lend, transfer, assign or dispose of (including without limitation by making any short sale, engaging in any hedging, monetization or derivative transaction or entering into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Common Shares or other securities of the Corporation or securities convertible into, exchangeable for, or otherwise exercisable into Common Shares or other securities of the Corporation, whether or not cash settled), in a public offering or by way of private placement or otherwise, any Common Shares or other securities of the Corporation or any securities convertible into, exchangeable for, or otherwise exercisable into Common Shares or other securities of the Corporation, or agree to do any of the foregoing or publicly announce any intention to do any of the foregoing, other than rights granted under the Corporation's stock option plan or any other share-based compensation arrangement of the Corporation.

**11.** **Rights of Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Regulatory
 Proceedings Out

If, after the date of this Agreement and prior to the Closing Time, any enquiry, action, suit, investigation or other proceeding, whether formal or informal, is instituted or announced or any order is made by any federal, provincial or other Governmental Authority in relation to the Corporation which, in the opinion of any one Agent, operates to prevent or restrict the distribution or trading of the Offered Securities, then any such Agent shall be entitled, at its option and in accordance with Section 11(f), to terminate its obligations under this Agreement by notice to that effect given to the Corporation any time at or prior to such Closing Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Disaster
 Out

If, after the date of this Agreement and prior to the Closing Time there should develop, occur or come into effect or existence any event, action, state, condition or major financial occurrence of national or international consequence or any law or regulation which, in the opinion of any one Agent, seriously adversely affects, or involves, or will seriously adversely affect, or involve, the financial markets or the business, operations or affairs of the Corporation and its subsidiary taken as a whole, then any such Agent shall be entitled, at its option and in accordance with Section 11(f), to terminate its obligations under this Agreement by written notice to that effect given to the Corporation at any time at or prior to such Closing Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Market
 Out

If, after the date of this Agreement and prior to the Closing Time, the state of financial markets in Canada, the United States or elsewhere where it is planned to market the Offered Securities is such that, in the reasonable opinion of any one Agent, the Offered Securities cannot be marketed profitably, then any such Agent shall be entitled, at its option and in accordance with Section 11(f), to terminate its obligations under this Agreement by written notice to that effect given to the Corporation at any time at or prior to such Closing Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Material
 Change or Change in Material Fact Out

If, after the date of this Agreement and prior to the Closing Time, there shall occur any material change or change in a material fact or a new material fact which, in the reasonable opinion of any one Agent, would be expected to have a significant adverse effect on the market price or value of the Offered Securities, then any such Agent shall be entitled, at its option, in accordance with Section 11(f), to terminate its obligations under this Agreement by written notice to that effect given to the Corporation any time at or prior to such Closing Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Non-Compliance
 with Conditions

The Corporation agrees that all terms and conditions in Section 7 shall be construed as conditions and complied with so far as they relate to acts to be performed or caused to be performed by it, that it will use its best efforts to cause such conditions to be complied with, and that any breach or failure by the Corporation to comply with any such conditions shall entitle any one Agent to terminate its obligations under this Agreement to purchase the Offered Securities by notice to that effect given to the Corporation at any time at or prior to the Closing Time, unless otherwise expressly provided in this Agreement. The Agents may waive, in whole or in part, or extend the time for compliance with, any terms and conditions without prejudice to its rights in respect of any other terms and conditions or any other or subsequent breach or non-compliance, provided that any such waiver or extension shall be binding upon the Agents only if such waiver or extension is in writing and signed by the Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Exercise
 of Termination Rights

The rights of termination contained in Sections 11(a), (b), (c), (d) and (e) may be exercised by the any one Agent and are in addition to any other rights or remedies such Agent may have in respect of any default, act or failure to act or non-compliance by the Corporation in respect of any of the matters contemplated by this Agreement or otherwise. In the event of any such termination, there shall be no further liability on the part of such terminating Agent to the Corporation or on the part of the Corporation to such Agent, except in respect of any liability which may have arisen prior to or arise after such termination under Sections 9, 12 and 13.

**12.** **Indemnity** 

The Corporation agrees to indemnify and hold harmless the Agents and their respective affiliates, and each of their respective current or former directors, officers, employees and agents (collectively, the "**Indemnified Parties**" and each an "**Indemnified Party**"), to the full extent lawful, from and against all expenses, losses, damages and liabilities of any nature (including the reasonable fees and expenses of their respective counsel and other expenses, but not including any amount for lost profits) (collectively, "**Losses**") incurred in investigating, defending, settling and/or satisfying a judgment in any action, suit, proceeding, investigation or claim that may be made or threatened against any Indemnified Party or to which an Indemnified Party may become subject or otherwise involved in any capacity (collectively, the "**Claims**") insofar as the Claims arise out of or are based upon, directly or indirectly, this Agreement and/or the Offering together with any Losses incurred in enforcing this indemnity. This indemnity will not be available to an Indemnified Party in respect of Losses incurred to the extent a court of competent jurisdiction in a final judgment that has become non-appealable determines that such Losses resulted primarily from the fraud, negligence or willful misconduct of the Indemnified Party.

If for any reason (other than, a judicial determination that the loss resulted primarily from the fraud, negligence or willful misconduct of the Indemnified Party as described above) this indemnity is unavailable to an Indemnified Party or is insufficient to hold an Indemnified Party harmless in respect of any Claim, the Corporation will contribute to the Losses paid or payable by such Indemnified Party as a result of such Claim in such proportion as is appropriate to reflect not only the relative benefits received by the Corporation on the one hand and the Indemnified Party on the other hand but also the relative fault of the Corporation and the Indemnified Party as well as any relevant equitable considerations; provided that an Indemnified Party will never be responsible for more than the amount of the fees received by the Indemnified Party, if any, under this Agreement.

The Corporation agrees that in case any legal proceeding is brought against, or an investigation is commenced in respect of, the Corporation and/or an Indemnified Party and an Indemnified Party or its personnel are required to testify in connection therewith or required to respond to procedures designed to discover information regarding, in connection with or by reason of this Agreement and/or the Offering, the Indemnified Party shall have the right to employ its own counsel in connection therewith, and the reasonable fees and expenses of such counsel as well as the reasonable costs (including an amount to reimburse the Indemnified Party for time spent by its personnel in connection therewith at their normal per diem rates together with disbursements and out-of-pocket expenses incurred by the personnel in connection therewith) shall be paid by the Corporation as they occur.

After receiving notice of a Claim against any Indemnified Party or receipt of notice of the commencement of any investigation which is based, directly or indirectly, upon any matter in respect of which indemnification may be sought from the Corporation, we: (a) will promptly notify the Corporation, in writing, of such Claim or investigation stating the particulars thereof, (b) will provide copies of all relevant documentation to the Corporation and (c) unless the Corporation assumes the defence thereof, will keep the Corporation advised of the progress and will discuss all significant proposed actions. Failure to notify the Corporation will not relieve the Corporation of any liability that the Corporation may have to an Indemnified Party except, and only to the extent, that any such delay in giving or failure to give such notice results in the loss of substantive rights or defences in connection with such Claim or results in any material increase in the liability under this indemnity which the Corporation would not otherwise have incurred had we given the required notice.

The Corporation will be entitled, at its own expense, to participate in and, to the extent it may wish to do so, assume the defence of any Claim, provided such defence is conducted by experienced and competent counsel. Upon the Corporation notifying the Agents in writing of its election to assume the defence and retain counsel, the Corporation will not be liable to an Indemnified Party for any legal expenses subsequently incurred by it in connection with such defence. If such defence is assumed by the Corporation, the Corporation throughout the course thereof will provide copies of all relevant documentation to the Agents, will keep the Agents advised of the progress thereof and will discuss with the Agents all significant actions proposed.

Notwithstanding the foregoing paragraph, any Indemnified Party shall have the right, at the Corporation's expense, to separately retain counsel of such Indemnified Party's choice, in respect of the defence of any Claim if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 employment of such counsel has been authorized by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Corporation has not assumed the defence and employed counsel therefor promptly after receiving
 notice of such Claim; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) counsel
 retained by the Corporation or the Indemnified Party has advised the Indemnified Party that
 representation of both parties by the same counsel would be inappropriate for any reason,
 including for the reason that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there
 may be legal defences available to the Indemnified Party that are different from or in addition
 to those available to the Corporation (in which event and to that extent, the Corporation
 shall not have the right to assume or direct the defence on such Indemnified Party's
 behalf);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there
 is a conflict of interest between the Corporation and the Indemnified Party; or

(iii) the
 subject matter of the Claim may not fall within the indemnity set forth herein,

in each case the Corporation shall not have the right to assume or direct the defence on such Indemnified Party's behalf, provided that the Corporation shall not be responsible for the fees or expenses of more than one legal firm in any single jurisdiction for all of the Indemnified Parties.

No admission of liability and no settlement of any Claim shall be made by the Corporation or an Indemnified Party without the prior written consent of the Indemnified Parties affected or the Corporation (as applicable) (which consent may not be unreasonably withheld or delayed) unless such settlement includes an unconditional release of each Indemnified Party or the Corporation (as applicable) from any liabilities arising out of such Claim without any admission of negligence, misconduct, liability or responsibility by any Indemnified Party or the Corporation (as applicable).

The Corporation hereby acknowledges that the Lead Agents act as trustee for the other Indemnified Parties of the Corporation's covenants under this indemnity and the Lead Agents agree to accept such trust and to hold and enforce such covenants on behalf of such persons.

The indemnity and contribution obligations of the Corporation hereunder shall be in addition to any liability the Corporation may otherwise have, shall extend upon the same terms and conditions herein to the Indemnified Parties and shall be binding upon and continue in effect in accordance with the terms and conditions herein for the benefit of any successors, permitted assigns, heirs and personal representatives of the Corporation, the Lead Agents and any other Indemnified Party. The foregoing provisions shall survive any termination of this Agreement.

**13.** **Contribution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Rights
 of Contribution

In order to provide for a just and equitable contribution in circumstances in which the indemnity provided in Section 12 would otherwise be available in accordance with its terms but is, for any reason, held to be unavailable to or unenforceable by the Agents or enforceable otherwise than in accordance with its terms, the Corporation and the Agents shall contribute to the aggregate of all claims, expenses, costs and liabilities and all losses (other than loss of profits) of a nature contemplated by Section 12 in such proportions so that the Agents shall be responsible for the portion represented by the percentage that the aggregate Agents' Fee bears to the aggregate offering price of the Offered Securities being sold by the Corporation and the Corporation shall be responsible for the balance, whether or not they have been sued together or sued separately, provided, however, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Agents shall not in any event be liable to contribute, in the aggregate, any amounts in excess
 of the aggregate Agents' Fee actually received by the Agents from the Corporation under
 this Agreement; and

(ii) no
 party who has engaged in any fraud, fraudulent misrepresentation or negligence shall be entitled
 to claim contribution from any person who has not engaged in such fraud, fraudulent misrepresentation
 or negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Rights
 of Contribution in Addition to Other Rights

The rights to contribution provided in this Section 13 shall be in addition to and not in derogation of any other right to contribution which the Agents may have by statute or otherwise at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Calculation
 of Contribution

If the Corporation may be held to be entitled to contribution from the Agents under the provisions of any statute or at law, the Corporation shall be limited to contribution in an amount not exceeding the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 portion of the full amount of the loss or liability giving rise to such contribution for
 which the Agents are responsible, as determined in Section 13(a); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 amount of the Agents' Fee actually received by the Agents from the Corporation under
 this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notice

If the Agents have reason to believe that a claim for contribution may arise, it shall give the Corporation notice of such claim in writing, as soon as reasonably possible, but failure to notify the Corporation shall not relieve the Corporation of any obligation which it may have to the Agents under this Section 13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Right
 of Contribution in Favour of Others

With respect to this Section 13, the Corporation acknowledges and agrees that the Agents are contracting on their own behalf and as agent for their affiliates, directors, officers, employees and agents.

For purposes of this Section 13, each person, if any, who "controls" an Agent within the meaning of Section 15 of the U.S. Securities Act or Section 20 of the U.S. Securities Exchange Act of 1934, as amended (the "**U.S. Exchange Act**"), and the Agents' affiliates and selling agents shall have the same rights to contribution as the Agents and each person, if any, who "controls" the Corporation within the meaning of section 15 of the U.S. Securities Act or section 20 of the U.S. Exchange Act shall have the same rights to contribution as the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Remedy
 Not Exclusive

The remedies provided for in this Section 13 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any party at law or in equity.

**14.** **Survival of Representations and Warranties** 

The indemnities, agreements, representations, warranties and other statements of the Corporation, as set forth in this Agreement, shall remain in full force and effect, regardless of any investigation (or any statement as to the results of any investigation) made by or on behalf of the Agents and shall survive delivery of and payment for the Offered Securities and the subsequent disposition of the Offered Securities by the Agents or the termination of the Agents' obligations under this Agreement for a period of three years following the Closing Date, other than the representations and warranties relating to any tax matters which shall survive until the 90<sup>th</sup> day following the date upon which the liability to which any such tax matter may relate is barred by all applicable laws. The agreements, representations, warranties and other statements of the Agents as set forth in this Agreement shall remain in full force and effect, regardless of any investigation (or any statement as to the results of any investigation) made by or on behalf of the Agents and shall survive in full force and effect for the benefit of the Corporation for a period of three years following the Closing Date.

**15.** **Severability** 

If any provision of this Agreement is determined to be void or unenforceable in whole or in part, it shall be deemed not to affect or impair the validity of any other provision of this Agreement and such void or unenforceable provision shall be severable from this Agreement.

**16.** **Time** 

Time is of the essence in the performance of the parties' respective obligations under this Agreement.

**17.** **Governing Law** 

This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable in the Province of Ontario.

**18.** **Notice** 

Unless otherwise expressly provided in this Agreement, any notice or other communication to be given under this Agreement (a "**notice**") shall be in writing addressed as follows:

If to the Corporation, addressed and sent to:

Bunker Hill Mining Corp.

300 - 1055 West Hastings Street

Vancouver, British Columbia V6E 2E9

Attention: Sam Ash, Chief Executive Officer and Director

Email: **[REDACTED – Personal Information]**

In case of any notice to the Corporation, with a copy to:

Blakes, Cassels & Graydon LLP

1133 Melville Street

Suite 3500, The Stack

Vancouver, British Columbia V6E 4E5

Attention: Jamie Kariya

Email: **[REDACTED – Personal Information]**

If to the Agents, addressed and sent to the Lead Agent:

BMO Nesbitt Burns Inc.

1 First Canadian Place

4th Floor, P.O. Box 150

Toronto, Ontario M5X 1H3

Attention: Jesse Pearlstein

Email: **[REDACTED – Personal Information]**

In case of any notice to the Agents, with a copy to:

Borden Ladner Gervais LLP

1200 Waterfront Centre

200 Burrard Street

Vancouver, British Columbia V7X 1T2

Attention: Deepak Gill

Email: **[REDACTED – Personal Information]**

or to such other address as any of the parties to this Agreement may designate by giving notice to the others in accordance with this Section 18. Each notice shall be personally delivered to the addressee or sent by email to the addressee. A notice which is personally delivered or delivered by email shall, if delivered prior to 5:00 p.m. (Toronto time) 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.

**19.** **Agents as Trustee** 

The Corporation acknowledges and agrees that it is the intention of the parties to this Agreement and the Corporation hereby constitutes the Agents as trustees for each of the Subscribers in respect of each of the covenants, agreements and representations and warranties of the Corporation contained in this Agreement and the Agents shall be entitled, as trustee, in addition to any rights of the Subscribers, to enforce such covenants, agreements and representations and warranties on behalf of the Subscribers.

**20.** **Authority of the Lead Agent** 

The Lead Agent is hereby authorized by the other Agents to act on their behalf in respect of the matters set out in this Agreement and the Corporation shall be entitled to and shall act on any notice or instruction given by the Lead Agent, which represents and warrants that it has authority to bind the Agents, except in respect of any consent to an admission of liability which consent shall be given by each of the Agents, a notice of termination pursuant to Section 11, which notice may be given by any of the Agents, or any waiver which waiver must be signed by all of the Agents. To the extent practicable, the Lead Agent agrees to use commercially reasonable efforts to consult with the other Agents concerning any material matters which may arise under this Agreement before it binds the Agents with respect to any such matters.

**21.** **Knowledge** 

For the purposes of this agreement, with respect to any matter, the phrase "knowledge of the Corporation" shall mean (i) the actual knowledge of Richard Williams, Executive Chairman, Sam Ash, Chief Executive Officer and Director, and Gerbrand van Heerden, Chief Financial Officer and Corporate Secretary, and (ii) all information which ought to have been known by any such individual after making due and careful inquiry of the directors, officers and employees of and consultants to the Corporation concerning the matter in question.

**22.** **Counterparts** 

This Agreement may be executed by the parties to this Agreement in counterpart and may be executed and delivered by facsimile and all such counterparts shall together constitute one and the same agreement.

*[Remainder of page intentionally left blank]*

 

 

If the foregoing is in accordance with your understanding and is agreed to by you, please signify your acceptance by executing the enclosed copies of this letter where indicated below and returning the same to the Agents, upon which this letter as so accepted shall constitute an Agreement between us.

Yours very truly,

---

| | |
|:---|:---|
| **BMO NESBITT BURNS INC.** | **BMO NESBITT BURNS INC.** |
| By: | */s/ Haroon Chaudhry* |
| Name: | Haroon Chaudhry |
| Position: | Director |

---

---

| | |
|:---|:---|
| **CIBC WORLD MARKETS INC.** | **CIBC WORLD MARKETS INC.** |
| By: | */s/ Steven Reid* |
| Name: | Steven Reid |
| Position: | Managing Director and Head, Global Mining |

---

---

| | |
|:---|:---|
| **RED CLOUD SECURITIES INC.** | **RED CLOUD SECURITIES INC.** |
| By: | */s/ Bruce Tatters* |
| Name: | Bruce Tatters |
| Position: | CEO |

---

---

| | |
|:---|:---|
| **NATIONAL BANK FINANCIAL INC.** | **NATIONAL BANK FINANCIAL INC.** |
| By: | */s/ Mengfei Zhou* |
| Name: | Mengfei Zhou |
| Position: | Managing Director, Investment Banking |

---

Accepted and agreed to effective as of the date of this Agreement.

---

| | |
|:---|:---|
| **BUNKER HILL MINING CORP.** | **BUNKER HILL MINING CORP.** |
| By: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Position: | Chief Executive Officer and Director |

---

**Schedule A**

**TERMS AND CONDITIONS FOR UNITED STATES OFFERS AND SALES**

As used in this Schedule and related exhibits, the following terms shall have the meanings indicated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Accredited Investor**" means an "accredited investor" as defined in Rule 501(a)
 of Regulation D;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Directed Selling Efforts**" means "directed selling efforts" as that term is defined
 in Rule 902(c) of Regulation S, which, without limiting the foregoing, but for greater clarity
 in this Schedule, includes, subject to the exclusions from the definition of "directed
 selling efforts" contained in Regulation S, any activity undertaken for the purpose
 of, or that could reasonably be expected to have the effect of, conditioning the market in
 the United States for any of the Offered Securities and includes the placement of any advertisement
 in a publication with a general circulation in the United States that refers to the offering
 of the Offered Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Disqualification Event**" means any of the "Bad Actor" disqualifications described in
 Rule 506(d)(1)(i) to (viii) of Regulation D;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Domestic Issuer**" means "**domestic issuer**" as that term is defined in Rule
 902(e) of Regulation S;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Offshore Transaction**" means an "offshore transaction" as that term is defined
 in Rule 902(h) of Regulation S;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Qualified Institutional Buyer**" means a "qualified institutional buyer", as that
 term is defined in Rule 144A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Regulation D**" means Regulation D adopted by the SEC under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Regulation S**" means Regulation S adopted by the SEC under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Rule 144A**" means Rule 144A under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**SEC** "
 means the United States Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Substantial U.S. Market Interest**" means "substantial U.S. market interest" as that
 term is defined in Rule 902(j) of Regulation S;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**U.S. Affiliate**" of any Agent means the U.S. registered broker-dealer affiliate of such
 Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**U.S. Person**" means a "U.S. person" as that term is defined in Rule 902(k)
 of Regulation S.

All other capitalized terms used but not otherwise defined in this Schedule shall have the meanings assigned to them in the Agency Agreement to which this Schedule is attached.

**Representations, Warranties and Covenants of the Corporation**

The Corporation represents, warrants, acknowledges, covenants and agrees with the Agents that:

2. The
 Corporation is a Domestic Issuer and reasonably believes that there is a Substantial U.S.
 Market Interest with respect to the any of the securities comprising the Offered Securities.

3. The
 Corporation is not, and after giving effect to the offering contemplated hereby and the application
 of the proceeds, will not be, registered or required to be registered as an "investment
 company" (as such term is defined under the Investment Company Act of 1940, as amended),
 under such Act.

4. The
 Corporation acknowledges that the Offered Securities have not been registered under the U.S.
 Securities Act or any state securities laws and may be offered and sold only in transactions
 exempt from or not subject to the registration requirements of the U.S. Securities Act and
 applicable state securities laws. Except with respect to sales of Offered Securities solicited
 by the Agents through the U.S. Affiliate to (a) Qualified Institutional Buyers that are also
 Accredited Investors, and (b) to Accredited Investors, solicited by the Agents through the
 U.S. Affiliate in reliance upon the exemption from registration under the U.S. Securities
 Act set forth in Section 4(a)(2) of the U.S. Securities Act and/or Rule 506(c) of Regulation
 D and exemptions from applicable state securities laws, neither the Corporation nor any of
 its affiliates, nor any person acting on any their behalf (other than the Agents, their U.S.
 Affiliates, or any members of the selling group formed by them, as to whom the Corporation
 makes no representation, warranty, acknowledgement, covenant or agreement), has made or will
 make: (A) any offer to sell, or any solicitation of an offer to buy, any Offered Securities
 to, or for the account or benefit of, a person in the United States or a U.S. Person; or
 (B) any sale of Offered Securities unless, at the time the buy order was or will have been
 originated, the purchaser is (i) outside the United States and not a U.S. Person, or (ii)
 the Corporation, its affiliates, and any person acting on any of their behalf reasonably
 believe that the purchaser is outside the United States and not a U.S. Person.

5. Neither
 the Corporation nor any of its affiliates, nor any person acting on any of their behalf (other
 than the Agents, their U.S. Affiliates, or any members of the selling group formed by them,
 as to whom the Corporation makes no representation, warranty, acknowledgement, covenant or
 agreement), has engaged or will engage in any Directed Selling Efforts, or has taken or will
 take any action that would cause the applicable exemption afforded by Section 4(a)(2) of
 the U.S. Securities Act and/or Rule 506(c) of Regulation D for offers and sales of the Offered
 Securities pursuant to this Agreement, or the exclusion afforded by Rule 903 of Regulation
 S to be unavailable for offers and sales of the Offered Securities in Offshore Transactions
 pursuant to this Agreement.

6. Neither
 the Corporation nor any person acting on behalf of the Corporation has, within six months
 prior to the commencement of the Offering, sold, offered for sale or solicited any offer
 to buy any of the Corporation's securities of the same or similar class as any of the
 securities comprising the Offered Securities, and will not do so for a period of six months
 following the completion of this Offering, in a manner that would be integrated with the
 offer and sale of the Offered Securities and would cause the exemption from registration
 set forth in Section 4(a)(2) of the U.S. Securities Act or Rule 506(c) of Regulation D to
 become unavailable with respect to the offer and sale of the Offered Securities.

7. Neither
 the Corporation nor any of its predecessors or affiliates has been subject to any order,
 judgment or decree of any court of competent jurisdiction temporarily, preliminarily or permanently
 enjoining such person for failure to comply with Rule 503 of Regulation D.

8. None
 of the Corporation, its affiliates or any person on any of their behalf (other than the Agents,
 their U.S. Affiliates, or any members of the selling group formed by them, as to whom the
 Corporation makes no representation, warranty, acknowledgement, covenant or agreement) has
 engaged or will engage in any violation of Regulation M under the U.S. Exchange Act in connection
 with the offering of Offered Securities contemplated hereby.

9. None
 of the Corporation, its subsidiary, or to the knowledge of the Corporation, any member, officer,
 agent, employee or affiliate of the Corporation or any of its affiliates is currently subject
 to any sanctions administered by the Office of Foreign Assets Control of the U.S. Department
 of Treasury ()"**OFAC** "); and the Corporation will not directly or indirectly
 use the proceeds hereunder, or lend, contribute or otherwise make available such proceeds
 to any subsidiary, joint venture partner or other person or entity, for the purpose of financing
 the activities of any person currently subject to any sanctions administered by OFAC.

10. With
 respect to the Offered Securities, none of the Corporation, any of its predecessors, any
 affiliated issuer that is issuing Offered Securities in this Offering, any director, executive
 officer or other officer of the Corporation participating in the Offering, any beneficial
 owner of 20% or more of the Corporation's outstanding voting equity securities, calculated
 on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under
 the U.S. Securities Act) connected with the Corporation in any capacity at the time of sale
 of the Offered Securities (but excluding the Regulation D Agents, as to whom no representation,
 warranty, covenant or agreement is made) (each, a "**Corporation Covered Person** "
 and, collectively, the "**Corporation Covered Persons**") is subject to a
 Disqualification Event. The Corporation has exercised reasonable care to determine whether
 any Corporation Covered Person is subject to a Disqualification Event. The Corporation is
 not aware of any person (other than any Regulation D Agent Covered Person) that has been
 or will be paid (directly or indirectly) remuneration for solicitation of Subscribers in
 connection with the sale of any Offered Securities pursuant to Rule 506(c) of Regulation
 D.

**Representations, Warranties and Covenants of the Agent**

Each Agent represents, warrants and covenants to and with the Corporation that:

1. It
 acknowledges that the Offered Securities have not been registered under the U.S. Securities
 Act or any state securities laws and may be offered and sold only in transactions exempt
 from or not subject to the registration requirements of the U.S. Securities Act and applicable
 state securities laws. It has not offered for sale by the Corporation, and will not offer
 for sale by the Corporation, any Offered Securities except: (a) Offered Securities in an
 Offshore Transaction in accordance with Rule 903 of Regulation S; or (b) Offered Securities
 to, or for the account or benefit of, persons in the United States and U.S. Persons that
 are (i) Qualified Institutional Buyers that are also Accredited Investors, or (ii) Accredited
 Investors, in transactions that are exempt from the registration requirements under the U.S.
 Securities Act and state blue sky laws, as provided in paragraphs 2 through 10 below. Accordingly,
 neither the Agent, its U.S. Affiliate nor any of their affiliates nor any persons acting
 on behalf of any of them, has made or will make (except as permitted in paragraphs 2 through
 10 below) any: (x) offer to sell or any solicitation of an offer to buy, any Offered Securities
 to, or for the account or benefit of, any person in the United States or any U.S. Person;
 (y) arrangement for any sale of Offered Securities to any purchaser unless, at the time the
 buy order was or will have been originated, the purchaser was outside the United States and
 not a U.S. Person, or such Agent, U.S. Affiliate, affiliate or person acting on any of their
 behalf reasonably believed that such purchaser was outside the United States and not a U.S.
 Person; or (z) Directed Selling Efforts.

2. It
 has not entered and will not enter into any contractual arrangement with respect to the distribution
 of the Offered Securities, except with its U.S. Affiliate, any selling group members or with
 the prior written consent of the Corporation. It shall require its U.S. Affiliate and each
 selling group member to agree, for the benefit of the Corporation, to comply with, and shall
 use its reasonable best efforts to ensure that its U.S. Affiliate and each selling group
 member complies with, the provisions of this Schedule applicable to the Agent as if such
 provisions applied directly to its U.S. Affiliate and such selling group member.

3. All
 offers of Offered Securities for sale by the Corporation to, or for the account or benefit
 of, persons in the United States and U.S. Persons shall be solicited and arranged by the
 Agent through its U.S. Affiliate, which on the dates of such offers and subsequent sales
 by the Corporation was and will be duly registered as a broker-dealer under the U.S. Exchange
 Act and under all applicable state securities laws (unless exempted therefrom) and a member
 of, and in good standing with, the Financial Industry Regulatory Authority, Inc. in accordance
 with all applicable United States state and federal securities (including broker-dealer)
 laws. The U.S. Affiliate will arrange for all offers of Offered Securities for sale by the
 Corporation in compliance with all applicable United States federal and state broker-dealer
 requirements and this Schedule.

4. At
 the time of completion of each sale by the Corporation to, or for the benefit or account
 of, a person in the United States or a U.S. Person, the Agent, the U.S. Affiliate, their
 respective affiliates, and any person acting on behalf of any of them will have reasonable
 grounds to believe and will believe, and will have taken reasonable steps to verify, that
 each purchaser designated by the Agent or the U.S. Affiliate to purchase Offered Securities
 from the Corporation is (a) a Qualified Institutional Buyer that is also an Accredited Investor,
 or (b) an Accredited Investor.

5. Prior
 to arranging for any sale of Offered Securities by the Corporation to, or for the account
 or benefit of, a person in the United States or a U.S. Person, it shall cause each purchaser
 to execute a Subscription Agreement in a form mutually acceptable to the Corporation and
 the Agent.

6. At
 least one Business Day prior to the applicable Closing Date, the transfer agent for the Corporation
 will be provided with a list of the names and addresses of all purchasers of the Offered
 Securities in the United States.

7. At
 the Closing, the U.S. Affiliate and Agent that has offered or solicited offers and arranged
 for the sale of the Offered Securities by the Corporation to, or for the account or benefit
 of, persons in the United States or U.S. Persons, will provide a certificate, substantially
 in the form of Exhibit I, relating to the manner of the offer and sale of the Offered Securities
 to, or for the account or benefit of, persons in the United States or U.S. Persons, or be
 deemed to represent and warrant that no offers or sales of the Offered Securities were made
 to, or for the account or benefit of, persons in the United States or U.S. Persons.

8. Each
 purchaser will be informed that the Offered Securities have not been registered under the
 U.S. Securities Act and are being offered by the Agent through its U.S. Affiliate and sold
 by the Corporation to such purchaser in reliance on an exemption from the registration requirements
 of the U.S. Securities Act.

9. None
 of the Agent, the U.S. Affiliate nor any person acting on its or their behalf has engaged
 or will engage in any violation of Regulation M under the U.S. Exchange Act in connection
 with the offering of Offered Securities contemplated hereby.

10. With
 respect to Offered Securities, neither the Agent nor its affiliates (including its U.S. Affiliate)
 (collectively, the "**Regulation D Agents** "), any general partner or managing
 member of the Regulation D Agents, any director, executive officer or other officer of the
 Regulation D Agents participating in the offering of the Offered Securities or general partner
 or managing member of the Regulation D Agents or any officer, employee or agent of the Regulation
 D Agents or general partner or managing member of the Regulation D Agents that have been
 or will be paid (directly or indirectly) remuneration for solicitation of Subscribers in
 connection with the offer and sale of any Offered Securities (each, a "**Regulation D Agent Covered Person**" and collectively, the "**Regulation D Agent Covered Persons**") is subject to any Disqualification Event. Each Regulation D Agent will
 notify the Corporation in writing, prior to any offer or sale of Offered Securities to, or
 for the account or benefit of, a person in the United States or a U.S. Person of (i) any
 Disqualification Event relating to any Regulation D Agent Covered Person not previously disclosed
 to the Corporation in accordance with this section, and (ii) any event that would, with the
 passage of time, become a Disqualified Event relating to any Regulation D Agent Covered Person.
 As of the Closing Date, the Agent represents that it is not aware of any person (other than
 any Regulation D Agent Covered Person) that has been or will be paid (directly or indirectly)
 remuneration for solicitation of purchasers in connection with the sale of any Offered Securities.

**EXHIBIT I TO SCHEDULE A**

**(TERMS AND CONDITIONS OF U.S. SALES)**

**AGENTS' CERTIFICATE**

In connection with the offer and sale to, or for the account or benefit of, persons in the United States and U.S. Persons of Common Shares and Warrants (collectively, the "**Units**") of Bunker Hill Mining Corp. (the "**Corporation**") pursuant to an agency agreement (the "**Agency Agreement**") effective as of June 5, 2025 between the Corporation and the Agents named in the Agency Agreement, [●] (the "**Agent**") and [●] (the "**U.S. Affiliate**"), the U.S. broker-dealer affiliate of the Agent, hereby certify as follows:

1. on
 the date hereof and on the date of each offer, solicitation of an offer or sale of Units
 to, or for the account or benefit of, a person in the United States or a U.S. Person, the
 U.S. Affiliate is and was: (a) a duly registered broker-dealer with the United States Securities
 and Exchange Commission and under the laws of each state where offers and sales of Units
 were made (unless exempted therefrom); and (b) a member of and in good standing with the
 Financial Industry Regulatory Authority, Inc.;

2. all
 offers of Units for sale by the Corporation to, or for the account or benefit of, persons
 in the United States and U.S. Persons have been and will be effected and arranged by the
 U.S. Affiliate in accordance with all applicable U.S. broker-dealer requirements;

3. at
 the time of completion of each sale by the Corporation of Units to, or for the benefit or
 account of, persons in the United States or U.S. Persons, we had reasonable grounds to believe
 and did believe, and had taken reasonable steps to verify, that each offeree was (a) a Qualified
 Institutional Buyer that was also an Accredited Investor, or (b) an Accredited Investor,
 and, on the date hereof, we continue to believe that each such person purchasing Units from
 the Corporation is (a) a Qualified Institutional Buyer that was also an Accredited Investor,
 or (b) an Accredited Investor;

4. the
 offers and solicitations of offers of the Units to, or for the account or benefit of, persons
 in the United States and U.S. Persons have been conducted by us in accordance with the terms
 of the Agency Agreement;

5. in
 connection with each sale of Units to, or for the account or benefit of, persons in the United
 States and U.S. Persons, we caused each such purchaser to execute and deliver to the Corporation
 a Subscription Agreement in the form agreed by the Corporation and the Agent; and

6. with
 respect to Units offered or sold to, or for the account or benefit of, persons in the United
 States and U.S. Persons, none of the Regulation D Agent Covered Persons is subject to any
 Disqualification Event, and the undersigned are not aware of any person (other than any Regulation
 D Agent Covered Person) that has been or will be paid (directly or indirectly) remuneration
 for solicitation of purchasers in connection with the sale of any Units to, or for the account
 or benefit of, persons in the United States and U.S. Persons.

Terms used in this certificate have the meanings given to them in the Agency Agreement unless otherwise defined herein.

Dated this ____ day of ____________, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**[INSERT NAME OF AGENT]** | &nbsp;&nbsp;**[INSERT NAME OF U.S. AFFILIATE]** |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;By: |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Name: |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;Title: |

---

## Exhibit 10.30

**Exhibit 10.30**

**THE SECURITIES TO WHICH THIS SUBSCRIPTION AGREEMENT RELATES AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR ANY APPLICABLE STATE SECURITIES LAWS IN THE UNITED STATES AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES (AS SUCH TERM IS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT) OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON (AS DEFINED IN REGULATION S OF THE U.S. SECURITIES ACT), EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, SUCH REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT, AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS. HEDGING TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE U.S. SECURITIES ACT. THIS SUBSCRIPTION AGREEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES OFFERED HEREBY WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT IN THE LIMITED CIRCUMSTANCES PROVIDED HEREIN PURSUANT TO TRANSACTIONS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.**

**SUBSCRIPTION AGREEMENT**

**BROKERED PRIVATE PLACEMENT OF UNITS**

**(Canada, U.S. and International Jurisdictions)**

---

| | |
|:---|:---|
|  | **INSTRUCTIONS FOR PURCHASERS**<br>**In order to participate in the Offering, you must deliver the following documents to the applicable Agent or U.S. Affiliate pursuant to Section 3(a) of the Terms and Conditions:** |
| ☐ | Read this Subscription Agreement. |
| ☐ | Complete and execute page iii of this Subscription Agreement and complete pages iv to vi, as applicable |
| ☐ | Complete and execute the Purchaser Certificate attached as Schedule A and, if required, the Individual Risk Acknowledgment Form attached as Attachment 1 to Schedule A. |
| ☐ | If a U.S. Purchaser, read and complete the U.S. Purchaser Certificate attached as Schedule B – Annex 1 or Schedule B – Annex 2. |
| ☐ | If the Purchaser is not a resident of Canada or the United States, complete and execute the International Purchaser Certificate attached as Schedule C. |
| ☐ | If the Purchaser is not an individual and: (i) holds, or will hold upon completion of the Offering, 5% or more of the issued and outstanding Common Shares; (ii) is, or will upon completion of the Offering, be an Insider; or (iii) is member of the Aggregate Pro Group, complete and execute the Form 4C – *Corporate Placee Registration Form* attached as Schedule E (to the extent necessary). |
| ☐ | Make payment for the Units as required by Section 2 of the Terms and Conditions. |

---

Please return your completed Subscription Agreement to the address below as soon as possible and **no later than 5:00 p.m. (Vancouver time) on April 2, 2025:**

BMO Nesbitt Burns Inc.

Attention: Henry Zhang, Vice President

[**REDACTED – Personal Information**]

For Purchasers who are U.S. Accredited Investors, please deliver to:

Bunker Hill Mining Corp.

Attention: Brenda Dayton

[**REDACTED – Personal Information**]

i

**SUBSCRIPTION AGREEMENT**

**BROKERED PRIVATE PLACEMENT OF UNITS**

**(Canada, U.S. and International Jurisdictions)**

---

| | |
|:---|:---|
| **TO:** | Bunker Hill Mining Corp. (the **"Company**") |
| **AND TO:** | BMO Nesbitt Burns Inc. |
|  | CIBC Capital Markets Inc. |
|  | Red Cloud Securities Inc. |
|  | National Bank Financial Inc. |
|  | (collectively, the "**Agents**") |

---

---

| | |
|:---|:---|
| **AND TO:** | U.S. broker-dealer affiliates of the Agents |
|  | (collectively, the "**U.S. Affiliates**") |

---

The undersigned (the "**Purchaser**") hereby irrevocably subscribes for and agrees to purchase from the Company the number of units of the Company (the "**Units**") set forth below for the aggregate subscription price set forth below, representing a subscription price of $0.15 per Unit (the "**Offering Price**"), upon and subject to the terms and conditions, and the covenants, representations and warranties set forth in this Subscription Agreement (as defined herein), including the attached terms and conditions (the "**Terms and Conditions**").

Each Unit consists of one share of common stock ("**Common Share**") of the Company (each, a "**Unit Share**") and one-half of one Common Share purchase warrant (a "**Warrant**"), with each whole Warrant entitling the holder to purchase one Common Share (a "**Warrant Share**" and, together with the Unit Shares and the Warrants, the "**Securities**") at an exercise price of $0.25 per Warrant Share for a period of three years following the Closing Date (as defined herein).

Unless the context otherwise requires, all references in this agreement to the "**Units**" shall include any Additional Units (as defined herein) issued pursuant to the Agents' Option (as defined herein) and all references to the "**Offering**" shall include the exercise of the Agents' Option.

This subscription agreement, the Terms and Conditions, the completed and executed schedules attached hereto, as applicable, and the Term Sheet (as defined in the Terms and Conditions) attached hereto as Schedule D, are collectively referred to as the "**Subscription Agreement**". The Purchaser agrees to be bound by the Terms and Conditions and agrees that the Company and the Agents may rely upon the covenants, representations and warranties contained in this Subscription Agreement.

All references to currency in this Subscription Agreement are to the lawful money of Canada, unless otherwise stated.

ii

---

| | |
|:---|:---|
| **Number of Units:** ________________ x $0.15 | **Aggregate Subscription Price:** $_____________________ |

---

---

| | |
|:---|:---|
| **<u>Purchaser's Information and Signature</u>:** | **<u>Registration Instructions (if different) (which may be superseded by instructions from the Agents)</u>**: |
| ________________________________________________<br> *Name of Purchaser (please print)* | ________________________________________________<br> *Name* |
| <br> ________________________________________________<br> *Signature (of individual or authorized signatory)* | <br> ________________________________________________<br> *Account Reference, if applicable* |
| ________________________________________________<br> *Official Capacity or Title (of authorized signatory, if applicable)* | ________________________________________________<br>|
|  | <br> ________________________________________________<br>|
| <br> ________________________________________________<br> (*Please print name of signatory if different from the name of the Purchaser printed above*.) | <br> ________________________________________________<br> *Address, including postal code/zip code* |
| Purchaser's Address, including Province/State and Country: | **<u>Delivery Instructions (if different)</u>:** |
| <br> ________________________________________________<br>| <br> ________________________________________________<br> *Name* |
| ________________________________________________<br>| <br> ________________________________________________<br> *Account Reference, if applicable* |
| ________________________________________________ |  |
| <br> ________________________________________________<br>| <br> ________________________________________________<br>|
| <br> ________________________________________________<br>| <br> ________________________________________________<br> *Address, including postal code/zip code* |

---

Telephone Number: _____________________________ _____________________________________________ *Telephone Number and Contact Name* <br>E-mail Address: _____________________________

iii

**Beneficial Purchaser Information**

---

| | |
|:---|:---|
| **Name and Address of beneficial Purchaser ("Beneficial Purchaser") (if not the same as the Purchaser):** | **Beneficial Purchaser's**<br> **Telephone Number**:<br> ________________________________________________ |
| ________________________________________________<br> *Name of Beneficial Purchaser (please print)* |  |
| <br> **Beneficial Purchaser's Address, including Province/State and Country**: | <br> **E-mail Address**:<br>_______________________________________________ |
| ________________________________________________<br>|  |
| <br> ________________________________________________<br>|  |
| <br> ________________________________________________<br>|  |
| <br> ________________________________________________<br>|  |

---

**Principal Information**

---

| | |
|:---|:---|
| If the Purchaser is signing as an agent for a principal and is not deemed to be purchasing as principal as set out below, the Purchaser hereby represents and warrants that the name and residential address of such principal is as follows:<br>| **Principal's Telephone Number**:<br>________________________________________________ |
| <br> ________________________________________________<br> *Name of Principal (please print)* |  |
| <br> **Principal's Address, including Province/State and Country**: | <br> **E-mail Address**:<br>________________________________________________ |
| ________________________________________________<br>|  |
| <br> ________________________________________________<br>|  |
| <br> ________________________________________________<br>|  |
| <br> ________________________________________________<br>|  |

---

iv

**Additional Purchaser Information**

**<u>Present Ownership of Securities</u>**

The Purchaser either [check appropriate box]:

☐ owns directly or indirectly, or exercises control or direction over, **<u>no</u>** Common Shares or securities convertible into Common Shares; or

☐ owns directly or indirectly, or exercises control or direction over, _________________ Common Shares and convertible securities entitling the Purchaser to acquire an additional _________________ Common Shares.

**<u>Insider Status</u>**

The Purchaser either [check appropriate box]:

☐ is an "**insider**" of the Company as defined under applicable Canadian securities law, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 director or an officer of the Company,

(b) a
 director or an officer of a person or company that is itself an insider or a subsidiary of
 the Company,

(c) a
 person that has

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) beneficial ownership of, or control or direction over, directly or indirectly, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a combination of beneficial ownership of, and control or direction over, directly or indirectly,

securities of the Company carrying more than 10% of the voting rights attached to all the Company's outstanding voting securities, excluding, for the purpose of the calculation of the percentage held, any securities held by the person as underwriter in the course of a distribution, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Company itself, if it has purchased, redeemed or otherwise acquired any securities of its
 own issue, for so long as it continues to hold those securities.

☐ is not an "**insider**" of the Company.

**<u>Registrant Status</u>**

The Purchaser either [check appropriate box]:

☐ is a "**registrant**" as defined under applicable Canadian securities law: "registrant" means a person registered or required to be registered under applicable Canadian securities law; or

☐ is not a "**registrant**".

**<u>U.S. Purchaser Status</u>**:

☐ is a "**U.S. Purchaser**" as defined in the Terms and Conditions; or

☐ is not a "**U.S. Purchaser**".

v

**Additional Purchaser Information (cont.)**

**<u>Aggregate Pro Group Status</u>**

The Purchaser either [check appropriate box]:

☐ is a member of the "**Aggregate Pro Group**" as defined in the policies of the TSX Venture Exchange; or

☐ is not a member of the "**Aggregate Pro Group**"

**<u>Corporate Placee Form</u>**

The Purchaser, if not an individual and: (i) holds, or will hold upon completion of the Offering (as defined herein) 5% or more of the issued and outstanding Common Shares; (ii) is, or will upon completion of the Offering, be an Insider; or (iii) is member of the Aggregate Pro Group, either [check the appropriate box]:

☐ has a current Form 4C – *Corporate Placee Registration Form* on file with the TSX Venture Exchange, and hereby represents and warrants that there has been no change to any of the information therein; or

☐ has completed and returned with this Subscription Agreement a duly executed Form 4C – *Corporate Placee Registration Form* in the form attached hereto as Schedule E for filing with the TSX Venture Exchange

**ACCEPTANCE**: The Company hereby accepts the above subscription subject to the Terms and Conditions of this Subscription Agreement and the Company covenants, represents and warrants to the Purchaser that the Purchaser shall have the benefit of the representations and ‎warranties made by the Company to the Agents in the Agency Agreement (as defined herein) as if such representations and warranties were made by the Company in this Subscription Agreement and such representations and warranties are true and correct in all material respects as ‎of the Closing Date (save and except as waived by the Agents) and that the Purchaser is entitled to rely thereon‎.

**BUNKER HILL MINING CORP.**

---

| | | |
|:---|:---|:---|
| Per: | | **DATED** as of ______________, 2025. |
| Name: | Gerbrand van Heerden |  |
| Title: | Chief Financial Officer & Corporate Secretary |  |

---

vi

**<u>IMPORTANT NOTES:</u>**

**<u>RESALE RESTRICTIONS</u>**

**The Securities are subject to resale restrictions prescribed by securities laws in Canada and the United States (regardless of the domicile of the Purchaser). Canadian securities law prescribes a hold period which restricts the resale of the Securities until the date that is four (4) months and a day after the Closing Date. In addition, the Securities are subject to a six-month hold period under United States securities laws (regardless of the domicile of the Purchaser). The Securities have not been registered under the U.S. Securities Act and are accordingly subject to resale restrictions under the U.S. Securities Act. Certificates or book entries representing the Securities will be endorsed with appropriate restrictive legends.** 

**<u>DELIVERY OF SECURITIES</u>**

**Except for U.S. Accredited Investors (as defined herein) who are not otherwise Qualified Institutional Buyers ‎‎(as defined herein), and for Purchasers on the President's List (as defined herein), who will receive a physical certificate or direct ‎registration statement representing the securities purchased hereunder, it is anticipated that the securities ‎purchased hereunder will be deposited electronically with CDS Clearing and Depository Services Inc. ("CDS") ‎through the book-based system administered by CDS on the Closing Date. In such case, the ‎Purchaser understands and acknowledges that securities purchased hereunder will be ‎registered in the name of CDS, or its nominee, and held by, or on behalf of, CDS and the Purchaser will not be ‎entitled to receive definitive certificates or other instruments from the Company or CDS representing their ‎interest in the securities purchased hereunder. The Purchaser will receive only a customer confirmation from ‎the registered dealer who is a CDS participant and from or through whom the securities hereunder are ‎purchased against payment of the subscription proceeds.** 

**SUBSCRIPTION AGREEMENT**

**TERMS AND CONDITIONS**

**1.**  **<u>Acceptance</u>** 

In consultation with the Agents, the Company may accept or reject this Subscription Agreement in whole or in part at any time prior to the Closing Time (as defined herein) and the Company, in consultation with the Agents, has the right to allot to any Purchaser less than the amount of the Units subscribed for. Pursuant to the terms of the Agency Agreement to be entered into by the Company with the Agents on or prior to the Closing Date (the "**Agency Agreement**"), the Agents will act as the agents on a "best efforts" private placement basis in connection with the Offering. In accordance with the terms and conditions of the Agency Agreement, and subject to the Terms and Conditions of this Subscription Agreement, upon acceptance by the Company of this subscription (in whole or in part), the Purchaser will be obliged to purchase from the Company the number of Units in respect of which this subscription has been accepted.

At the Closing (as defined herein), the Company shall forward to the Agents confirmation of acceptance or rejection of this Subscription Agreement promptly after the acceptance or rejection of this Subscription Agreement by the Company. If this Subscription Agreement is rejected in whole, the Purchaser understands that any funds, certified cheques and bank drafts delivered by the Purchaser to the Agents or the Company, as applicable, representing the aggregate purchase price for the Units will be promptly returned to the Purchaser without interest. If this Subscription Agreement is accepted only in part, the Purchaser understands that a cheque representing the portion of the aggregate purchase price for the portion of its subscription for the Units that is not accepted will be promptly delivered to the Purchaser without interest.

**2.**  **<u>Payment</u>** 

The Purchaser shall deliver the aggregate amount payable in respect of the Units subscribed for hereunder to the applicable Agent or U.S. Affiliate, or with respect to Purchasers who are U.S. Accredited Investors, to the Company, in each case at or before the Closing Time on the Closing Date, by certified cheque or bank draft drawn on a Canadian chartered bank or trust company in United States dollars and payable to the applicable Agent, U.S. Affiliate or the Company, as the case may be, or payable in such other manner as may be specified by the Agents, U.S. Affiliates or the Company, as applicable.

**3.**  **<u>Deliveries</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 the Closing, the Purchaser will complete, sign and return as principal, or, if the Purchaser
 is contracting hereunder as trustee, agent, representative or nominee for one or more Beneficial
 Purchasers, on behalf of each such Beneficial Purchaser, the following documents to BMO Nesbitt
 Burns Inc. (Attention: Henry Zhang, Vice President) at henry.zhang@bmo.com, as soon as possible
 and, in any event not later than 5:00 p.m. (Vancouver time) on April 2, 2025, provided that,
 with respect to Purchasers who are U.S. Accredited Investors, the following documents shall
 be delivered to the Company (Attention: Brenda Dayton) at [ **REDACTED – Personal Information** ], as soon as possible and, in any event not later than 5:00 p.m. (Vancouver
 time) on April 2, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 completed and executed copy of this Subscription Agreement;

(ii) a
 completed and executed copy of the Purchaser Certificate in the form attached as Schedule
 A hereto (the "**Purchaser Certificate** ");

(iii) if
 the Purchaser is an individual and is relying on the exemption in Section 7(bb) of this Subscription
 Agreement, a completed and executed a copy of the risk acknowledgement form attached as Attachment
 1 to Schedule A (the "**Individual Risk Acknowledgement Form** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if
 the Purchaser is, or is purchasing for the account or benefit of, a person in the "United
 States" or a "U.S. Person" (as such terms are defined in Rule 902 of Regulation
 S under the U.S. Securities Act) or has been offered or sold the Units in the United States
 or as a U.S. Person, a completed and executed copy of the "U.S. Accredited Investor
 Certificate" attached hereto as Schedule B – Annex 1 or the "U.S. Qualified
 Institutional Buyer Certificate" attached hereto as Schedule B – Annex 2 (the
 "**U.S. Purchaser Certificate** "), as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if
 the Purchaser is a resident of an International Jurisdiction (as defined below), a completed
 and executed copy of the Purchaser certificate in the form attached as Schedule C (the "**International Purchaser Certificate** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if
 the Purchaser is not an individual and: (i) holds, or will hold upon completion of the Offering,
 5% or more of the issued and outstanding Common Shares; (ii) is, or will upon completion
 of the Offering be, an Insider; or (iii) is a member of the Aggregate Pro Group, one completed
 and executed TSX Venture Exchange ()"**TSXV**") Form 4C – *Corporate Placee Registration Form*, in the form attached hereto as Schedule E, if the Purchaser
 does not have a current Form 4C on file with the TSXV; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) such
 other documents as may be reasonably requested by the Company or the Agents.

The Purchaser acknowledges and agrees that this offer, the purchase price for the Units and all other documents delivered in connection with this Subscription Agreement will be held by the Agents or the Company, as applicable, until such time as the conditions set out in the Agency Agreement are satisfied by the Company or waived by the Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 obligation of the Company to sell the Units to the Purchaser is subject to: (i) the Minimum
 Offering (as defined below) being met; (ii) performance by the Purchaser of its covenants
 under and in accordance with this Subscription Agreement; (iii) the truth, at the time of
 acceptance of this Subscription Agreement and at the Closing Date, of the Purchaser's
 representations and warranties in this Subscription Agreement; (iv) the terms and conditions
 contained in the Agency Agreement for the benefit of the Company being complied with to the
 satisfaction of the Company or waived by the Company; (v) the distribution of the Unit Shares
 and the Warrants comprising the Units to the Purchaser being exempt from the prospectus requirements
 of applicable Securities Laws (as defined herein); (vi) the Company having obtained all required
 regulatory approvals to permit the completion of the sale of the Units, including the approval
 of the TSXV; (vii) the Company having obtained stockholder approval at a special meeting
 (or written consent in lieu thereof) to (A) permit the completion of the sale of securities
 under the Non-Brokered Offering and the Restructuring Transactions (as such terms are defined
 herein) and (B) approve the Articles Amendments (as defined herein); and (viii) the Purchaser
 executing and delivering all requisite documentation as required by this Subscription Agreement,
 and applicable Securities Laws with respect to the purchase of the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Purchaser understands that the information provided herein will be relied upon by the Company,
 the Agents and the U.S. Affiliates for purposes of determining the eligibility of the Purchaser
 to purchase the Units. The Purchaser agrees to provide, upon request, any additional information
 that the Company or the Agents determines necessary or appropriate in determining the Purchaser's
 eligibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 the Purchaser is acting as trustee, agent, representative or nominee for a Beneficial Purchaser,
 the Purchaser understands and acknowledges that the representations, warranties, and agreements
 made herein are made by the Purchaser, with respect to the Purchaser, and with respect to
 the Beneficial Purchaser. Unless the context otherwise requires or as specifically stated,
 references to the Purchaser in this Subscription Agreement are to the Purchaser and any such
 Beneficial Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For
 the purposes hereof, "**Securities Laws**" means the securities laws, regulations
 and rules, blanket rulings, policies and written interpretations of and multilateral or national
 instruments adopted by the securities regulators of the provinces of British Columbia, Alberta
 and Ontario, as well as the securities laws, regulations and rules of the United States.
 For the purposes hereof, "**Business Day**" means any day except Saturday,
 Sunday or a statutory holiday in Vancouver, British Columbia.

**4.**  **<u>Closing</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Provided
 the Minimum Offering is met, closing of this subscription for the Units (the "**Closing** ")
 will be completed at the offices of Blake, Cassels & Graydon LLP at Suite 3500, 1133
 Melville Street, Vancouver, BC V6E 4E5 on such date (the "**Closing Date** ")
 and time (the "**Closing Time**") as the Agents and the Company may agree.
 If, by the Closing Time, the terms and conditions contained in the Agency Agreement have
 been complied with to the satisfaction of the Agents or waived by the Agents, the Agents
 shall deliver to the Company (a) all completed subscription agreements that were not delivered
 to the Company directly, including, if applicable, this Subscription Agreement, and (b) the
 net subscription proceeds (less any commissions payable and any expenses owing), against
 (i) delivery by the Company of certificates representing the Unit Shares and the Warrants,
 or evidence of electronic deposit of the Units, and (ii) delivery by the Company of such
 other documentation as may be required by the Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Agent retains the right to exercise or not to exercise, as it determines in its sole discretion,
 the rights of termination in the Agency Agreement, and such Agent shall have no liability
 to the Purchaser whatsoever in connection with any such decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the Minimum Offering is not met or the Closing does not otherwise occur, the Agents, the
 Company or their respective counsel, as applicable, shall return this Subscription Agreement
 and any funds, certified cheques and bank drafts delivered by the Purchaser to the Agents
 or the Company, as applicable, representing the purchase price for the Units, without interest,
 to the Purchaser.

**5.**  **<u>Authority of the Agents</u>** 

The Purchaser hereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) authorizes
 the electronic deposit of the Units with CDS, unless the Purchaser is a U.S. Accredited Investor
 who is not otherwise a Qualified Institutional Buyer, or is on the President's List,
 in which case the Purchaser shall be issued physical certificates or direct registration
 statements evidencing the Unit Shares and the Warrants comprising the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appoints
 the Agents, with full power of substitution, as its agent to act as its representative at
 the Closing, approve any opinions, certificates or other documents addressed to the Purchaser
 and provided for by the Agency Agreement, to file and record any document necessary to accept
 delivery of the Units on the Closing Date, to complete or correct any errors or omissions
 in this Subscription Agreement on behalf of the Purchaser, to terminate this subscription
 on its behalf in the event that any condition precedent to the Offering has not been satisfied,
 to execute a receipt for the Units in respect of which this subscription is accepted and
 all other documentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) irrevocably
 authorizes the Agents to negotiate and settle any other agreement to be entered into in connection
 with the Offering and to waive on its own behalf and on behalf of the holders of Units in
 whole or in part, or extend the time for compliance with, any of the Closing conditions in
 such manner and on such terms and conditions as the Agents may determine, acting reasonably;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) acknowledges
 and agrees that the Agents and the Company may vary, amend, alter or waive, in whole or in
 part, one or more of the terms set forth in the Agency Agreement in such manner and on such
 terms and conditions as they may determine, acting reasonably, and that any such variation,
 amendment, alteration or waiver shall not affect in any way the obligations of the Purchaser
 or such others for whom the Purchaser is contracting hereunder; provided, however, that the
 Agents shall not vary, amend, alter or waive any such term or condition where to do so would
 result in a material change to any of the material attributes of the Securities described
 herein.

**6.**  **<u>Acknowledgements of the Purchaser</u>** 

The Purchaser, on its own behalf, and if applicable, on behalf of a Beneficial Purchaser, agrees and acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Purchaser understands that the Units subscribed for by the Purchaser hereunder form part
 of a larger offering by the Company of up to 429,414,285 Units for aggregate gross proceeds
 of up to approximately $64,665,000, including (i) a minimum of 95,800,00 Units and a maximum
 of 143,700,000 Units at the Offering Price on a "best efforts" private placement
 basis for minimum aggregate gross proceeds of $14,370,000 (the "**Minimum Offering** ")
 and maximum aggregate gross proceeds of $21,555,000 (the "**Maximum Offering** "
 and, together with the Minimum Offering, the "**Offering**") and (ii) a minimum
 of 62,857,142 Units and a maximum of 285,714,285 Units at a price of US$0.105 (approximately
 C$0.15) per Unit to Teck Resource Limited ()"**Teck**") in a concurrent non-brokered
 private placement for minimum aggregate gross proceeds of US$6,600,000 (approximately C$9,484,200)
 and maximum aggregate gross proceeds of up to US$30,000,000 (approximately C$43,110,000)
 (the "**Non-Brokered Offering** "), with Teck subscribing for such number of
 Units in the Non-Brokered Offering that is equal to, in the aggregate, two (2) Units for
 each Unit sold under the Offering. The Company may increase the size of either offering or
 close either offering in one or more tranches in the sole discretion of the Company's
 board of directors to cover over-allocations, if any. For greater certainty, the Units subscribed
 for under this Subscription Agreement are part of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 connection with and subject to completion of the Non-Brokered Offering, Teck may become a
 Control Person (as defined in the TSXV policies) of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 addition, the Company intends to complete a series of debt restructuring transactions (the
 "**Restructuring Transactions** "), pursuant to which, among other things,
 the Company may issue up to 258,555,552 Common Shares at a price of US$0.105 (approximately
 C$0.15) per Common Share to Sprott Streaming and Royalty Company (together with its affiliates,
 "**Sprott** "), following which Sprott may become a Control Person of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In
 connection with the Offering, the Non-Brokered Offering and the Restructuring Transactions,
 the Company intends to amend and restate the articles of incorporation of the Company, to,
 among other things, increase the number of authorized Common Shares from 1,500,000,000 to
 2,500,000,000 (the "**Articles Amendment** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In
 connection with the Offering, the Agents have been granted an option (the "**Agents' Option**") to increase the size of the Offering by up to 21,555,000 additional Units
 (assuming the Maximum Offering is met) (the "**Additional Units**") at the
 Offering Price per Additional Unit, for additional gross proceeds of up to $3,233,250 (assuming
 the Maximum Offering is met), on the same terms and conditions as the Units, and the Agents'
 Option shall be exercisable by the Agents, in whole or in part, at any time up to 48 hours
 before the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each
 Unit will consist of one Unit Share and one-half of one Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each
 whole Warrant shall entitle the holder to acquire one Warrant Share at a price of $0.25 per
 Warrant Share for a period of three years following the date of issuance. The Warrants issued
 in connection with the Offering shall be created and issued pursuant to a warrant indenture
 to be entered into on the Closing Date (the "**Warrant Indenture**") between
 the Company and a warrant agent as may be acceptable to the Company and the Agents, acting
 reasonably. The description of the Warrants herein is a summary only and is subject to the
 detailed provisions of the Warrant Indenture pursuant to which the Warrants will be issued.
 In the event of any inconsistency between the provisions hereof and the provisions of the
 Warrant Indenture, the provisions of the Warrant Indenture will prevail and take precedence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No
 fractional Unit Shares or Warrants will be issuable under the Offering and any fractional
 entitlements will be rounded down to the nearest whole Unit Share or Warrant, as applicable.
 As a result, the Subscriber should purchase only an even number of Units in this Offering
 or will otherwise have the amount of associated Warrants rounded down.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) There
 is no market for the Warrants and none is expected to develop.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The
 Closing is subject to the Minimum Offering being met and the closing of the Non-Brokered
 Offering is subject to, among other things, the Company raising the Minimum Offering amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) This
 subscription is subject to rejection or acceptance by the Company in whole or in part, is
 effective only upon acceptance by the Company and the Company reserves the right to close
 the subscription books at any time without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The
 Offering is not, and under no circumstance is to be construed as, a public offering of the
 Securities. The Offering is not being made, and this subscription does not constitute an
 offer to sell or the solicitation of an offer to buy the Units in any jurisdiction where,
 or to any person whom, it is unlawful to make such an offer or solicitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The
 Offering is also conditional upon such sale being exempt from the prospectus filing or registration
 requirements and the requirement to deliver an offering memorandum in connection with the
 distribution of the Securities under applicable Securities Laws, 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 or registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The
 Purchaser is aware that the investment is highly speculative and that the Purchaser may lose
 the entire amount of his, her or its investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The
 Purchaser understands that the business of the Company is in a pre-revenue phase, and so
 acknowledges that there is no assurance that the Company will raise sufficient funds to adequately
 capitalize the Company or that the Company will be profitable in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The
 Purchaser has been advised to seek independent legal and tax advisors and is solely responsible
 for obtaining independent legal, income tax and investment advice with respect to its subscription
 for Units and has had the opportunity to acquire an understanding of the meanings of all
 of the terms and definitions contained herein for the purposes of giving the acknowledgements,
 representations, warranties, undertakings and covenants contained in this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) No
 securities commission or similar regulatory authority has reviewed or passed on the merits
 of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) There
 is no government or other insurance covering the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) There
 are hold periods and other restrictions that limit the Purchaser's ability to resell
 the Securities. Except under limited exemptions available under applicable Securities Laws,
 and it is the responsibility of the Purchaser to find out what those restrictions are and
 to comply with them before selling the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The
 Securities are subject to resale restrictions under both Canadian and U.S. securities laws
 which, in the absence of qualification of a prospectus in Canada and or effectiveness of
 a registration statement, if any, require, among others, a hold period before the Securities
 may be resold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) The
 Company has hereby provided the Purchaser with written notice pursuant to section 2.5(2)(3.1)
 of National Instrument 45-102 – *Resale of Securities* that:

**"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [THE DATE THAT IS FOUR MONTHS AND ONE DAY FOLLOWING THE CLOSING DATE]."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Provided
 the Minimum Offering is met, the offer to purchase made by this subscription is irrevocable
 (subject to the Purchaser's right to terminate its obligations in Section 13) and requires
 acceptance by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) The
 Company has advised the Purchaser that the Company is relying on an exemption from the requirements
 to provide the Purchaser with a prospectus and other applicable Securities Laws and, as a
 consequence of acquiring the Units pursuant to this exemption, certain protections, rights
 and remedies provided by the *Securities Act* (British Columbia) and other applicable
 Securities Laws, including statutory rights of rescission or damages, will not be available
 to the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) No
 prospectus or registration statement has been filed by the Company with any securities commission
 or similar regulatory authority in any jurisdiction in connection with the Offering and the
 Offering is exempt from the prospectus and registration statement requirements and the requirements
 to sell securities through a registered dealer available under the provisions of applicable
 Securities Laws, and as a result:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Purchaser is restricted from using most of the civil remedies available under applicable
 Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Purchaser may not receive information that would otherwise be required to be provided to
 it under applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 common law may not provide the Purchaser with an adequate remedy in the event that it suffers
 investment losses in connection with the Units acquired pursuant to the Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Company is relieved from certain obligations that would otherwise apply under applicable
 Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) The
 Units Shares and the Warrants comprising the Units may be issued in registered form to a
 bank, trust company or transfer agent selected by the Company that provides depository or
 transfer agent services (the "**Depository** "), as non-certificated inventory
 ()"**NCI**") uncertificated securities to be deposited with the Depository
 on the Closing of the Offering. If the Company and the Agents elect to proceed in this manner,
 Purchasers will not receive physical certificates representing their ownership of the Unit
 Shares and the Warrants comprising the Units or be shown on the records maintained by the
 Depository except through a participant in the Depository's depository or transfer
 agent services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) The
 Unit Shares and the Warrants comprising the Units may, at the election of the applicable
 Agent, be issued as global certificates in favour of the Agent which may be delivered in
 electronic form or such other basis as such Agent determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) The
 Company may complete additional financings in the future, in addition to the Offering and
 the Non-Brokered Offering, and there is no assurance that such additional financing will
 be available and, if available, on reasonable terms. Any such future financings may have
 a dilutive effect on current stockholders, including the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) If
 the Purchaser is a U.S. Accredited Investor who is not otherwise a Qualified Institutional
 Buyer, such Purchaser agrees to provide such information reasonably requested by the Company
 and its counsel to verify the Purchaser's status as an Accredited Investor.

7.  **<u>Representations, Warranties and Covenants of the Purchaser</u>** 

By executing this Subscription Agreement, the Purchaser, on its own behalf, and if applicable, on behalf of a Beneficial Purchaser, represents, warrants and covenants to the Company, the Agents and the U.S. Affiliates that:

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has
 such knowledge in financial and business affairs as to be capable of evaluating the merits
 and risks of its investment in the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is
 capable of assessing the proposed investment in the Securities as a result of the Purchaser's
 own experience or as a result of advice received from a person registered under applicable
 Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is
 aware of the characteristics of the Securities and the risks relating to an investment therein;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is
 able to bear the economic risk of loss of its investment in the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Purchaser is an individual, the Purchaser is of the full age of majority in the jurisdiction
 in which this Subscription Agreement is executed and has all requisite legal capacity and
 competence to execute, deliver and be bound by this Subscription Agreement, to perform all
 of its obligations and covenants hereunder and to undertake all actions required of the Purchaser
 hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Purchaser is not an individual, the Purchaser has the requisite power, authority and
 legal capacity to execute, deliver and be bound by this Subscription Agreement, to perform
 all of its obligations and covenants hereunder and to undertake all actions required of the
 Purchaser hereunder, all necessary approvals of its directors, partners, shareholders, trustees
 or otherwise with respect to such matters have been given or obtained and the individual
 signing this Subscription Agreement has been duly authorized to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 the Purchaser is a body corporate, the Purchaser is incorporated or organized and validly
 subsisting under the laws of its jurisdiction of incorporation or organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if
 the Purchaser is acting as principal, this Subscription Agreement has been duly and validly
 authorized, executed and delivered by the Purchaser, and, when accepted by the Company, will
 constitute a legal, valid and binding obligation enforceable against the Purchaser in accordance
 with the terms hereof (subject to bankruptcy, insolvency and other laws limiting the enforceability
 of creditors' rights and subject to the qualification that equitable remedies may only
 be granted in the discretion of a court of competent jurisdiction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if
 the Purchaser is acting as agent or trustee (including, for greater certainty, a portfolio
 manager or comparable adviser) for a principal, the Purchaser is duly authorized to execute
 and deliver this Subscription Agreement and all other necessary documents in connection with
 such subscription on behalf of such principal, each of whom is subscribing as principal for
 its own account and not for the benefit of any other person, and this Subscription Agreement
 has been duly and validly authorized, executed and delivered by or on behalf of, and, when
 accepted by the Company, will constitute a legal, valid and binding obligation enforceable
 in accordance with the terms hereof (subject to bankruptcy, insolvency and other laws limiting
 the enforceability of creditors' rights and subject to the qualification that equitable
 remedies may only be granted in the discretion of a court of competent jurisdiction) against,
 such principal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 execution and delivery of this Subscription Agreement, the performance and compliance with
 the terms hereof, the subscription for the Units and the completion of the transactions contemplated
 hereby will not result in any breach of, or be in conflict with or constitute a default under,
 or create a state of facts which, after notice or lapse of time, or both, would constitute
 a default under any term or provision of the constating documents, by-laws or resolutions
 of the Purchaser (if not an individual), the Securities Laws or any other applicable law,
 any agreement (written or oral) to which the Purchaser is a party or any applicable regulation,
 judgment, decree, order, statute or ruling to which the Purchaser is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 Purchaser is not a person created or used solely to purchase or hold securities in order
 to comply with or rely upon an exemption from the prospectus requirements of applicable Securities
 Laws and except as disclosed in writing to the Company and the Agents, the Purchaser does
 not act jointly or in concert with any other person or company for the purposes of acquiring
 securities of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no
 consent, approval, order or authorization of, or registration, declaration or filing with,
 any court, administrative agency or commission or other governmental authority or instrumentality,
 domestic or foreign, is required by or with respect to the Purchaser (other than those required
 by or of the Company and the Agents) in connection with the execution and delivery by the
 Purchaser of this Subscription Agreement or the consummation by the Purchaser of the transactions
 contemplated hereby;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) no
 person has made any written or oral representation to the Purchaser that any person will
 resell or repurchase the Securities or refund any of the purchase price of the Units, or
 that the Securities will be listed on any exchange or quoted on any quotation and trade reporting
 system, other than as set out herein, or that an application has been made or will be made
 to list any such security on any exchange or quote the security on any quotation and trade
 reporting system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the
 Purchaser is resident, or if not an individual, has a head office, in the jurisdiction indicated
 on page iii of this Agreement and such address was not created and is not used solely for
 the purpose of acquiring the Units. The purchase by and sale to the Purchaser of the Units,
 and any act, solicitation, conduct or negotiation directly or indirectly in furtherance of
 such purchase or sale, has occurred only in such jurisdiction and the Purchaser intends that
 the Securities Laws of such jurisdiction govern such sale to and purchase by the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the
 Purchaser is entitled under applicable Securities Laws to purchase such Units without the
 benefit of a prospectus or registration statement qualified under such Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the
 Purchaser is not relying on any verbal or written representations as to a fact relating to
 the Company, and the Purchaser acknowledges that neither the Company nor the Agents nor the
 U.S. Affiliates have made any verbal or written representations, warranties or covenants
 relating to (i) the business of the Company, except for factual statements about the Company
 as set forth in this Subscription Agreement and the Agency Agreement, which statements are
 made as of the respective dates thereof, or (ii) the future value or price of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the
 Purchaser understands that he, she or it will not be able to resell the Securities until
 the expiry of the applicable hold period under applicable Securities Laws except in accordance
 with limited exemptions and in compliance with other requirements of applicable law, and
 the Purchaser (and not the Company or the Agents or the U.S. Affiliates) is responsible for
 compliance with applicable resale restrictions or hold periods and will comply with all applicable
 Securities Laws in connection with any resale of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the
 Purchaser will execute and deliver within the applicable time periods all documentation as
 may be required by applicable Securities Laws to permit the purchase of the Units on the
 terms set out herein and, if required by applicable Securities Laws or stock exchange rules,
 the Purchaser will execute, deliver, file and otherwise assist the Company in obtaining and
 filing such reports, undertakings and other documents relating to the purchase of the Units
 by the Purchaser as may be required by any applicable Securities Laws, securities commission,
 stock exchange or other regulatory authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the
 Purchaser is aware that, the certificates or book entries evidencing the Securities will
 be endorsed with legends setting out resale restrictions under applicable Securities Laws
 in substantially the following form(s):

**"THE SECURITIES REPRESENTED HEREBY** **[FOR WARRANTS INCLUDE: AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF] HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH ALL LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND IN THE CASE OF (B), (C) OR (D), THE HOLDER HAS PRIOR TO SUCH SALE FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA."**

**[FOR WARRANTS ONLY: "THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THIS WARRANT MAY NOT BE EXERCISED UNLESS THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR EXEMPTIONS FROM SUCH REGISTRATION REQUIREMENTS ARE AVAILABLE."]**

and, if the Purchaser is located in or subject to the applicable Securities Laws of a province or territory of Canada, the following legend:

"**UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY BEFORE [THE DATE THAT IS FOUR MONTHS AND ONE DAY FOLLOWING THE CLOSING DATE].**"

and, if the Purchaser further acknowledges that the certificates or book entries representing the Securities, may, in certain circumstances, bear the following legend as required by the TSXV:

**"WITHOUT PRIOR WRITTEN APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL [THE DATE WHICH IS FOUR MONTHS AND ONE DAY AFTER THE APPLICABLE CLOSING DATE WILL BE INSERTED]."**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the
 Purchaser has not received and does not expect to receive any financial assistance from the
 Company, directly or indirectly, in respect of the Purchaser's purchase of the Units,
 the offer of Units does not constitute a recommendation to purchase the Units or financial
 product advice and none of the Company or the Agents have had regard to the Purchaser's
 particular objectives, financial situation and needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the
 Purchaser acknowledges that the Agents are acting solely as private placement agents for
 the Company in connection with the Offering and not as financial advisors to the Purchaser
 or as an agent to the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Blakes,
 Cassels & Graydon LLP is acting solely as Canadian legal counsel to the Company, and
 Gowling WLG (Canada) LLP is acting solely as Canadian legal counsel to the Agents, and neither
 is acting as counsel to the Purchaser or assumes any responsibility or liability of any nature
 whatsoever for the accuracy or adequacy of any of the information furnished to the Purchaser
 in connection with the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) the
 Purchaser has not received, nor has the Purchaser requested, nor does the Purchaser have
 any need to receive, any prospectus, sales or advertising literature, offering memorandum
 or any other document (other than an annual or interim report, financial statements or any
 other document the content of which is prescribed by statute or regulation) describing or
 purporting to describe the business and affairs of the Company 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 purchase of the Securities;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) other
 than the Agents, the Purchaser confirms that there is no person acting or purporting to act
 on behalf of the Purchaser in connection with the transactions contemplated herein who is
 entitled to any brokerage or finder's fee. If any other person establishes a claim
 that any fee or other compensation is payable in connection with this subscription for the
 Units on account of the Purchaser's subscription, the Purchaser covenants to indemnify
 and hold harmless the Company and the Agents with respect thereto and with respect to all
 costs reasonably incurred in the defence thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Purchaser agrees that it is solely responsible for obtaining such legal, tax and other advice
 as the Purchaser considers appropriate in connection with the execution, delivery and performance
 of this Subscription Agreement and the transactions contemplated hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) the
 Purchaser will not resell or otherwise transfer the Securities except in accordance with
 the provisions of any applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) if
 required by Securities Laws or by any securities commission, stock exchange or other regulatory
 authority, the Purchaser will execute, deliver, file and otherwise assist the Company or
 the Agents in filing such reports, undertakings and other documents with respect to the subscription
 for and issuance of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the
 Purchaser is not engaged in the business of trading in securities or exchange contracts as
 a principal or agent and does not hold himself, herself or itself out as engaging in the
 business of trading in securities or exchange contracts as a principal or agent, or is otherwise
 exempt from any requirements to be registered as a dealer under National Instrument 31-103
 – *Registration Requirements, Exemptions and Ongoing Registrant Obligations*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) the
 Purchaser is not a Control Person of the Company and will not become a Control Person of
 the Company by virtue of its subscription for Units hereunder and the Purchaser does not
 intend to act in concert with any other person or persons to form a control group of the
 Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) the
 Purchaser is purchasing the Units with the benefit of a prospectus exemption provided by
 National Instrument 45-106 – *Prospectus Exemptions* ()"**NI 45-106** ")
 and is either: (i) purchasing the Units as principal for its own account and not for the
 benefit of any other person; or (ii) if it is not purchasing as principal it is either: (A)
 deemed to be purchasing the Units as principal for its own account in accordance with applicable
 Securities Laws; or (B) acting as trustee, agent, representative or nominee for a Beneficial
 Purchaser (whose identity is disclosed on page iv of this Subscription Agreement) who is
 purchasing as principal for its own account and not for the benefit of any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) the
 Purchaser is purchasing the Units with the benefit of a prospectus exemption and is an "accredited
 investor", as such term is defined in NI 45-106, such that one or more of the categories
 set out in Part B of Schedule A correctly and in all respects describes the Purchaser, and
 the Purchaser has so indicated by initialling the box opposite each category on such certificate
 which so describes it and certified the same by executing the certificate, and if the Purchaser
 is an individual, he or she has executed and delivered to the Agents an Individual Risk Acknowledgment
 Form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) if
 the Purchaser is an "accredited investor" in reliance on paragraph (m) of the
 definition of "accredited investor" in Section 1.1 of NI 45-106, the Purchaser
 was not created or used solely to purchase or hold securities as an accredited investor under
 that paragraph (m);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) unless
 the Purchaser has completed and executed Schedule B (either Annex 1 or Annex 2) to this Agreement,
 the Purchaser, whether acting as principal, trustee or agent, is neither (i) a "U.S.
 Person" (as defined in Rule 902(k) of Regulation S promulgated under the U.S. Securities
 Act), which definition 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 is a U.S. Person,
 and any partnership or corporation organized or incorporated under the laws of the United
 States, nor (ii) purchasing the Units for the account of a U.S. Person or a person in the
 United States or for resale in the United States, and the Units have not been offered to
 the Purchaser in the United States and the Purchaser was not in the United States when the
 order was placed or when this Subscription Agreement was executed and delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) the
 Purchaser will not offer or sell the Securities unless such securities are registered under
 the U.S. Securities Act and the laws of all applicable states of the United States or an
 exemption from such registration requirements is available, and further that the Purchaser
 will not resell the Securities except in accordance with the provisions of applicable Securities
 Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) if
 the Purchaser is, or is acting for the account or benefit of, a person in the United States
 or a U.S. Person, the Purchaser confirms, represents and warrants that the Purchaser is either
 (A) an "accredited investor" (a "**U.S. Accredited Investor** "),
 as such term is defined in Rule 501(a) of Regulation D under the U.S. Securities Act, and
 the Purchaser has concurrently completed and executed Schedule B – Annex 1 to the Subscription
 Agreement indicating which category of U.S. Accredited Investor that Purchaser satisfies,
 or (B) a "qualified institutional buyer" (a "**Qualified Institutional Buyer** "), as such term is defined in Rule 144A under the U.S. Securities Act, that
 is also a U.S. Accredited Investor, and the Purchaser has concurrently completed and executed
 Schedule B – Annex 2 to the Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) if
 the Purchaser, or a Beneficial Purchaser, if any, for whom it is acting as agent or trustee,
 is resident in or otherwise subject to applicable Securities Laws of a jurisdiction other
 than Canada and the United States, the Purchaser confirms, represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Purchaser is knowledgeable of, or has been independently advised as to, the applicable Securities
 Laws of the jurisdiction in which the Purchaser is resident (the "**International Jurisdiction**") and which would apply to this Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Purchaser is purchasing the Units, as principal, pursuant to exemptions from the prospectus,
 financial promotion and/or registration requirements or equivalent requirements under applicable
 Securities Laws or, if such is not applicable, the Purchaser is permitted to purchase the
 Units under the applicable Securities Laws of the International Jurisdiction without the
 need to rely on any exemptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all
 acts of solicitation, conduct or negotiations directly or indirectly in furtherance of the
 purchase of the securities occurred outside of Canada and the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no
 offer was made to the Purchaser in Canada or the United States and the buy order in respect
 of the subscription was not placed from within Canada or the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 applicable Securities Laws of the International Jurisdiction do not require the Company to
 make any filings or seek any approvals of any kind whatsoever from any securities regulator
 of any kind whatsoever in the International Jurisdiction in connection with the issue and
 sale or resale of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 delivery of this Subscription Agreement, the acceptance hereof by the Company and the purchase
 of the Units by the Purchaser complies with all applicable laws of the International Jurisdiction
 and all other applicable laws and does not trigger: (i) any obligation to prepare and file
 a prospectus, registration statement or similar document, or any other report or notice with
 respect to such purchase in the International Jurisdiction or to register the Securities;
 or (ii) any continuous disclosure reporting obligations of the Company in the International
 Jurisdiction; or (iii) any registration obligation of any Agent in the International Jurisdiction;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the
 Purchaser will, if requested by the Company, the Agents or their respective counsel, deliver
 to the Company and the Agents a certificate or opinion of local counsel from the International
 Jurisdiction which will confirm the matters referred to in subsections (ii) to (vi) above
 to the satisfaction of the Company, the Agents and their respective counsel, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) except
 for its knowledge regarding its subscription for Units hereunder, it has no knowledge of
 a "material fact" or a "material change" (as those terms are defined
 in the *Securities Act* (British Columbia)) in the affairs of the Company that has not
 been generally disclosed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 funds to purchase the Units which will be advanced by the Purchaser to the Company and the
 Agents will not represent proceeds of crime for the purposes of the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada) (the "**PCMLTFA** "),
 and the Purchaser acknowledges that the Company and the Agents may in the future be required
 by law to disclose the Purchaser's name and other information relating to this Subscription
 Agreement and the subscription hereunder, on a confidential basis, pursuant to the PCMLTFA;
 and none of the funds to be provided by the Purchaser hereunder (A) have been or will be
 derived from or related to any activity that is deemed criminal under the laws of Canada,
 the United States, or any other jurisdiction, or (B) are being tendered on behalf of a person
 or entity who has not been identified by the Purchaser; and the Purchaser will promptly notify
 the Company and the Agents if the Purchaser discovers that any of such representations ceases
 to be true, and to provide the Company and the Agents with appropriate information in connection
 therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) the
 Purchaser is not (i) a person or entity named on the List of Specially Designated Nationals
 and Blocked Persons administered by the U.S. Treasury Department's Office of Foreign
 Assets Control ()"**OFAC**") or in any Executive Order issued by the President
 of the United States and administered by OFAC ()"**OFAC List** "), or a person
 or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined
 in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank
 or providing banking services indirectly to a non-U.S. shell bank. The Purchaser agrees to
 provide law enforcement agencies, if requested thereby, such records as required by applicable
 law, provided that the Purchaser is permitted to do so under applicable law. If the Purchaser
 is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.),
 as amended by the USA PATRIOT Act of 2001, and its implementing regulations (collectively,
 the "**BSA/PATRIOT Act** "), to the extent required, the Purchaser maintains
 policies and procedures reasonably designed to comply with applicable obligations under the
 BSA/PATRIOT Act. To the extent required, it maintains policies and procedures reasonably
 designed for the screening of its investors against the OFAC sanctions programs, including
 the OFAC List. To the extent required, it maintains policies and procedures reasonably designed
 to ensure that the funds held by the Purchaser and used to purchase the Units were legally
 derived.

**8.**  **<u>Reliance upon Representations, Warranties and Covenants by the Company, the Agents and the U.S. Affiliates</u>** 

The Purchaser acknowledges that the representations, warranties and covenants made by the Purchaser in this Subscription Agreement are made with the intent that they may be relied upon by the Company, the Agents, the U.S. Affiliates and their respective counsel to, among other things, determine the Purchaser's eligibility to purchase the Units, including without limitation the availability of exemptions from the registration and prospectus requirements of applicable Securities Laws in connection with the issuance of the Unit Shares and Warrants comprising the Units to the Purchaser. The Purchaser further covenants to the Company, the Agents and the U.S. Affiliates that by accepting the Units, the Purchaser will be representing and warranting that such representations and warranties are true as at the Closing Date with the same force and effect as if they had been made by the Purchaser at the Closing Date, and that the covenants of the Purchaser made by it in this Subscription Agreement to be performed prior to the Closing Date have been performed. The Purchaser further agrees to indemnify the Agents, the Company and its respective directors, officers, employees, advisers, affiliates, shareholders and agents, and their respective counsel, against all losses, claims, costs, expenses, damages and liabilities which any of them may suffer or incur and which are caused by or rise from any inaccuracy in, or breach or misrepresentation by the Purchaser of, any such representations, warranties and covenants. The Purchaser undertakes to immediately notify the Company, the Agents and the U.S. Affiliates of any change in any statement or other information relating to the Purchaser set out herein or in a schedule hereto that takes place prior to the Closing Date.

**9.**  **<u>Representations, Warranties and Covenants of the Company</u>** 

By accepting the Purchaser's subscription, the Company agrees that the Purchaser will have the benefit of all the representations, warranties and covenants given by the Company in the Agency Agreement and further agrees that all such representations, warranties and covenants will be deemed to be incorporated herein as if they were reproduced in their entirety, with such changes as are necessary in order to reflect that such representations, warranties and covenants are being made by the Company to the Purchaser. However, the Purchaser acknowledges and agrees that any of the representations, warranties and covenants set forth in the Agency Agreement may be varied, amended, altered or waived as contemplated in Section 5(c) hereof.

**10.**  **<u>Commissions, Fees and Expenses</u>** 

The Purchaser understands that in connection with the Offering, on the Closing Date, the Agents will, subject to the terms of the Agency Agreement, receive from the Company a cash commission (the "**Cash Commission**") equal to 6.0% of the aggregate gross proceeds raised in the Offering (including any exercise of the Agents' Option); provided that the Cash Commission will be equal to 3.0% the aggregate gross proceeds raised in the Offering (including any exercise of the Agents' Option) from certain purchasers listed on a president's list (the "**President's List**"). The President's List will be no more than 20% of the Offering.

Subject to the terms of the Agency Agreement, the Company is also responsible to pay all reasonable fees and expenses of counsel for the Agents (up to a maximum amount as agreed between the Company and the Agents) and all reasonable costs and out-of-pocket expenses of the Agents, and all applicable taxes on any of the foregoing.

**11.**  **<u>No Revocation.</u>** 

Provided the Minimum Offering is met, the Purchaser agrees that this offer is made for valuable consideration and may not be withdrawn, cancelled, terminated or revoked by the Purchaser without the consent of the Company, subject to Section 13 hereof. Further, to the extent permitted by law, the Purchaser expressly waives and releases the Company and the Agents from all rights of withdrawal or rescission to which the Purchaser might otherwise be entitled pursuant to the applicable Securities Laws with respect to the Units purchased pursuant to the Offering.

**12.**  **<u>Exclusion of Liability of Agents.</u>** 

The Purchaser acknowledges that the Agents are acting as agent in this transaction and that all warranties, conditions, representations or stipulations, other than those relating solely to the Agents, whether express or implied and whether arising hereunder or under prior agreement or statement or by statute or at common law are expressly those of the Company. The Purchaser acknowledges that no information or representation concerning the Company has been provided to the Purchaser by the Company or the Agents other than those contained in this Subscription Agreement and the Agency Agreement, and that the Purchaser is relying entirely upon this Subscription Agreement, the Agency Agreement and publicly available information relating to the Company, such publicly available information having been delivered to the Purchaser without independent investigation or verification by the Agents, and agrees that the Agents assume no responsibility or liability of any nature whatsoever for the accuracy, adequacy or completeness of the publicly available information or as to whether all information concerning the Company required to be disclosed by the Company has been generally disclosed and agrees and acknowledges that the Company's counsel and the Agents' counsel are acting solely as counsel to the Company and the Agents, respectively, and not as counsel to the Purchaser. No person in the employment of, or acting as agent of, the Agents has any authority to make or give any representation or warranty whatsoever in relation to the Company or the Securities. Any information given or statement made is given or made without liability or responsibility howsoever arising on the part of the Agents, and the Purchaser hereby releases the Agents from any claims that may arise in respect of any such information given or statement made.

**13.**  **<u>Withdrawal of Subscription.</u>** 

The Purchaser reserves the right to withdraw this subscription and to terminate its obligations hereunder at any time before the Closing if the Agents terminate their obligations with respect to the Offering under the Agency Agreement and hereby appoints the Agents as its agent for the purpose of notifying the Company of the withdrawal or termination of this subscription.

**14.**  **<u>Survival</u>.** 

This Subscription Agreement, including without limitation the representations, warranties and covenants contained herein, will survive and continue in full force and effect and be binding upon the Company and the Purchaser, notwithstanding the completion of the purchase of the Units by the Purchaser pursuant hereto, or the subsequent disposition of the Securities by the Purchaser, subject in the case of the representations and warranties in the Agency Agreement to the limitations and other terms thereof.

**15.**  **<u>Personal Information Authorization</u>.** 

By executing this Subscription Agreement, the Purchaser hereby consents to the collection, use and disclosure of the personal information provided herein, and other personal information provided by the Purchaser or collected by the Company, the Agents, the U.S. Affiliates, or their respective counsel as reasonably necessary in connection with the Purchaser's subscription for the Units (collectively, "**personal information**") as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company, the Agents and the U.S. Affiliates may use personal information and disclose personal
 information to intermediaries such as the Company's or Agents' legal counsel
 and withholding and/or transfer agents for the purposes of determining the Purchaser's
 eligibility to invest in the Securities and for managing and administering the Purchaser's
 investment in the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company, the Agents and the U.S. Affiliates may disclose personal information to the TSXV
 and other securities regulatory authorities for purposes including, but not limited to, complete
 any filings required by the TSXV or other securities regulatory authorities, indirect collection
 of information by the TSXV or securities regulatory authorities under authority granted in
 applicable Securities Laws and the administration and enforcement of the applicable Securities
 Laws by the securities regulator authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Company may use the Purchaser's social insurance number for income reporting purposes
 in accordance with applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Company and its advisors may each collect, use and disclose personal information for the
 purposes of meeting legal, regulatory, self-regulatory, security and audit requirements (including
 any applicable tax, securities, money laundering or anti-terrorism legislation, rules or
 regulations) and as otherwise permitted or required by law, which disclosures may include
 disclosures to tax, securities or other regulatory or self-regulatory authorities in Canada
 and/or in foreign jurisdictions, if applicable, in connection with the regulatory oversight
 mandate of such authorities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Company and its advisors may use personal information and disclose personal information to
 parties connected with the proposed or actual transfer, sale, assignment, merger or amalgamation
 of the Company or its business or assets or similar transactions for the purpose of permitting
 such parties to evaluate and/or proceed with and complete such transaction. Purchasers, assignees
 and successors of the Company or its business or assets may collect, use and disclose personal
 information as described in this Subscription Agreement. The Purchaser acknowledges that
 the Company's agents or intermediaries may be located outside of Canada, and personal
 information may be transferred and/or processed outside of Canada for the purposes described
 above, and that measures the Company may use to protect personal information while handled
 by agents, intermediaries or other third parties on its behalf, and personal information
 otherwise disclosed or transferred outside of Canada for the purposes described above, are
 subject to legal requirements in foreign countries applicable to the Company or such third
 parties; for example, any lawful requirements to disclose personal information to government
 authorities in those countries.

By executing this Subscription Agreement, the Purchaser consents to and authorizes the foregoing collection, use and disclosure of the Purchaser's personal information. The Purchaser also consents to and authorizes the filing of copies or originals of any of this Subscription Agreement (including attachments) below as may be required to be filed with the TSXV or other securities regulatory authorities in connection with the transactions contemplated hereby. In addition, the Purchaser consents to and authorizes the collection, use and disclosure of all such personal information by the TSXV and other securities regulatory authorities in accordance with their requirements, including the provision to third party service providers, from time to time. The Purchaser agrees that the Company, the Agents and the U.S. Affiliates may be required by law or otherwise to disclose to securities regulatory authorities the identity of the Purchaser and if applicable the beneficial purchaser for whom the Purchaser may be acting.

**16.**  **<u>Personal Information Protection and Electronic Documents Act</u>** 

The Purchaser and, if the person signing this subscription is acting as agent for a disclosed principal, such agent acknowledge and consent to the fact that the Company, the Agents and the U.S. Affiliates are collecting the Purchaser's, and, if applicable, such agent's personal information (as that term is defined under applicable privacy legislation, including, without limitation, the *Personal Information Protection and Electronic Documents Act* (Canada) and any other applicable similar, replacement or supplemental provincial or federal legislation or laws in effect from time to time), for the purpose of completing this Subscription Agreement. The Purchaser and, if the person signing this subscription is acting as agent for a disclosed principal, such agent acknowledges and consents to the Company, the Agents and the U.S. Affiliates retaining such personal information for as long as permitted or required by law or business practices. The Purchaser and, if the person signing this subscription is acting as agent for a disclosed principal, such agent further acknowledges and consents to the fact that the Company, the Agents and the U.S. Affiliates may be required by the applicable Securities Laws, the rules and policies of any stock exchange or the rules of the Canadian Investment Regulatory Organization to provide regulatory authorities or stock exchanges with any personal information provided by the Purchaser or, if applicable, such agent in this Subscription Agreement. The Purchaser and, if the person signing this subscription is acting as agent for a disclosed principal, such agent represents and warrants that it has the authority to provide the consents and acknowledgements set out in this section. In addition to the foregoing, the Purchaser and, if the person signing this subscription is acting as agent for a disclosed principal, such agent acknowledges and agrees that the Company, the Agents and the U.S. Affiliates may use and disclose the Purchaser's and, if applicable, such agent's personal information, and consents thereto, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
 internal use with respect to managing the relationships between and contractual obligations
 of the Company and the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 use and disclosure for income tax related purposes, including without limitation, where required
 by law, disclosure to the Canada Revenue Agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) disclosure
 to stock exchanges and securities regulatory authorities and other regulatory bodies having
 jurisdiction with respect to the approval or acceptance of the Offering, reports of trades
 and similar stock exchange or regulatory filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosure
 to a governmental or other authority to which the disclosure is required by court order or
 subpoena compelling such disclosure and where there is no reasonable alternative to such
 disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) disclosure
 to professional advisers of the Company in connection with the performance of their professional
 services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) disclosure
 to any person where such disclosure is necessary for legitimate business reasons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) disclosure
 to a court determining the rights of the parties under this Subscription Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) for
 use and disclosure as otherwise required or permitted by law.

**17.**  **<u>Governing Law</u>.** 

This Subscription Agreement will be governed by and construed in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein. The Purchaser hereby irrevocably attorns to the non-exclusive jurisdiction of the courts of the Province of British Columbia with respect to any matters arising out of this Subscription Agreement.

**18.**  **<u>Severability</u>.** 

The invalidity, illegality or unenforceability of any provision of this Subscription Agreement will not affect the validity, legality or enforceability of any other provision hereof.

**19.**  **<u>Costs</u>.** 

All costs and expenses incurred by the Purchaser, including, without limitation, legal fees and disbursements relating to the purchase by the Purchaser of the Units, will be borne by the Purchaser.

**20.**  **<u>Assignment</u>.** 

This Subscription Agreement will enure to the benefit of and be binding on the Company, the Purchaser and their respective heirs, administrators, executors, successors and permitted assigns. This Subscription Agreement may not be assigned by the Company and may only be transferred or assigned by the Purchaser: (a) subject to compliance with applicable Securities Laws, and (b) with the prior written consent of the Company and the Agents.

**21.**  **<u>No Partnership</u>.** 

Nothing herein will constitute or be construed to constitute a partnership of any kind whatsoever between the Purchaser and the Company.

**22.**  **<u>Entire Agreement</u>.** 

This Subscription Agreement constitutes the entire agreement between the parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written. There are no conditions, representations, warranties, covenants or other agreements between the parties hereto relating to the subject matter hereof, except as specifically set out, referred to or incorporated by reference herein.

**23.**  **<u>Amendments and Waivers</u>.** 

Except as contemplated by Section 5 hereof and as permitted in the Agency Agreement, no amendment to this Subscription Agreement will be valid or binding unless set out in writing and duly executed by the parties hereto. No waiver of any breach of any provision of this Subscription Agreement will be effective or binding unless made in writing and signed by the waiving party.

**24.**  **<u>Facsimile Deliveries and Counterparts</u>.** 

The Company, the Agents and the U.S. Affiliates will be entitled to rely on delivery by facsimile or other electronic means of a copy of this Subscription Agreement executed by the Purchaser, and acceptance by the Company of such executed Subscription Agreement will be legally effective to create a valid and binding agreement between the Purchaser and the Company in accordance with the terms hereof. In addition, this Subscription Agreement may be executed in counterparts, each of which will be deemed to be an original and all of which will constitute one and the same document.

**25.**  **<u>Extended Meanings and Headings</u>.** 

In this Subscription Agreement words importing the singular number include the plural and vice versa, words importing any gender include all genders and words importing persons include individuals, partnerships, associations, trusts and unincorporated associations. The headings contained herein are for convenience of reference only and will not affect the construction or interpretation hereof.

**26.**  **<u>Time of Essence</u>.** 

Time will be of the essence of this Subscription Agreement.

**27.**  **<u>Currency</u>.** 

All references to currency herein are to the lawful money of Canada, unless otherwise stated.

**28.**  **<u>Further Assurances .</u>** 

Each of the parties hereto will from time to time execute and deliver all such further documents and instruments and do all acts and things as the other party may, either before or after the closing of the transactions contemplated hereby, reasonably require to effectively carry out or better evidence or perfect the full intent and meaning of this Subscription Agreement.

**29.**  **<u>Notices</u>.** 

All notices or other communications to be given hereunder will be delivered by hand or by e-mail, and if delivered by hand, will be deemed to have been given on the date of delivery or, if sent by email, on the date of transmission if sent before 5:00 p.m. (Vancouver time) and such day is a Business Day or, if not, on the first Business Day following the date of transmission.

Notices to the Company will be addressed to:

Bunker Hill Mining Corp.

300 – 1055 West Hasting Street

Vancouver, British Columbia V6E 2E9

Attention: Sam Ash

Email: [**REDACTED – Personal Information**]

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

Blake, Cassels & Graydon LLP

1133 Melville St‎, Suite 3500, The Stack

Vancouver, BC V6E 4E5‎

Attention: Jamie Kariya

Email: [**REDACTED – Personal Information**]

Notices to the Purchaser will be addressed to the address of the Purchaser set out on the execution pages hereof, with a copy to the BMO Nesbitt Burns Inc., on behalf of the Agents to:

1 First Canadian Place

4<sup>th</sup> Floor, P.O. Box 150

Toronto, Ontario M5X 1H3

Attention: Jesse Pearlstein

Email: [**REDACTED – Personal Information**]

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

Gowling WLG (Canada) LLP

550 Burrard Street, Suite 2300

Vancouver, BC V6C 2B5

Attention: Deepak Gill

Email: [**REDACTED – Personal Information**]

Either the Company or the Purchaser may change its address for service aforesaid by notice in writing to the other party hereto specifying its new address for service hereunder.

**[Remainder of page intentionally left blank.]**

**SCHEDULE A**

**<u>PURCHASER CERTIFICATE</u>**

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| | |
|:---|:---|
| **TO:** | **BUNKER HILL MINING CORP.** (the "**Company**") |

---

---

| | |
|:---|:---|
| **AND TO:** | **BMO NESBITT BURNS INC.** |
|  | **CIBC CAPITAL MARKETS INC.** |
|  | **RED CLOUD SECURITIES INC.** |
|  | **NATIONAL BANK FINANCIAL INC.** |
|  | (collectively, the "**Agents**") |

---

Terms not otherwise defined in this Schedule have the meaning given to them in, as applicable, (a) National Instrument 45-106 - *Prospectus Exemptions* ("**NI 45-106**"), (b) National Instrument 14-101 - *Definitions*, or (c) the securities legislation of the jurisdiction of the Company or Purchaser. While certain definitions used in this Schedule A are incorporated for ease of reference in footnotes, full reference should be made to NI 45-106 for the complete provisions, including definitions, and to the Companion Policy to NI 45-106 for matters of interpretation and application. All monetary references are in Canadian dollars.

Capitalized terms not specifically defined in this Schedule A have the meanings ascribed to them in the Subscription Agreement to which this Schedule A is attached.

**INSTRUCTIONS**

Each Purchaser must complete Part A (Purchasing as Principal) of this Schedule A and Part B (Accredited Investor) of this Schedule A.

If a Purchaser completes Part B of this Schedule A and is an individual Accredited Investor, such Purchaser must also complete Attachment 1 (Risk Acknowledgement Form for Individual Accredited Investors) to this Schedule A.

In connection with the purchase of the Units by the Purchaser, the Purchaser represents, warrants, covenants (on its own behalf or, if applicable, on behalf of those for whom the Purchaser is contracting under the Subscription Agreement) and certifies to the Company and the Agents, and acknowledges that the Company and the Agents are relying thereon, that:

---

| | | |
|:---|:---|:---|
| **PART A - PURCHASING AS PRINCIPAL** | **PART A - PURCHASING AS PRINCIPAL** | **PART A - PURCHASING AS PRINCIPAL** |
|  | The Purchaser is: *[check the box and complete the category that applies]* | The Purchaser is: *[check the box and complete the category that applies]* |
| ☐ | (a) | purchasing the Units as principal; or |
| ☐ | (b) | deemed to be purchasing as principal under applicable Securities Laws, in accordance with the following statutory provision, the particulars of which are set out below: |
|  |  | _______________________________________________________________________ |
|  |  | _______________________________________________________________________ |
|  |  | _______________________________________________________________________ |

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---

| | | |
|:---|:---|:---|
| **PART B - ACCREDITED INVESTOR** | **PART B - ACCREDITED INVESTOR** | **PART B - ACCREDITED INVESTOR** |
|  | The Purchaser is: *[check the box that applies]* | The Purchaser is: *[check the box that applies]* |
| ☐ | (a) | (i) except in Ontario, a Canadian financial institution<sup>1</sup>, or a Schedule III bank<sup>2</sup>, |
|  |  | (ii) in Ontario, a financial institution described in paragraph 73.1(1) of the *Securities Act* (Ontario) (as detailed below), |
| ☐ | (b) | the Business Development Bank of Canada incorporated under the *Business Development Bank of Canada Act* (Canada),<br>|
| ☐ | (c) | a subsidiary<sup>3</sup> of any person<sup>4</sup> referred to in paragraphs (a) or (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary, |
| ☐ | (d) | a person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer, |
| ☐ | (e) | an individual<sup>5</sup> registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (d), |
| ☐ | (e.1) | an individual formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited market dealer under one or both of the *Securities Act* (Ontario) or the *Securities Act* (Newfoundland and Labrador), |
| ☐ | (f) | the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada, |
| ☐ | (g) | a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l'île de Montréal or an intermunicipal management board in Québec, |
| ☐ | (h) | any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction<sup>6</sup>, or any agency of that government, |
| ☐ | (i) | a pension fund that is regulated by the Office of the Superintendent of Financial Institutions (Canada), a pension commission or similar regulatory authority of a jurisdiction of Canada, |

---

<sup>1</sup> "Canadian financial institution" means (a) an association governed by the *Cooperative Credit Associations Act* (Canada) or a central cooperative credit society for which an order has been made under section 473(1) of that Act, or (b) a bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse populaire, financial services cooperative, or league that, in each case, is authorized by an enactment of Canada or a jurisdiction of Canada to carry on business in Canada or a jurisdiction of Canada.

<sup>2</sup> "Schedule III bank" means an authorized foreign bank named in Schedule III of the *Bank Act* (Canada).

<sup>3</sup> "subsidiary" means an issuer that is controlled by another issuer, and an issuer is controlled by a person if (a) voting securities of the issuer are held, other than by way of security only, by or for the benefit of that person, and (b) the voting rights attached to those voting securities are entitled, if exercised, to elect a majority of the directors of the issuer.

<sup>4</sup> "person" includes an individual, corporation, partnership, trust, fund, association, syndicate, organization, any other organized group of persons, whether incorporated or not, and the personal or other legal representative of a person to whom the context can apply according to law.

<sup>5</sup> "individual" means a natural person, but does not include (a) a partnership, unincorporated association, unincorporated syndicate, unincorporated organization or trust, or (b) a natural person in the person's capacity as a trustee, executor, administrator or personal or other legal representative.

<sup>6</sup> "foreign jurisdiction" means a country other than Canada or a political subdivision of a country other than Canada.

---

| | | |
|:---|:---|:---|
| ☐ | (j) | an individual who, either alone or with a spouse<sup>7</sup>, beneficially owns financial assets<sup>8</sup> having an aggregate realizable value that, before taxes but net of any related liabilities<sup>9</sup>, exceeds $1,000,000, |
|  |  | **IMPORTANT – If you qualify as an accredited investor under this Category (j), you must complete and execute Form 45-106F9 –Individual Risk Acknowledgment form, attached as Attachment 1 to this Schedule A** |
| ☐ | (j.1) | an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $5,000,000, |
| ☐ | (k) | an individual whose net income before taxes exceeded $200,000 in each of the 2 most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the 2 most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year,<br>**IMPORTANT – If you qualify as an accredited investor under this Category (k), you must complete and execute Form 45-106F9 –Individual Risk Acknowledgment form, attached as Attachment 1 to this Schedule A** |
| ☐ | (l) | an individual who, either alone or with a spouse, has net assets of at least $5,000,000,<br>**IMPORTANT – If you qualify as an accredited investor under this Category (l), you must complete and execute Form 45-106F9 –Individual Risk Acknowledgment form, attached as Attachment 1 to this Schedule A** |
| ☐ | (m) | a person, other than an individual or investment fund<sup>10</sup>, that has net assets<sup>11</sup> of at least $5,000,000 as shown on its most recently prepared financial statements<sup>12</sup>, and such person has not been created or used solely to purchase or hold securities as an accredited investor, |
| ☐ | (n) | an investment fund that distributes or has distributed its securities only to |
|  | (i) | a person that is or was an accredited investor at the time of the distribution, |
|  | (ii) | a person that acquires or acquired securities in the circumstances referred to in sections 2.10 of NI 45-106 [*Minimum amount investment*], and 2.19 of NI 45-106 [*Additional investment in investment funds*], or |
|  | (ii) | a person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 of NI 45-106 [*Investment fund reinvestment*], |

---

<sup>7</sup> "spouse" means, an individual who, (a) is married to another individual and is not living separate and apart within the meaning of the Divorce Act (Canada), from the other individual, (b) is living with another individual in a marriage-like relationship, including a marriage like relationship between individuals of the same gender, or (c) in Alberta, is an individual referred to in paragraph (a) or (b), or is an adult interdependent partner within the meaning of the *Adult Interdependent Relationships Act* (Alberta).

<sup>8</sup> "financial assets" means (a) cash, (b) securities, or (c) a contract of insurance, a deposit or an evidence of a deposit that is not a security for the purposes of securities legislation.

<sup>9</sup> "related liabilities" means (a) liabilities incurred or assumed for the purpose of financing the acquisition or ownership of financial assets, or (b) liabilities that are secured by financial assets.

<sup>10</sup> "investment fund" means a mutual fund or a non-redeemable investment fund, and, for greater certainty in British Columbia, includes (a) an employee venture capital corporation that does not have a restricted constitution, and is registered under Part 2 of the *Employee Investment Act* (British Columbia), and whose business objective is making multiple investments, and (b) a venture capital corporation registered under Part 1 of the *Small Business Venture Capital Act* (British Columbia), whose business objective is making multiple investments and a "non-redeemable investment fund" means an issuer, (x) whose primary purpose is to invest money provided by its securityholders, (y) that does not invest, (i) for the purpose of exercising or seeking to exercise control of an issuer, other than an issuer that is a mutual fund or a non-redeemable investment fund, or (ii) for the purpose of being actively involved in the management of any issuer in which it invests, other than an issuer that is a mutual fund or a non-redeemable investment fund, and (z) that is not a mutual fund.

<sup>11</sup> "net assets" means the value of the total assets of the purchaser less the value of the total liabilities.

<sup>12</sup> "financial statements" includes interim financial reports.

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| | |
|:---|:---|
| ☐(o) | an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt, |
| ☐ (p) | a trust company or trust corporation registered or authorized to carry on business under the *Trust and Loan Companies Act* (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be, |
| ☐ (q) | a person acting on behalf of a fully managed account<sup>13</sup> managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction, |
| ☐ (r) | a registered charity under the *Income Tax Act* (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser<sup>14</sup> or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded, |
| ☐ (s) | an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) in form and function, |
| ☐ (t) | a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors, |
| ☐ (u) | an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser, |
| ☐ (v) | a person that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the regulator as an accredited investor, or |
| ☐ (w) | a trust established by an accredited investor for the benefit of the accredited investor's family members of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited investor's spouse<sup>7</sup>, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor, of that accredited investor's spouse or of that accredited investor's former spouse. |

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<sup>13</sup> "fully managed account" means an account of a client for which a person makes the investment decisions if that person has full discretion to trade in securities for the account without requiring the client's express consent to a transaction.

<sup>14</sup> "eligibility adviser" means (a) a person that is registered as an investment dealer and authorized to give advice with respect to the type of security being distributed, and (b) in Manitoba, also means a lawyer who is a practicing member in good standing with a law society of a jurisdiction of Canada or a public accountant who is a member in good standing of an institute or association of chartered accountants, certified general accountants or certified management accountants in a jurisdiction of Canada provided that the lawyer or public accountant must not (i) have a professional, business or personal relationship with the issuer, or any of its directors, executive officers, founders, or control persons, and (ii) have acted for or been retained personally or otherwise as an employee, executive officer, director, associate or partner of a person that has acted for or been retained by the issuer or any of its directors, executive officers, founders or control persons within the previous 12 months.

**DATED** as of this ______ day of _________________, 2025.

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| | |
|:---|:---|
| Name of Purchaser (please print) | Name of Purchaser (please print) |
| By: |  |
|  | Authorized Signature |
| Official Title or Capacity (please print) | Official Title or Capacity (please print) |
| Name of Signatory (please print name of individual whose signature appears above if different than name of Purchaser) | Name of Signatory (please print name of individual whose signature appears above if different than name of Purchaser) |

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**ATTACHMENT 1 TO SCHEDULE A**

**INDIVIDUAL RISK ACKNOWLEDGMENT FORM**

**Form 45-106F9**

**Risk Acknowledgement Form for Individual Accredited Investors**

**WARNING!**

**This investment is risky. Don't invest unless you can afford to lose all the money you pay for this investment**

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| | | |
|:---|:---|:---|
| **SECTION 1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** | **SECTION 1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** | **SECTION 1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** |
| **1. About your investment** | **1. About your investment** | **1. About your investment** |
| Type of securities: **Units (each comprised of one share of common stock and one-half of one common stock purchase warrant)** | Issuer: **Bunker Hill Mining Corp.** | Issuer: **Bunker Hill Mining Corp.** |
| Purchased from: **Bunker Hill Mining Corp.** | Purchased from: **Bunker Hill Mining Corp.** | Purchased from: **Bunker Hill Mining Corp.** |
| **SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** | **SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** | **SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** |
| **2. Risk acknowledgement** | **2. Risk acknowledgement** | **2. Risk acknowledgement** |
| This investment is risky. Initial that you understand that: | This investment is risky. Initial that you understand that: | **Your initials** |
| **Risk of loss –** You could lose your entire investment of $____________________. [*Instruction: Insert the total dollar amount of the investment.]* | **Risk of loss –** You could lose your entire investment of $____________________. [*Instruction: Insert the total dollar amount of the investment.]* |  |
| **Liquidity risk –** You may not be able to sell your investment quickly – or at all. | **Liquidity risk –** You may not be able to sell your investment quickly – or at all. |  |
| **Lack of information –** You may receive little or no information about your investment. | **Lack of information –** You may receive little or no information about your investment. |  |
| **Lack of advice –** You will not receive advice from the salesperson about whether this investment is suitable for you unless the salesperson is registered. The salesperson is the person who meets with, or provides information to, you about making this investment. To check whether the salesperson is registered, go to <u>www.aretheyregistered.ca.</u> | **Lack of advice –** You will not receive advice from the salesperson about whether this investment is suitable for you unless the salesperson is registered. The salesperson is the person who meets with, or provides information to, you about making this investment. To check whether the salesperson is registered, go to <u>www.aretheyregistered.ca.</u> |  |
| **3. Accredited investor status** | **3. Accredited investor status** | **3. Accredited investor status** |
| You must meet at least **one** of the following criteria to be able to make this investment. Initial the statement that applies to you (you may initial more than one statement). The person identified in section 6 is responsible for ensuring that you meet the definition of accredited investor. That person, or the salesperson identified in section 5, can help you if you have questions about whether you meet these criteria. | You must meet at least **one** of the following criteria to be able to make this investment. Initial the statement that applies to you (you may initial more than one statement). The person identified in section 6 is responsible for ensuring that you meet the definition of accredited investor. That person, or the salesperson identified in section 5, can help you if you have questions about whether you meet these criteria. | **Your initials** |

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| | |
|:---|:---|
| ● Your net income before taxes was more than $200,000 in each of the 2 most recent calendar years, and you expect it to be more than $200,000 in the current calendar year. (You can find your net income before taxes on your personal income tax return.) | ● Your net income before taxes was more than $200,000 in each of the 2 most recent calendar years, and you expect it to be more than $200,000 in the current calendar year. (You can find your net income before taxes on your personal income tax return.) |
| ● Your net income before taxes combined with your spouse's was more than $300,000 in each of the 2 most recent calendar years, and you expect your combined net income before taxes to be more than $300,000 in the current calendar year. | ● Your net income before taxes combined with your spouse's was more than $300,000 in each of the 2 most recent calendar years, and you expect your combined net income before taxes to be more than $300,000 in the current calendar year. |
| ● Either alone or with your spouse, you own more than $1 million in cash and securities, after subtracting any debt related to the cash and securities. | ● Either alone or with your spouse, you own more than $1 million in cash and securities, after subtracting any debt related to the cash and securities. |
| ● Either alone or with your spouse, you have net assets worth more than $5 million. (Your net assets are your total assets (including real estate) minus your total debt.) | ● Either alone or with your spouse, you have net assets worth more than $5 million. (Your net assets are your total assets (including real estate) minus your total debt.) |
| **4. Your name and signature** | **4. Your name and signature** |
| By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. | By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. |
| First and last name (please print)**:** | First and last name (please print)**:** |
| Signature: | Date: |
| **SECTION 5 TO BE COMPLETED BY THE SALESPERSON** | **SECTION 5 TO BE COMPLETED BY THE SALESPERSON** |
| **5. Salesperson information** | **5. Salesperson information** |
| *[Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer, a registrant or a person who is exempt from the registration requirement.]* | *[Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer, a registrant or a person who is exempt from the registration requirement.]* |
| First and last name of salesperson (please print): | First and last name of salesperson (please print): |
| Telephone: | Email: |
| Name of firm (if registered): | Name of firm (if registered): |
| **SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** | **SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** |
| **6. For more information about this investment** | **6. For more information about this investment** |
| <br> **Bunker Hill Mining Corp.**<br> 300 - 1055 West Hastings Street<br> Vancouver, British Columbia<br> V6E 2E9<br>Attention: Gerbrand Van Heerden, Chief Financial Officer, Telephone: 604-506-3613,<br> Email: <u>[**REDACTED – Personal Information**].</u><br>**For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at <u>www.securities-administrators.ca</u>.** | <br> **Bunker Hill Mining Corp.**<br> 300 - 1055 West Hastings Street<br> Vancouver, British Columbia<br> V6E 2E9<br>Attention: Gerbrand Van Heerden, Chief Financial Officer, Telephone: 604-506-3613,<br> Email: <u>[**REDACTED – Personal Information**].</u><br>**For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at <u>www.securities-administrators.ca</u>.** |

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***Form instructions****:*

*1.* *The information in sections 1, 5 and 6 must be completed before the purchaser completes and signs the form.* 

*2.* *The purchaser must sign this form. Each of the purchaser and the issuer or selling security holder must receive a copy of this form signed by the purchaser. The issuer or selling security holder is required to keep a copy of this form for 8 years after the distribution.* 

**SCHEDULE B – ANNEX 1**

**<u>U.S. ACCREDITED INVESTOR CERTIFICATE</u>**

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| | |
|:---|:---|
| **TO:** | Bunker Hill Mining Corp. (the "**Company**") |
| **AND TO:** | BMO Nesbitt Burns Inc. |
|  | CIBC Capital Markets Inc. |
|  | Red Cloud Securities Inc. |
|  | National Bank Financial Inc. |
|  | (collectively, the "**Agents**") |
| **AND TO:** | U.S. broker-dealer affiliates of the Agents |
|  | (collectively, the "**U.S. Affiliates**") |

---

Reference is made to the subscription agreement between the Company and the undersigned (referred to herein as the "**Purchaser**") dated as of the date hereof (the "**Subscription Agreement**"). Upon execution of this U.S. Accredited Investor Certificate by the Purchaser, this U.S. Accredited Investor Certificate shall be incorporated into and form a part of the Subscription Agreement. Terms not otherwise defined herein have the meanings attributed to them in the Subscription Agreement.

In connection with the proposed purchase of Units, the undersigned represents and warrants to, and covenants with, the Company, the Agents and the U.S. Affiliates on the date hereof and on the Closing Date, as follows:

(a) the
 Purchaser understands and acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Securities have not been registered under the United States Securities Act of 1933, as amended
 (the "**U.S. Securities Act** "), or the securities laws of any state of the
 United States, and that the sale contemplated hereby is being made in reliance on the exemption
 from such registration requirements provided by Rule 506(c) of Regulation D and/or Section
 4(a)(2) under the U.S. Securities Act and similar exemptions under applicable state securities
 laws;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Securities may not be offered or sold except pursuant to registration under the U.S. Securities
 Act and the securities laws of all applicable states, or pursuant to available exemptions
 therefrom; and

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Purchaser will not engage in any "directed selling efforts" (as defined by Rule
 902(c) of Regulation S under the U.S. Securities Act) in the United States in respect of
 the Securities, which would include any activities undertaken for the purpose of, or that
 could reasonably be expected to have the effect of, conditioning the market in the United
 States for any of the Securities;

(b) the
 Purchaser is resident in the jurisdiction set out under the "Purchaser's Address"
 on page iii hereof, which is the address at which the Purchaser received and accepted the
 offer to purchase the Units;

(c) if
 the Purchaser decides to offer, sell or otherwise transfer any of the Securities, it will
 not offer, sell or otherwise transfer any of such Securities, directly or indirectly, unless
 the sale is:

&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 the Company;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) made
 outside the United States in a transaction meeting the requirements of Rule 904 of Regulation
 S under the U.S. Securities Act and in compliance with applicable local laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) made
 pursuant to the exemption from the registration requirements of the U.S. Securities Act provided
 by Rule 144 thereunder, if available, and in accordance with any applicable state securities
 laws; or

&nbsp;&nbsp;&nbsp;&nbsp;(iv) in
 another transaction that does not require registration under the U.S. Securities Act or any
 applicable state laws and regulations governing the offer and sale of securities;

and, in the case of clauses (ii), (iii) or (iv) above, it has prior to such sale furnished to the Company an opinion of counsel of recognized standing or other evidence of exemption, in each case in form and substance reasonably satisfactory to the Company;

(d) it
 understands and acknowledges that the Securities will be "restricted securities",
 as such term is defined in Rule 144(a)(3) under the U.S. Securities Act, and upon the issuance
 thereof, and until such time as the same is no longer required under the applicable requirements
 of the U.S. Securities Act or applicable state securities laws and regulations, the certificates
 representing each of the Securities will bear a legend (the "**U.S. Legend** ")
 in substantially the following form:

**"THE SECURITIES REPRESENTED HEREBY [For warrants Include: and the securities issuable upon exercise hereof] HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH ALL LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND IN THE CASE OF (B), (C) OR (D), THE HOLDER HAS PRIOR TO SUCH SALE FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA."**

provided that the legend may be removed by delivery to the Company and the Company's registrar and transfer agent of an opinion of counsel of recognized standing or other evidence of exemption in form and substance reasonably satisfactory to the Company that such legend is no longer required under applicable requirements of the U.S. Securities Act or state securities laws;

(e) The
 Warrants may not be exercised unless exemptions are available from the registration requirements
 of the U.S. Securities Act and the securities laws of all applicable states of the United
 States, and the holder has furnished an opinion of counsel of recognized standing in form
 and substance reasonably satisfactory to the Company to such effect; provided that a holder
 of Warrants (a "**Warrantholder**") will not be required to deliver an opinion
 of counsel in connection with its due exercise of the Warrants that comprise part of the
 Units purchased pursuant to the Offering, for its own account or for the account of the original
 beneficial purchaser, if any, at a time when the Warrantholder and such original beneficial
 purchaser, if any, are Accredited Investors and its representations and warranties contained
 in this U.S. Accredited Investor Status Certificate remain true and correct with respect
 to the exercise of the Warrants and the holder represents to the Company as such.

(f) Upon
 the original issuance of the Warrants and until such time as is no longer required under
 applicable requirements of the U.S. Securities Act or applicable state securities laws, all
 certificates representing the Warrants sold in the United States and to, or for the account
 or benefit of, U.S. Persons, and all certificates issued in exchange therefor or in substitution
 thereof, shall bear a legend substantially in the following form:

**"THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THIS WARRANT MAY NOT BE EXERCISED UNLESS THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR EXEMPTIONS FROM SUCH REGISTRATION REQUIREMENTS ARE AVAILABLE."**

(g) the
 Purchaser consents to the Company making a notation on its records or giving instruction
 to its registrar and transfer agent in order to implement the restrictions on transfer and
 exercise with respect to the Securities set forth and described herein;

(h) the
 Purchaser has such knowledge and experience in financial and business matters as to be capable
 of evaluating the merits and risks of an investment in the Securities and it is able to bear
 the economic risk of loss of its entire investment;

(i) the
 Purchaser certifies that, if the Purchaser is an entity or organization, the Purchaser was
 not formed for the specific purpose of acquiring the Units;

(j) the
 Purchaser acknowledges that the Company has provided to the Purchaser the opportunity to
 ask questions and receive answers concerning the terms and conditions of the offering and
 it has had access to such information concerning the Company as it has considered necessary
 or appropriate in connection with its investment decision to acquire the Securities;

(k) the
 Purchaser understands and acknowledges that the Company was previously a "shell company"
 and accordingly Rule 144 under the U.S. Securities Act may not be available for resales of
 the Securities;

(l) the
 Purchaser has not purchased the Units as a result of any form of "general solicitation
 or general advertising" (as those terms are used in Regulation D under the U.S. Securities
 Act), including, without limitation, advertisements, articles, notices or other communications
 published in any newspaper, magazine or similar media or on the internet, or broadcast over
 radio or television, or the internet or other form of telecommunications, including electronic
 display, or any seminar or meeting whose attendees have been invited by general solicitation
 or general advertising;

(m) the
 Purchaser is and will be acquiring the Units for its own account, or for the account of one
 or more persons for whom it is exercising sole investment discretion (a "**Beneficial Purchaser** "), for investment purposes only and not with a view to resale or distribution
 of the Securities and, in particular, neither it nor any Beneficial Purchaser for whose account
 it is purchasing the Units has any intention to distribute either directly or indirectly
 the Securities to, or for the account or benefit of, a U.S. Person or person in the United
 States; provided, however, that this paragraph shall not restrict the Purchaser from selling
 or otherwise disposing of such Securities pursuant to registration thereof pursuant to the
 U.S. Securities Act and any applicable state securities laws, or under an applicable exemption
 from such registration requirements;

(n) no
 agency, governmental authority, regulatory body, stock exchange or other entity (including,
 without limitation, the United States Securities and Exchange Commission or any state securities
 commission) has made any finding or determination as to the merit of investment in, nor have
 any such agencies or governmental authorities made any recommendation or endorsement with
 respect, to the Securities;

(o) the
 funds representing the purchase price which will be advanced by the Purchaser to the Company
 hereunder will not represent proceeds of crime for the purposes of the United States Uniting
 and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
 Terrorism Act (the "**PATRIOT Act** "), and the Purchaser acknowledges that
 the Company may in the future be required by law to disclose the Purchaser's name and
 other information relating to the subscription agreement and the Purchaser's subscription
 hereunder, on a confidential basis, pursuant to the PATRIOT Act. No portion of the purchase
 price to be provided by the Purchaser (i) has been or will be derived from or related to
 any activity that is deemed criminal under the laws of the United States of America, or any
 other jurisdiction, or (ii) is being tendered on behalf of a person or entity who has not
 been identified to or by the Purchaser, and it shall promptly notify the Company if the Purchaser
 discovers that any of such representations ceases to be true and provide the Company with
 appropriate information in connection therewith;

(p) the
 Purchaser understands and agrees that there may be material tax consequences to the Purchaser
 of an acquisition, disposition or exercise, as applicable, of the Securities. The Company
 gives no opinion and makes no representation with respect to the tax consequences to the
 Purchaser under United States, state, local or foreign tax law of the undersigned's
 acquisition or disposition of such securities. In particular, no determination has been made
 whether the Company is or will be a "passive foreign investment company" within
 the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as amended
 (the "**Code** ");

(q) the
 Purchaser, and if applicable, each Beneficial Purchaser for whose account it is purchasing
 the Units, is an "accredited investor" that satisfies one or more criteria set
 forth in Rule 501(a) of Regulation D (a "**U.S. Accredited Investor** "), and
 the Purchaser has initialled the category of U.S. Accredited Investor applicable to the Purchaser
 and the Beneficial Purchaser **(please place your initials and a P (denoting Purchaser) and, if applicable, a BP (denoting Beneficial Purchaser) on the appropriate line(s))**:

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| | |
|:---|:---|
| Category 1. | A bank, as defined in Section 3(a)(2) of the U.S. Securities Act, whether acting in its individual or fiduciary capacity. |
| Category 2. | A savings and loan association or other institution as defined in Section 3(a)(5)(A) of the U.S. Securities Act, whether acting in its individual or fiduciary capacity. |
| Category 3. | A broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended. |
| Category 4. | An investment adviser registered pursuant to Section 203 of the U.S. Investment Advisers Act of 1940 or registered pursuant to the laws of a state. |
| Category 5. | An investment adviser relying on the exemption from registering with the SEC under Section 203(l) or (m) of the Investment Advisers Act of 1940. |
| Category 6. | An insurance company as defined in Section 2(a)(13) of the U.S. Securities Act. |
| Category 7. | An investment company registered under the Investment Company Act of 1940, as amended. |
| Category 8. | A business development company as defined in Section 2(a)(48) of the Investment Company Act of 1940, as amended. |
| Category 9. | A small business investment company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended. |
| Category 10. | A rural business investment company as defined in Section 384A of the Consolidated Farm and Rural Development Act. |
| Category 11. | A plan established and maintained by a state, its political subdivision or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, with assets in excess of US$5,000,000. |

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| | |
|:---|:---|
| Category 12. | An employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended, in which the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company or registered investment advisor, or an employee benefit plan with total assets in excess of US$5,000,000 or, if a self-directed plan, the investment decisions are made solely by persons who are accredited investors. |
| Category 13. | A private business development company as defined in Section 202(a)(22) of the Investment Advisors Act of 1940, as amended. |
| Category 14. | An organization described in Section 501(c)(3) of the Code, a corporation, a Massachusetts or similar business trust, or a partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of US$5,000,000. |
| Category 15. | A director, executive officer or general partner of the Company. |
| Category 16. | Any natural person whose individual net worth, or joint net worth with that person's spouse, at the time of purchase, exceeds US$1,000,000 (for the purposes of calculating net worth: (i) the person's primary residence shall not be included as an asset; (ii) indebtedness that is secured by the person's primary residence, up to the estimated fair market value of the primary residence at the time of the sale and purchase of securities contemplated by the accompanying Subscription Agreement, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of the sale and purchase of securities contemplated by the accompanying Subscription Agreement exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (iii) indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence shall be included as a liability). |
| Category 17. | A natural person who had an individual income in excess of US$200,000 in each year of the two most recent years or joint income with that person's spouse in excess of US$300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year. |
| Category 18. | A trust, with total assets in excess of US$5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) of Regulation D under the U.S. Securities Act. |
| Category 19. | An entity in which each of the equity owners meets the requirements of one of the above categories – if this category is selected you must identify each equity owner and provide statements from each demonstrating how they qualify as an accredited investor. |
| Category 20. | Any natural person holding in good standing one or more professional certifications or designations or credentials from an accredited educational institution that the SEC has designated as qualifying an individual for accredited investor status. |
| Category 21. | Any natural person who is a "knowledgeable employee," as defined in rule 3c-5(a)(4) under the U.S. Investment Company Act of 1940, of the issuer of the securities being offered or sold where the issuer would be an investment company, as defined in section 3 of such act, but for the exclusion provided by either section 3(c)(1) or section 3(c)(7) of such act. |

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____ Category 22. Any "family office," as defined in rule 202(a)(11)(G)-1 under the U.S. Investment Advisers Act of 1940:

(i) With assets under management in excess of US$5,000,000,<br>(ii) That is not formed for the specific purpose of acquiring the securities offered, and<br>(iii) Whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment.<br>

____ Category 23. Any "family client," as defined in rule 202(a)(11)(G)-1 under the U.S. Investment Advisers Act of 1940, of a family office whose prospective investment in the issuer is directed by such family office.

The Purchaser acknowledges that the representations, warranties and covenants made by the Purchaser in this U.S. Accredited Investor Certificate are made with the intent that they may be relied upon by the Company, the Agents, the U.S. Affiliates and their respective counsel to, among other things, determine the Purchaser's eligibility to purchase the Units, including without limitation the availability of an exemption from the registration requirements of the U.S. Securities Act and all applicable state securities laws in connection with the issuance of the Securities to the Purchaser. The Purchaser further covenants that by accepting the Units, the Purchaser will be representing and warranting that such representations and warranties are true as at the Closing Date with the same force and effect as if they had been made by the Purchaser at the Closing Date. The Purchaser undertakes to immediately notify the Company, the Agents, the U.S. Affiliates of any change in any statement or other information relating to the Purchaser set forth herein that takes place prior to the Closing Date.

As part of verifying your status as an Accredited Investor, you may be asked to submit supporting documentation to the Company, the Agents, the U.S. Affiliates and their respective counsel. The Company reserves the right, in its sole discretion, to verify your status as an Accredited Investor using any methods that it may deem acceptable from time to time. The Company may refuse to accept your request for investment in the Units for any reason or for no reason.

All monetary references in this Schedule only are in United States dollars.

**[Signature page follows.]**

**DATED** as of this ________ day of _________________, 2025.

---

| | |
|:---|:---|
| Name of Purchaser (please print) | Name of Purchaser (please print) |
| By: |  |
|  | Authorized Signature |
| Official Title or Capacity (please print) | Official Title or Capacity (please print) |
| Name of Signatory (please print name of individual whose signature appears above if different than name of Purchaser) | Name of Signatory (please print name of individual whose signature appears above if different than name of Purchaser) |

---

**SCHEDULE B – ANNEX 2**

**<u>U.S. QUALIFIED INSTITUTIONAL BUYER CERTIFICATE</u>**

---

| | |
|:---|:---|
| **TO:** | Bunker Hill Mining Corp. (the "**Company**") |
| **AND TO:** | BMO Nesbitt Burns Inc. |
|  | CIBC Capital Markets Inc. |
|  | Red Cloud Securities Inc. |
|  | National Bank Financial Inc. |
|  | (collectively, the "**Agents**") |
| **AND TO:** | U.S. broker-dealer affiliates of the Agents |
|  | (collectively, the "**U.S. Affiliates**") |

---

Reference is made to the subscription agreement between the Company and the undersigned (referred to herein as the "**Purchaser**") dated as of the date hereof (the "**Subscription Agreement**"). Upon execution of this U.S. Qualified Institutional Buyer Certificate by the Purchaser, this U.S. Qualified Institutional Buyer Certificate shall be incorporated into and form a part of the Subscription Agreement. Terms not otherwise defined herein have the meanings attributed to them in the Subscription Agreement.

In connection with the proposed purchase of Units, the undersigned represents and warrants to, and covenants with, the Company on the date hereof and on the Closing Date, as follows:

(a) the
 Purchaser understands and acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Securities have not been registered under the U.S. Securities Act or the securities laws
 of any state of the United States, and that the sale contemplated hereby is being made in
 reliance on the exemption from such registration requirements provided by Rule 506(b) of
 Regulation D and/or Section 4(a)(2) under the United States Securities Act of 1933, as amended
 (the "**U.S. Securities Act**") and similar exemptions under applicable state
 securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Securities may not be offered or sold, directly or indirectly except pursuant to registration
 under the U.S. Securities Act and the securities laws of all applicable states, or pursuant
 to available exemptions therefrom; and

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Purchaser will not engage in any "directed selling efforts" (as defined by Rule
 902(c) of Regulation S under the U.S. Securities Act) in the United States in respect of
 the Securities, which would include any activities undertaken for the purpose of, or that
 could reasonably be expected to have the effect of, conditioning the market in the United
 States for the Securities;

(b) the
 Purchaser is resident in the jurisdiction set out under the "Purchaser's Address"
 on page iii of the Subscription Agreement, which is the address at which the Purchaser received
 and accepted the offer to purchase the Units;

(c) the
 Purchaser is a "qualified institutional buyer" as that term is defined in Rule
 144A under the U.S. Securities Act and an "accredited investor" as that term
 is defined in Rule 501(a) of Regulation D under the U.S. Securities Act (a "**Qualified Institutional Buyer**") and is acquiring the Units for its own account or for the
 account of one or more Qualified Institutional Buyers with respect to which it exercises
 sole investment discretion, and not with a view to resale, distribution or other disposition
 of the Securities in violation of United States federal or state securities laws;

(d) the
 Purchaser understands and acknowledges that the Securities will be represented by a restricted
 CUSIP number;

(e) the
 Purchaser is not an "affiliate" (as defined in Rule 144 under the U.S. Securities
 Act) of the Company and it is not acting on behalf of an affiliate of the Company;

(f) the
 Purchaser understands, acknowledges and agrees that the Securities may only be held in an
 account at CDS Clearing and Depository Services Inc., or a successor depository in Canada,
 and shall not be held in an account at The Depository Trust Company, or a successor depository
 within the United States;

(g) the
 Purchaser consents to the Company making a notation on its records or giving instruction
 to its registrar and transfer agent in order to implement the restrictions on transfer and
 exercise with respect to the Securities set forth and described herein;

(h) the
 Purchaser has such knowledge and experience in financial and business matters as to be capable
 of evaluating the merits and risks of an investment in the Securities and it is able to bear
 the economic risk of loss of its entire investment;

(i) the
 Purchaser certifies that, if the Purchaser is an entity or organization, the Purchaser was
 not formed for the specific purpose of acquiring the Units;

(j) the
 Purchaser acknowledges that the Company has provided to the Purchaser the opportunity to
 ask questions and receive answers concerning the terms and conditions of the offering and
 it has had access to such information concerning the Company as it has considered necessary
 or appropriate in connection with its investment decision to acquire the Securities;

(k) the
 Purchaser has not purchased the Units as a result of any form of "general solicitation
 or general advertising" (as those terms are used in Regulation D under the U.S. Securities
 Act), including, without limitation, advertisements, articles, notices or other communications
 published in any newspaper, magazine or similar media or on the internet, or broadcast over
 radio or television, or the internet or other form of telecommunications, including electronic
 display, or any seminar or meeting whose attendees have been invited by general solicitation
 or general advertising;

(l) the
 Purchaser is and will be acquiring the Units for its own account, or for the account of one
 or more beneficial purchasers over which it exercises sole investment discretion, for investment
 purposes only and not with a view to resale or distribution of the Securities and, in particular,
 neither it nor any beneficial purchaser for whose account it is purchasing the Units has
 any intention to distribute either directly or indirectly the Securities to, or for the account
 or benefit of, a U.S. Person or person in the United States; provided, however, that this
 paragraph shall not restrict the Purchaser from selling or otherwise disposing of such Securities
 pursuant to registration thereof pursuant to the U.S. Securities Act and any applicable state
 securities laws, or under an applicable exemption from such registration requirements;

(m) no
 agency, governmental authority, regulatory body, stock exchange or other entity (including,
 without limitation, the SEC or any state securities commission) has made any finding or determination
 as to the merit of investment in, nor have any such agencies or governmental authorities
 made any recommendation or endorsement with respect, to the Units;

(n) the
 funds representing the purchase price which will be advanced by the Purchaser to the Company
 hereunder will not represent proceeds of crime for the purposes of the United States Uniting
 and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
 Terrorism Act (the "**PATRIOT Act** "), and the Purchaser acknowledges that
 the Company may in the future be required by law to disclose the Purchaser's name and
 other information relating to the subscription agreement and the Purchaser's subscription
 hereunder, on a confidential basis, pursuant to the PATRIOT Act. No portion of the purchase
 price to be provided by the Purchaser (i) has been or will be derived from or related to
 any activity that is deemed criminal under the laws of the United States of America, or any
 other jurisdiction, or (ii) is being tendered on behalf of a person or entity who has not
 been identified to or by the Purchaser, and it shall promptly notify the Company if the Purchaser
 discovers that any of such representations ceases to be true and provide the Company with
 appropriate information in connection therewith; and

(o) the
 Purchaser understands and agrees that there may be material tax consequences to the Purchaser
 of an acquisition, disposition or exercise, as applicable, of the Securities. The Company
 gives no opinion and makes no representation with respect to the tax consequences to the
 Purchaser under United States, state, local or foreign tax law of the undersigned's
 acquisition or disposition of such securities. In particular, no determination has been made
 whether the Company is or will be a "passive foreign investment company" within
 the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as amended.

The Purchaser acknowledges that the representations, warranties and covenants made by the Purchaser in this U.S. Qualified Institutional Buyer Certificate are made with the intent that they may be relied upon by the Company, the Agents, the U.S. Affiliates and their respective counsel to, among other things, determine the Purchaser's eligibility to purchase the Units, including without limitation the availability of an exemption from the registration requirements of the U.S. Securities Act and all applicable state securities laws in connection with the issuance of the Units to the Purchaser. The Purchaser further covenants that by accepting the Units, the Purchaser will be representing and warranting that such representations and warranties are true as at the Closing Date with the same force and effect as if they had been made by the Purchaser at the Closing Date. The Purchaser undertakes to immediately notify the Company, the Agents, the U.S. Affiliates of any change in any statement or other information relating to the Purchaser set forth herein that takes place prior to the Closing Date.

All monetary references in this Schedule only are in United States dollars.

**[Signature page follows.]**

**DATED** as of this ________ day of ________________, 2025.

---

| | |
|:---|:---|
| Name of Purchaser (please print) | Name of Purchaser (please print) |
| By: |  |
|  | Authorized Signature |
| Official Title or Capacity (please print) | Official Title or Capacity (please print) |
| Name of Signatory (please print name of individual whose signature appears above if different than name of Purchaser) | Name of Signatory (please print name of individual whose signature appears above if different than name of Purchaser) |

---

**SCHEDULE C**

**<u>INTERNATIONAL PURCHASER CERTIFICATE</u>**

---

| | |
|:---|:---|
| **TO:** | Bunker Hill Mining Corp. (the "**Company**") |
| **AND TO:** | BMO Nesbitt Burns Inc. |
|  | CIBC Capital Markets Inc. |
|  | Red Cloud Securities Inc. |
|  | National Bank Financial Inc. |
|  | (collectively, the "**Agents**") |

---

Reference is made to the subscription agreement between the Company and the undersigned dated as of the date hereof (the "**Subscription Agreement**"). Terms not otherwise defined herein have the meanings attributed to them in the Subscription Agreement. In connection with the purchase of the Units by the undersigned purchaser (the "**Purchaser**") or, if applicable, on behalf of any disclosed beneficial purchaser ("**Disclosed Beneficial Purchaser**"), the Purchaser hereby represents, warrants, covenants and certifies to the Company and the Agents that:

1. The
 Purchaser is resident in a jurisdiction outside Canada and the United States (the "**International Jurisdiction**") or is otherwise subject to the laws of an International Jurisdiction.

2. The
 Purchaser complies with the requirements of all applicable Securities Laws in the applicable
 International Jurisdiction and will provide such evidence of compliance with all such matters
 as the Company and the Agents may request.

3. Upon
 execution of this International Purchaser Certificate by the Purchaser, this International
 Purchaser Certificate will be incorporated into and form a part of the Subscription Agreement.

4. The
 Purchaser is: *[check the box that applies]* 

---

| | | |
|:---|:---|:---|
| ☐ | (a) | purchasing the Units as principal for its own account and not for the benefit of any other person, for investment only, and not with a view to the resale or distribution of all or any of the Securities; or |

---

---

| | | |
|:---|:---|:---|
| ☐ | (b) | is acting as agent for one or more beneficial purchasers disclosed on page iv of the Subscription Agreement, each Disclosed Beneficial Purchaser is purchasing as principal for its own account and not for the benefit of any other person, for investment only, and not with a view to the resale or distribution of all or any of the Securities. |

---

5. The
 Purchaser is knowledgeable of, or has been independently advised as to, the applicable Securities
 Laws of the International Jurisdiction having application or jurisdiction over the Purchaser
 and which would apply to the acquisition of the Units.

6. The
 Purchaser is purchasing the Units pursuant to exemptions from prospectus, registration or
 similar requirements under applicable Securities Laws or, if such is not applicable, the
 Purchaser is permitted to purchase the Units under the applicable Securities Laws of the
 International Jurisdiction without the need to rely on exemptions, and the Company does not
 have any filing obligations in that International Jurisdiction.

7. Applicable
 laws of International Jurisdictions do not require the Company to make any filings or seek
 any approvals of any kind whatsoever from any regulatory authority of any kind whatsoever
 in that International Jurisdiction in connection with the issue and sale or resale of the
 Purchaser's Securities.

8. The
 Purchaser is an "accredited investor" within the meaning of NI 45-106 by virtue
 of satisfying the indicated criterion as set out in a completed and executed certificate
 certifying the same that has been delivered concurrently to the Company and the Agents with
 this certificate.

**[Signature page follows.]**

**DATED** as of this ________ day of ________________, 2025.

---

| | |
|:---|:---|
| Name of Purchaser (please print) | Name of Purchaser (please print) |
| By: |  |
|  | Authorized Signature |
| Official Title or Capacity (please print) | Official Title or Capacity (please print) |
| Name of Signatory (please print name of individual whose signature appears above if different than name of Purchaser) | Name of Signatory (please print name of individual whose signature appears above if different than name of Purchaser) |

---

**SCHEDULE D**

**<u>TERM SHEET</u>**

---

| | |
|:---|:---|
| **Issuer:** | Bunker Hill Mining Corp. (the "**Company**") |
| **Offering:** | Minimum of 95,800,000 units of the Company (each, a "**Unit**") and a maximum of 143,700,000 Units for minimum aggregate gross proceeds of C$14,370,000 (approximately US$10 million) and maximum aggregate gross proceeds of C$21,555,000 (approximately US$15 million) (the "**Offering**"). |
| **Offering Price:** | C$0.15 per Unit (the "**Offering Price**") |
| **Units:** | Each Unit consists of one share of common stock of the Company (a "**Share**") and half of one common stock purchase warrant of the Company (each whole common stock purchase warrant, a "**Warrant**"). Each Warrant will entitle the holder to acquire one additional Share (a "**Warrant Share**") at a price of C$0.25 per Warrant Share for a period of 3 years following the Closing Date (as defined below). |
| **Agent's Option:** | The Company has granted the Agents an option to offer for sale up to an additional 15% of Units (assuming the maximum offering amount), at the Offering Price, exercisable in whole or in part at any time for a period of up to 48 hours prior to the Closing Date. |
| **Concurrent Non-Brokered Private Placement:** | Teck Resources Limited or its affiliate(s) has agreed to contribute, through a non-brokered private placement ("**Non-Brokered Offering**"), $2 for every $1 raised in the Offering, with a minimum lead order of US$6.6 million and total gross proceeds of up to US$30 million (approximately C$43,110,000). Together with the Offering, the Non-Brokered Offering is subject to shareholder approval, closing of the debt restructuring transaction, and other customary closing conditions. |
| **Use of Proceeds:** | The Company will use the net proceeds of the Offering and the Non-Brokered Offering to advance its efforts to re-start the Bunker Hill Mine and for general working capital purposes and to pay outstanding accounts payable. |
| **Form of Offering:** | Private placement in British Columbia, Alberta and Ontario to accredited investors pursuant to National Instrument 45-106. Private placement in the United States to accredited investors pursuant to Rule 506 of Regulation D. Private placement in other jurisdictions where permitted pursuant to prospectus and registration exemptions. |
| **Resale Restrictions:** | The securities comprising the Units will have a four-month hold period. |
| **Listing:** | The issued and outstanding Shares of the Company are listed on the TSX Venture Exchange (the "**TSXV**") under the symbol "BNKR". An application will be made to list the Shares and the Warrant Shares on the TSXV. The Warrants will not be listed on the TSXV. Listing will be subject to fulfilling all the listing requirements of the TSXV. |
| **Eligibility:** | Eligible for RRSPs, RRIFs, RESPs, TFSAs and DPSPs. |
| **Joint Bookrunners:** | BMO Capital Markets, CIBC Capital Markets, Red Cloud on behalf of a syndicate of agents including National Bank Financial Inc. (collectively, the "**Agents**"). |
| **Agent's Fee:** | The Agents shall be paid a fee in cash at closing of 6.0% of the gross proceeds (3% on President's List orders, which will be no more than 20% of the Offering). |
| **Closing:** | On or about April 8, 2025 (the "**Closing Date**"), subject to the negotiation and execution of all necessary definitive documentation, customary closing conditions, and the receipt of all necessary stockholder, regulatory and stock exchange approvals, including stockholder consent and, in the case of the Non-Brokered Offering, the completion of the Offering. |

---

![](ex10-30_001.jpg)

**SCHEDULE E**

**<u>FORM 4C</u>**

**<u>CORPORATE PLACEE REGISTRATION FORM</u>**

This Form will remain on file with the Exchange and must be completed if required under section 4(b) of Part II of Form 4B. The corporation, trust, portfolio manager or other entity (the "Placee") need only file it on one time basis, and it will be referenced for all subsequent Private Placements in which it participates. If any of the information provided in this Form changes, the Placee must notify the Exchange prior to participating in further placements with Exchange listed Issuers. If as a result of the Private Placement, the Placee becomes an Insider of the Issuer, Insiders of the Placee are reminded that they must file a Personal Information Form (2A) or, if applicable, Declarations, with the Exchange.

1. Placee
 Information:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Name:

&nbsp;&nbsp;&nbsp;&nbsp;(b) Complete
 Address:

&nbsp;&nbsp;&nbsp;&nbsp;(c) Jurisdiction
 of Incorporation or Creation:

2. (a)
 Is the Placee purchasing securities as a portfolio manager: (Yes/No)?

(b) Is the Placee carrying on business as a portfolio manager outside of Canada: <br> (Yes/No)? __________

3. If
 the answer to 2(b) above was "Yes", the undersigned certifies that:

(a) it
 is purchasing securities of an Issuer on behalf of managed accounts for which it is making
 the investment decision to purchase the securities and has full discretion to purchase or
 sell securities for such accounts without requiring the client's express consent to
 a transaction;

(b) it
 carries on the business of managing the investment portfolios of clients through discretionary
 authority granted by those clients (a "portfolio manager" business) in ____________________
 [jurisdiction], and it is permitted by law to carry on a portfolio manager business in that
 jurisdiction;

(c) it
 was not created solely or primarily for the purpose of purchasing securities of the Issuer;

(d) the
 total asset value of the investment portfolios it manages on behalf of clients is not less
 than C$20,000,000; and

(e) it
 has no reasonable grounds to believe, that any of the directors, senior officers and other
 insiders of the Issuer, and the persons that carry on investor relations activities for the
 Issuer has a beneficial interest in any of the managed accounts for which it is purchasing.

4. If
 the answer to 2(a). above was "No", please provide the names and addresses of
 Control Persons of the Placee:

---

| | | | |
|:---|:---|:---|:---|
| **Name \*** | **City** | **Province or State** | **Country** |

---

\* *If the Control Person is not an individual, provide the name of the individual that makes the investment decisions on behalf of the Control Person.*

5. Acknowledgement - Personal Information and Securities Laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Personal
 Information" means any information about an identifiable individual, and includes information
 contained in sections 1, 2 and 4, as applicable, of this Form.

The undersigned hereby acknowledges and agrees that it has obtained the express written consent of each individual to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 disclosure of Personal Information by the undersigned to the Exchange (as defined in Appendix
 6B) pursuant to this Form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 collection, use and disclosure of Personal Information by the Exchange for the purposes described
 in Appendix 6B or as otherwise identified by the Exchange, from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 undersigned acknowledges that it is bound by the provisions of applicable Securities Law,
 including provisions concerning the filing of insider reports and reports of acquisitions.

Dated and certified (if applicable), acknowledged and agreed, at _______________________________________________

---

| | |
|:---|:---|
| on | . |

---

---

| |
|:---|
| (Name of Purchaser - please print) |
| (Authorized Signature) |
| (Official Capacity - please print) |
| (Please print name of individual whose signature appears above) |

---

**THIS IS NOT A PUBLIC DOCUMENT**

## Exhibit 10.31

**Exhibit 10.31**

**BUNKER HILL MINING CORP.**

as the Corporation

and

**COMPUTERSHARE TRUST COMPANY OF CANADA**

as the Warrant Agent

**WARRANT INDENTURE<br> Providing for the Issue of Warrants**

Dated as of June 5, 2025

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| Article 1 INTERPRETATION | Article 1 INTERPRETATION | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Gender and Number | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | Headings, Etc. | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | Day not a Business Day | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | Time of the Essence | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | Monetary References | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | Applicable Law | 7 |
| Article 2 ISSUE OF WARRANTS | Article 2 ISSUE OF WARRANTS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Creation and Issue of Warrants | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Terms of Warrants | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Warrantholder not a Shareholder | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Warrants to Rank Pari Passu | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | Form of Warrants, Warrant Certificates | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | Book Entry Warrants | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | Warrant Certificate | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | Legends | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | Register of Warrants | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | Issue in Substitution for Warrant Certificates Lost, etc. | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | Exchange of Warrant Certificates | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | Transfer and Ownership of Warrants | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | Cancellation of Surrendered Warrants | 17 |
| Article 3 EXERCISE OF WARRANTS | Article 3 EXERCISE OF WARRANTS | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Right of Exercise | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Warrant Exercise | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | Prohibition on Exercise by U.S. Persons; Legended Certificates | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | Transfer Fees and Taxes | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 | Warrant Agency | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 | Effect of Exercise of Warrant Certificates | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | Partial Exercise of Warrants; Fractions | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | Expiration of Warrants | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 | Accounting and Recording | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | Securities Restrictions | 22 |

---

i

**Table of Contents** (continued)

---

| | | |
|:---|:---|:---|
| | | Page |
| Article 4 ADJUSTMENT OF NUMBER OF Warrant SHARES AND EXERCISE PRICE | Article 4 ADJUSTMENT OF NUMBER OF Warrant SHARES AND EXERCISE PRICE | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Adjustment of Number of Warrant Shares and Exercise Price | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Entitlement to Warrant Shares on Exercise of Warrant | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | No Adjustment for Certain Transactions | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 | Determination by Independent Firm | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 | Proceedings Prior to any Action Requiring Adjustment | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 | Certificate of Adjustment | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 | Notice of Special Matters | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 | No Action after Notice | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 | Other Action | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 | Protection of Warrant Agent | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 | Participation by Warrantholder | 27 |
| Article 5 RIGHTS OF THE CORPORATION AND COVENANTS | Article 5 RIGHTS OF THE CORPORATION AND COVENANTS | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | Optional Purchases by the Corporation | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | General Covenants | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | Warrant Agent's Remuneration and Expenses | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | Performance of Covenants by Warrant Agent | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | Enforceability of Warrants. | 29 |
| Article 6 ENFORCEMENT | Article 6 ENFORCEMENT | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | Suits by Registered Warrantholders | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | Suits by the Corporation | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | Immunity of Shareholders, etc. | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | Waiver of Default | 30 |
| Article 7 MEETINGS OF REGISTERED WARRANTHOLDERS | Article 7 MEETINGS OF REGISTERED WARRANTHOLDERS | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | Right to Convene Meetings | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | Notice | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | Chairman | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | Quorum | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 | Power to Adjourn | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 | Show of Hands | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 | Poll and Voting | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 | Regulations | 32 |

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ii

**Table of Contents** (continued)

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| | | |
|:---|:---|:---|
|  |  | Page |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 | Corporation and Warrant Agent May be Represented | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 | Powers Exercisable by Extraordinary Resolution | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 | Meaning of Extraordinary Resolution | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 | Powers Cumulative | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 | Minutes | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14 | Instruments in Writing | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15 | Binding Effect of Resolutions | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16 | Holdings by Corporation Disregarded | 35 |
| Article 8 SUPPLEMENTAL INDENTURES | Article 8 SUPPLEMENTAL INDENTURES | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | Provision for Supplemental Indentures for Certain Purposes | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | Successor Entities | 36 |
| Article 9 CONCERNING THE WARRANT Agent | Article 9 CONCERNING THE WARRANT Agent | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | Trust Indenture Legislation | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | Rights and Duties of Warrant Agent | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | Evidence, Experts and Advisers | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 | Documents, Monies, etc. Held by Warrant Agent | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 | Actions by Warrant Agent to Protect Interest | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 | Warrant Agent Not Required to Give Security | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 | Protection of Warrant Agent | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 | Replacement of Warrant Agent; Successor by Merger | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 | Acceptance of Agency | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | Warrant Agent Not to be Appointed Receiver | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 | Warrant Agent Not Required to Give Notice of Default | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 | Anti-Money Laundering | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 | Compliance with Privacy Code | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14 | Securities Exchange Commission Certification | 42 |
| Article 10 GENERAL | Article 10 GENERAL | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | Notice to the Corporation and the Warrant Agent | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | Notice to Registered Warrantholders | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | Ownership of Warrants | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | Counterparts | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 | Satisfaction and Discharge of Indenture | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 | Provisions of Indenture and Warrants for the Sole Benefit of Parties and Registered Warrantholders | 45 |

---

iii

**Table of Contents** (continued)

---

| | | |
|:---|:---|:---|
|  |  | Page |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 | Common Shares or Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 | Severability | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 | Force Majeure | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 | Assignment, Successors and Assigns | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 | Rights of Rescission and Withdrawal for Holders | 46 |

---

SCHEDULE "A" FORM OF WARRANT

SCHEDULE "B" EXERCISE FORM

SCHEDULE "C" FORM OF DECLARATION FOR REMOVAL OF LEGEND

SCHEDULE "D" FORM OF U.S. PURCHASER CERTIFICATION UPON EXERCISE OF WARRANTS

iv

**WARRANT INDENTURE**

**THIS WARRANT INDENTURE** is dated as of June 5, 2025.

**BETWEEN:**

**BUNKER HILL MINING CORP.**, a corporation incorporated under the laws of the State of Nevada, United States of America (the "**Corporation**"),

- AND -

**COMPUTERSHARE TRUST COMPANY OF CANADA**, a trust company existing under the laws of Canada and authorized to carry on business in all provinces of Canada (the "**Warrant Agent**")

**WHEREAS**, in accordance with the terms and conditions of an agency agreement dated June 5, 2025 between the Corporation and BMO Nesbitt Burns Inc., CIBC World Markets Inc., Red Cloud Securities Inc. and National Bank Financial Inc. (collectively the "**Agents**"), the Corporation is proposing to issue up to 35,699,557 Warrants (as defined herein) pursuant to this Indenture in connection with a brokered private placement (the "**Brokered Private Placement**") of up to 71,399,115 units of the Corporation (each, a "**Unit**" and, collectively, the "**Units**"), inclusive of the up to 9,312,928 additional Units issuable pursuant to an option, exercisable in whole or in part by the Agents at any time up to 48 hours before the closing date of the Brokered Private Placement;

**AND WHEREAS** each Unit issued pursuant to the Brokered Private Placement will consist of one Common Share (as defined herein) and one-half of one Warrant;

**AND WHEREAS** pursuant to this Indenture, each Warrant shall, subject to adjustment, entitle the holder thereof to acquire one (1) Common Share (each, a "**Warrant Share**") upon payment of the Exercise Price (as defined herein) prior to the Expiry Time (as defined herein) upon the terms and conditions herein set forth;

**AND WHEREAS** for such purpose, the Corporation deems it necessary to create and issue Warrants and Warrant Certificates (as defined herein) to be constituted and issued in the manner hereinafter set forth;

**AND WHEREAS** the Corporation is duly authorized to create and issue the Warrants to be issued as herein provided;

**AND WHEREAS** all acts and deeds necessary have been done and performed to make the Warrants, when created and issued as provided in this Indenture, legal, valid and binding upon the Corporation with the benefits and subject to the terms of this Indenture;

**AND WHEREAS** the foregoing recitals are made as representations and statements of fact by the Corporation and not by the Warrant Agent;

**AND WHEREAS** the Warrant Agent has agreed to enter into this Indenture and to hold, in its capacity as the warrant agent, all rights, interests and benefits contained herein for and on behalf of those persons who become holders of Warrants issued pursuant to this Indenture from time to time.

**NOW THEREFORE**, in consideration of the premises and mutual covenants hereinafter contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Corporation hereby appoints the Warrant Agent as warrant agent to hold the rights, interests and benefits contained herein for and on behalf of those persons who from time to time become the holders of Warrants issued pursuant to this Indenture and the parties hereto agree as follows:

**Article 1<br> INTERPRETATION**

1.1 Definitions

In this Indenture, including the recitals and schedules hereto, and in all indentures supplemental hereto:

**"Adjustment Period**" means the period from the Effective Date up to and including the Expiry Time;

"**Agents**" has the meaning ascribed to such term in the recitals;

"**Applicable Legislation**" means any statute of Canada or a province thereof, and the regulations under any such named or other statute, relating to warrant indentures or to the rights, duties and obligations of warrant agents under warrant indentures, to the extent that such provisions are at the time in force and applicable to this Indenture;

"**Approved Bank**" has the meaning set forth in Section ‎9.4;

"**Auditors**" means MNP LLP, or such other firm of chartered professional accountants duly appointed as auditors of the Corporation, from time to time;

**"Authenticated**" means (a) with respect to the issuance of a Warrant Certificate, one which has been duly signed by the Corporation or on which the signatures of the Corporation have been printed, lithographed or otherwise mechanically reproduced and authenticated by signature of an authorized officer of the Warrant Agent, and (b) with respect to the issuance of an Uncertificated Warrant, one in respect of which the Warrant Agent has completed all Internal Procedures such that the particulars of such Uncertificated Warrant as required by Section ‎2.7 are entered in the register of holders of Warrants, "*Authenticate*", "*Authenticating*" and "*Authentication*" have the appropriate correlative meanings;

"**Book Entry Participants"** means institutions that participate directly or indirectly in the Depository's book entry registration system for the Warrants;

"**Book Entry Warrants**" means Warrants that are to be held only by or on behalf of the Depository;

"**Brokered Private Placement**" has the meaning ascribed to such term in the recitals;

"**Business Day**" means any day other than Saturday, Sunday or a statutory or civic holiday, or any other day on which banks are not open for business in the City of Vancouver, Province of British Columbia, and shall be a day on which the TSX-V is open for trading;

"**CDS**" means CDS Clearing and Depository Services Inc.;

"**CDS Global Warrants**" means Warrants representing all or a portion of the aggregate number of Warrants issued in the name of the Depository and represented by an Uncertificated Warrant, or if requested by the Depository or the Corporation, by a Warrant Certificate;

"**CDSX**" means the settlement and clearing system of CDS Clearing and Depository Services Inc. for equity and debt securities in Canada;

"**Common Shares**" means, subject to ‎Article 4, fully paid and non-assessable shares of common stock in the capital of the Corporation as presently constituted;

"**Common Share Reorganization**" has the meaning set forth in Section ‎4.1;

"**Confirmation**" has the meaning set forth in Section ‎3.2(4);

"**Corporation**" means Bunker Hill Mining Corp.;

"**Counsel**" means a barrister and/or solicitor or a firm of barristers and/or solicitors retained by the Warrant Agent or retained by the Corporation, which may or may not be counsel for the Corporation;

"**Current Market Price**" of the Common Shares at any date means the weighted average of the trading price per Common Share for such Common Shares for each day there was a closing price for the twenty (20) consecutive Trading Days ending five (5) days prior to such date on the TSX-V or if on such date the Common Shares are not listed on the TSX-V, on such stock exchange upon which such Common Shares are listed and as selected by the directors of the Corporation, or, if such Common Shares are not listed on any stock exchange then on such over-the-counter market as may be selected for such purpose by the directors of the Corporation;

"**Depository**" means CDS and DTCC or such other person as is designated in writing by the Corporation to act as depository in respect of the Warrants;

"**DTCC**" means the Depository Trust & Clearing Corporation;

"**Dividends**" means any dividends paid by the Corporation;

"**Effective Date**" means the date of this Indenture;

"**Exchange Rate**" means the number of Warrant Shares subject to the right of purchase under each Warrant;

"**Exercise Date**" means, in relation to a Warrant, the Business Day on which such Warrant is validly exercised or deemed to be validly exercised in accordance with ‎Article 3 hereof;

"**Exercise Notice**" has the meaning set forth in Section ‎3.2(1);

"**Exercise Price**" at any time means the price at which a whole Warrant Share may be purchased by the exercise of a whole Warrant, which is initially $0.25 per Warrant Share, payable in immediately available Canadian funds, subject to adjustment in accordance with the provisions of Section ‎4.1;

"**Expiry Date**" means June 5, 2028;

"**Expiry Time**" means 2:30 p.m. (Pacific time) on the Expiry Date or such earlier time on the Expiry Date as may be required by the Depository pursuant to their internal procedures;

"**Extraordinary Resolution**" has the meaning set forth in Section ‎7.11(1);

"**Indemnified Parties**" has the meaning set forth in Section ‎9.7(e);

"**Internal Procedures**" means in respect of the making of any one or more entries to, changes in or deletions of any one or more entries in the register at any time (including without limitation, original issuance or registration of transfer of ownership) the minimum number of the Warrant Agent's internal procedures customary at such time for the entry, change or deletion made to be complete under the operating procedures followed at the time by the Warrant Agent, it being understood that neither preparation and issuance shall constitute part of such procedures for any purpose of this definition;

"**Issue Date**" means the date of issuance of the Warrants by the Corporation;

"**person**" means an individual, body corporate, partnership, trust, warrant agent, executor, administrator, legal representative or any unincorporated organization;

"**register**" means the one set of records and accounts maintained by the Warrant Agent pursuant to Section ‎2.9:

"**Registered Warrantholders**" means the persons who are registered owners of Warrants as such names appear on the register, and for greater certainty, shall include the Depository as well as the holders of Uncertificated Warrants appearing on the register of the Warrant Agent;

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

"**Regulation S**" means Regulation S as promulgated by the SEC under the U.S. Securities Act;

"**Rights Offering**" has the meaning set forth in Section ‎4.1(b);

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

"**Shareholders**" means holders of Common Shares;

"**Successor Entity**" has the meaning set forth in Section ‎8.2;

"**Tax Act**" means the *Income Tax Act* (Canada) and the regulations thereunder;

"**this Warrant Indenture**", "**this Indenture**", "**this Agreement**", "**hereto**" "**herein**", "**hereby**", "**hereof**" and similar expressions mean and refer to this Indenture and any indenture, deed or instrument supplemental hereto; and the expressions "**Article**", "**Section**", "**subsection**" and

"**Trading Day**" means, with respect to the TSX-V, a day on which such exchange is open for the transaction of business and with respect to another exchange or an over-the-counter market means a day on which such exchange or market is open for the transaction of business;

"**TSX-V**" means the TSX Venture Exchange;

"**Uncertificated Warrant**" means any Warrant which is not evidenced by a Warrant Certificate;

"**United States**" means the United States of America, its territories and possessions, any state of the United States, and the District of Columbia;

"**Units**" has the meaning ascribed to such term in the recitals;

**"U.S. Accredited Investor"** means an "accredited investor" as such term is defined in Rule 501(a) of Regulation D;

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

"**U.S. Person**" has the meaning set forth in Rule 902(k) of Regulation S;

"**U.S. Purchaser Letter**" means the U.S. Purchaser letter in substantially the form attached hereto as Schedule "D";

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

"**U.S. Warrantholder**" means any Warrantholder that is a U.S. Person that acquired Warrants in the United States or for the account or benefit of any U.S. Person or Person in the United States;

"**Warrant Agency**" means the principal office of the Warrant Agent in the City of Vancouver, British Columbia or such other place as may be designated in accordance with Section ‎3.5;

"**Warrant Agent**" means Computershare Trust Company of Canada, in its capacity as warrant agent of the Warrants, or its successors from time to time;

"**Warrant Certificate**" means a certificate, substantially in the form set forth in Schedule "A" hereto, to evidence those Warrants that will be evidenced by a certificate;

"**Warrant Co-Agent**" means Computershare Trust Company NA;

"**Warrantholders**", or "**holders**" without reference to Warrants, means the warrantholders as and in respect of Warrants registered in the name of the Depository and includes owners of Warrants who beneficially hold securities entitlements in respect of the Warrants through a Book Entry Participant or means, at a particular time, the persons entered in the register hereinafter mentioned as holders of Warrants outstanding at such time;

"**Warrantholders' Request**" means an instrument signed in one or more counterparts by Registered Warrantholders entitled to acquire in the aggregate not less than 50% of the aggregate number of Warrant Shares which could be acquired pursuant to all Warrants then unexercised and outstanding, requesting the Warrant Agent to take some action or proceeding specified therein;

"**Warrant Shares**" has the meaning, subject to ‎Article 4, ascribed to such term in the recitals; and

"**written order of the Corporation**", "**written request of the Corporation**", "**written consent of the Corporation**" and "**certificate of the Corporation**" mean, respectively, a written order, request, consent and certificate signed in the name of the Corporation by any two duly authorized signatories of the Corporation and may consist of one or more instruments so executed.

1.2 Gender and Number

Words importing the singular number or masculine gender shall include the plural number or the feminine or neuter genders, and vice versa.

1.3 Headings, Etc.

The division of this Indenture into Articles and Sections, the provision of a **Table of Contents** and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Indenture or of the Warrants.

1.4 Day not a Business Day

If any day on or before which any action or notice is required to be taken or given hereunder is not a Business Day, then such action or notice shall be required to be taken or given on or before the requisite time on the next succeeding day that is a Business Day.

1.5 Time of the Essence

Time shall be of the essence in this Indenture and each Warrant.

1.6 Monetary References

Whenever any amounts of money are referred to herein, such amounts shall be deemed to be in lawful money of Canada unless otherwise expressed.

1.7 Applicable Law

This Indenture, the Warrants, the Warrant Certificates (including all documents relating thereto, which by common accord have been and will be drafted in English) shall be construed in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein and shall be treated in all respects as British Columbia contracts. Each of the parties hereto, which shall include the Warrantholders, irrevocably attorns to the exclusive jurisdiction of the courts of the Province of British Columbia with respect to all matters arising out of this Indenture and the transactions contemplated herein.

**Article 2<br> ISSUE OF WARRANTS**

2.1 Creation and Issue of Warrants

A maximum of 35,699,557 Warrants (subject to adjustment as herein provided) are hereby created and authorized to be issued on the Issue Date in accordance with the terms and conditions hereof. By written order of the Corporation, the Warrant Agent shall deliver Warrants in certificated or uncertificated form pursuant to Section ‎2.5 hereof to Registered Warrantholders and record the name of the Registered Warrantholders on the Warrant register. Registration of interests in Warrants held by the Depository may be evidenced by a position appearing on the register for Warrants of the Warrant Agent for an amount representing the aggregate number of such Warrants outstanding from time to time.

2.2 Terms of Warrants

(1) Subject to the applicable conditions for exercise set out in ‎ Article
3 having been satisfied and subject to adjustment in accordance with Section ‎ 4.1,
each whole Warrant shall entitle each Warrantholder thereof, upon exercise at any time after the Issue Date and prior to the Expiry Time,
to acquire one (1) Warrant Share upon payment of the Exercise Price.

(2) No fractional Warrants shall be issued or otherwise provided for hereunder and Warrants may only be exercised
in a sufficient number to acquire whole numbers of Warrant Shares. Any fractional Warrants shall be rounded down to the nearest whole
number and no consideration shall be paid for any such fractional Warrant.

(3) Each whole Warrant shall entitle the holder thereof to such other rights and privileges as are set forth
in this Indenture.

(4) The number of Warrant Shares which may be purchased pursuant to the Warrants and the Exercise Price therefor
shall be adjusted upon the events and in the manner specified in Section ‎ 4.1.

(5) Neither the Corporation nor the Warrant Agent shall have any obligation to deliver Warrant Shares upon
the exercise of any Warrant if the person to whom such shares are to be delivered is a resident of a country or political subdivision
thereof in which the Warrant Shares may not lawfully be issued pursuant to applicable securities legislation. The Corporation or the Warrant
Agent may require any person to provide proof of an applicable exemption from such securities legislation to the Corporation and Warrant
Agent before Warrant Shares are delivered pursuant to the exercise of any Warrant.

2.3 Warrantholder not a Shareholder

Except as may be specifically provided herein, nothing in this Indenture or in the holding of a Warrant Certificate, entitlement to a Warrant or otherwise, shall, in itself, confer or be construed as conferring upon a Warrantholder any right or interest whatsoever as a Shareholder of the Corporation, including, but not limited to, the right to vote at, to receive notice of, or to attend, meetings of Shareholders or any other proceedings of the Corporation, or the right to Dividends and other allocations.

2.4 Warrants to Rank Pari Passu

All Warrants shall rank equally and without preference over each other, whatever may be the actual date of issue thereof.

2.5 Form of Warrants, Warrant Certificates

(1) The Warrants may be issued in both certificated and uncertificated form. Each Warrant originally issued
to a U.S. Warrantholder will be evidenced in certificated form only and bear the applicable legends as set forth in Schedule "A"
hereto. All Warrants issued in certificated form shall be evidenced by a Warrant Certificate (including all replacements issued in accordance
with this Indenture), substantially in the form and bearing the applicable legends as set out in Schedule "A" hereto, which
shall be dated as of the Issue Date, shall bear such distinguishing letters and numbers as the Corporation may, with the approval of the
Warrant Agent, prescribe, and shall be issuable in any denomination excluding fractions. All Warrants issued to the Depository may be
in either a certificated or uncertificated form, such uncertificated form being evidenced by a book position on the register of Warrantholders
to be maintained by the Warrant Agent in accordance with Section ‎ 2.6.

(2) Each Warrantholder by purchasing such Warrant acknowledges and agrees that the terms and conditions set
forth in the form of the Warrant Certificate set out in Schedule "A" hereto shall apply to all Warrants and Warrantholders
regardless of whether such Warrants are issued in certificated or uncertificated form or whether such Warrantholders are Registered Warrantholders
or owners of Warrant who beneficially hold security entitlements in respect of the Warrants through a Depository.

2.6 Book Entry Warrants

(1) Reregistration of beneficial interests in and transfers of Warrants held by the Depository shall be made
only through the book entry registration system and no Warrant Certificates shall be issued in respect of such Warrants except where physical
certificates evidencing ownership in such securities are required or as set out herein or as may be requested by the Depository, as determined
by the Corporation, from time to time. Except as provided in this Section ‎ 2.6,
owners of beneficial interests in any CDS Global Warrants shall not be entitled to have Warrants registered in their names and shall not
receive or be entitled to receive Warrants in definitive form or to have their names appear in the register referred to in Section ‎ 2.9
herein. Notwithstanding any terms set out herein, Warrants held in the name of the Depository having any legend set forth in Section ‎ 2.8
herein and may only be held in the form of Uncertificated Warrants with the prior consent of the Warrant Agent and in accordance with
the Internal Procedures of the Warrant Agent.

(2) Notwithstanding any other provision in this Indenture, no CDS Global Warrants may be exchanged in whole
or in part for Warrants registered, and no transfer of any CDS Global Warrants in whole or in part may be registered, in the name of any
person other than the Depository for such CDS Global Warrants or a nominee thereof unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Depository notifies the Corporation that it is unwilling or unable to continue to act as depository
in connection with the Book Entry Warrants and the Corporation is unable to locate a qualified successor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Corporation determines that the Depository is no longer willing, able or qualified to properly discharge
its responsibilities as holder of the CDS Global Warrants and the Corporation is unable to locate a qualified successor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Depository ceases to be a clearing agency or otherwise ceases to be eligible to be a depository and
the Corporation is unable to locate a qualified successor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Corporation determines that the Warrants shall no longer be held as Book Entry Warrants through the
Depository;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such right is required by Applicable Legislation, as determined by the Corporation and the Corporation's
Counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Warrant is to be Authenticated to or for the account or benefit of a person in the United States or
a U.S. Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) such registration is effected in accordance with the internal procedures of the Depository and the Warrant
Agent,

following which, Warrants for those holders requesting the same shall be registered and issued to the beneficial owners of such Warrants or their nominees as directed by the holder. The Corporation shall provide a certificate executed by an officer of the Corporation giving notice to the Warrant Agent of the occurrence of any event outlined in this Section ‎2.6(2).

(3) Subject to the provisions of this Section ‎ 2.6,
any exchange of CDS Global Warrants for Warrants which are not CDS Global Warrants may be made in whole or in part in accordance with
the provisions of Section ‎ 2.11, mutatis mutandis. All such Warrants
issued in exchange for a CDS Global Warrant or any portion thereof shall be registered in such names as the Depository for such CDS Global
Warrants shall direct and shall be entitled to the same benefits and be subject to the same terms and conditions (except insofar as they
relate specifically to CDS Global Warrants) as the CDS Global Warrants or portion thereof surrendered upon such exchange.

(4) Every Warrant that is Authenticated upon registration or transfer of a CDS Global Warrant, or in exchange
for or in lieu of a CDS Global Warrant or any portion thereof, whether pursuant to this Section ‎ 2.6,
or otherwise, shall be Authenticated in the form of, and shall be, a CDS Global Warrant, unless such Warrant is registered in the name
of a person other than the Depository for such CDS Global Warrant or a nominee thereof.

(5) Notwithstanding anything to the contrary in this Indenture, subject to Applicable Legislation, the CDS
Global Warrant will be issued as an Uncertificated Warrant, unless otherwise requested in writing by the Depository or the Corporation.

(6) The rights of beneficial owners of Warrants who hold securities entitlements in respect of the Warrants
through the book entry registration system shall be limited to those established by applicable law and agreements between the Depository
and the Book Entry Participants and between such Book Entry Participants and the beneficial owners of Warrants who hold securities entitlements
in respect of the Warrants through the book entry registration system, and such rights must be exercised through a Book Entry Participant
in accordance with the rules and procedures of the Depository.

(7) Notwithstanding anything herein to the contrary, neither the Corporation nor the Warrant Agent nor any
agent thereof shall have any responsibility or liability for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the electronic records maintained by the Depository relating to any ownership interests or any other interests
in the Warrants or the depository system maintained by the Depository, or payments made on account of any ownership interest or any other
interest of any person in any Warrant represented by an electronic position in the book entry registration system (other than the Depository
or its nominee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) maintaining, supervising or reviewing any records of the Depository or any Book Entry Participant relating
to any such interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any advice or representation made or given by the Depository or those contained herein that relate to
the rules and regulations of the Depository or any action to be taken by the Depository on its own direction or at the direction of any
Book Entry Participant.

(8) The Corporation may terminate the application of this Section ‎ 2.6
in its sole discretion in which case all Warrants shall be evidenced by Warrant Certificates registered in the name of a Person other
than the Depository.

2.7 Warrant Certificate

(1) For Warrants issued in certificated form, the form of certificate representing such Warrants shall be
substantially as set out in Schedule "A" hereto or such other form as is authorized from time to time by the Warrant Agent.
Each Warrant Certificate shall be Authenticated on behalf of the Warrant Agent. Each Warrant Certificate shall be signed by any two duly
authorized signatories of the Corporation; whose signature shall appear on the Warrant Certificate and may be printed, lithographed or
otherwise mechanically reproduced thereon and, in such event, certificates so signed are as valid and binding upon the Corporation as
if it had been signed manually. Any Warrant Certificate which has two signatures duly executed by the Corporation as hereinbefore provided
shall be valid notwithstanding that one or more of the persons whose signature is printed, lithographed or mechanically reproduced no
longer holds office at the date of issuance of such Warrant Certificate. The Warrant Certificates may be engraved, printed or lithographed,
or partly in one form and partly in another, as the Warrant Agent may determine.

(2) The Warrant Agent shall Authenticate Uncertificated Warrants (whether upon original issuance, exchange,
registration of transfer, partial payment, or otherwise) by completing its Internal Procedures and the Corporation shall, and hereby acknowledges
that it shall, thereupon be deemed to have duly and validly issued such Uncertificated Warrants under this Indenture. Such Authentication
shall be conclusive evidence that such Uncertificated Warrant has been duly issued hereunder and that the holder or holders are entitled
to the benefits of this Indenture. The register shall be final and conclusive evidence as to all matters relating to Uncertificated Warrants
with respect to which this Indenture requires the Warrant Agent to maintain records or accounts. In case of differences between the register
at any time and any other time the register at the later time shall be controlling, absent manifest error and such Uncertificated Warrants
are binding on the Corporation.

(3) Any Warrant Certificate validly issued in accordance with the terms of this Indenture in effect at the
time of issue of such Warrant Certificate shall, subject to the terms of this Indenture and Applicable Legislation, validly entitle the
holder to acquire Warrant Shares, notwithstanding that the form of such Warrant Certificate may not be in the form currently required
by this Indenture.

(4) No Warrant shall be considered issued and shall be valid or obligatory or shall entitle the holder thereof
to the benefits of this Indenture, until it has been Authenticated by the Warrant Agent. Authentication by the Warrant Agent, including
by way of entry on the register, shall not be construed as a representation or warranty by the Warrant Agent as to the validity of this
Indenture or of such Warrant Certificates or Uncertificated Warrants (except the due Authentication thereof) or as to the performance
by the Corporation of its obligations under this Indenture and the Warrant Agent shall in no respect be liable or answerable for the use
made of the Warrants or any of them or of the consideration thereof. Authentication by the Warrant Agent shall be conclusive evidence
as against the Corporation that the Warrants so Authenticated have been duly issued hereunder and that the holder thereof is entitled
to the benefits of this Indenture.

(5) No Warrant Certificate shall be considered issued and Authenticated or, if Authenticated, shall be obligatory
or shall entitle the holder thereof to the benefits of this Indenture, until it has been Authenticated by signature by or on behalf of
the Warrant Agent substantially in the form of the Warrant set out in Schedule "A" hereto. Such Authentication on any such
Warrant Certificate shall be conclusive evidence that such Warrant Certificate is duly Authenticated and is valid and a binding obligation
of the Corporation and that the holder is entitled to the benefits of this Indenture.

(6) No Uncertificated Warrant shall be considered issued and shall be obligatory or shall entitle the holder
thereof to the benefits of this Indenture, until it has been Authenticated by entry on the register of the particulars of the Uncertificated
Warrant. Such entry on the register of the particulars of an Uncertificated Warrant shall be conclusive evidence that such Uncertificated
Warrant is a valid and binding obligation of the Corporation and that the holder is entitled to the benefits of this Indenture.

2.8 Legends

(1) Neither the Warrants nor the Warrant Shares have been or will be registered under the U.S. Securities
Act or under any United States state securities laws. If required under United States securities laws, Warrant Certificates originally
issued for the benefit or account of a U.S. Warrantholder and each Warrant Certificate issued in exchange therefor or in substitution
thereof shall bear or be deemed to bear the following legends or such variations thereof as the Corporation may prescribe from time to
time:

**"THIS WARRANT AND THE SECURITIES DELIVERABLE UPON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO BUNKER HILL MINING CORP. (THE "CORPORATION") (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) WITHIN THE UNITED STATES IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO COMPUTERSHARE TRUST COMPANY OF CANADA TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.**

**THE SECURITIES EVIDENCED HEREBY AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OR U.S. STATE SECURITIES LAWS. THESE WARRANTS MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON UNLESS THIS SECURITY AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS SECURITY HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LEGISLATION OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT."**

provided that, if the Warrants are being sold outside the United States in accordance with Rule 904 of Regulation S under the U.S. Securities Act, this legend may be removed by the transferor providing a declaration to the Warrant Agent in the form set forth in Schedule "C" attached hereto or as the Warrant Agent or the Corporation may prescribe from time to time, and if required by the Warrant Agent, including an opinion of counsel, of recognised standing reasonably satisfactory to the Corporation and the Warrant Agent, that the proposed transfer may be effected without registration under the U.S. Securities Act.

The Warrant Agent shall be entitled to request any other documents that it may require in accordance with its internal policies for the removal of the legend set forth above.

(2) Each CDS Global Warrant, if issued on a certificated basis, originally issued in Canada and held by the
Depository, and each CDS Global Warrant issued in exchange therefor or in substitution thereof shall bear or be deemed to bear the following
legend or such variations thereof as the Corporation may prescribe from time to time:

**"UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("CDS") TO BUNKER HILL MINING CORP. (THE "ISSUER") OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO, OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE."**

(3) Each Warrant Certificate originally issued in Canada or to a Canadian holder and each CDS Global Warrant
originally issued in Canada and held by the Depository on the date hereof (and each such Warrant Certificate or CDS Global Warrant, as
the case may be, issued in exchange therefor or in substitution thereof prior to the date that is four months and a day after the date
hereof) shall bear or be deemed to bear the following legend or such variations thereof as the Corporation may prescribe from time to
time:

**"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE OCTOBER 6, 2025."**

And, if applicable, the additional legend as follows:

**"WITHOUT PRIOR APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL OCTOBER 6, 2025."**

(4) Notwithstanding any other provisions of this Indenture, in processing and registering transfers of Warrants,
no duty or responsibility whatsoever shall rest upon the Warrant Agent to determine the compliance by any transferor or transferee with
the terms of the legend contained in Section ‎ 2.8(1) or Section ‎ 2.8(2),
or with the relevant securities laws or regulations, including, without limitation, Regulation S, and the Warrant Agent shall be entitled
to assume that all transfers are legal and proper.

2.9 Register of Warrants

(1) The Warrant Agent shall maintain records and accounts concerning the Warrants, whether certificated or
uncertificated, which shall contain the information called for below with respect to each Warrant, together with such other information
as may be required by law or as the Warrant Agent may elect to record. All such information shall be kept in one set of accounts and records
which the Warrant Agent shall designate (in such manner as shall permit it to be so identified as such by an unaffiliated party) as the
register of the holders of Warrants. The information to be entered for each account in the register of Warrants at any time shall include
(without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name and address of the Registered Warrantholder, the date of Authentication thereof and the number
of Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether such Warrant is a Warrant Certificate or an Uncertificated Warrant and, if a Warrant Certificate,
the unique number or code assigned to and imprinted thereupon and, if an Uncertificated Warrant, the unique number or code assigned thereto
if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether such Warrant has been cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a register of transfers in which all transfers of Warrants and the date and other particulars of each
transfer shall be entered.

The register shall be available for inspection by the Corporation and or any Warrantholder during the Warrant Agent's regular business hours on a Business Day and upon payment to the Warrant Agent of its reasonable fees. Any Warrantholder exercising such right of inspection shall first provide an affidavit in form satisfactory to the Corporation and the Warrant Agent stating the name and address of the Warrantholder and agreeing not to use the information therein except in connection with an effort to call a meeting of Warrantholders or to influence the voting of Warrantholders at any meeting of Warrantholders.

(2) Once an Uncertificated Warrant has been Authenticated, the information set forth in the register with
respect thereto at the time of Authentication may be altered, modified, amended, supplemented or otherwise changed only to reflect exercise
or proper instructions to the Warrant Agent from the holder as provided herein, except that the Warrant Agent may act unilaterally to
make purely administrative changes internal to the Warrant Agent and changes to correct errors. Each person who becomes a holder of an
Uncertificated Warrant, by his, her or its acquisition thereof shall be deemed to have irrevocably (i) consented to the foregoing authority
of the Warrant Agent to make such minor error corrections and (ii) agreed to pay to the Warrant Agent, promptly upon written demand, the
full amount of all loss and expense (including without limitation reasonable legal fees of the Corporation and the Warrant Agent plus
interest, at an appropriate then prevailing rate of interest to the Warrant Agent), sustained by the Corporation or the Warrant Agent
as a proximate result of such error if but only if and only to the extent that such present or former holder realized any benefit as a
result of such error and could reasonably have prevented, forestalled or minimized such loss and expense by prompt reporting of the error
or avoidance of accepting benefits thereof whether or not such error is or should have been timely detected and corrected by the Warrant
Agent; provided, that no person who is a bona fide purchaser shall have any such obligation to the Corporation or to the Warrant Agent.

2.10 Issue in Substitution for Warrant Certificates Lost, etc.

(1) If any Warrant Certificate becomes mutilated or is lost, destroyed or stolen, the Corporation, subject
to applicable law, shall issue and thereupon the Warrant Agent shall certify and deliver, a new Warrant Certificate of like tenor, and
bearing the same legend, if applicable, as the one mutilated, lost, destroyed or stolen in exchange for and in place of and upon cancellation
of such mutilated Warrant Certificate, or in lieu of and in substitution for such lost, destroyed or stolen Warrant Certificate, and the
substituted Warrant Certificate shall be in a form approved by the Warrant Agent and the Warrants evidenced thereby shall be entitled
to the benefits hereof and shall rank equally in accordance with its terms with all other Warrants issued or to be issued hereunder.

(2) The applicant for the issue of a new Warrant Certificate pursuant to this Section ‎ 2.10
shall bear the cost of the issue thereof and in case of loss, destruction or theft shall, as a condition precedent to the issuance thereof,
furnish to the Corporation and to the Warrant Agent such evidence of ownership and of the loss, destruction or theft of the Warrant Certificate
so lost, destroyed or stolen as shall be satisfactory to the Corporation and to the Warrant Agent, in their sole discretion, and such
applicant shall also be required to furnish an indemnity and surety bond in amount and form satisfactory to the Corporation and the Warrant
Agent, in their sole discretion, and shall pay the reasonable charges of the Corporation and the Warrant Agent in connection therewith.

2.11 Exchange of Warrant Certificates

(1) Any one or more Warrant Certificates representing any number of Warrants may, upon compliance with the
reasonable requirements of the Warrant Agent (including compliance with applicable securities legislation), be exchanged for one or more
other Warrant Certificates representing the same aggregate number of Warrants, and bearing the same legend, if applicable, as represented
by the Warrant Certificate or Warrant Certificates so exchanged.

(2) Warrant Certificates may be exchanged only at the Warrant Agency or at any other place that is designated
by the Corporation with the approval of the Warrant Agent. Any Warrant Certificate from the holder (or such other instructions, in form
satisfactory to the Warrant Agent), tendered for exchange shall be surrendered to the Warrant Agency and cancelled by the Warrant Agent.

(3) Warrant Certificates exchanged for Warrant Certificates that bear the legend set forth in Section ‎ 2.8(1)
shall bear the same legend.

2.12 Transfer and Ownership of Warrants

(1) The Warrants may only be transferred on the register kept by the Warrant Agent at the Warrant Agency by
the holder or its legal representatives or its attorney duly appointed by an instrument in writing in form and execution satisfactory
to the Warrant Agent only upon (a) in the case of a Warrant Certificate, surrendering to the Warrant Agent at the Warrant Agency the Warrant
Certificates representing the Warrants to be transferred together with a duly executed transfer form as set forth in Schedule "A"
attached hereto, (b) in the case of Book Entry Warrants, in accordance with procedures prescribed by the Depository under the book entry
registration system, and (c) upon compliance with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the conditions herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such reasonable requirements as the Warrant Agent may prescribe; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all applicable securities legislation and requirements of regulatory authorities;

and such transfer shall be duly noted in such register by the Warrant Agent. Upon compliance with such requirements, the Warrant Agent shall issue to the transferee of a Warrant Certificate, a Warrant Certificate and to the transferee of an Uncertificated Warrant, an Uncertificated Warrant, or the Warrant Agent shall Authenticate and deliver a Warrant Certificate upon request that part of the CDS Global Warrant be certificated. Transfers within the systems of the Depository are not the responsibility of the Warrant Agent and will not be noted on the register maintained by the Warrant Agent.

(2) If a Warrant Certificate tendered for transfer bears any of the legends set forth in Section ‎ 2.8(1),
the Warrant Agent shall not register such transfer unless the transferor has provided the Warrant Agent with the Warrant Certificate and
(A) the transfer is made to the Corporation or (B) a declaration to the effect set forth in Schedule "C" to this Warrant Indenture,
or in such other form as the Corporation may from time to time prescribe, is delivered to the Warrant Agent, and if required by the Warrant
Agent, the transferor provides an opinion of counsel of recognized standing, reasonably satisfactory to the Corporation and the Warrant
Agent that the proposed transfer is exempt from registration with applicable state laws and the U.S. Securities Act and that such legends
may be removed.

 ****

(3) Subject to the provisions of this Indenture, Applicable Legislation and applicable law, the Warrantholder
shall be entitled to the rights and privileges attaching to the Warrants, and the issue of Warrant Shares by the Corporation upon the
exercise of Warrants in accordance with the terms and conditions herein contained shall discharge all responsibilities of the Corporation
and the Warrant Agent with respect to such Warrants and neither the Corporation nor the Warrant Agent shall be bound to inquire into the
title of any such holder.

2.13 Cancellation of Surrendered Warrants

All Warrant Certificates surrendered pursuant to ‎Article 3 shall be cancelled by the Warrant Agent and upon such circumstances all such Uncertificated Warrants shall be deemed cancelled and so noted on the register by the Warrant Agent. Upon request by the Corporation, the Warrant Agent shall furnish to the Corporation a cancellation certificate identifying the Warrant Certificates so cancelled, the number of Warrants evidenced thereby, the number of Warrant Shares, if any, issued pursuant to such Warrants and the details of any Warrant Certificates issued in substitution or exchange for such Warrant Certificates cancelled.

**Article 3<br> EXERCISE OF WARRANTS**

3.1 Right of Exercise

Subject to the provisions hereof, each Registered Warrantholder may exercise the right conferred on such holder to subscribe for and purchase one (1) Warrant Share for each Warrant after the Issue Date and prior to the Expiry Time and in accordance with the conditions herein.

3.2 Warrant Exercise

(1) Other than Warrants held by the Depository, Registered Warrantholders of Warrant Certificates who wish
to exercise the Warrants held by them in order to acquire Warrant Shares must complete the exercise form (the "**Exercise Notice** ")
attached to the Warrant Certificate(s) which form is attached hereto as Schedule "B", which may be amended by the Corporation
with the consent of the Warrant Agent, if such amendment does not, in the reasonable opinion of the Corporation and the Warrant Agent,
which may be based on the advice of Counsel, materially and adversely affect the rights, entitlements and interests of the Warrantholders,
and deliver such certificate(s), the executed Exercise Notice and a certified cheque, bank draft or money order payable to or to the order
of the Corporation for the aggregate Exercise Price to the Warrant Agent at the Warrant Agency. The Warrants represented by a Warrant
Certificate shall be deemed to be surrendered upon personal delivery of such certificate, Exercise Notice and aggregate Exercise Price
or, if such documents are sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent at the office
referred to above.

 ****

(2) In addition to completing the Exercise Notice attached to the Warrant Certificate(s), a Warrantholder
who is a person in the United States, a U.S. Person, a person exercising for the account or benefit of a U.S. Person, or person requesting
delivery of the Warrant Shares issuable upon the exercise of the Warrants in the United States must (a) provide a completed and executed
U.S. Purchaser Letter or (b) an opinion of counsel of recognised standing in form and substance reasonably satisfactory to the Corporation
and the Warrant Agent that the exercise is exempt from the registration requirements of applicable securities laws of any state of the
United States and the U.S. Securities Act; provided however that in the case of a Warrantholder that is the original purchaser of Warrants
and who delivered the U.S. Accredited Investor Certificate attached to the subscription agreement of the Corporation in connection with
its purchase of Units pursuant to the Brokered Private Placement under which the Warrants were issued, such Warrantholder will not be
required to deliver a U.S. Purchaser Letter or an opinion of counsel in connection with the due exercise of the Warrant at a time when
the representations, warranties and covenants made by the Warrantholder in the U.S. Accredited Investor Certificate remain true and correct
and the Warrantholder represents to the Corporation as such.

(3) A Registered Warrantholder of Uncertificated Warrants evidenced by a security entitlement in respect of
Warrants must complete the Exercise Notice and deliver the executed Exercise Notice and a certified cheque, bank draft or money order
payable to or to the order of the Corporation for the aggregate Exercise Price to the Warrant Agent at the Warrant Agency. The Uncertificated
Warrants shall be deemed to be surrendered upon receipt of the Exercise Notice and aggregate Exercise Price or, if such documents are
sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent at the office referred to above.

(4) A beneficial owner of Uncertificated Warrants evidenced by a security entitlement in respect of Warrants
in the book entry registration system who desires to exercise his or her Warrants must do so by causing a Book Entry Participant to deliver
to the Depository on behalf of the entitlement holder, notice of the owner's intention to exercise Warrants in a manner acceptable
to the Depository. Forthwith upon receipt by the Depository of such notice, as well as payment for the aggregate Exercise Price, the Depository
shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (a "**Confirmation**") in a manner
acceptable to the Warrant Agent, including by electronic means through a book based registration system, including CDSX. An electronic
exercise of the Warrants initiated by the Book Entry Participant through a book based registration system, including CDSX, shall constitute
a representation to both the Corporation and the Warrant Agent that the beneficial owner at the time of exercise of such Warrants (a)
is not in the United States; (b) is not a U.S. Person and is not exercising such Warrants on behalf of a U.S. Person or a person in the
United States; and (c) did not execute or deliver the notice of the owner's intention to exercise such Warrants in the United States.
If the Book Entry Participant is not able to make or deliver the foregoing representations by initiating the electronic exercise of the
Warrants, then such Warrants shall be withdrawn from the book based registration system, including CDSX, by the Book Entry Participant
and an individually registered Warrant Certificate shall be issued by the Warrant Agent to such beneficial owner or Book Entry Participant
and the exercise procedures set forth in Section ‎ 3.2(1) shall be
followed.

(5) Payment representing the aggregate Exercise Price must be provided to the appropriate office of the Book
Entry Participant in a manner acceptable to it. A notice in form acceptable to the Book Entry Participant and payment from such beneficial
holder should be provided to the Book Entry Participant sufficiently in advance so as to permit the Book Entry Participant to deliver
notice and payment to the Depository and for the Depository in turn to deliver notice and payment to the Warrant Agent prior to the Expiry
Time. The Depository will initiate the exercise by way of the Confirmation and forward the aggregate Exercise Price electronically to
the Warrant Agent and the Warrant Agent will execute the exercise by issuing to the Depository through the book entry registration system
the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise
process will be for the account of the entitlement holder exercising the Warrants and/or the Book Entry Participant exercising the Warrants
on its behalf.

(6) By causing a Book Entry Participant to deliver notice to the Depository, a Warrantholder shall be deemed
to have irrevocably surrendered his or her Warrants so exercised and appointed such Book Entry Participant to act as his or her exclusive
settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise.

(7) Any notice which the Depository determines to be incomplete, not in proper form or not duly executed shall
for all purposes be void and of no force and effect and the exercise to which it relates shall be considered for all purposes not to have
been exercised thereby. A failure by a Book Entry Participant to exercise or to give effect to the settlement thereof in accordance with
the Warrantholder's instructions will not give rise to any obligations or liability on the part of the Corporation or Warrant Agent
to the Book Entry Participant or the Warrantholder.

(8) The Exercise Notice referred to in this Section ‎ 3.2
shall be signed by the Registered Warrantholder, or its executors or administrators or other legal representatives or an attorney of the
Registered Warrantholder, duly appointed by an instrument in writing satisfactory to the Warrant Agent but such Exercise Notice need not
be executed by the Depository.

(9) Any exercise referred to in this Section ‎ 3.2
shall require that the entire Exercise Price for Warrant Shares subscribed must be paid at the time of subscription and such Exercise
Price and original Exercise Notice executed by the Registered Warrantholder or the Confirmation from the Depository must be received by
the Warrant Agent prior to the Expiry Time.

(10) Warrants may only be exercised pursuant to this Section ‎ 3.2
by or on behalf of a Registered Warrantholder, as applicable, who makes the certifications set forth on the Exercise Notice set out in
Schedule "B" or as provided herein.

(11) If the form of Exercise Notice set forth in the Warrant Certificate shall have been amended, the Corporation
shall cause the amended Exercise Notice to be forwarded to all Registered Warrantholders.

(12) Exercise Notices and Confirmations must be delivered to the Warrant Agent at any time during the Warrant
Agent's actual business hours on any Business Day prior to the Expiry Time. Any Exercise Notice or Confirmations received by the
Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant
Agent on the next following Business Day.

(13) Any Warrant with respect to which a Confirmation or Exercise Notice is not received by the Warrant Agent
before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and
be cancelled.

(14) If Applicable: Notwithstanding any provisions herein, a beneficial owner of Warrants issued in uncertificated
form evidenced by a security entitlement in respect of Warrants in a book entry registration system who desires to exercise his or her
Warrants must do so by causing a Book Entry Participant to deliver to DTCC on behalf of the entitlement holder, an irrevocable notice
of the owner's intention to exercise Warrants in a manner acceptable to DTCC prior to the Expiry Time. Forthwith upon receipt by
DTCC of such notice, DTCC shall deliver forthwith to the Warrant Co-Agent. Upon receipt by the Warrant Co-Agent of such notice and the
aggregate Exercise Price of the Warrants, which may be delivered up to four (4) business days after the Expiry Date, the Warrant Co-Agent
shall issue the resulting shares.

3.3 Prohibition on Exercise by U.S. Persons; Legended Certificates

(1) Subject to Section ‎ 3.3(2) below,
(i) Warrants may not be exercised within the United States or by or on behalf of any U.S. Person; and (ii) no Warrant Shares issued upon
exercise of Warrants may be delivered to any address in the United States.

(2) Notwithstanding Section ‎ 3.3(1), Warrants
which bear the legend set forth in Section ‎ 2.8(1) may be exercised
in the United States or by or on behalf of a U.S. Person, and Warrant Shares issued upon exercise of any such Warrants may be delivered
to an address in the United States, provided that (a) the Person exercising the Warrants (i) is an original U.S. Purchaser who purchased
the Warrants directly from the Corporation (ii) is an institutional "accredited investor" that satisfies one or more of the
criteria set forth in Rule 501(a)(1), (2), (3) or (7) of Regulation D or is a "qualified purchaser" as defined in Section
2(a)(51) of the U.S. Investment Company Act and (b) delivers a completed and executed U.S. Purchaser Letter or provides in form and substance
satisfactory to the Corporation and Warrant Agent a legal opinion which confirms that issuance of shares is in compliance with the applicable
state laws and the U.S. Securities Act; provided however that in the case of a Warrantholder that is the original purchaser of the Warrants
and who delivered the U.S. Accredited Investor Certificate attached to the subscription agreement of the Corporation in connection with
its purchase of Units pursuant to the Brokered Private Placement under which the Warrants were issued, such Warrantholder will not be
required to deliver a U.S. Purchaser Letter or an opinion of counsel in connection with the due exercise of the Warrant at a time when
the representations, warranties and covenants made by the Warrantholder in the U.S. Accredited Investor Certificate remain true and correct
and the Warrantholder represents to the Corporation as such.

(3) Certificates representing Warrant Shares issued upon the exercise of Warrants which bear the legend set
forth in Section ‎ 2.8(1) or which are issued and delivered pursuant
to Section ‎ 3.3(2) shall bear the following legend:

 ****

**"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO BUNKER HILL MINING CORP. (THE "CORPORATION") (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) WITHIN THE UNITED STATES IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO COMPUTERSHARE TRUST COMPANY OF CANADA TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA; PROVIDED THAT IF THE SECURITIES REPRESENTED HEREBY ARE BEING SOLD OUTSIDE OF THE UNITED STATES IN ACCORDANCE WITH RULE 904 UNDER THE U.S. SECURITIES ACT, A NEW CERTIFICATE BEARING NO LEGEND MAY BE OBTAINED FROM THE CORPORATION'S TRANSFER AGENT UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO THE CORPORATION'S TRANSFER AGENT AND THE CORPORATION TO THE EFFECT THAT THE SALE OF THE SECURITIES REPRESENTED HEREBY IS BEING MADE IN COMPLIANCE WITH RULE 904 OF REGULATION S OF THE U.S. SECURITIES ACT. THE CORPORATION'S TRANSFER AGENT MAY REQUIRE AN OPINION OF COUNSEL, OF RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO IT, IN CONNECTION WITH ANY OFFER, SALE OR TRANSFER OF THE SECURITIES BY THE HOLDER HEREOF."**

(4) Certificates representing Common Shares issued upon the exercise of Warrant Certificates (and issued in
substitution or exchange therefor) prior to the date that is four months and one day after the date hereof shall bear the following legend:

**"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE OCTOBER 6, 2025."**

And, if applicable, the additional legend as follows:

**"WITHOUT PRIOR APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL OCTOBER 6, 2025."**

3.4 Transfer Fees and Taxes

If any of the Warrant Shares subscribed for are to be issued to a person or persons other than the Registered Warrantholder, the Registered Warrantholder shall execute the form of transfer and will comply with such reasonable requirements as the Warrant Agent may stipulate and will pay to the Corporation or the Warrant Agent on behalf of the Corporation, all applicable transfer or similar taxes and the Corporation will not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Corporation or the Warrant Agent on behalf of the Corporation, the amount of such tax or shall have established to the satisfaction of the Corporation and the Warrant Agent that such tax has been paid or that no tax is due.

3.5 Warrant Agency

To facilitate the exchange, transfer or exercise of Warrants and compliance with such other terms and conditions hereof as may be required, the Corporation has appointed the Warrant Agency, as the agency at which Warrants may be surrendered for exchange or transfer or at which Warrants may be exercised and the Warrant Agent has accepted such appointment. The Corporation may from time to time designate alternate or additional places as the Warrant Agency (subject to the Warrant Agent's prior approval) and will give notice to the Warrant Agent of any proposed change of the Warrant Agency. Branch registers shall also be kept at such other place or places, if any, as the Corporation, with the approval of the Warrant Agent, may designate. The Warrant Agent will from time to time when requested to do so by the Corporation or any Registered Warrantholder, upon payment of the Warrant Agent's reasonable charges, furnish a list of the names and addresses of Registered Warrantholders showing the number of Warrants held by each such Registered Warrantholder.

3.6 Effect of Exercise of Warrant Certificates

(1) Upon the exercise of Warrant Certificates pursuant to and in compliance with Section ‎ 3.2
and subject to Section ‎ 3.3 and Section ‎ 3.4,
the Warrant Shares to be issued pursuant to the Warrants exercised shall be deemed to have been issued and the person or persons to whom
such Warrant Shares are to be issued shall be deemed to have become the holder or holders of such Warrant Shares within five (5) Business
Days of the Exercise Date unless the register shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed
to have been issued and such person or persons deemed to have become the holder or holders of record of such Warrant Shares, on the date
on which such register is reopened. It is hereby understood that in order for persons to whom Warrant Shares are to be issued, to become
holders of Warrant Shares on record on the Exercise Date, beneficial holders must commence the exercise process sufficiently in advance
so that the Warrant Agent is in receipt of all items of exercise at least one Business Day prior to such Exercise Date.

 ****

(2) Within five (5) Business Days after the Exercise Date with respect to a Warrant, the Warrant Agent shall
use commercially reasonable efforts to cause to be delivered or mailed to the person or persons in whose name or names the Warrant is
registered or, if so specified in writing by the holder, cause to be delivered to such person or persons at the Warrant Agency where the
Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any
other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the book
entry registration system.

3.7 Partial Exercise of Warrants; Fractions

(1) The holder of any Warrants may exercise his right to acquire a number of whole Warrant Shares less than
the aggregate number which the holder is entitled to acquire. In the event of any exercise of a number of Warrants less than the number
which the holder is entitled to exercise, the holder of Warrants upon such exercise shall, in addition, be entitled to receive, without
charge therefor, a new Warrant Certificate(s), bearing the same legend, if applicable, or other appropriate evidence of Warrants, in respect
of the balance of the Warrants held by such holder and which were not then exercised.

(2) Notwithstanding anything herein contained including any adjustment provided for in Section ‎ 4.1,
the Corporation shall not be required, upon the exercise of any Warrants, to issue fractions of Warrant Shares. Warrants may only be exercised
in a sufficient number to acquire whole numbers of Warrant Shares. Any fractional Warrant Shares shall be rounded down to the nearest
whole number and the holder of such Warrants shall not be entitled to any compensation in respect of any fractional Warrant Shares which
is not issued.

3.8 Expiration of Warrants

Immediately after the Expiry Time, all rights under any Warrant in respect of which the right of acquisition provided for herein shall not have been exercised shall cease and terminate and each Warrant shall be void and of no further force or effect.

3.9 Accounting and Recording

(1) The Warrant Agent shall promptly account to the Corporation with respect to Warrants exercised, and shall
promptly forward to the Corporation (or into an account or accounts of the Corporation with the bank or trust company designated by the
Corporation for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of
Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received
in trust for, and shall be segregated and kept apart by the Warrant Agent, the Warrantholders and the Corporation as their interests may
appear.

(2) The Warrant Agent shall record the particulars of Warrants exercised, which particulars shall include
the names and addresses of the persons who become holders of Warrant Shares on exercise and the Exercise Date, in respect thereof. The
Warrant Agent shall provide such particulars in writing to the Corporation within five (5) Business Days of any request by the Corporation
therefor.

3.10 Securities Restrictions

Notwithstanding anything herein contained, Warrant Shares will be issued upon exercise of a Warrant only in compliance with the securities laws of any applicable jurisdiction.

**Article 4<br> ADJUSTMENT OF NUMBER OF Warrant SHARES<br> AND EXERCISE PRICE**

4.1 Adjustment of Number of Warrant Shares and Exercise Price

The subscription rights in effect under the Warrants for Warrant Shares issuable upon the exercise of the Warrants shall be subject to adjustment from time to time as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if, at any time during the Adjustment Period, the Corporation shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subdivide, re-divide or change its outstanding Common Shares into a greater number of Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reduce, combine or consolidate its outstanding Common Shares into a lesser number of Common Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) issue Common Shares or securities exchangeable for, or convertible into, Common Shares to all or substantially
all of the holders of Common Shares by way of stock dividend or other distribution (other than a distribution of Common Shares upon the
exercise of Warrants or any outstanding options);

(any of such events in Section ‎4.1(a)(i), ‎(ii) or ‎(iii) being called a "**Common Share Reorganization**") then the Exercise Price shall be adjusted as of the effect on the effective date or record date of such subdivision, re-division, change, reduction, combination, consolidation or distribution, as the case may be, shall in the case of the events referred to in ‎(i) or ‎(iii) above be decreased in proportion to the number of outstanding Common Shares resulting from such subdivision, re-division, change or distribution, or shall, in the case of the events referred to in ‎(ii) above, be increased in proportion to the number of outstanding Common Shares resulting from such reduction, combination or consolidation by multiplying the Exercise Price in effect immediately prior to such effective date or record date by a fraction, the numerator of which shall be the number of Common Shares outstanding on such effective date or record date before giving effect to such Common Share Reorganization and the denominator of which shall be the number of Common Shares outstanding as of the effective date or record date after giving effect to such Common Share Reorganization (including, in the case where securities exchangeable for or convertible into Common Shares are distributed, the number of Common Share that would have been outstanding had such securities been exchanged for or converted into Common Shares on such record date or effective date). Such adjustment shall be made successively whenever any event referred to in this Section ‎4.1(a) shall occur. Upon any adjustment of the Exercise Price pursuant to Section ‎4.1(a), the Exchange Rate shall be contemporaneously adjusted by multiplying the number of Common Shares theretofore obtainable on the exercise thereof by a fraction of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall be the Exercise Price resulting from such adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if and whenever at any time during the Adjustment Period, the Corporation shall fix a record date for
the issuance of rights, options or warrants to all or substantially all the holders of its outstanding Common Shares entitling them, for
a period expiring not more than 45 days after such record date, to subscribe for or purchase Common Shares (or securities convertible
or exchangeable into Common Shares) at a price per Common Share (or having a conversion or exchange price per Common Share) less than
95% of the Current Market Price on such record date (a "**Rights Offering** "), the Exercise Price shall be adjusted immediately
after such record date so that it shall equal the amount determined by multiplying the Exercise Price in effect on such record date by
a fraction, of which the numerator shall be the total number of Common Shares outstanding on such record date plus a number of Common
Shares equal to the number arrived at by dividing the aggregate price of the total number of additional Common Shares offered for subscription
or purchase (or the aggregate conversion or exchange price of the convertible or exchangeable securities so offered) by the Current Market
Price, and of which the denominator shall be the total number of Common Shares outstanding on such record date plus the total number of
additional Common Shares offered for subscription or purchase or into which the convertible or exchangeable securities so offered are
convertible or exchangeable; any Common Shares owned by or held for the account of the Corporation shall be deemed not to be outstanding
for the purpose of any such computation; such adjustment shall be made successively whenever such a record date is fixed; to the extent
that no such rights or warrants are exercised prior to the expiration thereof, the Exercise Price shall be readjusted to the Exercise
Price which would then be in effect if such record date had not been fixed or, if any such rights or warrants are exercised, to the Exercise
Price which would then be in effect based upon the number of Common Shares (or securities convertible or exchangeable into Common Shares)
actually issued upon the exercise of such rights or warrants, as the case may be. Upon any adjustment of the Exercise Price pursuant to
this Section ‎ 4.1(b), the Exchange Rate will be adjusted immediately
after such record date so that it will equal the rate determined by multiplying the Exchange Rate in effect on such record date by a fraction,
of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall be the Exercise
Price resulting from such adjustment. Such adjustment will be made successively whenever such a record date is fixed, provided that if
two or more such record dates or record dates referred to in this Section ‎ 4.1(b)
are fixed within a period of 25 Trading Days, such adjustment will be made successively as if each of such record dates occurred on the
earliest of such record dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if and whenever at any time during the Adjustment Period the Corporation shall fix a record date for the
making of a distribution to all or substantially all the holders of its outstanding Common Shares of (i) securities of any class,
whether of the Corporation or any other entity (other than Common Shares), (ii) rights, options or warrants to subscribe for or purchase
Common Shares (or other securities convertible into or exchangeable for Common Shares), other than pursuant to a Rights Offering; (iii)
evidences of its indebtedness or (iv) any property or other assets then, in each such case, the Exercise Price shall be adjusted immediately
after such record date so that it shall equal the price determined by multiplying the Exercise Price in effect on such record date by
a fraction, of which the numerator shall be the total number of Common Shares outstanding on such record date multiplied by the Current
Market Price on such record date, less the excess, if any, of the fair market value on such record date, as determined by the Corporation
(whose determination shall be conclusive), of such securities or other assets so issued or distributed over the fair market value of any
consideration received therefor by the Corporation from the holders of the Common Shares, and of which the denominator shall be the total
number of Common Shares outstanding on such record date multiplied by the Current Market Price; and Common Shares owned by or held for
the account of the Corporation shall be deemed not to be outstanding for the purpose of any such computation; such adjustment shall be
made successively whenever such a record date is fixed; to the extent that such distribution is not so made, the Exercise Price shall
be readjusted to the Exercise Price which would then be in effect if such record date had not been fixed. Upon any adjustment of the Exercise
Price pursuant to this Section ‎ 4.1(c), the Exchange Rate will
be adjusted immediately after such record date so that it will equal the rate determined by multiplying the Exchange Rate in effect on
such record date by a fraction, of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and
the denominator shall be the Exercise Price resulting from such adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if and whenever at any time during the Adjustment Period, there is a reclassification of the Common Shares
or a capital reorganization of the Corporation other than as described in Section ‎ 4.1(a)
or a consolidation, amalgamation, arrangement or merger of the Corporation with or into any other body corporate, trust, partnership or
other entity, or a sale or conveyance of the property and assets of the Corporation as an entirety or substantially as an entirety to
any other body corporate, trust, partnership or other entity, any Registered Warrantholder who has not exercised its right of acquisition
prior to the effective date of such reclassification, capital reorganization, consolidation, amalgamation, arrangement or merger, sale
or conveyance, upon the exercise of such right thereafter, shall be entitled to receive upon payment of the Exercise Price and shall accept,
in lieu of the number of Warrant Shares that prior to such effective date the Registered Warrantholder would have been entitled to receive,
the number of shares or other securities or property of the Corporation or of the body corporate, trust, partnership or other entity resulting
from such merger, amalgamation or consolidation, or to which such sale or conveyance may be made, as the case may be, that such Registered
Warrantholder would have been entitled to receive on such reclassification, capital reorganization, consolidation, amalgamation, arrangement
or merger, sale or conveyance, if, on the effective date thereof, as the case may be, the Registered Warrantholder had been the registered
holder of the number of Warrant Shares to which prior to such effective date it was entitled to acquire upon the exercise of the Warrants.
If determined appropriate by the Warrant Agent, relying on advice of Counsel, to give effect to or to evidence the provisions of this
Section ‎ 4.1(d), the Corporation, its successor, or such purchasing
body corporate, partnership, trust or other entity, as the case may be, shall, prior to or contemporaneously with any such reclassification,
capital reorganization, consolidation, amalgamation, arrangement, merger, sale or conveyance, enter into an indenture which shall provide,
to the extent possible, for the application of the provisions set forth in this Indenture with respect to the rights and interests thereafter
of the Registered Warrantholders to the end that the provisions set forth in this Indenture shall thereafter correspondingly be made applicable,
as nearly as may reasonably be, with respect to any shares, other securities or property to which a Registered Warrantholder is entitled
on the exercise of its acquisition rights thereafter. Any indenture entered into between the Corporation and the Warrant Agent pursuant
to the provisions of this Section ‎ 4.1(d) shall be a supplemental
indenture entered into pursuant to the provisions of ‎ Article 8 hereof.
Any indenture entered into between the Corporation, any successor to the Corporation or such purchasing body corporate, partnership, trust
or other entity and the Warrant Agent shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments
provided in this Section ‎ 4.1 and which shall apply to successive
reclassifications, capital reorganizations, amalgamations, consolidations, mergers, sales or conveyances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in any case in which this Section ‎ 4.1
shall require that an adjustment shall become effective immediately after a record date for an event referred to herein, the Corporation
may defer, until the occurrence of such event, issuing to the Registered Warrantholder of any Warrant exercised after the record date
and prior to completion of such event the additional Warrant Shares issuable by reason of the adjustment required by such event before
giving effect to such adjustment; provided, however, that the Corporation shall deliver to such Registered Warrantholder an appropriate
instrument evidencing such Registered Warrantholder's right to receive such additional Common Shares upon the occurrence of the
event requiring such adjustment and the right to receive any distributions made on such additional Common Shares declared in favour of
holders of record of Common Shares on and after the relevant date of exercise or such later date as such Registered Warrantholder would,
but for the provisions of this Section ‎ 4.1(e), have become the holder
of record of such additional Common Shares pursuant to Section ‎ 4.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in any case in which Section ‎ 4.1(a)(iii),
Section ‎ 4.1(b) or Section ‎ 4.1(c)
require that an adjustment be made to the Exercise Price, no such adjustment shall be made if the Registered Warrantholders of the outstanding
Warrants receive, subject to any required stock exchange or regulatory approval, the rights or warrants referred to in Section ‎ 4.1(a)(iii),
Section ‎ 4.1(b) or the shares, rights, options, warrants, evidences
of indebtedness or assets referred to in Section ‎ 4.1(c), as the case
may be, in such kind and number as they would have received if they had been holders of Common Shares on the applicable record date or
effective date, as the case may be, by virtue of their outstanding Warrant having then been exercised into Common Shares at the Exercise
Price in effect on the applicable record date or effective date, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the adjustments provided for in this Section ‎ 4.1
are cumulative, and shall, in the case of adjustments to the Exercise Price be computed to the nearest whole cent and shall apply to successive
subdivisions, re-divisions, reductions, combinations, consolidations, distributions, issues or other events resulting in any adjustment
under the provisions of this Section ‎ 4.1, provided that, notwithstanding
any other provision of this Section, no adjustment of the Exercise Price shall be required unless such adjustment would require an increase
or decrease of at least 1% in the Exercise Price then in effect; provided, however, that any adjustments which by reason of this Section ‎ 4.1(g)
are not required to be made shall be carried forward and taken into account in any subsequent adjustment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) after any adjustment pursuant to this Section ‎ 4.1,
the term "**Common Shares**" where used in this Indenture shall be interpreted to mean securities of any class or classes
which, as a result of such adjustment and all prior adjustments pursuant to this Section ‎ 4.1,
the Registered Warrantholder is entitled to receive upon the exercise of his Warrant, and the number of Warrant Shares indicated by any
exercise made pursuant to a Warrant shall be interpreted to mean the number of Warrant Shares or other property or securities a Registered
Warrantholder is entitled to receive, as a result of such adjustment and all prior adjustments pursuant to this Section ‎ 4.1,
upon the full exercise of a Warrant.

4.2 Entitlement to Warrant Shares on Exercise of Warrant

All Common Shares or shares of any class or other securities, which a Registered Warrantholder is at the time in question entitled to receive on the exercise of its Warrant, whether or not as a result of adjustments made pursuant to this ‎Article 4, shall, for the purposes of the interpretation of this Indenture, be deemed to be Warrant Shares which such Registered Warrantholder is entitled to acquire pursuant to such Warrant.

4.3 No Adjustment for Certain Transactions

Notwithstanding anything in this ‎Article 4, no adjustment shall be made in the acquisition rights attached to the Warrants if the issue of Common Shares is being made pursuant to this Indenture or in connection with (a) any share incentive plan or restricted share plan or share purchase plan in force from time to time for directors, officers, employees, consultants or other service providers of the Corporation; or (b) the satisfaction of existing instruments issued at the date hereof.

4.4 Determination by Independent Firm

In the event of any question arising with respect to the adjustments provided for in this ‎Article 4 such question shall be conclusively determined by an independent firm of chartered public accountants other than the Auditors, who shall have access to all necessary records of the Corporation, and such determination shall be binding upon the Corporation, the Warrant Agent, all holders and all other persons interested therein.

4.5 Proceedings Prior to any Action Requiring Adjustment

As a condition precedent to the taking of any action which would require an adjustment in any of the acquisition rights pursuant to any of the Warrants, including the number of Warrant Shares which are to be received upon the exercise thereof, the Corporation shall take any action which may, in the opinion of Counsel, be necessary in order that the Corporation has unissued and reserved in its authorized capital and may validly and legally issue as fully paid and non-assessable all the Warrant Shares which the holders of such Warrants are entitled to receive on the full exercise thereof in accordance with the provisions hereof.

4.6 Certificate of Adjustment

The Corporation shall from time to time immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section ‎4.1, deliver a certificate of the Corporation to the Warrant Agent specifying the nature of the event requiring the same and the amount of the adjustment or readjustment necessitated thereby and setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based, which certificate may be supported by a certificate of the Corporation's Auditors verifying such calculation if requested by the Warrant Agent at their discretion. The Warrant Agent shall rely, and shall be protected in so doing, upon the certificate of the Corporation or of the Corporation's Auditor and any other document filed by the Corporation pursuant to this ‎Article 4 for all purposes.

4.7 Notice of Special Matters

The Corporation covenants with the Warrant Agent that, so long as any Warrant remains outstanding, it will give notice to the Warrant Agent and to the Registered Warrantholders of its intention to fix a record date that is prior to the Expiry Date for any matter for which an adjustment may be required pursuant to Section ‎4.1 Such notice shall specify the particulars of such event and the record date for such event, provided that the Corporation shall only be required to specify in the notice such particulars of the event as shall have been fixed and determined on the date on which the notice is given. The notice shall be given in each case not less than 14 days prior to such applicable record date. If notice has been given and the adjustment is not then determinable, the Corporation shall promptly, after the adjustment is determinable, file with the Warrant Agent a computation of the adjustment and give notice to the Registered Warrantholders of such adjustment computation.

4.8 No Action after Notice

The Corporation covenants with the Warrant Agent that it will not close its transfer books or take any other corporate action which might deprive the Registered Warrantholder of the opportunity to exercise its right of acquisition pursuant thereto during the period of 14 days after the giving of the certificate or notices set forth in Section ‎4.6 and Section ‎4.7.

4.9 Other Action

If the Corporation, after the date hereof, shall take any action affecting the Common Shares other than action described in Section ‎4.1, which in the reasonable opinion of the directors of the Corporation would materially affect the rights of Registered Warrantholders, the Exercise Price and/or Exchange Rate, the number of Warrant Shares which may be acquired upon exercise of the Warrants shall be adjusted in such manner and at such time, by action of the directors, acting reasonably and in good faith, in their sole discretion as they may determine to be equitable to the Registered Warrantholders in the circumstances, provided that no such adjustment will be made unless any requisite prior approval of any stock exchange on which the Common Shares are listed for trading has been obtained.

4.10 Protection of Warrant Agent

The Warrant Agent shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time be under any duty or responsibility to any Registered Warrantholder to determine whether any
facts exist which may require any adjustment contemplated by Section ‎ 4.1,
or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed in making the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be accountable with respect to the validity or value (or the kind or amount) of any Warrant Shares or
of any other securities or property which may at any time be issued or delivered upon the exercise of the rights attaching to any Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be responsible for any failure of the Corporation to issue, transfer or deliver Warrant Shares or certificates
for the same upon the surrender of any Warrants for the purpose of the exercise of such rights or to comply with any of the covenants
contained in this Article; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) incur any liability or be in any way responsible for the consequences of any breach on the part of the
Corporation of any of the representations, warranties or covenants herein contained or of any acts of the directors, officers, employees,
agents or servants of the Corporation.

4.11 Participation by Warrantholder

No adjustments shall be made pursuant to this ‎Article 4 if the Registered Warrantholders are entitled to participate in any event described in this ‎Article 4 on the same terms, mutatis mutandis, as if the Registered Warrantholders had exercised their Warrants prior to, or on the effective date or record date of, such event and any such participation shall be subject to the prior approval of the TSX-V.

**Article 5<br> RIGHTS OF THE CORPORATION AND COVENANTS**

5.1 Optional Purchases by the Corporation

Subject to compliance with applicable securities legislation and approval of applicable regulatory authorities, if any, the Corporation may from time to time purchase by private contract or otherwise any of the Warrants. Any such purchase shall be made at the lowest price or prices at which, in the opinion of the directors of the Corporation, such Warrants are then obtainable, plus reasonable costs of purchase, and may be made in such manner, from such persons and on such other terms as the Corporation, in its sole discretion, may determine. In the case of Warrant Certificates, Warrant Certificates representing the Warrants purchased pursuant to this Section ‎5.1 shall forthwith be delivered to and cancelled by the Warrant Agent and reflected accordingly on the register of Warrants. In the case of Uncertificated Warrants, the Warrants purchased pursuant to this Section ‎5.1 shall be reflected accordingly on the register of Warrants and in accordance with procedures prescribed by the Depository under the book entry registration system. No Warrants shall be issued in replacement thereof.

5.2 General Covenants

The Corporation covenants with the Warrant Agent that so long as any Warrants remain outstanding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it will reserve and keep available a sufficient number of Common Shares for the purpose of enabling it
to satisfy its obligations to issue Warrant Shares upon the exercise of the Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it will cause the Warrant Shares from time to time acquired pursuant to the exercise of the Warrants to
be duly issued and delivered in accordance with the Warrants and the terms hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Warrant Shares which shall be issued upon exercise of the right to acquire provided for herein shall
be fully paid and non-assessable, free and clear of all encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it will use reasonable commercial efforts to maintain its existence and carry on its business in the ordinary
course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it will use reasonable commercial efforts to ensure that all Common Shares outstanding or issuable from
time to time (including without limitation the Warrant Shares issuable on the exercise of the Warrants) continue to be or are listed and
posted for trading on the TSX-V (or such other Canadian stock exchange acceptable to the Corporation), provided that this clause shall
not be construed as limiting or restricting the Corporation from completing a consolidation, amalgamation, arrangement, takeover bid or
merger that would result in the Common Shares ceasing to be listed and posted for trading on the TSX-V, so long as the holders of Common
Shares receive securities of an entity which is listed on a stock exchange in Canada, or cash, or the holders of the Common shares have
approved the transaction in accordance with the requirements of applicable corporate and securities laws and the policies of the TSX-V;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it will make all requisite filings under applicable Canadian securities legislation including those necessary
to remain a reporting issuer not in default in each of the provinces and other Canadian jurisdictions where it is or becomes a reporting
issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) generally, it will well and truly perform and carry out all of the acts or things to be done by it as
provided in this Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Corporation will promptly notify the Warrant Agent and the Warrantholders in writing of any default
under the terms of this Warrant Indenture which remains unrectified for more than five days following its occurrence.

5.3 Warrant Agent's Remuneration and Expenses

The Corporation covenants that it will pay to the Warrant Agent from time to time reasonable remuneration for its services hereunder and will pay or reimburse the Warrant Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Warrant Agent in the administration or execution of its duties hereby created (including the reasonable compensation and the disbursements of its Counsel and all other advisers and assistants not regularly in its employ) both before any default hereunder and thereafter until all duties of the Warrant Agent hereunder shall be finally and fully performed. Any amount owing hereunder and remaining unpaid after 30 days from the invoice date will bear interest at the then current rate charged by the Warrant Agent against unpaid invoices and shall be payable upon demand. This Section shall survive the resignation or removal of the Warrant Agent and/or the termination of this Indenture.

5.4 Performance of Covenants by Warrant Agent

If the Corporation shall fail to perform any of its covenants contained in this Indenture, the Warrant Agent may notify the Registered Warrantholders of such failure on the part of the Corporation and may itself perform any of the covenants capable of being performed by it but, subject to Section ‎9.2, shall be under no obligation to perform said covenants or to notify the Registered Warrantholders of such performance by it. All sums expended or advanced by the Warrant Agent in so doing shall be repayable as provided in Section ‎5.3. No such performance, expenditure or advance by the Warrant Agent shall relieve the Corporation of any default hereunder or of its continuing obligations under the covenants herein contained.

5.5 Enforceability of Warrants.

The Corporation covenants and agrees that it is duly authorized to create and issue the Warrants to be issued hereunder and that the Warrants, when issued and Authenticated as herein provided, will be valid and enforceable against the Corporation in accordance with the provisions hereof and the terms hereof and that, subject to the provisions of this Indenture, the Corporation will cause the Warrant Shares from time to time acquired upon exercise of Warrants issued under this Indenture to be duly issued and delivered in accordance with the terms of this Indenture.

**Article 6<br> ENFORCEMENT**

6.1 Suits by Registered Warrantholders

All or any of the rights conferred upon any Registered Warrantholder by any of the terms of this Indenture may be enforced by the Registered Warrantholder by appropriate proceedings but without prejudice to the right which is hereby conferred upon the Warrant Agent to proceed in its own name to enforce each and all of the provisions herein contained for the benefit of the Registered Warrantholders.

6.2 Suits by the Corporation

The Corporation shall have the right to enforce full payment of the Exercise Price of all Warrant Shares issued by the Warrant Agent to a Registered Warrantholder hereunder and shall be entitled to demand such payment from the Registered Warrantholder or alternatively to instruct the Warrant Agent to cancel the share certificates representing such Warrant Shares and amend the securities register of the Corporation accordingly.

6.3 Immunity of Shareholders, etc.

The Warrant Agent and the Warrantholders hereby waive and release any right, cause of action or remedy now or hereafter existing in any jurisdiction against any incorporator or any past, present or future shareholder, trustee, employee or agent of the Corporation or any Successor Entity (as defined herein) on any covenant, agreement, representation or warranty by the Corporation herein.

6.4 Waiver of Default

Upon the happening of any default hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Registered Warrantholders of not less than 51% of the Warrants then outstanding shall have power (in
addition to the powers exercisable by Extraordinary Resolution) by requisition in writing to instruct the Warrant Agent to waive any default
hereunder and the Warrant Agent shall thereupon waive the default upon such terms and conditions as shall be prescribed in such requisition;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Warrant Agent shall have power to waive any default hereunder upon such terms and conditions as the
Warrant Agent may deem advisable, on the advice of Counsel, if, in the Warrant Agent's opinion, based on the advice of Counsel,
the same shall have been cured or adequate provision made therefor;

provided that no delay or omission of the Warrant Agent or of the Registered Warrantholders to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or acquiescence therein and provided further that no act or omission either of the Warrant Agent or of the Registered Warrantholders in the premises shall extend to or be taken in any manner whatsoever to affect any subsequent default hereunder of the rights resulting therefrom.

**Article 7<br> MEETINGS OF REGISTERED WARRANTHOLDERS**

7.1 Right to Convene Meetings

The Warrant Agent may at any time and from time to time, and shall on receipt of a written request of the Corporation or of a Warrantholders' Request and upon being indemnified and funded to its reasonable satisfaction by the Corporation or by the Registered Warrantholders signing such Warrantholders' Request against the costs which may be incurred in connection with the calling and holding of such meeting, convene a meeting of the Registered Warrantholders. If the Warrant Agent fails to so call a meeting within seven days after receipt of such written request of the Corporation or within 30 days after receipt of such Warrantholders' Request and the indemnity and funding given as aforesaid, the Corporation or such Registered Warrantholders, as the case may be, may convene such meeting. Every such meeting shall be held in the City of Vancouver, British Columbia, or at such other place as may be approved or determined by the Warrant Agent and the Corporation.

7.2 Notice

At least 21 days' prior written notice of any meeting of Registered Warrantholders shall be given to the Registered Warrantholders in the manner provided for in Section ‎10.2 and a copy of such notice shall be sent by mail to the Warrant Agent (unless the meeting has been called by the Warrant Agent) and to the Corporation (unless the meeting has been called by the Corporation). Such notice shall state the time when and the place where the meeting is to be held, shall state briefly the general nature of the business to be transacted thereat and shall contain such information as is reasonably necessary to enable the Registered Warrantholders to make a reasoned decision on the matter, but it shall not be necessary for any such notice to set out the terms of any resolution to be proposed or any of the provisions of this Section ‎7.2.

7.3 Chairman

An individual (who need not be a Registered Warrantholder) designated in writing by the Warrant Agent shall be chairman of the meeting and if no individual is so designated, or if the individual so designated is not present within fifteen minutes from the time fixed for the holding of the meeting, the Registered Warrantholders present in person or by proxy shall choose an individual present to be chairman.

7.4 Quorum

Subject to the provisions of Section ‎7.11, at any meeting of the Registered Warrantholders a quorum shall consist of Registered Warrantholder(s) present in person or by proxy and entitled to purchase at least 50% of the aggregate number of Warrant Shares which may be acquired pursuant to all the then outstanding Warrants. If a quorum of the Registered Warrantholders shall not be present within thirty minutes from the time fixed for holding any meeting, the meeting, if summoned by Registered Warrantholders or on a Warrantholders' Request, shall be dissolved; but in any other case the meeting shall be adjourned to the same day in the next week (unless such day is not a Business Day, in which case it shall be adjourned to the next following Business Day) at the same time and place and no notice of the adjournment need be given. Any business may be brought before or dealt with at an adjourned meeting which might have been dealt with at the original meeting in accordance with the notice calling the same. No business shall be transacted at any meeting unless a quorum be present at the commencement of business. At the adjourned meeting the Registered Warrantholders present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened, notwithstanding that they may not be entitled to acquire at least 50% of the aggregate number of Warrant Shares which may be acquired pursuant to all then outstanding Warrants.

7.5 Power to Adjourn

The chairman of any meeting at which a quorum of the Registered Warrantholders is present may, with the consent of the meeting, adjourn any such meeting, and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe.

7.6 Show of Hands

Every question submitted to a meeting shall be decided in the first place by a majority of the votes given on a show of hands except that votes on an Extraordinary Resolution shall be given in the manner hereinafter provided. At any such meeting, unless a poll is duly demanded as herein provided, a declaration by the chairman that a resolution has been carried or carried unanimously or by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact.

7.7 Poll and Voting

(1) On every Extraordinary Resolution, and on any other question submitted to a meeting and after a vote by
show of hands when demanded by the chairman or by one or more of the Registered Warrantholders acting in person or by proxy and entitled
to acquire in the aggregate at least 5% of the aggregate number of Warrant Shares which may be acquired pursuant to all the Warrants then
outstanding, a poll shall be taken in such manner as the chairman shall direct. Questions other than those required to be determined by
Extraordinary Resolution shall be decided by a majority of the votes cast on the poll.

(2) On a show of hands, every person who is present and entitled to vote, whether as a Registered Warrantholder
or as proxy for one or more absent Registered Warrantholders, or both, shall have one vote. On a poll, each Registered Warrantholder present
in person or represented by a proxy duly appointed by instrument in writing shall be entitled to one vote in respect of each Warrant then
held or represented by it. A proxy need not be a Registered Warrantholder. The chairman of any meeting shall be entitled, both on a show
of hands and on a poll, to vote in respect of the Warrants, if any, held or represented by him.

7.8 Regulations

(1) The Warrant Agent, or the Corporation with the approval of the Warrant Agent, may from time to time make
and from time to time vary such regulations as it shall think fit for the setting of the record date for a meeting for the purpose of
determining Registered Warrantholders entitled to receive notice of and to vote at the meeting.

(2) Any regulations so made shall be binding and effective and the votes given in accordance therewith shall
be valid and shall be counted. Save as such regulations may provide, the only persons who shall be recognized at any meeting as a Registered
Warrantholder, or be entitled to vote or be present at the meeting in respect thereof (subject to Section ‎ 7.9),
shall be Registered Warrantholders or proxies of Registered Warrantholders.

7.9 Corporation and Warrant Agent May be Represented

The Corporation and the Warrant Agent, by their respective directors, officers, agents, and employees and the Counsel for the Corporation and for the Warrant Agent may attend any meeting of the Registered Warrantholders.

7.10 Powers Exercisable by Extraordinary Resolution

In addition to all other powers conferred upon them by any other provisions of this Indenture or by law, the Registered Warrantholders at a meeting shall, subject to the provisions of Section ‎7.11, have the power exercisable from time to time by Extraordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 agree to any modification, abrogation, alteration, compromise or arrangement of the rights of Registered Warrantholders or the Warrant
 Agent in its capacity as warrant agent hereunder (subject to the Warrant Agent's prior consent, acting reasonably) or on behalf
 of the Registered Warrantholders against the Corporation whether such rights arise under this Indenture or otherwise;

(b) to
 amend, alter or repeal any Extraordinary Resolution previously passed or sanctioned by the Registered Warrantholders;

(c) to
 direct or to authorize the Warrant Agent, subject to Section 9.2(2) hereof, to enforce any of the covenants on the part of the Corporation
 contained in this Indenture or to enforce any of the rights of the Registered Warrantholders in any manner specified in such Extraordinary
 Resolution or to refrain from enforcing any such covenant or right;

(d) to
 waive, and to direct the Warrant Agent to waive, any default on the part of the Corporation in complying with any provisions of this
 Indenture either unconditionally or upon any conditions specified in such Extraordinary Resolution;

(e) to
 restrain any Registered Warrantholder from taking or instituting any suit, action or proceeding against the Corporation for the enforcement
 of any of the covenants on the part of the Corporation in this Indenture or to enforce any of the rights of the Registered Warrantholders;

(f) to
 direct any Registered Warrantholder who, as such, has brought any suit, action or proceeding to stay or to discontinue or otherwise
 to deal with the same upon payment of the costs, charges and expenses reasonably and properly incurred by such Registered Warrantholder
 in connection therewith;

(g) to
 assent to any change in or omission from the provisions contained in this Indenture or any ancillary or supplemental instrument which
 may be agreed to by the Corporation, and to authorize the Warrant Agent to concur in and execute any ancillary or supplemental indenture
 embodying the change or omission;

(h) with
 the consent of the Corporation, such consent not to be unreasonably withheld, to remove the Warrant Agent or its successor in office
 and to appoint a new warrant agent or warrant agents to take the place of the Warrant Agent so removed; and

(i) to
 assent to any compromise or arrangement with any creditor or creditors or any class or classes of creditors, whether secured or otherwise,
 and with holders of any shares or other securities of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11** **Meaning of Extraordinary Resolution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 expression "Extraordinary Resolution" when used in this Indenture means, subject as hereinafter provided in this Section
 7.11 and in Section 7.14, a resolution proposed at a meeting of Registered Warrantholders duly convened for that purpose and held
 in accordance with the provisions of this Article 7 at which there are present in person or by proxy Registered Warrantholders holding
 at least 25% of the aggregate number of Warrant Shares that may be acquired on exercise of the Warrants and passed by the affirmative
 votes of Registered Warrantholders holding not less than 66 2/3% of the aggregate number of Warrant Shares that may be acquired on
 exercise of the Warrants at the meeting and voted on the poll upon such resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If,
 at the meeting at which an Extraordinary Resolution is to be considered, Registered Warrantholders holding at least 25% of the aggregate
 number of Warrant Shares that may be acquired are not present in person or by proxy within 30 minutes after the time appointed for
 the meeting, then the meeting, if convened by Registered Warrantholders or on a Warrantholders' Request, shall be dissolved;
 but in any other case it shall stand adjourned to such day, being not less than 15 or more than 60 days later, and to such place
 and time as may be appointed by the chairman. Not less than 14 days' prior notice shall be given of the time and place of such
 adjourned meeting in the manner provided for in Section 10.2. Such notice shall state that at the adjourned meeting the Registered
 Warrantholders present in person or by proxy shall form a quorum but it shall not be necessary to set forth the purposes for which
 the meeting was originally called or any other particulars. At the adjourned meeting the Registered Warrantholders present in person
 or by proxy shall form a quorum and may transact the business for which the meeting was originally convened and a resolution proposed
 at such adjourned meeting and passed by the requisite vote as provided in Section 7.11(1) shall be an Extraordinary Resolution within
 the meaning of this Indenture notwithstanding that Registered Warrantholders entitled to acquire at least 25% of the aggregate number
 of Warrant Shares which may be acquired pursuant to all the then outstanding Warrants are not present in person or by proxy at such
 adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Subject
 to Section 7.14, votes on an Extraordinary Resolution shall always be given on a poll and no demand for a poll on an Extraordinary
 Resolution shall be necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12** **Powers Cumulative** 

Any one or more of the powers or any combination of the powers in this Indenture stated to be exercisable by the Registered Warrantholders by Extraordinary Resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers or any combination of powers from time to time shall not be deemed to exhaust the right of the Registered Warrantholders to exercise such power or powers or combination of powers then or thereafter from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.13** **Minutes** 

Minutes of all resolutions and proceedings at every meeting of Registered Warrantholders shall be made and duly recorded in the books and such minutes as aforesaid, if signed by the chairman or the secretary of the meeting at which such resolutions were passed or proceedings had shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting in respect of the proceedings of which minutes shall have been made shall be deemed to have been duly convened and held, and all resolutions passed thereat or proceedings taken shall be deemed to have been duly passed and taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.14** **Instruments in Writing** 

All actions which may be taken and all powers that may be exercised by the Registered Warrantholders at a meeting held as provided in this Article 7 may also be taken and exercised by Registered Warrantholders holding at least 66 2/3% of the aggregate number of the then outstanding Warrants by an instrument in writing signed in one or more counterparts by such Registered Warrantholders in person or by attorney duly appointed in writing, and the expression "**Extraordinary Resolution**" when used in this Indenture shall include an instrument so signed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.15** **Binding Effect of Resolutions** 

Every resolution and every Extraordinary Resolution passed in accordance with the provisions of this Article 7 at a meeting of Registered Warrantholders shall be binding upon all the Warrantholders, whether present at or absent from such meeting, and every instrument in writing signed by Registered Warrantholders in accordance with Section 7.14 shall be binding upon all the Warrantholders, whether signatories thereto or not, and each and every Warrantholder and the Warrant Agent (subject to the provisions for indemnity herein contained) shall be bound to give effect accordingly to every such resolution and instrument in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.16** **Holdings by Corporation Disregarded** 

In determining whether Registered Warrantholders holding Warrants evidencing the entitlement to acquire the required number of Warrant Shares are present at a meeting of Registered Warrantholders for the purpose of determining a quorum or have concurred in any consent, waiver, Extraordinary Resolution, Warrantholders' Request or other action under this Indenture, Warrants owned legally or beneficially by the Corporation shall be disregarded in accordance with the provisions of Section 10.7.

**Article 8<br> SUPPLEMENTAL INDENTURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Provision for Supplemental Indentures for Certain Purposes** 

From time to time, the Corporation (when authorized by action of the directors of the Corporation) and the Warrant Agent may, subject to the provisions hereof and subject to the prior approval of the TSX-V, as need be, and they shall, when so directed in accordance with the provisions hereof, execute and deliver by their proper officers, indentures or instruments supplemental hereto, which thereafter shall form part hereof, for any one or more or all of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) setting
 forth any adjustments resulting from the application of the provisions of Article 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adding
 to the provisions hereof such additional covenants and enforcement provisions as, in the opinion of Counsel, are necessary or advisable
 in the premises, provided that the same are not in the opinion of the Warrant Agent, relying on the advice of Counsel, prejudicial
 to the interests of the Registered Warrantholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) giving
 effect to any Extraordinary Resolution passed as provided in Section 7.11;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) making
 such provisions not inconsistent with this Indenture as may be necessary or desirable with respect to matters or questions arising
 hereunder or for the purpose of obtaining a listing or quotation of the Warrants on any stock exchange or quotation system, provided
 that such provisions are not, in the opinion of the Warrant Agent, relying on the advice of Counsel, prejudicial to the interests
 of the Registered Warrantholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) adding
 to or altering the provisions hereof in respect of the transfer of Warrants, making provision for the exchange of Warrants, and making
 any modification in the form of the Warrant Certificates which does not affect the substance thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) modifying
 any of the provisions of this Indenture, including relieving the Corporation from any of the obligations, conditions or restrictions
 herein contained, provided that such modification or relief shall be or become operative or effective only if, in the opinion of
 the Warrant Agent, relying on the advice of Counsel, such modification or relief in no way prejudices any of the rights of the Registered
 Warrantholders or of the Warrant Agent, and provided further that the Warrant Agent may in its sole discretion decline to enter into
 any such supplemental indenture which in its opinion may not afford adequate protection to the Warrant Agent when the same shall
 become operative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) providing
 for the issuance of additional Warrants hereunder, including Warrants in excess of the number set out in Section 2.1 and any consequential
 amendments hereto as may be required by the Warrant Agent relying on the advice of Counsel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) for
 any other purpose not inconsistent with the terms of this Indenture, including the correction or rectification of any ambiguities,
 defective or inconsistent provisions, errors, mistakes or omissions herein, provided that in the opinion of the Warrant Agent, relying
 on the advice of Counsel, the rights of the Warrant Agent and of the Registered Warrantholders are in no way prejudiced thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Successor Entities** 

In the case of the consolidation, amalgamation, arrangement, merger or transfer of the undertaking or assets of the Corporation as an entirety or substantially as an entirety to or with another entity ("**Successor Entity**"), the Successor Entity resulting from such consolidation, amalgamation, arrangement, merger or transfer (if not the Corporation) shall expressly assume, by supplemental indenture satisfactory in form to the Warrant Agent and executed and delivered to the Warrant Agent, the due and punctual performance and observance of each and every covenant and condition of this Indenture to be performed and observed by the Corporation.

**Article 9<br> CONCERNING THE WARRANT Agent**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Trust Indenture Legislation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If
 and to the extent that any provision of this Indenture limits, qualifies or conflicts with a mandatory requirement of Applicable
 Legislation, such mandatory requirement shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Corporation and the Warrant Agent agree that each will, at all times in relation to this Indenture and any action to be taken hereunder,
 observe and comply with and be entitled to the benefits of Applicable Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Rights and Duties of Warrant Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In
 the exercise of the rights and duties prescribed or conferred by the terms of this Indenture, the Warrant Agent shall exercise that
 degree of care, diligence and skill that a reasonably prudent warrant agent would exercise in comparable circumstances. No provision
 of this Indenture shall be construed to relieve the Warrant Agent from liability for its own gross negligence, wilful misconduct,
 bad faith or fraud under this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 obligation of the Warrant Agent to commence or continue any act, action or proceeding for the purpose of enforcing any rights of
 the Warrant Agent or the Registered Warrantholders hereunder shall be conditional upon the Registered Warrantholders furnishing,
 when required by notice by the Warrant Agent, sufficient funds to commence or to continue such act, action or proceeding and an indemnity
 reasonably satisfactory to the Warrant Agent to protect and to hold harmless the Warrant Agent and its officers, directors, employees
 and agents, against the costs, charges and expenses and liabilities to be incurred thereby and any loss and damage it may suffer
 by reason thereof. None of the provisions contained in this Indenture shall require the Warrant Agent to expend or to risk its own
 funds or otherwise to incur financial liability in the performance of any of its duties or in the exercise of any of its rights or
 powers unless indemnified and funded as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The
 Warrant Agent may, before commencing or at any time during the continuance of any such act, action or proceeding, require the Registered
 Warrantholders, at whose instance it is acting to deposit with the Warrant Agent the Warrants Certificates held by them, for which
 Warrants the Warrant Agent shall issue receipts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Every
 provision of this Indenture that by its terms relieves the Warrant Agent of liability or entitles it to rely upon any evidence submitted
 to it is subject to the provisions of Applicable Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3** **Evidence, Experts and Advisers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In
 addition to the reports, certificates, opinions and other evidence required by this Indenture, the Corporation shall furnish to the
 Warrant Agent such additional evidence of compliance with any provision hereof, and in such form, as may be prescribed by Applicable
 Legislation or as the Warrant Agent may reasonably require by written notice to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In
 the exercise of its rights and duties hereunder, the Warrant Agent may, if it is acting in good faith, rely as to the truth of the
 statements and the accuracy of the opinions expressed in statutory declarations, opinions, reports, written requests, consents, or
 orders of the Corporation, certificates of the Corporation or other evidence furnished to the Warrant Agent pursuant to a request
 of the Warrant Agent, provided that such evidence complies with Applicable Legislation and that the Warrant Agent complies with Applicable
 Legislation and that the Warrant Agent examines the same and determines that such evidence complies with the applicable requirements
 of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Whenever
 it is provided in this Indenture or under Applicable Legislation that the Corporation shall deposit with the Warrant Agent resolutions,
 certificates, reports, opinions, requests, orders or other documents, it is intended that the truth, accuracy and good faith on the
 effective date thereof and the facts and opinions stated in all such documents so deposited shall, in each and every such case, be
 conditions precedent to the right of the Corporation to have the Warrant Agent take the action to be based thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 Warrant Agent may employ or retain such Counsel, accountants, appraisers or other experts or advisers as it may reasonably require
 for the purpose of discharging its duties hereunder and may pay reasonable remuneration for all services so performed by any of them,
 without taxation of costs of any Counsel, and shall not be responsible for any misconduct or negligence on the part of any such experts
 or advisers who have been appointed with due care by the Warrant Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The
 Warrant Agent may act and rely and shall be protected in acting and relying in good faith on the opinion or advice of or information
 obtained from any Counsel, accountant, appraiser, engineer or other expert or adviser, whether retained or employed by the Corporation
 or by the Warrant Agent, in relation to any matter arising in the administration of the agency hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4** **Documents, Monies, etc. Held by Warrant Agent** 

Until released in accordance with this Indenture, any funds received hereunder shall be kept in segregated records of the Warrant Agent and the Warrant Agent shall place the funds in segregated trust accounts of the Warrant Agent at one or more of the Canadian Chartered Banks listed in Schedule 1 of the Bank Act (Canada) ("**Approved Bank**"). All amounts held by the Warrant Agent pursuant to this Agreement shall be held by the Warrant Agent for the Corporation and the delivery of the funds to the Warrant Agent shall not give rise to a debtor-creditor or other similar relationship. The amounts held by the Warrant Agent pursuant to this Agreement are at the sole risk of the Corporation and, without limiting the generality of the foregoing, the Warrant Agent shall have no responsibility or liability for any diminution of the funds which may result from any deposit made with an Approved Bank pursuant to this section, including any losses resulting from a default by the Approved Bank or other credit losses (whether or not resulting from such a default). The parties hereto acknowledge and agree that the Warrant Agent will have acted prudently in depositing the funds at any Approved Bank, and that the Warrant Agent is not required to make any further inquiries in respect of any such bank. The Warrant Agent may hold cash balances constituting part or all of such monies and need not, invest the same; the Warrant Agent shall not be liable to account for any profit to any parties to this Indenture or to any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5** **Actions by Warrant Agent to Protect Interest** 

The Warrant Agent shall have power to institute and to maintain such actions and proceedings as it may consider necessary or expedient to preserve, protect or enforce its interests and the interests of the Registered Warrantholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6** **Warrant Agent Not Required to Give Security** 

The Warrant Agent shall not be required to give any bond or security in respect of the execution of the agency and powers of this Indenture or otherwise in respect of the premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7** **Protection of Warrant Agent** 

By way of supplement to the provisions of any law for the time being relating to the Warrant Agent it is expressly declared and agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Warrant Agent shall not be liable for or by reason of any statements of fact or recitals in this Indenture or in the Warrant Certificates
 (except the representation contained in Section 9.9 or in the Authentication of the Warrant Agent on the Warrant Certificates) or
 be required to verify the same, but all such statements or recitals are and shall be deemed to be made by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) nothing
 herein contained shall impose any obligation on the Warrant Agent to see to or to require evidence of the registration or filing
 (or renewal thereof) of this Indenture or any instrument ancillary or supplemental hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Warrant Agent shall not be bound to give notice to any person or persons of the execution hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Warrant Agent shall not incur any liability or responsibility whatever or be in any way responsible for the consequence of any breach
 on the part of the Corporation of any of its covenants herein contained or of any acts of any directors, officers, employees, agents
 or servants of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Corporation hereby indemnifies and agrees to hold harmless the Warrant Agent, its affiliates, their officers, directors, employees,
 agents, successors and assigns (the "**Indemnified Parties**") from and against any and all liabilities whatsoever,
 losses, damages, penalties, claims, demands, actions, suits, proceedings, costs, charges, assessments, judgments, expenses and disbursements,
 including reasonable legal fees and disbursements of whatever kind and nature which may at any time be imposed on or incurred by
 or asserted against the Indemnified Parties, or any of them, whether at law or in equity, in any way caused by or arising, directly
 or indirectly, in respect of any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation
 to the execution of the Indemnified Parties' duties, or any other services that Warrant Agent may provide in connection with
 or in any way relating to this Indenture. The Corporation agrees that its liability hereunder shall be absolute and unconditional
 regardless of the correctness of any representations of any third parties and regardless of any liability of third parties to the
 Indemnified Parties, and shall accrue and become enforceable without prior demand or any other precedent action or proceeding; provided
 that the Corporation shall not be required to indemnify the Indemnified Parties in the event of the gross negligence or wilful misconduct
 of the Warrant Agent, and this provision shall survive the resignation or removal of the Warrant Agent or the termination or discharge
 of this Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) notwithstanding
 the foregoing or any other provision of this Indenture, any liability of the Warrant Agent shall be limited, in the aggregate, to
 the amount of annual retainer fees paid by the Corporation to the Warrant Agent under this Indenture in the twelve (12) months immediately
 prior to the Warrant Agent receiving the first notice of the claim. Notwithstanding any other provision of this Indenture, and whether
 such losses or damages are foreseeable or unforeseeable, the Warrant Agent shall not be liable under any circumstances whatsoever
 for any (a) breach by any other party of securities law or other rule of any securities regulatory authority, (b) lost profits or
 (c) special, indirect, incidental, consequential, exemplary, aggravated or punitive losses or damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.8** **Replacement of Warrant Agent; Successor by Merger** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Warrant Agent may resign its agency and be discharged from all further duties and liabilities hereunder, subject to this Section
 9.8, by giving to the Corporation not less than 60 days' prior notice in writing or such shorter prior notice as the Corporation
 may accept as sufficient. The Registered Warrantholders by Extraordinary Resolution shall have power at any time to remove the existing
 Warrant Agent and to appoint a new warrant agent. In the event of the Warrant Agent resigning or being removed as aforesaid or being
 dissolved, becoming bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder, the Corporation shall forthwith
 appoint a new warrant agent unless a new warrant agent has already been appointed by the Registered Warrantholders; failing such
 appointment by the Corporation, the retiring Warrant Agent or any Registered Warrantholder may apply to a judge of the Province of
 British Columbia on such notice as such judge may direct, for the appointment of a new warrant agent; but any new warrant agent so
 appointed by the Corporation or by the Court shall be subject to removal as aforesaid by the Registered Warrantholders. Any new warrant
 agent appointed under any provision of this Section 9.8 shall be an entity authorized to carry on the business of a trust company
 in the Province of British Columbia and, if required by the Applicable Legislation for any other provinces, in such other provinces.
 On any such appointment the new warrant agent shall be vested with the same powers, rights, duties and responsibilities as if it
 had been originally named herein as Warrant Agent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Upon
 the appointment of a successor warrant agent, the Corporation shall promptly notify the Registered Warrantholders thereof in the
 manner provided for in Section 10.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any
 Warrant Certificates Authenticated but not delivered by a predecessor Warrant Agent may be Authenticated by the successor Warrant
 Agent in the name of the successor Warrant Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Any
 corporation into which the Warrant Agent may be merged or consolidated or amalgamated, or any corporation resulting therefrom to
 which the Warrant Agent shall be a party, or any corporation succeeding to substantially the corporate trust business of the Warrant
 Agent shall be the successor to the Warrant Agent hereunder without any further act on its part or any of the parties hereto, provided
 that such corporation would be eligible for appointment as successor Warrant Agent under Section 9.8(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.9** **Acceptance of Agency** 

The Warrant Agent hereby accepts the agency in this Indenture declared and provided for and agrees to perform the same upon the terms and conditions herein set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.10** **Warrant Agent Not to be Appointed Receiver** 

The Warrant Agent and any person related to the Warrant Agent shall not be appointed a receiver, a receiver and manager or liquidator of all or any part of the assets or undertaking of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11** **Warrant Agent Not Required to Give Notice of Default** 

The Warrant Agent shall not be bound to give any notice or do or take any act, action or proceeding by virtue of the powers conferred on it hereby unless and until it shall have been required so to do under the terms hereof; nor shall the Warrant Agent be required to take notice of any default hereunder, unless and until notified in writing of such default, which notice shall distinctly specify the default desired to be brought to the attention of the Warrant Agent and in the absence of any such notice the Warrant Agent may for all purposes of this Indenture conclusively assume that no default has been made in the observance or performance of any of the representations, warranties, covenants, agreements or conditions contained herein. Any such notice shall in no way limit any discretion herein given to the Warrant Agent to determine whether or not the Warrant Agent shall take action with respect to any default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.12** **Anti-Money Laundering** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each
 party to this Agreement other than the Warrant Agent hereby represents to the Warrant Agent that any account to be opened by, or
 interest to be held by the Warrant Agent in connection with this Agreement, for or to the credit of such party, either (i) is not
 intended to be used by or on behalf of any third party; or (ii) is intended to be used by or on behalf of a third party, in which
 case such party hereto agrees to complete and execute forthwith a declaration in the Warrant Agent's prescribed form as to
 the particulars of such third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Warrant Agent shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for
 any other reason whatsoever, the Warrant Agent, in its sole judgment, determines that such act might cause it to be in non-compliance
 with any applicable anti-money laundering, anti-terrorist or economic sanctions legislation, regulation or guideline. Further, should
 the Warrant Agent, in its sole judgment, determine at any time that its acting under this Indenture has resulted in its being in
 non-compliance with any applicable anti-money laundering, anti-terrorist or economic sanctions legislation, regulation or guideline,
 then it shall have the right to resign on ten (10) days written notice to the other parties to this Indenture, provided (i) that
 the Warrant Agent's written notice shall describe the circumstances of such non-compliance; and (ii) that if such circumstances
 are rectified to the Warrant Agent's satisfaction within such ten (10) day period, then such resignation shall not be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.13** **Compliance with Privacy Code** 

The parties acknowledge that the Warrant Agent may, in the course of providing services hereunder, collect or receive financial and other personal information about such parties and/or their representatives, as individuals, or about other individuals related to the subject matter hereof, and use such information for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 provide the services required under this Indenture and other services that may be requested from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 help the Warrant Agent manage its servicing relationships with such individuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 meet the Warrant Agent's legal and regulatory requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 Social Insurance Numbers are collected by the Warrant Agent, to perform tax reporting and to assist in verification of an individual's
 identity for security purposes.

Each party acknowledges and agrees that the Warrant Agent may receive, collect, use and disclose personal information provided to it or acquired by it in the course of its acting as agent hereunder for the purposes described above and, generally, in the manner and on the terms described in its privacy code, which the Warrant Agent shall make available on its website, www.computershare.com, or upon request, including revisions thereto. The Warrant Agent may transfer personal information to other companies in or outside of Canada that provide data processing and storage or other support in order to facilitate the services it provides.

Further, each party agrees that it shall not provide or cause to be provided to the Warrant Agent any personal information relating to an individual who is not a party to this Indenture unless that party has assured itself that such individual understands and has consented to the aforementioned uses and disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.14** **Securities Exchange Commission Certification** 

The Corporation confirms that as at the date of execution of this Agreement it does not have a class of securities registered pursuant to Section 12 of the U.S. Exchange Act or have a reporting obligation pursuant to Section 15(d) of the U.S. Exchange Act.

The Corporation covenants that in the event that (i) any class of its securities shall become registered pursuant to Section 12 of the U.S. Exchange Act or Corporation shall incur a reporting obligation pursuant to Section 15(d) of the U.S. Exchange Act, or (ii) any such registration or reporting obligation shall be terminated by the Corporation in accordance with the U.S. Exchange Act, the Corporation shall promptly deliver to the Warrant Agent an officers' certificate (in a form provided by the Warrant Agent) notifying the Warrant Agent of such registration or termination and such other information as the Warrant Agent may require at the time. The Corporation acknowledges that Warrant Agent is relying upon the foregoing representation and covenants in order to meet certain SEC obligations with respect to those clients who are filing periodic reports with the SEC.

**Article 10<br> GENERAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Notice to the Corporation and the Warrant Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Unless
 herein otherwise expressly provided, any notice to be given hereunder to the Corporation or the Warrant Agent shall be deemed to
 be validly given if delivered, sent by registered letter, postage prepaid or if faxed or emailed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 to the Corporation:

Bunker Hill Mining Corp.

300 - 1055 West Hastings Street

Vancouver, British Columbia V6E 2E9

Attention: Sam Ash, Chief Executive Officer

Email Address**: [Redacted – Personal Information]**

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 to the Warrant Agent:

Computershare Trust Company of Canada

510 Burrard Street, 3rd Floor

Vancouver, British Columbia V6C 3B9

Attention: General Manager, Corporate Trust

Email Address: **[Redacted – Personal Information]**

and any such notice delivered in accordance with the foregoing shall be deemed to have been received and given on the date of delivery or, if mailed, on the fifth Business Day following the date of mailing such notice or, if faxed, on the next Business Day following the date of transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Corporation or the Warrant Agent, as the case may be, may from time to time notify the other in the manner provided in Section 10.1(1)
 of a change of address which, from the effective date of such notice and until changed by like notice, shall be the address of the
 Corporation or the Warrant Agent, as the case may be, for all purposes of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If,
 by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal employees, any notice to be given to
 the Warrant Agent or to the Corporation hereunder could reasonably be considered unlikely to reach its destination, such notice shall
 be valid and effective only if it is delivered to the named officer of the party to which it is addressed, as provided in Section
 10.1(1), or given by facsimile or other means of prepaid, transmitted and recorded communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** **Notice to Registered Warrantholders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Unless
 otherwise provided herein, notice to the Registered Warrantholders under the provisions of this Indenture shall be valid and effective
 if delivered or sent by ordinary prepaid post addressed to such holders at their post office addresses appearing on the register
 hereinbefore mentioned and shall be deemed to have been effectively received and given on the date of delivery or, if mailed, on
 the third Business Day following the date of mailing such notice. In the event that Warrants are held in the name of the Depository,
 a copy of such notice shall also be sent by electronic communication to the Depository and shall be deemed received and given on
 the day it is so sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If,
 by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal employees, any notice to be given to
 the Registered Warrantholders hereunder could reasonably be considered unlikely to reach its destination, such notice shall be valid
 and effective only if it is delivered to such Registered Warrantholders to the address for such Registered Warrantholders contained
 in the register maintained by the Warrant Agent or such notice may be given, at the Corporation's expense, by means of publication
 in the Globe and Mail, National Edition, or any other English language daily newspaper or newspapers of general circulation in Canada,
 in each two successive weeks, the first such notice to be published within 5 business days of such event, and any so notice published
 shall be deemed to have been received and given on the latest date the publication takes place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** **Ownership of Warrants** 

The Corporation and the Warrant Agent may deem and treat the Registered Warrantholders as the absolute owner thereof for all purposes, and the Corporation and the Warrant Agent shall not be affected by any notice or knowledge to the contrary except where the Corporation or the Warrant Agent is required to take notice by statute or by order of a court of competent jurisdiction. The receipt of any such Registered Warrantholder of the Warrant Shares which may be acquired pursuant thereto shall be a good discharge to the Corporation and the Warrant Agent for the same and neither the Corporation nor the Warrant Agent shall be bound to inquire into the title of any such holder except where the Corporation or the Warrant Agent is required to take notice by statute or by order of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** **Counterparts** 

This Indenture may be executed in several counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument and notwithstanding their date of execution they shall be deemed to be dated as of the date hereof. Delivery of an executed copy of the Indenture by electronic facsimile transmission or other means of electronic communication capable of producing a printed copy will be deemed to be execution and delivery of this Indenture as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5** **Satisfaction and Discharge of Indenture** 

Upon the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 date by which there shall have been delivered to the Warrant Agent for exercise or cancellation all Warrants theretofore Authenticated
 hereunder, in the case of Warrant Certificates (or such other instructions, in a form satisfactory to the Warrant Agent), in the
 case of Uncertificated Warrants, or by way of standard processing through the book entry system in the case of a CDS Global Warrant;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Expiry Time;

and if all certificates or other entry on the register representing Warrant Shares required to be issued in compliance with the provisions hereof have been issued and delivered hereunder or to the Warrant Agent in accordance with such provisions, this Indenture shall cease to be of further effect and the Warrant Agent, on demand of and at the cost and expense of the Corporation and upon delivery to the Warrant Agent of a certificate of the Corporation stating that all conditions precedent to the satisfaction and discharge of this Indenture have been complied with, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture. Notwithstanding the foregoing, the indemnities provided to the Warrant Agent by the Corporation hereunder shall remain in full force and effect and survive the termination of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6** **Provisions of Indenture and Warrants for the Sole Benefit of Parties and Registered Warrantholders** 

Nothing in this Indenture or in the Warrants, expressed or implied, shall give or be construed to give to any person other than the parties hereto and the Registered Warrantholders, as the case may be, any legal or equitable right, remedy or claim under this Indenture, or under any covenant or provision herein or therein contained, all such covenants and provisions being for the sole benefit of the parties hereto and the Registered Warrantholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.7** **Common Shares or Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided** 

For the purpose of disregarding any Warrants owned legally or beneficially by the Corporation in Section 7.16, the Corporation shall provide to the Warrant Agent, from time to time, a certificate of the Corporation setting forth as at the date of such certificate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 names (other than the name of the Corporation) of the Registered Warrantholders which, to the knowledge of the Corporation, are owned
 by or held for the account of the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 number of Warrants owned legally or beneficially by the Corporation,

and the Warrant Agent, in making the computations shall be entitled to rely on such certificate without any additional evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.8** **Severability** 

If, in any jurisdiction, any provision of this Indenture or its application to any party or circumstance is restricted, prohibited or unenforceable, such provision will, as to such jurisdiction, be ineffective only to the extent of such restriction, prohibition or unenforceability without invalidating the remaining provisions of this Indenture and without affecting the validity or enforceability of such provision in any other jurisdiction or without affecting its application to other parties or circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.9** **Force Majeure** 

No party shall be liable to the other, or held in breach of this Indenture, if prevented, hindered, or delayed in the performance or observance of any provision contained herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other similar causes (including, but not limited to, mechanical, electronic or communication interruptions, disruptions or failures). Performance times under this Indenture shall be extended for a period of time equivalent to the time lost because of any delay that is excusable under this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10** **Assignment, Successors and Assigns** 

Neither of the parties hereto may assign its rights or interest under this Indenture, except as provided in Section 9.8 in the case of the Warrant Agent, or as provided in Section 8.2 in the case of the Corporation. Subject thereto, this Indenture shall enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.11** **Rights of Rescission and Withdrawal for Holders** 

Should a holder of Warrants exercise any legal, statutory, contractual or other right of withdrawal or rescission that may be available to it, and the holder's funds which were paid on exercise have already been released to the Corporation by the Warrant Agent, the Warrant Agent shall not be responsible for ensuring the exercise is cancelled and a refund is paid back to the holder. In such cases, the holder shall seek a refund directly from the Corporation and subsequently, the Corporation, upon surrender to the Corporation or the Warrant Agent of any underlying Warrant Shares or other securities that may have been issued, or such other procedure as agreed to by the parties hereto, shall instruct the Warrant Agent in writing, to cancel the exercise transaction and any such underlying Warrant Shares or other securities on the register, which may have already been issued upon the Warrant exercise. In the event that any payment is received from the Corporation by virtue of the holder being a shareholder for such Warrants that were subsequently rescinded, such payment must be returned to the Corporation by such holder. The Warrant Agent shall not be under any duty or obligation to take any steps to ensure or enforce the return of the funds pursuant to this section, nor shall the Warrant Agent be in any other way responsible in the event that any payment is not delivered or received pursuant to this section. Notwithstanding the foregoing, in the event that the Corporation provides the refund to the Warrant Agent for distribution to the holder, the Warrant Agent shall return such funds to the holder as soon as reasonably practicable, and in so doing, the Warrant Agent shall incur no liability with respect to the delivery or non-delivery of any such funds.

[*Remainder of page intentionally left blank.*]

**IN WITNESS WHEREOF** the parties hereto have executed this Indenture under the hands of their proper officers in that behalf as of the date first written above.

---

| | |
|:---|:---|
| **BUNKER HILL MINING CORP.** | **BUNKER HILL MINING CORP.** |
| By: | /s/ *Samuel Ash* |
| Name: | Samuel Ash |
| Title: | Chief Executive Officer |
| By: | /s/ *Gerbrand van Heerden* |
| Name: | Gerbrand van Heerden |
| Title: | CFO and Corporate Secretary |

---

---

| | |
|:---|:---|
| **COMPUTERSHARE TRUST COMPANY OF CANADA** | **COMPUTERSHARE TRUST COMPANY OF CANADA** |
| By: | /s/ *Shaivya Dhyani* |
| Name: | Shaivya Dhyani |
| Title: | Corporate Trust Officer |
| By: | /s/ *Alan Zhang* |
| Name: | Alan Zhang |
| Title: | Professional, Corporate Trust |

---

**SCHEDULE "A"**

**FORM OF WARRANT**

**THE WARRANTS EVIDENCED HEREBY ARE EXERCISABLE AT OR BEFORE 2:30 P.M. (PACIFIC TIME) ON JUNE 5, 2028, AFTER WHICH TIME THE WARRANTS EVIDENCED HEREBY SHALL BE DEEMED TO BE VOID AND OF NO FURTHER FORCE OR EFFECT.**

 

*For all Warrants include the following legend until such time as it is no longer required in accordance with applicable Canadian securities laws and TSX Venture Exchange policies*:

**UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE OCTOBER 6, 2025.**

**<u>(INSERT IF APPLICABLE</u>) WITHOUT PRIOR APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL OCTOBER 6, 2025.**

 

*For all Warrants sold outside the United States and registered in the name of the Depository, the also include the following legend*:

**<u>(INSERT IF BEING ISSUED TO CDS)</u>UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("CDS") TO BUNKER HILL MINING CORP. (THE "ISSUER") OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.**

 

*For Warrants sold in the United States, also include the following legends*:

**THIS WARRANT AND THE SECURITIES DELIVERABLE UPON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO BUNKER HILL MINING CORP. (THE "CORPORATION") (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) WITHIN THE UNITED STATES IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (D) ABOVE, A LEGAL OPINION SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO COMPUTERSHARE TRUST COMPANY OF CANADA TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.**

**THE SECURITIES EVIDENCED HEREBY AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OR U.S. STATE SECURITIES LAWS. THESE WARRANTS MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON UNLESS THIS SECURITY AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS SECURITY HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LEGISLATION OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT.**

**WARRANT**

To acquire Common Shares of

**BUNKER HILL MINING CORP.**

(incorporated pursuant to the laws of the State of Nevada)

Warrant<br> Certificate No. _______ Certificate for _____________________ Warrants, each entitling the holder to acquire one (1) Common Share (subject to adjustment as provided for in the Warrant Indenture (as defined below))

**THIS IS TO CERTIFY THAT**, for value received,

<u>___________________________________________________________________________________________</u>

(the "**Warrantholder**") is the registered holder of the number of common share purchase warrants (the "**Warrants**") of Bunker Hill Mining Corp. **(**the "**Corporation**") specified above, and is entitled, on exercise of these Warrants upon and subject to the terms and conditions set forth herein and in the Warrant Indenture, to purchase at any time before 2:30 p.m. (Pacific time) (the "**Expiry Time**") on June 5, 2028 (the "**Expiry Date**"), one fully paid and non-assessable common share without par value in the capital of the Corporation as constituted on the date hereof (a "**Common Share**") for each Warrant subject to adjustment in accordance with the terms of the Warrant Indenture.

The right to purchase Common Shares may only be exercised by the Warrantholder within the time set forth above by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) duly
 completing and executing the exercise form (the "**Exercise Form**") attached hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) surrendering
 this warrant certificate (the "**Warrant Certificate** "), with the Exercise Form to the Warrant Agent at the principal
 office of the Warrant Agent, in the City of Vancouver, British Columbia, together with a certified cheque, bank draft or money order
 in the lawful money of Canada payable to or to the order of the Corporation in an amount equal to the purchase price of the Common
 Shares so subscribed for.

The surrender of this Warrant Certificate, the duly completed Exercise Form and payment as provided above will be deemed to have been effected only on personal delivery thereof to, or if sent by mail or other means of transmission on actual receipt thereof by, the Warrant Agent at its principal office as set out above.

Subject to adjustment thereof in the events and in the manner set forth in the Warrant Indenture hereinafter referred to, the exercise price payable for each Common Share upon the exercise of Warrants shall be $0.25 per Common Share (the "**Exercise Price**").

Certificates for the Common Shares subscribed for will be mailed to the persons specified in the Exercise Form at their respective addresses specified therein or, if so specified in the Exercise Form, delivered to such persons at the office where this Warrant Certificate is surrendered. If fewer Common Shares are purchased than the number that can be purchased pursuant to this Warrant Certificate, the holder hereof will be entitled to receive without charge a new Warrant Certificate in respect of the balance of the Common Shares not so purchased. No fractional Common Shares will be issued upon exercise of any Warrant.

This Warrant Certificate evidences Warrants of the Corporation issued or issuable under the provisions of a warrant indenture (which indenture together with all other instruments supplemental or ancillary thereto is herein referred to as the "**Warrant Indenture**") dated as of June 5, 2025 between the Corporation and Computershare Trust Company of Canada, as Warrant Agent, to which Warrant Indenture reference is hereby made for particulars of the rights of the holders of Warrants, the Corporation and the Warrant Agent in respect thereof and the terms and conditions on which the Warrants are issued and held, all to the same effect as if the provisions of the Warrant Indenture were herein set forth, to all of which the holder, by acceptance hereof, assents. The Corporation will furnish to the holder, on request and without charge, a copy of the Warrant Indenture.

On presentation at the principal office of the Warrant Agent as set out above, subject to the provisions of the Warrant Indenture and on compliance with the reasonable requirements of the Warrant Agent, one or more Warrant Certificates may be exchanged for one or more Warrant Certificates entitling the holder thereof to purchase in the aggregate an equal number of Common Shares as are purchasable under the Warrant Certificate(s) so exchanged.

Neither the Warrants nor the Common Shares issuable upon exercise hereof have been or will be registered under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), or U.S. state securities laws. Other than by an original U.S. purchaser that purchased the Warrants directly from the Corporation, these Warrants may not be exercised in the United States or by or on behalf of, or for the account or benefit of, a U.S. Person or a person in the United States unless this security and the Common Shares issuable upon exercise of this security have been registered under the U.S. Securities Act and the applicable state securities legislation or an exemption from such registration requirements is available.

The Warrant Indenture contains provisions for the adjustment of the Exercise Price payable for each Common Share upon the exercise of Warrants and the number of Common Shares issuable upon the exercise of Warrants in the events and in the manner set forth therein.

The Warrant Indenture also contains provisions making binding on all holders of Warrants outstanding thereunder resolutions passed at meetings of holders of Warrants held in accordance with the provisions of the Warrant Indenture and instruments in writing signed by Warrantholders of Warrants entitled to purchase a specific majority of the Common Shares that can be purchased pursuant to such Warrants.

Nothing contained in this Warrant Certificate, the Warrant Indenture or elsewhere shall be construed as conferring upon the holder hereof any right or interest whatsoever as a holder of Common Shares or any other right or interest except as herein and in the Warrant Indenture expressly provided. In the event of any discrepancy between anything contained in this Warrant Certificate and the terms and conditions of the Warrant Indenture, the terms and conditions of the Warrant Indenture shall govern.

Warrants may only be transferred in compliance with the conditions of the Warrant Indenture on the register to be kept by the Warrant Agent in Vancouver, British Columbia, or such other registrar as the Corporation, with the approval of the Warrant Agent, may appoint at such other place or places, if any, as may be designated, upon surrender of this Warrant Certificate to the Warrant Agent or other registrar accompanied by a written instrument of transfer in form and execution satisfactory to the Warrant Agent or other registrar and upon compliance with the conditions prescribed in the Warrant Indenture and with such reasonable requirements as the Warrant Agent or other registrar may prescribe and upon the transfer being duly noted thereon by the Warrant Agent or other registrar. Time is of the essence hereof.

This Warrant Certificate will not be valid for any purpose until it has been countersigned by or on behalf of the Warrant Agent from time to time under the Warrant Indenture.

The parties hereto have declared that they have required that these presents and all other documents related hereto be in the English language. Les parties aux présentes déclarent qu'elles ont exigé que la présente convention, de même que tous les documents s'y rapportant, soient rédigés en anglais.

**IN WITNESS WHEREOF** the Corporation has caused this Warrant Certificate to be duly executed as of:

---

| | | | |
|:---|:---|:---|:---|
| | | **BUNKER HILL MINING CORP.** | **BUNKER HILL MINING CORP.** |
|  |  | By: | |
|  |  |  | Authorized Signatory |
| Countersigned and Registered by: | Countersigned and Registered by: |  |  |
|  |  | By: |  |
| **COMPUTERSHARE TRUST COMPANY OF CANADA** | **COMPUTERSHARE TRUST COMPANY OF CANADA** |  | Authorized Signatory |
| By: |  |  |  |
|  | Authorized Signatory |  |  |

---

**FORM OF TRANSFER**

To: Computershare Trust Company of Canada

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers to ______________________________________________________________________________________________ ______________________________________________________________________________________________ ________(print name and address) the Warrants represented by this Warrant Certificate and hereby irrevocably constitutes and appoints ____________________ as its attorney with full power of substitution to transfer the said securities on the appropriate register of the Warrant Agent.

In the case of a warrant certificate that contains a U.S. restrictive legend, the undersigned hereby represents, warrants and certifies that (one (only) of the following must be checked):

☐ (A) the transfer is being made only to the Corporation;

☐ (B) the transfer is being made outside the United States in accordance with Rule 904 of Regulation S under the U.S. Securities Act, and in compliance with any applicable local securities laws and regulations and the holder has provided herewith the Declaration for Removal of Legend attached as Schedule "C" to the Warrant Indenture, or

☐ (C) the transfer is being made within the United States or to, or for the account or benefit of, U.S. Persons, in accordance with a transaction that does not require registration under the U.S. Securities Act or any applicable state securities laws and the undersigned has furnished to the Corporation and the Warrant Agent an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Corporation and the Warrant Agent to such effect.

In the case of a warrant certificate that does not contain a U.S. restrictive legend, if the proposed transfer is to, or for the account or benefit of a U.S. Person or to a person in the United States, the undersigned hereby represents, warrants and certifies that the transfer of the Warrants is being completed pursuant to an exemption from the registration requirements of the U.S. Securities Act and any applicable state securities laws, in which case the undersigned has furnished to the Corporation and the Warrant Agent an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Corporation and the Warrant Agent to such effect.

☐ If transfer is to a U.S. Person, check this box.

DATED this ____ day of_________________, 20____.

---

| | | |
|:---|:---|:---|
| **SPACE FOR GUARANTEES OF SIGNATURES (BELOW)** |)))) | <br> __________________________________<br> Signature of Transferor<br>|
| _________________________________<br> Guarantor's Signature/Stamp |))) | __________________________________<br> Name of Transferor |

---

REASON FOR TRANSFER – For US Residents only (where the individual(s) or corporation receiving the securities is a US resident). Please select only one (see instructions below).

---

| | | | |
|:---|:---|:---|:---|
| ☐ Gift | ☐ Estate | ☐ Private Sale | ☐ Other (or no change in ownership) |
| Date of Event (Date of gift, death or sale): | Date of Event (Date of gift, death or sale): | Value per Warrant on the date of event: | Value per Warrant on the date of event: |
| ![](ex10-31_001.jpg) |  | ![](ex10-31_002.jpg) | **☐ CAD <u>OR</u>** ☐ USD |
| CERTAIN REQUIREMENTS RELATING TO TRANSFERS – READ CAREFULLY | CERTAIN REQUIREMENTS RELATING TO TRANSFERS – READ CAREFULLY | CERTAIN REQUIREMENTS RELATING TO TRANSFERS – READ CAREFULLY | CERTAIN REQUIREMENTS RELATING TO TRANSFERS – READ CAREFULLY |

---

The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement, or any change whatsoever. All securityholders or a legally authorized representative must sign this form. The signature(s) on this form must be guaranteed in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. Notarized or witnessed signatures are not acceptable as guaranteed signatures. As at the time of closing, you may choose one of the following methods (although subject to change in accordance with industry practice and standards):

● **Canada and the USA:** A Medallion Signature Guarantee obtained from a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Many commercial banks, savings banks, credit unions, and all broker dealers participate in a Medallion Signature Guarantee Program. The Guarantor must affix a stamp bearing the actual words "Medallion Guaranteed", with the correct prefix covering the face value of the certificate.

● **Canada:** A Signature Guarantee obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust. The Guarantor must affix a stamp bearing the actual words "Signature Guaranteed", sign and print their full name and alpha numeric signing number. Signature Guarantees are not accepted from Treasury Branches, Credit Unions or Caisse Populaires unless they are members of a Medallion Signature Guarantee Program. For corporate holders, corporate signing resolutions, including certificate of incumbency, are also required to accompany the transfer, unless there is a "Signature & Authority to Sign Guarantee" Stamp affixed to the transfer (as opposed to a "Signature Guaranteed" Stamp) obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a Medallion Signature Guarantee with the correct prefix covering the face value of the certificate.

● **Outside North America:** For holders located outside North America, present the certificates(s) and/or document(s) that require a guarantee to a local financial institution that has a corresponding Canadian or American affiliate which is a member of an acceptable Medallion Signature Guarantee Program. The corresponding affiliate will arrange for the signature to be over-guaranteed.

**OR**

The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement, or any change whatsoever. The signature(s) on this form must be guaranteed by an authorized officer of Royal Bank of Canada, Scotia Bank or TD Canada Trust whose sample signature(s) are on file with the transfer agent, or by a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Notarized or witnessed signatures are not acceptable as guaranteed signatures. The Guarantor must affix a stamp bearing the actual words: "SIGNATURE GUARANTEED", "MEDALLION GUARANTEED" OR "SIGNATURE & AUTHORITY TO SIGN GUARANTEE", all in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. For corporate holders, corporate signing resolutions, including certificate of incumbency, will also be required to accompany the transfer unless there is a "SIGNATURE & AUTHORITY TO SIGN GUARANTEE" Stamp affixed to the Form of Transfer obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a "MEDALLION GUARANTEED" Stamp affixed to the Form of Transfer, with the correct prefix covering the face value of the certificate.

**<u>REASON FOR TRANSFER – FOR US RESIDENTS ONLY</u>**

Consistent with US IRS regulations, Computershare is required to request cost basis information from US securityholders. Please indicate the reason for requesting the transfer as well as the date of event relating to the reason. The event date is not the day in which the transfer is finalized, but rather the date of the event which led to the transfer request (i.e. date of gift, date of death of the securityholder, or the date the private sale took place).

**SCHEDULE "B"**

**EXERCISE FORM**

---

| | |
|:---|:---|
| **TO:** | Bunker Hill Mining Corp. (the "**Corporation**") |
| **AND TO:** | Computershare Trust Company of Canada (the "**Warrant Agent**") |
|  | 510 Burrard Street, 3<sup>rd</sup> Floor |
|  | Vancouver British Columbia V6C 3B9 |

---

The undersigned holder of the Warrants evidenced by this Warrant Certificate hereby exercises the right to acquire ____________ (A) Common Shares of the Corporation.

Exercise Price Payable: __________________________________________________

((A) multiplied by $0.25, subject to adjustment)

The undersigned hereby exercises the right of such holder to be issued, and hereby subscribes for, Common Shares that are issuable pursuant to the exercise of such Warrants on the terms specified in such Warrant Certificate and in the Warrant Indenture.

The undersigned hereby acknowledges that the undersigned is aware that the Common Shares received on exercise may be subject to restrictions on resale under applicable securities legislation.

**Any capitalized term in this Warrant Certificate that is not otherwise defined herein, shall have the meaning ascribed thereto in the Warrant Indenture.**

The undersigned represents, warrants and certifies as follows (one (only) of the following must be checked):

☐ (A) the undersigned holder at the time of exercise of the Warrants (i) is not in the United States, (ii) is not a U.S. Person, (iii) is not exercising the Warrants for the account or benefit of a U.S. Person or a person in the United States, (iv) did not execute or deliver this exercise form in the United States and (v) delivery of the underlying Common Shares will not be to an address in the United States; OR

☐ (B) the undersigned holder (a) is the original U.S. purchaser who purchased the Warrants pursuant to the Corporation's Unit offering who delivered the Certificate of U.S. Purchaser attached to the subscription agreement in connection with its purchase of Units, (b) is exercising the Warrants for its own account or for the account of a disclosed principal that was named in the subscription agreement pursuant to which it purchased such Units, and (c) is, and such disclosed principal, if any, is an institutional "accredited investor" as defined in Rule 501(a)(1),(2),(3)or (7) of Regulation D under the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act**") at the time of exercise of these Warrants and the representations and warranties of the holder made in the original subscription agreement including the Certificate of U.S. Purchaser remain true and correct as of the date of exercise of these Warrants; OR

☐ (C) if the undersigned holder is (i) a holder in the United States, (ii) a U.S. Person, (iii) a person exercising for the account or benefit of a U.S. Person, (iv) executing or delivering this exercise form in the United States or (v) requesting delivery of the underlying Common Shares in the United States, the undersigned holder has delivered to the Corporation and the Corporation's transfer agent (a) a completed and executed U.S. Purchaser Letter in substantially the form attached to the Warrant Indenture as Schedule "D" or (b) an opinion of counsel (which will not be sufficient unless it is in form and substance reasonably satisfactory to the Corporation and Warrant Agent) or such other evidence reasonably satisfactory to the Corporation and Warrant Agent to the effect that with respect to the Common Shares to be delivered upon exercise of the Warrants, the issuance of such securities has been registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirements is available.

It is understood that the Corporation and Computershare Trust Company of Canada may require evidence to verify the foregoing representations.

Notes: (1) Certificates will not be registered or delivered to an address in the United States unless Box B or C above is checked.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If Box C above is checked, holders are encouraged to consult with the Corporation and the Warrant Agent in advance to determine that the legal opinion tendered in connection with the exercise will be satisfactory in form and substance to the Corporation and the Warrant Agent.

"United States" and "U.S. Person" are as defined in Rule 902 of Regulation S under the U.S. Securities Act.

The undersigned hereby irrevocably directs that the said Common Shares be issued, registered and delivered as follows:

---

| | | |
|:---|:---|:---|
| **Name(s) in Full and Social Insurance Number(s) (if applicable)** | **Address(es)** | **Number of Common Shares** |

---

Please print full name in which certificates representing the Common Shares are to be issued. If any Common Shares are to be issued to a person or persons other than the registered holder, the registered holder must pay to the Warrant Agent all eligible transfer taxes or other government charges, if any, and the Form of Transfer must be duly executed.

Once completed and executed, this Exercise Form must be mailed or delivered to **Computershare Trust Company of Canada, c/o General Manager, Corporate Trust**.

**DATED** this ____day of _____, 20__.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>|))))))) |  |
| |))))))) | |
| Witness |))))))) | (Signature of Warrantholder, to be the same as<br> appears on the face of this Warrant Certificate) |
|  |))))))) |  |
|  |))))))) | Name of Registered Warrantholder |

---

☐ Please check if the certificates representing the Common Shares are to be delivered at the office where this Warrant Certificate is surrendered, failing which such certificates will be mailed to the address set out above. Certificates will be delivered or mailed as soon as practicable after the surrender of this Warrant Certificate to the Warrant Agent.

**SCHEDULE "C"**

**FORM OF DECLARATION FOR REMOVAL OF LEGEND**

TO: Computershare Trust Company of Canada <br>Computershare Investor Services Inc.

as registrar and transfer agent for the Warrants and Common Shares issuable upon exercise of the Warrants of Bunker Hill Mining Corp.

The undersigned (a) acknowledges that the sale of the securities of Bunker Hill Mining Corp. (the "**Corporation**") to which this declaration relates is being made in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**") and (b) certifies that (1) the undersigned is not (A) an "affiliate" (as that term is defined in Rule 405 under the U.S. Securities Act) of the Corporation, (B) a "distributor" (as that term is defined in Regulation S under the U.S. Securities Act), (C) an affiliate of a distributor or (D) acting on behalf of any of the persons set forth in (A), (B), or (C) above, (2) the offer of such securities was not made to a person in the United States and either (A) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believed that the buyer was outside the United States, or (B) the transaction was executed in, on or through the facilities of The Toronto Stock Exchange or any other designated offshore securities market as defined in Regulation S under the U.S. Securities Act and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States, (3) neither the seller nor any affiliate of the seller nor any person acting on any of their behalf has engaged or will engage in any directed selling efforts in the United States in connection with the offer and sale of such securities, (4) the sale is bona fide and not for the purpose of "washing off" the resale restrictions imposed because the securities are "restricted securities" (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act), (5) the seller does not intend to replace the securities sold in reliance on Rule 904 of the U.S. Securities Act with fungible unrestricted securities and (6) the contemplated sale is not a transaction, or part of a series of transactions which, although in technical compliance with Regulation S under the U.S. Securities Act, is part of a plan or scheme to evade the registration provisions of the U.S. Securities Act. Terms used herein have the meanings given to them by Regulation S under the U.S. Securities Act.

**DATED** this ____day of _____, 20__.

---

| |
|:---|
| (Name of Seller) |
| By: |
| Name: |
| Title: |

---

**SCHEDULE "D"<br>FORM OF U.S. PURCHASER CERTIFICATION UPON EXERCISE OF WARRANTS**

Bunker Hill Mining Corp.

300 - 1055 West Hastings Street

Vancouver, British Columbia V6E 2E9

**Attention: President and Chief Executive Officer**

- and to -

Computershare Trust Company of Canada.

as Warrant Agent

Dear Sirs:

We are delivering this letter in connection with the purchase of shares of common stock (the "**Common Shares**") of Bunker Hill Mining Corp., a corporation incorporated under the laws of the State of Nevada, United States of America (the "Corporation"), upon the exercise of warrants of the Corporation ("Warrants"), issued under the warrant indenture dated as of June 5, 2025 between the Corporation and Computershare Trust Company of Canada.

We hereby confirm that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) we
 are an institutional "accredited investor" (satisfying one or more of the criteria set forth in Rule 501 (a)(1),(2),(3)
 or (7) of Regulation D under the United States Securities Act of 1933 (the "U.S. Securities Act")) who is also a "Qualified
 Purchaser" (as defined in Section 2(a)(51) of, and related rules under, the *United States Investment Company Act of 1940*,
 as amended);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) we
 are purchasing the Common Shares for our own account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) we
 have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of purchasing
 the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) we
 are not acquiring the Common Shares with a view to distribution thereof or with any present intention of offering or selling any
 of the Common Shares, except (A) to the Corporation, (B) outside the United States in accordance with Rule 904 under the U.S. Securities
 Act or (C) inside the United States in accordance with Rule 144 under the U.S. Securities Act, if applicable, and in compliance with
 applicable state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) we
 acknowledge that we have had access to such financial and other information as we deem necessary in connection with our decision
 to exercise the Warrants and purchase the Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) we
 acknowledge that we are not purchasing the Common Shares as a result of any general solicitation or general advertising, including
 advertisements, articles, notices or other communications published in any newspaper, magazine or similar media or broadcast over
 radio, television, or any seminar or meeting whose attendees have been invited by general solicitation or general advertising.

We understand that the Common Shares are being offered in a transaction not involving any public offering within the United States within the meaning of the U.S. Securities Act and that the Common Shares have not been and will not be registered under the U.S. Securities Act. We further understand that any Common Shares acquired by us will be in the form of definitive physical certificates and that such certificates will bear a legend reflecting the fact that we will not offer, sell or otherwise transfer any of the Common Shares, directly or indirectly, unless (i) the sale is to the Corporation; (ii) the sale is made outside the United States in compliance with the requirements of Rule 904 of Regulation S under the U.S. Securities Act; or (iii) the sale is made in the United States (A) pursuant to an exemption from registration under the U.S. Securities Act provided by Rule 144 thereunder, if available, and in compliance with any applicable state securities laws or (B) pursuant to a transaction that does not require registration under the U.S. Securities Act or applicable state securities laws, and in the case of each of (A) and (B), the purchaser meets the definition of Qualified Purchaser and the seller has furnished to the Corporation an opinion to such effect from counsel of recognized standing reasonably satisfactory to the Corporation prior to such offer, sale or transfer.

We acknowledge that you will rely upon our confirmations, acknowledgements and agreements set forth herein, and we agree to notify you promptly in writing if any of our representations or warranties herein ceases to be accurate or complete.

**DATED** this ____day of _____, 20__.

---

| |
|:---|
| (Name of U.S. Purchaser) |
| By: |
| Name: |
| Title: |

---

## Exhibit 10.32

**Exhibit 10.32**

**BUNKER HILL MINING CORP.**

-and-

**TECK RESOURCES LIMITED**

&nbsp;&nbsp; <br> **INVESTOR RIGHTS AGREEMENT**<br>

**June 5, 2025**

**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 | Ownership Percentage | 8 |
| **Article 2 BOARD OF DIRECTORS** | **Article 2 BOARD OF DIRECTORS** | **8** |
| &nbsp;&nbsp;&nbsp;2.1 | Board Nominee | 8 |
| &nbsp;&nbsp;&nbsp;2.2 | Management to Endorse and Vote | 10 |
| &nbsp;&nbsp;&nbsp;2.3 | Rights and Privileges of Investor Nominee | 10 |
| &nbsp;&nbsp;&nbsp;2.4 | Right to Information | 10 |
| **Article 3 additional rights and covenants** | **Article 3 additional rights and covenants** | **11** |
| &nbsp;&nbsp;&nbsp;3.1 | Standstill | 11 |
| &nbsp;&nbsp;&nbsp;3.2 | Limitations on Transfer | 12 |
| **Article 4 COVENANTS OF THE CORPORATION** | **Article 4 COVENANTS OF THE CORPORATION** | **13** |
| &nbsp;&nbsp;&nbsp;4.1 | Matters Requiring Special Approval | 13 |
| **Article 5 . PARTICIPATION RIGHTS** | **Article 5 . PARTICIPATION RIGHTS** | **15** |
| &nbsp;&nbsp;&nbsp;5.1 | Participation Right | 15 |
| **Article 6 Representations and Warranties** | **Article 6 Representations and Warranties** | **18** |
| &nbsp;&nbsp;&nbsp;6.1 | Representations and Warranties of the Corporation | 18 |
| &nbsp;&nbsp;&nbsp;6.2 | Representations and Warranties of the Investor | 18 |
| **Article 7 GENERAL** | **Article 7 GENERAL** | **18** |
| &nbsp;&nbsp;&nbsp;7.1 | Notices | 18 |
| &nbsp;&nbsp;&nbsp;7.2 | Further Assurances | 20 |
| &nbsp;&nbsp;&nbsp;7.3 | Assignment | 20 |
| &nbsp;&nbsp;&nbsp;7.4 | Injunctive Relief | 20 |
| &nbsp;&nbsp;&nbsp;7.5 | Entire Agreement | 20 |
| &nbsp;&nbsp;&nbsp;7.6 | Time of Essence | 20 |
| &nbsp;&nbsp;&nbsp;7.7 | Governing Law | 20 |
| &nbsp;&nbsp;&nbsp;7.8 | Severability | 21 |
| &nbsp;&nbsp;&nbsp;7.9 | Waiver | 21 |
| &nbsp;&nbsp;&nbsp;7.10 | Amendments | 21 |
| &nbsp;&nbsp;&nbsp;7.11 | Binding Effect | 21 |
| &nbsp;&nbsp;&nbsp;7.12 | Termination | 21 |
| &nbsp;&nbsp;&nbsp;7.13 | No Partnership | 21 |
| &nbsp;&nbsp;&nbsp;7.14 | Public Disclosure | 22 |
| &nbsp;&nbsp;&nbsp;7.15 | Counterparts | 22 |

---

**<u>INVESTOR RIGHTS AGREEMENT</u>**

**THIS INVESTOR RIGHTS AGREEMENT** (this "**Agreement**") is made as of the 5<sup>th</sup> day of June, 2025 (the "**Effective Date**")

**BETWEEN:**

**BUNKER HILL MINING CORP**, a corporation incorporated under the laws of the State of Nevada

(the "**Corporation**")

**AND:**

**TECK RESOURCES LIMITED**, a corporation existing under the laws of Canada

(the "**Investor**")

**WHEREAS:**

A. The Corporation and the Investor (each, a "**Party**" and together the "**Parties**") have entered into a subscription agreement (the "**Subscription Agreement**"), pursuant to which the Corporation has issued US$40 million worth of Shares and Warrants to the Investor; and

B. As a condition to the completion of the transactions contemplated in the Subscription Agreement, the Corporation has agreed to grant certain rights to the Investor, and the Investor has agreed to make certain covenants in favour of the Corporation, each on the terms and subject to the conditions set out in this Agreement.

**NOW THEREFORE**, in consideration of the respective covenants and agreements of the Parties contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged by each Party, the Parties agree as follows:

**Article 1**

**DEFINITIONS AND INTERPRETATION**

1.1 Definitions

In this Agreement, capitalized terms used but not defined in this Agreement shall have the meanings given in the Subscription Agreement and, unless otherwise indicated, the following terms have the following meanings:

"**Affiliate**" means any Person Controlling, Controlled by, or under common Control with, another Person;

"**Applicable Laws**" means applicable laws, including international, national, provincial, state, municipal and local laws, treaties, statutes, ordinances, judgments, decrees, injunctions, writs, certificates and orders, by-laws, rules, regulations, ordinances, or other requirements of any Governmental Entity having the force of law;

"**Applicable Securities Laws**" means all applicable Canadian and United States securities laws and the respective rules and regulations under such laws together with applicable published instruments, notices and orders of the securities regulatory authorities;

"**ATM Offer**" has the meaning set out in Section 4.1(q);

"**ATM Offering**" has the meaning set out in Section 4.1(q);

"**Board**" means the board of directors of the Corporation;

"**Business Day**" means any day other than a Saturday, Sunday or any other day in which banks in the Province of British Columbia are authorized or required by Applicable Laws to be closed;

"**Change of Control Transaction**" means a merger, amalgamation, reorganization, business combination, tender offer, exchange offer, take-over bid, statutory arrangement or similar transaction involving the Corporation or its securities resulting in a change of Control of the Corporation or a sale, transfer, lease or other disposition of all or substantially all of its assets, provided that a Change of Control Transaction shall not include any transaction between the Investor and any Affiliate of the Investor;

"**Control**" means: (a) in respect of a corporation, the ability of a Person or group of Persons acting in concert to influence the manner in which the business of such corporation is carried on, whether as a result of ownership of sufficient voting shares of such corporation to entitle that Person or group of Persons to elect a majority of the directors of such corporation or by contract or otherwise, (b) in respect of a partnership, trust, syndicate or other entity, the actual power or authority to manage and direct the affairs of, or ownership of more than 50% of the transferable beneficial interests in, such entity, or (c) any other relationship as, in fact, constitutes actual control of a Person;

"**Convertible Securities**" means any securities convertible into or exercisable or exchangeable for Shares, including convertible debt securities and rights to purchase Shares.

"**Credible Bid**" means any take-over bid (including an amended take-over bid) other than a take-over bid (a) that the Board has determined in good faith, after consultation with its financial and legal advisors, is not reasonably capable of being completed in accordance with its terms, (b) in respect of which the Corporation has publicly announced the Board's conclusion no later than seven Business Days following the date on which such take-over bid is commenced or the intention to make such take-over bid (together with the material terms of the bid) is publicly announced and, in the absence of such announcement, such bid shall be deemed to be a Credible Bid, or (c) initiated by the Investor, any Affiliate of the Investor, or any Person acting jointly or in concert with any of the foregoing in any manner contrary to the Investor's covenants and obligations in Section 3.1. In addition, in the event the Corporation or the Board chooses to recommend or support a bid such bid shall be deemed to be a Credible Bid;

"**Demand Notice**" has the meaning set out in Section 4.1(b);

"**Demand Period**" has the meaning set out in Section 4.1(b);

"**Director**" means a member of the Board;

"**Director Eligibility Criteria**" has the meaning set out in Section 2.1(c);

"**EPA Settlement Agreement**" means the Consent Decree between the United States of America and Placer Mining Company, Inc., filed with the United States District Court District of Idaho on March 3, 2018 and approved on June 19, 2018 and the Settlement Agreement And Order On Consent For Response Action By Bunker Hill Mining Corp. between the United States Environmental Protection Agency and Bunker Hill Mining Corp., dated as effective May 15, 2018 (EPA Region 10 CERCLA Docket No. 10-2017-0123), as amended by the First Amendment To The Settlement Agreement And Order On Consent For Response Action By Bunker Hill Mining Corp. between the EPA and Bunker Hill Mining Corp., dated as effective December 19, 2021;

"**Equity Financing**" means the issuance and sale of Equity Securities, directly or indirectly, for cash or cash equivalents.

"**Equity Securities**" means Shares or Convertible Securities.

"**Exchange**" means the TSX Venture Exchange, the NEO Exchange, the Toronto Stock Exchange or such other stock exchange(s) and quotation service(s), if any, as the Shares may be listed or quoted on, as applicable, from time to time;

"**Exempt Issuance**" means the issuance by the Corporation of Shares or Subject Securities: (a) upon the exercise, redemption, conversion or exchange of any Subject Securities for Shares pursuant to their pre-existing terms, (b) to employees, officers, consultants or directors of the Corporation or any Affiliate of the Corporation pursuant to security-based compensation arrangements, including stock option plans and restricted share unit plans, (c) as a result of the consolidation or subdivision of any securities of the Corporation or any Affiliate of the Corporation, (d) as special distributions, stock dividends or payments in kind, (e) pursuant to a shareholder rights plan, (f) to the Investor or any Affiliate of the Investor, or (g) in connection with any bona fide lending transaction or debt financing completed by the Corporation that does not involve the issuance of debt or equity Subject Securities convertible into Shares (which for clarity must be consented to by the Investor pursuant to Section 4.1(a));

"**Governmental Entity**" means any domestic or foreign: (a) federal, provincial, state, municipal, local or other government, (b) governmental or quasi-governmental authority of any nature, including any governmental ministry, agency, branch, department, court, commission, board, tribunal, bureau or instrumentality, (c) Exchange or securities regulatory authority, or (d) body exercising or entitled to exercise any administrative, executive, judicial, legislative, regulatory or taxing authority or power of any nature;

"**Investor Nominee**" means the Director who is nominated by the Investor by notice in writing to the Corporation and elected or appointed from time to time to the Board pursuant to the terms of this Agreement;

"**Market Price**" has the meaning ascribed thereto under the applicable rules and policies of an Exchange;

"**Mine**" means the Bunker Hill Mine located in the Coeur D'Alene Mining District, in the cities of Kellogg and Wardner and in Shoshone County, Idaho, USA;

"**Nomination Notice**" has the meaning set out in Section 2.1(d);

"**Notice**" has the meaning set out in Section 7.1;

"**Ownership Percentage**" has the meaning set out in Section 1.3(a);

"**Participation Right**" has the meaning set out in Section 5.1(b);

"**Permitted Encumbrances**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) liens for taxes, assessments or governmental charges of any Governmental Entity not at the time due or
delinquent or, if due or delinquent, the validity of which is being contested at the time in good faith by appropriate proceedings, and
a reserve has been established by the Corporation or the applicable Subsidiary in its books and records in accordance with US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) deemed liens and trusts arising by operation of law in connection with workers' compensation, employment
insurance and other social security legislation, in each case, which secure obligations not at the time due or delinquent or, if due or
delinquent, the validity of which is being contested at the time in good faith by appropriate proceedings, and a reserve has been established
by the Corporation or the applicable Subsidiary in its books and records in accordance with US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) liens under or pursuant to any judgment rendered, or claim filed, against any the Corporation or a Subsidiary,
which the Corporation or such Subsidiary shall be contesting at the time in good faith by appropriate proceedings, and a reserve has been
established in its books and records in accordance with US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) liens and charges incidental to construction or current operations which have not at such time been filed
pursuant to law or which relate to obligations not due or delinquent or the validity of which are being contested in good faith by appropriate
proceedings and as to which a reserve has been established by the Corporation or the applicable Subsidiary in its books and records in
accordance with US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) easements, rights of way, servitudes or other similar rights in land (including, without in any way limiting
the generality of the foregoing, rights of way and servitudes for railways, sewers, drains, gas and oil and other pipelines, gas and water
mains, electric light and power and telecommunication, telephone or telegraph or cable television conduits, poles, wires and cables) granted
to or reserved or taken by other persons which individually or in the aggregate do not materially detract from the value of the land concerned
or materially impair its use in the operation of the business of the Corporation or the applicable Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the right reserved to or vested in any municipality or governmental or other public authority by the terms
of any lease, licence, franchise, grant or permit acquired by the Corporation or a Subsidiary or by any statutory provision, to terminate
any such lease, licence, franchise, grant or permit, or to require annual or other payments as a condition to the continuance thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) subject to the prior written consent of the Investor, such consent not to be unreasonably withheld or
delay, offtake financing on terms and conditions satisfactory to the Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the lien resulting from the deposit of cash or securities (i) in connection with performance of bids,
contracts, leases, tenders or expropriation proceedings, or (ii) to secure workers' compensation, surety or appeal bonds, performance
bonds, letters of credit, costs of litigation when required by law and public and statutory obligations, or (iii) in connection with the
discharge of liens or claims incidental to construction and mechanics', warehouseman's, carriers' and other similar
liens arising in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) security given by the Corporation or a Subsidiary to a public utility or any municipality or governmental
or other public authority when required by such utility or municipality or other authority in connection with the operations of the Corporation
or such Subsidiary, all in the ordinary course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) title defects or irregularities which are of a minor nature and in the aggregate will not materially impact
the use of the subject property for the purpose for which it is held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) applicable municipal and other governmental restrictions affecting the use of land or the nature of any
structures which may be erected thereon, provided such restrictions have been complied with and will not materially impair the use of
the subject property for the purpose for which it is held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the reservation in any original grants from the Crown of any land or interests therein and statutory exceptions
and reservations to title;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) liens securing capital or finance leases or purchase money liens relating solely to the acquisition of
equipment necessary for the development, construction or operation of the Mine, provided that such liens extend only to the property clearly
and individually identified as acquired or financed thereby (including the proceeds of such property) and do not extend to any other assets
of the Corporation or any Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any operating lease entered into in the ordinary course of business; provided that the same is not a sale-leaseback;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) liens in respect of Permitted Indebtedness that is permitted hereunder to be secured; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any other Liens of the Corporation or its Subsidiary as set out in Schedule A;

"**Permitted Indebtedness**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all indebtedness set out in Schedule B of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all indebtedness of the Corporation and any Subsidiary owing to the United States Environmental Protection
Agency under the EPA Settlement Agreement with respect to the Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) unsecured indebtedness comprised of amounts owed to trade creditors and accruals in the ordinary course
of business, which are either not overdue or, if disputed and in that case whether or not overdue, are being contested in good faith by
the Corporation or any Subsidiary by appropriate proceedings diligently conducted, and provided always that the failure to pay such indebtedness
would not involve and material risk of loss of any material part of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) obligations in respect of surety or performance bonds and/or letters of credit required to be provided
to the United States Environmental Protection Agency as set out in Schedule C to this Agreement or with the prior written consent of the
Investor, such consent not to be unreasonably withheld or delayed, obligations in respect of surety or performance bonds and/or letters
of credit required to be provided to the United States Environmental Protection Agency in respect of Financial Assurance (under and as
defined in the EPA Settlement Agreement) of up to US$17,000,000, which obligations, in the case of surety or performance bonds, are permitted
to be partially secured by letters of credit (in amounts satisfactory to the Investor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) indebtedness in respect of capital or finance leases or purchase money liens permitted by paragraph (l)
of the definition of "Permitted Encumbrances";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) subject to the prior written consent of the Investor, such consent not to be unreasonably withheld or
delayed, any reclamation bonds relating to the Mine required in connection with the construction, development or operation of the Mine;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any unsecured loans made between the Corporation and Silver Valley, provided that such indebtedness shall
be unsecured pursuant to a subordination agreement in favour of (among others) the Investor;

"**Person**" means any individual, sole proprietorship, partnership, firm, entity, joint venture, unincorporated association, unincorporated syndicate, unincorporated organization, trust, body corporate, Governmental Entity, and where the context requires, any of the foregoing when they are acting as trustee, executor, administrator or other legal representative;

"**Proposed Transfer**" has the meaning set out in Section 3.2(c);

"**Proposed Transfer Notice**" has the meaning set out in Section 3.2(c);

"**Recapitalization Agreement**" means the recapitalization agreement dated the date hereof between the Corporation, Silver Valley Metals Corp., the Investor, Sprott Private Resource Streaming and Royalty (Collector), LP, Sprott Private Resource Streaming and Royalty (US Collector), LP, Sprott Private Resource Streaming and Royalty Annex (US Collector), LP, Sprott Private Resource Streaming and Royalty (US), LP, Sprott Private Resource Streaming and Royalty (International), LP, Sprott Private Resource Streaming and Royalty (Canada), LP, Ninepoint Alternative Credit Opportunities Fund and Ninepoint Credit Income Opportunities Fund;

"**Securities**" means the Shares and/or Subject Securities, as the case may be;

"**Shareholder**" means a holder of Shares;

"**Shares**" means the common shares in the capital of the Corporation;

"**Silver Valley**" means Silver Valley Metals Corp.

"**Standstill Period**" means the period of time commencing on the Effective Date and ending on the earlier of: (a) the date that is 12 months following the Effective Date and (b) the date on which the Ownership Percentage ceases to be at least 10%;

"**Subject Securities**" means any securities of the Corporation convertible into or exercisable or exchangeable for Shares, including Warrants, convertible debt securities and rights to purchase equity securities;

"**Subscription Agreement**" means the subscription agreement dated March 5**,** 2025 between the Corporation and the Investor;

"**Subscription Notice**" has the meaning set out in Section 5.1(b);

"**Subsequent Offering**" has the meaning set out in Section 5.1(a);

"**Subsequent Offering Notice**" has the meaning set out in Section 5.1(a);

"**Subsidiary**" means, with respect to a specified Person, another Person that is Controlled, directly or indirectly, by such specified Person, and includes a Subsidiary of that Person; provided that, for greater certainty, neither the Corporation nor any of its Subsidiaries is a Subsidiary of the Subscriber or any of its Subsidiaries for the purposes of this Agreement;

"**Transfer**" includes any direct or indirect transfer, sale, assignment, gift, pledge, encumbrance, hypothecation, mortgage, granting of any option, right or warrant to purchase (including any short sale, put option or call option) or other disposition;

"**US GAAP**" means, in relation to any Person at any time, accounting principles generally accepted in the United States applied on a basis consistent with the most recent audited financial statements of such Person and, if applicable, its consolidated affiliates (except for changes disclosed in the notes to such financial statements); and

"**Warrant**" means a Share purchase warrant of the Corporation.

1.2 Rules of Construction

In this Agreement, unless otherwise expressly stated or the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the terms "Agreement", "this Agreement" and similar expressions refer to this
Agreement in its entirety and not to any particular provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to an "Article" or "Section" followed by a number or letter refer to
the specified Article or Section 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 word "including" is deemed to mean "including without limitation" and all
similar variations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any reference to this Agreement, or to any other contract, document or other instrument, includes, and
is a reference to, this Agreement or such other contract, document or other instrument, as the same may have been, or may from time to
time be, amended, restated, replaced, supplemented or novated, and includes any schedules or exhibits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any reference to a statute refers to such statute, and all rules and regulations made under such statute,
as the same may have been amended, re-enacted or replaced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any time period within which a payment is to be made or any other action is to be taken under this Agreement
shall be calculated excluding the day on which the period commences and including the day on which the period ends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) whenever any action is required to be taken or period of time is to expire on a day other than a Business
Day, such action shall be taken or period shall expire on the next following Business Day.

1.3 Ownership Percentage

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 1.3(b), for purposes of this Agreement "**Ownership Percentage** "
means, at a particular time, the percentage ownership interest of the Investor and each Affiliate of the Investor, taken as a whole, in
the equity capital of the Corporation, which shall be calculated by dividing (i) the number of Shares held by the Investor and its Affiliates
by (ii) the total number of Shares issued and outstanding at such time. In (i), the number of Shares used in the calculation will include
the exercise, exchange and/or conversion, by the Investor and its Affiliate(s) of any Subject Securities held by the Investor and its
Affiliate(s) at such time. In (ii), the number of Shares used in the calculation will include the exercise, exchange, and/or conversion,
of all of the securities of the Corporation then issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In determining the Ownership Percentage, any Shares issued as a result of a Subsequent Offering shall
be disregarded and the Investor shall be deemed to hold the Ownership Percentage it would have held at such time if such Subsequent Offering
had not occurred unless and until the Corporation has delivered to the Investor a Subsequent Offering Notice in respect of such Subsequent
Offering and the Investor fails to provide a Subscription Notice to the Corporation within the time required in Section 5.1(b), in
which case the Shares issued in connection with such Subsequent Offering shall be included in the total number of Shares issued and outstanding
for purposes of determining the Ownership Percentage.

**Article 2**

**BOARD OF DIRECTORS**

2.1 Board Nominee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If and for so long as the Investor has a 10% or greater Ownership Percentage, the Investor shall have
the right but not the obligation to designate one Investor Nominee for election to the Board. For greater clarity, the Investor shall
no longer be entitled to designate an Investor Nominee after the date on which this Agreement has been terminated in accordance with Section 7.12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Corporation agrees to nominate and recommend for election, at each meeting of Shareholders at which
Directors are to be elected, the Investor Nominee designated by the Investor in accordance with Section 2.1(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investor agrees that any Investor Nominee and any replacement Investor Nominee shall meet all qualification
requirements under Applicable Laws and Exchange rules, and have such skills and experience reasonably consistent with other individuals
who hold directorships on mining companies listed on the Exchange, and such individual consents in writing to serve as a Director (the
" **Director Eligibility Criteria** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Corporation shall provide the Investor with written Notice (the "**Nomination Notice** "),
promptly, and in any event, not less than 90 days in advance of the date set for the meeting of Shareholders at which Directors are to
be elected. The Nomination Notice shall include a request for the identification of any Investor Nominee and the detailed information
required to be included in an information circular with respect to the appointment of any Investor Nominee. The Investor shall be required
to, not later than 45 days in advance of the date set for a meeting of Shareholders of which the Investor is notified pursuant to this
Section 2.1(d), provide the Corporation with written Notice of the identity and particulars requested in the Nomination Notice. If
the Investor does not advise the Corporation of the identity of the Investor Nominee at least 45 days prior to the date set for the meeting
of Shareholders at which Directors are to be elected (for any reason other than failure by the Corporation to provide the Investor with
the Nomination Notice within the period prescribed by this Section 2.1(d)), then the Investor will be deemed to have nominated the
incumbent Investor Nominee, or if there is no incumbent Investor Nominee, no nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If at any time, there is no Investor Nominee on the Board, the Investor may request the appointment of
an Investor Nominee, and the Board shall appoint such Investor Nominee to the Board (and/or the Corporation shall take all steps required
under corporate law and Exchange rules to appoint or elect such Investor Nominee), subject to Applicable Law, to serve on the Board until
the next annual general meeting of Shareholders; provided that the Investor Nominee (i) is identified by the Investor to the Corporation,
and (ii) meets the Director Eligibility Criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If an incumbent Investor Nominee ceases to serve as a Director, whether due to such Investor Nominee's
death, disability, resignation or removal, the Investor shall have the right to nominate a replacement Investor Nominee and the Corporation
shall cause the Board to appoint, as soon as practicable, such replacement Investor Nominee in accordance with this Agreement to fill
the vacancy caused by such death, disability, resignation or removal, provided that such Investor Nominee satisfies the Director Eligibility
Criteria and the Investor remains eligible to nominate such Investor Nominee pursuant to Section 2.1(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If the Investor ceases to have any right to appoint an Investor Nominee pursuant to Section 2.1(a),
the Investor shall use commercially reasonable efforts to, unless requested otherwise by the Corporation, cause the Investor Nominee to
forthwith resign from the Board.

2.2 Management to Endorse and Vote

The Corporation agrees that management of the Corporation shall, in respect of every meeting of Shareholders at which the election of Directors is to be considered, and at every reconvened meeting following an adjournment or postponement of such meeting, endorse and recommend the Investor Nominee identified in the Corporation's proxy materials for election to the Board, so long as the Investor is entitled to appoint the Investor Nominee and such Investor Nominee satisfies the Director Eligibility Criteria, and shall vote any Shares in respect of which management is granted a discretionary proxy in favour of the election of such Investor Nominee to the Board at every such meeting.

2.3 Rights and Privileges of Investor Nominee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor Nominee shall be eligible to serve on any committee of the Board provided that the Investor
Nominee satisfies the eligibility criteria for such committee as determined by the Board or an authorized committee thereof from time
to time, Applicable Laws and Exchange rules. Notwithstanding the Investor Nominee's eligibility, committee membership shall be in
the sole discretion of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor Nominee shall be entitled to the benefit of any directors' liability insurance or indemnity
to which other Directors are entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investor Nominee shall be reimbursed for all reasonable expenses related to its service on the Board
on a basis that is consistent with the Corporation's policies for Director reimbursement. The Investor Nominee shall be entitled
to compensation consistent with the compensation received by other non-employee independent members of the Board, including any fees and
equity awards.

2.4 Right to Information

During the term of this Agreement, the Corporation and its Subsidiaries shall from time to time provide the Investor with such reasonably requested information relating to the financial condition, business or corporate affairs of the Corporation, as soon as practicable following any such request, which information may include (without limitation) historical and pro-forma management-prepared financial reports (including income statements and statements of cash flow) and financial, construction and operational projections (including cash flow projections), and customary project control documents and information relating to the development of the Mine, for such period or periods as the Investor may reasonably request, and for greater certainty, the Investor Nominee may also attend weekly meetings with the Board. Notwithstanding the foregoing, the Corporation will not be obligated to provide information (a) it deems in good faith to be a trade secret or similar confidential information, or (b) the disclosure of which would adversely affect the solicitor-client privilege between the Corporation and its counsel.

**Article 3**

**additional rights and covenants**

3.1 Standstill

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor covenants and agrees that, during the Standstill Period, it shall not, and it shall cause
its Affiliates not to, in any manner, directly or indirectly, or in concert with any other Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) propose or seek to effect any Change of Control Transaction, including by entering into a support agreement
or lock-up agreement in respect of such a transaction, provided that for greater certainty, the Investor and its Affiliates shall be permitted
to tender to, vote in favour of, and/or enter into a support agreement or lock-up agreement in respect of a Change of Control Transaction
supported by a majority of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) solicit proxies from Shareholders or form, join, support or participate in a group to solicit proxies
from Shareholders with a view to replacing the members of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) purchase, offer or agree to purchase or negotiate to purchase any Securities that would cause the Ownership
Percentage to exceed 45%, or assets of the Corporation, without the advance written authorization of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) advise or encourage any Person proposing any of the foregoing (including forming a "group"
with any such Person); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) make any public announcement or take any action in furtherance of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 3.1(a) and in accordance with Applicable Law, the Investor and its Affiliates
shall not be restricted from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) acquiring Securities with the prior written consent of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) making a confidential proposal to the Board regarding any of the transactions or activities contemplated
in Section 3.1(a), entering into discussions or negotiations with the Board or the Corporation with respect to the terms of any such
proposal, and entering into any agreement with the Corporation providing for the consummation of such proposal; provided that the Investor
shall not make any public disclosure of the making of or terms of such proposal except with the prior written consent of the Corporation,
such consent not to be unreasonably withheld;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) acquiring Securities upon exercise, exchange or conversion of any Subject Securities in accordance with
their respective terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) acquiring Securities in accordance with the terms of the Participation Rights set forth in Section 5.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) participating in rights offerings conducted by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) receiving stock dividends or similar distributions made by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) provided that the Investor has not breached Section 3.1(a), tendering Shares to a formal take-over
bid for the Shares or any similar transaction by an arm's length third party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) disposing of Shares by operation of a statutory amalgamation, merger, arrangement, business combination
or other statutory procedure involving the Corporation or the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section 3.1(a) shall cease to be of any force or effect as of the public announcement or public disclosure
of (A) commencement of a Credible Bid, or an intention to undertake a Credible Bid, for voting or equity securities of the Corporation
or any of its Affiliates, (B) any agreement, arrangement or understanding in respect of a merger, amalgamation, arrangement, asset purchase
or other business combination transaction involving the Corporation or any of its Affiliates, or an intention to make an offer to the
Corporation or any of its Affiliates to undertake such a transaction, which would, if completed, result in (x) any class of outstanding
voting securities of the Corporation being converted into cash or securities of another Person resulting in shareholders (excluding, for
the avoidance of doubt, any shareholder who is acquiring voting securities of the Corporation as part of the transaction) holding less
than 50% of the voting securities of the resulting or surviving entity, or (y) all or substantially all of the Corporation's assets
being sold to any person or group (other than the Investor), (C) the commencement of any proceeding by or against the Corporation in connection
with the dissolution, liquidation, winding up, bankruptcy or similar reorganization of the Corporation, (D) the appointment of a trustee,
receiver, manager or other administrator of the Corporation or any of its material properties or assets, or (E) the Corporation seeking
protection under the *Bankruptcy and Insolvency Act* (Canada), the *Companies' Creditors Arrangement Act* (Canada) or
similar legislation.

3.2 Limitations on Transfer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor agrees that it shall not, directly or indirectly, Transfer any Shares (or any other right
or option to acquire Shares (pursuant to the terms of a Subject Security or otherwise)) unless the Investor has first complied with the
requirements of this Article 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Provided that the Investor has at least a 10% Ownership Percentage, the Investor agrees that, during the
period of time commencing on the Effective Date and ending on the date that is 18 months following the Effective Date, it shall not, directly
or indirectly, Transfer any Shares (or any other right or option to acquire Shares (pursuant to the terms of a convertible, exchangeable
or exercisable security or otherwise)) to or for the benefit of any Person where the other Person would, immediately following such Transfer,
either alone or together with other Persons acting jointly or in concert with such Person, beneficially own, or exercise control or direction
over, 10% or more of the issued and outstanding Shares on the date of such Transfer, on a partially-diluted basis. Notwithstanding the
foregoing, the Investor shall not be deemed to have breached its obligations under this Section 3.2(b) with respect to any Transfer
of Shares to any Person if such Transfer is (i) not specifically directed by the Investor to be made to a particular counterparty or counterparties
and the Investor does not have any reason to believe that such Transfer would be in violation of the foregoing or (ii) made pursuant to
any Transfer in accordance with Section 3.2(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Provided that the Investor has at least a 10% Ownership Percentage, if the Investor desires to Transfer
any Shares to, or for the benefit of, any Person other than one described in (b) above (a "**Proposed Transfer** "), the
Investor shall first give written notice by email (the "**Proposed Transfer Notice**") to the Corporation and then shall
cooperate with the Corporation in good faith to find a buyer to Transfer such Shares that is acceptable to the Corporation, for no less
than 10 Business Days prior to the consummation of a Proposed Transfer. If no such buyer is found after not less than 10 Business Days,
the Investor may proceed with the Proposed Transfer to a buyer of its choosing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Investor does not complete the Proposed Transfer to a buyer of its choosing within 30 days of the
date of the Proposed Transfer Notice, the provisions of this Section 3.2 shall again apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For greater certainty, nothing in this Section 3.2 shall restrict the Investor from (i) transferring
any Shares (or any other right or option to acquire Shares (pursuant to the terms of a Subject Security or otherwise)), provided that
the Investor has complied with this Article 3; or (ii) transferring, selling or tendering any or all of its Shares (or any other right
or option to acquire Shares (pursuant to the terms of a Subject Security or otherwise)) (A) pursuant to any actual or proposed Change
of Control Transaction, provided such Change of Control Transaction has been approved by the Board, (B) pursuant to any arrangement, amalgamation,
business combination or similar transaction of the Corporation, (C) to the Corporation for purchase and cancellation under any normal
course issuer bid or substantial issuer bid of the Corporation in place from time to time or (D) to any nominee or custodian where there
is no change in beneficial ownership. Notwithstanding the foregoing, any Transfer by the Investor shall, in addition to compliance with
this Section 3.2, be in compliance with all Applicable Securities Laws.

**Article 4**

**COVENANTS OF THE CORPORATION**

4.1 Matters Requiring Special Approval

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If and for so long as the Investor has a 10% or greater Ownership Percentage, no action shall be taken
by or on behalf of the Corporation or its Subsidiaries with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with the exception for the ongoing process to secure the US EXIM debt finance, incurring any indebtedness
or granting any additional liens other than, (i) Permitted Encumbrances, (ii) Permitted Indebtedness and (iii) such other indebtedness
and liens as consented to in writing by Investor in its sole discretion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the granting of royalties, entering into of streaming arrangements or undertaking of any other non-equity
financing without the prior written consent of the Investor in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor may from time to time provide notice to the Corporation of the Investor's request for
the Corporation to raise additional capital through an Equity Financing (a "**Demand Notice** "). Upon receipt of a Demand
Notice, the Corporation shall, for a period of up to 30 Business Days (the "**Demand Period** "), consider in good faith
the Investor's request as set forth in the Demand Notice giving consideration to alternative financing options. On or prior to the
expiration of the Demand Period, the Corporation shall provide a notice to the Investor setting forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its decision to undertake an Equity Financing on the basis of the Demand Notice and, subject to Exchange
Requirements, the Corporation will use commercially reasonable efforts to undertake such Equity Financing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) its decision to undertake, in lieu of an Equity Financing, an alternative financing satisfactory to the
Investor acting reasonably and having regard to the financing objective for which the Demand Notice was provided and, following a period
of no less than three Business Days during which the Investor may provide comments with respect to such alternative financing which the
Corporation will consider and incorporate in good faith, and subject to Exchange Requirements, the Corporation will use commercially reasonable
efforts to undertake such alternative financing,

the proceeds of either of which will be used to repay debt or fund the Corporation's construction, operations, and development.

Notwithstanding the foregoing, the Corporation shall not be required to undertake an Equity Financing or alternative financing in lieu thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) during any black-out period in which the Corporation is not permitted to issue securities or insiders
of the Corporation are restricted from trading in securities of the Corporation under Applicable Law, the Corporation's insider
trading policy or any other applicable policy 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;(ii) within a period of 12 months after the date of completion of an Equity Financing or alternative financing
in respect of which a Demand Notice was delivered;

&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) if the Corporation is actively employing good faith commercially reasonable efforts to conduct an Equity
Financing or alternative financing and, where a Demand Notice sets forth a requested amount of proceeds, such Equity Financing or alternative
financing is targeting proceeds of an amount comparable to such requested amount of proceeds;

&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) if Shareholder approval is required under Applicable Laws for the Corporation to complete such an Equity
Financing or alternative financing;

&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) if the filing of a prospectus or a registration statement is required under Applicable Laws for the Corporation
to complete such an Equity Financing or alternative financing;

&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) where the Corporation is required to distribute securities under any jurisdiction other than a province
or territory of Canada (excluding Quebec); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) within a period of 90 days after any 60 day period during which, the Corporation has pursued an Equity
Financing following its receipt of a Demand Notice and has been unable to complete such Equity Financing.

**Article 5.**

**PARTICIPATION RIGHTS**

5.1 Participation Right

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Applicable Laws and Exchange approval, for so long as the Investor has a 10% or greater Ownership
Percentage, if the Corporation issues or proposes to issue any Securities from its treasury for the purpose of raising capital, which
for greater certainty shall exclude the issuance of any additional Securities that may be issuable upon the exercise of any other participation,
stock option, equity incentive plan, top-up or pre-emptive rights provided to any third party prior to the date hereof and any Exempt
Issuance (any such issuance, a "**Subsequent Offering** "), then the Corporation shall promptly, and, in any event no later
than one Business Day following the public announcement of such Subsequent Offering (and if the Subsequent Offering is not announced,
no later than ten days prior to the closing date for the issuance of the securities in the Subsequent Offering), provide a written Notice
(the "**Subsequent Offering Notice**") to the Investor setting out: (i) the number of Securities issued or contemplated
to be issued in connection with the Subsequent Offering and the total number of Shares and Subject Securities issued and outstanding as
of the close of business on the Business Day immediately preceding the Subsequent Offering Notice; (ii) the material terms and conditions
of any Subject Securities issued or contemplated to be issued in connection with the Subsequent Offering, including any term sheets or
offer sheets, if any; (iii) the subscription price per Share or Subject Security issued or to be issued in connection with the Subsequent
Offering; and (iv) the proposed closing date for the issuance of Securities to the Investor, assuming the Investor exercises its Participation
Rights, which closing date shall be the later of (A) 14 days following the date of the Subsequent Offering Notice, (B) the closing date
set for the Subsequent Offering, (C) if Shareholder approval is required under Applicable Laws for the Corporation to complete the issuance
of Securities to the Investor pursuant to its exercise of its Participation Rights, the Business Day following receipt of such Shareholder
approval, or (D) such other date as the Corporation and the Investor may agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the receipt by the Corporation of all required regulatory approvals and compliance with Applicable
Laws, the Investor shall have the right (the "**Participation Right** "), upon providing notice ()"**Subscription Notice**") to the Corporation within ten Business Days, or three Business Days in the case of a bought deal, following receipt
of the Subsequent Offering Notice that it intends to exercise its Participation Right, in whole or in part, to subscribe for and to be
issued, on the same terms and conditions of such Subsequent Offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of a Subsequent Offering of Shares, up to such number of Shares that will allow the Investor
to maintain the Ownership Percentage held immediately prior to the completion of the Subsequent Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of a Subsequent Offering of Subject Securities, up to such number of Subject Securities that
will (assuming the conversion, redemption, exercise or exchange of all Subject Securities issuable in connection with the Subsequent Offering
and of all Subject Securities issuable pursuant to the Participation Right) allow the Investor to maintain the Ownership Percentage held
immediately prior to the completion of the Subsequent Offering.

In the Subscription Notice, the Investor shall specify the number of Shares and Subject Securities beneficially owned, directly or indirectly, by it and its Affiliates as at the date of the Subsequent Offering Notice, and the number of Securities for which the Investor is subscribing. In the case of a Subsequent Offering that is qualified by a prospectus, the Corporation will use commercially reasonable efforts to qualify the Securities subscribed for by the Investor pursuant to such prospectus, failing which the Securities subscribed for by the Investor will be issued on a private placement basis concurrently with the closing of the Subsequent Offering, subject to receipt of any required Shareholder approval and Exchange or other regulatory approvals. The Corporation will use its commercially reasonable efforts to promptly obtain (including by applying for any necessary price protection confirmations) all necessary Exchange approvals for the listing of all Shares (including Shares underlying Subject Securities) to be issued to the Investor pursuant to this Article 5. If the Investor is prohibited by Applicable Securities Laws or other Applicable Laws or the rules of any stock exchange from participating on substantially the terms and conditions of the Subsequent Offering, the Corporation shall use commercially reasonable efforts to enable the Investor to participate on terms and conditions that are as substantially similar as circumstances permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Investor exercises the Participation Rights and the Corporation is required, under the rules and
policies of the Exchange or Applicable Securities Laws, to seek Shareholder approval for the issuance of Securities to the Investor pursuant
to this Section 5.1, the Corporation shall use commercially reasonable efforts to, duly call and hold a meeting of its Shareholders
to consider (and the Corporation shall recommend that Shareholders vote in favour of) the issuance of the Securities to the Investor within
75 days after the date that the Investor is advised by the Exchange that it will require such Shareholder approval. The Investor may close
any such Subsequent Offering prior to obtaining Shareholder approval; provided that, during the period between the closing of any such
Subsequent Offering and the date of the Shareholder meeting to consider the issuance of the Securities to the Investor, the Ownership
Percentage shall be deemed to be the Ownership Percentage, immediately prior to the closing of the Subsequent Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For greater clarity, in the event the Corporation grants any other participation right(s) or pre-emptive
right(s) to any third party or parties after the date hereof, the Corporation shall ensure such right(s) is or are subject to the Participation
Right of the Investor provided by this Article 5, and the Corporation shall ensure additional Securities are offered for issuance to the
Investor so as to give effect to this Section 5.1(d) (in relation to the exercise of any such other participation right(s) or pre-emptive
right(s) provided to any third party or parties).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If an Exempt Issuance causes the Investor's (i) Ownership Percentage to be less than 10%, provided
that the Investor's Ownership Percentage was not less than 10% prior to the Exempt Issuance, the Corporation shall provide the Investor
with prompt written notice (the "**Dilution Notice**") of the occurrence of such Exempt Issuance and the Investor shall
have the right within 15 Business Days of it receiving the Dilution Notice, by providing written notice to the Corporation, to subscribe,
at a price determined in good faith by the Board if the Shares are not then listed on an Exchange or a price equal to the Market Price
if the Shares are listed on an Exchange, for that number of Shares required for the Investor to maintain its Ownership Percentage at 10%,
as applicable. Upon receipt of such notice and the applicable subscription price, the Corporation shall issue such additional number of
Shares to the Investor as soon as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding the foregoing, the Investor shall only be entitled to exercise its Participation Right
once for each Subsequent Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding the obligations of the Corporation set forth in Section 5.1(a) through Section 5.1(f),
if the Corporation conducts an at-the-market offering of Securities or other similar offering of Securities (an "**ATM Offering** "),
the Corporation will not be required to provide the Investor with advance notice of any such ATM Offering; however, the Corporation will
be required to offer (an "**ATM Offer**") the Investor the opportunity to purchase Securities on a quarterly basis up to
such aggregate amount as would enable the Investor to maintain (but not increase) its Ownership Percentage on the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Investor shall be entitled to purchase such Securities at a price equal to the volume weighted average
price at which Securities were sold pursuant to such ATM Offering over the immediately preceding three-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Investor shall have 10 Business Days from the date of such ATM Offer to elect to purchase, and to
fully fund the purchase, of any such Securities. If the Investor does not elect to purchase any Securities and/or does not provide immediately
available funds for the purchase of such Securities to the Corporation within 10 Business Days of the date of such ATM Offer, the Investor's
rights to purchase such Securities shall terminate.

**Article 6**

**Representations and Warranties**

6.1 Representations and Warranties of the Corporation

The Corporation represents and warrants to the Investor as follows and acknowledges and agrees that the Investor is relying on such representations and warranties to enter into this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation is duly incorporated, validly existing and in good standing under the laws of the State
of Nevada and has all requisite corporate power and authority to execute and deliver this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) this Agreement has been duly executed and delivered by the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) assuming the due execution and delivery of this Agreement by the Investor, this Agreement constitutes
the valid and binding agreement of the Corporation, enforceable against the Corporation in accordance with its terms, except as may be
limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, and similar laws relating to or affecting creditors'
rights generally and general equitable principles (whether considered in a proceeding in equity or at law), in each case now or hereafter
in effect.

6.2 Representations and Warranties of the Investor

The Investor represents and warrants to the Corporation as follows and acknowledges and agrees that the Corporation is relying on such representations and warranties to enter into this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Investor is validly existing and in good standing under the laws of Canada and has all requisite corporate
power and authority to execute and deliver this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) this Agreement has been duly executed and delivered by the Investor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) assuming the due execution and delivery of this Agreement by the Corporation, this Agreement constitutes
the valid and binding agreement of the Investor, enforceable against the Investor in accordance with its terms, except as may be limited
by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, and similar laws relating to or affecting creditors'
rights generally and general equitable principles (whether considered in a proceeding in equity or at law), in each case now or hereafter
in effect.

**Article 7**

**GENERAL**

7.1 Notices

All notices, demands or other communications (in any case, a "**Notice**") to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given when delivered personally to the recipient or by email addressed to the recipient. Each Notice shall be delivered, mailed or sent electronically to the Parties at the respective addresses or email addresses indicated below:

If to the Corporation:

Bunker Hill Mining Corp.

Suite 300-1055 West Hastings Street

Vancouver, BC V6E 2E9

---

| | |
|:---|:---|
| Attention: | Gerbrand Van Heerden |
| Email: | **[REDACTED – Personal Information]** |

---

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

Blake, Cassels & Graydon LLP

Suite 3500 - 1133 Melville Street

Vancouver, BC V6E 4E5

---

| | |
|:---|:---|
| Attention: | Jamie Kariya |
| Email: | **[REDACTED – Personal Information]** |

---

If to the Investor:

Teck Resources Limited

Suite 3300 – 550 Burrard Street

Vancouver, BC V6C 0B3

---

| | |
|:---|:---|
| Attention: | Nic Hooper, Executive Vice President and Chief Corporate Development Officer |
| Email: | **[REDACTED – Personal Information]** |

---

with copies (which shall not constitute notice) to:

Teck Resources Limited

Suite 3300 – 550 Burrard Street

Vancouver, BC V6C 0B3

---

| | |
|:---|:---|
| Attention: | Corporate Secretary |
| Email: | **[REDACTED – Personal Information]** |

---

Any such Notice so given or made shall be deemed to have been given or made and to have been received on the day of delivery if delivered, or on the day of emailing or sending by other means of recorded electronic communication, provided that such day in either event is a Business Day and the Notice is delivered, emailed or sent before 5:00 p.m. (Vancouver time) on such day. Otherwise, such Notice shall be deemed to have been given and made and to have been received on the next following Business Day. Any such Notice sent by mail shall be deemed to have been given and made and to have been received on the fifth Business Day following the mailing thereof; provided however that no such Notice shall be mailed during any actual or apprehended disruption of postal services. Any such Notice given or made in any other manner shall be deemed to have been given or made and to have been received only upon actual receipt.

7.2 Further Assurances

Each Party shall act in good faith in performing its obligations and exercising its rights under this Agreement, and shall promptly do, make, execute or 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 shall use reasonable commercial efforts and take all such steps as may be reasonably within its power to implement to their full extent the provisions of this Agreement.

7.3 Assignment

This Agreement is not assignable by any Party except: (a) with the prior written consent of the other Party, or (b) with respect to any assignment by the Investor to any Affiliate of the Investor, in which case no written consent of the Corporation shall be required, provided that the Investor gives prompt written Notice of such assignment to the Corporation and such Affiliate agrees to be bound by the terms of this Agreement and executes a written joinder to this Agreement.

7.4 Injunctive Relief

Each Party agrees that any breach of the terms of this Agreement may result in immediate and irreparable injury and damage to the other Party for which the other Party could not be adequately compensated by damages. Each Party therefore agrees that, in the event of any such breach or any anticipated or threatened breach, the other Party shall be entitled to equitable relief by way of temporary or permanent injunction, without having to prove damages or post any bond, in addition to any other remedies (including damages) to which such Party may be entitled at law or in equity.

7.5 Entire Agreement

This Agreement, together with the Subscription Agreement and the Recapitalization Agreement constitutes the entire agreement between the Parties with respect to the subject matter of this Agreement, and supersede all prior agreements, understandings, negotiations and discussions, whether written or oral, with respect to the subject matter of this Agreement. There are no conditions, covenants, agreements, representations, warranties or other provisions, express or implied, collateral, statutory or otherwise, relating to the subject matter of this Agreement except as provided in this Agreement.

7.6 Time of Essence

Time shall be of the essence of this Agreement.

7.7 Governing Law

This Agreement is governed by and shall be interpreted and construed in accordance with the Applicable Laws of the Province of British Columbia and the federal laws of Canada applicable therein. Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the courts of the Province of British Columbia situated in the City of Vancouver and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

7.8 Severability

If any provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, all other provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to either Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that transactions contemplated by this Agreement are fulfilled to the extent possible.

7.9 Waiver

No waiver of any provision of this Agreement shall be binding unless it is in writing. No indulgence or forbearance by a Party shall constitute a waiver of such Party's right to insist on performance in full and in a timely manner of all covenants in this Agreement. Waiver of any provision shall not be deemed to waive the same provision after such waiver, or any other provision of this Agreement at any time.

7.10 Amendments

This Agreement may be amended or supplemented only by a written agreement signed by each of the Parties.

7.11 Binding Effect

This Agreement shall be binding upon the Parties, their heirs and legal personal representatives, and their respective permitted successors and permitted assigns.

7.12 Termination

This Agreement shall terminate and all rights and obligations hereunder shall cease immediately upon the earlier of: (i) the date the Parties hereto agree in writing to terminate this Agreement, or (ii) the Ownership Percentage ceases to be at least 10% for a continuous period of at least 30 days (other than in cases where the Ownership Percentage falls below 10% due to (A) the failure of the Corporation to comply with its obligations under this Agreement or to use commercially reasonable efforts to obtain any required Shareholder, Exchange or other approval or authorization for any issuance of Securities to the Investor pursuant to its rights under Article 5 of this Agreement, or (b) one or more ATM Offerings, provided that the Investor exercises its right to purchase Securities in accordance with Section 5.1(g) in connection with such ATM Offering(s), and as a result thereof its Ownership Percentage is at least 10%).

7.13 No Partnership

Nothing in this Agreement will be deemed to constitute a partnership, agency or similar relationship between the Parties. Except as provided herein or as the Parties may otherwise agree, each Party shall have the right to engage in and receive the full benefits from any independent business activities or operations, whether or not competitive with the business activities and operations carried on by the other Party, without consulting with, or incurring any obligation to, the other Party.

7.14 Public Disclosure

The Corporation shall provide prior notice to the Investor of any public disclosure that it proposes to make which includes the name of the Investor or any of its Affiliates, together with a draft of such disclosure; provided that, except as required by Applicable Securities Laws, in no circumstance shall any public disclosure of the Corporation include the name of the Investor or any of its Affiliates without the Investor's prior written consent in its sole discretion.

7.15 Counterparts

This Agreement may be executed by the Parties in any number of counterparts, each of which is deemed to be an original, and such counterparts together shall constitute one and the same instrument. Delivery of an executed signature page by email or other electronic means (including via DocuSign) shall be as effective as delivery of a manually executed counterpart of this Agreement.

 

*[Remainder of page intentionally left blank]*

 

**IN WITNESS WHEREOF** the Parties have caused this Agreement to be duly executed as of the date first above written.

---

| | |
|:---|:---|
| **BUNKER HILL MINING CORP.** | **BUNKER HILL MINING CORP.** |
| by | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | Chief Executive Officer |

---

---

| | |
|:---|:---|
| **TECK RESOURCES LIMITED** | **TECK RESOURCES LIMITED** |
| by | */s/ Nicholas Hooper* |
| Name: | Nicholas Hooper |
| Title: | EVP & Chief corporate Development Officer |

---

**<u>Schedule A</u>**

**<u>Permitted Encumbrances</u>**

**<u>Sprott Liens</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. the security agreement dated as of January 28, 2022 among the Corporation and Silver Valley (together
the "**Obligors** "), as debtors, and the Sprott Security Agent, as amended by a second omnibus amendment dated June 17,
2022, and as it may be further amended, amended and restated, modified or supplemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;2. the mortgage, assignment of production, assignment of leases and rents, security agreement, financing
statement and fixture filing dated as of January 28, 2022 between Silver Valley and the Sprott Security Agent; as amended by as amended
by a first amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and
fixtures filing dated June 17, 2022, a second amendment to mortgage, assignment of production, assignment of leases and rents, security
agreement, financing statement and fixtures filing dated August 8, 2024 and a third amendment to mortgage, assignment of production, assignment
of leases and rents, security agreement, financing statement and fixtures filing dated on or about the date of Closing and as the same
may be further amended, amended and restated, modified, supplemented or replaced from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;3. a stock pledge agreement dated as of January 28, 2022, as amended, restated, supplemented or otherwise
modified from time to time, between the Obligors in favour of the Sprott Security Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;4. all other assignments, deeds of trust, mortgages, account control agreements, pledges and other security
agreements pursuant to which an Obligor grants to the Sprott Security Agent for the benefit of certain affiliates thereof, mortgages,
charges, pledges, liens or security interests in all or some of its present and after acquired property as security for the obligations
under certain project finance documents entered into between the Obligors and various Sprott entities.

&nbsp;&nbsp;&nbsp;&nbsp;5. the royalty agreement dated as of June 23, 2023, as amended, granted by Silver Valley in favour of the
Sprott Security Agent;

&nbsp;&nbsp;&nbsp;&nbsp;6. the additional royalty agreement dated as of December 12, 2024, as amended, between Silver Valley, as
royalty grantor, the Corporation, as guarantor, and the Sprott Security Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;7. the royalty agreement dated on or about the date of closing, granted by Silver Valley in favour of the
Sprott Security Agent

**<u>Liens in favour of Teck Metals Ltd. (the "Teck Lender")</u>**

Encumbrances in favour of the Teck Lender, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. the security agreement dated on or about the date of Closing among the Obligors, as debtors, and the Teck
Lender, as it may be amended, amended and restated, modified or supplemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;2. the stock pledge agreement dated on or about the date of Closing between the Corporation and the Teck
Lender with respect to the shares in Silver Valley; and

&nbsp;&nbsp;&nbsp;&nbsp;3. the mortgage, assignment of production, assignment of leases and rents, security agreement, financing
statement and fixture filing to be entered into on or about the date of Closing or shortly thereafter between Silver Valley and the Teck
Lender; as the same may be amended, amended and restated, modified, supplemented or replaced from time to time; and

**<u>Monetary Metals Liens</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. a security agreement dated on or about August 8, 2024 among the Obligors and Monetary Metals;

&nbsp;&nbsp;&nbsp;&nbsp;2. a stock pledge agreement dated on or about August 8, 2024 between the Corporation and Monetary Metals;

&nbsp;&nbsp;&nbsp;&nbsp;3. a mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement
and fixture filing agreement dated on or about August 8, 2024, as amended

**<u>MineWater Liens</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. Mortgage granted by Silver Valley in favour of MineWater LLC dated as of October 31, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;2. Stock pledge granted by the Corporation in favour of MineWater LLC dated as of October 31, 2022; and

&nbsp;&nbsp;&nbsp;&nbsp;3. Security agreement granted by the Corporation and Silver Valley dated as of October 31, 2022 in favour
of MineWater, LLC;

**<u>TD Liens</u>**

In connection with the Terms for Guaranteed Investment Certificates (GICs) and Term Deposits for Non-Personal Customers dated June 9, 2022, as amended by a first amending agreement dated June 9, 2022 in respect of certain term deposits with The Toronto-Dominion Bank in the aggregate amount of up to US$10,000,000, the following Lien was filed:

&nbsp;&nbsp;&nbsp;&nbsp;1. *Personal Property Security Act* (Ontario) financing statement filed in favour of The Toronto-Dominion
Bank, and registered against the Corporation as registration no. 20220519 1534 1590 3258 and reference file no. 783160254 for a period
of 7 years in respect of "accounts" and "other" and containing a general collateral description of:

"The security interest is granted by the debtor in favour of the secured party pursuant to an assignment of term deposits and credit balances (as may be amended from time to time) in respect of certain present and future property and collateral described therein and subject thereto including without limitation present and future monies and collateral accounts, present and future amounts and interest thereon due or accruing due to the debtor pursuant to present and future term deposit instruments, and all present and future proceeds thereof of whatever nature and kind".

**<u>Surety Bond/EPA Settlement Obligations:</u>**

The Corporation is currently in negotiations to restructure the surety bond and/or letter of credit arrangements which support the obligations under the EPA Settlement Agreement. Currently the above noted Encumbrances in favour of MineWater and The Toronto-Dominion Bank provide support for certain indebtedness of the Corporation in connection satisfying the requirements under the EPA Settlement Agreement. Following the restructuring of the Corporation's surety bond arrangements, the following Encumbrances will be in place:

1) The existing letter of credit in the amount of US $2,500,000 issued to Trisura Guaranty Insurance Company by The Toronto-Dominion Bank will be replaced by a comparable letter of credit arrangement, cash collateral arrangement or surety bond; and

2) The letter of credit in the amount of US $500,000 issued to Indemnity National Insurance Company by The Toronto-Dominion Bank in connection with the US$4,000,001 surety bond with Indemnity National Insurance Company will be replaced by a comparable surety bond issued by Applied Underwriters which will be supported by either cash collateral in a blocked account or by a letter of credit issued by an American domiciled bank which letter of credit will be in the amount of $1,500,000 and be fully cash collateralized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In connection with the replacement of the surety bond issued by Indemnity National Insurance Company,
the lien on the MineWater LLC land in connection with a US$20,000 monthly financing fee payable to MineWater in connection with the MineWater
limited indemnity will be discharged and such payment obligation will be terminated.

**<u>Real Property Liens</u>**

Silver Valley obtained a title opinion entitled Updated Title Opinion of the Bunker Hill Mine dated June 5, 2025 (the "**Opinion**"), provided by Lyons O'Dowd, PLLC ("**Lyons**"), which opinion is based on the following: (1) the Owner's Policy of Title Insurance issued by Old Republic National Title Insurance Company dated January 7, 2022 (Policy No. OX 14054441), attached thereto as Exhibit 1-A (the "**Bunker Hill Mine Title Policy**") and incorporated therein by reference; (2) the Owner's Policy of Title Insurance issued by First American Title Insurance Company dated March 2, 2022 (Policy No. 5011400-1025527-WA), attached thereto as Exhibit 1-B (the "**NEI Title Policy**"), incorporated therein by reference; (3) the Owner's Policy of Title Insurance issued by Old Republic National Title Insurance Company dated August 30, 2024 (Policy No. OY-08324093), attached thereto as Exhibit 1-C (the "**Rock House Policy**"), incorporated therein by reference; (4) that certain Standard Leasehold Owner's Policy of Title Insurance issued by First American Title Insurance Company dated February 21, 2025 (File No. 1177584-WA) attached thereto as Exhibit 1-D (the "**C&E Leasehold Policy**") incorporated therein by reference; (5) the Mineral Guarantee issued by Flying S Title and Escrow of Idaho, Inc. dated May 9, 2025 (Guarantee No. 5010500-1177547-WA) attached thereto as Exhibit 2 (the "**Guarantee**") and incorporated therein by reference; (4) the Bureau of Land Management Mining Claims Customer Information Report dated June 2, 2025, attached as Exhibit 3 thereto, describing the 78 unpatented claims recently located by Silver Valley (the "**Unpatented Claims**"); (5) the Limited Claim Summary prepared by Lyons, which summarizes the relevant dates of location, recording dates, and payment history of the Unpatented Claims and attached thereto as Exhibit 4 (the "**Limited Claim Summary**"); (6) the Judgment Tax Lien Guarantee dated May 16, 2025 (Guarantee No. 5010500-1177520-WA) reflecting any judgments and tax liens issued against the Guarantor, attached thereto as Exhibit 5 (the "**Judgement Guarantee**") and incorporated therein by reference; (5) the Recorded Document Guarantee dated May 16, 2025 (Guarantee No. 5010500-1177520-WA) reflecting all deeds, leases/sublease, mortgages/deeds of trust, environmental protection liens and all other documents recorded in the land records of Shoshone County from July 1, 2024 through May 16, 2025, attached thereto as Exhibit 6-A (the "**Recorded Document Guarantee**") and (6) the previously issued Recorded Document Guarantee dated July 12, 2024 (Guarantee No. 5010500-1149481-WA) reflecting all deeds, leases/sublease, mortgages/deeds of trust, environmental protection liens and all other documents recorded in the land records of Shoshone County from January 1, 2023 through July 12, 2024 (the "**2024 Recorded Document Guarantee**"), attached thereto as Exhibit 6-B.

The Opinion was provided to reflect any changes in the condition of title since Lyons last provided an opinion of title dated August 8, 2024. Since completing the 2024 Opinion, Silver Valley purchased additional real property described in Exhibit A to the Rock House Policy, as well as real property described in Exhibit A to the NEI Title Policy. Additionally, Silver Valley located 78 unpatented mining claims as more particularly described in the Unpatented Mining Claims Customer Information Report.

The Opinion, which is made subject to all qualifications, exceptions, reservations, assumptions, disclaimers, exclusions, conditions and limitations set forth therein, and as of the date thereof, provides that (1) Silver Valley is the owner of the Property (defined as the property described in Paragraph 4, Schedule A, to Exhibit 1-A of the Title Policy, together with the property described in Paragraph 4, Schedule A, to Exhibit 1-B of the NEI Title Policy, the property described in Paragraph 4, Schedule A, to Exhibit 1-C of the Rock House Policy and the patented mining claims without surface rights more particularly described in Exhibit A to Exhibit 2 of the Guarantee), (2) that C&E Tree Farm L.L.C., an Idaho limited liability company, is the owner of the property described in Paragraph 4, Schedule A, to Exhibit 1-D of the C&E Leasehold Policy and (3) Silver Valley is the owner to the Unpatented Claims subject to the paramount title of the United States; all subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;1. Schedule B to the Title Policy, Exceptions from Coverage, items 1 through 81; provided that, however,
those exceptions previously identified in Schedule B – Section II of the Title Commitment known as Exceptions 8 through 23, 57-61,
66 and 69-78, have been satisfied and removed as exceptions to the Title Policy.

&nbsp;&nbsp;&nbsp;&nbsp;2. Schedule B to the NEI Title Policy, Exceptions from Coverage, items 1 through 33; provided that, however,
those exceptions previously identified in Schedule B – Section II of the Title Commitment known as Exceptions 14, 18 and 26, have
been satisfied and removed as exceptions to the NEI Title Policy.

&nbsp;&nbsp;&nbsp;&nbsp;3. Schedule B to the Rock House Policy, Exceptions from Coverage, items 1 through 24.

&nbsp;&nbsp;&nbsp;&nbsp;4. Schedule B to the C&E Leasehold Policy, Part II, Exceptions from Coverage, items 1 through 32.

&nbsp;&nbsp;&nbsp;&nbsp;5. Schedule A to the Mineral Guarantee, items A through H (including Deeds of Record items 1 through 31).

&nbsp;&nbsp;&nbsp;&nbsp;6. Schedule A to the Judgement Guarantee, Exceptions, item 1 which provides that the Title Company searched
for judgments and tax liens against Silver Valley and found none in the public records.

&nbsp;&nbsp;&nbsp;&nbsp;7. Schedule A to the Recorded Document Guarantee, Designated Documents 1 through 15. Designated Document
1 is the Second Amendment to the Sprott Mortgage (Instrument Number 522445), which includes additional real property as collateral for
the loans. Designated Document 2 is the Mortgage with Monetary Metals Bond III LLC securing the note for the US Dollar equivalent of up
to 1,200,000 ounces of silver (Instrument Number 522446). Designated Documents 3 and 4 are a Correction Deed (Instrument 522625) and the
Warranty Deed (522626) conveying the Rock House Property from the Bankruptcy Trustee to Tim Hopper and Tom Hopper, and subsequently from
Tim Hopper and Tom Hopper to SVMC. Designated Documents 6, 11, 12, 13, 14 and 15 are the Mechanic's Liens encumbering the Property.
Documents 5, 6 and 11 were filed by Performance Energy Services ("PES") pertaining to claims for unpaid amounts in the amended
amount of $2,914,194.63 (Instrument Numbers 523179-Document 6 and 524136-Document 11) and $661,105.09 (Instrument Number 523073 and 523485).
SVMC has settled the total amounts owed in the amounts of $2,734,533.68 and $475,000 respectively. The liens identified in Instrument
Numbers 523073 (formerly Designated Document 5) and 523485 (this document was not identified but is the amendment to the lien) have been
satisfied and released by the Release of Claim of Lien, recorded as Instrument Number 525219. SVMC has a payment plan with respect to
the other liens filed by PES, which payments are currently overdue. Document 12 is the Claim of Lien filed GBI Core in the amount of $193,981.75
(Instrument Number 524643). Documents 13, 14 and 15 are liens filed by Corridor Contractors, LLC (in the amounts of $94,620.79 (Instrument
Number 524907), $198,129.81 (Instrument Number 524908), and $8,266.00 (Instrument Number 524909)). SVMC management represent that all
remaining liens (Designated Documents 6, 11, 12, 13, 14, and 15) will be satisfied with funds from closing. Designated Document 7 is a
UCC Financing Statement Amendment (Instrument 523701) related to the Mortgage recorded as 512402, and which adds additional collateral
as security for the obligations owed to Sprott Resource Streaming and Royalty (Collector) LP. Designated Document 8 (Instrument Number
523758) is an amendment to the Royalty Agreement with Sprott Private Resource Streaming and Royalty (US Collector), LP, which adds additional
real property acquired from Northern Enterprises as security for the obligations owed to Sprott Resource Streaming and Royalty (Collector)
LP. Designated Document 8 (Instrument Number 523759) is an Additional Royalty Agreement with Sprott Private Resource Streaming and Royalty
(US Collector), LP, in exchange for an advance in the amount of $5,000,000.00. Designated Document 10 (Instrument Number 523942) is the
Third Amendment to Mortgage, Assignment of Production, Assignment of Leases and Rents, Security Agreement, Financing Statement and Fixture
Filing between SVMC and Sprott Private Resource Streaming and Royalty (US Collector), LP, which adds the Rock House Parcel as additional
real property as security for the obligations owed. The Firm notes this document is identified as the "Second Amendment" but
appears to be a typographical error as the referenced document is, in fact, the Third Amendment to Mortgage.

&nbsp;&nbsp;&nbsp;&nbsp;8. Schedule A to the 2024 Recorded Document Guarantee, Designated Documents, items 1 through 14. Documents
1, 2 and 3 are the Special Warranty Deeds conveying the Mine (including associated water rights) from Placer Mining, William M. Pangburn
and Shirley A. Pangburn to Silver Valley (Instrument Numbers 512137, 512138, and 512139). Document 4 is a Warranty Deed conveying patented
mining claims from Northern Enterprises Inc. to Silver Valley (Instrument Number 512783. Documents 5 and 6 include a Claim of Lien (Instrument
Number 512226) and a termination/notice (Instrument Number 512227), the analysis of which is included in the Opinion. Documents 7 and
8 are the security interests encumbering the Mine in the form of a mortgage (naming Silver Valley as the mortgagor and Sprott Collector,
on behalf of certain affiliates of Sprott Collector, as the mortgagee, Instrument Number 512401) and a UCC security statement (naming
Silver Valley as the Borrower and Sprott Collector as the secured party, Instrument Number 512402), both of which encumber the Mine and
its associated interests, such as rents, profits, equipment, etcetera. Document 9 is the First Amendment to Mortgage, Assignment of Production,
Assignment of Leases and Rents, Security Agreement, Financing Statement and Fixture Filing between Silver Valley and Sprott Collector,
Instrument Number 515171, which document amends certain terms of the mortgage described above, Instrument Number 512401. Documents 10,
11 and 12 relate to the interests held by Silver Bowl Inc. ()"**Silver Bowl**") related to the adjusted boundary and ownership
interests agreed to between Silver Bowl and The Bunker Hill Company in 1956 (the "**1956 Agreement** ", Instrument Numbers
169726 and 297329). Document 9 relates to the percentage interest that Silver Valley (as successor in title to The Bunker Hill Company)
would have in the areas referred to as Area "A" and Area "B" in the 1956 Agreement (Instrument Number 513837).
Documents 10 and 11 are restated Quitclaim Deeds recorded September 27, 2022 (respectively, Instrument Numbers 515469 and 515470) by Silver
Bowl. Both deeds purport to consolidate and restate (i) Instrument Number 169726 and 297329 (for the boundary change and shared ownership
interests in Area "A" and "B" discussed above), and (ii) Instrument Number 510929 recorded in October 2021 (providing
notice of an address change by Silver Bowl to Placer Mining). Document 13 is the Mortgage, Assignment of Production, Assignment of Leases
and Rents, Security Agreement, Financing Statement and Fixture Filing naming Silver Valley as Mortgagor and MineWater, LLC, a Colorado
limited liability company as Mortgagee, Instrument Number 515907, which encumbers the Mine and its associated interests (as described
therein) in exchange for the issuance of certain surety bonds (see MineWater Liens discussed above). Document 14 is the Royalty Agreement
between SPRSR US Collector, Silver Valley, and the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;9. Title to the Unpatented Claims is vested with the United States and subject to further processing by the
United States Bureau of Land Management and those additional exceptions set forth in the Opinion.

**<u>Schedule B</u>**

**<u>Indebtedness</u>**

**<u>Sprott</u>**

 

*Series 1 Convertible Debentures*:

Six (6) amended and restated Series 1 convertible debentures dated as of the date hereof, as amended, in the aggregate principal amount of $6,000,000 bearing interest at 5% per annum and convertible at the option of the Corporation or debentureholders into common shares of the Corporation.

 

*Series 2 Convertible Debentures:*

Three (3) Series 2 convertible debentures dated as of the date hereof, as amended, in the aggregate principal amount of up to US$15,000,000 bearing interest at 5% per annum and convertible at the option of the Corporation or debentureholders into common shares of the Corporation.

 

*Series 3 Convertible Debentures*:

Two (2) Series 3 convertible debentures dated as of the date hereof, as amended, in the aggregate principal amount of up to US$4,000,000 bearing interest at 5% per annum and convertible at the option of the Corporation or debentureholders into common shares of the Corporation.

 

*Loan Agreement*:

The amended and restated loan agreement (the "**Loan Agreement**") whereby the Lenders party thereto made available to the Corporation the maximum aggregate principal amount of US$15,000,000. Each Advance (as defined in the Loan Agreement) bearing interest at 10% per annum from the Funding Date (as defined in the Loan Agreement) of such Advance to June 30, 2027, and from June 30, 2027 to the date of repayment in full, at 15% per annum.

**<u>Monetary Metals</u>**

 

*Promissory Note*:

Secured promissory note purchase agreement dated as of August 8, 2024, as amended by a first amending agreement dated as of the date hereof (as may be further amended, the "**MM NPA**") between Silver Valley, as borrower, the Corporation and Monetary Metals, as amended by a first amendment dated November 11, 2024 and a second amendment dated as of the date hereof, pursuant to which Silver Valley issued a secured promissory note dated as of August 8, 2024 (as may be further amended, the "**MM Note**") in the aggregate principal amount equal to the U.S. Dollar equivalent of up to 1,200,000 troy ounces of silver. As of the date hereof, an aggregate principal amount equal to 1,098,400 silver ounces has been advanced under the MM Note.

**<u>EPA</u>**

 

*EPA Debt and Ongoing EPA Obligation*:

Historical water treatment payables to the EPA pursuant to the EPA Settlement Agreement (as defined below) in the aggregate amount of US$17,000,000 (the "**EPA Debt**"), due on the dates and in the instalments set out below:

November 1, 2024: US$3,000,000;

November 1, 2025: US$3,000,000;

November 1, 2026: US$3,000,000;

November 1, 2027: US$3,000,000;

November 1, 2028: US$3,000,000; and

November 1, 2029: US$2,000,000.

"**EPA Settlement Agreement**" means the consent decree among the United States of America and Placer Mining Company, Inc., filed with the United States District Court District of Idaho on March 3, 2018 and approved on June 19, 2018 and the settlement agreement and order on consent for response action by Bunker Hill Mining Corp. among the EPA and the Corporation, dated as May 15, 2018 (EPA Region 10 CERCLA Docket No. 10-2017-0123), as amended by the first amendment to the settlement agreement and order on consent for response action by Bunker Hill Mining Corp. among the EPA and the Corporation dated December 19, 2021.

The EPA Debt and the monthly charge paid by the Corporation to the EPA in respect of the acid mine drainage being treated in a water treatment facility operated by the IDEQ pursuant to the EPA Settlement Agreement (the "**Ongoing EPA Obligation**"). The Ongoing EPA Obligation is expected to last for the life of the Mine and beyond.

**<u>MineWater</u>**

 

*Limited Indemnity*:

Limited indemnity of up to US$3,000,000 granted by the Corporation and Silver Valley to MineWater LLC, MineWater Finance and MW HH LLC (collectively, "MineWater") pursuant to the terms and conditions of an agreement re: financing cooperation dated as of September 27, 2022 between the Obligors and MineWater.

**<u>TD Bank</u>**

 

*GIC:*

Terms for guaranteed investment certificates (GICs) and term deposits for non-personal customers dated June 9, 2022, as amended by a first amending agreement dated June 9, 2022, in respect of certain term deposits with The Toronto-Dominion Bank in the aggregate amount of up to US$10,000,000 (the "**TD GIC**"). The TD GIC Debt relates to a pre-approved credit unit at The Toronto-Dominion Bank which can issue the Corporation letters of credit. As of June 18, 2024, the Corporation can issue up to US$10,000,000 in letters of credit. The Corporation, currently has two letters of credit outstanding, which are a (i) letter of credit in the amount of US$2,500,000 issued to Trisura Guaranty Insurance Company, and (ii) letter of credit in the amount of US$500,000 issued to Indemnity National Insurance Company.

**<u>TD Bank and Minewater Debt Restructuring</u>**

 

*Post-Restructuring*:

The Corporation is currently in negotiations to restructure the surety bond and/or letter of credit arrangements which support the obligations of the Corporation and Silver Valley under the EPA Settlement Agreement. Currently, the above noted indebtedness from MineWater and The Toronto-Dominion Bank provide support for the Corporation's obligations under the EPA Settlement Agreement. Following the restructuring of the Corporation's surety bond arrangements, the following indebtedness will be in place:

&nbsp;&nbsp;&nbsp;&nbsp;1. The existing letter of credit in the amount of US $2,500,000 issued to Trisura Guaranty Insurance Company
by The Toronto-Dominion Bank will be replaced by a comparable letter of credit arrangement, cash collateral arrangement or surety bond;
and

&nbsp;&nbsp;&nbsp;&nbsp;2. The letter of credit in the amount of US $500,000 issued to Indemnity National Insurance Company by The
Toronto-Dominion Bank in connection with the US$4,000,001 surety bond with Indemnity National Insurance Company will be replaced by a
comparable surety bond issued by Applied Underwriters which will be supported by either cash collateral in a blocked account or by a letter
of credit issued by an American domiciled bank which letter of credit will be in the amount of $1,500,000 and be fully cash collateralized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In connection with the replacement of the surety bond issued by Indemnity National Insurance Company,
the lien on the MineWater LLC land in connection with a US$20,000 monthly financing fee payable to MineWater in connection with the MineWater
limited indemnity will be discharged and such payment obligation will be terminated.

**<u>Teck</u>**

 

*SP Facility:*

The Standby Prepayment Facility Agreement pursuant to which, among other things, Teck Metals Ltd. will provide an uncommitted revolving standby prepayment facility of up to US$10,000,000 to the Corporation and Silver Valley (the "**SP Facility**"). The SP Facility will bear interest at a rate equal to 13.5% per annum until June 30, 2027 and at a rate equal to 15% per annum thereafter, calculated and capitalized quarterly.

 

*Promissory Note:*

The amended and restated demand promissory note dated as of May 21, 2025 (the "**Teck Promissory Note**") between the Corporation, as debtor, and Teck Resources Limited, as creditor, pursuant to which Teck Resources Limited has provided to the Corporation an aggregate maximum principal amount of up to US$4,400,000 to the Corporation. The Principal Amount (as defined in the Teck Promissory Note) outstanding from time to time will bear interest equal to 12% per annum. The Teck Promissory Note will be repaid in full, together with accrued and unpaid interest thereon, on or about the date hereof.

**<u>Accounts Payable</u>**

Amounts owing under certain accounts payable, not to exceed US$4,000,000, which amounts shall be repaid, in part, through the issuance of shares in the capital of the Corporation.

**<u>Schedule C</u>**

**<u>Surety or Performance Bonds/Letters of Credit</u>**

**<u>Updated Surety Bond/EPA Settlement Obligations</u>**

The Corporation is currently in negotiations to restructure the surety bond and/or letter of credit arrangements which support the obligations of the Obligors under the EPA Settlement Agreement. Currently, the above noted indebtedness from MineWater and The Toronto-Dominion Bank provide support for the Corporation's obligations under the EPA Settlement Agreement. Following the restructuring of the Corporation's surety bond arrangements, the following indebtedness will be in place:

3. The existing letter of credit in the amount of US $2,500,000 issued to Trisura Guaranty Insurance Company
by The Toronto-Dominion Bank will be replaced by a comparable letter of credit arrangement, cash collateral arrangement or surety bond;
and

4. The letter of credit in the amount of US $500,000 issued to Indemnity National Insurance Company by The
Toronto-Dominion Bank in connection with the US$4,000,001 surety bond with Indemnity National Insurance Company will be replaced by a
comparable surety bond issued by Applied Underwriters which will be supported by either cash collateral in a blocked account or by a letter
of credit issued by an American domiciled bank which letter of credit will be in the amount of $1,500,000 and be fully cash collateralized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In connection with the replacement of the surety bond issued by Indemnity National Insurance Company,
the lien on the MineWater LLC land in connection with a US$20,000 monthly financing fee payable to MineWater in connection with the MineWater
limited indemnity will be discharged and such payment obligation will be terminated.

## Exhibit 10.33

**Exhibit 10.33**

**RECAPITALIZATION AGREEMENT**

THIS RECAPITALIZATION AGREEMENT dated as June 5, 2025 between Bunker Hill Mining Corp. **("BHMC**"), Silver Valley Metals Corp. (the "**Mine Owner**", and together with BHMC, the "**Obligors**"), **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** in its own capacity ("**SPRSR**") and in its capacity as security agent for and on behalf of the Sprott Entities (the "**Security Agent**"), **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** in its own capacity (**"SPRSR US**") and in its capacities as Royalty Holder, Agent, Lender, Purchaser, Stream Party and Sprott Agent for the Sprott Creditors, **[Redacted – Affiliates of Sprott Private Resource Streaming & Royalty Corp.]**, **[Redacted]** and **[Redacted]**, as Sprott Creditors, Teck Resources Limited, as Investor and Monetary Metals Bond III LLC, as Note Purchaser.

**RECITALS**:

**A.** BHMC,
 as debtor, and the Mine Owner, as guarantor, issued on January 28, 2022 to and in favour of the Series 1 CD Holders six convertible
 debentures in the aggregate principal amount of US$6,000,000 (as amended prior to the date hereof, the "**Series 1 Convertible Debentures** ");

**B.** BHMC,
 as debtor, and Mine Owner, as guarantor, issued on June 17, 2022 to and in favour of the Series 2 CD Holders three series 2 convertible
 debentures in the aggregate principal amount of US$15,000,000 (as amended prior to the date hereof, the "**Series 2 Convertible Debentures** ");

**C.** Mine
 Owner, as grantor, and BHMC, as guarantor, issued in favour of SPRSR US, as holder (the "**Royalty Holder** "), a royalty
 ()"**Royalty 1**") pursuant to a royalty agreement (as amended, "**Royalty Agreement No. 1**") dated
 as of June 23, 2023 between the Obligors and the Royalty Holder upon the Royalty Holder's election to receive Royalty 1 in
 lieu of cash payment of the outstanding principal under the royalty convertible debenture in the principal amount of US$8,000,000
 dated as of January 7, 2022 (as amended, the "**Royalty Convertible Debenture** ");

**D.** In
 connection with the Royalty Convertible Debenture, the Obligors and the Royalty Holder entered into a royalty put option agreement
 dated July 22, 2022 pursuant to which upon the occurrence of an event of default under any Series 1 Convertible Debenture or Series
 2 Convertible Debenture, the holder may require the Obligors to purchase the Royalty 1 for US$8,000,000 (as assigned, amended and
 amended and restated, the "**Royalty Put Option Agreement** ");

**E.** Mine
 Owner, as seller, and BHMC, as parent, have entered into a metals purchase agreement (the
 "**Metals Purchase Agreement**") dated as of June 23, 2023
 with **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** as agent for the Stream Parties ()"**Purchaser** ")
 pursuant to which Purchaser advanced an upfront deposit of US$46,000,000 to Mine Owner on
 account of future purchases of silver determined by reference to an agreed amount of lead,
 silver and zinc produced at the Bunker Hill Mine;

**F.** **[Redacted – Affiliate of** **Sprott Private Resource Streaming & Royalty Corp.]** and **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** as lenders (collectively, the "**Lenders** ")
 advanced a term loan facility in a principal amount of US$21,000,000 to BHMC, pursuant to
 the loan agreement dated as of June 23, 2023, between BHMC, as borrower, the Mine Owner,
 as guarantor, **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** as agent for the Lenders (the "**Agent** ")
 and the Lenders (as amended prior to the date hereof, the "**Loan Agreement** ");

**G.** Pursuant
 to the Loan Agreement, the Mine Owner issued to the Royalty Holder an additional royalty ()"**Royalty 2**") pursuant
 to an additional royalty agreement (as amended, "**Royalty Agreement No. 2**") dated as of December 12, 2024 between
 the Obligors and the Royalty Holder, whereby the Primary Claims Percentage and the Secondary Claims Percentage of Royalty 2 increased
 based on the principal amount of the advances made under the Loan Agreement;

**H.** Pursuant
 to the Loan Agreement, the Mine Owner is entitled to an option to reduce the Primary Claims Percentage of Royalty 2 by 0.25% and
 the Secondary Claims Percentage of Royalty 2 by 0.175% upon payment of US$5,000,000 to the Royalty Holder (the "**Buy Back Option** ");

**I.** Pending
 the completion of the Recapitalization Transactions, the Lenders agreed to temporarily defer (the "**Deferral** ")
 the increase in the Primary Claim Percentages and Secondary Claim Percentages of Royalty 2 to which they were entitled under Royalty
 Agreement No. 2 upon the advance of the fourth advance under the Loan Agreement in the principal amount of US$6,000,000;

**J.** The
 Obligors, the Security Agent, the Sprott Agent, the Sprott Creditors, the Investor and TML propose to enter into a series of transactions
 (the "**Recapitalization Transactions**" as briefly described in the term sheet attached hereto as Schedule A and
 on the terms agreed to in this Agreement and the other Recapitalization Documents) whereby, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Lenders agree to reduce the outstanding principal amount owing under the Loan Agreement from US$21 million to US$15 million, permanently
 effect the Deferral of the increase in Primary Claims Percentage of Royalty 2 and make certain amendments to prepayment terms, in
 consideration of the issuance of Sprott Tranche I Shares, the increase in the Secondary Claims Percentage of Royalty 2 and the elimination
 of the Buy Back Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Stream Parties agree to exchange the Metals Purchase Agreement for the issuance of the Series 3 Convertible Debenture, Royalty Agreement
 No. 3 and Sprott Tranche II Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Obligors and the Series 1 CD Holders and the Series 2 CD Holders, as applicable, agree to reduce the interest rate payable under
 the Series 1 Convertible Debentures and Series 2 Convertible Debentures, and make certain adjustments to the prepayment terms, in
 consideration of the reduction in the conversion price payable thereunder by the holders thereof upon any conversion of principal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Royalty
 Holder and the Obligors agree that the Royalty Put Option Agreement is terminated in consideration of the increase in the Secondary
 Claims Percentage of Royalty 1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Investor agrees to cause TML to provide the loan facility contemplated by the Standby Prepayment Facility Agreement and the Obligors,
 the Security Agent, the Sprott Agent, the Sprott Creditors and the Subordinated Creditor agree to amend the Intercreditor Agreement
 to include TML as a party and reflect the Standby Prepayment Facility Agreement's first priority security interest over accounts
 receivable and inventory and pari passu security interest over all other assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 Investor agrees to subscribe for Common Shares (as defined herein) in consideration of up to US$30 million pursuant to the Subscription
 Agreement and execution by the Obligors of the Offtake Amendments and the Teck Investor Rights Agreement provided that in no event
 will Investor be required to subscribe for any Common Shares should such subscription increase their equity ownership to 45% or more
 on an undiluted basis.

**NOW THEREFORE** in consideration of the foregoing premises and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by the Parties), the Parties mutually agree as follows:

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| | |
|:---|:---|
| **Section 1** | **Defined Terms.** |

---

(1) In
 addition to the defined terms set out in bold in the preamble and the recitals of this Agreement, the following terms used in this
 Agreement including the preamble and recitals hereof, have the following meanings:

"**Administrative Agent**" means SPRSR, as administrative agent for the Series 1 CD Holders, Series 2 CD Holders and the Stream Parties under the Convertible Debentures, and any successor administrative agent appointed by the holders thereof, and its successors and permitted assigns.

"**Agent**" means SPRSR US, as agent for the Lenders, under the A&R Loan Agreement, and any successor agent appointed by the Lenders, and its successors and permitted assigns.

**"Agreement"** means this recapitalization agreement including all recitals and schedules hereto.

**"A&R Intercreditor Agreement"** means the amended and restated intercreditor and subordination agreement dated as of the date hereof among the Sprott Agent, the Security Agent, the Note Purchaser, the Subordinated Creditor, TML and the Obligors in substantially the form appended as Schedule C.

**"A&R Loan Agreement"** means the amended and restated loan agreement between the Obligors, the Agent and the Lenders in the form appended as Schedule D**.**

**"A&R Series 1 CDs**" means, collectively, the six amended and restated Series 1 convertible debentures in the aggregate principal amount of US$6,000,000 between BHMC, as debtor, the Mine Owner, as guarantor, and the applicable Series 1 CD Holder in the form of the amended and restated Series 1 Convertible Debenture appended as Schedule E;

**"A&R Series 2 CDs**" means, collectively, the three amended and restated Series 2 convertible debentures in the aggregate principal amount of US$15,000,000 between BHMC, as debtor, the Mine Owner, as guarantor, and the applicable Series 2 CD Holder in the form of the amended and restated Series 2 Convertible Debenture appended as Schedule F.

**"Business Day"** means any day, other than a Saturday or Sunday or a day that is a statutory holiday, on which banks are generally open for the transaction of business in Vancouver, British Columbia.

**"Claims"** means all actions, causes of action, suits, proceedings, executions, judgements, duties, debts, accounts, contracts and covenants, claims and demands for losses, damages, liabilities, indemnity, costs, expenses, interest or injury of every nature and kind whether in law or in equity.

**"Closing Date"** means the date on which the conditions precedent set out in Section 3 have been satisfied or waived by the Sprott Agent and the Investor, in their sole and unfettered discretion.

**"Common Shares"** means the shares of common stock of BHMC with a par value of US$0.000001 per share.

**"Convertible Debentures"** means, collectively, the A&R Series 1 CDs, A&R Series 2 CDs and the Series 3 Convertible Debentures.

**"Disclosure Letter**" means the letter of disclosure (including the schedules thereto) dated as of the date hereof, executed by the Obligors and delivered to the Sprott Parties, the Investor, TML and the Note Purchaser, concurrently with this Agreement.

"**Guarantees**" means, collectively, any and all guarantees at any time and from time to time made by an Obligor in favour of a Sprott Entity, including the guarantee made by Mine Owner contained in the Convertible Debentures and the A&R Loan Agreement.

**"Investor**" means Teck Resources Limited, a corporation existing under Canada Business Corporations Act, and its successors and permitted assigns.

"**MM Note Purchase Documents**" means, collectively, (i) the secured promissory note purchase agreement dated August 8, 2024 between Note Purchaser, as purchaser, the Mine Owner, as borrower, and BHMC, as parent, pursuant to which an aggregate principal amount of the U.S. Dollar equivalent of up to 1,200,000 ounces of silver may be advanced to the Mine Owner as amended by a first amendment to secured promissory note purchase agreement dated as of November 11, 2024; and (ii) the secured promissory note dated as of August 8, 2024 issued by the Mine Owner in favour of Note Purchaser. As of the date of this Agreement an amount equal to the U.S. Dollar equivalent of 1,098,400 ounces of silver has been advanced under the MM Note Purchase Documents.

**"Note Purchaser"** means Monetary Metals Bond III LLC, a Delaware limited liability company, and its successors and permitted assigns.

**"Offtake Amendments"** means the amendments to the zinc concentrate offtake agreement between TML and Mine Owner dated November 10, 2023 and the lead concentrate offtake agreement between TML and Mine Owner dated November 20, 2023 in substantially the form appended as Schedule G.

"**Parties**" means the Obligors, the Sprott Creditors, the Sprott Agent, the Security Agent, the Investor and their respective successors and assigns.

**"PF Obligations**" means, collectively, all indebtedness, liabilities and other obligations, present or future, direct or indirect, absolute or contingent, matured or unmatured, at any time or from time to time due or accruing due and owing by or otherwise payable by an Obligor to the Sprott Entities, or any of them, under, in connection with or pursuant to the Project Finance Documents (including all such indebtedness, liabilities and obligations that accrue after the commencing by or against any Obligor of any insolvency or similar proceeding).

**"Primary Claims Percentage**" has the meaning given to that term in Royalty Agreement No.1 or Royalty Agreement No. 2, as applicable.

"**Project Finance Documents**" means, collectively, after giving effect to the Recapitalization Transactions, the Convertible Debentures, the exclusivity agreement dated as of January 7, 2022 between SPRSR and the Obligors, as amended, the ROFR agreement dated as of January 7, 2022 between SPRSR and Obligors, as amended, the A&R Loan Agreement, the Guarantees, the Sprott Security Documents and all other agreements, instruments and documents from time to time delivered to or in favour of any Sprott Entity in connection with any of the foregoing agreements (including this Agreement) and includes any agreement designated from time to time by the Obligors and SPRSR as a "Project Finance Document" for purposes of the Sprott Security Documents.

**"Recapitalization Documents**" means, collectively, this Agreement, the Series 3 Convertible Debentures, Royalty Agreement No. 3, Sprott Tranche I Shares, Sprott Tranche II Shares, Sprott Tranche III Shares, A&R Loan Agreement, A&R Series 1 CDs, A&R Series 2 CDs, Royalty Agreement No. 1 Amendment, Royalty Agreement No. 2 Amendment, the Subscription Agreement, A&R Intercreditor Agreement, the Offtake Amendments, the Debt Settlement Agreement, the Exchange Agreement and the Standby Prepayment Facility Agreement.

"**Recapitalization Transactions**" has the meaning given in recital J of this Agreement.

"**Royalty Agreement No.1 Amendment**" means the second amendment to royalty agreement dated June 23, 2023 between the Obligors and the Royalty Holder, as amended December 12, 2024, in the form appended as Schedule H.

"**Royalty Agreement No. 2 Amendment**" means the first amendment to royalty agreement dated December 12, 2024 between the Obligors and the Royalty Holder, in the form appended as Schedule I.

"**Royalty Agreement No. 3**" means the royalty agreement between the Obligors and the Royalty Holder, as agent for the Stream Parties, in the form appended as Schedule J.

**"Secondary Claims Percentage**" has the meaning given to that term in Royalty Agreement No.1 or Royalty Agreement No. 2, as applicable.

"**Security Sharing Agreement**" means the security sharing agreement dated as of January 28, 2022 between the Sprott Parties, the Security Agent and the Obligors (as joined pursuant to a joinder agreement dated as of June 23, 2023 and as amended).

"**Series 1 CD Holders**" means **[Redacted – Affiliates of Sprott Private Resource Streaming & Royalty Corp.], [Redacted]** and **[Redacted]** as holders of Series 1 Convertible Debentures and their respective successors and assigns.

"**Series 2 CD Holders**" means **[Redacted – Affiliates of Sprott Private Resource Streaming & Royalty Corp.],** as holders of the Series 2 Convertible Debentures and their respective successors and assigns.

"**Series 3 Convertible Debenture**" means the two series 3 convertible debentures to be issued by BHMC, as debtor, the Mine Owner, as guarantor, in favour of the Stream Parties in the aggregate principal amount of US$4 million in the form appended as Schedule K.

"**Sprott Agent**" means SPRSR US, as agent for the Sprott Creditors under the A&R Intercreditor Agreement.

**"Sprott Creditors**" means, collectively, the Series 1 CD Holders, the Series 2 CD Holders, the Purchaser, the Stream Parties, the Agent, the Lenders, the Administrative Agent, the Royalty Holder and their respective successors and assigns.

**"Sprott Entities"** means the Sprott Parties, any Affiliate of Sprott Inc. and any fund managed or sub-managed by an Affiliate of Sprott Inc. which in each case is party to a Project Finance Document together with any successor, assign or transferee thereof that is party from time to time to any Project Finance Document.

**"Sprott Investor Rights Agreement"** means the investors rights agreement between the BHMC and the Sprott Agent pursuant to which, so long as the Sprott Entities holds 10% or more of the equity of BHMC on a fully diluted basis, the Sprott Agent is granted the right to appoint one nominee (or an observer) to the board of directors of BHMC, in the form appended as Schedule L.

**"Sprott Parties"** means collectively, the Sprott Agent, the Security Agent and the Sprott Creditors.

**"Sprott Security Documents**" means, collectively, (i) the pledge agreement dated as of January 7, 2022 between BHMC, as pledgor, and the Security Agent, as amended by an omnibus amendment dated January 28, 2022, as amended by a second omnibus amendment dated June 17, 2022, and as it may be further amended, amended and restated, modified or supplemented from time to time, (ii) the security agreement dated as of January 28, 2022 among the Obligors, as debtors, and the Security Agent, as amended by a second omnibus amendment dated June 17, 2022, and as it may be further amended, amended and restated, modified or supplemented from time to time, (iii) the mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixture filing dated January 28, 2022 between Mine Owner, as mortgagor, and the Security Agent, as mortgagee, as amended by a first amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated June 17, 2022, a second amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated August 8, 2024, a third amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated December 19, 2024, a fourth amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated as of the date hereof and as it may be further amended, amended and restated, modified or supplemented from time to time, (iv) the deposit account control agreement dated as of July 14, 2023 among TD Bank, N.A., as depositary bank, the Mine Owner and the Security Agent; (v) the deposit account control agreement dated as of November 20, 2024 among TD Bank, N.A., BHMC and the Security Agent, (vi) the intercompany subordination and postponement agreement dated as of June 23, 2023 among the Obligors and the Security Agent; and (vii) all other assignments, deeds of trust, mortgages, account control agreements, pledges and other security agreements pursuant to which an Obligor grants to the Security Agent for the benefit of the Sprott Entities, mortgages, charges, pledges, liens or security interests in all or some of its present and after acquired property as security for the PF Obligations.

"**Sprott Tranche I Shares**" means the 59,047,619 Common Shares to be issued upon conversion of the fourth advance made under the Loan Agreement in the outstanding principal amount of US$6 million, together with all accrued and unpaid interest thereon, pursuant to a debt settlement agreement in the form appended as Schedule M.

"**Sprott Tranche II Shares**" means the 200,000,000 Common Shares to be issued upon the exchange of the Metals Purchase Agreement pursuant to an exchange agreement in the form appended as Schedule N.

"**Sprott Tranche III Shares**" means the 4,642,857 common shares to be issued upon conversion of the interest accrued on the Loan Agreement on Series 1 Convertible Debentures and the Series 2 Convertible Debentures during the period commencing on January 1, 2025 and ending on March 31, 2025 pursuant to a debt settlement agreement in the form of Schedule S.

**"Standby Prepayment Facility Agreement"** means the revolving standby prepayment facility agreement between TML and the Obligors pursuant to which TML agrees to provide a standby prepayment facility, in the form appended as Schedule "O".

**"Stream Parties"** means SPRSR US and **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** and their respective successors and assigns.

"**Subordinated Creditor"** means, collectively, Minewater Finance LLC, Minewater LLC and MW HH LLC and their respective successors and assigns.

**"Subscription Agreement"** means the subscription agreement between BHMC and the Investor dated March 5, 2025, as amended by a first amending agreement dated March 24, 2025, pursuant to which the Investor agrees to subscribe for up to a maximum of 285,714,285 Units, for aggregate cash consideration of up to approximately US$30 million upon the closing of the Recapitalization Transactions.

**"Teck Investor Rights Agreement"** means the investors rights agreement between BHMC and the Investor pursuant to which the Investor is granted certain information rights, pre-emptive rights, approval rights and, so long as the Investor holds 10% or more of the equity of BHMC on a fully diluted basis, the right to appoint one nominee to the board of directors of BHMC in substantially the form appended as Schedule P.

**"TML"** means Teck Metals Ltd., a corporation existing under the *Canada Business Corporations Act*, and its successors and assigns.

**"Transaction Documents"** means, collectively, the Recapitalization Documents, Royalty Agreement No. 1 and Royalty Agreement No. 2.

**"Units"** means units of BHMC, each consisting of one Common Share and one-half of one Common Share purchase warrant of BHMC.

(2) Unless
 otherwise defined in the preamble and recitals or Section 1(1) of this Agreement, capitalized terms used in this Agreement that are
 not defined in it have the meanings given to them in the Loan Agreement.

(3) Words
 importing the singular number include the plural and vice versa. Whenever the context may require, any pronoun shall include the
 corresponding masculine, feminine and neuter forms. All forms of "include" shall be deemed to be followed by the phrase
 "without limitation". The word "will" shall have the same meaning and effect as "shall". Unless
 the context requires otherwise (i) reference to any agreement or other document herein shall be construed as referring to such agreement
 or other document as from time to time amended; (ii) reference to any Person shall be construed to include such Person's successors
 and assigns; (iii) "herein", "hereof" and "hereunder", and similar words shall be construed to
 refer to this Agreement in its entirety and not to any particular provision hereof; (iv) all references to sections, schedules and
 exhibits shall be construed to refer to sections of, schedules to and exhibits to this Agreement, and all such schedules and exhibits
 shall form part of this Agreement; and (v) all references to US$ or $ are to US dollars.

(4) The
 following schedules are attached to and form part of this Agreement:

Schedule A – Term Sheet

Schedule B – Obligors' Representations and Warranties

Schedule C – A&R Intercreditor Agreement

Schedule D – A&R Loan Agreement

Schedule E – A&R Series 1 CD

Schedule F – A&R Series 2 CD

Schedule G – Offtake Amendments

Schedule H – Royalty Agreement No. 1 Amendment

Schedule I – Royalty Agreement No. 2 Amendment

Schedule J – Royalty Agreement No. 3

Schedule K – Series 3 Convertible Debenture

Schedule L – Sprott Investor Rights Agreement

Schedule M – Debt Settlement Agreement

Schedule N – Exchange Agreement

Schedule O – Standby Prepayment Facility Agreement

Schedule P – Teck Investor Rights Agreement

Schedule Q – Second Amendment to Note Purchase Agreement

Schedule R – Side Letter between the Obligors, TML and the Note Purchaser

Schedule S – Debt Settlement Agreement re: Outstanding Interest on CD1s and CD2s

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| | |
|:---|:---|
| **Section 2** | **Recapitalization Transactions** |

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Upon fulfillment of the conditions precedent set forth in Section 3, to the satisfaction of the Sprott Agent and Investor in their sole and unfettered discretion, each Party shall execute and deliver the following agreements to which it is a Party, and the Obligors shall take the following actions and effect the following transactions which shall be deemed to occur concurrently:

(a) the
 Series 3 Convertible Debentures shall be issued by the Obligors in favour of the Stream Parties;

(b) Royalty
 Agreement No. 3 shall be executed and delivered by the Obligors and the Royalty Holder as agent for the Stream Parties;

(c) Royalty
 Agreement No.1 Amendment shall be executed and delivered by the Obligors and the Royalty Holder;

(d) Royalty
 Agreement No. 2 Amendment shall be executed and delivered by the Obligors and the Royalty Holder;

(e) the
 A&R Loan Agreement shall be executed and delivered by the Obligors, the Agent and the Lenders;

(f) the
 Obligors and the Stream Parties shall execute and deliver the debt settlement agreement in the form appended as Schedule M (the **"Debt Settlement Agreement** "), BHMC shall issue the Sprott Tranche I Shares to the Stream Parties as fully paid and non-assessable
 Common Shares pursuant thereto and BHMC shall deliver to the Stream Parties certificates or other evidence representing the Sprott
 Tranche I Shares;

(g) the
 Obligors and the Stream Parties shall execute and deliver the exchange agreement in the form appended as Schedule N (the "**Exchange Agreement** "), BHMC shall issue the Sprott Tranche II Shares to the Stream Parties (or as the Stream Parties may otherwise
 direct) as fully paid and non-assessable Common Shares pursuant thereto and BHMC shall deliver to the Stream Parties certificates
 or other evidence representing the Sprott Tranche II Shares;

(h) the
 Obligors and the Stream Parties shall execute and deliver the debt settlement agreement in the form appended as Schedule S, BHMC
 shall issue the Sprott Tranche III Shares to the Stream Parties as fully paid and non-assessable common shares pursuant thereto and
 BHMC shall deliver to the Stream Parties certificates or other evidence representing the Sprott Tranche III Shares;

(i) each
 A&R Series 1 CD shall be executed and delivered by the Obligors, the Administrative Agent and the applicable Series 1 CD Holder;

(j) each
 A&R Series 2 CD shall be executed and delivered by the Obligors, the Administrative Agent and the applicable Series 2 CD Holder;

(k) the
 Teck Investor Rights Agreement shall be executed and delivered by the Obligors and the Investor;

(l) the
 Offtake Amendments shall be executed and delivered by the Mine Owner and TML;

(m) Investor
 shall subscribe for 195,294,655 Units in consideration of the cash subscription payment of US$30 million made to BHMC pursuant to
 the Subscription Agreement and BHMC shall deliver to the Investor certificates or other evidence representing the securities underlying
 such Units;

(n) the
 Standby Prepayment Facility Agreement shall be executed and delivered by TML and the Obligors;

(o) the
 Sprott Investor Rights Agreement shall be executed and delivered by the Obligors and SPRSR US;

(p) the
 A&R Intercreditor Agreement shall be executed and delivered by the Sprott Agent, the Security Agent, the Note Purchaser, the
 Subordinated Creditor, TML and the Obligors;

(q) the
 Obligors and the Note Purchaser shall execute and deliver an amendment to the MM Note Purchase Documents in the form appended as
 Schedule Q; and

(r) Note
 Purchaser, Investor and Obligors shall execute and deliver an agreement relating to the extension of the maturity of the MM Note
 Purchase Documents in the form appended as Schedule R.

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| | |
|:---|:---|
| **Section 3** | **Conditions Precedent** |

---

The obligation of each Sprott Party and the Investor to enter into this Agreement and each other Recapitalization Document to which it is a party is subject to the following conditions precedent, in each case, in form and substance satisfactory to the Sprott Agent and the Investor in its sole and unfettered discretion:

(a) BHMC
 shall have received all necessary regulatory and third party approvals and consents required in connection with the Recapitalization
 Transactions including (i) any and all stock exchange approvals required in connection with the issuance of the Sprott Tranche I
 Shares, the Sprott Tranche II Shares, the Sprott Tranche III Shares and the Convertible Debentures, the reduction in the conversion
 price under the A&R Series 1 CDs and A&R Series 2 CDs and the execution of the A&R Loan Agreement; (ii) the consent of
 Note Purchaser to the Recapitalization Transactions and (iii) any and all stock exchange approvals required in connection with the
 issuance of the Units to the Investor;

(b) BHMC
 shall have raised equity proceeds in a minimum aggregate amount of US$10 million from the brokered private placement offering of
 Units, closing on or about the date hereof;

(c) a
 pledge agreement, security agreement and mortgage, assignment of production, assignment of leases and rents, security agreement,
 financing statement and fixtures filing, each in substantially in the form of the applicable Sprott Security Documents, shall be
 granted by the Obligors in favour of TML;

(d) the
 Subordinated Creditor shall have executed and delivered a counterpart signature page to the A&R Intercreditor Agreement to be
 released upon closing of the Recapitalization Transactions;

(e) the
 Obligors shall have delivered to the Sprott Agent, the Investor and Note Purchaser a certificate of good standing or compliance (or
 equivalent) for each of the Obligors, issued by the relevant Governmental Authority and dated no earlier than 2 Business Days prior
 to the Closing Date;

(f) the
 Obligors shall have delivered to the Sprott Agent, the Investor and Note Purchaser a certificate of a senior officer of each Obligor
 dated as of Closing Date addressed to each of the Sprott Parties and the Investor as to (i) the constating documents of each Obligor,
 (ii) the resolutions of the board of directors of each Obligor authorizing the execution, delivery and performance of the Recapitalization
 Document and the transactions contemplated therein; (iii) the names, positions and true signatures of the Persons authorized to sign
 this Agreement and the other Recapitalization Documents; (iv) the matters set forth in Section 3(i), and (iv) such other matters
 pertaining to the transactions contemplated hereby as the Sprott Agent or the Investor may reasonably require;

(g) the
 Obligors shall have obtained and delivered to the Sprott Agent favourable Idaho, Nevada and legal opinions (and any other relevant
 legal jurisdiction) of the Obligors' legal counsel addressed to the Sprott Parties relating to (A) the legal status of the
 Obligors, (B) with respect to Recapitalization Documents to which a Sprott Party is a party, (i) the corporate power and authority
 of each Obligor to execute, deliver and perform all such Recapitalization Documents; (ii) the authorization, execution and delivery
 of all such Recapitalization Documents; (iii) no breach of constating documents or applicable law; (iv) enforceability of all such
 Recapitalization Documents and the continued validity of the security interests, mortgages and charges created under the Sprott Security
 Documents; (C) issuance of Common Shares upon exercise of conversion rights, issuance of Sprott Tranche I Shares, Sprott Tranche
 II Shares and Convertible Debentures, exemption from prospectus requirements and first trade of any such Common Shares; (D) governmental
 and regulatory approvals; (E) title matters relating to the Bunker Hill Mine; and (F) such other matters as the Sprott Agent may
 reasonably request;

(h) the
 Obligors shall have obtained and delivered to the Investor favourable Idaho, Nevada and legal opinions (and any other relevant legal
 jurisdiction) of the Obligors' legal counsel addressed to the Investors relating to (A) the legal status of the Obligors, (B)
 with respect to Recapitalization Documents to which the Investor or TML is a party, (i) the corporate power and authority of each
 Obligor to execute, deliver and perform all such Recapitalization Documents; (ii) the authorization, execution and delivery of all
 such Recapitalization Documents; (iii) no breach of constating documents or applicable law; (iv) enforceability of all such Recapitalization
 Documents; (C) issuance of Units under the Subscription Agreement, exemption from prospectus requirements and first trade of any
 such Common Shares; (D) governmental and regulatory approvals; (E) title matters relating to Bunker Hill Mine; and (F) such other
 matters as the Investor may reasonably request; and

(i) the
 representations and warranties of the Obligors made in or pursuant to this Agreement and the other Transaction Documents shall be
 true and correct as of the Closing Date.

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| | |
|:---|:---|
| **Section 4** | **Exchange of Metals Purchase Agreement and Termination of Royalty Put Option** |

---

Upon execution and delivery of the Recapitalization Documents and concurrently with the closing of Recapitalization Transactions:

(a) the
 Metals Purchase Agreement shall be exchanged for the issuance of the Series 3 Convertible Debentures, the Sprott Tranche II Shares
 and Royalty Agreement No. 3 and all rights and obligations of the Obligors, the Purchaser and the Stream Parties under the Metals
 Purchase Agreement shall be terminated and deemed to be of no further force and effect;

(b) the
 Royalty Put Option Agreement shall be terminated and all rights and obligations of Obligors and the Royalty Holder thereunder are
 terminated and of no further force and effect; and

(c) the
 Obligors, on the one hand, and the Purchaser, the Stream Parties and the Royalty Holder, on the other hand, hereby irrevocably and
 unconditionally release and discharge each other from any and all Claims that they have now or may have in the future against each
 other arising out of the Metals Purchase Agreement or the Royalty Put Option Agreement.

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| | |
|:---|:---|
| **Section 5** | **Consultation Rights** |

---

(1) So
 long as the Investor holds 10% or more of the voting equity interests in BHMC, on a fully diluted basis, and a Sprott Entity remains
 the Security Agent under the Sprott Security Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Security Agent will give prompt written notice to Investor of receipt by it of any Enforcement Notice (as defined in the A&R
 Intercreditor Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Security Agent shall give prior written notice to Investor of any Default in respect of which any Sprott Entity is considering issuing
 a notice of event of default to an Obligor under any Convertible Debenture or the A&R Loan Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for
 a minimum period of twenty (20) Business Days following delivery of a notice under Section 5(1)(b) to Investor (or such other reasonable
 shorter period if agreed by Investor in its sole discretion), the Security Agent will use reasonable commercial efforts to consult
 in good faith with Investor as to options available to the Obligors and the Obligors' stakeholders to restructure or remedy
 such Default, prior to exercising its rights to realize on the property and assets of the Obligors subject to the Sprott Security
 Documents.

In this Section 5(1), **"Default**" means (i) an "Event of Default" under any Convertible Debenture (as amended) or the A&R Loan Agreement (as amended), (ii) the occurrence of an event that, with notice, lapse of time or both, would constitute an "Event of Default" under any Convertible Debenture (as amended) or the A&R Loan Agreement (as amended); or (iii) the occurrence of a default or event of default or other similar circumstance under any other Project Finance Document.

(2) So
 long as the Investor holds 10% or more of the voting equity interests in BHMC, on a fully diluted basis, BHMC will promptly, and
 in any event no later than one Business Day, give written notice to the Investor of any Event of Default (as defined in the A&R
 Intercreditor Agreement).

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| | |
|:---|:---|
| **Section 6** | **Representations** |

---

Each Obligor hereby represents and warrants to each Sprott Party, the Investor and the Note Purchaser as set out in Schedule B, as of the date of this Agreement and as of the Closing Date, and acknowledges that each Sprott Party, the Investor and the Note Purchaser are relying upon such representations and warranties in entering into the Recapitalization Transactions. All of the representations and warranties are incorporated by reference herein as if set out in full and shall survive the closing of the Recapitalization Transactions.

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| | |
|:---|:---|
| **Section 7** | **Authorization of Sprott Agent** |

---

(1) Each
 Sprott Creditor irrevocably hereby appoints SPRSR US to act in such Sprott Creditor's name, place and stead, and on its behalf,
 taking into account the best interests of the Sprott Creditors as a whole in Sprott Agent's sole discretion, with full power
 and authority with respect to all matters under the A&R Intercreditor Agreement including without limitation to execute the A&R
 Intercreditor Agreement in the form of the draft amended and restated intercreditor agreement provided to such Sprott Creditor with
 such amendments as the Sprott Agent determines are advisable, on behalf of such Sprott Creditor and to execute and deliver all such
 documents and agreements contemplated under the A&R Intercreditor Agreement on such Sprott Creditor's behalf

(2) Each
 Sprott Creditor hereby ratifies, confirms and agrees that the authorization agreement dated as of August 8, 2024 remains in full
 force and effect and the powers, rights and protections afforded to the Sprott Agent thereunder continues to apply to the A&R
 Intercreditor Agreement.

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| | |
|:---|:---|
| **Section 8** | **Further Assurances** |

---

Each Obligor will execute and deliver to the Sprott Agent, any other Sprott Party or the Investor all such documents, instruments and agreements, and do, or cause to be done, all such other acts and things, as may be necessary or desirable in order to give full effect to this Agreement and the Recapitalization Transactions and every part thereof.

---

| | |
|:---|:---|
| **Section 9** | **Acknowledgement of Security** |

---

Each Obligor hereby acknowledges, confirms and agrees in favour of the Sprott Parties that, upon and after giving effect to the Recapitalization Transactions:

(a) each
 Project Finance Document to which it is a party remains in full force and effect and constitutes legal, valid and binding obligations
 of it enforceable against it in accordance with its respective terms;

(b) each
 Guarantee to which it is a party remains in full force and effect, and continues to guarantee the payment and performance of all
 Obligations (as defined in each Guarantee) including the PF Obligations and constitutes legal, valid and binding obligations of it
 enforceable against it in accordance with its respective terms;

(c) each
 of the Sprott Security Documents to which it is a party remains in full force and effect and constitutes legal, valid and binding
 obligations of it enforceable against it in accordance with its respective terms; and

(d) the
 security interests, assignments, mortgages, charges, liens, hypothecations and pledges granted by it in favour of the Security Agent
 for and the benefit of the Sprott Entities pursuant to the Sprott Security Documents continue to secure the full payment and performance
 of the PF Obligations.

Each Sprott Party and the Obligors hereby acknowledge, confirm and agree that each of this Agreement, the Convertible Debentures and the A&R Loan Agreement constitutes a "Project Finance Document" for the purposes of the Sprott Security Documents and the Security Sharing Agreement.

---

| | |
|:---|:---|
| **Section 10** | **Registration** |

---

As soon as reasonably practicable after the Closing Date and in any event within three (3) Business Days of the Closing Date, the Obligors shall arrange to file, record and register in the applicable public lien and land registries:

(a) the
 pledge agreement, security agreement and mortgage assignment of production, assignment of leases and rents, security agreement, financing
 statement and fixture filing granted by the Obligors to TML to secure the obligations under the Standby Prepayment Facility Agreement;

(b) Royalty
 Agreement No. 1 Amendment, Royalty Agreement No. 2 Amendment and Royalty Agreement No. 3 or notice thereof to be registered and recorded
 against Real Property (as defined therein); and

(c) the
 fourth amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and
 fixture filing dated as the date hereof;

and promptly thereafter shall provide Investor and the Security Agent with evidence of such filings, recordings and registrations.

---

| | |
|:---|:---|
| **Section 11** | **Costs and Expenses** |

---

The Obligors will reimburse the Sprott Parties and the Investor within thirty (30) days of the Sprott Agent or the Investor providing a written invoice in respect thereof, all of the Sprott Parties' or Investor's, as applicable, reasonable out-of-pocket costs and expenses incurred in respect of the negotiation, registration, enforcement of, or the preservation of rights under the Recapitalization Documents, including the reasonable fees and expenses of legal counsel for the Sprott Parties and the Investor in connection therewith and the Recapitalization Transactions.

---

| | |
|:---|:---|
| **Section 12** | **Successors and Assigns.** |

---

This Agreement shall be binding upon and enure to the benefit of and be enforceable by each Party and its respective successors and permitted assigns.

---

| | |
|:---|:---|
| **Section 13** | **Severability.** |

---

If any provision of this Agreement is determined to be illegal, invalid or unenforceable, by an arbitrator or any court of competent jurisdiction from which no appeal exists or is taken, that provision will be severed from this Agreement and the remaining provisions will remain in full force and effect.

---

| | |
|:---|:---|
| **Section 14** | **Governing Law.** |

---

This Agreement shall be governed by and construed in accordance with the Laws of the Province of British Columbia and the federal Laws of Canada applicable therein and shall be treated, in all respects, as a British Columbia contract.

---

| | |
|:---|:---|
| **Section 15** | **Counterparts.** |

---

This Agreement may be executed in any number of counterparts, each of which is deemed to be an original, and such counterparts together constitute one and the same instrument. Transmission of an executed signature page by facsimile, email or other electronic means is as effective as a manually executed counterpart of this Agreement.

*[Remainder of this page left intentionally blank. Signature page follows.]*

The parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **bunker hill mining corp.** | **bunker hill mining corp.** |
| Per: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |
| **SILVER VALLEY METALS corp.** | **SILVER VALLEY METALS corp.** |
| Per: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **NINEPOINT ALTERNATIVE CREDIT OPPORTUNITIES FUND,** **by its Manager, ninepoint partners lp, in its capacity as a Series 1 CD Holder** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **NINEPOINT CREDIT income opportunities FUND,** **by its Manager, ninepoint partners lp, in its capacity as a Series 1 CD Holder** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **TECK RESOURCES LIMITED** |
| By: |
| Name: |
| Title: |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **MONETARY METALS BOND III LLC** |
| By: |
| Name: |
| Title: |

---

**SCHEDULE A**

**Term Sheet**

**SCHEDULE B**

**Obligors' Representations and Warranties**

Each of BHMC and the Mine Owner (each an "**Obligor**" and collectively, the "**Obligors**") hereby represents and warrants as follows to the Sprott Parties and Investor, and acknowledges and agrees that each of the Sprott Parties, the Investor and the Note Purchaser is relying upon such representations and warranties in connection with entering into this Agreement and the Recapitalization Transactions:

*Corporate Organization and Authority*

 

1. Each Obligor is a corporation
 duly incorporated and validly existing under the laws of its jurisdiction of incorporation and is up-to-date in respect of all filings
 required by law to maintain its existence; in particular, BHMC is a corporation incorporated under the laws of Nevada and the Mine
 Owner is a corporation incorporated under the laws of Idaho.

2. Each Obligor is qualified
 to do business and is in good standing in all jurisdictions in which the nature of its business as now being or as proposed to be conducted
 makes such qualification necessary and has all material governmental licenses, authorizations, consents and approvals necessary to
 own its assets and carry on its business as now being or as proposed to be conducted.

3. Each Obligor has the requisite
 corporate power, capacity and authority to: (i) own its property and assets and conduct its business; and (ii) enter into the Agreement
 and the Transaction Documents and such other documents as may be necessary or appropriate to give effect to the terms thereof to which
 it is a party, to perform its obligations hereunder and thereunder and complete the transactions contemplated hereby and thereby.

4. The execution and delivery
 of this Agreement and the other Transaction Documents by each Obligor thereto and the completion of the transactions contemplated hereby
 and thereby have been duly authorized by all necessary corporate action on the part of such Obligor. This Agreement and the other Transaction
 Documents to which each Obligor is a party have been duly and validly executed and delivered by such Obligor, and constitutes a legal,
 valid and binding obligation of it, enforceable against it in accordance with the terms thereof, except to the extent enforcement may
 be affected by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar Applicable Laws affecting creditors'
 rights generally and subject to the qualification that equitable remedies, injunctive relief and/or specific performance may be granted
 in the discretion of a court of competent jurisdiction.

5. BHMC owns legally and beneficially
 all of the issued and outstanding stock of the Mine Owner (the "**Capital Stock**") as set forth in Section (5) of the
 Disclosure Letter free and clear of any Liens other than as set forth in Section (5) of the Disclosure Letter. No Person has any agreement,
 option, right of first refusal or right, title or interest or any right (including a right of conversion of Indebtedness) that is or
 will become an agreement, option, right of first refusal or right, title or interest, in or to all or any part of the Capital Stock
 of the Mine Owner. There are no shareholders' agreement or shareholders' declaration in effect with respect to the Obligors
 or their respective shares or other equity interests.

6. Each Obligor is entering
 into and performing its obligations under this Agreement and each of the other Transaction Documents to which it is a party, on its
 own account and not as trustee or a nominee of any other Person.

7. The principal place of business
 and chief executive office of each Obligor as of the date hereof are set out below:

BHMC:

1009 McKinley Avenue, Kellogg, Idaho 83837

Mine Owner:

1009 McKinley Avenue, Kellogg, Idaho 83837

8. No Obligor has suffered an
 Insolvency Event and no Event of Default or other default or breach of any Transaction Document or Project Finance Document has occurred
 that is continuing and the Obligors are not aware of any circumstance which, with notice or the passage of time, or both, would give
 rise to an Insolvency Event with respect to it or any Event of Default or other default or breach of any Transaction Document or Project
 Finance Document.

9. Each of the Obligors'
 corporate records are complete and accurate in all material respects, and true and correct copies of same have been made available
 to SPRSR US.

10. The financial books, records and accounts of each of the Obligors:
(i) are complete and accurate in all material respects; (ii) are stated in reasonable detail; and (iii) accurately and fairly reflect
all the material transactions, acquisitions and dispositions of each of the Obligors.

11. BHMC's audited consolidated
 financial statements for the fiscal year ended December 31, 2024 including the consolidated balance sheets, statements of loss and
 comprehensive loss, cash flows and changes in shareholders' deficiency and the notes thereon and the unaudited interim consolidated
 financial statements for the three months ended March 31, 2025 (collectively, the "**Current Financial Statements** "),
 have been prepared in accordance with US GAAP. The Current Financial Statements fairly present in all material respects the financial
 condition and results of operations of the Mine Owner and BHMC, on a consolidated basis, as at the respective dates specified therein
 and for the periods then ended. The Obligors have not effected any material change in its accounting methods, principles or practices
 since the date of the Current Financial Statements. The Obligors do not intend to correct or restate, nor, to the knowledge of the
 Obligors, is there any basis for any correction or restatement of, any aspect of the Current Financial Statements. Each Obligor is
 neither a party to, nor had a commitment to become a party to, any material off balance sheet transactions, arrangements, obligations
 (including contingent obligations) or other relationships of the Mine Owner, BHMC or any subsidiary of the Obligors with unconsolidated
 entities. MNP LLP is the current auditor of BHMC and is "independent" of the Obligors within the meaning of the Rules of
 Professional Conduct of the Chartered Professional Accountants of Ontario. There has never been a "reportable event" (within
 the meaning of National Instrument 51-102 – Continuous Disclosure Obligations of the Canadian Securities Administrators) ()"**NI 51-102**") with the present or any former auditor of the Obligors.

12. Since the end date of its
 Current Financial Statements, the Obligors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have conducted its business
 only in the ordinary course of business and no Material Adverse Effect has occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have not incurred any Indebtedness
 which is not shown or reflected in the most recent interim financial statements provided to the Lenders or in Section (12) of the Disclosure
 Letter.

*Tax Matters*

13. (a) Taxes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All material Taxes due and
 payable by each of the Obligors (whether or not shown due on any Tax returns and whether or not assessed (or reassessed) by the appropriate
 Governmental Authority) have been timely paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All Tax returns required
 by Applicable Law to be filed by or with respect to the Obligors have been properly prepared and timely filed and all such Tax returns
 (including information provided therewith or with respect thereto) are true, complete and correct in all material respects, and no
 material fact or facts have been omitted therefrom which would make any such Tax returns misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No audit or other proceeding
 by any Governmental Authority is pending or, to the knowledge of the Obligors, threatened with respect to any Taxes due from or with
 respect to the Obligors, and no Governmental Authority has given written notice of any intention to assert any deficiency or claim
 for additional Taxes against either of the Obligors. As of the date hereof, there are no matters under discussion, audit or appeal
 or in dispute with any Governmental Authority relating to Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other than as set out in
 Section (13) of the Disclosure Letter, no Governmental Authority of a jurisdiction in which the Obligors do not file Tax returns has
 made any written claim that either of the Obligors are or may be subject to taxation by such jurisdiction. To the knowledge of the
 Obligors, there is no basis for a claim that an Obligor is subject to Tax in a jurisdiction in which the Obligors do not file Tax returns.
 As of the date hereof, each of the Obligors only file Tax returns in the jurisdictions in which it is incorporated or organized and
 in any jurisdiction in which it carries on any material business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There are no reassessments
 of Taxes for the Obligors that have been issued and are under dispute, and the Obligors have not received any communication from any
 Governmental Authority that an assessment or reassessment is proposed in respect of any Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the knowledge of the Obligors,
 each of the Obligors have withheld or collected any material Taxes that are required by Applicable Law to be withheld or collected
 and have paid or remitted, on a timely basis, the full amount of any Taxes that have been withheld or collected, and are due, to the
 applicable Governmental Authority.

*Non-Contravention*

 

14. Except for approvals of the
 TSX V that have been obtained prior to the date hereof and copies of which have been provided to SPRSR US and Investor, none of the
 execution and delivery of this Agreement or the other Transaction Documents, or the completion of the transactions contemplated hereby
 or thereby, by each Obligor thereto, will (i) require that a consent be obtained or a notice be provided under or result in or constitute
 a breach or default under any agreement, mortgage, bond or other instrument to which it is a party or which is binding on it or its
 assets, (ii) violate the terms of its constating documents, (iii) require that a consent be obtained or a notice be provided under
 or violate any Applicable Law or any Required Authorization or the material terms and conditions of any Other Rights, or result in
 any modification, revocation, alteration or transfer of any Required Authorization or Other Right, (iv) result in the imposition of
 any Lien on the Project Assets, or (v) contravene any judgment, order, writ, injunction or decree of any Governmental Authority.

15. No Obligor is in breach of
 or default under, and no event has occurred that, with the passage of time or notice, or both, would constitute or would reasonably
 be expected to constitute such a breach of or default under, any agreement, mortgage, bond or other instrument to which it is a party
 or which is binding on it or its assets, other than a breach or default or event that would not, individually or in the aggregate,
 have a Material Adverse Effect. To the knowledge of the Obligors, there is no breach or default by any counterparty thereto or inability
 of any counterparty thereto to perform its obligations thereunder which has, individually or in the aggregate, a Material Adverse Effect.

*Regulatory Compliance*

 

16. No consents, approvals or
 permissions are required to be obtained by, nor any filings made with any Governmental Authority by any Obligor in connection with
 the execution and delivery or the performance by it of this Agreement and the other Transaction Documents to which it is a party, or
 in respect of its obligations hereunder or thereunder, other than approvals of the TSX V that have been obtained prior to the date
 hereof and copies of which have been provided to SPRSR US.

17. Each Obligor has conducted
 and is conducting its respective business in compliance in all material respects with Applicable Laws.

18. No Obligor nor, to the knowledge
 of the Obligors, any director, officer, manager, member, employee, consultant, representative or agent thereof, acting on its behalf
 has violated (i) the *Corruption of Foreign Public Officials Act* (Canada), the *Bribery Act* (United Kingdom), the *Foreign Corrupt Practices Act* (United States), and all other anti-bribery, and anti-corruption Applicable Laws, whether within Canada,
 the United States or to the extent applicable to any Obligor, elsewhere, including any regulations, guidelines or orders thereunder
 (collectively, the "**Anti-Bribery Laws** "); and (ii) the Proceeds of Crime (Money Laundering) and Terrorist Financing
 Act (Canada) and all other anti-money laundering, anti-terrorist financing, government sanction and "know your client"
 Applicable Laws, whether within Canada, the United States and, to the extent applicable to any Obligor, elsewhere, including any regulations,
 guidelines or orders thereunder (collectively, the "**Anti-Money Laundering Laws** "). No Obligor nor, to the knowledge
 of the Mine Owner and BHMC, any director, officer, employee, consultant, representative or agent thereof acting on its behalf, has
 made a voluntary, directed, or involuntary disclosure to any Governmental Authority responsible for enforcing Anti-Bribery Laws or
 Anti-Money Laundering Laws, with respect to any alleged non-compliance by any Obligor or such other Persons (acting on behalf of an
 Obligor) with Anti-Bribery Laws or Anti-Money Laundering Laws. No Obligor has received any written notice, request, or citation from
 any Governmental Authority alleging non-compliance by any Obligor or such other Persons (acting on behalf of an Obligor) with any Anti-Bribery
 Laws or Anti-Money Laundering Laws.

19. The Obligors and their agents
 have complied at all times with Anti-Bribery Laws with respect to the Project and the development, construction or conduct of all operations
 or activities at the Project. The operations in relation to the Project are and have been conducted at all times in compliance with
 applicable financial record-keeping and reporting requirements of Anti-Money Laundering Laws and no action, suit or proceeding by or
 before any court or Governmental Authority or any arbitrator involving the Obligors with respect to the Anti-Money Laundering Laws
 is pending or, to the best knowledge of the Obligors, threatened.

20. The Obligors have not, and,
 to the knowledge of the Obligors, no director, officer, employee, consultant, representative or agent of the Obligors have, transacted
 business on behalf of the Obligors with any Restricted Person.

21. BHMC is a "reporting
 issuer" (or the equivalent) in the provinces of British Columbia and Ontario and is not included on a list of defaulting reporting
 issuers maintained by the securities regulators or other securities regulatory authorities in any such provinces (collectively, the
 "**Securities Regulators** "). No order, ruling or determination having the effect of suspending the sale or ceasing
 or suspending trading in any securities of BHMC has been issued by any Governmental Authority and is continuing in effect and no proceedings
 for such purpose have been instituted or are, to the knowledge of the Obligors, pending or threatened.

*Legal Proceedings*

22. Other than as set forth in
 Section (23) of the Disclosure Letter, there are no actions, suits, proceedings, hearings, inquiries, investigations or claims commenced
 or, to the knowledge of the Obligors, threatened against any Obligor or that involve the Project, and which, individually or in the
 aggregate, (i) would prevent or limit, restrict or impair in any material respect the ability of an Obligor to enter into this Agreement
 or the other Transaction Documents to which it is a party or would reasonably be expected to materially and adversely impair the performance
 of its obligations under this Agreement or the other Transaction Documents or the development of the Project, or (ii) that could reasonably
 be expected to result in a Material Adverse Effect.

23. No Obligor is a party to
 or subject to any judgment, order, writ, injunction or decree, involving the Project, which (i) could reasonably be expected to materially
 and adversely impair the performance of its obligations under this Agreement or the other Transaction Documents, or (ii) could reasonably
 be expected to result in a Material Adverse Effect. No action or proceeding has been instituted or remains pending or, to the knowledge
 of the Obligors, has been threatened and not resolved, by or before any Governmental Authority that (i) could reasonably be expected
 to materially and adversely impair the development of the Project, or (ii) could reasonably be expected to result in a Material Adverse
 Effect.

*Other*

24. The Mine Owner has good and
 marketable title to the Real Property free and clear of any Liens other than Permitted Liens and its rights in and to the Real Property
 will be valid and in full force and effect in all material respects, and the Obligors will have complied in all material respects with
 all of their respective obligations in respect thereof, including payment of any annual fees and production penalties, under Applicable
 Laws. No third party holds any mining or real property rights that conflict in any material respect with the Mine Owner's rights
 in and to the Real Property.

25. All mining concession, patent
 or maintenance fees and recording fees, and all other material exploration permit, authorization, lease, licensing and mining claim
 payments, rentals, taxes, assessments, renewal fees and other governmental charges, owing in respect of the Project and the Real Property
 or any part thereof, have been paid in full.

26. The Mine Owner owns or has
 the right to use or the benefit of all of the Other Rights and Project Assets and the Other Rights and Project Assets they own are
 free and clear of any Liens, other than Permitted Liens.

27. To the knowledge of the Obligors,
 there is no (i) expropriatory act or series of expropriatory acts, including eminent domain, confiscation, nationalization, requisition,
 deprivation, sequestration and/or similar acts, by law, order, executive or administrative action or otherwise of any Governmental
 Authority or any corporation or other entity controlled by any Governmental Authority the result of which expropriatory act or series
 of expropriatory acts is that all or substantially all of the rights, privileges and benefits pertaining to, associated with, threatened
 against or affecting all or any part of the Mine (collectively, an "**Expropriation Event**") and (ii) circumstances,
 notices, discussions, or negotiations which could reasonably be expected to result in such an Expropriation Event.

28. The execution, delivery and
 performance of this Agreement and the other Transaction Documents by each Obligor thereto and the completion of the transactions contemplated
 hereby and thereby is exempt from the formal valuation requirement and the minority approval requirement of Multilateral Instrument
 61-101 *Protection of Minority Security Holders in Special Transactions*.

29. No Obligor is party to any
 contract that would give rise to a valid claim against an Obligor and/or any Sprott Entity for a brokerage commission, finder's
 fee or like payment in connection with the transactions contemplated by this Agreement or the other Transaction Documents.

30. The
 Obligors are in material compliance with all Applicable Laws respecting employment and employment practices, terms and conditions
 of employment, pay equity and wages; there is not currently any labour disruption, strike, or conflict involving or threatened against
 any Obligor or directly affecting the Mine. None of the Obligors are party to a collective bargaining agreement.

31. The Sprott Tranche I Shares
 and the Sprott Tranche II Shares are conditionally approved for listing and posting for trading on the TSX V and BHMC is a "reporting
 issuer" not in default of the requirements of Applicable Securities Legislation.

32. The Sprott Tranche I Shares
 and the Sprott Tranche II Shares, when issued in compliance with the terms of this Agreement, will be duly authorized for issuance
 by BHMC and will be validly issued as fully paid and non-assessable Common Shares, free and clear of any liens or encumbrances and
 are issued in compliance with Applicable Laws, including all Applicable Securities Legislation.

**SCHEDULE C**

**A&R Intercreditor Agreement**

[see attached]

**SCHEDULE D**

**A&R Loan Agreement**

[see attached]

**SCHEDULE E**

**A&R Series 1 CD**

[see attached]

**SCHEDULE F**

**A&R Series 2 CD**

[see attached]

**SCHEDULE G**

**Offtake Amendments**

[see attached]

**SCHEDULE H**

**Royalty Agreement No. 1 Amendment**

[see attached]

**SCHEDULE I**

**Royalty Agreement No. 2 Amendment**

[see attached]

**SCHEDULE J**

**Royalty Agreement No. 3**

[see attached]

**SCHEDULE K**

**Series 3 Convertible Debenture**

[see attached]

**SCHEDULE L**

**Sprott Investor Rights Agreement**

[see attached]

**SCHEDULE M**

**Debt Settlement Agreement**

[see attached]

**SCHEDULE N**

**Exchange Agreement**

[see attached]

**SCHEDULE O**

**Standby Prepayment Facility Agreement**

[see attached]

**SCHEDULE P**

**Teck Investor Rights Agreement**

[see attached]

**SCHEDULE Q**

**Second Amendment to Note Purchase Agreement**

[see attached]

**SCHEDULE R**

**Side Letter between the Obligors, TML and the Note Purchaser**

[see attached]

**Schedule** **S**

**Debt Settlement Agreement re: Outstanding Interest on CD1s and CD2s**

[see attached]

## Exhibit 10.34

**Exhibit 10.34**

**STANDBY PREPAYMENT FACILITY AGREEMENT**

THIS STANDBY PREPAYMENT FACILITY AGREEMENT dated as of June 5, 2025 (as may be amended, restated, supplemented, modified or replaced from time to time, this "**Agreement**") between BUNKER HILL MINING CORP. (together with its successors and permitted assigns, "**BH Borrower**"), a corporation incorporated under the laws of Nevada, SILVER VALLEY METALS CORP. (together with its successors and permitted assigns, "**SV Borrower**"), a corporation incorporated under the laws of Idaho, TECK METALS LTD., a corporation existing under the federal laws of Canada (together with its successors and assigns, the "**Lender**").

**RECITALS:**

A. The
 Borrowers have requested the Lender make available an uncommitted demand revolving standby prepayment credit facility to finance,
 in part, operating and capital costs relating to the Mine, working capital and accrued and unpaid interest under the Monetary Metals
 Note during the Availability Period;

NOW THEREFORE in consideration of the foregoing premises and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged and agreed), the Borrowers and the Lender mutually agree as follows:

**1.** **STANDBY facility** 

The Lender has agreed to make available an uncommitted demand standby prepayment credit facility (as amended from time to time, the "**SP Facility**") to the Borrowers, on a joint and several basis, in the maximum aggregate principal amount of **TEN MILLION** United States dollars (US$**10,000,000.00**) (the "**Maximum Facility Amount**") in accordance with the terms and conditions set out in this Agreement. All capitalized terms not defined in the preamble, recitals or body of this Agreement are defined in <u>Exhibit "A"</u> appended to this Agreement.

**2.** **funding mechanics; interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Availability.** The SP Facility shall be made available by the Lender, on an uncommitted basis, to the Borrowers, on a joint and several basis,
 in Advances to be made from time to time during the Availability Period, provided that the aggregate outstanding principal amount
 of Advances made shall not at any given time exceed the Maximum Facility Amount. The SP Facility is a revolving credit facility and
 any amount repaid or prepaid, as the case may be, may be reborrowed. Each Advance shall be in a minimum amount of US$500,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Requesting Advances.** The Borrowers shall provide no less than 20 Business Days prior written notice to the Lender of any requested Advance
 under the SP Facility by delivery to the Lender of an Advance Request. Concurrently with the delivery of an Advance Request by the
 Borrowers to the Lender, the Borrowers shall provide a copy of such Advance Request (inclusive of any budgets and other attachments
 thereto) to each of the Sprott Agent and the Note Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Termination of SP Facility.** The SP Facility is uncommitted and may be terminated in whole or in part at any time by the Lender, in its sole
 and unfettered discretion, upon written notice to the Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Funding**.
 Subject to the terms and conditions hereof, the Lender shall advance each Advance as directed by the Borrowers on the date requested
 for such Advance in the applicable Advance Request provided the conditions precedent in Section 11 are satisfied and fulfilled or
 are waived by the Lender (each such date, a "**Funding Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Use of Principal Amount.** The proceeds of the SP Facility shall be used solely to finance (i) operating and other capital costs relating
 to the Mine as approved by the Lender, (ii) working capital of the Obligors, and (iii) payment of accrued and unpaid interest on
 the Monetary Metals Note, in each case, in accordance with the relevant budgets that are attached to the relevant Advance Request
 and which are approved by the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Interest Rate.** Subject to Section 2(g), each Advance shall bear interest during the period from the applicable Funding Date of such Advance
 to June 30, 2027, at the rate of THIRTEEN AND ONE-HALF per cent (13.5%) per annum and from June 30, 2027 to the date of repayment
 in full, at the rate of FIFTEEN per cent (15.0%) per annum, calculated and capitalized quarterly in arrears in accordance with Section
 2(g). Notwithstanding the foregoing, the interest rate set out in this Section 2(f) shall increase automatically concurrently with
 any increase to the interest rate in effect from time to time applicable to the Sprott PF Obligations and the Monetary Metals Loans
 such that the applicable interest rate on the Advances under the SP Facility shall not, at any time, be lower than the highest interest
 rate in effect from time to time applicable to the Sprott PF Obligations and the Monetary Metals Loan. Interest on the Principal
 Amount shall accrue from day to day in the same currency as principal, both before and after maturity, default or judgment, and shall
 be calculated based on the actual number of days elapsed and on the basis of a year of 360 days. To the extent not capitalized in
 accordance with Section 2(g) or otherwise paid by the Borrowers in cash, accrued interest on the Principal Amount of each Advance
 shall be payable on written demand by the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Capitalized Interest**. Interest on the Principal Amount of each Advance shall be capitalized (that is, the Principal Amount of each Advance
 shall be increased by the amount of such accrued interest thereon, and such increased Principal Amount shall continue to accrue interest
 in accordance with Section 2(f)) on each Interest Payment Date and on the date on which the Borrowers repay the SP Facility in full
 (or such earlier date as such amounts may become due in accordance with the provisions hereof), calculated and compounded quarterly
 not in advance, computed from the Funding Date for such Advance or the last Interest Payment Date to the next Interest Payment Date
 or the date on which the Borrowers repay the SP Facility in full (or such earlier date), as applicable, on the basis of the actual
 number of days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Default Interest.** The Borrowers shall pay to the Lender interest on overdue amounts (including overdue interest), both before and after
 maturity, default or judgment, and on the Principal Amount upon the occurrence and during the continuance of an Event of Default,
 in each case, at the interest rate then applicable to Advances as set forth in Section 2(f) plus 3 per cent (3.0%) per annum, calculated
 daily and on the basis of the actual number of days elapsed, and a year of 360 days and compounded monthly, and payable upon demand
 by the Lender.

**3.** **mandatory repayment on demand** 

The Borrowers shall repay to the Lender the outstanding Principal Amount, together with all accrued and unpaid interest thereon and all other monies owing hereunder, immediately on **DEMAND** by the Lender, in its sole and unfettered discretion. Without limiting the foregoing, upon written demand by the Lender for repayment, on the Lender's election (in its sole and unfettered discretion), to the extent any amounts remain owing and outstanding by the Lender to SV Borrower under any of the Offtake Agreements, including without limitation, amounts that are or will be payable by the Lender for any and all Concentrate actually delivered to the Lender which may or may not have become due (the "**Outstanding Offtake Amounts**"), the outstanding Principal Amount, together with all accrued and unpaid interest thereon and all other monies owing hereunder shall be set-off against any and all such Outstanding Offtake Amounts and, following such set-off, any remaining Principal Amount, together with all accrued and unpaid interest thereon and all other monies owing hereunder shall be payable by the Borrowers in cash.

**4.** **PREPAYMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior
 to written demand for repayment, to the extent that the Borrowers have positive CFADS during any given calendar month, the Borrowers
 shall prepay the outstanding Principal Amount (including all accrued and unpaid interest on such portion of the Principal Amount
 which have not yet been capitalized in accordance with Section 2(g) and all other amounts owing and due hereunder), in whole or in
 part, in cash on the last day of such calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior
 to written demand for repayment, if the Borrowers do not have positive CFADS during any given calendar month, the Lender may, in
 its sole and unfettered discretion, elect to set-off the outstanding Principal Amount (including all accrued and unpaid interest
 on such portion of the Principal Amount which have not yet been capitalized in accordance with Section 2(g) and all other amounts
 owing and due hereunder), in whole or in part, against any Outstanding Offtake Amounts payable by the Lender to SV Borrower under
 the Offtake Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Borrowers shall prepay, in cash, the outstanding Principal Amount, together with all accrued and unpaid interest thereon which have
 not yet been capitalized in accordance with Section 2(g) and all other monies owing hereunder, immediately upon the occurrence of
 any Change of Control.

**5.** **PAYMENT GENERALLY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 amounts payable by the Borrowers or any Guarantor hereunder shall be paid to the Lender in United States Dollars, in immediately
 available funds by wire transfer at such account or financial institution as the Lender may from time to time notify the Borrowers.
 Any payments received after 2:00 p.m. (Vancouver time) will be considered for all purposes as having been made on the next following
 Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the due date of any payment under this Agreement would otherwise fall on a day that is not a Business Day, such payment shall be
 due on the next succeeding Business Day, together with interest that has accrued to the Business Day on which such payment was due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Lender will maintain in accordance with its usual practice one or more accounts evidencing the Principal Amount of the Advances owing
 by Borrower to the Lender hereunder. Such account(s) will be *prima facie* evidence of the obligations recorded therein, provided
 that any failure by the Lender to maintain any account or any error therein shall not affect the obligation of any of the Borrowers
 or Guarantor to repay the Obligations to the Lender in accordance with this Agreement.

**6.** **SPROTT royalty payments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 6(b), during such time that any Principal Amount, accrued interest or any other amounts remain outstanding under the SP
 Facility, the Obligors shall not be permitted to pay any Sprott Royalty under the Sprott Royalty Agreements that has or will become
 due and payable in respect of any fiscal quarter and any such Sprott Royalty that has or will become due and payable in respect of
 such fiscal quarter shall be deferred for a maximum of six months from the respective due date of such Sprott Royalty payment (each,
 a "**Deferred Sprott Royalty Payment** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Provided
 that all outstanding Advances and accrued interest under the SP Facility have been repaid in full in cash or, at the Lender's
 election, by way of set-off in accordance with Section 4(a) and no amounts remain outstanding under the SP Facility, the Borrowers
 shall pay any previously Deferred Sprott Royalty Payment and any Sprott Royalty payment then due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the Borrowers do not have sufficient cash to repay all Deferred Sprott Royalty Payments pursuant to Section 6(b), then, without limiting
 or affecting the maximum six month payment deferral set out in Section 6(a) above, available cash shall be applied in the order of
 the Deferred Sprott Royalty Payment that has been outstanding the longest to the most recent Deferred Sprott Royalty Payment.

**7.** **JOINT AND SEVERAL LIABILITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 of BH Borrower and SV Borrower hereby acknowledges, agrees and confirms that (i) it is a co-borrower hereunder and shall be jointly
 and severally, with the other Borrower, directly and primarily liable to the Lender for amounts owing hereunder regardless of which
 Borrower actually receives Advances or other extensions of credit hereunder or the amount of such Advances received or the manner
 in which the Lender accounts for such Advances or other extensions of credit on its books and records; and (ii) the Lender is relying
 on such joint and several liability of the Borrowers as co-borrowers in extending the Advances hereunder. Notwithstanding anything
 to the contrary contained in this Agreement, the Lender shall be entitled to rely upon any request, notice or other communication
 received by it from any Borrower on behalf of the other Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Until
 the Obligations have been performed and discharged in full, no Borrower shall (i) claim any set-off or counterclaim against any other
 Borrower; (ii) make or enforce any claim or right (including a right of subrogation or contribution) against any other Borrower to
 prove in competition with the Lender in the event of an Insolvency Event of any Borrower or in respect of any outstanding liability
 of any Borrower hereunder; or (iii) in competition with the Lender claim the benefit of any security or guarantee now or hereafter
 held by or on behalf of the Lender for any money or liabilities due or incurred by any Borrower to the Lender or any share therein.

**8.** **TAXES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any
 and all payments by or on account of any obligation of the Borrowers or Guarantors hereunder or any other Credit Document shall be
 made free and clear of and without deduction or withholding for any Indemnified Taxes; provided that if any Borrower or Guarantor
 shall be required to deduct or withhold any Indemnified Taxes from such payments, then (i) the sum payable shall be increased as
 necessary so that, after making all required deductions or withholdings (including deductions or withholdings applicable to additional
 sums payable under this Section 8), the Lender receive an amount equal to the sum they would have received had no such deduction
 or withholding been made, (ii) any Borrower or Guarantor, as applicable, shall make such deduction or withholding, and (iii) any
 Borrower or Guarantor, as applicable, shall pay to the relevant Governmental Authority in accordance with Applicable Law the full
 amount deducted or withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 limiting the provisions of Section 8(a), each Obligor shall timely pay any Other Taxes to the relevant Governmental Authority in
 accordance with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Obligors shall (within three Business Days of demand by the Lender) pay to the Lender an amount equal to the loss, liability or cost
 which the Lender determines will be or has been (directly or indirectly) suffered for or on account of Indemnified Taxes (including
 Other Taxes) by the Lender in respect of any Credit Document together with any penalties, interest and reasonable expenses arising
 therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted
 by the relevant Governmental Authority. A certificate as to the amount of such loss, liability or cost delivered to an Obligor by
 the Lender shall be conclusive absent manifest error. If the Lender subsequently recovers all or part of the payment made under this
 Section 8(c) paid by an Obligor, it shall promptly repay an equal amount to such Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As
 soon as practicable after any payment of Indemnified Taxes or Other Taxes by an Obligor to a Governmental Authority, such Obligor
 shall deliver to the Lender the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment,
 a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 Section 8 shall survive termination of this Agreement.

**9.** **INTEREST CALCULATIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as otherwise specifically provided herein, where in this Agreement a rate of interest is calculated on the basis of a year (the "**deemed year**") which contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest
 shall be expressed as a yearly rate for purposes of the *Interest Act* (Canada) by multiplying such rate of interest by the
 actual number of days in the calendar year of calculation, whether 365 or 366, as the case may be, and dividing it by the number
 of days in the deemed year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 anything in this Agreement to the contrary, in the event that any provision of this Agreement would oblige any Obligor to make any
 payment of interest or other amount payable to the Lender hereunder in an amount or calculated at a rate which would be prohibited
 by law or would result in a receipt by the Lender of interest at a criminal or prohibited rate (as such terms are construed under
 the *Criminal Code* (Canada) or any other Applicable Law), notwithstanding such provision, such amount or rate shall be deemed
 to have been adjusted *nunc pro tunc* to the maximum amount or rate of interest, as the case may be, as would not be so prohibited
 by law or so result in a receipt by the Lender of interest at a criminal or prohibited rate, such adjustment to be effected, to the
 extent necessary, firstly, by reducing the amount or rate of interest applicable pursuant to Section 2(f) of this Agreement; and
 thereafter, by reducing any fees, commissions, royalties and other amounts which would constitute interest for the purposes of Section
 347 of the *Criminal Code* (Canada), as may be amended from time to time, or any other Applicable Law. Any amount or rate of
 interest referred to in this Agreement shall be determined in accordance with generally accepted actuarial practices and principles
 over the term hereof and, in the event of a dispute, a certificate of a fellow of the Canadian Institute of Actuaries appointed by
 Agent shall be conclusive for the purposes of such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 determining whether or not the interest paid or payable under this Agreement exceeds the maximum amount permitted by Section 9(b),
 each Obligor and the Lender shall, to the maximum extent permitted under the *Criminal Code* (Canada) or any other Applicable
 Law, characterize any non-principal payments as an expense, fee or premium or other payment rather than as interest, as may be necessary
 to reduce the amount otherwise characterized as interest pursuant to such Applicable Law, exclude voluntary prepayments and the effects
 thereof and amortize, prorate, allocate and spread the total amount of interest rateably over the longer of the contemplated term
 or the actual duration that any Obligations remain outstanding.

**10.** **GUARANTEE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Guarantor hereby unconditionally and irrevocably guarantees to the Lender the due and punctual payment and performance of the Obligations
 and agrees on written demand of the Lender, following the occurrence of an Event of Default, to perform or discharge the Obligations
 which have not been fully performed or discharged at the times and in the manner provided for in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 prejudice to the rights of the Lender against any Borrower, each Guarantor unconditionally and irrevocably agrees that, as between
 the Lender and itself, it will be liable as principal debtor in respect of the performance of the Obligations and not merely as surety
 and, accordingly, each Guarantor shall be fully liable forthwith on demand by the Lender, following the occurrence and during the
 continuance of an Event of Default, to perform or discharge the Obligations irrespective of the validity, effectiveness or enforceability
 of the Obligations against any Borrower or any other fact or circumstances which would or might otherwise constitute a legal or equitable
 discharge of or defence to a guarantor or surety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As
 a separate and independent obligation, if any of the Obligations are not duly and punctually paid by the Borrowers and performed
 by any of the Guarantors under Section 10(a) for any reason whatsoever, each Guarantor unconditionally and irrevocably agrees to
 indemnify and save the Lender harmless from and against any losses which the Lender may suffer or incur from the failure of the Borrowers
 to duly perform such Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Guarantee of the Obligations is a continuing guarantee and shall remain in effect until all of the Obligations existing or arising
 or which may arise under or by virtue of the Obligations shall have been paid, performed or discharged in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each
 Guarantor waives any rights it may have as surety under any Applicable Law which may at any time be inconsistent with any of the
 provisions hereof or which it may have of first requiring the Lender to proceed against or claim performance or payment from any
 Borrower or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Lender, without notice to any Guarantor and without discharging, prejudicing or affecting the obligations of any Guarantor hereunder,
 may (i) grant time, indulgences, concessions, releases and discharges or any financial accommodation to any Borrower; (ii) take,
 hold, fail to take or hold, vary, deal with, realize, enforce, release or determine not to enforce, perfect or release any other
 guarantee, indemnity or security for all or any of the Obligations; or (iii) effect compositions from, and otherwise deal with, any
 Borrower and all other Persons as the Lender may see fit and generally may otherwise do or omit to do any act or thing which, but
 for this provision, might operate to discharge, prejudice or affect the obligations of any Guarantor hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each
 Guarantor agrees that the liability of such Guarantor under this Guarantee is absolute and unconditional irrespective of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 lack of validity or enforceability of any terms of any of the Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 contest by any Borrower or any other Person as to the amount of the Obligations, the validity or enforceability of any terms of the
 Credit Documents or the perfection or priority of any Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 defence, counter claim or right of set-off available to any Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 release, compounding or other variance of the liability of any Borrower or any other Person liable in any manner under or in respect
 of the Obligations or the extinguishment of all or any part of the Obligations by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any
 change in the time or times for, or place or manner or terms of payment or performance of the Obligations or any consent, waiver,
 renewal, alteration, extension, compromise, arrangement, concession, release, discharge or other indulgences which the Lender may
 grant to any Borrower or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any
 amendment or supplement to, or alteration or renewal of, or restatement, replacement, refinancing or modification or variation of
 (including any increase in the amounts available thereunder or the inclusion of an additional borrower thereunder), or other action
 or inaction under, the Credit Documents or any other related document or instrument, or the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any
 discontinuance, termination or other variation of any terms or conditions of any transaction with, any Borrower or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any
 change in the ownership, control, name, objects, businesses, assets, capital structure or constitution of any Borrower, any Guarantor
 or any reorganization (whether by way of reconstruction, consolidation, amalgamation, merger, transfer, sale, lease or otherwise)
 of any Borrower, any Guarantor or their respective businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any
 dealings with the security which the Lender holds or may hold pursuant to the terms and conditions of the Credit Documents, including
 the taking, giving up or exchange of securities, their variation or realization, the accepting of compositions and the granting of
 releases and discharges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any
 limitation of status or power, disability, incapacity or other circumstance relating to any Borrower, any Guarantor, or any other
 Person, including any Insolvency Event involving or affecting any Borrower, any Guarantor, or any other Person or any action taken
 with respect to this Guarantee by any trustee or receiver, or by any court, in any such proceeding, whether or not Guarantor shall
 have notice or knowledge of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any
 impossibility, impracticability, frustration of purpose, force majeure or illegality of any Credit Document, or the occurrence of
 any change in the laws, rules, regulations or ordinances of any jurisdiction or by any present or future action of (A) any Governmental
 Authority that amends, varies, reduces or otherwise affects, or purports to amend, vary, reduce or otherwise affect, any of the Obligations
 or the obligations of any Guarantor under this Guarantee, or (B) any court order that amends, varies, reduces or otherwise affects
 any of the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any
 taking or failure to take security, any loss of, or loss of value of, any security, or any invalidity, non-perfection or unenforceability
 of any security held by or on behalf of the Lender, or any of them, or any exercise or enforcement of, or failure to exercise or
 enforce, security, or irregularity or defect in the manner or procedure by which the Lender realizes on such security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any
 application of any sums received to the Obligations, or any part thereof, and any change in such application; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any
 other circumstances which might otherwise constitute a defence available to, or a discharge of, any Guarantor, any Borrower or any
 other Person in respect of the Obligations or this Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Subject
 only to any demand expressly required pursuant to Sections 10(a) and (b), each Guarantor hereby waives notice of the acceptance of
 this Guarantee and of presentment, demand and protest and notices of non-payment and dishonour and any other demands and notices
 required by any Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) From
 the date or dates upon which any demand is made against any Guarantor under this Section 10 until the Obligations have been performed
 and discharged in full, no Guarantor shall (i) claim any set-off or counterclaim against any Borrower; (ii) make or enforce any claim
 or right (including a right of subrogation or contribution) against any Borrower to prove in competition with the Lender in the event
 of an Insolvency Event of any Borrower or in respect of any outstanding liability of any Borrower hereunder; or (iii) in competition
 with the Lender claim the benefit of any security or guarantee now or hereafter held by or on behalf of the Lender for any money
 or liabilities due or incurred by any Borrower to the Lender or any share therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The
 Lender shall not be obligated before taking any steps to enforce this Guarantee (i) to take any steps or proceedings or other action
 whatsoever or obtain any judgment against any Borrower or any other Person in any court or tribunal, (ii) to make or file any claim
 in an Insolvency Event in respect of any Borrower or any other Person, (iii) to exercise any diligence against any Borrower, or (iv)
 resort to any other means of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Nothing
 herein contained shall restrict or adversely affect or be construed to restrict or adversely affect any right which the Lender may
 have to set-off any Obligations owed by any Guarantor under this Guarantee to the Lender against any obligations owed by the Lender
 to any Guarantor, regardless of the place of payment or currency of such Obligations.

**11.** **CONDITIONS TO closing and fUNDING; security** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 general and continuing collateral security for the due and punctual payment of the Principal Amount, interest and all other monies
 payable hereunder and due and punctual payment and performance of all other Obligations, each Obligor shall grant to the Lender a
 continuing and first-ranking security interest and charge over all of their property and assets (subject only to Permitted Liens)
 pursuant to the Security (including for greater certainty, the Security Documents). Without limiting the foregoing, if BH Borrower
 forms or otherwise acquires a wholly-owned Subsidiary following the Closing Date, it shall forthwith cause such Subsidiary to execute
 and deliver to the Lender a joinder to this Agreement whereby such Subsidiary shall become a Guarantor hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 Agreement will become effective upon the satisfaction or waiver in writing by the Lender, acting in its sole and unfettered discretion,
 of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Borrowers, the Sprott Agent, the Sprott Security Agent, the Note Purchaser, Minewater Finance LLC, Minewater LLC, MW HH LLC, and
 the Lender shall have concurrently entered into the Intercreditor Agreement, in form and content satisfactory to the Lender, acting
 reasonably, whereby, among other things, the Lender shall be granted priority over the Borrowers' other creditors in respect
 of the Priority Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Obligors delivering, or causing to be delivered, to the Lender in each case, in form and substance satisfactory to the Lender, acting
 reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a
 security agreement granting in favour of the Lender a security interest over all present and after-acquired personal property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) evidence
 satisfactory to the Lender that UCC-1 financing statements have been filed with the appropriate Secretary of State of each jurisdiction
 where such filing may be necessary or desirable to perfect the Lender's Liens created under the above security 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;(C) favourable
 Idaho and Nevada legal opinions (and any other relevant legal jurisdiction), of the Obligors' legal counsel addressed to the
 Lender relating to (A) the legal status of the Obligors, (B) the corporate power and authority of each Obligor to execute, deliver
 and perform this Agreement and any Security delivered concurrently with this Agreement, (C) the authorization, execution and delivery
 of this Agreement and any Security delivered concurrently with this Agreement, (D) enforceability of this Agreement and the validity
 of the security interests, mortgages and charges created under any Security delivered concurrently with this Agreement, and (E) the
 due registration or filing of any Security delivered concurrently with this 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;(D) a
 certificate of good standing or compliance (or equivalent) for each of the Obligors, issued by the relevant Governmental Authority
 and dated no earlier than 2 Business Days prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) a
 certificate of a senior officer of each Obligor dated as of the Closing Date as to (i) the constating documents of each Obligor,
 (ii) the resolutions of the board of directors of each Obligor authorizing the execution, delivery and performance of this Agreement
 and the transactions contemplated herein and therein; (iii) the names, positions and true signatures of the Persons authorized to
 sign this Agreement; and (iv) such other matters pertaining to the transactions contemplated hereby as the Lender may reasonably
 require; 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;(F) a
 title opinion in respect of the Property in form and substance satisfactory to the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Obligation of the Lender to make the first Advance under the SP Facility is subject to the Obligors delivering, or causing to be
 delivered, to the Lender the following conditions precedent, in form and substance satisfactory to the Lender, acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 the extent not already delivered on the Closing Date, the Security along with evidence satisfactory to the Lender that all registrations
 and recordings have been filed with the appropriate office of each jurisdiction where such filing may be necessary or desirable to
 perfect the Lender's Liens created under such Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 certificate of a senior officer of each Obligor dated no earlier than two (2) Business Days prior to the date of initial Advance
 as to (i) the constating documents of each Obligor, (ii) the resolutions of the board of directors of each Obligor authorizing the
 execution, delivery and performance of the Security not already delivered on the Closing Date; (iii) the names, positions and true
 signatures of the Persons authorized to sign such Security; and (iv) such other matters pertaining to the transactions contemplated
 hereby as the Lender may reasonably require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 certificate of good standing or compliance (or equivalent) for each of the Obligors, issued by the relevant Governmental Authority
 and dated no earlier than two (2) Business Days prior to the date of initial Advance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) favourable
 Idaho and Nevada legal opinions (and any other relevant legal jurisdiction) of the Obligors' legal counsel addressed to the
 Lender and otherwise in form and substance satisfactory to the Lender, relating to (A) the legal status of the Obligors, (B) the
 corporate power and authority of each Obligor to execute, deliver and perform the Security not already delivered on the Closing Day,
 (C) the authorization, execution and delivery of the Security not already delivered on the Closing Day, (D) enforceability of the
 Security not already delivered on the Closing Day, and (E) the due registration or filing of the Security not already delivered on
 the Closing Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 obligation of the Lender to make each Advance (including the first Advance hereunder) is subject to the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no
 Event of Default or Pending Event of Default shall have occurred and be continuing nor shall any Event of Default or Pending Event
 of Default occur immediately after giving effect to such Advance, and the Lender shall have received a certificate of a senior officer
 of the Borrowers certifying to such effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Borrowers shall have delivered to the Lender an officer's certificate of a senior officer of the Borrowers certifying that
 no default, event of default or similar circumstance exists under any of the Sprott Project Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 representations and warranties of the Obligors made in or pursuant to this Agreement and the other Credit Documents shall be true
 and correct on the date of such Advance (except to the extent such representations and warranties expressly relate to an earlier
 date, and in such case, shall be true and correct on and as of such earlier date), as if made on and as of the date of such Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Lender shall have received timely notice as required under Section 2(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Lender being satisfied, in its sole and unfettered discretion, that no other sources of financing are available to the Borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if
 (A) the Advance is requested for the purposes of funding operating and other capital costs relating to the Mine or working capital
 of the Borrowers, the Borrowers shall provide the Lender with a budget setting out the costs, uses, and expenditure, in form and
 content satisfactory to the Lender; and (B) the Advance is requested for paying accrued interest under the Monetary Metals Note,
 the Borrowers shall provide the Lender with sufficient details and calculations relating to such accrued interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the
 Lender shall have received a certificate of a senior officer of the Borrowers certifying to the Sprott Agent and the Lender, and
 the Lender shall be otherwise satisfied, (A) that the Borrowers' internal forecasts indicate a cash shortfall in the next fiscal
 quarter of the Borrowers; and (B) a financial model that shows the cash funding shortfall, in form and content satisfactory to the
 Lender, evidencing such cash shortfall; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the
 Lender shall have received a certificate of a senior officer of the Borrowers certifying to the Lender that upon the full advance
 of the SP Facility (up to the Maximum Facility Amount), the Mine will reach 90% of nameplate capacity within a period of 12 months
 and the Borrowers will achieve positive CFADS within the next 12 months following such full advance.

**12.** **REPRESENTATIONS AND WARRANTIES** 

**12.1** **Obligors' Representations and Warranties** 

Each Obligor hereby represents and warrants to the Lender as of the date of this Agreement and as of each Funding Date (unless otherwise specified in <u>Exhibit "C"</u>) and so long as any Obligations remain outstanding, as set out in <u>Exhibit "C"</u> and acknowledges that the Lender is relying upon such representations and warranties in entering into this Agreement and agreeing to provide the SP Facility, which representations and warranties shall survive the execution and delivery of this Agreement.

**12.2** **Knowledge of Obligors** 

Where any representation or warranty contained in <u>Exhibit "C"</u> is expressly qualified by reference to the "knowledge" of Obligors, it shall be deemed to refer to the actual knowledge of Richard Williams, as Executive Chairman of BH Borrower, Sam Ash, as Chief Executive Officer of BH Borrower and President of SV Borrower, and Gerbrand van Heerden, as Chief Financial Officer of BH Borrower, and all information which ought to have been known by each of them after conducting a reasonable inquiry into the matters in question, whether or not any such inquiry was actually made.

**12.3** **Accredited Investor** 

The Lender hereby represents and warrants to the Obligors that the Lender is an accredited investor, within the meaning of National Instrument 45-106 – Prospectus Exemptions.

**13.** **COVENANTS** 

Each Obligor covenants and agrees with the Lender that, unless compliance has been waived in writing by the Lender and so long as any Obligations remain outstanding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Punctual Payment of Obligations.** Each Obligor will make payment of, and perform, all of its Obligations when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **No Material Change in Conducting of Business.** Each Obligor will carry out and perform all operations and activities in a commercially
 prudent manner and in accordance with all Applicable Laws, all applicable Authorizations and Other Rights and Good Practice Standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Compliance with Laws and Contracts.** Each Obligor will obtain and maintain in force (or where appropriate, promptly renew) all Authorizations
 reasonably necessary for carrying out its business and operations generally, including those Authorizations required under each Credit
 Document, and at all times comply with all Applicable Laws and regulations relating to it and its business other than (except in
 the case of Anti-Bribery Laws and Anti-Money Laundering Laws) where such noncompliance would not reasonably be expected to have a
 Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Maintenance of Accounting Methods and Financial Records**. Each Obligor will maintain a system of accounting which is established and administered
 in accordance with US GAAP consistently applied, keep adequate records and books of account in which accurate and complete entries
 shall be made in accordance with such accounting principles reflecting all transactions required to be reflected by such accounting
 principles, keep accurate and complete records of any property owned by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Books; Records; Inspections; No Commingling of Products.** Each Obligor will keep true, complete and accurate Books and Records of all
 of its operations and activities in a manner consistent with customary and prudent commercial practice. SV Borrower agrees to keep
 accurate records showing the amount of recovered Products produced by it from the Property. All Products produced from the Property
 shall be kept separate and distinct from minerals and/or mineral products produced by SV Borrower from properties other than the
 Property. The Lender shall have the right, upon reasonable advance written notice to the Obligors or either of them, no more than
 once per calendar year, to inspect and perform audits of all books, records, financial data, technical data, information and materials
 relevant to the production and stockpiling of Products, and/or ensuring compliance with the obligations, covenants, conditions and
 agreements contained herein; provided that such inspections shall not unreasonably interfere with the Obligors' activities
 with respect to the Property. If any such audit or inspection reveals there has been a material breach of any obligation, covenant,
 condition or agreement contained herein, the Obligors shall reimburse the Lender for their costs incurred in such audit or inspection
 and the annual limitation on audit rights shall be suspended until a period of two years passes without any audit discrepancy or
 following the remedy of any such breach, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Maintenance of Legal Existence.** Each Obligor will preserve and maintain its corporate existence in good standing and remain a resident of
 the United States for tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Notice to Lender of an Event of Default**. Upon any Borrower becoming aware of the occurrence of either an Event of Default or Pending
 Event of Default, such Borrower will promptly deliver to the Lender a notice specifying the nature and date of occurrence of such
 Event of Default or Pending Event of Default, the Borrowers' assessment of the duration and effect thereof and the action which
 the Borrowers propose to take with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Payment of Taxes/Claims.** Each Obligor will timely file all Tax returns as and when required pursuant to Applicable Law and pay and discharge
 or cause to be paid and discharged, promptly when due, all Taxes imposed upon them or in respect of the Project or any of the Project
 Assets or upon the income or profits therefrom as well as all claims of any kind (including claims for labour, materials, supplies
 and rent) which, if unpaid, might become a Lien upon any of its property or assets (other than Taxes the amount, applicability or
 validity of which are being contested in good faith by appropriate proceedings diligently conducted), withhold and collect all Taxes
 required to be withheld and collected by them and remit such Taxes to the appropriate Governmental Authority at the time and in the
 manner required by Applicable Law, and pay and discharge immediately upon knowledge by an Obligor of the existence of any Lien unless
 such Lien is a Permitted Lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **No Amalgamation, Merger, Wind-Up, Change in Control, Etc.** None of the Obligors will consolidate, amalgamate with, or merge with
 or into, or transfer all or substantially all its assets to, or reorganize, reincorporate or reconstitute into or as another entity
 without the prior written consent of the Lender not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Reporting**.
 The Obligors shall deliver to the Lender (i) all information, reports, studies, documents, instruments and other deliveries set in <u>Exhibit "F</u> ", (ii) a copy of any title opinion in respect of the Property delivered to any of Sprott Agent, the
 Sprott Security Agent or Monetary Metals, and (iii) such other operational, exploration and financial information concerning the
 Obligors or the Project as the Lender shall reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Further Assurances.** Each Obligor will execute and deliver to the Lender all such documents, instruments and agreements and do all such
 other acts and things as may be reasonably required, in the opinion of the Lender, to carry out the purpose of the Credit Documents
 or any other document to which it is a party or to enable the Lender to exercise and enforce their rights under hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Cash Balance.** Each Obligor will maintain at all times a positive cash balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **Indebtedness.** The Obligors will not create, incur, assume or permit to exist any Funded Debt other than Permitted Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **No Liens.** The Obligors will not create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter
 acquired by the Obligors or any one of them except Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **No Dispositions**. The Obligors will not Dispose of (whether in one or a series of transactions) any of the Property or any Project
 Assets, or enter into any agreement to do any of the foregoing, except for (i) the sale of inventory in the ordinary course of business,
 or (ii) the sale of equipment that is obsolete, surplus, worn out or no longer useful for the purposes of constructing and developing
 the Project. Without limiting the generality of the foregoing, BH Borrower shall not Dispose of any of the Equity Securities in the
 capital of SV Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **No Investments**. No Obligor will make (a) any direct or indirect investment in or purchase or other acquisition of Equity Securities
 of any other Person, (b) any loan or advance to, purchase of debt securities of, or arrangement for the purpose of providing credit
 to (excluding extensions of trade credit in the ordinary course of business in accordance with customary commercial terms) any other
 Person, or (c) any capital contribution to (whether by means of a transfer of cash or other property or any payment for property
 or services for the account or use of) any other Person; except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) investments
 (including by subscription in Equity Securities of), loans, advances or capital contributions made by BH Borrower in or to SV Borrower
 or by either of them in any Guarantor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with
 the prior written consent of the Lender not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **No Acquisitions.** No Obligor will purchase or otherwise acquire regardless of how accomplished or effected, (a) any other Person
 (including any purchase or acquisition of such number of the issued and outstanding securities of, or such portion of equity interest
 in, such other Person so that such other Person becomes a Subsidiary of the purchaser or of any of its Affiliates) or of all or substantially
 all of the property of any other Person, or (b) any division, business, operation or undertaking of any other Person or of all or
 substantially all of the property of any division, business, operation or undertaking of any other Person; in each case, except with
 the prior written consent of the Lender, such consent not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **No Distributions.** During such time that any amounts are outstanding under the SP Facility, no Obligor will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) retire,
 redeem, retract, purchase or otherwise acquire any Equity Securities of such Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) declare
 or pay any dividend, return of capital or other distribution (in cash, securities or other property, or otherwise) of, on or in respect
 of, any Equity Securities of such Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) make
 any payment or distribution (in cash, securities or other property, or otherwise) on or in respect of, its Equity Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) pay,
 redeem, repurchase or otherwise acquire any Funded Debt, including any payment on account of principal, interest, bonus, premium,
 make-whole or otherwise, including those under the Sprott Project Finance Documents and the Monetary Metals Note (unless otherwise
 permitted under the Intercreditor Agreement); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) pay
 any management, consulting or similar fee or any bonus payment or comparable payment, or by way of gift or gratuity, to any Related
 Party of such Person or to any director or officer thereof, <u>excluding</u>, for greater certainty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) employment
 compensation in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) principal,
 interest and other amounts that may become payable under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) principal,
 interest and other amounts that may become payable under the Sprott Project Finance Documents as in effect on the date hereof that
 are due and payable on and after June 30, 2028, on the "Maturity Date" or upon an "Event of Default" or "Change
 of Control" (as each such capitalized and italicized term is defined in each applicable Sprott Project Finance Document);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any
 interest under the Sprott Project Finance Documents payable through the issuance of Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) principal,
 interest and other amounts that may become payable under the Note Purchase Agreement and the Note (as defined therein) as in effect
 on the date hereof that are due and payable on the "Loan Maturity Date" (as defined in the Note Purchase Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **EPA Settlement.** Each Obligor will comply in all respects with its obligations under the EPA Settlement Agreement and in all material
 respects with all other agreements, Authorizations and Other Rights necessary for the construction, development and operation of
 the Project as contemplated by the current development or mine plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) **Project Maintenance**. Each Obligor will all times do or cause to be done all things necessary to maintain the Project in good standing,
 including paying or causing to be paid all Taxes owing in respect of the Project Assets, performing or causing to be performed all
 required assessment work thereon, paying or causing to be paid all maintenance fees and other amounts owing in respect of the Project
 Assets, paying or causing to be paid all rents and other payments in respect of leased properties forming a part thereof and otherwise
 maintaining the Property and other Project Assets in accordance with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) **Insurance.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Obligors will cause to be maintained with reputable insurance companies, insurance with respect to the Project Assets and the operations
 of SV Borrower conducted on and in respect of the Mine against such casualties and contingencies and of such types and in such amounts
 as is customary in the case of similar operations in similar locations, which shall include insurance on each shipment of Products
 from the Mine to the extent such insurance is available to the Obligors on reasonable commercial terms, until risk of loss for such
 shipment has been transferred to the applicable third party offtake or mineral processor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Obligors shall, upon request of the Lender, furnish to the Lender a certificate setting forth the nature and extent of all insurance
 maintained by or on behalf of the Obligors in accordance with Section 13(u)(i). The Obligors shall, upon the request of the Lender,
 provide the Lender with copies of all insurance policies as in effect from time to time relating to the Project Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All
 of the insurance policies relating to the Project Assets and the operations conducted thereon (and all policies of reinsurance issued
 in connection therewith) shall specify the Lender as additional insured and as loss payee and contain such endorsements in favour
 of the Lender as the Lender shall reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 Obligors shall ensure that the Obligors do not at any time do or omit to do anything, or cause anything to be done or omitted to
 be done, whereby any insurance required to be effected hereunder would, or would be likely to, be rendered void or voidable or suspended,
 impaired or defeated in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Hedging Transactions**. The Obligors may enter into Hedging Contracts on an unsecured basis in the ordinary course of, and pursuant to
 the reasonable requirements of, its business, and not for speculative investment or on a margined basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) **Equity Raise**. If, during any given fiscal quarter of BH Borrower, there is insufficient cash to, on a *pro forma* basis, repay
 the Advances under the SP Facility in cash and any Sprott Royalty payment that is due and payable (other than those Sprott Royalty
 payments which have or will become due and payable in that fiscal quarter and the immediately preceding fiscal quarter), BH Borrower
 shall forthwith enter into an equity financing for net proceeds sufficient to repay the SP Facility and all Sprott Royalty (including
 all Deferred Sprott Royalty Payments) in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) **Converting Interest.** During such time that any amounts are outstanding under the SP Facility, BH Borrower shall (i) exercise its rights
 under the Sprott Convertible Debentures and the Sprott Loan Agreement to pay such accrued interest by way of issuance of Common Shares
 and not in cash and (ii) as soon as possible under applicable rules and procedures of the TSX-V or any other stock exchange on which
 the Common Shares are listed from time to time, apply to the TSX-V or such other stock exchange for approval to pay such accrued
 interest by way of issuance of Common Shares and not in cash, and use commercially reasonable efforts to obtain any such approval.

If an Obligor fails to perform any covenant or any other provision of any of the Credit Documents, the Lender (or any of them) may, in their discretion, perform any such covenant capable of being performed by them, and if any such covenant requires the payment of money the Lender may, in their discretion, make any such payments. All sums so expended by the Lender shall be reimbursed by the Borrowers, shall be payable on demand and, until paid, shall be added to, and be deemed to be included in the Obligations and shall bear interest at the same rate applicable to principal.

**14.** **DEFAULT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 occurrence of any one or more of the following events shall constitute an "**Event of Default**" under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Payment*.
 If any Borrower fails to pay any Principal Amount when due hereunder or fails to pay interest or any other amount when due hereunder
 and, in the case of interest or such other amount, such failure remains outstanding and unremedied for two (2) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Representations and Warranties*. If any representation or warranty made in any of the Credit Documents by any Obligor, or if any certificate or
 opinion furnished to the Lender (or any of them) pursuant to the provisions hereof proves to have been materially incorrect, incomplete
 or misleading as of the time made or repeated or deemed to be made or repeated and, if the circumstances giving rise to the incorrect,
 incomplete or misleading representation or warranty are capable of remediation (such that, thereafter the representation or warranty
 would be correct), such inaccuracy is not remedied within the Cure Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Failure to Perform*. Other than as otherwise specified in Section 14(a), if an Obligor defaults in the performance of any of its covenants
 or obligations under any of the Credit Documents and, if such default is capable of being remedied, such default is not remedied
 within the Cure Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Cross Default.* Any Obligor (i) unless payment is not permitted under the Intercreditor Agreement, fails to make any payment when such
 payment is due and payable to any Person in relation to any Indebtedness having a principal amount in excess of US$250,000 (including
 any Sprott Convertible Debenture or any other Sprott Project Finance Document, but not including any Deferred Sprott Royalty Payments
 deferred in accordance with this Agreement), and any applicable grace period in relation thereto has expired, or (ii) defaults in
 the observance or performance of any other agreement or condition in relation to any such Indebtedness or contained in any instrument
 or agreement evidencing, securing or relating thereto, or any other event occurs or condition exists, the effect of which default
 or other condition, if not remedied within any applicable grace period, would be to cause, or to permit the holder of such Indebtedness
 to declare such Indebtedness to become due prior to its stated maturity date *;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Material Permits and Condemnation.* Any Governmental Authority directly or indirectly condemns, expropriates, nationalizes, seizes or appropriates
 any material portion of the Property or the Project Assets or any Required Authorization or Other Right necessary for the construction
 and operation of the Project that has been previously obtained by any Obligor is suspended, cancelled, revoked, forfeited, surrendered,
 refused renewal or terminated (whether in whole or in part) or otherwise is not, or ceases to be, in full force and effect at any
 time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *Insolvency*.
 If any Obligor fails to pay its debts generally as they fall due or suspends making payments on all or any class of its debts or
 announces an intention to do so or begins negotiations with one or more creditors with a view to rescheduling any of its indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *Illegality*.
 If it becomes unlawful for any Obligor to perform any of its obligations under any of the Credit Documents or any of its obligations
 under any Credit Document cease to be valid, binding or enforceable or any Obligor repudiates or contests, in whole or in part, any
 obligations under the Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) *Bankruptcy or Similar Proceedings*. Upon the occurrence of an Insolvency Event affecting any Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) *Material Adverse Effect*. If an event or series of events occur which has or with the passage of time or notice or both, would have a Material
 Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *Loss of Perfected Lien.* If any of the Liens created under the Security Documents shall cease to be a valid and perfected first priority
 lien on any Collateral thereunder or any Project Assets intended to be Collateral thereunder and, with respect to the Priority Collateral,
 in priority to any of the Borrowers' other creditors, subject only to Permitted Liens which rank by law in priority and the
 terms of the Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) *Surety Indemnities*. If any Obligor fails to make any payment as and when due and payable and owing to the Sureties or defaults in the
 observance or performance of any other agreement or condition in any Indemnity or any other agreement with a Surety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) *Judgment*.
 If one or more final judgments or decrees for the payment of (A) in the case of any judgment or decree in respect of obligations
 or other arrangements with the Lender or any of its Affiliates (including funds managed by any of its Affiliates), any money, or
 (B) in any other case, money in excess of US$500,000 in the aggregate for all such cases or more than US$250,000 in any one year
 period, shall have been obtained or entered against an Obligor provided such judgments or decrees shall not have been and remain
 vacated, discharged or stayed pending appeal within the applicable appeal period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) *Authorizations*.
 If any Authorization by a Governmental Authority necessary for the performance of any obligation of an Obligor under any Credit Document
 ceases to be in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 the occurrence of an Event of Default under Section 14(a)(viii), the Obligations shall automatically and immediately become due and
 payable and upon the occurrence and during the continuance of any other Event of Default, the Lender may, by notice given to the
 Borrowers, declare all or part of Obligations to be due and payable either on demand or to be immediately due and payable without
 demand, in each case, all without presentment, protest or further notice of any kind, all of which are hereby expressly waived by
 the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon
 any such declaration or automatic acceleration pursuant to Section 14(b), the Lender may, in their discretion, exercise any right
 or recourse and proceed by any action, suit, remedy or proceeding against the Obligors authorized or permitted by law for the recovery
 of the Obligations including bringing an action or instituting proceedings for damages or specific performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon
 the occurrence and during the continuance of an Event of Default, the Lender may realize upon the Collateral and enforce the rights
 of the Lender under the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 rights and remedies of the Lender hereunder and under the Security are cumulative and are in addition to and not in substitution
 for any other rights or remedies available at law or in equity or otherwise. No single or partial exercise by the Lender of any right
 or remedy precludes or otherwise affects the exercise of any other right or remedy to which the Lender may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No
 failure on the part of the Lender to exercise and no delay in exercising, and no course of dealing with respect to, any right, power
 or privilege under any Credit Document shall operate as a waiver thereof nor shall any single or partial exercise of any right, power
 or privilege under any Credit Document preclude any other or further exercise thereof or the exercise of any other right, power,
 or privilege. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. Any waiver by the Lender
 of the strict compliance with any term any Credit Document will not be deemed to be a waiver of any subsequent Event of Default.

**15.** **DEFINITIONS AND INTERPRETATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Definitions.** For the purposes of this Agreement and <u>Exhibit "C"</u>, capitalized words and phrases shall have the meanings
 set forth in <u>Exhibit "A"</u> and the meanings given to defined terms in the preamble and the recitals to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Accounting Principles.** 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 the Credit Documents, such determination
 or calculation will, to the extent applicable and except as otherwise specified herein or as otherwise agreed in writing by the parties,
 be made in accordance with US GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Terms Generally.** Words importing the singular number include the plural and vice versa. Whenever the context may require, any pronoun
 shall include the corresponding masculine, feminine and neuter forms. All forms of "include" shall be deemed to be followed
 by the phrase "without limitation". The word "will" shall have the same meaning and effect as "shall".
 Unless the context requires otherwise (i) reference to any agreement or other document herein shall be construed as referring to
 such agreement or other document as from time to time amended (subject to any restrictions on such amendment set forth herein); (ii)
 reference to any Person shall be construed to include such Person's successors and assigns; (iii) "herein", "hereof"
 and "hereunder", and similar words shall be construed to refer to this Agreement in its entirety and not to any particular
 provision hereof; and (iv) all references to sections, schedules and exhibits shall be construed to refer to sections of, schedules
 to and exhibits to this Agreement, and all such schedules and exhibits shall form part of this Agreement.

**16.** **NOTICE** 

Any notice or written communication given pursuant to or in connection with this Agreement shall be in writing and shall be given by delivering the same personally or by prepaid courier, prepaid registered mail, or email, addressed to the party to be notified at the following address of such party or at such other address of which such party has given notice to the other party hereto:

for an Obligor,

Bunker Hill Mining Corp.

300-1055 West Hastings Street

Vancouver, British Columbia, V6E 2E9

---

| | |
|:---|:---|
| Attention: | Gerbrand van Heerden, CFO & Corporate Secretary |
| Email: | **[Redacted – Personal Information]** |

---

for the Lender, at the below address:

Teck Metals Ltd.

550 Burrard Street, Suite 3300

Vancouver, British Columbia V6C 0B3

---

| | |
|:---|:---|
| Attention: | **[Redacted – Personal Information]** |
| Email: | **[Redacted – Personal Information]** |

---

with a copy to:

Teck Metals Ltd.

550 Burrard Street, Suite 3300

Vancouver, British Columbia V6C 0B3

---

| | |
|:---|:---|
| Attention: | **[Redacted – Personal Information]** |
| Email: | **[Redacted – Personal Information]** |

---

Any such notice shall be conclusively deemed to have been given and received on the day of actual receipt by the addressee or, if given by prepaid registered or certified mail, on the fifth day following the mailing date (absent a general disruption in postal service). A party may change its address by notice given in accordance with this Section to the other parties.

**17.** **CONFIDENTIALITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 17(b), neither the Lender nor the Obligors shall, without the express written consent of the other (which consent shall
 not be unreasonably withheld), disclose any non-public information in respect of the terms of the Credit Documents or otherwise received
 under or in conjunction with the Credit Documents, and none of the Lender and the Obligors shall issue any press releases concerning
 the terms of any Credit Document without the consent of the other after such parties having first reviewed the terms of such press
 release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 the foregoing, the Lender and the Obligors may disclose non-public information in respect of the terms of the Credit Documents or
 otherwise received under or in conjunction with the Credit Documents in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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;&nbsp;&nbsp;&nbsp;&nbsp;(A) its limited partners, investors, auditor, legal counsel, lenders, underwriters, investment bankers and technical consultants, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Persons with which it is considering or intends to enter into a transaction which would be permitted hereunder without the consent of the other party under this Agreement for which such non-public information would reasonably be relevant (and to advisors and representatives of any such Person),

provided that such disclosure is made on a need to know basis and that such Persons are advised of the confidential nature of the non-public information, undertake to maintain the confidentiality of it and are strictly limited in their use of the non-public information to those purposes necessary for such Persons to perform the services for which they were, or are proposed to be, retained or to consider or effect the applicable transaction, or to monitor their investments in the case of limited partners or investors, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where
 disclosure is necessary to comply with Applicable Laws, court order or regulatory request, provided that (x) such disclosure is limited
 to only that non-public information so required to be disclosed, and (y) the party required to disclose such information shall promptly
 notify the other party in writing to permit the other party, at its own expense, to have an opportunity to contest or seek to obtain
 an injunction or protective order or other remedy restricting the disclosure of such non-public information and, where applicable,
 that the party required to disclose such information has taken commercially reasonable efforts to avail itself of the full benefits
 of any laws, rules, regulations or contractual rights as to disclosure on a confidential basis to which it may be entitled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for
 the purposes of the preparation and conduct of any court proceeding commenced under Section 21(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) where
 disclosure is required under Applicable Laws in connection with any initial public offering or subsequent public offering of securities
 of any Obligor or of the Lender or any Affiliate thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with
 the express written consent of the other party, such approval not to be unreasonably withheld, conditioned or delayed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to
 its Affiliates and those of its and its Affiliates' directors, officers, employees, advisors and representatives who need to
 have knowledge of the non-public information and each such Person to whom the non-public information is disclosed is directed to
 comply with these terms of confidentiality (or is bound by professional obligations to maintain confidentiality).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 party shall ensure that its Affiliates who receive any non-public information pursuant to this Agreement and its and such Affiliates'
 employees, directors, officers, advisors and representatives and those Persons listed in Section 17(b)(i) are made aware of this
 Section 17 and comply with the provisions of this Section 17. Each party shall be liable to the other party for any improper use
 or disclosure of such terms or information by such Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For
 the purposes of this Section 17, the Obligors are one party and the Lender are the other party.

**18.** **EXPENSES** 

The Obligors will reimburse the Lender within thirty (30) days of the Lender providing a written invoice and supporting documentation in respect thereof, all of the Lender' reasonable out-of-pocket costs and expenses incurred in respect of the negotiation, registration, enforcement of, or the preservation of rights under the Credit Documents, including the reasonable fees and expenses of legal counsel for the Lender in connection therewith.

**19.** **INDEMNIFICATION** 

Each Obligor hereby indemnifies the Lender, its affiliates and their respective directors, officers and employees, from and against, any claim, damage, loss, liability, judgment, suit, cost or expense of any kind (including reasonable fees and expenses of counsel), arising directly out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 breach by an Obligor of any representation, warranty or covenant contained herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 enforcement by or on behalf of the Lender of any right or remedy hereunder.

**20.** **SUCCESSORS AND ASSIGNS, WAIVER AND ACKNOWLEDGEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither
 Obligor may transfer, assign or convey any of its obligations under the Credit Documents to any Person without the prior written
 consent of the Lender. The Lender may transfer, assign or convey the Credit Documents or any of its rights or obligations thereunder,
 in whole or in part, without the consent of the Obligors or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 Agreement shall be binding upon each Obligor and its successors and permitted assigns and shall enure to the benefit of each Lender
 and its successors and assigns. Any reference herein to the Lender shall include its successors and assigns as if specifically named.

**21.** **GOVERNING LAW AND JURISDICTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement shall be governed by, and construed in accordance with, the laws of the Province of British Columbia and the federal laws
 of Canada applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Obligor agrees that any legal proceeding with respect to this Agreement or to enforce any judgment obtained against the Obligor may
 be brought by the Lender in the courts of the Province of British Columbia, the State of Idaho, the State of Nevada or in the courts
 of any jurisdiction where an Obligor may have assets or carries on business, and each Obligor hereby irrevocably submits to the non-exclusive
 jurisdiction of each such court and acknowledges its competence. Each Obligor agrees that a final judgment against it in any such
 legal proceeding will be conclusive and may be enforced in any other jurisdiction by suit on the judgment (a certified or exemplified
 copy of which judgment will be conclusive evidence of the fact and of the amount of the Obligations hereunder) or by such other means
 provided by law.

**22.** **SEVERABILITY OF PROVISIONS** 

Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of that prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of that provision in any other jurisdiction.

**23.** **ENTIRE AGREEMENT** 

The Credit Documents constitute the entire agreement between the parties hereto with respect to the subject matter hereof and supersede any and all prior agreements or understandings, written or oral, with respect thereto. This Agreement shall not be amended except by written agreement between the Lender and each Obligor.

**24.** **SURVIVAL** 

The provisions of Sections 6 (*Taxes*), 17 (*Confidentiality*), 18 (*Expenses*), 19 (*Indemnification*) and 21 (*Governing Law and Jurisdiction*), shall in each case survive any termination of this Agreement and the payment in full of the Obligations.

**25.** **JUDGMENT CURRENCY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If,
 for the purpose of obtaining or enforcing judgment against the Obligors in any court in any jurisdiction, it becomes necessary to
 convert into a particular currency (such currency being hereinafter in this Section 25 referred to as the "**Judgment Currency** ")
 an amount due in another currency (such other currency being hereinafter in this Section 25 referred to as the "**Indebtedness Currency**") under this Agreement, the conversion shall be made at the rate of exchange prevailing on the Business Day immediately
 preceding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 date of actual payment of the amount due, in the case of any proceeding in the courts of the Province of Ontario or in the courts
 of any other jurisdiction that will give effect to such conversion being made on such date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 date on which the judgment is given, in the case of any proceeding in the courts of any other jurisdiction (the date as of which
 such conversion is made pursuant to this Section 25(a)(ii) being hereinafter in this Section 25 referred to as the "**Judgment Conversion Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If,
 in the case of any proceeding in the court of any jurisdiction referred to in Section 25(a)(ii), there is a change in the rate of
 exchange prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the Obligors shall pay
 to the Lender such additional amount (if any, but in any event not a lesser amount) as may be necessary to ensure that the amount
 paid in the Judgment Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount
 of the Indebtedness Currency which could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial
 order at the rate of exchange prevailing on the Judgment Conversion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 amount due from the Obligors under the provisions of Section 25(b) shall be due to the Lender as a separate debt and shall not be
 affected by judgment being obtained for any other amounts due under or in respect of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 term "**rate of exchange**" in this Section 25 means the spot rate of exchange for Canadian interbank transactions
 applied in converting the Indebtedness Currency into the Judgment Currency published by the Bank of Canada at approximately 4:30
 p.m. (Toronto time) on the day prior to the day in question.

**26.** **CURRENCY CONVERSIONS** 

Except as otherwise provided in this Agreement, to the extent that it may be necessary to convert Canadian dollars to US dollars for the purpose of making any payment or calculation in this Agreement, such conversion shall be made at the Bank of Canada daily average rate quoted for the exchange of Canadian dollars into US dollars or vice versa, on the Business Day prior to the date the conversion is to take place.

**27.** **TIME** 

Time is and will be of the essence of each and every provision of this Agreement.

**28.** **COUNTERPARTS** 

This Agreement and any schedules, certificates or other writing delivered in connection herewith, may be executed in any number of counterparts and by facsimile or electronic means, with the same effect as if all parties had all signed the same document, and all such counterparts and adopting instruments will be construed together and will constitute one and the same instrument. The execution of this Agreement and any other writing by any party hereto or thereto will not become effective until counterparts hereof or thereof, as the case may be, have been executed by all the parties hereto or thereto.

***[Signature pages immediately follow]***

**IN WITNESS WHEREOF** each Obligor and the Lender has executed this Agreement under the hands of its duly authorized officers in that behalf.

---

| | |
|:---|:---|
| **bunker hill mining corp.** | **bunker hill mining corp.** |
| Per: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

---

| | |
|:---|:---|
| **SILVER VALLEY METALS corp.** | **SILVER VALLEY METALS corp.** |
| Per: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

---

| | |
|:---|:---|
| **TECK METALS LTD.** | **TECK METALS LTD.** |
| Per: | **[Redacted – Personal Information]** |
| Name: | **[Redacted – Personal Information]** |
| Title: | **[Redacted – Personal Information]** |

---

**EXHIBIT "A"**

**DEFINITIONS**

"**Advance**" means an advance by the Lender to any of the Borrowers under the SP Facility pursuant to Section 2(a).

"**Advance Request**" means a written notice from any Borrower to Agent requesting an Advance, substantially in the form attached as Exhibit "B".

"**Affiliate**" means any person which, directly or indirectly, controls, is controlled by or is under common control with another person; and, for the purposes of this definition, "control" (including, with correlative meanings, the terms "controlled by" or "under common control with") means the power to direct or cause the direction of the management and policies of any person, whether through the ownership of shares or by contract or otherwise, *provided that*, for the purposes of this Agreement, the Lender shall not be deemed an Affiliate of any Obligor.

"**Agreement**" means this standby prepayment facility agreement and all attached schedules, in each case, as the same may be amended, amended and restated, supplemented or modified from time to time.

"**Anti-Bribery Laws**" has the meaning ascribed thereto in <u>Exhibit "C"</u>.

"**Anti-Money Laundering Laws**" has the meaning ascribed thereto in <u>Exhibit "C"</u>.

"**Applicable Law**" means any federal, provincial, state, local or municipal statute, law (including the common law), ordinance, rule having the force of law, regulation, by-law (zoning or otherwise) or order of any Governmental Authority or rule of any stock exchange or securities commission, applicable to a Person or any of its properties, assets, business or operations.

"**Applicable Securities Legislation**" means all applicable securities laws of each of the jurisdictions in which BH Borrower is a "reporting issuer" and the respective rules and regulations under such laws together with applicable published fee schedules, prescribed forms, policy statements, national or multilateral instruments, orders, blanket rulings and other applicable regulatory instruments of the securities regulatory authorities in any of such jurisdictions.

"**Authorization**" means any consent, registration, filing, agreement, certificate, license, approval, permit, authority or exemption from, by or with any Governmental Authority and all corporate, creditors' and shareholders' approvals or consents.

"**Availability Period**" means the period beginning on the date that the conditions precedent set out in Section 11 have been satisfied in full or otherwise waived by the Lender and ending on earliest of (i) June 30, 2028, (ii) Completion of Ramp Up, and (iii) termination of the SP Facility by the Lender, in its sole and unfettered discretion.

"**Books and Records**" means all records (whether or not recorded on computer or computer related media) in the possession or control of an Obligor relating in whole or in part to the business of an Obligor, including any business, financial, accounting or Tax records.

"**Borrowers**" means, collectively, BH Borrower and SV Borrower, and "**Borrower**" means any one of them as the context requires.

"**Business Day**" means any day, other than a Saturday, a Sunday, a statutory holiday or any day on which major banks are closed for business in Kellogg, Idaho, Vancouver, British Columbia, or Toronto, Ontario.

"**CFADS**" means an amount equal to (i) projected revenue (based on consensus metal pricing) reasonably expected to be generated from the sale of production from the Mine during such term, less (ii) the aggregate amount of all deliveries, payments and other obligations of each Obligor under any stream, royalty, or similar transaction with respect to production from the Mine including JV Borrower's obligations under any Sprott Royalty Agreements, less (iii) all operating expenditures of the Obligors, less (iv) all sustaining capital expenditure of the Obligors, less (v) cash Taxes of the Obligors, less (vi) all cash reclamation expenses of the Obligors, all calculated on a consolidated basis and based on reasonable assumptions to be agreed to.

"**Change of Control**" means the consummation of any transaction, including any consolidation, arrangement, amalgamation or merger or any issue, transfer, assignment, conveyance, disposition or acquisition of voting shares, the result of which is that (i) any Person or group of Persons acting jointly or in concert for purposes of such transaction (A) becomes the beneficial owner, directly or indirectly, of 50% or more of the voting shares of BH Borrower, measured by voting power rather than number of shares; or (B) acquires Control of BH Borrower; or (ii) BH Borrower ceases to hold 100% of the voting and economic interests in SV Borrower.

"**Claim**" means any act, omission or state of facts and any complaint, litigation, demand, action, suit, proceeding, claim, assessment, judgement or settlement or compromise relating thereto.

"**Closing Date**" means June 5, 2025.

"**Collateral**" means all property and assets (whether real, personal or other and including Equity Securities) of the Obligors in which charges, mortgages or security interests are granted or purported to be granted pursuant to the Security.

"**Common Shares**" means the common shares in the capital of the BH Borrower.

"**Completion of Ramp Up**" means the earlier of (i) the date on which the Mine achieves 90% of name plate capacity and (ii) the last day of the fiscal quarter during which the Borrowers have had positive CFADS for the entirety of that fiscal quarter, in each case, as determined by the Lender, acting reasonably.

"**Concentrate**" has the meaning ascribed to it in each of the Offtake Agreements.

"**Control**" means the right, directly or indirectly, to direct or cause the direction of the management of the business or affairs of a Person, whether by ownership of securities, by contract or otherwise; and "**Controls**", "**Controlling**", "**Controlled by**" and "**under common Control with**" have corresponding meanings.

"**Credit Documents**" means collectively, this Agreement, the Guarantee, the Security and any documents entered into from time to time in respect of any of the foregoing and "**Credit Document**" means each of them.

"**Cure Period**" means a period of 15 Business Days following the earlier of (i) delivery by the Lender to the Obligors of written notice of a breach or default, and (ii) an Obligor becoming aware of such breach or default.

"**Debtor Relief Laws**" shall mean *Title 11* of the United States Code entitled "Bankruptcy", the *Bankruptcy and Insolvency Act* (Canada), the *Companies' Creditors Arrangement Act* (Canada) and the *Winding-Up and Restructuring Act* (Canada), and all other liquidation, administration, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, judicial management or similar debtor relief laws of the United States, Canada or other applicable jurisdictions from time to time in effect including any proceeding under corporate law or other law of any jurisdiction whereby a corporation seeks a stay or a compromise of the claims of its creditors against it, each as now and hereafter in effect, any successors to such statutes and any other applicable insolvency or other similar law of any jurisdiction.

"**Disclosure Letter**" means the letter of disclosure (including the schedules thereto) dated as of the date hereof, executed by the Obligors and delivered to the Lender concurrently with this Agreement.

"**Disposition"** means, with respect to any asset (including any Property) of any Person, any direct or indirect sale, lease (where such Person is the lessor), assignment, cession, transfer, exchange, conveyance, release or gift of such asset, including by means of a sale and leaseback transaction, or any reorganization, consolidation, amalgamation or merger of such Person pursuant to which such asset becomes the property of any other Person; and "**Dispose**" and "**Disposed**" have meanings correlative thereto.

**"EPA**" has the meaning attributed thereto in Section 2(e).

"**EPA Settlement Agreement**" means the Consent Decree between the United States of America and Placer Mining Company, Inc., filed with the United States District Court District of Idaho on March 3, 2018 and approved on June 19, 2018 and the Settlement Agreement And Order On Consent For Response Action By Bunker Hill Mining Corp. between the EPA and Bunker Hill Mining Corp, dated as effective May 15, 2018 (EPA Region 10 CERCLA Docket No. 10-2017-0123), as amended by the First Amendment To The Settlement Agreement And Order On Consent For Response Action By Bunker Hill Mining Corp. between the EPA and Bunker Hill Mining Corp, dated as effective December 19, 2021, and any other amendments thereto.

"**Equity Securities**" means, with respect to any Person, any and all shares, interests, participations, rights in, or other equivalents (however designated and whether voting and non-voting) of, such Person's capital, including any interest in a partnership, limited partnership or other similar Person and any beneficial interest in a trust, and any and all rights, warrants, options or other rights exchangeable for or convertible into any of the foregoing.

"**Event of Default**" has the meaning ascribed thereto in Section 14.

**"EXIM Term Loan"** has the meaning ascribed thereto in paragraph (vii)(III) of the definition of Permitted Indebtedness;

"**Excluded Taxes**" means, with respect to the Lender, income or franchise Taxes imposed on (or measured by) its taxable income or capital Taxes imposed on (or measured by) its taxable capital, in each case by Canada, or by the jurisdiction under the Applicable Law of which such recipient is organized or in which its principal lending office is located.

"**Funded Debt**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, bills or
 other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all
 obligations, contingent or otherwise, relative to the face amount of all letters of credit or letters of guarantee, whether or not
 drawn, and banker's acceptances issued for such Person's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all
 obligations of such Person under any lease that is required to be classified and accounted for as a capital or finance lease for
 financial accounting purposes or under any synthetic lease, tax retention, operating lease or other lease that, in each case, has
 substantially the same economic effect as a conditional sale, title retention agreement or similar arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all
 obligations of such Person in respect of the deferred purchase price of property or services (excluding accounts payable incurred
 in the ordinary course of business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all
 indebtedness of another Person secured by (or for which the holder of such obligations has an existing right, contingent or otherwise,
 to be secured by) any Lien, upon or in property owned by such Person, even if such Person has not assumed or become liable for the
 payment of such obligations or such obligations are limited in recourse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all
 obligations of such Person created or arising under any conditional sale or other title retention agreement with respect to property
 acquired by such Person (even if the rights and remedies of the seller or lender under such agreement in the event of default are
 limited to repossession or sale of such property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all
 guarantees, indemnities and other obligations (contingent or otherwise) of such Person in respect of Indebtedness of another Person;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the
 net amount of all obligations of such Person (determined on a mark-to-market basis) under any Hedging Contracts.

"**Funding Date**" has the meaning ascribed thereto in Section 2(d).

"**Good Practice Standards**" means, in relation to mining (including all relevant disciplines pertaining thereto, such as metallurgy, processing, engineering, environmental and governance matters, relations with community and indigenous peoples and other social matters), those policies, practices, methods and acts engaged in or approved by a Person which, in the conduct of its undertaking, exercises that degree of safe and efficient practice, diligence, prudence, and foresight reasonably and ordinarily exercised and most commonly accepted by reputable, skilled and experienced operators engaged in the mining industry in the United States.

"**Governmental Authority**" means any government whether federal, provincial, state or municipal and any governmental agency, governmental authority, governmental tribunal, court, governmental commission (including a securities commission) of any kind whatsoever, any subdivision, agency, commission, board or authority of any of the foregoing or any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the amount of any of the foregoing or any stock exchange or securities commission, having jurisdiction.

"**Guarantee**" means the guarantee by any Guarantor as set out in Section 10.

"**Guarantor**" means any Person who becomes, following the Closing Date, a wholly-owned Subsidiary of BH Borrower, other than SV Borrower.

**"Hedging Contracts**" means any agreement relating to a transaction of a type commonly considered to be a derivative or hedging transaction or any combination of such transactions, in each case, whether relating to one or more commodities, currencies, interest, securities or other matters, including commodity futures trading, forward sale and/or purchase contracts, spot-deferred contracts, option contracts or trading, metals trading, precious metal loans, fixed price offtake agreements or other exchange, swap, forward, cap, collar, floor, option or other hedging or similar agreement or any combination thereof, or any other similar transactions.

**"Hedging Obligations"** means all liabilities and other obligations, present or future, direct or indirect, absolute or contingent, matured or unmatured, at any time or from time to time due or accruing due and owing by or otherwise payable by an Obligor under, in connection with or pursuant to any and all Hedging Contracts.

"**Indebtedness**" means, with respect to each Obligor, all and any indebtedness of such Obligor, whether absolute or contingent.

"**Indemnified Taxes**" means all Taxes other than Excluded Taxes.

"**Indemnities**" means, collectively, the indemnity agreements made by the Obligors in favour of the Sureties in respect of the surety or performance bonds to be provided to the EPA and referred to in paragraph (v) of the definition of Permitted Indebtedness, and "**Indemnity**" means any one of them.

"**Insolvency Event**" means, in respect of any Person, any one or more of the following events or circumstances whereby such Person (i) becomes insolvent or generally does not or becomes unable to pay its debts or meet its liabilities as the same become due; (ii) admits in writing its inability to pay its debts generally or declares any general moratorium on its indebtedness or proposes a compromise or arrangement between it and any class of its creditors or makes a general assignment for the benefit of creditors; (iii) institutes or has instituted against it any proceeding seeking (x) to adjudicate it as bankrupt or insolvent, (y) liquidation, dissolution, winding-up, administration, reorganization, compromise, arrangement, adjustment, protection, moratorium, relief, stay of proceedings of creditors generally (or any class of creditors), or composition of it or its debts or any other relief under any Debtor Relief Law, or (z) the entry of an order for relief or the appointment of or the taking of possession by, a receiver, receiver-manager, administrator, custodian, monitor, trustee or other similar official for the Person or any substantial part of its respective property and, in the case of any such proceeding instituted against it (but not instituted by it) either such petition, application or proceeding continues undismissed, or unstayed and in effect, for a period of forty-five (45) days after the institution thereof, such Person fails to diligently and actively oppose such proceeding, or any of the actions sought in such proceeding (including the entry of an order for relief against it or the appointment of a receiver, receiver-manager, administrator, custodian, monitor, trustee or other similar official for it or for any substantial part of its properties and assets) occurs, or such Person files an answer admitting the material allegations of a petition or motion filed against it in any such proceeding; (iv) takes any action, corporate or otherwise, to approve, effect, consent to or authorize any of the actions described in the foregoing paragraphs (i) through (iii) or otherwise acts in furtherance thereof or fails to act in a timely and appropriate manner in defense thereof.; or (v) such Person's working capital is negative in its most recent annual financial statements and quarterly financial statements, where working capital is the current assets less the current liabilities (both as defined by US GAAP).

"**Intercreditor Agreement**" means the amended and restated intercreditor and subordination agreement dated on or about the date hereof among the Borrowers, the Sprott Agent, the Sprott Security Agent, the Note Purchaser, the Minewater Finance LLC, Minewater LLC, MW HH, LLC, and the Lender, as may be further amended, restated, supplemented, modified, varied, or replaced from time to time.

"**Interest Payment Date**" means March 31, June 30, September 30, and December 31 of each calendar year.

"**Legal Proceedings**" means any action, suit, proceeding, demand, assessment, judgment, litigation, hearing, Claim, grievance, arbitration or administrative proceeding or other proceeding or dispute resolution process and includes any appeal, settlement or compromise relating then or review and any application for same.

"**Lien**" means, (a) with respect to any asset, any mortgage, deed of trust, lien, pledge, hypothec (whether movable or immovable), hypothecation, encumbrance, charge, security interest, adverse claim, defect to title or right of set off in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease, title retention agreement or consignment agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to any asset, (c) any purchase option, call or similar right of a third party with respect to such asset, (d) any netting arrangement, defeasance arrangement or reciprocal fee arrangement, and (e) any other arrangement having the effect of providing security.

"**Material Adverse Effect**" means any event, occurrence, change or effect that, when taken individually or together with all other events, occurrences, changes or effects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) materially
 limits, restricts or impairs, or is reasonably likely to materially limit, restrict or impair (A) the condition, financial or otherwise,
 earnings, operations, assets, business affairs or business prospects of an Obligor; (B) the ability of an Obligor to perform its
 payment or other obligations under the Credit Documents; (C) the development or operation of the Project substantially in accordance
 with the mine or development plan then in effect immediately prior to the occurrence of such event, occurrence, change or effect,
 (D) the legality, validity or enforceability of the Credit Documents, or the rights and remedies available to the Lender hereunder
 and thereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) causes
 or is reasonably likely to cause any significant decrease to expected silver, lead or zinc production from the Property based on
 the mine or development plan then in effect immediately prior to the occurrence of such event, occurrence, change or effect;

provided that (x) changes to commodity prices and (y) events, occurrences, changes or effects affecting operators of mining and processing facilities in the US similar to those related to the Project generally, which do not have a disproportionate effect on the Obligors, shall not be a Material Adverse Effect or be taken into account in determining whether there has been or will be a Material Adverse Effect.

"**Maximum Facility Amount**" has the meaning ascribed thereto in Section 1.

"**Monetary Metals Note**" means the secured promissory note dated as of August 8, 2024 issued by SV Borrower in favour of the Note Purchaser, as may be amended, restated, supplemented, modified, varied, renewed or replaced from time to time.

"**Mine**" means the Bunker Hill Mine located in Coeur D'Alene Mining District, in the cities of Kellogg and Wardner and in Shoshone County, Idaho USA, which is comprised of and covers, *inter alia*, the Property and the other Project Assets.

"**Mining Rights**" means any mining claims, mining leases, mineral claims, mining concessions, mineral concessions, exploration permits or licenses, mining licenses, forms of mineral tenure or other rights to Products or to access and work upon lands, such as ownership and ancillary rights, surface rights, leasing agreements, lands temporal occupation agreements or otherwise, for the purpose of exploring, exploiting or benefiting Products, under the terms of Applicable Laws, whether contractual, statutory or otherwise, or any interest therein whether now owned or hereafter acquired. "Mining Rights" includes any amendments, relocations, adjustments, resurvey, additional locations, consolidation, derived rights or conversions of, or any renewal, replacement, amendment or other modification or extensions of any of the foregoing.

"**Mortgage**" means the mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixture filing to be entered into between SV Borrower and the Lender, and as the same may be amended, amended and restated, modified, supplemented or replaced from time to time.

"**Note Purchase Agreement**" means the secured promissory note purchase agreement dated August 8, 2024, as amended by a first amendment to secured promissory note purchase agreement dated November 11, 2024, between the Note Purchaser, as purchaser, SV Borrower, as borrower, and BH Borrower as parent, and as the same may be amended, amended and restated, modified, supplemented or replaced from time to time.

**"Note Purchaser**" means Monetary Metals Bond III LLC, a Delaware limited liability company, and its successors and permitted assigns.

"**Obligations**" means all indebtedness, liabilities and other obligations of Obligors to the Lender hereunder and under the other Credit Documents.

"**Obligors**" means, collectively, the Borrowers and Guarantors and "**Obligor**" means any one of them.

"**Offtake Agreements**" means, collectively, (i) the lead concentrate offtake agreement made effective November 20, 2023 between the Lender and the SV Borrower and (ii) the zinc concentrate offtake agreement made effective November 10, 2023, in each case, as amended, restated, supplemented, modified, varied, renewed or replaced from time to time, and "**Offtake Agreement**" means any one of them as the context requires.

"**Other Rights**" means all licenses, approvals, authorizations, consents, rights (including surface rights, access rights and rights of way), privileges, concessions or franchises held by the Obligors or required to be obtained from any Person (other than a Governmental Authority), for the construction, development and operation of the Mine, as such construction, development and operation is contemplated by the current or then applicable development or mine plan, as the case may be.

**"Other Taxes"** means all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Credit Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Credit Document.

"**Outstanding Offtake Amounts**" has the meaning ascribed thereto in Section 3.

"**Pending Event of Default**" means an event which, but for the requirement for the giving of notice, lapse of time, or both, or, but for the satisfaction of any other condition subsequent to that event, would constitute an "**Event of Default**".

"**Permitted Indebtedness**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 Funded Debt set out in Section (14) of the Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all
 Funded Debt of each Obligor to the Lender under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all
 Funded Debt of each Borrower pursuant to the Sprott Loan Agreement and the Sprott Convertible Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) unsecured
 Funded Debt comprised of amounts owed to trade creditors and accruals in the ordinary course of business, which are either not overdue
 or, if disputed and in that case whether or not overdue, are being contested in good faith by any Obligor by appropriate proceedings
 diligently conducted, and provided always that the failure to pay such Indebtedness would not involve any material risk of loss of
 any material part of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) obligations
 in respect of surety or performance bonds and/or letters of credit required to be provided to the EPA as set out in Section (14)
 of the Disclosure Letter or otherwise with the prior written consent of the Lender, such consent not to be unreasonably withheld
 or delayed, obligations in respect of surety or performance bonds and/or letters of credit required to be provided to the EPA in
 respect of Financial Assurance (under and as defined in the EPA Settlement Agreement) of up to US$17,000,000, which obligations,
 in the case of surety or performance bonds, are permitted to be partially secured by letters of credit (in amounts satisfactory to
 the Lender) and otherwise secured by security ranking subordinate to the Security and subject to a subordination agreement with the
 Lender, in form and substance satisfactory to the Lender, and which obligations, in the case of letters of credit, are permitted
 to be fully secured by cash collateral that is not subject to the Security (and the Lender will execute and deliver a no interest
 letter in respect of the Security with respect to such cash collateral, in form and substance satisfactory to the Lender, acting
 reasonably);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Indebtedness
 in respect of capital or finance leases or purchase money Liens permitted by paragraph (xii) of the definition of "Permitted
 Liens";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) subject
 to the prior written consent of the Lender, such consent not to be unreasonably withheld or delayed:

&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
 reclamation bonds relating to the Mine required in connection with the construction, development or operation of the Mine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) offtake
 financing on terms and conditions satisfactory to the Lender;

&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) Indebtedness
 of up to US$150,000,000 pursuant to a term loan facility owing to EXIM Bank where the proceeds are used only for the construction
 and development of the Mine or other general corporate purposes of the Obligors (the "**EXIM Term Loan**") and provided
 that, if secured, the EXIM Term Loan will rank *pari passu* with the Obligations and such security will rank *pari passu* with the Security and EXIM Bank and the Lender will enter into an intercreditor agreement in form and substance satisfactory to the
 Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Subordinated
 Intercompany Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) unsecured
 Hedging Obligations pursuant to Hedging Contracts permitted pursuant to Section 13(v);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Indebtedness
 owing under the Note Purchase Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any
 other Indebtedness consented to by the Lender from time to time.

"**Permitted Liens**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens
 for taxes, assessments or governmental charges of any Governmental Authority not at the time due or delinquent or, if due or delinquent,
 the validity of which is being contested at the time in good faith by appropriate proceedings, and a reserve has been established
 by the applicable Obligor in its Books and Records in accordance with US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) deemed
 Liens and trusts arising by operation of law in connection with workers' compensation, employment insurance and other social
 security legislation, in each case, which secure obligations not at the time due or delinquent or, if due or delinquent, the validity
 of which is being contested at the time in good faith by appropriate proceedings, and a reserve has been established by the applicable
 Obligor in its Books and Records in accordance with US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Liens
 under or pursuant to any judgment rendered, or claim filed, against any Obligor, which such Obligor shall be contesting at the time
 in good faith by appropriate proceedings, and a reserve has been established in its Books and Records in accordance with US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Liens
 and charges incidental to construction or current operations which have not at such time been filed pursuant to law or which relate
 to obligations not due or delinquent or the validity of which are being contested in good faith by appropriate proceedings and as
 to which a reserve has been established by the applicable Obligor in its Books and Records in accordance with US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) easements,
 rights of way, servitudes or other similar rights in land (including, without in any way limiting the generality of the foregoing,
 rights of way and servitudes for railways, sewers, drains, gas and oil and other pipelines, gas and water mains, electric light and
 power and telecommunication, telephone or telegraph or cable television conduits, poles, wires and cables) granted to or reserved
 or taken by other persons which individually or in the aggregate do not materially detract from the value of the land concerned or
 materially impair its use in the operation of the business of an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 right reserved to or vested in any municipality or governmental or other public authority by the terms of any lease, licence, franchise,
 grant or permit acquired by an Obligor or by any statutory provision, to terminate any such lease, licence, franchise, grant or permit,
 or to require annual or other payments as a condition to the continuance thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any
 Lien on cash deposits or term deposits in favour of issuers of surety or performance bonds and/or letters of credit referred to in
 paragraph (v) of the definition of "Permitted Indebtedness";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) security
 given by an Obligor to a public utility or any municipality or governmental or other public authority when required by such utility
 or municipality or other authority in connection with the operations of the Obligor, all in the ordinary course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) title
 defects or irregularities which are of a minor nature and in the aggregate will not materially impact the use of the subject property
 for the purpose for which it is held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) applicable
 municipal and other governmental restrictions affecting the use of land or the nature of any structures which may be erected thereon,
 provided such restrictions have been complied with and will not materially impair the use of the subject property for the purpose
 for which it is held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the
 reservation in any original grants from the Crown of any land or interests therein and statutory exceptions and reservations to title;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Liens
 securing capital or finance leases or purchase money Liens relating solely to the acquisition of equipment necessary for the development,
 construction or operation of the Project, provided that such Liens extend only to the property clearly and individually identified
 as acquired or financed thereby (including the proceeds of such property) and do not extend to any other assets of an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any
 operating lease entered into in the ordinary course of business; provided that the same is not a sale-leaseback;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) the
 Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) any
 other Liens of the Obligors as disclosed in Sections (13) and (29) of the Disclosure Letter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) all
 other Liens permitted in writing by the Lender.

"**Person**" shall be broadly interpreted and includes an individual, body corporate, partnership, joint venture, trust, association, unincorporated organization, any Governmental Authority or any other entity recognized by law.

"**Principal Amount**" means the aggregate principal amount of Advances outstanding under the SP Facility from time to time (including the amount of all capitalized interest thereon) and, with respect to each Advance, means the aggregate principal amount of such Advance outstanding under the SP Facility from time to time (including the amount of all capitalized interest thereon).

**"Priority Collateral"** means, so long as any Obligations are outstanding, collectively, (i) all accounts receivable of the Borrowers or either one of them; and (ii) all lead and zinc concentrate produced from the Mine and all proceeds thereof.

"**Products**" means any and all metals, minerals and products or by**-**products thereof, of whatever kind and nature and in whatever form or state, in, under or upon the surface or subsurface of the Property (including ore, metals, precious metals, base metals, uranium, industrial minerals, concentrates, gems, diamonds, commercially valuable rock, aggregate, clays and other minerals that are mined, excavated, extracted, recovered or otherwise produced from the Property and any ore, concentrates and other products resulting from the milling, processing or other beneficiation of such metals, minerals, products and by-products).

"**Project**" means the construction and development of the Mine, including the acquisition of the Mine and the settlement of liabilities owing to the EPA, when due.

"**Project Assets**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Property and all other Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Products and the Other Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 mining, processing, development, production, maintenance, administration, water, electrical and conveyor facilities, railway infrastructure
 and rolling stock, storage facilities, stockpiling facilities, shipping infrastructure, utilities, and related ancillary infrastructure,
 other buildings, structures, improvements, fixtures and other real and personal property, including equipment, re-commissioned, constructed,
 operated or otherwise used by or on behalf of Obligor to extract, beneficiate, market, transport and sell Products derived from the
 Property or to develop, operate or administer the Mine, whether or not located within the physical boundaries of the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 rights (including Authorizations, surface, access and water rights), privileges, concessions or franchises owned, controlled, leased
 or operated by or on behalf of an Obligor at any time and not included within the definition of "Property" which are
 required for the development and construction of the Mine and operation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all
 right, title and interest of the Obligors in, to and under material contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any
 other present and after-acquired real or personal property used or acquired for use by any Obligor in connection with the Mine.

"**Project Mining Claims**" means the Mining Rights described in <u>Exhibit "D"</u> and all other Mining Rights now or hereafter owned, held, under option or under application by the Guarantor or any Affiliate thereof forming part of or related to the Mine.

"**Property**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Project Mining Claims and any other Mining Rights, rights or interests forming part thereof from time to time whether now owned or
 hereafter acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all
 other real property interests, mineral claims, mineral leases, mining concessions, exploration licenses, land (surface and access
 rights) and similar rights, concessions and interests now or hereafter owned, held, under option or under application by an Obligor
 or any Affiliate thereof forming part of the Mine or related to the Mine, whether created privately or by action of any Governmental
 Authority, including but not limited to those interests described in Schedule "F" to Royalty Agreement No. 3 (as defined
 in the Sprott Loan Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 present or future renewals, extensions, modifications, divisions, substitutions, amalgamations, successions, derivations, severances,
 conversions, demise to lease, renaming or variation of any of the Project Mining Claims, Mining Rights or other rights and interests
 referenced in paragraph (i) of this definition.

"**Real Property**" means the Property and all other real property interests, land (surface and access rights) and similar rights and interests forming part of the Mine or related to the Mine, now or hereafter owned, held, under option or under application by an Obligor, whether created privately or by action of any Governmental Authority.

"**Related Party**" means, with respect to any Obligor, any director, officer, employee, shareholder, partner or Affiliate of any Obligor or any other Person not dealing at arm's length with such Obligor (within the meaning of the *Income Tax Act* (Canada)).

"**Required Authorizations**" means any and all Authorizations required to be obtained by any Obligor for the construction, development and operation of the Mine, as such construction, development and operation is contemplated by the current or then applicable development or mine plan, as the case may be.

"**Restricted Person**" means any Person that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is
 named, identified, described in or on or included in or on any 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;(1) the
 lists maintained by the Office of the Superintendent of Financial Institutions (Canada) with respect to terrorism financing, including
 the lists made under subsection 83.05(1) of the *Criminal Code*, under the Regulations Implementing the United Nations Resolutions
 on the Suppression of Terrorism and under the United Nations Al-Qaida and Taliban Regulations;

&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) the
 Denied Persons List, the Entity List or the Unverified List, compiled by the Bureau of Industry and Security, U.S. Department of
 Commerce;

&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) the
 List of Statutorily Debarred Parties compiled by the U.S. Department of State;

&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) the
 Specially Designated Nationals Blocked Persons List compiled by the U.S. Office of Foreign Assets Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the
 annex to, or is otherwise subject to the provisions of, U.S. Executive Order No. 13324; 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;(6) any
 publicly available lists maintained under Applicable Laws relating to anti-terrorism or anti-money laundering matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is
 subject 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) the *United Nations Act* (Canada), the *Special Economic Measures Act* (Canada) and the *Freezing of Assets of Corrupt Foreign Officials Act* (Canada);

&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) the *International Emergency Economic Powers Act*, 50 U.S.C.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the *Trading with the Enemy Act*, 50 U.S.C. App. 1.1 et seq.; or any other enabling legislation or executive order relating thereto,
 including the *Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001*, Title III of Pub. L. 107 56; 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) trade
 restrictions under any Applicable Laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is
 a Person or entity who is an Affiliate of a Person or entity listed above.

"**Security**" means, collectively, (i) any one or more guarantees made from time to time by an Obligor in favour of the Lender, in respect of any Obligations, including the Guarantee; and (ii) the Security Documents.

**"Security Documents"** means, collectively, (i) the pledge agreement to be entered into between BH Borrower, as pledgor, and the Lender, as it may be amended, amended and restated, modified or supplemented from time to time, (ii) the security agreement dated on or about the date hereof among the Borrowers, as debtors, and the Lender, as it may be amended, amended and restated, modified or supplemented from time to time, (iii) the Mortgage, (iv) the intercompany subordination and postponement agreement to be entered into among the Obligors and the Lender; and (vii) all other assignments, deeds of trust, mortgages, account control agreements, pledges and other security agreements pursuant to which an Obligor grants to the Lender, mortgages, charges, pledges, liens or security interests in all or some of its present and after acquired property as security for the Obligations.

"**Sprott Agent**" means Sprott Private Resource Streaming and Royalty (US Collector), LP, an Ontario limited partnership, in its capacity as administrative agent for the benefit of the Sprott Entities, and its successors and permitted assigns.

"**Sprott Convertible Debentures**" means, collectively, the Sprott Series 1 Convertible Debentures, the Sprott Series 2 Convertible Debentures and the Sprott Series 3 Convertible Debentures.

**"Sprott Entities**" means, collectively, the Sprott Agent, the Sprott Security Agent, the lenders under the Sprott Loan Agreement, the Sprott Series 1 CD Holders, the Sprott Series 2 CD Holders, the Sprott Series 3 CD Holders, any Affiliate of Sprott Inc. and any fund managed or sub-managed by an Affiliate of Sprott Inc. which in each case is party to a Sprott Project Finance Document together with any successor, assign or transferee thereof that is party from time to time to any Sprott Project Finance Document and "**Sprott Entity**" means any one of them.

"**Sprott Loan Agreement**" means the amended and restated loan agreement dated on or about the date hereof among BH Borrower, as borrower, SV Borrower, as guarantor, the Sprott Agent and Sprott Security Agent, as lenders, and the Sprott Agent, as agent, as may be further amended, restated, supplemented, modified, varied, renewed or replaced from time to time.

"**Sprott Project Finance Documents**" has the meaning ascribed to the term "Project Finance Documents" as defined in the Sprott Loan Agreement.

"**Sprott Royalty**" has the meaning ascribed to the term "Royalty" as defined in each of the Sprott Royalty Agreements.

"**Sprott Royalty Agreements**" has the meaning ascribed to the term "Royalty Agreements" as defined the Sprott Loan Agreement.

"**Sprott Security Agent**" means Sprott Private Resource Streaming and Royalty (Collector), LP, an Ontario limited partnership, in its capacity as security agent for the benefit of the Sprott Entities, and its successors and permitted assigns.

"**Sprott Series 1 CD Holders**" means the holders from time to time of the Sprott Series 1 Convertible Debentures.

"**Sprott Series 1 Convertible Debentures**" means, collectively, the six (6) amended and restated secured convertible debentures in the aggregate principal amount of US$6,000,000.00, originally issued by the Borrowers on January 28, 2022 and amended and restated on the date hereof by the Borrowers and convertible at the option of the holder into Common Shares.

"**Sprott Series 2 CD Holders**" means the holders from time to time of the Sprott Series 2 Convertible Debentures.

"**Sprott Series 2 Convertible Debentures**" means, collectively, the three (3) amended and restated series 2 secured convertible debentures, in the aggregate principal amount of US$15,000,000.00, issued by the Borrowers on June 17, 2022 and amended and restated on the date hereof and convertible at the option of the holder into Common Shares.

"**Sprott Series 3 CD Holders**" means the holders from time to time of the Sprott Series 3 Convertible Debentures.

"**Sprott Series 3 Convertible Debentures**" means the two (2) series 3 secured convertible debentures, in the aggregate principal amount of US$4,000,000.00, issued by the Borrowers on the date hereof and convertible at the option of the holder into Common Shares.

"**Subordinated Intercompany Debt**" means unsecured loans made by BH Borrower to SV Borrower, or by any Borrower to any Guarantor, provided that such Indebtedness shall be subordinated pursuant to a subordination agreement in favour of the Lender pursuant to which, among other things, the Borrowers agrees (a) to subordinate and postpone the Indebtedness to the Obligations, (b) that no Liens have been or will be taken, (c) that no remedies will be exercised while any Obligations remain outstanding, and (d) that in connection with any Insolvency Event, the Borrowers will not vote its claim in respect thereof in any manner that would prejudice the Lender' rights and remedies under this Agreement or any of the Security.

"**Subsidiary**" means each Person directly or indirectly Controlled by Borrower.

"**Sureties**" means, collectively, Northbridge General Insurance Corporation, Trisura Guarantee Insurance Company, Trisura Insurance Company and any other issuer of surety or performance bonds to be provided to the EPA and referred to in paragraph (v) of the definition of Permitted Indebtedness, and "**Surety**" means any one of them.

"**Taxes**" means all present or future taxes, rates, levies, royalties, imposts, duties, deductions, assessments, withholdings, dues, fees and other charges of any nature, including any interest, fines, penalties or other liabilities with respect thereto, imposed, levied, collected, withheld or assessed by any Governmental Authority (of any jurisdiction), and whether disputed or not, including sales or value-added taxes, goods and services taxes, stamp taxes and royalties.

"**TSX-V**" means the TSX Venture Exchange.

"**US GAAP"** means, in relation to any Person at any time, accounting principles generally accepted in the United States applied on a basis consistent with the most recent audited financial statements of such Person and, if applicable, its consolidated affiliates (except for changes disclosed in the notes to such financial statements).

**EXHIBIT "B"**

**FORM OF ADVANCE REQUEST**

---

| | |
|:---|:---|
| **To:** | Teck Metals Ltd. (the "**Lender**") |
| **Re:** | Standby prepayment facility agreement dated as of ___, 2025 (as amended, restated, supplemented, modified, varied, renewed or replaced from time to time, the "**SP Facility Agreement**") among Bunker Hill Mining Corp. and Silver Valley Metals Corp, as borrowers, and the Lender, as lender. All capitalized terms used herein and not defined shall have the meanings ascribed thereto in the SP Facility Agreement. |

---

Pursuant to the terms of the SP Facility Agreement, each the undersigned hereby irrevocably notifies you that **[Bunker Hill Mining Corp.] / [Silver Valley Metals Corp.]** wishes to obtain an Advance under the SP Facility on **[requested date of Advance]** in the amount of US$**[amount]**.

The undersigned hereby confirms that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no
 Event of Default or Pending Event of Default has occurred and is continuing and no Event of Default or Pending Event of Default shall
 occur immediately after giving effect to the requested Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 representations and warranties of the Obligors made in or pursuant to the Facility Agreement and the other Credit Documents are true
 and correct on the date hereof and will be true and correct on the date of the requested Advance (except to the extent such representations
 and warranties expressly relate to an earlier date, and in such case, shall be true and correct on and as of such earlier date),
 as if made on and as of the date hereof or the date of such Advance, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 requested Advance shall be used to finance **[operating and other capital costs relating to the Mine][working capital of the Obligors][payment of accrued and unpaid interest on the Monetary Metals Note]**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) attached
 hereto is **[a budget setting out the costs, uses, and expenditure relating to such [operating and other capital costs relating to the Mine][working capital of the Obligors]][a calculation of the accrued interest owing under the Monetary Metals note]**.

DATED this _____ day of _____________, 202__.

---

| |
|:---|
| **bunker hill mining corp.** |
| Per: |
| Name: |
| Title: |

---

---

| |
|:---|
| **SILVER VALLEY METALS CORP.** |
| Per: |
| Name: |
| Title: |

---

**EXHIBIT "C"**

**OBLIGORS' REPRESENTATIONS AND WARRANTIES**

Each of the Borrowers and Guarantors (each an "**Obligor**" and collectively, the "**Obligors**") hereby represents and warrants as follows to the Lender, and acknowledges and agrees that the Lender is relying upon such representations and warranties in connection with entering into this Agreement:

*Corporate Organization and Authority*

1. Each
 Obligor is a corporation duly incorporated and validly existing under the laws of its jurisdiction of incorporation and is up-to-date
 in respect of all filings required by law to maintain its existence; in particular, BH Borrower is a corporation incorporated under
 the laws of Nevada and SV Borrower is a corporation incorporated under the laws of Idaho.

2. Each
 Obligor is qualified to do business and is in good standing in all jurisdictions in which the nature of its business as now being
 or as proposed to be conducted makes such qualification necessary and has all material governmental licenses, authorizations, consents
 and approvals necessary to own its assets and carry on its business as now being or as proposed to be conducted.

3. Each
 Obligor has the requisite corporate power, capacity and authority to: (i) own its property and assets and conduct its business; and
 (ii) enter into the Agreement and the Credit Documents and such other documents as may be necessary or appropriate to give effect
 to the terms thereof to which it is a party, to perform its obligations hereunder and thereunder and complete the transactions contemplated
 hereby and thereby.

4. The
 execution and delivery of this Agreement and the other Credit Documents by each Obligor thereto and the completion of the transactions
 contemplated hereby and thereby have been duly authorized by all necessary corporate action on the part of such Obligor. This Agreement
 and the other Credit Documents to which each Obligor is a party have been duly and validly executed and delivered by such Obligor,
 and constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with the terms thereof, except
 to the extent enforcement may be affected by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar
 Applicable Laws affecting creditors' rights generally and subject to the qualification that equitable remedies, injunctive
 relief and/or specific performance may be granted in the discretion of a court of competent jurisdiction.

5. BH
 Borrower owns legally and beneficially all of the issued and outstanding stock of the SV Borrower (the "**Capital Stock** ")
 as set forth in Section (5) of the Disclosure Letter free and clear of any Liens. The corporate structure and organization chart
 of the Obligors set forth in Section (5) of the Disclosure Letter accurately reflects, as of the date hereof, the direct and indirect
 ownership of all of the Capital Stock of the SV Borrower. Other than as set forth in Section (5) of the Disclosure Letter, no Person
 has any agreement, option, right of first refusal or right, title or interest or any right (including a right of conversion of Indebtedness)
 that is or will become an agreement, option, right of first refusal or right, title or interest, in or to all or any part of the
 Capital Stock of the SV Borrower. There are no shareholders' agreement or shareholders' declaration in effect with respect
 to the Obligors or their respective shares or other equity interests.

6. Each
 Obligor is entering into and performing its obligations under this Agreement and each of the other Credit Documents to which it is
 a party, on its own account and not as trustee or a nominee of any other Person.

7. The
 principal place of business and chief executive office of each Obligor as of the date hereof is set out in Section (7) of the Disclosure
 Letter.

8. No
 Obligor has suffered an Insolvency Event and no Event of Default has occurred that is continuing and the Obligor are not aware of
 any circumstance which, with notice or the passage of time, or both, would give rise to an Insolvency Event or an Event of Default
 with respect to it.

9. Each
 of the Obligors' corporate records are complete and accurate in all material respects, and true and correct copies of same
 have been made available to the Lender.

10. The
 financial books, records and accounts of each of the Obligors: (i) are complete and accurate in all material respects; (ii) are stated
 in reasonable detail; and (iii) accurately and fairly reflect all the material transactions, acquisitions and dispositions of each
 of the Obligors.

11. BH
 Borrower's audited consolidated financial statements for the fiscal year ended December 31, 2023 including the consolidated
 balance sheets, statements of loss and comprehensive loss, cash flows and changes in shareholders' deficiency and the notes
 thereon and the unaudited interim consolidated financial statements for the three months ended March 31, 2025 (collectively, the
 "**Current Financial Statements** "), have been prepared in accordance with US GAAP. The Current Financial Statements
 fairly present in all material respects the financial condition and results of operations of SV Borrower and BH Borrower, on a consolidated
 basis, as at the respective dates specified therein and for the periods then ended. The Obligors have not effected any material change
 in its accounting methods, principles or practices since the date of the Current Financial Statements. The Obligors do not intend
 to correct or restate, nor, to the knowledge of the Obligors, is there any basis for any correction or restatement of, any aspect
 of the Current Financial Statements. Other than as set out in Section (11) of the Disclosure Letter, each Obligor is neither a party
 to, nor had a commitment to become a party to, any material off balance sheet transactions, arrangements, obligations (including
 contingent obligations) or other relationships of any of the Borrowers or any subsidiary of the Borrowers with unconsolidated entities.
 MNP LLP is the current auditor of BH Borrower and is "independent" of the Obligors within the meaning of the Rules of
 Professional Conduct of the Chartered Professional Accountants of Canada. There has never been a "reportable event" (within
 the meaning of National Instrument 51-102 – Continuous Disclosure Obligations of the Canadian Securities Administrators) ()"**NI 51-102**") with the present or any former auditor of the Obligors.

12. Since
 the end date of its Current Financial Statements, the Obligors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have
 conducted its business only in the ordinary course of business and no Material Adverse Effect has occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have
 not incurred any Indebtedness which is not shown or reflected in the most recent interim financial statements provided to the Lender
 or in Section (12) of the Disclosure Letter.

 

*Tax Matters*

13. (a)
 Taxes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All
 material Taxes due and payable by each of the Obligors (whether or not shown due on any Tax returns and whether or not assessed (or
 reassessed) by the appropriate Governmental Authority) have been timely paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All
 Tax returns required by Applicable Law to be filed by or with respect to the Obligors have been properly prepared and timely filed
 and all such Tax returns (including information provided therewith or with respect thereto) are true, complete and correct in all
 material respects, and no material fact or facts have been omitted therefrom which would make any such Tax returns misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As
 of the date hereof, no audit or other proceeding by any Governmental Authority is pending or, to the knowledge of the Obligors, threatened
 with respect to any Taxes due from or with respect to the Obligors, and no Governmental Authority has given written notice of any
 intention to assert any deficiency or claim for additional Taxes against either of the Obligors. As of the date hereof, there are
 no matters under discussion, audit or appeal or in dispute with any Governmental Authority relating to Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other
 than as set out in Section (13) of the Disclosure Letter, no Governmental Authority of a jurisdiction in which the Obligors do not
 file Tax returns has made any written claim that either of the Obligors are or may be subject to taxation by such jurisdiction. To
 the knowledge of the Obligors, there is no basis for a claim that the Obligors is subject to Tax in a jurisdiction in which the Obligors
 do not file Tax returns. As of the date hereof, each of the Obligors only file Tax returns in the jurisdictions in which it is incorporated
 or organized and in any jurisdiction in which it carries on any material business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As
 of the date hereof, there are no reassessments of Taxes for the Obligors that have been issued and are under dispute, and the Obligors
 have not received any communication from any Governmental Authority that an assessment or reassessment is proposed in respect of
 any Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To
 the knowledge of the Obligors, each of the Obligors have withheld or collected any material Taxes that are required by Applicable
 Law to be withheld or collected and have paid or remitted, on a timely basis, the full amount of any Taxes that have been withheld
 or collected, and are due, to the applicable Governmental Authority.

14. Section
 (14) of the Disclosure Letter sets out a full and complete list of all existing Funded Debt of the Obligors.

 

*Non-Contravention*

15. Subject
 to Section (15) of the Disclosure Letter, none of the execution and delivery of this Agreement or the other Credit Documents, or
 the completion of the transactions contemplated hereby or thereby, by each Obligor thereto, will (i) require that a consent be obtained
 or a notice be provided under or result in or constitute a breach or default under any agreement, mortgage, bond or other instrument
 to which it is a party or which is binding on it or its assets, (ii) violate the terms of its constating documents, (iii) require
 that a consent be obtained or a notice be provided under or violate any Applicable Law or any Required Authorization or the material
 terms and conditions of any Other Rights, or result in any modification, revocation, alteration or transfer of any Required Authorization
 or Other Right, (iv) result in the imposition of any Lien on the Project Assets, or (v) contravene any judgment, order, writ, injunction
 or decree of any Governmental Authority.

16. No
 Obligor is in breach of or default under, and no event has occurred that, with the passage of time or notice, or both, would constitute
 or would reasonably be expected to constitute such a breach of or default under, any agreement, mortgage, bond or other instrument
 to which it is a party or which is binding on it or its assets, other than a breach or default or event that would not, individually
 or in the aggregate, have a Material Adverse Effect. To the knowledge of the Obligors, there is no breach or default by any counterparty
 thereto or inability of any counterparty thereto to perform its obligations thereunder which has, individually or in the aggregate,
 a Material Adverse Effect.

 

 

*Regulatory Compliance*

17. No
 consents, approvals or permissions are required to be obtained by, nor any filings made with any Governmental Authority by any Obligor
 in connection with the execution and delivery or the performance by it of this Agreement and the other Credit Documents to which
 it is a party, or in respect of its obligations hereunder or thereunder, other than as set forth in Section (17) of the Disclosure
 Letter.

18. Each
 Obligor has conducted and is conducting its respective business in compliance in all material respects with Applicable Laws.

19. No
 Obligor nor, to the knowledge of the Obligors, any director, officer, manager, member, employee, consultant, representative or agent
 thereof, acting on its behalf has violated (i) the *Corruption of Foreign Public Officials Act* (Canada), the *Bribery Act* (United Kingdom), the *Foreign Corrupt Practices Act* (United States), and all other anti-bribery, and anti-corruption Applicable
 Laws, whether within Canada, the United States or to the extent applicable to any Obligor, elsewhere, including any regulations,
 guidelines or orders thereunder (collectively, the "**Anti-Bribery Laws** "); and (ii) the Proceeds of Crime (Money
 Laundering) and Terrorist Financing Act (Canada) and all other anti-money laundering, anti-terrorist financing, government sanction
 and "know your client" Applicable Laws, whether within Canada, the United States and, to the extent applicable to any
 Obligor, elsewhere, including any regulations, guidelines or orders thereunder (collectively, the "**Anti-Money Laundering Laws** "). No Obligor nor, to the knowledge of any Borrower, any director, officer, employee, consultant, representative or
 agent thereof acting on its behalf, has made a voluntary, directed, or involuntary disclosure to any Governmental Authority responsible
 for enforcing Anti-Bribery Laws or Anti-Money Laundering Laws, with respect to any alleged non-compliance by any Obligor or such
 other Persons (acting on behalf of an Obligor) with Anti-Bribery Laws or Anti-Money Laundering Laws. No Obligor has received any
 written notice, request, or citation from any Governmental Authority alleging non-compliance by any Obligor or such other Persons
 (acting on behalf of an Obligor) with any Anti-Bribery Laws or Anti-Money Laundering Laws.

20. The
 Obligors and their agents have complied at all times with Anti-Bribery Laws with respect to the Project and the development, construction
 or conduct of all operations or activities at the Project. The operations in relation to the Project are and have been conducted
 at all times in compliance with applicable financial record-keeping and reporting requirements of Anti-Money Laundering Laws and
 no action, suit or proceeding by or before any court or Governmental Authority or any arbitrator involving the Obligors with respect
 to the Anti-Money Laundering Laws is pending or, to the best knowledge of the Obligors, threatened.

21. The
 Obligors have not, and, to the knowledge of the Obligors, no director, officer, employee, consultant, representative or agent of
 the Obligors have, transacted business on behalf of the Obligors with any Restricted Person.

22. BH
 Borrower is a "reporting issuer" (or the equivalent) in the provinces of British Columbia, Alberta and Ontario and is
 not included on a list of defaulting reporting issuers maintained by the securities regulators or other securities regulatory authorities
 in any such provinces (collectively, the "**Securities Regulators** "). No order, ruling or determination having the
 effect of suspending the sale or ceasing or suspending trading in any securities of BH Borrower has been issued by any Governmental
 Authority and is continuing in effect and no proceedings for such purpose have been instituted or are, to the knowledge of the Obligors,
 pending or threatened.

 

 

*Legal Proceedings*

23. Other
 than as set forth in Section (23) of the Disclosure Letter, there are no actions, suits, proceedings, hearings, inquiries, investigations
 or claims commenced or, to the knowledge of the Obligors, threatened against any Obligor or that involve the Project, and which,
 individually or in the aggregate, (i) would prevent or limit, restrict or impair in any material respect the ability of an Obligor
 to enter into this Agreement or the other Credit Documents to which it is a party or would reasonably be expected to materially and
 adversely impair the performance of its obligations under this Agreement or the other Credit Documents or the development of the
 Project, or (ii) that could reasonably be expected to result in a Material Adverse Effect.

24. No
 Obligor is a party to or subject to any judgment, order, writ, injunction or decree, involving the Project, which (i) could reasonably
 be expected to materially and adversely impair the performance of its obligations under this Agreement or the other Credit Documents,
 or (ii) could reasonably be expected to result in a Material Adverse Effect. No action or proceeding has been instituted or remains
 pending or, to the knowledge of the Obligors, has been threatened and not resolved, by or before any Governmental Authority that
 (i) could reasonably be expected to materially and adversely impair the development of the Project, or (ii) could reasonably be expected
 to result in a Material Adverse Effect.

 

*Material Information*

25. All
 material information relating to the Project and Project Assets and prepared by or on behalf of the current management of the Obligors
 and that has been made available or delivered to any Lender, including forecasts, projections, mine plans, budgets and environmental
 audits, assessments, studies and tests, including any environmental and social impact assessment study reports, was prepared in good
 faith and on the basis of assumptions that the management of the Obligors believe to be reasonable at the time of preparation, subject
 to any material changes of which the Obligors have informed the Lender in writing. To the knowledge of the management of the Obligors,
 all material information relating to the Project and the Project Assets prepared at the request of current management of the Obligors
 by third parties and that has been made available or delivered to any Lender including forecasts, projections, mine plans, budgets
 and environmental audits, assessments, studies and tests, including any material environmental and social impact assessment study
 reports, was prepared in good faith and does not contain materially incorrect information. The Obligors do not have knowledge of
 any change to the facts and assumptions underlying the estimates in the technical report and preliminary economic assessment for
 underground milling and concentration of lead, silver and zinc at the Mine dated December 29, 2021 and effective November 29, 2021,
 as amended and restated as of February 22, 2022 effective January 7, 2022 and as further updated and revised by Management's
 9 plus 3 model dated October 30, 2024 titled "*9^M3 Forecast Consolidated Optimization incl AP catch up*" and delivered
 to the Administrative Agent on November 15, 2024 ()"**PEA**") that would reasonably be expected to result in a material
 adverse change in any cost, price, reserves, resources or other relevant information in the PEA. All material information regarding
 the Project and the Project Assets, including drill results, technical reports and studies, that are required to be disclosed by
 Applicable Laws, have been publicly disclosed by the Obligors in compliance, in all material respects, with Applicable Laws.

26. As
 of the date hereof, all material information relating to the Project mineralization prepared by or on behalf of the current management
 of the Obligors has been made available or delivered to the Lender and, to the knowledge of the management of the Obligors, such
 information and the reports and information delivered to the Lender have been prepared in a manner which is consistent with Good
 Practice Standards, the statements, assumptions and projections contained therein are fair and reasonable as and when produced and,
 to the knowledge of the management of the Obligors, have been arrived at after reasonable inquiry having been made in good faith
 by the Persons responsible therefor. The estimated mineral resources relating to the Property as of the date hereof are as stated
 in the PEA. The Obligors are in compliance in all material respects with NI 43-101 in connection with the disclosure of scientific
 or technical information made by the Obligors concerning the Project. The Obligors have duly filed with the applicable regulatory
 authorities in compliance in all material respects with Applicable Laws all reports required by NI 43-101 in connection with the
 Project, and all such reports were prepared in accordance with the requirements of NI 43-101 in all material respects. As of the
 date hereof, there are no outstanding unresolved comments of the TSX Venture Exchange (the "**TSX-V**") or any Securities
 Regulator in respect of the technical disclosure relating to the Project made in the documents which have been filed by or on behalf
 of the Obligors with the relevant Securities Regulators pursuant to the requirements of Applicable Laws, including all documents
 publicly available on BH Borrower's SEDAR+ profile.

27. The
 Obligors are in compliance in all material respects with all timely and continuous disclosure obligations under Applicable Laws,
 including NI 51-102, and the policies, rules and regulations of the TSX-V and, without limiting the generality of the foregoing,
 except as disclosed to the Lender, there has been no "material change", as defined in the *Securities Act* (Ontario)
 (actual, or, to the knowledge of the Obligors, proposed or prospective, whether financial or otherwise) in the business, results
 of operations, prospects, assets, liabilities (contingent or otherwise) or capital or financial condition of the Obligors on a consolidated
 basis which has not been publicly disclosed within the period required by NI 51-102, and except as disclosed to the Lender, the Obligors
 have not filed any confidential material change reports which remain confidential as of the date hereof.

 

*Project*

28. The
 PEA was prepared in a manner which is consistent with Good Practice Standards and the statements, assumptions and projections contained
 therein were fair and reasonable as and when produced and, to the Obligors' knowledge, were arrived at after reasonable inquiry,
 having been made in good faith by the Persons responsible therefor. The PEA contains a reasonable estimate in all material respects
 of projected capital expenditures for the Real Property subject to fluctuations in exchange rates, commodity prices and electricity
 rates and has been prepared in a manner which is consistent with Good Practice Standards.

29. Subject
 to Section (29) of the Disclosure Letter, the SV Borrower is the sole recorded and beneficial owner of the Real Property, free and
 clear of any Liens or other encumbrances (other than Permitted Liens). Section (29) of the Disclosure Letter sets out a full and
 complete list of all Permitted Liens. Except for any Permitted Liens or as listed in Section (29) of the Disclosure Letter, no Person
 other than the Lender has any agreement to acquire, option, right of first refusal or right, title or interest or any right that
 is or will become an agreement to acquire, option, right of first refusal or right, title or interest, in or to all or any material
 part of the Collateral or any Project Assets nor has either of the Obligors granted, or agreed to grant, any Liens or other encumbrances,
 other than Permitted Liens, on the Collateral or any Project Asset.

30. The
 Required Authorizations and Other Rights required for the development, construction or operation of the Project, including commercial
 production of the silver, lead and zinc from the Project, whether obtained or issued by the date hereof or not, are listed in Section
 (30) of the Disclosure Letter. The Obligors have complied in all material respects with all conditions provided for in the Required
 Authorizations and Other Rights required to be complied with as of the date this representation is made.

31. Other
 than as set forth in Section (31) of the Disclosure Letter, all Authorizations and Other Rights required for the development, construction
 and operation of the Project, including for greater certainty all environmental and water permits, are in full force and effect and
 in good standing and none of the Obligors, and to the best of the knowledge and belief of each of the Obligors, no other Person party
 thereto is, in default in any material respect under any such Authorization or Other Right.

32. No
 Authorization or Other Right relating to the Project or the Real Property has been challenged, withdrawn, cancelled, amended or refused
 or, to the best of the knowledge and belief of each of the Obligors, threatened to be challenged, withdrawn, cancelled, amended or
 refused by any Governmental Authority or by any other Person.

33. Subject
 to Section (33) of the Disclosure Letter, operation of the Project is and has been in compliance in all material respects with all
 land use restrictions, zoning, regulations, ordinances, environmental laws and other similar Applicable Laws thereto. Subject to
 Section (33) of the Disclosure Letter, during the past three (3) years, neither of the Obligors nor any of its agents or employees
 has received any written notice from any Governmental Authority having jurisdiction over the Project alleging any violation of any
 Applicable Law, including, but not limited to, those relating to environmental laws, zoning, building, use, personal disability and
 fire or safety, which has not been cured or remedied. To the knowledge of the Obligors, there are not any threatened proceedings
 for the rezoning of the Real Property or any portion thereof.

34. Current
 management of the Obligors has arranged for the following environmental studies relating to the Project and the Real Property: (i)
 since September 2020, 30 site water sampling and broad spectrum lab testing on a monthly basis and field parameter testing on a bi-weekly
 basis, and (ii) in May 2021, a multi-year water flow analysis program with the University of Idaho's hydrogeology department,
 (iii) water chemistry analysis as part of planning for a proprietary in-mine water treatment system, (iv) evaluation of the capabilities
 of the Environmental Protection Agency's Central Treatment Plant, in the event that an Obligor may seek to purchase and/or
 operate it in the future. No other environmental investigation, study, audit, test or other analysis has been conducted by or at
 the request of current management of the Obligors with respect to the Project and the Real Property.

35. Subject
 to Section (35) of the Disclosure Letter, there are no material environmental liabilities of the Obligors or to the knowledge of
 the Obligors, in respect of the development, construction and operation of the Project, in each case, that have been incurred as
 at the date that this representation is made.

36. Subject
 to Section (36) of the Disclosure Letter, no release or threatened release of any chemicals, materials or substances, whether solid,
 liquid or gas, defined as or included in the definition of "contaminant", "pollutant", "hazardous substance",
 "hazardous waste", "hazardous material", or "toxic substance" under any applicable environmental
 law has occurred or is occurring at or from the Project for which environmental laws require notice, further investigation or any
 form of responsive action.

37. Section
 (37) of the Disclosure Letter lists all underground and above ground storage tanks located or previously located on the Real Property.

38. The
 Obligors have complied and will comply with all terms and conditions of the EPA Settlement Agreement, including, without limitation,
 making timely payments and providing financial assurance on schedule.

39. Except
 for the deferral arrangements disclosed in Section (39) of the Disclosure Letter, all payments relating to water treatments costs
 with respect to the Project, including all costs relating to the water treatment facility known as the Central Treatment Plant, have
 been paid in full, and there are no water treatment costs or other amounts in connection therewith owing to any Person, including,
 without limitation, the EPA and the Idaho Department of Environmental Quality ()"**IDEQ** ").

40. Except
 as disclosed in Section (40) of the Disclosure Letter, each of the Obligors are in compliance with their obligations to the EPA and
 the IDEQ with respect to the Obligors' responsibilities for meeting water discharge standards and for all water treatment costs
 in connection with the Property and there are no further water treatment costs due and payable by the Obligors to the EPA and the
 IDEQ.

41. All
 Real Property owned or leased by the Obligors is described in Schedule "F" to Royalty Agreement No. 3 (as defined in
 the Sprott Loan Agreement) and all mining claims, concessions and other mining rights forming part of the Mine or related thereto
 are described in Exhibit "D"

42. Guarantor
 has good and marketable title to the Real Property free and clear of any Liens other than Permitted Liens and its rights in and to
 the Real Property will be valid and in full force and effect in all material respects, and the Obligors will have complied in all
 material respects with all of their respective obligations in respect thereof, including payment of any annual fees and production
 penalties, under Applicable Laws. No third party holds any mining or real property rights that conflict in any material respect with
 the Guarantor's rights in and to the Real Property.

43. Except
 as set out in Section (43) of the Disclosure Letter, all mining concession, patent or maintenance fees and recording fees, and all
 other material exploration permit, authorization, lease, licensing and mining claim payments, rentals, taxes, assessments, renewal
 fees and other governmental charges, owing in respect of the Project and the Real Property or any part thereof, have been paid in
 full.

44. Guarantor
 owns or has the right to use or the benefit of all of the Other Rights and Project Assets and the Other Rights and Project Assets
 they own are free and clear of any Liens, other than Permitted Liens.

45. Subject
 only to the rights of any Governmental Authority set out in Section (45) of the Disclosure Letter and except for Permitted Liens,
 no Person is entitled to or holds any material rent, option, back-in right, earn-in right, right of first refusal, royalty, stream,
 participation, production or similar interests, or other payment in the nature of rent or royalty, on or for the Project, including
 any Products.

46. To
 the knowledge of the Obligors, there is no (i) expropriatory act or series of expropriatory acts, including eminent domain, confiscation,
 nationalization, requisition, deprivation, sequestration and/or similar acts, by law, order, executive or administrative action or
 otherwise of any Governmental Authority or any corporation or other entity controlled by any Governmental Authority the result of
 which expropriatory act or series of expropriatory acts is that all or substantially all of the rights, privileges and benefits pertaining
 to, associated with, threatened against or affecting all or any part of the Mine (collectively, an "**Expropriation Event** ")
 and (ii) circumstances, notices, discussions, or negotiations which could reasonably be expected to result in such an Expropriation
 Event.

 

 

*Community*

47. Except
 as set out in Section (47) of the Disclosure Letter, to the best knowledge of the Obligors, no indigenous or community groups (and
 no Persons on their behalf) have asserted any interest or rights or commenced or threatened any claims or proceedings affecting the
 Project or the Obligors that could result in a Material Adverse Effect.

48. Any
 relocation or resettlement of any persons, communities or settlements, including any indigenous persons, communities or settlements,
 in connection with the exploration, development or operation of the Project has been conducted in material compliance with all Applicable
 Laws and Authorizations.

49. Except
 as set out in Section (49) of the Disclosure Letter, and to the best of the knowledge and belief of each of the Obligors (i) no indigenous
 or community groups (and no Governmental Authority on behalf of any such groups) have asserted any interest or rights or commenced
 or threatened any claims or proceedings affecting the Real Property, the Project or any of the Obligors which have a Material Adverse
 Effect, and (ii) neither the Real Property nor any part of the Project is located on any land or in territory to which indigenous
 or local community groups own or are entitled to communal, collective rights or any other rights under Applicable Law.

50. The
 Obligors have complied with all previous consultation processes with local communities in accordance with Applicable Law.

 

*Other*

51. The
 execution, delivery and performance of this Agreement and the other Credit Documents by each Obligor thereto and the completion of
 the transactions contemplated hereby and thereby is exempt from the formal valuation requirement and the minority approval requirement
 of Multilateral Instrument 61-101 *Protection of Minority Security Holders in Special Transactions*.

52. Except
 as set out in Section (54) of the Disclosure Letter, no Obligor is party to any contract that would give rise to a valid claim against
 an Obligor and/or the Lender for a brokerage commission, finder's fee or like payment in connection with the transactions contemplated
 by this Agreement or the other Credit Documents.

53. Section
 (55) of the Disclosure Letter, lists all bank accounts of each of the Borrowers and the depositary bank at which such accounts are
 maintained.

54. The
 Obligors are in material compliance with all Applicable Laws respecting employment and employment practices, terms and conditions
 of employment, pay equity and wages; there is not currently any labour disruption, strike, or conflict involving or threatened against
 any Obligor or directly affecting the Mine. None of the Obligors are party to a collective bargaining agreement.

55. BH
 Borrower is a "reporting issuer" not in default of the requirements of Applicable Securities Legislation.

**EXHIBIT "D"**

**PROJECT MINING CLAIMS**

**Primary Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Ace | 2583 | 12 | 48 North | 2 East |
| African | 2624 | 13 | 48 North | 2 East |
| Alla | 1228 | 13 | 48 North | 2 East |
| Allie | 1229 | 13 | 48 North | 2 East |
| Apex | 3361 | 2 | 47 North | 2 East |
| Arizona | 1488 | 12 | 48 North | 2 East |
| Band | 2507 | 2 | 48 North | 2 East |
| Bear | 2081 | 13 | 48 North | 2 East |
| Bee | 2072 | 12 | 48 North | 2 East |
| Berniece | 1620 | 14 | 48 North | 2 East |
| Beta | 3471 | 13 | 48 North | 2 East |
| Blue Bird | 3361 | 2 | 47 North | 2 East |
| Boer | 2599 | 12 | 48 North | 2 East |
| Bonanza Fraction | 1228 | 13 | 48 North | 2 East |
| Bought Again | 1229 | 13 | 48 North | 2 East |
| Brady | 2584 | 12 | 48 North | 2 East |
| Buckeye | 2250 | 13 | 48 North | 2 East |
| Butte | 3361 | 2 | 47 North | 2 East |
| Butternut | 1916 | 13 | 48 North | 2 East |
| Cariboo | 1220 | 11 | 48 North | 2 East |
| Carter | 1466 | 14 | 48 North | 2 East |
| Chain | 2078 | 12 | 48 North | 2 East |
| Cheyenne | 2249 | 12 | 48 North | 2 East |
| Chief No. 2 | 2862 | 11 | 48 North | 2 East |
| Club | 2583 | 12 | 48 North | 2 East |
| Combination | 2072 | 12 | 48 North | 2 East |
| Confidence | 2328 | 12 | 48 North | 2 East |
| Coxey | 1466 | 14 | 48 North | 2 East |
| Cypress | 2429 | 12 | 48 North | 2 East |
| Deadwood | 1466 | 11 | 48 North | 2 East |
| Debs | 1466 | 11 | 48 North | 2 East |
| Dewey | 2081 | 13 | 48 North | 2 East |
| Diamond | 2583 | 12 | 48 North | 2 East |
| Drew | 2587 | 13 | 48 North | 2 East |
| East | 1228 | 13 | 48 North | 2 East |
| Emily Grace | 2587 | 13 | 48 North | 2 East |
| Emma | 550 | 12 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Ethel | 2966 | 11 | 48 North | 2 East |
| Evans | 2611 | 12 | 48 North | 2 East |
| Excelsior | 1356 | 11 | 48 North | 2 East |
| F | 2587 | 24 | 48 North | 2 East |
| Flagstaff | 2328 | 12 | 48 North | 2 East |
| Flagstaff No. 2 | 2921 | 12 | 48 North | 2 East |
| Flagstaff No. 4 | 2921 | 12 | 48 North | 2 East |
| Foster | 2587 | 13 | 48 North | 2 East |
| Good Luck | 1220 | 11 | 48 North | 2 East |
| Goth | 3214 | 2 | 48 North | 2 East |
| Grant | 2369 | 11, 12 | 48 North | 2 East |
| Grant | 2599 | 12 | 48 North | 2 East |
| Gun | 2611 | 18 | 48 North | 3 East |
| Gus | 2624 | 13 | 48 North | 2 East |
| Hamilton | 1466 | 14 | 48 North | 2 East |
| Hamilton Fraction | 1619 | 11 | 48 North | 2 East |
| Hard Cash | 1466 | 11 | 48 North | 2 East |
| Harrison | 1664 | 11 | 48 North | 2 East |
| Hawk | 2072 | 12 | 48 North | 2 East |
| Heart | 2511 | 12 | 48 North | 2 East |
| Helen Marr | 2452 | 12 | 48 North | 2 East |
| Hemlock | 2452 | 13 | 48 North | 2 East |
| Hickory | 2432 | 13 | 48 North | 2 East |
| Homestake | 1916 | 13 | 48 North | 2 East |
| Hornet | 1325 | 12 | 48 North | 2 East |
| Idaho | 2072 | 12 | 48 North | 2 East |
| Iowa | 2072 | 12 | 48 North | 2 East |
| Ironhill | 1228 | 13 | 48 North | 2 East |
| Ito | 2081 | 13 | 48 North | 2 East |
| Jack | 2511 | 12 | 48 North | 2 East |
| Jersey Fraction | 1220 | 12 | 48 North | 2 East |
| Josie | 1229 | 13 | 48 North | 2 East |
| K-24 | 2080 | 14 | 48 North | 2 East |
| K-4 | 2080 | 14 | 48 North | 2 East |
| K-40 | 2587 | 24 | 48 North | 2 East |
| Katherine | 2966 | 11 | 48 North | 2 East |
| Key | 2511 | 12 | 48 North | 2 East |
| King | 1325 | 12 | 48 North | 2 East |
| Kirby Fraction | 2654 | 12 | 48 North | 2 East |
| Lackawana | 614 | 13 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Lacrosse | 1228 | 13 | 48 North | 2 East |
| Last Chance | 551 | 12 | 48 North | 2 East |
| Likely | 1298 | 12 | 48 North | 2 East |
| Lilly | 2587 | 12 | 48 North | 2 East |
| Lincoln | 2187 | 12 | 48 North | 2 East |
| Lucia | 3390 | 14 | 48 North | 2 East |
| Lucky Chance | 1349 | 18 | 48 North | 3 East |
| Maine | 2626 | 11 | 48 North | 2 East |
| Manchester | 2966 | 11 | 48 North | 2 East |
| Maple | 1229 | 13 | 48 North | 2 East |
| Marblehead | 3390 | 10 | 48 North | 2 East |
| Margaret | 3390 | 14 | 48 North | 2 East |
| Mashonaland | 1227 | 13 | 48 North | 2 East |
| Matabelaland | 1227 | 13 | 48 North | 2 East |
| McClellan | 2654 | 12 | 48 North | 2 East |
| McClelland | 1681 | 11 | 48 North | 2 East |
| Miles | 2654 | 12 | 48 North | 2 East |
| Miners Delight | 1228 | 13 | 48 North | 2 East |
| Missouri | 2080 | 14 | 48 North | 2 East |
| Mountain King | 1620 | 14 | 48 North | 2 East |
| Mountain Queen | 1620 | 14 | 48 North | 2 East |
| Nancy B. | 3390 | 11 | 48 North | 2 East |
| Nellie | 2583 | 11 | 48 North | 2 East |
| Nevada | 1466 | 14 | 48 North | 2 East |
| New Era | 1527 | 12 | 48 North | 2 East |
| 96 | 1715 | 11 | 48 North | 2 East |
| No. 1 | 1357 | 11 | 48 North | 2 East |
| No. 2 | 1357 | 11 | 48 North | 2 East |
| No. 3 | 1357 | 11 | 48 North | 2 East |
| No. 4 | 1357 | 11 | 48 North | 2 East |
| No Name | 1228 | 13 | 48 North | 2 East |
| Norman | 2368 | 11 | 48 North | 2 East |
| Oakland | 569 | 11 | 48 North | 2 East |
| Offset | 1229 | 13 | 48 North | 2 East |
| Ollie McMillin | 1228 | 13 | 48 North | 2 East |
| Ontario Fraction | 755 | 11 | 48 North | 2 East |
| Oregon | 2274 | 15 | 48 North | 3 East |
| Overlap | 2052 | 12 | 48 North | 2 East |
| Oyama | 2081 | 13 | 48 North | 2 East |
| Olympia | 3390 | 10 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Packard | 1413 | 2 | 48 North | 2 East |
| Phil | 3390 | 14 | 48 North | 2 East |
| Phillippine | 1663 | 2 | 48 North | 2 East |
| Pitt | 2654 | 12 | 48 North | 2 East |
| Princess | 1633 | 11 | 48 North | 2 East |
| Quaker | 1414 | 2 | 48 North | 2 East |
| Queen | 2511 | 12 | 48 North | 2 East |
| Rambler | 1041 | 11 | 48 North | 2 East |
| Republican Fraction | 959 | 12 | 48 North | 2 East |
| Roman | 2583 | 11 | 48 North | 2 East |
| Rookery | 1229 | 13 | 48 North | 2 East |
| Roy | 2624 | 13 | 48 North | 2 East |
| Royal Knight | 1639 | 11 | 48 North | 2 East |
| S-11 | 2081 | 13 | 48 North | 2 East |
| S-12 | 2081 | 13 | 48 North | 2 East |
| S-13 | 2081 | 13 | 48 North | 2 East |
| Sampson | 1328 | 12 | 48 North | 2 East |
| Sampson | 2081 | 13 | 48 North | 2 East |
| San Carlos | 750 | 12 | 48 North | 2 East |
| Sarnia | 2081 | 13 | 48 North | 2 East |
| Scelinda No. 1 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 2 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 3 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 4 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 5 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 7 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 8 | 2921 | 1 | 48 North | 2 East |
| Schofield | 1228 | 13 | 48 North | 2 East |
| Skookum | 615 | 12 | 48 North | 2 East |
| Scorpion Fraction | 2072 | 12 | 48 North | 2 East |
| Sierra Nevada | 554 | 12 | 48 North | 2 East |
| Silver | 2587 | 13 | 48 North | 2 East |
| Silver King | 1639 | 11 | 48 North | 2 East |
| Sims | 2186 | 12 | 48 North | 2 East |
| Sold Again Fraction | 933 | 12 | 48 North | 2 East |
| Southern Beauty | 1620 | 14 | 48 North | 2 East |
| Spade | 2583 | 12 | 48 North | 2 East |
| Spokane | 2509 | 12 | 48 North | 2 East |
| Spruce Fraction | 2432 | 13 | 48 North | 2 East |
| Stemwinder | 1830 | 12 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Stopping | 1227 | 13 | 48 North | 2 East |
| Stuart No. 2 | 2966 | 11 | 48 North | 2 East |
| Stuart No. 3 | 2966 | 11 | 48 North | 2 East |
| Sugar | 2862 | 11 | 48 North | 2 East |
| Sullivan | 2966 | 11 | 48 North | 2 East |
| Summit | 1228 | 13 | 48 North | 2 East |
| Susie | 1229 | 13 | 48 North | 2 East |
| Taft | 2611 | 18 | 48 North | 3 East |
| Teddy | 2511 | 12 | 48 North | 2 East |
| Timothy Fraction | 2274 | 18 | 48 North | 3 East |
| Tip Top | 1041 | 11 | 48 North | 2 East |
| Trump | 2624 | 13 | 48 North | 2 East |
| Tyler | 546 | 12 | 48 North | 2 East |
| Utah | 1882 | 12 | 48 North | 2 East |
| Viola | 562 | 12 | 48 North | 2 East |
| Washington | 2072 | 12 | 48 North | 2 East |
| Waverly | 1620 | 14 | 48 North | 2 East |
| Wheelbarrow | 1526 | 12 | 48 North | 2 East |
| William Lambert Fraction | 1945 | 2 | 48 North | 2 East |
| Yale | 2611 | 13 | 48 North | 2 East |
| Zululand | 1227 | 13 | 48 North | 2 East |

---

This Primary Claims set contains all resource material included in the 2021 PEA Mineral Resource Estimate, as well as those areas listed in the historic 1991 reserves. Due to the inconsistent orientation and nature of the mineralization underlying the above parcels, the Primary Royalty rate will be applied to all extracted and processed mineralized material lying under and within Primary Claims' area, up to 90 degrees nadir along the Primary Claims' boundaries.

In order to accommodate the down-dip potential on structures included within the 2021 PEA Mineral Resource Estimate and historic 1991 historic reserves report, all material processed interstitial to existing development, along strike but within the Primary Claims' boundary restrictions listed in the above paragraph, and continuously down-dip to the termination of the structure, the following zones will constitute Primary Claims and be assigned a 1.85% royalty rate: Shea, Tallon, Ike/Truman, Emery, J, Mac, Francis/FW Francis. These names are taken to be the names used during past production and denote discrete mineralized structures. This rule is added to the overlying royalty rate's material restrictions to reflect a more typical "Apex Law" situation for tabular mineralized zones and applies only to those structures listed above. Splays and associated structures that connect geologically to those listed above will receive the Primary Royalty rate of the main structure.

**GGS Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Adath | 2976 | 22 | 48 North | 2 East |
| Alykris | 2976 | 22 | 48 North | 2 East |
| Anna Laura | 2976 | 22 | 48 North | 2 East |
| Atlas | 2976 | 22 | 48 North | 2 East |
| Atlas No. 1 | 2976 | 22 | 48 North | 2 East |
| B | 2587 | 24 | 48 North | 2 East |
| Battleship Oregon | 3390 | 14 | 48 North | 2 East |
| Black | 2081 | 13 | 48 North | 2 East |
| Brown | 2081 | 13 | 48 North | 2 East |
| Charly T. | 3390 | 14 | 48 North | 2 East |
| E | 2587 | 24 | 48 North | 2 East |
| Edna | 2587 | 13 | 48 North | 2 East |
| 85 | 2077 | 15 | 48 North | 2 East |
| Fraction | 2976 | 22 | 48 North | 2 East |
| Gay | 2976 | 22 | 48 North | 2 East |
| Hoover No. 1 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 2 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 3 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 4 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 5 | 2975 | 13 | 48 North | 2 East |
| Iowa No. 2 | 2077 | 15 | 48 North | 2 East |
| K-1 | 2080 | 14 | 48 North | 2 East |
| K-10 | 2077 | 15 | 48 North | 2 East |
| K-11 | 2077 | 15 | 48 North | 2 East |
| K-12 | 2077 | 15 | 48 North | 2 East |
| K-13 | 2077 | 15 | 48 North | 2 East |
| K-14 | 2080 | 14 | 48 North | 2 East |
| K-15 | 2080 | 14 | 48 North | 2 East |
| K-16 | 2077 | 14 | 48 North | 2 East |
| K-17 | 2077 | 15 | 48 North | 2 East |
| K-2 | 2080 | 14 | 48 North | 2 East |
| K-25 | 2080 | 14 | 48 North | 2 East |
| K-26 | 2080 | 14 | 48 North | 2 East |
| K-27 | 2080 | 14 | 48 North | 2 East |
| K-28 | 2077 | 15 | 48 North | 2 East |
| K-3 | 2080 | 14 | 48 North | 2 East |
| K-30 | 2077 | 14 | 48 North | 2 East |
| K-31 | 2077 | 14 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| K-32 | 2077 | 22 | 48 North | 2 East |
| K-33 | 2080 | 23 | 48 North | 2 East |
| K-34 | 2080 | 23 | 48 North | 2 East |
| K-35 | 2080 | 23 | 48 North | 2 East |
| K-36 | 2080 | 23 | 48 North | 2 East |
| K-37 | 2080 | 23 | 48 North | 2 East |
| K-38 | 2080 | 23 | 48 North | 2 East |
| K-5 | 2080 | 14 | 48 North | 2 East |
| K-7 | 2080 | 14 | 48 North | 2 East |
| K-8 | 2080 | 14 | 48 North | 2 East |
| K-9 | 2080 | 14 | 48 North | 2 East |
| Kansas | 2080 | 14 | 48 North | 2 East |
| Lilly May | 1220 | 12 | 48 North | 2 East |
| Little Ore Grande | 2977 | 23 | 48 North | 2 East |
| Mabundaland | 1227 | 13 | 48 North | 2 East |
| Medium | 2587 | 13 | 48 North | 2 East |
| Missouri No. 2 | 2077 | 15 | 48 North | 2 East |
| 91 | 2077 | 15 | 48 North | 2 East |
| 92 | 2077 | 15 | 48 North | 2 East |
| No. 1 | 2587 | 24 | 48 North | 2 East |
| No. 2 | 2587 | 24 | 48 North | 2 East |
| North Midland | 3108 | 24 | 48 North | 2 East |
| Orbit | 3097 | 23 | 48 North | 2 East |
| Ore Grande No. 1 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 2 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 3 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 4 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 5 | 2977 | 23 | 48 North | 2 East |
| Ore Shoot | 3097 | 23 | 48 North | 2 East |
| Oreano | 3097 | 23 | 48 North | 2 East |
| Orient | 3097 | 23 | 48 North | 2 East |
| Oriental Orphan | 3097 | 23 | 48 North | 2 East |
| Orpheum | 3097 | 23 | 48 North | 2 East |
| Panorama | 2976 | 23 | 48 North | 2 East |
| Penfield | 2587 | 13 | 48 North | 2 East |
| Red Deer | 2976 | 22 | 48 North | 2 East |
| S-10 | 2081 | 13 | 48 North | 2 East |
| Setzer | 2976 | 22 | 48 North | 2 East |
| Texas | 2080 | 14 | 48 North | 2 East |

---

The GGS Royalty rate will apply to all GGS Claims either partly or wholly-covered by the ground geophysical survey announced on June 16, 2021

**Residual Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| A | 2587 | 24 | 48 North | 2 East |
| Alfred | 1628 | 2 | 48 North | 2 East |
| Anaconda | 3361 | 2 | 47 North | 2 East |
| Apex No. 2 | 3361 | 1 | 47 North | 2 East |
| Apex No. 3 | 3361 | 1 | 47 North | 2 East |
| Army | 3096 | 22 | 48 North | 2 East |
| Asset | 2611 | 12 | 48 North | 2 East |
| Baby (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Black Diamond | 3423 | 10 | 48 North | 3 East |
| Blue Grouse | 3361 | 2 | 47 North | 2 East |
| Bob White | 3361 | 2 | 47 North | 2 East |
| Bonanza King Millsite | 2868 | 8 | 48 North | 3 East |
| Brooklyn | 2201 | 10 | 48 North | 2 East |
| Butte Fraction | 3361 | 2 | 47 North | 2 East |
| C | 2587 | 24 | 48 North | 2 East |
| Carbonate | 3423 | 3 | 48 North | 3 East |
| Castle | 3503 | 17 | 48 North | 2 East |
| Childs | 2611 | 12 | 48 North | 2 East |
| Comstock | 1345 | 18 | 48 North | 3 East |
| Cougar | 3361 | 2 | 47 North | 2 East |
| D | 2587 | 24 | 48 North | 2 East |
| Daisy | 1345 | 18 | 48 North | 3 East |
| Dandy | 1345 | 18 | 48 North | 3 East |
| Danish | 1503 | 2 | 48 North | 2 East |
| East Midland | 3108 | 19 | 48 North | 3 East |
| Eli | 2611 | 18 | 48 North | 3 East |
| Enterprise | 3423 | 3 | 48 North | 3 East |
| Enterprise Extension | 3423 | 10 | 48 North | 3 East |
| Evening Star | 2274 | 15 | 48 North | 3 East |
| Evening Star Fraction | 2274 | 15 | 48 North | 3 East |
| Fairview | 621 | 18 | 48 North | 3 East |
| Flagstaff No. 3 | 2921 | 12 | 48 North | 2 East |
| Galena | 3361 | 1 | 47 North | 2 East |
| Gelatin | 3423 | 10 | 48 North | 3 East |
| Giant | 3423 | 3 | 48 North | 3 East |
| Good Enough | 1628 | 2 | 48 North | 2 East |
| Huckleberry No. 2 | 3361 | 2 | 47 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Jackass | 586 | 13 | 48 North | 2 East |
| Jessie | 1345 | 18 | 48 North | 3 East |
| Julia | 1345 | 18 | 48 North | 3 East |
| Justice | 1345 | 18 | 48 North | 3 East |
| K-18 | 2077 | 15 | 48 North | 2 East |
| K-19 | 2077 | 15 | 48 North | 2 East |
| K-20 | 2077 | 15 | 48 North | 2 East |
| K-21 | 2077 | 14 | 48 North | 2 East |
| K-22 | 2077 | 14 | 48 North | 2 East |
| K-23 | 2077 | 15 | 48 North | 2 East |
| K-29 | 2077 | 15 | 48 North | 2 East |
| K-39 | 2077 | 15 | 48 North | 2 East |
| K-6 | 2080 | 14 | 48 North | 2 East |
| Keystone (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| L-1 | 3214 | 2 | 48 North | 2 East |
| L-2 | 3214 | 9 | 48 North | 2 East |
| L-3 | 3214 | 9 | 48 North | 2 East |
| Leopard | 3361 | 2 | 47 North | 2 East |
| Lesley | 2977 | 23 | 48 North | 2 East |
| Lesley No. 2 | 2977 | 23 | 48 North | 2 East |
| Lesley No. 3 | 2977 | 23 | 48 North | 2 East |
| Long John | 3179 | 7 | 48 North | 3 East |
| Lydia Fraction | 1723 | 2 | 48 North | 2 East |
| Lynx | 3361 | 35 | 47 North | 2 East |
| Mabel | 1723 | 2 | 48 North | 2 East |
| MacBenn | 3361 | 2 | 47 North | 2 East |
| Maggie | 1628 | 2 | 48 North | 2 East |
| Manila | 1723 | 2 | 48 North | 2 East |
| Marin | 3361 | 2 | 47 North | 2 East |
| Marko | 3051 | 7 | 48 North | 3 East |
| Maryland | 2274 | 15 | 48 North | 3 East |
| McRooney | 2966 | 11 | 48 North | 2 East |
| Midland | 3108 | 19 | 48 North | 3 East |
| Midland No. 1 | 3108 | 24 | 48 North | 2 East |
| Midland No. 3 | 3108 | 24 | 48 North | 2 East |
| Midland No. 4 | 3108 | 24 | 48 North | 2 East |
| Midland No. 5 | 3108 | 24 | 48 North | 2 East |
| Midland No. 6 | 3108 | 24 | 48 North | 2 East |
| Midland No. 7 | 3108 | 24 | 48 North | 2 East |
| Midland No. 8 | 3108 | 24 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Milo Millsite | 2869 | 8, 17 | 48 North | 3 East |
| Minnesota | 2077 | 15 | 48 North | 2 East |
| Missing Link | 2587 | 24 | 48 North | 2 East |
| Monmouth | 2274 | 15 | 48 North | 3 East |
| Monte Carlo No. 1 | 3177 | 18 | 48 North | 3 East |
| Monte Carlo No. 2 | 3177 | 18 | 48 North | 3 East |
| Monte Carlo No. 3 | 3177 | 7, 18 | 48 North | 3 East |
| Monte Carlo No. 4 | 3177 | 7, 18 | 48 North | 3 East |
| Monte Carlo No. 5 | 3177 | 18 | 48 North | 3 East |
| Navy | 3096 | 22 | 48 North | 2 East |
| New Jersey | 2201 | 10 | 48 North | 2 East |
| Nick | 2611 | 18 | 48 North | 3 East |
| North Wellington | 2977 | 23 | 48 North | 2 East |
| O.K. | 1723 | 2 | 48 North | 2 East |
| O.K. Western | 1723 | 2 | 48 North | 2 East |
| Ophir | 1345 | 18 | 48 North | 3 East |
| Oracle | 3097 | 23 | 48 North | 2 East |
| Oregon | 2072 | 12 | 48 North | 2 East |
| Oregon No. 2 | 2274 | 15 | 48 North | 3 East |
| Ox | 2611 | 18 | 48 North | 3 East |
| Peak | 2587 | 24 | 48 North | 2 East |
| Pete | 3389 | 10 | 48 North | 2 East |
| Pheasant | 3361 | 2 | 47 North | 2 East |
| Prominade | 3389 | 10 | 48 North | 2 East |
| Reeves | 1412 | 2 | 48 North | 2 East |
| Robbin | 3361 | 2 | 47 North | 2 East |
| Rolling Stone | 619 | 18 | 48 North | 3 East |
| Rolling Stone | 3423 | 10 | 48 North | 3 East |
| Ruth | 2611 | 18 | 48 North | 3 East |
| S-9 | 2081 | 19 | 48 North | 3 East |
| Sam | 3389 | 10 | 48 North | 2 East |
| Schute Fraction | 2201 | 10 | 48 North | 2 East |
| Sherman | 2611 | 12 | 48 North | 2 East |
| Silver Chord | 2274 | 15 | 48 North | 3 East |
| Silver King Millsite | 3563 | 2 | 48 North | 2 East |
| Simmons | 2611 | 12 | 48 North | 2 East |
| Snowline | 2587 | 25 | 48 North | 2 East |
| Sonora | 3361 | 2 | 47 North | 2 East |
| Spokane Central No. 1 | 3472 | 19 | 48 North | 3 East |
| Spokane Central No. 2 | 3472 | 20 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Spokane Central No. 3 | 3472 | 20 | 48 North | 3 East |
| Spokane Central No. 4 | 3472 | 20 | 48 North | 3 East |
| Spokane Central No. 5 | 3472 | 20 | 48 North | 3 East |
| Spring | 3298 | 15 | 48 North | 3 East |
| Star | 2081 | 13 | 48 North | 2 East |
| Sullivan Extension | 1228 | 13 | 48 North | 2 East |
| Sunny | 1723 | 2 | 48 North | 2 East |
| Switzerland | 2966 | 11 | 48 North | 2 East |
| V.M. No. 1 | 3051 | 7 | 48 North | 3 East |
| V.M. No. 2 | 3051 | 7 | 48 North | 3 East |
| Van (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Venture | 3164 | 2 | 48 North | 2 East |
| Walla Walla | 1345 | 18 | 48 North | 3 East |
| Wellington | 2977 | 23 | 48 North | 2 East |
| Whippoorwill | 1723 | 2 | 48 North | 2 East |
| Woodrat (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Yreka No. 10 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 11 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 12 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 13 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 14 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 15 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 16 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 17 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 18 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 19 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 20 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 21 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 22 | 2587 | 24 | 48 North | 2 East |
| Yreka No. 23 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 24 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 25 | 2587 | 24 | 48 North | 2 East |
| Yreka No. 26 | 2587 | 19 | 48 North | 3 East |
| Zeke | 3389 | 10 | 48 North | 2 East |
| S-1 | 2081 | 18, 19 | 48 North | 3 East |
| S-2 | 2081 | 18 | 48 North | 3 East |
| S-3 | 2081 | 18, 19 | 48 North | 3 East |
| S-4 | 2081 | 19 | 48 North | 3 East |
| S-5 | 2081 | 19 | 48 North | 3 East |
| S-6 | 2081 | 19 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| S-7 | 2081 | 19 | 48 North | 3 East |
| S-8 | 2081 | 18, 19 | 48 North | 3 East |
| Butte | 1220 | 11 | 48 North | 2 East |
| Apex | 1041 | 11 | 48 North | 2 East |
| Blue Bird | 1229 | 13 | 48 North | 2 East |
| Saxon | 2067 | 11 | 48 North | 2 East |
| Link | 2123 | 12 | 48 North | 2 East |
| Spur | 2124 | 12 | 48 North | 2 East |
| Spear | 2496 | 12 | 48 North | 2 East |
| Marion | 2583 | 11 | 48 North | 2 East |
| Ben Herr | 2599 | 12 | 48 North | 2 East |
| Kruger | 2599 | 12 | 48 North | 2 East |
| Philippine | 2599 | 12 | 48 North | 2 East |
| Hough | 2611 | 12 | 48 North | 2 East |
| California | 2627 | 11 | 48 North | 2 East |
| Check | 2840 | 1 | 48 North | 2 East |
| Florence | 2862 | 11 | 48 North | 2 East |
| Billy | 3111 | 11 | 48 North | 2 East |
| Lucky | 3470 | 13 | 48 North | 2 East |
| Moat | 3503 | 17 | 48 North | 3 East |
| Bunker Hill | 579 | 12 | 48 North | 2 East |
| Sullivan | 580 | 13 | 48 North | 2 East |
| Important Fraction | 581 | 13 | 48 North | 2 East |
| Phil Sheridan | 604 | 13 | 48 North | 2 East |
| Reed Fraction | 607 | 13 | 48 North | 2 East |
| Bunker Hill Millsite | 608 | 13 | 48 North | 2 East |
| Small Hopes | 609 | 13 | 48 North | 2 East |
| Bottom Dollar Fraction | 629 | 13 | 48 North | 2 East |
| Chestnut Fraction | 632 | 13 | 48 North | 2 East |
| Emma | 703 | 12 | 48 North | 2 East |
| Last Chance Millsite | 703 | 12 | 48 North | 2 East |
| Ontario | 755 | 11 | 48 North | 2 East |
| Carbonate | 764 | 11 | 48 North | 2 East |
| Silver Casket | 790 | 11 | 48 North | 2 East |
| Turkey Buzzard | 836 | 13 | 48 North | 2 East |
| Snowslide Fraction | 837 | 13 | 48 North | 2 East |
| Silver | 1085 | 12 | 48 North | 2 East |
| Johnnesburg | 1192 | 12 | 48 North | 2 East |
| Puritan | 1328 | 12 | 48 North | 2 East |
| No. 5 | 1357 | 11 | 48 North | 2 East |
| Omaha | 1409 | 12 | 48 North | 2 East |
| Legal Tender | 1639 | 11 | 48 North | 2 East |
| Triangle Fraction | 2065 | 13 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **BLM Serial #** | **Section** | **Township** | **Range** |
| BHM 1 | ID106709778 | 1 | 48 North | 2 East |
| BHM 2 | ID106709779 | 1 | 48 North | 2 East |
| BHM 3 | ID106709780 | 1 | 48 North | 2 East |
| BHM 4 | ID106709781 | 1 | 48 North | 2 East |
| BHM 5 | ID106709782 | 1 | 48 North | 2 East |
| BHM 6 | ID106709783 | 1 | 48 North | 2 East |
| BHM 7 | ID106709784 | 1 | 48 North | 2 East |
| BHM 8 | ID106709785 | 1 | 48 North | 2 East |
| NBH 1 | ID106715514 | 11 | 48 North | 2 East |
| NBH 2 | ID106715515 | 11 | 48 North | 2 East |
| NBH 3 | ID106715516 | 11 | 48 North | 2 East |
| NBH 4 | ID106715517 | 11 | 48 North | 2 East |
| NBH 5 | ID106715518 | 11 | 48 North | 2 East |
| NBH 6 | ID106715519 | 11 | 48 North | 2 East |
| NBH 7 | ID106715520 | 11 | 48 North | 2 East |
| NBH 8 | ID106715521 | 11 | 48 North | 2 East |
| NBH 9 | ID106715522 | 1 | 48 North | 2 East |
| NBH 10 | ID106715523 | 1 | 48 North | 2 East |
| NBH 11 | ID106715524 | 1 | 48 North | 2 East |
| NBH 12 | ID106715525 | 1 | 48 North | 2 East |
| NBH 13 | ID106715526 | 1 | 48 North | 2 East |
| NBH 14 | ID106715527 | 1 | 48 North | 2 East |
| NBH 15 | ID106715528 | 1 | 48 North | 2 East |
| NBH 16 | ID106715529 | 12 | 48 North | 2 East |
| NBH 17 | ID106715530 | 12 | 48 North | 2 East |
| NBH 18 | ID106715531 | 7 | 48 North | 3 East |
| NBH 19 | ID106715532 | 12 | 48 North | 2 East |
| NBH 20 | ID106715533 | 18 | 48 North | 3 East |
| NBH 21 | ID106715534 | 7 | 48 North | 3 East |
| NBH 22 | ID106715535 | 17 | 48 North | 3 East |
| NBH 23 | ID106715536 | 18 | 48 North | 3 East |
| NBH 24 | ID106715537 | 17 | 48 North | 3 East |
| NBH 25 | ID106715538 | 18 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **BLM Serial #** | **Section** | **Township** | **Range** |
| NBH 26 | ID106715539 | 18 | 48 North | 3 East |
| NBH 27 | ID106715540 | 18 | 48 North | 3 East |
| NBH 28 | ID106715541 | 18 | 48 North | 3 East |
| NBH 29 | ID106715542 | 35 | 48 North | 2 East |
| NBH 30 | ID106715543 | 35 | 48 North | 2 East |
| NBH 31 | ID106715544 | 35 | 48 North | 2 East |
| NBH 32 | ID106715545 | 35 | 48 North | 2 East |
| NBH 33 | ID106715546 | 35 | 48 North | 2 East |
| NBH 34 | ID106715547 | 35 | 48 North | 2 East |
| NBH 35 | ID106715548 | 35 | 48 North | 2 East |
| NBH 36 | ID106715549 | 35 | 48 North | 2 East |
| NBH 37 | ID106715550 | 35 | 48 North | 2 East |
| NBH 38 | ID106715551 | 36 | 48 North | 2 East |
| NBH 39 | ID106715552 | 2 | 47 North | 2 East |
| NBH 40 | ID106715553 | 2 | 47 North | 2 East |
| NBH 41 | ID106715554 | 2 | 47 North | 2 East |
| NBH 42 | ID106715555 | 2 | 47 North | 2 East |
| NBH 43 | ID106715556 | 1 | 47 North | 2 East |
| NBH 44 | ID106715557 | 1 | 47 North | 2 East |
| NBH 45 | ID106715558 | 1 | 47 North | 2 East |
| NBH 46 | ID106715559 | 3 | 47 North | 2 East |
| NBH 47 | ID106715560 | 2 | 47 North | 2 East |
| NBH 48 | ID106715561 | 3 | 47 North | 2 East |
| NBH 49 | ID106715562 | 2 | 47 North | 2 East |
| NBH 50 | ID106715563 | 1 | 47 North | 2 East |
| NBH 51 | ID106715564 | 1 | 47 North | 2 East |
| NBH 52 | ID106715565 | 1 | 47 North | 2 East |
| NBH 53 | ID106715566 | 2 | 47 North | 2 East |
| NBH 54 | ID106715567 | 2 | 47 North | 2 East |
| NBH 55 | ID106715568 | 2 | 47 North | 2 East |
| NBH 56 | ID106715569 | 2 | 47 North | 2 East |
| NBH 57 | ID106715570 | 1 | 47 North | 2 East |
| NBH 58 | ID106715571 | 1 | 47 North | 2 East |
| NBH 59 | ID106715572 | 1 | 47 North | 2 East |
| NBH 60 | ID106715573 | 1 | 47 North | 2 East |
| NBH 61 | ID106715574 | 2 | 47 North | 2 East |
| NBH 62 | ID106715575 | 2 | 47 North | 2 East |
| NBH 63 | ID106715576 | 2 | 47 North | 2 East |
| NBH 64 | ID106715577 | 2 | 47 North | 2 East |
| NBH 65 | ID106715578 | 2 | 47 North | 2 East |
| NBH 66 | ID106715579 | 11 | 47 North | 2 East |
| NBH 67 | ID106715580 | 2 | 47 North | 2 East |
| NBH 68 | ID106715581 | 1 | 47 North | 2 East |
| NBH 69 | ID106715582 | 1 | 47 North | 2 East |
| NBH 70 | ID106715583 | 1 | 47 North | 2 East |

---

**EXHIBIT "E"**

**[Reserved].**

**EXHIBIT "F"**

**REPORTS**

1. **Defined Terms**. In addition to the definitions set out in Exhibit "A" and the meanings given to terms in the preamble and
 recitals to this Agreement, the following capitalized terms have the meanings set out below in this Exhibit "F":

"**Commercial Production Date**" means the date on which the board of directors of BH Borrower file a public press release announcing that commercial production at the Mine has occurred.

"**Cost to Complete**" means, as at any date, the sum at such date of (i) Project Costs remaining to be paid by the Obligors to construct and develop the Mine in accordance with the Project Financial Plan and for the Obligors to achieve positive cash flow; plus (ii) all interest and principal repayments under Indebtedness of the Obligors (on a consolidated basis) due on or prior to completion of such construction and development and achievement.

"**Cost to Complete Test**" means, as of any date, the determination that as of such date the Cost to Complete shall not exceed the sum of (i) net working capital; plus (ii) reasonably projected operating cash flow of the Obligors (on a consolidated basis) after deducting sustaining capital costs and taking into account any payment obligations to the Sprott Entities under the Sprott Royalty Agreements; plus (iii) the amount of the EXIM Term Loan, if any, committed to be provided to the Obligors by EXIM Bank that remains available to be drawn down by the Obligors, in each case, calculated with respect to the Obligors on a consolidated and a *pro forma* basis.

"**Material Contracts**" means any contract or agreement entered into by an Obligor or its Affiliates and that is material to the construction, development, operation or ownership of the Mine or that would have a Material Adverse Effect if it was terminated or suspended or any party thereto failed to perform its obligations thereunder, including: (i) any engineering, procurement and construction management agreement; (ii) the EPA Settlement Agreement; and (iii) any agreement for the purchase or lease of major mill and process components having an individual value of $1,000,000 or more.

"**Materials**" means any and all tailings, residues, waste rock, spoiled leach materials, bulk samples, and other materials.

"**Mineral Processing Facilities**" means any crusher, mill, ore concentrator, processing plant, smelter, refinery or other processing facility to be developed, constructed, owned or operated by any Obligor or an Affiliate of an Obligor located on or near the Property and at which Products are processed.

"**Monthly Construction Report**" means a written report in relation to each calendar month with respect to the Project to be prepared by or on behalf of SV Borrower for each month until the Commercial Production Date, which shall include all of the information contained in the monthly reports prepared and provided to the board of directors of BH Borrower with respect to the Project and, to the extent not contained in such reports, will also contain for such month a full description of the activity and capital spend at the Project including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) S
 curves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 breakdown of actual Project Costs incurred compared to budgeted Project Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Project
 Costs remaining to be spent, actual Project Costs incurred but not yet paid, capital remaining to cover Project Costs incurred and
 not yet paid and an estimate of Project Costs remaining to be incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 percentage completion (both on a funding and time basis) compared to the Project Financial Plan of the critical path milestones of
 construction with details and explanations of any delays;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 then anticipated date of Commercial Production Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a
 listing of all contracts entered into and values and timeframes compared to budget;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) status
 of Authorizations required to operate the Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) details
 of personnel including number of people hired, number of employees and contractors on site, in each case, compared to budget;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material
 violations of Obligors' obligations under the Authorizations or the EPA Settlement Agreement or any other associated environmental
 or community-related commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a
 report on occupational health and safety status and issues including the occurrence and outcome of Mine Safety and Health Administration
 (Idaho) inspections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a
 report on any Liens, other than Permitted Liens, placed on the Collateral and having an individual value of greater than US$500,000.

"**Monthly Report**" means a written report in relation to each calendar month with respect to the Mine to be prepared by or on behalf of SV Borrower for each month following the first shipment of Products to a Processor, which shall include all of the information contained in the monthly reports prepared and provided to the board of directors of BH Borrower with respect to the Mine (except to the extent that such information is contained in the Monthly Construction Report being provided to the Lender for the month in question) and, to the extent not contained in such reports, will also contain for such month and the ensuing months forecasted until the end of the fiscal year for the Mine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) estimated
 tonnes of mined ore (including ore, low-grade ore and waste), and estimated mined silver, zinc and lead grades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) estimated
 tonnes of stockpiled ore and estimated silver, zinc and lead grades and waste;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) tonnes
 of Products processed and all other minerals processed, and resulting dry concentrates from the Mineral Processing Facilities or
 other processing facilities together with corresponding recovery percentages for silver, zinc and lead and silver, zinc and lead
 grades and, if applicable, doré weight (and, with respect to doré, estimated silver content);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 applicable, estimated tonnes of concentrates produced during such month, but not delivered to a Processor by the end of such month,
 and inventory of concentrates at the end of such month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) realized
 prices of the Recovered Metals and other revenues generated from the production of Products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with
 respect to (a) - (d), above, a forecast for the remainder of the calendar year as well as estimated deliveries for the same period.

"**NI 43-101**" means National Instrument 43-101 – *Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators*, or any successor instrument, rule or policy.

"**Operating Costs**" means, for any period, the aggregate of all operating costs of the Obligors and its Affiliates during such period including the costs of developing, operating, maintaining or protecting the Project (including the Project Assets), the costs of mining, milling, processing, loading, transporting, refining or delivering minerals recovered from the Mine, general administration costs and expenses of the Obligors and its Affiliates, maintenance and reclamation costs of the Project, amounts payable to the EPA or any other Governmental Authority (including all profit, income, property and other Taxes), maintenance of Mining Rights and Authorizations costs and royalty payments.

"**Processor**" means (i) any Person that is not an Obligor or an Affiliate of an Obligor that purchases Products from the Obligors or is the recipient of the entitlement to, or benefit of, Products from an Obligor (including where a Governmental Authority levies a Tax payable by way of delivery of Products or otherwise obtains Products from an Obligor); or (ii) any Person that takes delivery of Products for the purpose of smelting, refining or other beneficiation of such Products for the benefit of an Obligor.

"**Project Costs**" means all costs and expenses that are or are expected to be incurred by the Obligors or any Affiliates thereof for the construction and development of the Mine in accordance with the Project Financial Plan in order to achieve the Commercial Production Date.

"**Project Financial Plan**" means, collectively, the financial model dated April 4, 2023 for the Project, BH Borrower and its Subsidiaries, for the life of Mine that includes all costs expected to be incurred in the construction and development of the Mine, including a detailed breakdown of the capital expenditures relating to the Project and the cost to acquire, demobilize and re-assemble the processing plant at the Mine site, all of the Obligors and its Affiliates' administration and management costs, all costs payable by each of the Obligors and its Affiliates for legal, technical, financial and other advisers, all EPA settlement costs including the costs of providing the Financial Assurances (under and as defined in the EPA Settlement Agreement) and a financing plan including finance and insurance costs and Taxes, as such financial model may be amended or supplemented from time to time with the prior written consent of the applicable Sprott Entity, such consent not to be unreasonably withheld, conditioned or delayed.

"**Quarterly Report**" means a written report in relation to each quarter with respect to the development, operation and maintenance of the Mine to be prepared by or on behalf of SV Borrower for each quarter following the first shipment of Products to a Processor, which shall include all of the information contained in the quarterly reports prepared and provided to the board of directors of BH Borrower with respect to the operation of the Mine (except to the extent that such information is contained in the Monthly Report provided to a Sprott Entity for the last month of the Fiscal Quarter in question) and, to the extent not contained in such reports, will also contain for such quarter and quarters forecasted until the end of the fiscal year for the Mine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) actual
 Operating Costs by category, capital expenditures by category and finance costs (including debt service costs and monetary obligations
 under any capital or financing leases) as against the operating budget for the quarter and on a cumulative basis since the beginning
 of the fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) realized
 prices of the Recovered Metals and other revenues generated from the production of Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 Authorizations required in connection with the operation of the Mine that expire within the next 12 months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) forecasted
 monthly cash flow model for the remainder of the year and quarterly forecasts for the following two years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a
 report on occupational health and safety status and issues including the occurrence and outcome of any Mine Safety and Health Administration
 (Idaho) inspections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) copies
 of any notices received from any Governmental Authority related to environmental, social or governance matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 material deviations from the then current life of mine plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) material
 violations of SV Borrower's obligations under the Authorizations or the EPA Settlement Agreement or any other associated environmental
 or community-related commitments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 report on any Liens, other than Permitted Liens, placed on the Collateral and having an individual value of greater than US$500,000.

"**Recovered Metals**" means any and all lead, zinc and silver in whatever form or state that is mined, produced, extracted or otherwise recovered from the Property, including any lead, zinc and silver derived from any processing or reprocessing of any tailings, waste rock or other waste products originally derived from the Property, and including lead, zinc and silver contained in any ore or other products resulting from the further milling, processing or other beneficiation of Products, including concentrates.

"**Reserves**" means proven and probable reserves as defined and incorporated under NI 43-101.

"**Resources**" means measured, indicated and inferred resources as defined and incorporated under NI 43-101.

2. **Reporting Requirements**. From and after the date hereof, the Obligors shall deliver to the Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 Monthly Construction Report to be provided within 15 Business Days after the end of each calendar month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commencing
 with the month in which Products are first shipped to a Processor, a Monthly Report to be provided within 15 Business Days after
 the end of each calendar month; provided that, for each month that is the last month of a fiscal quarter for which a Quarterly Report
 is required to be provided pursuant to Section 2(d) below, the information required to be contained in the Monthly Report for such
 month may be included in such Quarterly Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) until
 the Commercial Production Date, quarterly progress reports, in form and substance satisfactory to the Lender, acting reasonably,
 as soon as reasonably practicable following the end of each quarter in no event later than 15 Business Days following the end of
 each quarter, which reports shall include a report on the financial status of BH Borrower and status of the Project, including (i)
 detailed listing of actual costs incurred vs. budget for the most recent quarter and on a cumulative basis in respect of the Mine;
 (ii) financial forecast that presents the sources and uses of cash during the remainder of the expected construction and development
 period in respect of the Project and the first five years of expected production; (iii) listing of any Authorizations required for
 the construction, development or operation of the Mine that will expire within the next 12 months; (iv) an update on the construction
 and development in respect of the Mine; (v) an updated estimate of the reasonably expected total capital required to achieve the
 Commercial Production Date; and (vi) the information contained in the Monthly Construction Report presented for the quarter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) commencing
 with the Fiscal Quarter in which Products are first shipped to a Processor, a Quarterly Report to be provided within 20 Business
 Days after the end of each fiscal quarter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly
 upon preparation thereof, reasonably detailed environmental reports and reports on occupational health and safety and community matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) annual
 Reserve and Resource reports prepared in accordance with NI 43-101 (as and when prepared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) annual
 reports detailing reconciliation of resource model, mine grade control and process facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 other material engineering or economic studies (as and when prepared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) within
 five (5) Business Days of the end of each six month period ending June 30 and December 31 of each calendar year, a list of the Mining
 Rights underlying the Property or any changes from the prior list delivered in accordance with this Section 2(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) copies
 of all reports prepared by management or advisers to any Obligor or its Affiliates (i) that are given to the board of directors of
 BH Borrower within 5 days of sending any such report to the directors, or (ii) that are delivered to any other secured creditor of
 an Obligor, concurrently with delivery to such other secured creditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) copies
 of all Material Contracts (and amendments thereto), studies or reports relating to the Real Property, the Mine or the Products that
 may be reasonably requested by the Lender and promptly following the receipt thereof copies of any notice of default, termination
 or enforcement action under any such contract or occurrence of any other material event in respect of the Real Property or the Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) notice
 of any other material event concerning the Mine, the Project Assets or the Obligors including any force majeure, labour or civil
 disruption, actual or threatened material legal action, actual or threatened withdrawal of any material permit or third-party approval,
 any material human rights, community, health and safety, other social, animal welfare, conservation, other environmental, or corporate
 governance controversies or initiatives or any change in law materially impacting the Real Property or the Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) within
 45 days following the end of each quarter of each fiscal year and to the extent prepared by management, SV Borrower shall provide
 the Lender with a copy of the unaudited financial statements of SV Borrower (on an unconsolidated basis) for such quarter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (i)
 within 45 days following the end of each of the first three fiscal quarters of each fiscal year, BH Borrower shall provide the Lender
 with a copy of its unaudited financial statements and management discussion and analysis thereof on a consolidated basis for that
 quarter, and (ii) within 60 days following the end of each fiscal year, BH Borrower shall provide the Lender with a draft of its
 unaudited financial statements on a consolidated basis for that fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) within
 90 days of the end of each fiscal year and to the extent prepared by management, SV Borrower shall deliver to the Lender its unaudited,
 unconsolidated financial statements and management discussion and analysis thereof for such year and to the extent prepared and delivered
 to any lender or other third party, its audited unconsolidated financial statements and management discussion and analysis thereof
 for such year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) within
 120 days following the end of each fiscal year, BH Borrower shall provide the Lender with a copy of its audited financial statements
 and management discussion and analysis thereof on a consolidated basis for that year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) promptly
 after the annual operating budget for the Obligors is presented to the board of directors of any of the Obligors, and in any event
 at least 10 Business Days prior to the beginning of each fiscal year, SV Borrower shall provide to the Lender such annual operating
 budget approved by the board of directors for the upcoming fiscal year, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) estimates
 of Operating Costs by category, capital expenditures by category and finance costs (including debt service costs and monetary obligations
 under any capital or financing leases) for the upcoming calendar year (to be set out on a monthly basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 revenue projection for the upcoming year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an
 updated 5 year business plan for the upcoming year and the four calendar years thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) promptly
 after the life of mine plan for the Mine is presented to the board of directors of any Obligor, and in any event once every 12 months,
 and promptly whenever an update to any such life of mine plan is adopted by management of any Obligor, SV Borrower shall provide
 to the Lender such life of mine plan or updated life of mine plan approved by the board of directors, as applicable, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 annual production forecast for silver, lead and zinc from the Property during the upcoming calendar year (to be set out on a monthly
 basis) and the remaining life of mine thereafter (to be set out on a yearly basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 amounts of Recovered Metals as forecast for the upcoming calendar year (to be set out on a monthly basis) and the remaining life
 of mine thereafter (to be set out on a yearly basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 list of assumptions used in developing the forecasts referred to in paragraphs (i) and (ii), including the types, tonnages, metal
 grade and metal recoveries of ore from the Property and the operating costs and sustaining capital during the applicable forecast
 period in the case of the production forecast; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 statement setting out the silver, lead and zinc Reserves and Resources for the Mine and the assumptions used;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) SV
 Borrower shall notify and consult with the Lender regarding any matter concerning the Property that has or is reasonably likely to
 have a Material Adverse Effect. SV Borrower shall seek to comply with this Section 2(s), to the extent reasonably practicable and
 subject to requirements of Applicable Law, prior to any public announcement regarding the matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) SV
 Borrower shall notify and consult with the Lender regarding any changes or material communications with the EPA in connection with
 the EPA Settlement Agreement or with the surety bond or letter of credit providers of Financial Assurances required under the EPA
 Settlement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) SV
 Borrower shall provide the Lender with immediate written notice if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 becomes aware that as of the most recently completed calendar month end, except for a shortfall not to exceed US$5,000,000, the Cost
 to Complete Test has not been satisfied or that the Cost to Complete has increased by more than 10% since the date hereof or any
 time that the Cost to Complete has increased by more than 5% thereafter together with a reasonably detailed explanation of the reasons
 therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it
 suffers or incurs, or expects to suffer or incur, an Insolvency Event or any other Event of Default; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it
 becomes, or expects to become, unable to pay its debts, expenses and liabilities as they become due in the ordinary course of its
 business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each
 time an Obligor establishes a mineral resource or a mineral reserve estimate on any part of the Property or establishes a new mineral
 resource or a new mineral reserve estimate which is a material change to the prior mineral resource or mineral reserve estimate,
 the Obligors shall promptly provide the Lender with such estimate.

To the extent any of the information in Sections 2(a) through (p), inclusive, or (v) is published publicly on BH Borrower's SEDAR+ profile or website, such publication shall constitute provision of such information to the Lender.

## Exhibit 10.35

**Exhibit 10.35**

**UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE OCTOBER 6, 2025.**

**NEITHER THIS DEBENTURE NOR THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAW, AND NO INTEREST HEREIN OR THEREIN MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, IN WHICH CASE THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO DEBTOR AN OPINION OF COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO DEBTOR, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.**

**AMENDED AND RESTATED<br> SERIES 1 SECURED CONVERTIBLE DEBENTURE**

---

| | |
|:---|:---|
| **US$[●]**<br>| **Original Issuance Date: January 28, 2022** <br>|
| **No. [●]** | **Restatement Date: June 5, 2025** |

---

**RECITALS:**

**A.** BUNKER
 HILL MINING CORP. ()"**Debtor** "), as debtor, and SILVER VALLEY METALS CORP.
 ()"**Guarantor** "), as guarantor, issued on January 28, 2022 (the "**Original Issuance Date**") the Series 1 secured convertible debenture no. [●]
 in the principal amount of [●] dollars (US**$[●]**) in lawful
 money of the United States of America (the "**Principal Amount**") to and
 in favour of **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** (together with its successors and assigns, "**Debentureholder** ")
 (as amended by the Second Omnibus Amendment, the Third Omnibus Amendment, the Fourth Omnibus
 Amendment and the Fifth Omnibus Amendment, "**Original Series 1 Debenture No. [●]");** 

**B.** Original
 Series 1 Debenture No. [●] is one of the six Series 1 secured convertible debentures
 in the aggregate principal amount of six million (US$6,000,000) dollars in lawful money of
 the United States of America (as amended prior to the date hereof, the "**Series 1 Convertible Debentures** ");

**C.** The
 Obligors, the Security Agent, Debentureholder and the other Sprott Entities party to the
 Project Finance Documents entered into a recapitalization agreement (the "**Recapitalization Agreement**") dated as of June 5, 2025 pursuant to which the parties agreed to enter
 into the Recapitalization Transactions (as defined therein) including the reduction in the
 interest rate payable under the Series 1 Convertible Debentures in consideration of reducing
 the conversion price under the Series 1 Convertible Debentures; and

**D.** The
 Obligors and Debentureholder have agreed to amend and restate Original Series 1 Debenture
 No. [●] on the terms and conditions of this Amended and Restated Series 1 Secured
 Convertible Debenture No. [●] (this "**Debenture** ").

**NOW THEREFORE** in consideration of the foregoing premises and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Obligors, Debentureholder and the Security Agent mutually agree to amend and restate Original Series 1 Debenture No. [●], on the terms of this Debenture as follows:

**1.** **PROMISE TO PAY** 

For value received, Debtor hereby promises to pay to the order of Debentureholder, at the address listed in Section 15 (*Notice*), or such other place and/or Person as Debentureholder may by notice in writing to Debtor direct, the Principal Amount in the manner hereinafter provided, together with interest and other monies in the same currency which may from time to time be owing hereunder or pursuant hereto. Subject to the provisions of this Debenture, the Principal Amount together with all accrued and unpaid interest and all other monies owing hereunder, shall become due and payable on March 31, 2028 (the "**Maturity Date**"). All capitalized terms not defined in the recitals or the body of this Debenture, are defined in <u>Exhibit "A"</u> appended to this Debenture.

Guarantor is a wholly owned direct Subsidiary of Debtor and Guarantor has received and will continue to receive substantial direct and indirect benefits from the payment of the Principal Amount to the Debtor on the Original Issuance Date and the completion of the Recapitalization Transactions. In consideration of the foregoing, and for other good and valuable consideration, Guarantor hereby covenants and agrees to guarantee the Obligations and perform and comply its other Obligations.

**2.** **THE DEBENTURE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Use of Principal Amount.** The Principal Amount shall be used for the construction and development
 of the Bunker Hill Mine (the "**Mine**") located in the Coeur D'Alene
 Mining District, in the cities of Kellogg and Wardner and in Shoshone County, Idaho, USA
 and general corporate purposes as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Interest Rate.** Subject to Section 2(c), the Principal Amount shall bear interest from: (i) from
 the Original Issuance Date to the date hereof (the "**Restatement Date** ")
 at the rate of SEVEN AND ONE-HALF per cent (7.5%) per annum and (ii) from and including the
 Restatement Date to, but not including the date of repayment in full at the rate of FIVE
 per cent (5.0%) per annum, in each case, calculated and payable quarterly in arrears as set
 out in this Section 2(b). Interest on the Principal Amount shall accrue from day to day in
 the same currency as principal, both before and after maturity, default or judgment, and
 shall be calculated based on the actual number of days elapsed and on the basis of a year
 of three hundred sixty (360) days. Interest on the balance from time to time outstanding
 of the Principal Amount shall be calculated and payable on each Quarter End following the
 Original Issuance Date and on the Maturity Date (or such earlier date as such amounts may
 become due in accordance with the provisions hereof), calculated and compounded quarterly
 not in advance, computed from the Original Issuance Date or the date of the last payment
 of interest to the next Quarter End or the Maturity Date, as applicable, on the basis of
 the actual number of days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Default Interest.** Debtor shall pay to Debentureholder interest on overdue amounts (including
 overdue interest), both before and after maturity, default or judgment, and on the Principal
 Amount upon the occurrence and during the continuance of an Event of Default, in each case,
 at a rate per annum equal to ELEVEN per cent (11.0%) per annum, calculated daily and on the
 basis of the actual number of days elapsed, and a year of three hundred sixty (360) days
 and compounded monthly, and payable upon demand by Debentureholder.

**3.** **PRINCIPAL PAYMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Maturity Date.** Any remaining balance of the Principal Amount, together with all accrued and unpaid
 interest thereon and all other monies owing hereunder, shall be due and payable in full on
 the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Application of Prepayments.** All mandatory and voluntary prepayments and other payments of principal
 and interest hereunder received by Debentureholder shall be applied first as against interest
 outstanding and secondly against the principal sum.

**4**. **PREPAYMENT** 

Subject to the exercise by Debentureholder of its conversion privileges in Section 10.3 at any time prior to prepayment, Debtor may redeem or prepay this Debenture, in whole or in part, and in cash only, prior to the Maturity Date, on not less than twenty (20) Business Days prior written notice and provided that Debtor redeems or prepays the other outstanding A&R Series 1 CDs at the same time in a *pro rata* principal amount. Should Debtor prepay this Debenture in accordance with this Section 4, it shall do so at a price equal to the sum of (i) the Principal Amount repaid, plus (ii) all accrued and unpaid interest on the Principal Amount repaid, plus (iii) the Prepayment Interest Premium, and plus (iv) all other amounts then owing and due hereunder. Each Obligor acknowledges and agrees that any such prepayment prior to the Maturity Date (other than a prepayment upon the exercise by Debentureholder of its conversion privileges in Section 10.3) is subject to the Prepayment Interest Premium and that such amount represents a reasonable estimate of fair compensation payable to Debentureholder for the losses suffered by early prepayment and such amount is in the nature of liquidated damages and not a penalty. Debtor may exercise its conversion privileges under Section 10.1 in respect of accrued and unpaid interest upon an early prepayment.

**5**. **PAYMENT GENERALLY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 amounts payable by Debtor or Guarantor hereunder shall be paid to the Administrative Agent
 on behalf of Debentureholder in United States Dollars, in immediately available funds by
 (i) wire transfer at such account or financial institution as the Administrative Agent may
 from time to time notify Debtor, or (ii) bank draft delivered to the Administrative Agent
 at its address as set forth in Section 15 hereof. Any payments received after 12:00 p.m.
 (Vancouver time) will be considered for all purposes as having been made on the next following
 Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the due date of any payment under this Debenture would otherwise fall on a day that is not
 a Business Day, such payment shall be due on the next succeeding Business Day, together with
 interest that has accrued to the Business Day on which such payment was due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Debentureholder
 will maintain in accordance with its usual practice one or more accounts evidencing the Principal
 Amount owing by Debtor to Debentureholder hereunder. Such account(s) will be *prima facie* evidence of the obligations recorded therein, provided that any failure by Debentureholder
 to maintain any account or any error therein shall not affect the obligation of Debtor or
 Guarantor to repay the Obligations to Debentureholder in accordance with this Debenture.

**6**. **TAXES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any
 and all payments by or on account of any obligation of Debtor or Guarantor hereunder or any
 other Credit Document shall be made free and clear of and without deduction or withholding
 for any Indemnified Taxes; provided that if Debtor or Guarantor shall be required to deduct
 or withhold any Indemnified Taxes from such payments, then (i) the sum payable shall be increased
 as necessary so that, after making all required deductions or withholdings (including deductions
 or withholdings applicable to additional sums payable under this Section 6), Debentureholder
 receives an amount equal to the sum it would have received had no such deduction or withholding
 been made, (ii) Debtor or Guarantor, as applicable, shall make such deduction or withholding,
 and (iii) Debtor or Guarantor, as applicable, shall pay to the relevant Governmental Authority
 in accordance with Applicable Law the full amount deducted or withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 limiting the provisions of Section 6(a), each Obligor shall timely pay any Other Taxes to
 the relevant Governmental Authority in accordance with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Obligors shall (within three (3) Business Days of demand by Debentureholder) pay to Debentureholder
 an amount equal to the loss, liability or cost which Debentureholder determines will be or
 has been (directly or indirectly) suffered for or on account of Indemnified Taxes (including
 Other Taxes) by Debentureholder in respect of any Credit Document together with any penalties,
 interest and reasonable expenses arising therefrom or with respect thereto, whether or not
 such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the
 relevant Governmental Authority. A certificate as to the amount of such loss, liability or
 cost delivered to an Obligor by Debentureholder shall be conclusive absent manifest error.
 If Debentureholder subsequently recovers all or part of the payment made under this Section
 6(c) paid by an Obligor, it shall promptly repay an equal amount to such Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As
 soon as practicable after any payment of Indemnified Taxes or Other Taxes by an Obligor to
 a Governmental Authority, such Obligor shall deliver to Debentureholder the original or a
 certified copy of a receipt issued by such Governmental Authority evidencing such payment,
 a copy of the return reporting such payment or other evidence of such payment reasonably
 satisfactory to Debentureholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 Section 6 shall survive termination of this Debenture.

**7.** **INTEREST CALCULATIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as otherwise specifically provided herein, where in this Debenture a rate of interest is
 calculated on the basis of a year (the "**deemed year**") which contains fewer
 days than the actual number of days in the calendar year of calculation, such rate of interest
 shall be expressed as a yearly rate for purposes of the *Interest Act* (Canada) by multiplying
 such rate of interest by the actual number of days in the calendar year of calculation, whether
 three hundred sixty-five (365) or three hundred sixty-six (366), as the case may be, and
 dividing it by the number of days in the deemed year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 anything in this Debenture to the contrary, in the event that any provision of this Debenture
 would oblige any Obligor to make any payment of interest or other amount payable to Debentureholder
 hereunder in an amount or calculated at a rate which would be prohibited by law or would
 result in a receipt by Debentureholder of interest at a criminal or prohibited rate (as such
 terms are construed under the *Criminal Code* (Canada) or any other Applicable Law),
 notwithstanding such provision, such amount or rate shall be deemed to have been adjusted *nunc pro tunc* to the maximum amount or rate of interest, as the case may be, as would
 not be so prohibited by law or so result in a receipt by Debentureholder of interest at a
 criminal or prohibited rate, such adjustment to be effected, to the extent necessary, firstly,
 by reducing the amount or rate of interest pursuant to Section 2(b) of this Debenture; and
 thereafter, by reducing any fees, commissions, premiums and other amounts which would constitute
 interest for the purposes of Section 347 of the *Criminal Code* (Canada), as amended
 from time to time, or any other Applicable Law. Any amount or rate of interest referred to
 in this Debenture shall be determined in accordance with generally accepted actuarial practices
 and principles over the term hereof and, in the event of a dispute, a certificate of a fellow
 of the Canadian Institute of Actuaries appointed by Debentureholder shall be conclusive for
 the purposes of such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 determining whether or not the interest paid or payable under this Debenture exceeds the
 maximum amount permitted by Section 7(b), each Obligor and Debentureholder shall, to the
 maximum extent permitted under the *Criminal Code* (Canada) or any other Applicable
 Law, characterize any non-principal payments as an expense, fee or premium or other payment
 rather than as interest, as may be necessary to reduce the amount otherwise characterized
 as interest pursuant to such Applicable Law, exclude voluntary prepayments and the effects
 thereof and amortize, prorate, allocate and spread the total amount of interest rateably
 over the longer of the contemplated term or the actual duration that any Obligations remain
 outstanding.

**8.** **GUARANTEE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Guarantor
 hereby unconditionally and irrevocably guarantees to Debentureholder the due and punctual
 payment and performance of the Obligations and agrees on written demand of Debentureholder,
 following the occurrence of an Event of Default, to perform or discharge the Obligations
 which have not been fully performed or discharged at the times and in the manner provided
 for in this Debenture (the "**Guarantee** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 prejudice to the rights of Debentureholder against Debtor, Guarantor unconditionally and
 irrevocably agrees that, as between Debentureholder and itself, it will be liable as principal
 debtor in respect of the performance of the Obligations and not merely as surety and, accordingly,
 Guarantor shall be fully liable forthwith on demand by Debentureholder, following the occurrence
 and during the continuance of an Event of Default, to perform or discharge the Obligations
 irrespective of the validity, effectiveness or enforceability of the Obligations against
 Debtor or any other fact or circumstances which would or might otherwise constitute a legal
 or equitable discharge of or defence to a guarantor or surety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As
 a separate and independent obligation, if any of the Obligations are not duly and punctually
 paid by Debtor and performed by Guarantors under Section 8(a) for any reason whatsoever Guarantor
 unconditionally and irrevocably agrees to indemnify and save Debentureholder harmless from
 and against any losses which Debentureholder may suffer or incur from the failure of Debtor
 to duly perform such Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Guarantee of the Obligations is a continuing guarantee and shall remain in effect until all
 of the Obligations existing or arising or which may arise under or by virtue of the Obligations
 shall have been paid, performed or discharged in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Guarantor
 waives any rights it may have as surety under any Applicable Law which may at any time be
 inconsistent with any of the provisions hereof or which it may have of first requiring Debentureholder
 to proceed against or claim performance or payment from Debtor or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Debentureholder
 without notice to Guarantor and without discharging, prejudicing or affecting the obligations
 of Guarantor hereunder, may (i) grant time, indulgences, concessions, releases and discharges
 or any financial accommodation to Debtor, (ii) take, hold, fail to take or hold, vary, deal
 with, realize, enforce, release or determine not to enforce, perfect or release any other
 guarantee, indemnity or security for all or any of the Obligations, or (iii) effect compositions
 from, and otherwise deal with, Debtor and all other Persons as Debentureholder may see fit
 and generally may otherwise do or omit to do any act or thing which, but for this provision,
 might operate to discharge, prejudice or affect the obligations of Guarantor hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Guarantor
 agrees that the liability of Guarantor under this Guarantee is absolute and unconditional
 irrespective of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 lack of validity or enforceability of any terms of any of the Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 contest by Debtor or any other Person as to the amount of the Obligations, the validity or
 enforceability of any terms of the Credit Documents or the perfection or priority of any
 Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 defence, counter claim or right of set-off available to Debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 release, compounding or other variance of the liability of Debtor or any other Person liable
 in any manner under or in respect of the Obligations or the extinguishment of all or any
 part of the Obligations by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any
 change in the time or times for, or place or manner or terms of payment or performance of
 the Obligations or any consent, waiver, renewal, alteration, extension, compromise, arrangement,
 concession, release, discharge or other indulgences which Debentureholder may grant to Debtor
 or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any
 amendment or supplement to, or alteration or renewal of, or restatement, replacement, refinancing
 or modification or variation of (including any increase in the amounts available thereunder
 or the inclusion of an additional borrower thereunder), or other action or inaction under,
 the Credit Documents or any other related document or instrument, or the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any
 discontinuance, termination or other variation of any terms or conditions of any transaction
 with, Debtor or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any
 change in the ownership, control, name, objects, businesses, assets, capital structure or
 constitution of Debtor, Guarantor or any reorganization (whether by way of reconstruction,
 consolidation, amalgamation, merger, transfer, sale, lease or otherwise) of Debtor, Guarantor
 or their respective businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any
 dealings with the security which Debentureholder holds or may hold pursuant to the terms
 and conditions of the Credit Documents, including the taking, giving up or exchange of securities,
 their variation or realization, the accepting of compositions and the granting of releases
 and discharges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any
 limitation of status or power, disability, incapacity or other circumstance relating to Debtor,
 Guarantor, or any other Person, including any Insolvency Event involving or affecting Debtor,
 Guarantor, or any other Person or any action taken with respect to this Guarantee by any
 trustee or receiver, or by any court, in any such proceeding, whether or not Guarantor shall
 have notice or knowledge of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any
 impossibility, impracticability, frustration of purpose, force majeure or illegality of any
 Credit Document, or the occurrence of any change in the laws, rules, regulations or ordinances
 of any jurisdiction or by any present or future action of (A) any Governmental Authority
 that amends, varies, reduces or otherwise affects, or purports to amend, vary, reduce or
 otherwise affect, any of the Obligations or the obligations of Guarantor under this Guarantee,
 or (B) any court order that amends, varies, reduces or otherwise affects any of the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any
 taking or failure to take security, any loss of, or loss of value of, any security, or any
 invalidity, non-perfection or unenforceability of any security held by Debentureholder, or
 any exercise or enforcement of, or failure to exercise or enforce, security, or irregularity
 or defect in the manner or procedure by which Debentureholder realizes on such security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any
 application of any sums received to the Obligations, or any part thereof, and any change
 in such application; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any
 other circumstances which might otherwise constitute a defence available to, or a discharge
 of, Guarantor, Debtor or any other Person in respect of the Obligations or this Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Subject
 only to Sections 8(a) and (b) requiring demand, Guarantor hereby waives notice of the acceptance
 of this Guarantee and of presentment, demand and protest and notices of non-payment and dishonour
 and any other demands and notices required by any Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) From
 the date or dates upon which any demand is made against Guarantor under this Section 8 until
 the Obligations have been performed and discharged in full, Guarantor shall not (i) claim
 any set-off or counterclaim against Debtor, (ii) make or enforce any claim or right (including
 a right of subrogation or contribution) against Debtor to prove in competition with Debentureholder
 in the event of an Insolvency Event of Debtor or in respect of any outstanding liability
 of Debtor hereunder; or (iii) in competition with Debentureholder claim the benefit of any
 security or guarantee now or hereafter held by Debentureholder for any money or liabilities
 due or incurred by Debtor to Debentureholder or any share therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Debentureholder
 shall not be obligated before taking any steps to enforce this Guarantee (i) to take any
 steps or proceedings or other action whatsoever or obtain any judgment against Debtor or
 any other Person in any court or tribunal, (ii) to make or file any claim in an Insolvency
 Event in respect of Debtor or any other Person, (iii) to exercise any diligence against Debtor,
 or (iv) resort to any other means of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Nothing
 herein contained shall restrict or adversely affect or be construed to restrict or adversely
 affect any right which Debentureholder may have to set-off any Obligations owed by Guarantor
 under this Guarantee to Debentureholder against any obligations owed by Debentureholder to
 Guarantor, regardless of the place of payment or currency of such Obligations.

**9.** **SECURITY** 

**9.1** **Security Package** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 general and continuing collateral security for the due and punctual payment of the Principal
 Amount, interest and all other monies payable hereunder and due and punctual payment and
 performance of all other PF Obligations, each Obligor has granted to the Security Agent on
 behalf of Debentureholder and the other Sprott Entities a continuing and first-ranking security
 interest and charge over all of their property and assets (subject only to Permitted Liens)
 pursuant to the Security. The Obligors, the Security Agent and Debentureholder confirm and
 agree that all Convertible Debentures (including this Debenture), constitute a "Project
 Finance Document" for the purposes of the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Obligors shall grant to the Security Agent for the benefit of Debentureholder and the other
 Sprott Entities to secure the PF Obligations, charges, mortgages, pledges and security interests
 (collectively, in this paragraph "security interests") in any and all of their
 respective property and assets that are acquired after the Original Issuance Date or are
 otherwise not subject to first ranking valid and enforceable perfected security interests
 granted under the Security Documents (superior to and prior to the rights of all third Persons
 other than holders of Permitted Liens with priority by virtue of applicable law), in each
 case, upon the request from time to time by the Administrative Agent and pursuant to security
 documents in form and substance satisfactory to the Administrative Agent. Any such additional
 security documents or instruments related thereto shall duly registered and recorded or filed
 in such manner and in such places as are required by applicable law to establish, perfect,
 preserve and protect the security interests granted thereunder in any and all property and
 assets of the Obligors in favour of the Security Agent.

**10.** **REPAYMENT BY ISSUANCE OF COMMON SHARES** 

**10.1** **Debtor's Privileges** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On
 each Quarter End and subject to the prior approval of the Stock Exchange, Debtor shall have
 the option to pay the accrued and unpaid interest due on such Quarter End, in whole but not
 in part, through the issuance of shares of common stock in the capital of Debtor (the "**Common Shares**") at the Debtor Interest Conversion Price provided that Debtor elects to
 pay accrued and unpaid interest due on such Quarter End under all Convertible Debentures
 through the issuance of Common Shares. If Debtor intends to exercise its conversion rights
 hereunder at any time it shall give Debentureholder not less than five (5) Business Days
 prior notice of such intention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Debtor
 shall also have the option, subject to the prior approval of the Stock Exchange, in connection
 with any prepayment of the Principal Amount under Section 4, to pay interest, in whole but
 not in part, accrued as of the date of prepayment, through the issuance of Common Shares
 at the Debtor Interest Conversion Price. If Debtor intends to exercise its conversion rights
 hereunder at any time it shall give Debentureholder prompt (and in any event, at least five
 (5) Business Days prior to the date upon which such accrued but unpaid interest would otherwise
 be due and payable hereunder) written notice of such intention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With
 respect to any Common Shares which may be issued upon Debtor's option in accordance
 with this Section 10.1, as required from time to time under the Applicable Securities Legislation
 which governs Debtor or any hold period imposed by a regulatory authority, Debentureholder
 agrees to be bound by any applicable hold period. The certificates evidencing the Common
 Shares issued on and after the Restatement Date shall contain the following legend:

**"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY BEFORE OCTOBER 6, 2025."**

**"THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAW, AND NO INTEREST HEREIN MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, IN WHICH CASE THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO BUNKER HILL MINING CORP. (THE "COMPANY") AN OPINION OF COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding
 any other provision of this Debenture at any time when an Event of Default has occurred and
 is continuing, the Debtor shall pay in cash any and all accrued and unpaid interest owing
 hereunder on each Quarter End, upon a prepayment or at any other time when due and the Debtor
 shall not have the option to pay any such interest through the issuance of Common Shares.

**10.2** **Manner of Debtor's Exercise of Right to Pay Interest with Common Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the prior approval of the Stock Exchange, if Debtor wishes to pay the accrued and unpaid
 interest under this Debenture through the issuance of Common Shares pursuant to Section 10.1,
 it shall deliver to Debentureholder, at least five (5) Business Days prior to the Debtor
 Interest Conversion Date, the Debtor Interest Conversion Form set forth in <u>Exhibit "B"</u> hereto (the "**Debtor Interest Conversion Form** "), duly executed by the Obligors,
 irrevocably exercising Debtor's right to pay the accrued and unpaid interest set out
 in the Debtor Interest Conversion Form through the issuance of Common Shares and specifying
 the applicable Debtor Interest Conversion Date (being a Quarter End or, in the case of Section
 10.1(b), such other date upon which accrued but unpaid interest otherwise becomes due and
 payable hereunder) upon which such right will be exercised in accordance with the provisions
 hereof. Upon delivery of the Debtor Interest Conversion Form, Debentureholder or its nominee,
 participant or assignee shall be entitled to be entered in the books of Debtor as at the
 Debtor Interest Conversion Date as the holder of the number of Common Shares received in
 lieu of the cash payment of the accrued and unpaid interest in accordance with the provisions
 hereof and, as soon as practicable thereafter and in any event within three (3) Business
 Days, Debtor shall deliver or cause to be delivered to Debentureholder or, subject as aforesaid,
 its nominee, participant or assignee, a certificate for such Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 the purposes hereof and subject to the prior approval of the Stock Exchange, the "**Debtor Interest Conversion Date**" shall be the date specified in the Debtor Interest Conversion
 Form delivered by Debtor to Debentureholder in accordance with Section 10.2(a) as the effective
 date upon which Debtor intends to exercise its conversion privilege in accordance with Section
 10.1(a) or (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Debentureholder
 shall keep records of payments and conversions and such records shall be *prima facia* evidence of such payments and conversions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Common
 Shares issued in lieu of cash payments of interest owing under this Debenture in accordance
 with the terms hereof shall be entitled to all rights and privileges accorded to holders
 of record of Common Shares on and after the Debtor Interest Conversion Date, from which date
 they will for all purposes be and be deemed to be issued and outstanding as fully paid and
 non-assessable Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 Debtor elects to pay the accrued and unpaid interest under this Debenture through the issuance
 of Common Shares pursuant to Section 10.1, Debtor shall take all such actions and issue,
 execute and deliver, as applicable, all such certificates, documents and instruments as shall
 be required to validly issue as fully paid and non-assessable such Common Shares in accordance
 with the terms hereof and entitle Debentureholder (or its nominee, participant or assignee)
 to all rights and privileges accorded to holders of record of Common Shares on and after
 the Debtor Interest Conversion Date.

**10.3** **Debentureholder's Privilege** 

Debentureholder may, at its option from the Original Issuance Date until the earlier of the date of (i) repayment in full of the Principal Amount, and (ii) the Maturity Date (such date is hereinafter referred to as the "**Debenture Repayment Date**"), elect to receive Common Shares in lieu of cash payment of all or part of the outstanding Principal Amount at the Debentureholder Conversion Price. If Debentureholder does not elect to receive Common Shares in lieu of cash payment of all the outstanding Principal Amount on or before the Debenture Repayment Date, Debtor shall repay the outstanding Principal Amount, and all accrued and unpaid interest thereon and any other amounts owing hereunder, in cash (subject to Debtor's right to pay accrued and unpaid interest by issuing Common Shares in accordance with Section 10.1), on the Debenture Repayment Date. For greater certainty, no Prepayment Interest Premium on any part of the Principal Amount will be owing in the event of any such election by Debentureholder to receive Common Shares in lieu of cash payment of the Principal Amount, in whole or in part, or any such repayment in cash of the outstanding Principal Amount on the Maturity Date.

**10.4** **Manner of Debentureholder's Exercise of Right to Receive Common Shares in Lieu of Cash** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 Debentureholder wishes to exercise the optional conversion privilege contained in Section
 10.3 of this Debenture, Debentureholder shall deliver to Debtor at least ten (10) Business
 Days prior to the Debentureholder Conversion Date a duly completed written notice substantially
 in the form of <u>Exhibit "C"</u> attached hereto (the "**Debentureholder Conversion Form** "), duly executed by Debentureholder, exercising its right to convert
 all or any part of the outstanding Principal Amount into Common Shares on the specified Debentureholder
 Conversion Date and otherwise in accordance with the provisions hereof. Upon the delivery
 of the Debentureholder Conversion Form, Debentureholder or its nominee, participant or assignee
 shall be entitled to be entered into the books of Debtor as at the specified Debentureholder
 Conversion Date as the holder of the number of Common Shares received in lieu of the cash
 payment of the Principal Amount to be converted and shall be entitled to be paid in cash
 on the specified Debentureholder Conversion Date all accrued and unpaid interest on the Principal
 Amount to be converted and any payment of interest contemplated to be made through the issuance
 of any securities of the Debtor, will be subject to the prior approval of the Stock Exchange.
 As soon as practicable after the applicable Debentureholder Conversion Date and in any event
 within three (3) Business Days, Debtor shall deliver to Debentureholder or its nominee, participant
 or assignee a certificate for such Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 (i) Debentureholder exercising its right to convert all outstanding Principal Amount, (ii)
 Debentureholder receiving payment of all accrued and unpaid interest thereon and other amounts
 owing to it hereunder, and (iii) receipt by Debentureholder or its nominee, participant or
 assignee of certificates representing the Common Shares issuable upon such conversion, satisfactory
 to Debentureholder, Debentureholder shall surrender this Debenture to Debtor at the address
 listed in Section 15 against receipt of an acknowledgement from the Obligors, satisfactory
 to Debentureholder, that any contingent obligations stated to survive termination, continue
 in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 Debentureholder Conversion Form given pursuant to Section 10.4(a) shall be deemed to constitute
 a contract between Debentureholder and Debtor whereby Debentureholder or its nominee, participant
 or assignee subscribes for the number of Common Shares which Debentureholder shall be entitled
 to receive on such conversion. Upon (i) surrender of this Debenture in accordance with Section
 10.4(b), and (ii) receipt of certificates representing the Common Shares issuable upon conversion
 of all outstanding Principal Amount hereunder and payment to Debentureholder of accrued and
 unpaid interest thereon and all other amounts owing hereunder, Debentureholder releases Debtor
 from all liability under this Debenture with respect to the Principal Amount and any accrued
 but unpaid interest. For greater certainty, any such release excludes any contingent obligations
 stated to survive termination of the Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With
 respect to any Common Shares which may be issued upon conversion in accordance with Section
 10.3, as required from time to time under the securities legislation which governs Debtor
 or any hold period imposed by a regulatory authority, each of Debentureholder agrees to be
 bound by any applicable hold period. The certificates evidencing the Common Shares shall
 contain the following legend:

**"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY BEFORE OCTOBER 6, 2025."**

**"THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAW, AND NO INTEREST HEREIN MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, IN WHICH CASE THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO BUNKER HILL MINING CORP. (THE "COMPANY") AN OPINION OF COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For
 the purposes hereof, the "**Debentureholder Conversion Date**" shall be deemed
 to be the date specified in the applicable Debentureholder Conversion Form delivered by Debentureholder
 to Debtor in accordance with Section 10.4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Debentureholder
 shall keep records of payments and conversions and such records shall *be prima facia* evidence of such payments and conversions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Common
 Shares issued upon conversion of this Debenture in accordance with the terms hereof shall
 be entitled to all rights and privileges accorded to holders of record of Common Shares on
 and after the applicable Debentureholder Conversion Date, from which date they will for all
 purposes be and be deemed to be issued and outstanding as fully paid and non-assessable Common
 Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If
 Debentureholder elects to receive Common Shares in lieu of cash payment of the Principal
 Amount pursuant to Section 10.3, Debtor shall take all such actions and issue, execute and
 deliver, as applicable, all such certificates, documents and instruments as shall be required
 to validly issue as fully paid and non-assessable such Common Shares in accordance with the
 terms hereof and entitle Debentureholder (or its nominee. participant or assignee) to all
 rights and privileges accorded to holders of record of Common Shares on and after the applicable
 Debentureholder Conversion Date.

**10.5** **No Requirement to Issue Fractional Shares** 

Debtor shall not issue fractional Common Shares upon the exercise of Debtor's interest privileges under Section 10.1 or Debentureholder's privilege under Section 10.3. If any fractional interest in a Common Share would, except for the provisions of this Section 10.5, be deliverable upon conversion, any such fractional interest shall be rounded down to the nearest whole number of Common Shares.

**10.6** **Conversion Adjustment** 

The Debentureholder Conversion Price in effect at any time is subject to adjustment from time to time in the events and in the manner provided as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  **<u>Common Share Reorganization.</u>** If and whenever at any time after the Original Issuance Date
 and prior to the Maturity Date, Debtor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issues
 Common Shares or securities exchangeable for or convertible into Common Shares to the holders
 of the Common Shares as a stock dividend or rights to holders of the Common Shares to acquire
 additional Common Shares pursuant to a rights offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) makes
 a distribution on its outstanding Common Shares payable in Common Shares or securities exchangeable
 for or convertible into Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subdivides
 or re-divides its outstanding Common Shares into a greater number of shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) consolidates
 its outstanding Common Shares into a smaller number of shares,

(any of such events being called a "**Common Share Reorganization**"), then the Debentureholder Conversion Price will be adjusted effective immediately after the effective date or record date for the happening of a Common Share Reorganization, as the case may be, at which the holders of Common Shares are determined for the purpose of the Common Share Reorganization by multiplying the Debentureholder Conversion Price in effect immediately prior to such effective date or record date by a fraction, the numerator of which is the number of Common Shares outstanding on such effective date or record date before giving effect to such Common Share Reorganization and the denominator of which is the number of Common Shares outstanding immediately after giving effect to such Common Share Reorganization (including, in the case where rights to acquire Common Shares or securities exchangeable for or convertible into Common Shares are distributed, the number of Common Shares that would have been outstanding had all such rights been exercised to acquired Common Shares or securities been exchanged for or converted into Common Shares on such effective date or record date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>Capital Reorganization.</u>** If and whenever at any time after the Original Issuance Date and
 prior to the Maturity Date there is a reclassification of the Common Shares outstanding at
 any time or a change of the Common Shares into other shares or into other securities (other
 than a Common Share Reorganization), or a consolidation, amalgamation, arrangement or merger
 of Debtor with or into any other corporation or other entity (other than a consolidation,
 amalgamation, arrangement or merger which does not result in any reclassification of the
 outstanding Common Shares or a change of the Common Shares into other shares), or a transfer
 of the undertaking or assets of Debtor as an entirety or substantially as an entirety to
 another corporation or other entity (any of such events being called a "**Capital Reorganization** "), Debentureholder, upon the exercise of any conversion privilege
 contained in the Debenture after the effective date of such Capital Reorganization, will
 be entitled to receive in lieu of the number of Common Shares to which Debentureholder was
 theretofore entitled upon such conversion, the aggregate number of shares, other securities
 or other property which Debentureholder would have been entitled to receive as a result of
 such Capital Reorganization if, on the effective date thereof, Debentureholder had been the
 registered holder of the number of Common Shares to which Debentureholder was theretofore
 entitled upon conversion of this Debenture. If determined appropriate by action of the directors
 of Debtor, appropriate adjustments will be made as a result of any such Capital Reorganization
 in the application of the provisions set forth herein with respect to the rights and interests
 thereafter of Debentureholder to the end that the provisions set forth herein will thereafter
 correspondingly be made applicable as nearly as may reasonably be practicable in relation
 to any shares, other securities or other property thereafter deliverable upon the exercise
 of a conversion privilege. Any such adjustment must be made by and set forth in an amendment
 to this Debenture approved by action of the directors of Debtor and will for all purposes
 be conclusively deemed to be an appropriate adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  **<u>Stock Exchange Approval.</u>** Any adjustment in the Debentureholder Conversion Price as a result
 of a Common Share Reorganization referred to in paragraphs 10.6(a)(i) or 10.6(a)(ii) or as
 a result of a Capital Reorganization will require the prior approval of the Stock Exchange.

**10.7** **Rules Regarding Calculation of Adjustment of Debentureholder Conversion Price** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 10.6(c) and the policies of the Stock Exchange in effect from time to time, and,
 if applicable, the prior approval of the Stock Exchange:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)  **<u>Cumulative.</u>** The adjustments provided for in Section 10.6 are cumulative and will, in the case of adjustments
 to the Debentureholder Conversion Price, be computed to the nearest one-tenth of one cent
 and will be made successively whenever an event referred to therein occurs, subject to the
 following provisions of this Section 10.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)  **<u>Minimum 1% Change.</u>** No adjustment in the Debentureholder Conversion Price is required to be
 made unless such adjustment would result in a change of at least one per cent (1%) in the
 prevailing Debentureholder Conversion Price; provided however that any adjustments which,
 except for the provisions of this Section 10.7, would otherwise have been required to be
 made, will be carried forward and taken into account in any subsequent adjustments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)  **<u>Discretion of the Board.</u>** In case Debtor or Guarantor after the Original Issuance Date takes
 any action affecting the Common Shares, other than actions described in Section 10.6, which
 in the opinion of the board of directors of Debtor would materially affect the rights of
 Debentureholder hereunder, the Debentureholder Conversion Price will be adjusted in such
 manner, if any, and at such time, by action of the directors of Debtor, but subject in all
 cases to any necessary regulatory approval. Failure to take any action by the directors of
 Debtor so as to provide for an adjustment on or prior to the effective date of any action
 by Debtor affecting the Common Shares will be conclusive evidence that the board of directors
 of Debtor has determined that it is equitable to make no adjustment in the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>Disputes.</u>** If at any time a dispute arises with respect to adjustments provided for in Section 10.6,
 such dispute will be conclusively determined by a firm of independent chartered accountants
 as may be selected by Debentureholder and approved by Obligors acting reasonably, and any
 such determination will be binding upon the Obligors and Debentureholder. The Debentureholder
 and the Obligors recognize and agree that any such disputed adjustment to the Debentureholder
 Conversion Price is subject to applicable policies of the Stock Exchange in effect from time
 to time, and, if applicable, the prior approval of the Stock Exchange. The Obligors will
 provide such firm of independent chartered accountants with access to all necessary records
 of the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  **<u>Notice of Event Requiring Adjustment.</u>** Debtor will from time to time, as soon as is reasonably
 practicable after the occurrence of any event which requires an adjustment or readjustment
 as provided in Section 10.6, give written notice to Debentureholder specifying the event
 requiring such adjustment or readjustment and the results thereof, including the resulting
 Debentureholder Conversion Price, and setting forth in reasonable detail the method of calculation
 and the facts upon which such calculation is based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  **<u>Notice of Intention to Fix Record Date.</u>** Debtor covenants to and in favour of Debentureholder
 that so long as any Principal Amount hereunder remains outstanding, it will give written
 notice to Debentureholder of its intention to fix a record date for any event referred to
 in Section 10.6 (other than a subdivision or consolidation of Common Shares) which may give
 rise to an adjustment in the Debentureholder Conversion Price and, in each case, such notice
 must specify the particulars of such event, the record date and the effective date for such
 event; provided that Debtor is only required to specify in such notice such particulars of
 such event as have been fixed and determined on the date on which such notice is given. Such
 notice must be given not less than five (5) Business Days, in each case, prior to such applicable
 record date or effective date.

**11.** **REPRESENTATIONS AND WARRANTIES** 

**11.1** **Obligors' Representations and Warranties** 

Each Obligor hereby represents and warrants to Debentureholder as of the Original Issuance Date and the Restatement Date (unless otherwise specified in <u>Exhibit "D"</u>) and so long as any Obligations remain outstanding, as set out in <u>Exhibit "D"</u> and acknowledges that Debentureholder is relying upon such representations and warranties in entering into the transactions that give rise to the Principal Amount, which representations and warranties shall survive the execution and delivery of this Debenture.

**11.2** **Knowledge of Obligors** 

Where any representation or warranty contained in <u>Exhibit "D"</u> is expressly qualified by reference to the "knowledge" of Obligors, it shall be deemed to refer to the actual knowledge of Richard Williams, as Executive Chairman of Debtor, Sam Ash, as Chief Executive Officer of Debtor and President of Guarantor and Gerbrand van Heerden, as Chief Financial Officer of Debtor and all information which ought to have been known by each of them after conducting a reasonable inquiry into the matters in question, whether or not any such inquiry was actually made.

**11.3** **Accredited Investor** 

Debentureholder hereby represents and warrants to the Obligors that Debentureholder is an accredited investor, within the meaning of National Instrument 45-106 – Prospectus Exemptions.

**12.** **COVENANTS** 

Each Obligor covenants and agrees with Debentureholder that, unless compliance has been waived in writing by Debentureholder and so long as any Obligations remain outstanding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Punctual Payment of Obligations.** Each Obligor shall make payment of, and perform, all of its Obligations
 when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Reserve Common Shares**. Debtor covenants to reserve and keep available, at all times, such number
 of Common Shares as may be reasonably required to satisfy the conversion rights under this
 Debenture, in whole or in part, into Common Shares pursuant to Section 10. All Common Shares
 which shall so be issuable shall be duly and validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **No Material Change in Conducting of Business.** Each Obligor shall, and it shall cause each
 of its Subsidiaries to, carry out and perform all operations and activities in a commercially
 prudent manner and in accordance with all Applicable Laws, all applicable Authorizations
 and Other Rights and Good Practice Standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Compliance with Laws and Contracts.** Each Obligor will, and shall cause each of its Subsidiaries
 to, obtain and maintain in force (or where appropriate, promptly renew) all Authorizations
 reasonably necessary for carrying out its business and operations generally, including those
 Authorizations required under each Transaction Document, and at all times comply with all
 Applicable Laws and regulations relating to it and its business other than (except in the
 case of Anti-Bribery Laws and Anti-Money Laundering Laws) where such noncompliance would
 not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Maintenance of Accounting Methods and Financial Records**. Each Obligor will, and shall cause each
 of its Subsidiaries to, maintain a system of accounting which is established and administered
 in accordance with US GAAP consistently applied, keep adequate records and books of account
 in which accurate and complete entries shall be made in accordance with such accounting principles
 reflecting all transactions required to be reflected by such accounting principles, keep
 accurate and complete records of any property owned by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Books; Records; Inspections.** Each Obligor will keep, and shall cause each of its Subsidiaries
 to keep, true, complete and accurate Books and Records of all of its operations and activities
 in a manner consistent with customary and prudent commercial practice. Subject to the confidentiality
 provisions of this Debenture, each Obligor shall, and shall cause each of its Subsidiaries
 to, on written request by Debentureholder, provide copies to Debentureholder, and permit
 Debentureholder and its authorized representatives to perform audits or other reviews and
 examinations from time to time and at Debentureholder's sole expense, of Debtor's
 and each Subsidiaries' (including Guarantor), Books and Records that are available
 to the shareholders of Debtor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Maintenance of Legal Existence.** Each Obligor shall, and shall cause each of its Subsidiaries to,
 preserve and maintain its corporate existence in good standing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Notice to Debentureholder of an Event of Default**. Upon either Obligor becoming aware of the
 occurrence of either an Event of Default or Pending Event of Default, Debtor shall promptly
 deliver to Debentureholder a notice specifying the nature and date of occurrence of such
 Event of Default or Pending Event of Default, the Obligors' assessment of the duration
 and effect thereof and the action which the Obligors propose to take with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Payment of Taxes/Claims**. Each Obligor will timely file all Tax returns as and when required pursuant
 to Applicable Law and pay and discharge or cause to be paid and discharged, promptly when
 due, all Taxes imposed upon them or in respect of the Project or any of the Project Assets
 or upon the income or profits therefrom as well as all claims of any kind (including claims
 for labour, materials, supplies and rent) which, if unpaid, might become a Lien upon any
 of its property or assets (other than Taxes the amount, applicability or validity of which
 are being contested in good faith by appropriate proceedings diligently conducted), withhold
 and collect all Taxes required to be withheld and collected by them and remit such Taxes
 to the appropriate Governmental Authority at the time and in the manner required by Applicable
 Law, and pay and discharge immediately upon knowledge by an Obligor of the existence of any
 Lien unless such Lien is a Permitted Lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **No Amalgamation, Merger, Wind-Up, Change in Control, Etc**. Neither Obligor shall consolidate,
 amalgamate with, or merge with or into, or transfer all or substantially all its assets to,
 or reorganize, reincorporate or reconstitute into or as another entity without the prior
 written consent of Debentureholder not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Maintain Listing**. Each Obligor shall take all steps necessary to ensure that the Common Shares
 and any Common Shares issued to Debentureholder pursuant to this Debenture, are listed and
 posted for trading on any stock exchange which Debtor's Common Shares are posted and
 listed for trading on (subject, in the case of any Common Shares issued to Debentureholder
 pursuant to the terms hereof, to any applicable hold periods, not to exceed six (6) months
 plus one (1) day), and will use commercially reasonable efforts to maintain such listing
 and posting for trading of such Common Shares on the Stock Exchange, and will use commercially
 reasonable efforts to maintain Debtor's status as a "reporting issuer"
 not in default of the requirements of the Applicable Securities Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Reporting**.
 The Obligors shall deliver the following to Debentureholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) monthly,
 quarterly and annual customary operational, exploration and financial reports, to be provided
 within ten (10) Business Days of completion, provided that monthly reports are only to be
 provided if, as and when prepared by or on behalf of either Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promptly
 upon preparation thereof, reasonably detailed environmental reports, reports on safety and
 community matters, operational budgets, annual production forecast, and life of mine operating
 plans (and notice of any material change to the life of mine operating plan promptly following
 such change);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) annual
 reserve and resource reports prepared in accordance with NI 43-101;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) annual
 reports detailing reconciliation of resource model, mine grade control and process facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any
 other material engineering or economic studies (as and when prepared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) within
 five (5) Business Days of the end of each six month period ending June 30 and December 31
 of each calendar year, a list of the Mining Rights underlying the Property or any changes
 from the prior list delivered in accordance with this Section 12(l)(vi);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) copies
 of all material contracts, studies or reports relating to the Property, the Mine or the Products
 that may be reasonably requested by Debentureholder and promptly following the receipt thereof
 copies of any notice of default, termination or enforcement action under any such contract
 or occurrence of any other material event in respect of the Property or Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) notice
 of any other material event concerning the Project, the Property, either Obligor including
 any force majeure, labour or civil disruption, actual or threatened legal action, actual
 or threatened withdrawal of any permit or third-party approval, any material human rights,
 community, health and safety, other social, animal welfare, conservation, other environmental,
 or corporate governance controversies or initiatives or any change in law materially impacting
 the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) within
 ninety (90) days of the end of each fiscal year and to the extent prepared by management,
 Debtor shall deliver to Debentureholder its unaudited, unconsolidated financial statements
 and to the extent prepared and delivered to any third party, its audited unconsolidated financial
 statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) such
 other operational, exploration and financial information concerning the Obligors or the Project
 as Debentureholder shall reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **Further Assurances.** Each Obligor will, and will cause any Subsidiary to, execute and deliver
 to Debentureholder all such documents, instruments and agreements and do all such other acts
 and things as may be reasonably required, in the opinion of Debentureholder, to carry out
 the purpose of the Transaction Documents or any other document to which it is a party or
 to enable Debentureholder to exercise and enforce its rights under hereunder or thereunder.
 For greater certainty, Debtor will cause to be delivered all such certificates and legal
 opinions as may be required to remove the legends on this Debenture or the Common Shares
 issued hereunder upon the expiry of the applicable hold periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **Cash Balance.** Each Obligor shall maintain at all times a positive cash balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **Working Capital.** Each Obligor will maintain positive working capital as at the end of each financial
 quarter, as determined from Debtor's most recent annual and quarterly financial statements
 that are filed and available on SEDAR+ and/or EDGAR, where working capital is the current
 assets less the current liabilities (both as defined by US GAAP) of Debtor on a consolidated
 basis, but (i) excluding any non-cash liabilities included in the calculation of current
 liabilities, (ii) except for the fiscal quarter during which this Debenture matures and the
 immediately preceding fiscal quarter, excluding the principal due at maturity of the Convertible
 Debentures, (iii) except for the fiscal quarter during which the principal amount of the
 Indebtedness referred to in paragraph (x) of the definition of Permitted Indebtedness matures
 and the immediately preceding fiscal quarter, excluding such principal amount due at maturity
 of such Indebtedness, (iv) excluding royalty payments owing under the Royalty Agreements,
 in each case, in the ordinary course of business during the applicable twelve (12) month
 period, and (v) including the net proceeds of any debt or equity financing received between
 the relevant quarterly or annual filing date and the applicable reporting date or during
 the relevant Cure Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **Indebtedness.** The Obligors shall not create, incur, assume or permit to exist any Funded Debt other
 than Permitted Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **No Liens.** The Obligors shall not create, incur, assume or permit to exist any Lien on any
 property or asset now owned or hereafter acquired by the Obligors or any one of them except
 Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **No Dispositions**. The Obligors shall not Dispose of (whether in one or a series of transactions)
 any of the Property or any Project Assets, or enter into any agreement to do any of the foregoing,
 except for (i) the sale of inventory in the ordinary course of business, or (ii) the sale
 of equipment that is obsolete, surplus, worn out or no longer useful for the purposes of
 constructing and developing the Project. Without limiting the generality of the foregoing,
 Debtor shall not Dispose of any of the Equity Securities in the capital of Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **No Investments**. No Obligor shall make (i) any direct or indirect investment in or purchase
 or other acquisition of Equity Securities of any other Person, (ii) any loan or advance to,
 purchase of debt securities of, or arrangement for the purpose of providing credit to (excluding
 extensions of trade credit in the ordinary course of business in accordance with customary
 commercial terms) any other Person, or (iii) any capital contribution to (whether by means
 of a transfer of cash or other property or any payment for property or services for the account
 or use of) any other Person; except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) investments
 (including by subscription in Equity Securities of), loans, advances or capital contributions
 made by Debtor in or to Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with
 the prior written consent of Debentureholder not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) **No Acquisitions.** No Obligor shall purchase or otherwise acquire regardless of how accomplished
 or effected, (i) any other Person (including any purchase or acquisition of such number of
 the issued and outstanding securities of, or such portion of equity interest in, such other
 Person so that such other Person becomes a Subsidiary of the purchaser or of any of its Affiliates)
 or of all or substantially all of the property of any other Person, or (ii) any division,
 business, operation or undertaking of any other Person or of all or substantially all of
 the property of any division, business, operation or undertaking of any other Person; with
 the prior written consent of Debentureholder, such consent not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) **No Distributions.** No Obligor shall (i) retire, redeem, retract, purchase or otherwise acquire
 any Equity Securities of such Obligor, (ii) declare or pay any dividend, return of capital
 or other distribution (in cash, securities or other property, or otherwise) of, on or in
 respect of, any Equity Securities of such Obligor, (iii) make any payment or distribution
 (in cash, securities or other property, or otherwise) on or in respect of, its Equity Securities,
 (iv) pay, redeem, repurchase or otherwise acquire any Funded Debt, including any payment
 on account of principal, interest, bonus, premium, make-whole or otherwise; or (v) pay any
 management, consulting or similar fee or any bonus payment or comparable payment, or by way
 of gift or gratuity, to any Related Party of such Person or to any director or officer thereof,
 excluding, for greater certainty, (A) employment compensation in the ordinary course of business,
 and (B) where and to the extent the proceeds of any payment or distribution referred to in
 clauses (i) through (iv) above are used solely to (I) fund the payment of any PF Obligations
 or other Permitted Indebtedness, (II) fund the scheduled payment of the obligations owing
 to the EPA under the EPA Settlement Agreement and (III) pay reasonable annual overhead expenses
 of Debtor and those that relate to the administration and management of the Guarantor, the
 Mining Rights, the Project and the Project Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **EPA Settlement.** Each Obligor shall provide all such bonds, letters of credit and other assurances,
 indemnifications, instruments and documents as may be required to complete the Obligors'
 financial assurance obligations under the EPA Settlement Agreement and shall take all such
 actions and steps and do all such things as may be required to cause the release of the Liens
 in favour of the EPA as soon as reasonably practicable. Each Obligor shall comply in all
 respects with its obligations under the EPA Settlement Agreement and in all material respects
 with all other agreements, Authorizations and Other Rights necessary for the construction,
 development and operation of the Project as contemplated by the current development or mine
 plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) **Project Maintenance**. Each Obligor shall all times do or cause to be done all things necessary
 to maintain the Project in good standing, including paying or causing to be paid all Taxes
 owing in respect of the Project Assets, performing or causing to be performed all required
 assessment work thereon, paying or causing to be paid all maintenance fees and other amounts
 owing in respect of the Project Assets, paying or causing to be paid all rents and other
 payments in respect of leased properties forming a part thereof and otherwise maintaining
 the Property and other Project Assets in accordance with Applicable Laws;

If an Obligor fails to perform any covenant or any other provision of any of the Credit Documents, Debentureholder may, in its discretion, perform any such covenant capable of being performed by it, and if any such covenant requires the payment of money Debentureholder may, in its discretion, make any such payments. All sums so expended by Debentureholder shall be payable on demand and, until paid, shall be added to, and be deemed to be included in the Obligations and shall bear interest at the same rate applicable to principal.

**13.** **DEFAULT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 occurrence of any one or more of the following events shall constitute an "**Event of Default**" under this Debenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Payment*.
 If Debtor fails to pay any Principal Amount when due hereunder or fails to pay interest or
 any other amount when due hereunder and, in the case of interest or such other amount, such
 failure remains outstanding and unremedied for two (2) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Representations and Warranties*. If any representation or warranty made in any of the Credit Documents
 by either Obligor, or if any certificate or opinion furnished to Debentureholder pursuant
 to the provisions hereof proves to have been materially incorrect, incomplete or misleading
 as of the time made or repeated or deemed to be made or repeated, and such inaccuracy is
 not remedied within the Cure Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Failure to Perform*. Other than as otherwise specified in Section 13(a), if an Obligor defaults
 in the performance of any of its covenants or obligations under any of the Credit Documents
 or Project Finance Documents and provided that such default is capable of being remedied,
 and such default is not remedied within the Cure Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Cross Default.* Either Obligor (i) fails to make any payment when such payment is due and payable
 to any Person in relation to any Indebtedness having a principal amount in excess of US$250,000
 (including any other Convertible Debenture, the Loan Agreement and any other Project Finance
 Documents), and any applicable grace period in relation thereto has expired, or (ii) defaults
 in the observance or performance of any other agreement or condition in relation to any such
 Indebtedness or contained in any instrument or agreement evidencing, securing or relating
 thereto, or any other event occurs or condition exists, the effect of which default or other
 condition, if not remedied within any applicable grace period, would be to cause, or to permit
 the holder of such Indebtedness to declare such Indebtedness to become due prior to its stated
 maturity date *;* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Material Permits and Condemnation.* Any Governmental Authority directly or indirectly condemns,
 expropriates, nationalizes, seizes or appropriates any material portion of the Property or
 the Project Assets or any Required Authorization or Other Right necessary for the construction
 and operation of the Project that has been previously obtained by any Obligor is suspended,
 cancelled, revoked, forfeited, surrendered, refused renewal or terminated (whether in whole
 or in part) or otherwise is not, or ceases to be, in full force and effect at any time;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *Insolvency*.
 If either Obligor fails to pay its debts generally as they fall due or suspends making payments
 on all or any class of its debts or announces an intention to do so or begins negotiations
 with one or more creditors with a view to rescheduling any of its indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *Illegality*.
 If it becomes unlawful for any Obligor to perform any of its obligations under any of the
 Transaction Documents or any of its obligations under any Transaction Document cease to be
 valid, binding or enforceable or any Obligor repudiates or contests, in whole or in part,
 any obligations under any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) *Bankruptcy or Similar Proceedings*. Upon the occurrence of an Insolvency Event affecting any Obligor
 or any Subsidiary of Debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) *Material Adverse Effect*. If an event or series of events occur which has or with the passage of
 time or notice or both, would have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *Loss of Perfected Lien.* If any of the Liens created under the Security shall cease to be a
 valid and perfected first priority lien on any Collateral thereunder or any Project Assets
 intended to be Collateral thereunder, subject only to Permitted Liens which rank by law in
 priority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) *Surety Indemnities*. If either Obligor fails to make any payment as and when due and payable
 and owing to the Sureties or defaults in the observance or performance of any other agreement
 or condition in any Indemnity or any other agreement with a Surety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) *Judgment*.
 If one or more final judgments or decrees for the payment of (A) in the case of any judgment
 or decree in respect of obligations or other arrangements with Debentureholder or any of
 its Affiliates (including funds managed by any of its Affiliates), any money, or (B) in any
 other case, money in excess of US$500,000 in the aggregate for all such cases and no more
 than US$250,000 in any one year period, shall have been obtained or entered against an Obligor
 or any of its Subsidiaries provided such judgments or decrees shall not have been and remain
 vacated, discharged or stayed pending appeal within the applicable appeal period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) *Authorizations*.
 If any Authorization by a Governmental Authority necessary for the performance of any obligation
 of an Obligor or any Subsidiary of Debtor under any Credit Document ceases to be in full
 force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 the occurrence of an Event of Default under Section 13(a)(viii), the Obligations shall automatically
 and immediately become due and payable and upon the occurrence and during the continuance
 of any other Event of Default, Debentureholder may, by notice given to Debtor, declare all
 or part of Obligations to be due and payable either on demand or to be immediately due and
 payable without demand, in each case, all without presentment, protest or further notice
 of any kind, all of which are hereby expressly waived by the Obligors. The Obligations due
 and payable upon a declaration or automatic acceleration pursuant to this Section 13(b) will
 include the Prepayment Interest Premium. Each Obligor acknowledges and agrees that any such
 prepayment prior to the Maturity Date is subject to the Prepayment Interest Premium and that
 such amount represents a reasonable estimate of fair compensation payable to Debentureholder
 for the losses suffered by early prepayment and such amount is in the nature of liquidated
 damages and not a penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon
 any such declaration or automatic acceleration pursuant to Section 13(b), Debentureholder
 may, in its discretion, exercise any right or recourse and proceed by any action, suit, remedy
 or proceeding against the Obligors authorized or permitted by law for the recovery of the
 Obligations including bringing an action or instituting proceedings for damages or specific
 performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon
 the occurrence and during the continuance of an Event of Default, the Security Agent shall
 at the request of, or may with the consent of, the Majority Creditors (as defined in the
 Security Sharing Agreement) realize upon the Collateral and enforce the rights of the Security
 Agent and the Sprott Entities under the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 rights and remedies of Debentureholder and the Security Agent hereunder and under the Security
 are cumulative and are in addition to and not in substitution for any other rights or remedies
 available at law or in equity or otherwise. No single or partial exercise by Debentureholder
 or the Security Agent of any right or remedy precludes or otherwise affects the exercise
 of any other right or remedy to which Debentureholder or the Security Agent may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No
 failure on the part of Debentureholder or the Security Agent to exercise and no delay in
 exercising, and no course of dealing with respect to, any right, power or privilege under
 any Credit Document shall operate as a waiver thereof nor shall any single or partial exercise
 of any right, power or privilege under any Credit Document preclude any other or further
 exercise thereof or the exercise of any other right, power, or privilege. The remedies provided
 herein are cumulative and not exclusive of any remedies provided by law. Any waiver by Debentureholder
 of the strict compliance with any term any Credit Document will not be deemed to be a waiver
 of any subsequent Event of Default.

**14.** **DEFINITIONS AND INTERPRETATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Definitions**.
 For the purposes of this Debenture and the Exhibits hereto, capitalized words and phrases
 shall have the meanings set forth in <u>Exhibit "A"</u> and the meanings given
 to the defined terms set out in bold in the recitals <u>.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Accounting Principles**. 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 the Credit Documents, such determination or calculation
 will, to the extent applicable and except as otherwise specified herein or as otherwise agreed
 in writing by the parties, be made in accordance with US GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Terms Generally.** Words importing the singular number include the plural and vice versa. Whenever
 the context may require, any pronoun shall include the corresponding masculine, feminine
 and neuter forms. All forms of "include" shall be deemed to be followed by the
 phrase "without limitation". The word "will" shall have the same
 meaning and effect as "shall". Unless the context requires otherwise (i) reference
 to any agreement or other document herein shall be construed as referring to such agreement
 or other document as from time to time amended (subject to any restrictions on such amendment
 set forth herein), (ii) reference to any Person shall be construed to include such Person's
 successors and assigns, (iii) "herein", "hereof" and "hereunder",
 and similar words shall be construed to refer to this Debenture in its entirety and not to
 any particular provision hereof, and (iv) all references to sections, schedules and exhibits
 shall be construed to refer to sections of, schedules to and exhibits to this Debenture,
 and all such schedules and exhibits shall form part of this Debenture. The term "Debenture"
 and any reference in this Debenture to this Debenture or any other agreement, document or
 other instrument includes, and is a reference to, this Debenture or such other agreement,
 document or other instrument as it may have been, or may from time to time be, amended, restated,
 replaced, modified, supplemented or novated and includes all schedules, exhibits, appendixes
 or attachments thereto or incorporated by reference therein. The terms "conversion",
 "convert", "convertible" used in this Debenture and the Exhibits
 hereto shall be interpreted and deemed to mean with respect to the conversion of interest
 into Common Shares, the payment of accrued and unpaid interest owing hereunder through the
 issuance of Common Shares, and (y) with respect to the conversion of the outstanding Principal
 Amount into Common Shares, the election by Debentureholder to receive payment of the Principal
 Amount through the issuance of Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Security**.
 It is hereby acknowledged and agreed that Debentureholder is a Sprott Entity and that this
 Debenture has the benefit of all security delivered by the Obligors, or any one of them,
 in favour of the Security Agent or any other Sprott Entity as security for the PF Obligations,
 including the Security Documents.

**15.** **NOTICE** 

Any notice or written communication given pursuant to or in connection with this Debenture shall be in writing and shall be given by delivering the same personally or by prepaid courier, prepaid registered mail, or email, addressed to the party to be notified at the following address of such party or at such other address of which such party has given notice to the other party hereto:

for an Obligor,

Bunker Hill Mining Corp.<br> 300-1055 West Hastings Street<br> Vancouver, British Columbia, V6E 2E9

---

| | |
|:---|:---|
| Attention: | Gerbrand van Heerden, CFO & Corporate Secretary |
| Email: | **[Redacted]** |

---

for Debentureholder,

**[Contact information redacted]**

---

| | |
|:---|:---|
| Attention: | **[Redacted]** |
| Email: | **[Redacted]** |

---

Any such notice shall be conclusively deemed to have been given and received on the day of actual receipt by the addressee or, if given by prepaid registered or certified mail, on the fifth (5<sup>th</sup>) day following the mailing date (absent a general disruption in postal service). A party may change its address by notice given in accordance with this Section to the other parties.

**16.** **CONFIDENTIALITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 16(b), neither Debentureholder nor the Obligors shall, without the express written
 consent of the other (which consent shall not be unreasonably withheld), disclose any non-public
 information in respect of the terms of the Credit Documents or otherwise received under or
 in conjunction with the Credit Documents, and none of Debentureholder and the Obligors shall
 issue any press releases concerning the terms of any Credit Document without the consent
 of the other after such parties having first reviewed the terms of such press release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 the foregoing, Debentureholder and the Obligors may disclose non-public information in respect
 of the terms of the Credit Documents or otherwise received under or in conjunction with the
 Credit Documents in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 (A) its limited partners, investors, auditor, legal counsel, lenders, underwriters, investment
 bankers and technical consultants, and (B) Persons with which it is considering or intends
 to enter into a transaction which would be permitted hereunder without the consent of the
 other party under this Debenture for which such non-public information would reasonably be
 relevant (and to advisors and representatives of any such Person); provided that such disclosure
 is made on a need to know basis and that such Persons are advised of the confidential nature
 of the non-public information, undertake to maintain the confidentiality of it and are strictly
 limited in their use of the non-public information to those purposes necessary for such Persons
 to perform the services for which they were, or are proposed to be, retained or to consider
 or effect the applicable transaction, or to monitor their investments in the case of limited
 partners or investors, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where
 disclosure is necessary to comply with Applicable Laws, court order or regulatory request,
 provided that (A) such disclosure is limited to only that non-public information so required
 to be disclosed, and (B) the party required to disclose such information shall promptly notify
 the other party in writing to permit the other party, at its own expense, to have an opportunity
 to contest or seek to obtain an injunction or protective order or other remedy restricting
 the disclosure of such non-public information and, where applicable, that the party required
 to disclose such information has taken commercially reasonable efforts to avail itself of
 the full benefits of any laws, rules, regulations or contractual rights as to disclosure
 on a confidential basis to which it may be entitled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for
 the purposes of the preparation and conduct of any court proceeding commenced under Section
 20(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) where
 disclosure is required under Applicable Laws in connection with any initial public offering
 or subsequent public offering of securities of any Obligor or of Debentureholder or any Affiliate
 thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with
 the express written consent of the other party, such approval not to be unreasonably withheld,
 conditioned or delayed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to
 its Affiliates and those of its and its Affiliates' directors, officers, employees,
 advisors and representatives who need to have knowledge of the non-public information and
 each such Person to whom the non-public information is disclosed is directed to comply with
 these terms of confidentiality (or is bound by professional obligations to maintain confidentiality).

(c) Each
 party shall ensure that its Affiliates who receive any non-public information pursuant to
 this Debenture and its and such Affiliates' employees, directors, officers, advisors
 and representatives and those Persons listed in Section 16(b)(i) are made aware of this Section
 16 and comply with the provisions of this Section 16. Each party shall be liable to the other
 party for any improper use or disclosure of such terms or information by such Persons.

(d) For
 the purposes of this Section 16, the Obligors are one party and Debentureholder is the other
 party.

**17.** **EXPENSES** 

The Obligors will reimburse Debentureholder within thirty (30) days of Debentureholder providing a written invoice and supporting documentation in respect thereof, all of Debentureholder's reasonable out-of-pocket costs and expenses incurred in respect of the negotiation, registration, enforcement of, or the preservation of rights under the Credit Documents, including the reasonable fees and expenses of legal counsel for Debentureholder in connection therewith.

**18.** **INDEMNIFICATION** 

Each Obligor hereby indemnifies Debentureholder, its affiliates and their respective directors, officers and employees, from and against, any claim, damage, loss, liability, judgment, suit, cost or expense of any kind (including reasonable fees and expenses of counsel), arising directly out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 breach by an Obligor of any representation, warranty or covenant contained herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 enforcement by Debentureholder of any right or remedy hereunder.

**19.** **SUCCESSORS AND ASSIGNS, WAIVER AND ACKNOWLEDGEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither
 Obligor may transfer, assign or convey any of its obligations under the Credit Documents
 to any Person without the prior written consent of Debentureholder. Debentureholder may transfer,
 assign or convey the Credit Documents or any of its rights or obligations thereunder, in
 whole or in part, without the consent of the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 Debenture shall be binding upon each Obligor and its successors and permitted assigns and
 shall enure to the benefit of Debentureholder and its successors and assigns. Any reference
 herein to Debentureholder shall include its successors and assigns as if specifically named.
 This Debenture is a negotiable instrument. Presentment for payment, demand, protest, notice
 of protest, notice of dishonour and statutory days of grace respecting this Debenture are
 hereby waived.

**20.** **GOVERNING LAW AND JURISDICTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Debenture shall be governed by, and construed in accordance with, the laws of the Province
 of Ontario and the federal laws of Canada applicable therein (other than the conflict of
 laws rules).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Obligor agrees that any legal proceeding with respect to this Debenture or to enforce any
 judgment obtained against the Obligor may be brought by Debentureholder in the courts of
 the Province of Ontario, Canada or in the courts of any jurisdiction where an Obligor may
 have assets or carries on business, and each Obligor hereby irrevocably submits to the non-exclusive
 jurisdiction of each such court and acknowledges its competence. Each Obligor agrees that
 a final judgment against it in any such legal proceeding will be conclusive and may be enforced
 in any other jurisdiction by suit on the judgment (a certified or exemplified copy of which
 judgment will be conclusive evidence of the fact and of the amount of the Obligations hereunder)
 or by such other means provided by law.

**21.** **SEVERABILITY OF PROVISIONS** 

Any provision of this Debenture that is prohibited or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of that prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of that provision in any other jurisdiction.

**22.** **ENTIRE AGREEMENT** 

The Credit Documents constitute the entire agreement between the parties hereto with respect to the subject matter hereof and supersede any and all prior agreements or understandings, written or oral, with respect thereto. Except as otherwise provided in Section 10.6(b), this Debenture shall not be amended except by the written agreement between Debentureholder and each Obligor.

**23.** **SURVIVAL** 

The provisions of Sections 6 (*Taxes*), 16 (*Confidentiality*), 17 (*Expenses*), 18 (*Indemnification*) and 20 (*Governing Law and Jurisdiction*), shall in each case survive any termination of this Debenture and the payment in full of the Obligations.

**24.** **JUDGEMENT CURRENCY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If,
 for the purpose of obtaining or enforcing judgment against the Obligors in any court in any
 jurisdiction, it becomes necessary to convert into a particular currency (such currency being
 hereinafter in this Section 24 referred to as the "**Judgment Currency** ")
 an amount due in another currency (such other currency being hereinafter in this Section
 24 referred to as the "**Indebtedness Currency**") under this Debenture, the
 conversion shall be made at the rate of exchange prevailing on the Business Day immediately
 preceding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 date of actual payment of the amount due, in the case of any proceeding in the courts of
 the Province of Ontario or in the courts of any other jurisdiction that will give effect
 to such conversion being made on such date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 date on which the judgment is given, in the case of any proceeding in the courts of any other
 jurisdiction (the date as of which such conversion is made pursuant to this Section 24(a)(ii)
 being hereinafter in this Section 24 referred to as the "**Judgment Conversion Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If,
 in the case of any proceeding in the court of any jurisdiction referred to in Section 24(a)(ii),
 there is a change in the rate of exchange prevailing between the Judgment Conversion Date
 and the date of actual payment of the amount due, the Obligors shall pay to Debentureholder
 such additional amount (if any, but in any event not a lesser amount) as may be necessary
 to ensure that the amount paid in the Judgment Currency, when converted at the rate of exchange
 prevailing on the date of payment, will produce the amount of the Indebtedness Currency which
 could have been purchased with the amount of Judgment Currency stipulated in the judgment
 or judicial order at the rate of exchange prevailing on the Judgment Conversion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 amount due from the Obligors under the provisions of Section 24(b) shall be due to Debentureholder
 as a separate debt and shall not be affected by judgment being obtained for any other amounts
 due under or in respect of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 term "**rate of exchange**" in this Section 24 means the daily rate of exchange
 for Canadian interbank transactions applied in converting the Indebtedness Currency into
 the Judgment Currency published by the Bank of Canada for the day in question.

**25.** **CURRENCY CONVERSIONS** 

Except as otherwise provided in this Debenture, to the extent that it may be necessary to convert Canadian dollars to US dollars for the purpose of making any payment or calculation in this Debenture, such conversion shall be made at the Bank of Canada daily average rate quoted for the exchange of Canadian dollars into US dollars or *vice versa*, on the Business Day prior to the date the conversion is to take place.

**26.** **TIME** 

Time is and will be of the essence of each and every provision of this Debenture.

**27.** **AMENDMENT AND RESTATEMENT** 

Each Obligor, Debentureholder and the Security Agent hereby acknowledges, confirms and agrees that:

(a) Original
 Series 1 Debenture No. [●] shall be and is amended and restated in its entirety
 by this Debenture;

(b) this
 Debenture incorporates amendments to Original Series 1 Debenture No. [●] and
 has been restated solely for the purposes of incorporating those amendments to Original Series
 1 Debenture No. [●] that the parties have agreed upon;

(c) this
 Debenture will not discharge, result in a waiver of, or constitute a novation or termination
 of any obligation, covenant or agreement contained in Original Series 1 Debenture No. [●]
 or in any agreements, guarantees, security or other document executed and delivered by or
 on behalf of any Obligor in respect thereof or in connection therewith, which shall continue
 and remain in full force and effect except to the extent modified by this Debenture;

(d) for
 greater certainty, all debts, liabilities and obligations under Original Series 1 Debenture
 No. [●] continue as Obligations under this Debenture, except to the extent modified
 by this Debenture, and the Guarantee continues to guarantee the Obligations as of and from
 the date of Original Series 1 Debenture No. [●] and remains in full force and
 effect; and

(e) on
 and after the Restatement Date, any reference to "this Debenture", "hereof",
 "hereunder" and words of like effect in Original Series 1 Debenture No. [●]
 and any reference to the Series 1 Convertible Debenture No. [●] in any other
 Project Finance Document will mean and be a reference to Original Series 1 Debenture No.
 [●], as amended and
 restated by this Debenture.

**28.** **COUNTERPARTS** 

This Debenture and any schedules, certificates or other writing delivered in connection herewith, may be executed in any number of counterparts and by facsimile or electronic means, with the same effect as if all parties had all signed the same document, and all such counterparts and adopting instruments will be construed together and will constitute one and the same instrument. The execution of this Debenture and any other writing by any party hereto or thereto will not become effective until counterparts hereof or thereof, as the case may be, have been executed by all the parties hereto or thereto.

[*Signature pages immediately follow]*

**IN WITNESS WHEREOF** each Obligor and Debentureholder has executed this Debenture under the hands of its duly authorized officers in that behalf.

---

| | |
|:---|:---|
| **bunker hill mining corp.** | **bunker hill mining corp.** |
| Per: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

---

| | |
|:---|:---|
| **SILVER VALLEY METALS corp.** | **SILVER VALLEY METALS corp.** |
| Per: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| Per: |
| Name: |
| Title: |

---

The undersigned agrees to be bound by the covenants of the Administrative Agent and the Security Agent contained herein and consents to the amendment and restatement of the Original Series 1 Debenture No. [●].

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| Per: |
| Name: |
| Title: |

---

**EXHIBIT "A"<br> DEFINITIONS**

"**A&R Series 1 CDs**" means the six (6) amended and restated secured convertible debentures (including this Debenture) in the aggregate principal amount of US$6,000,000 issued by the Debtor and Guarantor, to and in favour of **[Redacted – Affiliates of Sprott Private Resource Streaming & Royalty Corp.], [Redacted] and [Redacted]**, each as holder.

"**A&R Series 2 CDs**" means the three (3) amended and restated series 2 secured convertible debentures in the aggregate principal amount of US$15,000,000 bearing interest at five per cent (5.0%) per annum payable quarterly in arrears, issued by the Debtor and the Guarantor to and in favour of [**Redacted – Affiliates of Sprott Private Resource Streaming & Royalty Corp.],** each as holder.

"**Administrative Agent**" means [**Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** an Ontario limited partnership, in its capacity as agent for Debentureholder hereunder, and any successor agent appointed from time to time by Debentureholder and their successors and permitted assigns.

"**Affiliate**" means any person which, directly or indirectly, controls, is controlled by or is under common control with another person; and, for the purposes of this definition, "control" (including, with correlative meanings, the terms "controlled by" or "under common control with") means the power to direct or cause the direction of the management and policies of any person, whether through the ownership of shares or by contract or otherwise, *provided that*, for the purposes of this Debenture, a Debentureholder shall not be deemed an Affiliate of any Obligor.

"**Anti-Bribery Laws**" has the meaning ascribed thereto in <u>Exhibit "D"</u>.

"**Anti-Money Laundering Laws**" has the meaning ascribed thereto in <u>Exhibit "D"</u>.

"**Applicable Law**" means any federal, provincial, state, local or municipal statute, law (including the common law), ordinance, rule having the force of law, regulation, by-law (zoning or otherwise) or order of any Governmental Authority or rule of any stock exchange or securities commission, applicable to a Person or any of its properties, assets, business or operations.

"**Applicable Securities Legislation**" means all applicable securities laws of each of the jurisdictions in which Debtor is a "reporting issuer" and the respective rules and regulations under such laws together with applicable published fee schedules, prescribed forms, policy statements, national or multilateral instruments, orders, blanket rulings and other applicable regulatory instruments of the securities regulatory authorities in any of such jurisdictions.

"**Authorization**" means any consent, registration, filing, agreement, certificate, license, approval, permit, authority or exemption from, by or with any Governmental Authority and all corporate, creditors' and shareholders' approvals or consents.

"**Books and Records**" means all records (whether or not recorded on computer or computer related media) in the possession or control of an Obligor relating in whole or in part to the business of an Obligor, including any business, financial, accounting or Tax records.

"**Business Day**" means any day, other than a Saturday, a Sunday, a statutory holiday or any day on which major banks are closed for business in Kellogg, Idaho or Toronto, Ontario.

"**Capital Reorganization**" has the meaning ascribed thereto in Section 10.6(b) of this Debenture.

"**CD Holders**" means the holders of the Convertible Debentures from time to time.

"**Cdn.$**" means the lawful currency of Canada.

**"Claim**" means any act, omission or state of facts and any complaint, litigation, demand, action, suit, proceeding, claim, assessment, judgement or settlement or compromise relating thereto.

"**Collateral**" means all property and assets (whether real, personal or other and including Equity Securities) of the Obligors in which charges, mortgages or security interests are granted or purported to be granted pursuant to the Security.

"**Common Shares**" has the meaning ascribed thereto in Section 10.1(a) of this Debenture.

"**Control**" means the right, directly or indirectly, to direct or cause the direction of the management of the business or affairs of a Person, whether by ownership of securities, by contract or otherwise; and "**Controls**", "**Controlling**", "**Controlled by**" and "**under common Control with**" have corresponding meanings.

"**Convertible Debentures**" means, collectively, (i) the A&R Series 1 CDs; (ii) the A&R Series 2 CDs; and (iii) the Series 3 Convertible Debentures.

"**Credit Documents**" means collectively, this Debenture, the Guarantee, the Security and any documents entered into from time to time in respect of any of the foregoing and "**Credit Document**" means each of them.

"**Cure Period**" means a period of fifteen (15) Business Days following the earlier of (a) delivery by Debentureholder to the Obligors of written notice of a breach or default, and (b) an Obligor becoming aware of such breach or default.

"**Debenture"** has the meaning ascribed thereto in recitals of this Debenture.

"**Debentureholder**" has the meaning ascribed thereto in Section 1 of this Debenture.

"**Debentureholder Conversion Date**" has the meaning ascribed thereto in Section 10.4(e) of this Debenture.

"**Debentureholder Conversion Form**" has the meaning ascribed thereto in Section 10.4(a) of this Debenture.

"**Debentureholder Conversion Price**" means US$0.105 per Common Share, as such price per Common Share may be adjusted from time to time in accordance with the terms of this Debenture.

"**Debtor**" has the meaning ascribed thereto in the recitals of this Debenture.

"**Debtor Interest Conversion Date**" has the meaning ascribed thereto in Section 10.2(b) of this Debenture.

"**Debtor Interest Conversion Form**" has the meaning ascribed thereto in Section 10.2(a) of this Debenture.

"**Debtor Interest Conversion Price**" means the greater of the US Dollar Equivalent Amount of (a) NINETY per cent (90%) of the ten (10) day volume weighted average trading price in Canadian dollars of the Common Shares of Debtor on the Stock Exchange, ending as of the second Business Day prior to the Debtor Interest Conversion Date, and (b) the minimum price permitted by the Stock Exchange.

"**Debtor Relief Laws**" shall mean *Title 11* of the United States Code entitled "Bankruptcy", the *Bankruptcy and Insolvency Act* (Canada), the *Companies' Creditors Arrangement Act* (Canada) and the *Winding-Up and Restructuring Act* (Canada), and all other liquidation, administration, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, judicial management or similar debtor relief laws of the United States, Canada or other applicable jurisdictions from time to time in effect including any proceeding under corporate law or other law of any jurisdiction whereby a corporation seeks a stay or a compromise of the claims of its creditors against it, each as now and hereafter in effect, any successors to such statutes and any other applicable insolvency or other similar law of any jurisdiction.

"**Disclosure Letter**" means the letter of disclosure (including the schedules thereto) dated as of the Restatement Date, executed by the Obligors and delivered to Debentureholder concurrently with this Debenture.

"**Disposition**" means, with respect to any asset (including any Property) of any Person, any direct or indirect sale, lease (where such Person is the lessor), assignment, cession, transfer, exchange, conveyance, release or gift of such asset, including by means of a sale and leaseback transaction, or any reorganization, consolidation, amalgamation or merger of such Person pursuant to which such asset becomes the property of any other Person; and "**Dispose**" and "**Disposed**" have meanings correlative thereto.

"**EPA**" means the United States Environmental Protection Agency.

"**EPA Settlement Agreement**" means the Consent Decree between the United States of America and Placer Mining Company, Inc., filed with the United States District Court District of Idaho on March 3, 2018 and approved on June 19, 2018 and the Settlement Agreement And Order On Consent For Response Action By Bunker Hill Mining Corp. between the EPA and Bunker Hill Mining Corp., dated as effective May 15, 2018 (EPA Region 10 CERCLA Docket No. 10-2017-0123), as amended by the First Amendment To The Settlement Agreement And Order On Consent For Response Action By Bunker Hill Mining Corp. between the EPA and Bunker Hill Mining Corp., dated as effective December 19, 2021.

"**Equity Securities**" means, with respect to any Person, any and all shares, interests, participations, rights in, or other equivalents (however designated and whether voting and non-voting) of, such Person's capital, whether outstanding on the Original Issuance Date or issued after the Original Issuance Date, including any interest in a partnership, limited partnership or other similar Person and any beneficial interest in a trust, and any and all rights, warrants, options or other rights exchangeable for or convertible into any of the foregoing.

"**Event of Default**" has the meaning ascribed thereto in Section 13 of this Debenture.

"**Excluded Taxes**" means, with respect to Debentureholder, income or franchise Taxes imposed on (or measured by) its taxable income or capital Taxes imposed on (or measured by) its taxable capital, in each case by Canada, or by the jurisdiction under the Applicable Law of which such recipient is organized or in which its principal lending office is located.

"**Exclusivity Agreeme**nt" means the exclusivity agreement dated as of January 7, 2022 between SPRSR and the Obligors, as amended by the First Omnibus Amendment and the Second Omnibus Amendment.

"**EXIM Term Loan**" has the meaning ascribed thereto in paragraph (h)(iii) of the definition of Permitted Indebtedness;

"**Fifth Omnibus Amendment**" means the fifth omnibus amendment agreement dated August 8, 2024, between (among others) the Obligors and SPRSR, in its own capacity and as Security Agent.

"**First Omnibus Amendment**" means the omnibus amendment agreement dated January 28, 2022 between the Obligors, and SPRSR, as debentureholder and as secured party.

"**Fourth Omnibus Amendment**" means the fourth omnibus amendment agreement dated June 23, 2023, between (among others) the Obligors and SPRSR, in its own capacity and as Security Agent.

"**Funded Debt**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 obligations of such Person for borrowed money and all obligations of such Person evidenced
 by bonds, debentures, notes, bills or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 obligations, contingent or otherwise, relative to the face amount of all letters of credit
 or letters of guarantee, whether or not drawn, and banker's acceptances issued for
 such Person's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 obligations of such Person under any lease that is required to be classified and accounted
 for as a capital or finance lease for financial accounting purposes or under any synthetic
 lease, tax retention, operating lease or other lease that, in each case, has substantially
 the same economic effect as a conditional sale, title retention agreement or similar arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all
 obligations of such Person in respect of the deferred purchase price of property or services
 (excluding accounts payable incurred in the ordinary course of business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all
 indebtedness of another Person secured by (or for which the holder of such obligations has
 an existing right, contingent or otherwise, to be secured by) any Lien, upon or in property
 owned by such Person, even if such Person has not assumed or become liable for the payment
 of such obligations or such obligations are limited in recourse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all
 obligations of such Person created or arising under any conditional sale or other title retention
 agreement with respect to property acquired by such Person (even if the rights and remedies
 of the seller or lender under such agreement in the event of default are limited to repossession
 or sale of such property); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all
 guarantees, indemnities and other obligations (contingent or otherwise) of such Person in
 respect of Indebtedness of another Person.

"**Good Practice Standards**" means, in relation to mining (including all relevant disciplines pertaining thereto, such as metallurgy, processing, engineering, environmental and governance matters, relations with community and indigenous peoples and other social matters), those policies, practices, methods and acts engaged in or approved by a Person which, in the conduct of its undertaking, exercises that degree of safe and efficient practice, diligence, prudence, and foresight reasonably and ordinarily exercised and most commonly accepted by reputable, skilled and experienced operators engaged in the mining industry in the United States.

"**Governmental Authority**" means any government whether federal, provincial, state or municipal and any governmental agency, governmental authority, governmental tribunal, court, governmental commission (including a securities commission) of any kind whatsoever, any subdivision, agency, commission, board or authority of any of the foregoing or any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the amount of any of the foregoing or any stock exchange or securities commission, having jurisdiction.

"**Guarantees**" and "**Guarantee**" have the meaning ascribed thereto in Section 8 of this Debenture.

"**Guarantor**" has the meaning ascribed thereto in the recitals of this Debenture.

"**Indebtedness**" means, with respect to each Obligor, all and any indebtedness of such Obligor, whether absolute or contingent.

"**Indemnified Taxes**" means all Taxes other than Excluded Taxes.

"**Indemnities**" means, collectively, the indemnity agreements made by the Obligors in favour of the Sureties in respect of the surety or performance bonds to be provided to the EPA and referred to in paragraph (f) of the definition of Permitted Indebtedness, and "**Indemnity**" means any one of them.

"**Insolvency Event**" means, in respect of any Person, any one or more of the following events or circumstances whereby such Person (a) becomes insolvent or generally does not or becomes unable to pay its debts or meet its liabilities as the same become due, (b) admits in writing its inability to pay its debts generally or declares any general moratorium on its indebtedness or proposes a compromise or arrangement between it and any class of its creditors or makes a general assignment for the benefit of creditors, (c) institutes or has instituted against it any proceeding seeking (i) to adjudicate it as bankrupt or insolvent, (ii) liquidation, dissolution, winding-up, administration, reorganization, compromise, arrangement, adjustment, protection, moratorium, relief, stay of proceedings of creditors generally (or any class of creditors), or composition of it or its debts or any other relief under any Debtor Relief Law, or (iii) the entry of an order for relief or the appointment of or the taking of possession by, a receiver, receiver-manager, administrator, custodian, monitor, trustee or other similar official for the Person or any substantial part of its respective property and, in the case of any such proceeding instituted against it (but not instituted by it) either such petition, application or proceeding continues undismissed, or unstayed and in effect, for a period of forty-five (45) days after the institution thereof, such Person fails to diligently and actively oppose such proceeding, or any of the actions sought in such proceeding (including the entry of an order for relief against it or the appointment of a receiver, receiver-manager, administrator, custodian, monitor, trustee or other similar official for it or for any substantial part of its properties and assets) occurs, or such Person files an answer admitting the material allegations of a petition or motion filed against it in any such proceeding, (d) takes any action, corporate or otherwise, to approve, effect, consent to or authorize any of the actions described in the foregoing paragraphs (a) through (c) or otherwise acts in furtherance thereof or fails to act in a timely and appropriate manner in defense thereof, or (e) such Person's working capital is negative in its most recent annual financial statements and quarterly financial statements, where working capital is the current assets less the current liabilities (both as defined by US GAAP).

"**Legal Proceedings**" means any action, suit, proceeding, demand, assessment, judgment, litigation, hearing, Claim, grievance, arbitration or administrative proceeding or other proceeding or dispute resolution process and includes any appeal, settlement or compromise relating then or review and any application for same.

"**Lenders**" means, collectively, [**Redacted – Affiliates of Sprott Private Resource Streaming & Royalty Corp.],** as lenders under the Loan Agreement.

"**Lien**" means, (a) with respect to any asset, any mortgage, deed of trust, lien, pledge, hypothec (whether movable or immovable), hypothecation, encumbrance, charge, security interest, adverse claim, defect to title or right of set off in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease, title retention agreement or consignment agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to any asset, (c) any purchase option, call or similar right of a third party with respect to such asset, (d) any netting arrangement, defeasance arrangement or reciprocal fee arrangement, and (e) any other arrangement having the effect of providing security.

"**Loan Agreement**" means the amended and restated loan agreement dated as of the Restatement Date between the Debtor, as borrower, the Guarantor, as guarantor, [**Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** as agent for the Lenders, and the Lenders.

"**Material Adverse Effect**" means any event, occurrence, change or effect that, when taken individually or together with all other events, occurrences, changes or effects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) materially
 limits, restricts or impairs, or is reasonably likely to materially limit, restrict or impair
 (i) the condition, financial or otherwise, earnings, operations, assets, business affairs
 or business prospects of an Obligor, (ii) the ability of an Obligor to perform its payment
 or other obligations under any Transaction Document, (iii) the development or operation of
 the Project substantially in accordance with the mine or development plan then in effect
 immediately prior to the occurrence of such event, occurrence, change or effect, or (iv)
 the legality, validity or enforceability of the Credit Documents, or the rights and remedies
 available to Debentureholder hereunder and thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) causes
 or is reasonably likely to cause any significant decrease to expected silver, lead or zinc
 production from the Property based on the mine or development plan then in effect immediately
 prior to the occurrence of such event, occurrence, change or effect;

provided that (i) changes to commodity prices and (ii) events, occurrences, changes or effects affecting operators of mining and processing facilities in the US similar to those related to the Project generally, which do not have a disproportionate effect on the Obligors, shall not be a Material Adverse Effect or be taken into account in determining whether there has been or will be a Material Adverse Effect.

"**Maturity Date**" has the meaning ascribed thereto in Section 1 of this Debenture.

"**Mine**" has the meaning set forth in Section 2(a).

"**Mining Rights**" means any mining claims, mining leases, mineral claims, mining concessions, mineral concessions, exploration permits or licenses, mining licenses, forms of mineral tenure or other rights to Products or to access and work upon lands, such as ownership and ancillary rights, surface rights, leasing agreements, lands temporal occupation agreements or otherwise, for the purpose of exploring, exploiting or benefiting Products, under the terms of Applicable Laws, whether contractual, statutory or otherwise, or any interest therein whether now owned or hereafter acquired. "Mining Rights" includes any amendments, relocations, adjustments, resurvey, additional locations, consolidation, derived rights or conversions of, or any renewal, replacement, amendment or other modification or extensions of any of the foregoing.

"**Mortgage**" means the mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixture filing dated as of January 28, 2022 between Guarantor and the Security Agent; as amended by as amended by a first amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated June 17, 2022, a second amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated August 8, 2024, a third amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated December 19, 2024, a fourth amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated the date hereof and as the same may be further amended, amended and restated, modified, supplemented or replaced from time to time.

"**Obligations**" means all indebtedness, liabilities and other obligations of Obligors to Debentureholder hereunder and under the other Credit Documents.

"**Obligors**" means, collectively, Debtor and Guarantor and "**Obligor**" means any one of them.

"**Other Rights**" means all licenses, approvals, authorizations, consents, rights (including surface rights, access rights and rights of way), privileges, concessions or franchises held by the Obligors or required to be obtained from any Person (other than a Governmental Authority), for the construction, development and operation of the Mine, as such construction, development and operation is contemplated by the current or then applicable development or mine plan, as the case may be.

"**Other Taxes**" means all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Credit Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Debenture or any other Credit Document;

"**Pending Event of Default**" means an event which, but for the requirement for the giving of notice, lapse of time, or both, or, but for the satisfaction of any other condition subsequent to that event, would constitute an "**Event of Default**".

"**Permitted Indebtedness**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 existing Indebtedness (other than Funded Debt) incurred prior to the Original Issuance Date
 in the normal course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 Funded Debt set out in Section (14) of the Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 Indebtedness of each Obligor to Debentureholder, including but not limited to Indebtedness
 outstanding under this Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all
 Indebtedness of each Obligor owing to the EPA under the EPA Settlement Agreement with respect
 to the Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) unsecured
 Indebtedness comprised of amounts owed to trade creditors and accruals in the ordinary course
 of business, which are either not overdue or, if disputed and in that case whether or not
 overdue, are being contested in good faith by any Obligor by appropriate proceedings diligently
 conducted, and provided always that the failure to pay such Indebtedness would not involve
 and material risk of loss of any material part of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) obligations
 in respect of surety or performance bonds and/or letters of credit required to be provided
 to the EPA as set out in Section (14) of the Disclosure Letter or with the prior written
 consent of Debentureholder, such consent not to be unreasonably withheld or delayed, obligations
 in respect of surety or performance bonds and/or letters of credit required to be provided
 to the EPA in respect of Financial Assurance (under and as defined in the EPA Settlement
 Agreement) of up to US$17,000,000, which obligations, in the case of surety or performance
 bonds, are permitted to be partially secured by letters of credit (in amounts satisfactory
 to the Security Agent) and otherwise secured by security ranking subordinate to the Security
 and subject to a subordination agreement with Debentureholder (or another Sprott Entity,
 as Security Agent), in form and substance satisfactory to Debentureholder (or the Security
 Agent), and which obligations, in the case of letters of credit, are permitted to be fully
 secured by cash collateral that is not subject to the Security (and the Security Agent will
 execute and deliver a no interest letter in respect of the Security with respect to such
 cash collateral, in form and substance satisfactory to the Security Agent, acting reasonably);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Indebtedness
 in respect of capital or finance leases or purchase money Liens permitted by paragraph (l)
 of the definition of "Permitted Liens";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) subject
 to the prior written consent of Debentureholder, such consent not to be unreasonably withheld
 or delayed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 reclamation bonds relating to the Mine required in connection with the construction, development
 or operation of the Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) offtake
 financing on terms and conditions satisfactory to the Sprott Entities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Indebtedness
 of up to US$150,000,000 pursuant to a term loan facility owing to EXIM Bank where the proceeds
 are used only for the construction and development of the Mine or other general corporate
 purposes of the Obligors (the "EXIM Term Loan") and provided that, if secured,
 the EXIM Term Loan will rank *pari passu* with the PF Obligations and such security
 will rank *pari passu* with the Security and EXIM Bank and the Security Agent will enter
 into an intercreditor agreement in form and substance satisfactory to the Security Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subordinated
 Intercompany Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Indebtedness
 owing under the Loan Agreement, the A&R Series 2 CDs and the Series 3 Convertible Debenture;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any
 other Indebtedness consented to by Debentureholder from time to time;

"**Permitted Liens**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) liens
 for taxes, assessments or governmental charges of any Governmental Authority not at the time
 due or delinquent or, if due or delinquent, the validity of which is being contested at the
 time in good faith by appropriate proceedings, and a reserve has been established by the
 Obligors or the applicable Subsidiary in its Books and Records in accordance with US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) deemed
 liens and trusts arising by operation of law in connection with workers' compensation,
 employment insurance and other social security legislation, in each case, which secure obligations
 not at the time due or delinquent or, if due or delinquent, the validity of which is being
 contested at the time in good faith by appropriate proceedings, and a reserve has been established
 by the Obligors or the applicable Subsidiary in its Books and Records in accordance with
 US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) liens
 under or pursuant to any judgment rendered, or claim filed, against any Obligor or a Subsidiary,
 which such Obligor or such Subsidiary shall be contesting at the time in good faith by appropriate
 proceedings, and a reserve has been established in its Books and Records in accordance with
 US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) liens
 and charges incidental to construction or current operations which have not at such time
 been filed pursuant to law or which relate to obligations not due or delinquent or the validity
 of which are being contested in good faith by appropriate proceedings and as to which a reserve
 has been established by the Obligors in its Books and Records in accordance with US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) easements,
 rights of way, servitudes or other similar rights in land (including, without in any way
 limiting the generality of the foregoing, rights of way and servitudes for railways, sewers,
 drains, gas and oil and other pipelines, gas and water mains, electric light and power and
 telecommunication, telephone or telegraph or cable television conduits, poles, wires and
 cables) granted to or reserved or taken by other persons which individually or in the aggregate
 do not materially detract from the value of the land concerned or materially impair its use
 in the operation of the business of an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 right reserved to or vested in any municipality or governmental or other public authority
 by the terms of any lease, licence, franchise, grant or permit acquired by an Obligor or
 a Subsidiary or by any statutory provision, to terminate any such lease, licence, franchise,
 grant or permit, or to require annual or other payments as a condition to the continuance
 thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Lien resulting from the deposit of cash or securities (i) in connection with performance
 of bids, contracts, leases, tenders or expropriation proceedings, or (ii) to secure workers'
 compensation, surety or appeal bonds, performance bonds, letters of credit, costs of litigation
 when required by law and public and statutory obligations, or (iii) in connection with the
 discharge of liens or claims incidental to construction and mechanics', warehouseman's,
 carriers' and other similar liens arising in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) security
 given by an Obligor or a Subsidiary to a public utility or any municipality or governmental
 or other public authority when required by such utility or municipality or other authority
 in connection with the operations of the Obligor or such Subsidiary, all in the ordinary
 course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) title
 defects or irregularities which are of a minor nature and in the aggregate will not materially
 impact the use of the subject property for the purpose for which it is held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) applicable
 municipal and other governmental restrictions affecting the use of land or the nature of
 any structures which may be erected thereon, provided such restrictions have been complied
 with and will not materially impair the use of the subject property for the purpose for which
 it is held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the
 reservation in any original grants from the Crown of any land or interests therein and statutory
 exceptions and reservations to title;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens
 securing capital or finance leases or purchase money Liens relating solely to the acquisition
 of equipment necessary for the development, construction or operation of the Project, provided
 that such Liens extend only to the property clearly and individually identified as acquired
 or financed thereby (including the proceeds of such property) and do not extend to any other
 assets of an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any
 operating lease entered into in the ordinary course of business; provided that the same is
 not a sale-leaseback;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the
 Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Liens
 in respect of Permitted Indebtedness that is permitted hereunder to be secured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any
 other Liens of the Obligors as existing on the Restatement Date as disclosed in Section (29)
 of the Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) all
 other Liens permitted in writing by Debentureholder.

"**Person**" shall be broadly interpreted and includes an individual, body corporate, partnership, joint venture, trust, association, unincorporated organization, any Governmental Authority or any other entity recognized by law.

"**PF Obligations**" means, collectively, all indebtedness, liabilities and other obligations, present or future, direct or indirect, absolute or contingent, matured or unmatured, at any time or from time to time due or accruing due and owing by or otherwise payable by an Obligor to the Sprott Entities, or any of them, under, in connection with or pursuant to the Project Finance Documents (including the Obligations and all such indebtedness, liabilities and obligations that accrue after the commencing by or against any Obligor of any insolvency or similar proceeding).

"**Prepayment Interest Premium**" means, as of the date of prepayment or repayment in accordance with Section 4 or Section 13, as applicable, an amount equal to twelve (12) months interest on the Principal Amount calculated in accordance with Section 2(b) less the amount of interest received by Debentureholder on the Principal Amount (including, for certainty, interest received in Common Shares) prior to the date of prepayment.

"**Principal Amount**" has the meaning ascribed thereto in the first recital of this Debenture less any payments on account of principal or reduction of principal by way of conversion, made from time to time.

"**Products**" means any and all metals, minerals and products or by-products thereof, of whatever kind and nature and in whatever form or state, in, under or upon the surface or subsurface of the Property (including ore, metals, precious metals, base metals, uranium, industrial minerals, concentrates, gems, diamonds, commercially valuable rock, aggregate, clays and other minerals that are mined, excavated, extracted, recovered or otherwise produced from the Property and any ore, concentrates and other products resulting from the milling, processing or other beneficiation of such metals, minerals, products and by-products).

"**Project**" means the construction and development of the Mine, including the acquisition of the Mine and the settlement of liabilities owing to the EPA, when due.

"**Project Assets**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Property and all other Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Products and the Other Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 mining, processing, development, production, maintenance, administration, water, electrical
 and conveyor facilities, railway infrastructure and rolling stock, storage facilities, stockpiling
 facilities, shipping infrastructure, utilities, and related ancillary infrastructure, other
 buildings, structures, improvements, fixtures and other real and personal property, including
 equipment, re-commissioned, constructed, operated or otherwise used by or on behalf of Obligor
 to extract, beneficiate, market, transport and sell Products derived from the Property or
 to develop, operate or administer the Mine, whether or not located within the physical boundaries
 of the Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 rights (including Authorizations, surface, access and water rights), privileges, concessions
 or franchises owned, controlled, leased or operated by or on behalf of an Obligor at any
 time and not included within the definition of "Property" which are required
 for the development and construction of the Mine and operation thereof.

"**Project Finance Documents**" means collectively, the A&R Series 1 CDs (including this Debenture), A&R Series 2 CDs, the Series 3 Convertible Debentures, the Exclusivity Agreement, the ROFR Agreement, the Loan Agreement, the Recapitalization Agreement, the Security Documents, the Guarantee and all other guarantees agreements, instruments and documents from time to time delivered to or in favour of any Sprott Entity in connection with any of the foregoing agreements and includes any agreement designated from time to time by the Obligors and SPRSR as a "Project Finance Document" for purposes of the Security.

"**Project Mining Claims**" means the Mining Rights described in Exhibit "E" and all other Mining Rights now or hereafter owned, held, under option or under application by the Guarantor or any Affiliate thereof forming part of or related to the Mine.

"**Property**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Project Mining Claims and any other Mining Rights, rights or interests forming part thereof
 from time to time whether now owned or hereafter acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 other real property interests, mineral claims, mineral leases, mining concessions, exploration
 licenses, land (surface and access rights) and similar rights, concessions and interests
 now or hereafter owned, held, under option or under application by an Obligor or any Affiliate
 thereof forming part of the Mine or related to the Mine, whether created privately or by
 action of any Governmental Authority, including but not limited to those interests described
 in Schedule "F" to Royalty Agreement No. 3; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 present or future renewals, extensions, modifications, divisions, substitutions, amalgamations,
 successions, derivations, severances, conversions, demise to lease, renaming or variation
 of any of the Project Mining Claims, Mining Rights or other rights and interests referenced
 in paragraph (a) of this definition.

"**Quarter End**" means the last day of each of March, June, September and December of each calendar year.

"**Real Property**" means the Property and all other real property interests, land (surface and access rights) and similar rights and interests forming part of the Mine or related to the Mine, now or hereafter owned, held, under option or under application by an Obligor, whether created privately or by action of any Governmental Authority.

"**Recapitalization Agreement**" has the meaning ascribed thereto in recital C of this Debenture.

"**Related Party**" means, with respect to any Obligor, any director, officer, employee, shareholder, partner or Affiliate of any Obligor or any other Person not dealing at arm's length with such Obligor (within the meaning of the *Income Tax Act* (Canada)).

"**Required Authorizations**" means any and all Authorizations required to be obtained by any Obligor for the construction, development and operation of the Mine, as such construction, development and operation is contemplated by the current or then applicable development or mine plan, as the case may be.

"**Restatement Date**" has the meaning ascribed thereto in Section 2(b) of this Debenture.

"**Restricted Person**" means any Person that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 named, identified, described in or on or included in or on any of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 lists maintained by the Office of the Superintendent of Financial Institutions (Canada) with
 respect to terrorism financing, including the lists made under subsection 83.05(1) of the
 Criminal Code, under the Regulations Implementing the United Nations Resolutions on the Suppression
 of Terrorism and under the United Nations Al-Qaida and Taliban Regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Denied Persons List, the Entity List or the Unverified List, compiled by the Bureau of Industry
 and Security, U.S. Department of Commerce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 List of Statutorily Debarred Parties compiled by the U.S. Department of State;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Specially Designated Nationals Blocked Persons List compiled by the U.S. Office of Foreign
 Assets Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 annex to, or is otherwise subject to the provisions of, U.S. Executive Order No. 13324; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any
 publicly available lists maintained under Applicable Laws relating to anti-terrorism or anti-money
 laundering matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is
 subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 United Nations Act (Canada), the Special Economic Measures Act (Canada) and the Freezing
 of Assets of Corrupt Foreign Officials Act (Canada);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 International Emergency Economic Powers Act, 50 U.S.C.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Trading with the Enemy Act, 50 U.S.C. App. 1.1 et seq.; or any other enabling legislation
 or executive order relating thereto, including the Uniting and Strengthening America by Providing
 Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of
 Pub. L. 107 56; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) trade
 restrictions under any Applicable Laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is
 a Person or entity who is an Affiliate of a Person or entity listed above.

"**ROFR Agreement**" means the ROFR agreement dated as of January 7, 2022 between [**Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp**.]and the Obligors, as amended by the First Omnibus Amendment and the Second Omnibus Amendment.

"**Royalty Agreement No. 1**" means the royalty agreement dated as of June 23, 2023, and received in lieu of the principal amount owing under the Royalty Convertible Debenture, as amended by the first amendment to royalty agreement dated as of December 12, 2024 and the second amendment to royalty agreement dated as of the date hereof.

"**Royalty Agreement No. 2**" means the additional royalty agreement dated as of December 12, 2024, between the Guarantor, as royalty grantor, the Debtor, as guarantor, and [**Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** as agent for the Lenders, as amended by the royalty agreement no. 2 amendment dated as of the Restatement Date.

"**Royalty Agreement No. 3**" means royalty agreement no. 3 dated as of the Restatement Date granted by the Guarantor in favour of [**Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** as agent for itself and [**Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.].**

"**Royalty Agreements**" means, collectively, Royalty Agreement No. 1, Royalty Agreement No. 2, and Royalty Agreement No. 3.

"**Royalty Convertible Debenture**" means the secured royalty convertible debenture in the principal amount of US$8,000,000 dated as of January 7, 2022 (as amended by the First Omnibus Amendment, the Second Omnibus Amendment and the Third Omnibus Amendment), and as assigned to the [**Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** by the transfer agreement dated October 7, 2022 between SPRSR and the [**Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** as amended by the amending agreement dated June 21, 2023.

"**Second Omnibus Amendment**" means the second omnibus amendment agreement dated June 17, 2022, between (among others) the Obligors and SPRSR, in its own capacity and as Security Agent.

"**Security**" means, collectively, (a) any one or more guarantees made from time to time by an Obligor in favour of the Sprott Entities or any of them, in respect of any Obligations, including the Guarantee; and (b) the Security Documents.

"**Security Agent**" means [**Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** an Ontario limited partnership, in its capacity as security agent for the benefit of the Sprott Entities under the Security, and any successor agent appointed pursuant to the Security Sharing Agreement, and their successors and permitted assigns.

"**Security Documents**" means, collectively, (a) the pledge agreement dated as of January 7, 2022 between the Debtor, as pledgor, and the Security Agent, as amended by the First Omnibus Amendment, the Second Omnibus Amendment, and as it may be further amended, amended and restated, modified or supplemented from time to time, (b) the security agreement dated as of January 28, 2022 among the Obligors, as debtors, and the Security Agent, as amended by the Second Omnibus Amendment, and as it may be further amended, amended and restated, modified or supplemented from time to time, (c) the Mortgage, (d) the deposit account control agreement dated as of July 14, 2023 among TD Bank, N.A., as depositary bank, the Guarantor and the Security Agent; (e) the deposit account control agreement dated as of November 20, 2024 among TD Bank, N.A., the Debtor and the Security Agent, (f) the intercompany subordination and postponement agreement dated as of June 23, 2023 among the Obligors and the Security Agent; and (g) all other assignments, deeds of trust, mortgages, account control agreements, pledges and other security agreements pursuant to which an Obligor grants to the Security Agent for the benefit of the Sprott Entities, mortgages, charges, pledges, liens or security interests in all or some of its present and after acquired property as security for the PF Obligations.

"**Security Sharing Agreement**" means the security sharing agreement dated January 28, 2022 between the Security Agent, the holder of the Royalty Convertible Debenture, each CD Holder (including Debentureholder) and other Sprott Entities party thereto from time to time, as creditors, and acknowledged and agreed by the Obligors, as amended by the Second Omnibus Amendment.

"**Series 1 CD Holders**" means the holders from time to time of the A&R Series 1 CDs.

"**Series 1 Convertible Debentures**" has the meaning ascribed thereto in the Recitals of this Debenture.

"**Series 2 CD Holders**" means the holders from time to time of the A&R Series 2 CDs.

"**Series 3 CD Holders**" means the holders from time of the Series 3 Convertible Debentures.

"**Series 3 Convertible Debentures**" means the two (2) series 3 secured convertible debentures in the aggregate principal amount of US$25,000,000, issued on the Restatement Date by the Debtor and Guarantor, and convertible at the option of the holder into Common Shares.

"**Sprott Entities**" means, collectively, the Administrative Agent, the Security Agent, the Sprott Lender Parties, the Series 1 CD Holders (including Debentureholder), the Series 2 CD Holders, the Series 3 CD Holders, any Affiliate of Sprott Inc. and any fund managed or sub-managed by an Affiliate of Sprott Inc. which in each case is party to a Project Finance Document together with any successor, assign or transferee thereof that is party from time to time to any Project Finance Document and "**Sprott Entity**" means any one of them.

"**Sprott Lender Parties**" means the Lenders and [**Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** as agent for the Lenders.

"**SPRSR**" means [**Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.].**

"**Stock Exchange**" means the TSX-V or any stock exchanges upon which the Common Shares are listed from time to time.

"**Subordinated Intercompany Debt**" means unsecured loans made by Debtor to Guarantor, provided that such Indebtedness shall be subordinated pursuant to a subordination agreement in favour of (among others) the Sprott Entities pursuant to which, among other things, Debtor agrees (a) to subordinate and postpone the Indebtedness to the PF Obligations, (b) that no Liens have been or will be taken, (c) that no remedies will be exercised while any PF Obligations remain outstanding, and (d) that in connection with any Insolvency Event, Debtor will not vote its claim in respect thereof in any manner that would prejudice the Sprott Entities' rights and remedies under this Debenture or any of the Security.

"**Subsidiary**" means each Person directly or indirectly Controlled by Debtor.

"**Sureties**" means, collectively, Northbridge General Insurance Corporation, Trisura Guarantee Insurance Company, Trisura Insurance Company and any other issuer of surety or performance bonds to be provided to the EPA and referred to in paragraph (iv) of the definition of Permitted Indebtedness, and "Surety" means any one of them.

"**Taxes**" means all present or future taxes, rates, levies, royalties, imposts, duties, deductions, assessments, withholdings, dues, fees and other charges of any nature, including any interest, fines, penalties or other liabilities with respect thereto, imposed, levied, collected, withheld or assessed by any Governmental Authority (of any jurisdiction), and whether disputed or not, including sales or value-added taxes, goods and services taxes, stamp taxes and royalties.

"**Third Omnibus Amendment**" means the third omnibus amendment agreement dated December 5, 2022, between (among others) the Obligors and SPRSR, in its own capacity and as Security Agent.

"**Transaction Documents**" means, collectively, the Credit Documents, the other Project Finance Documents and the Royalty Agreements.

"**TSX-V**" means the Toronto Venture Exchange.

"**US Dollar Equivalent Amount**" means, with respect to the calculation of the Debtor Interest Conversion Price, the amount obtained in US dollars when (i) the ten (10) day volume weighted average of the trading price in Canadian dollars referred to in paragraph (a) of the definition of "Debtor Interest Conversion Price" or (ii) the minimum price permitted by the Stock Exchange referred to in paragraph (b) of the definition of "Debtor Interest Conversion Price", is converted into US dollars using the daily average rate for the exchange of Canadian dollars into US dollars of the Bank of Canada on the last of such ten (10) day period or on the date of notification to Debentureholder of such determination by the Stock Exchange, as applicable.

"**US GAAP**" means, in relation to any Person at any time, accounting principles generally accepted in the United States applied on a basis consistent with the most recent audited financial statements of such Person and, if applicable, its consolidated affiliates (except for changes disclosed in the notes to such financial statements).

**EXHIBIT "B"<br> DEBTOR INTEREST CONVERSION FORM**

---

| | |
|:---|:---|
| **TO:** | **[●] [or assignee]** |

---

All terms used herein but not defined shall have the meanings ascribed thereto in the Amended and Restated Series 1 Secured Convertible Debenture dated as of [●], 2025 issued by Silver Valley Metals Corp. and Bunker Hill Mining Corp. to [●] (the "**Debenture**").

Pursuant to Section 10.1 of the Debenture, the undersigned, being the Debtor, hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Debtor irrevocably elects to pay the following amount of accrued and unpaid interest of US$_________________
 through the issuance of _______________ Common Shares in accordance with the terms of the
 Debenture, at the Debtor Interest Conversion Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 exchange rate used to calculate the number of Common Shares is _______ as per the Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
Debtor Interest Conversion Date is __________________________<sup>1</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Common Shares will be entered into the books of Debtor in the name of Debentureholder (or
 the name of its nominee, participant, assignee as directed by Debentureholder prior to the
 Debtor Interest Conversion Date) and certificates evidencing the Common Shares will be registered
 in the same name.

**DATED** this _____ day of _________________________, 20__.

---

| |
|:---|
| **BUNKER HILL MINING CORP.** |
| By: |
| Name: |
| Title: |

---

<sup>1</sup> NTD: in the case of a quarterly interest payment, to be the applicable quarter end date and, in any other case, to be the date such accrued but unpaid interest would otherwise be due and payable.

**EXHIBIT "C"<br> DEBENTUREHOLDER CONVERSION FORM**

---

| | |
|:---|:---|
| TO: | Bunker Hill Mining Corp. (the "**Debtor**") |

---

REFERENCE IS MADE TO the Amended and Restated Series 1 Secured Convertible Debenture no. ● dated [●], 2025 issued by Debtor in favour of the undersigned (the "**Debenture**h**older**") in the original principal amount of US$[●] (the "**Debenture**"). Capitalized terms used but not defined herein have the respective meanings ascribed to those terms in the Debenture.

THE UNDERSIGNED, being the registered Debentureholder of the Debenture hereby irrevocably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) elects
 to convert US$____________ being **[all/part]** of the Principal Amount outstanding under
 the Debenture into Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) directs
 you to enter the Common Shares into the books of Debtor in the name of __________________________________<sup>2</sup>
 and deliver certificates evidencing the Common Shares registered in the same name.

**DATED** this ____ day of ___________________, 20__.

By: 

Name: <br>

Title: 

<sup>2</sup> Insert full name of Debentureholder or its nominee, participant or assignee

**EXHIBIT "D"<br> OBLIGORS' REPRESENTATIONS AND WARRANTIES**

Each of Debtor and Guarantor (each an "**Obligor**" and collectively, the "**Obligors**") hereby represents and warrants as follows to Debentureholder, and acknowledges and agrees that Debentureholder is relying upon such representations and warranties in connection with entering into of this Debenture:

*Corporate Organization and Authority* 

 

1. Each
 Obligor is a corporation duly incorporated and validly existing under the laws of its jurisdiction
 of incorporation and is up-to-date in respect of all filings required by law to maintain
 its existence; in particular, the Debtor is a corporation incorporated under the laws of
 Nevada and Guarantor is a corporation incorporated under the laws of Idaho.

2. Each
 Obligor is qualified to do business and is in good standing in all jurisdictions in which
 the nature of its business as now being or as proposed to be conducted makes such qualification
 necessary and has all material governmental licenses, authorizations, consents and approvals
 necessary to own its assets and carry on its business as now being or as proposed to be conducted.

3. Each
 Obligor has the requisite corporate power, capacity and authority to: (i) own its property
 and assets and conduct its business; and (ii) enter into the Debenture, each other Transaction
 Document to which it is a party and such other documents as may be necessary or appropriate
 to give effect to the terms thereof to which it is a party, to perform its obligations hereunder
 and thereunder and complete the transactions contemplated hereby and thereby.

4. The
 execution and delivery of the Debenture and the other Transaction Documents by each Obligor
 thereto and the completion of the transactions contemplated hereby and thereby, including
 the reservation of the Common Shares issuable in accordance with the Debenture, have been
 duly authorized by all necessary corporate action on the part of such Obligor. This Debenture
 and the other Transaction Documents to which each Obligor is a party have been duly and validly
 executed and delivered by such Obligor, and constitutes a legal, valid and binding obligation
 of it, enforceable against it in accordance with the terms thereof, except to the extent
 enforcement may be affected by bankruptcy, insolvency, fraudulent transfer, reorganization,
 moratorium and similar Applicable Laws affecting creditors' rights generally and subject
 to the qualification that equitable remedies, injunctive relief and/or specific performance
 may be granted in the discretion of a court of competent jurisdiction.

5. Debtor
 owns legally and beneficially all of the issued and outstanding stock of the Guarantor (the
 "**Capital Stock**") as set forth in Section (5) of the Disclosure Letter
 free and clear of any Lien. The corporate structure and organization chart of the Obligors
 set forth in Section (5) of the Disclosure Letter accurately reflects, as of the date hereof,
 the direct and indirect ownership of all of the Capital Stock of the Guarantor. Other than
 as set forth in Section (5) of the Disclosure Letter, no Person has any agreement, option,
 right of first refusal or right, title or interest or any right (including a right of conversion
 of Indebtedness) that is or will become an agreement, option, right of first refusal or right,
 title or interest, in or to all or any part of the Capital Stock of the Guarantor. There
 are no shareholders' agreement or shareholders' declaration in effect with respect
 to the Obligors or their respective shares or other equity interests.

6. Each
 Obligor is entering into and performing its obligations under this Debenture and each of
 the other Transaction Documents to which it is a party, on its own account and not as trustee
 or a nominee of any other Person.

7. The
 principal place of business and chief executive office of each Obligor as of the date hereof
 is set out in Section (7) of the Disclosure Letter.

8. No
 Obligor has suffered an Insolvency Event and no Event of Default has occurred that is continuing
 and the Obligors are not aware of any circumstance which, with notice or the passage of time,
 or both, would give rise to an Insolvency Event or an Event of Default with respect to it.

9. Each
 of the Obligors' corporate records are complete and accurate in all material respects,
 and true and correct copies of same have been made available to the Debentureholder.

10. The
 financial books, records and accounts of each of the Obligors: (i) are complete and accurate
 in all material respects; (ii) are stated in reasonable detail; and (iii) accurately and
 fairly reflect all the material transactions, acquisitions and dispositions of each of the
 Obligors.

11. Debtor's
 audited consolidated financial statements for the fiscal year ended December 31, 2024 including
 the consolidated balance sheets, statements of loss and comprehensive loss, cash flows and
 changes in shareholders' deficiency and the notes thereon and the unaudited interim
 consolidated financial statements for the three months ended March 31, 2025 (collectively,
 the "**Current Financial Statements** "), have been prepared in accordance
 with US GAAP. The Current Financial Statements fairly present in all material respects the
 financial condition and results of operations of Guarantor and the Debtor, on a consolidated
 basis, as at the respective dates specified therein and for the periods then ended. The Obligors
 have not effected any material change in its accounting methods, principles or practices
 since the date of the Current Financial Statements. The Obligors do not intend to correct
 or restate, nor, to the knowledge of the Obligors, is there any basis for any correction
 or restatement of, any aspect of the Current Financial Statements. Other than as set out
 in Section (11) of the Disclosure Letter, each Obligor is neither a party to, nor had a commitment
 to become a party to, any material off balance sheet transactions, arrangements, obligations
 (including contingent obligations) or other relationships of Guarantor, the Debtor or any
 subsidiary of the Obligors with unconsolidated entities. MNP LLP is the current auditor of
 Debtor and is "independent" of the Obligors within the meaning of the Rules of
 Professional Conduct of the Chartered Professional Accountants of Ontario. There has never
 been a "reportable event" (within the meaning of National Instrument 51-102 –
 Continuous Disclosure Obligations of the Canadian Securities Administrators ()"**NI 51-102** ")) with the present or any former auditor of the Obligors.

12. Since
 the end date of its Current Financial Statements, the Obligors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have
 conducted its business only in the ordinary course of business and no Material Adverse Effect
 has occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have
 not incurred any Indebtedness which is not shown or reflected in the most recent interim
 financial statements provided to the Debentureholder or in Section (12) of the Disclosure
 Letter.

*Tax Matters*

 

13. (a) Taxes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All
 material Taxes due and payable by each of the Obligors (whether or not shown due on any Tax
 returns and whether or not assessed (or reassessed) by the appropriate Governmental Authority)
 have been timely paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All
 Tax returns required by Applicable Law to be filed by or with respect to the Obligors have
 been properly prepared and timely filed and all such Tax returns (including information provided
 therewith or with respect thereto) are true, complete and correct in all material respects,
 and no material fact or facts have been omitted therefrom which would make any such Tax returns
 misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As
 of the date hereof, no audit or other proceeding by any Governmental Authority is pending
 or, to the knowledge of the Obligors, threatened with respect to any Taxes due from or with
 respect to the Obligors, and no Governmental Authority has given written notice of any intention
 to assert any deficiency or claim for additional Taxes against either of the Obligors. As
 of the date hereof, there are no matters under discussion, audit or appeal or in dispute
 with any Governmental Authority relating to Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other
 than as set out in Section (13) of the Disclosure Letter, no Governmental Authority of a
 jurisdiction in which the Obligors do not file Tax returns has made any written claim that
 either of the Obligors are or may be subject to taxation by such jurisdiction. To the knowledge
 of the Obligors, there is no basis for a claim that the Obligors is subject to Tax in a jurisdiction
 in which the Obligors do not file Tax returns. As of the date hereof, each of the Obligors
 only file Tax returns in the jurisdictions in which it is incorporated or organized and in
 any jurisdiction in which it carries on any material business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As
 of the date hereof, there are no reassessments of Taxes for the Obligors that have been issued
 and are under dispute, and the Obligors have not received any communication from any Governmental
 Authority that an assessment or reassessment is proposed in respect of any Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To
 the knowledge of the Obligors, each of the Obligors have withheld or collected any material
 Taxes that are required by Applicable Law to be withheld or collected and have paid or remitted,
 on a timely basis, the full amount of any Taxes that have been withheld or collected, and
 are due, to the applicable Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Section
 (14) of the Disclosure Letter sets out a full and complete list of all existing Funded Debt
 of the Obligors.

*Non-Contravention* 

 

15. Subject
 to Section (15) of the Disclosure Letter, none of the execution and delivery of the Debenture
 or the other Transaction Documents, the reservation and issuance of the Common Shares in
 accordance with the Debenture or the completion of the transactions contemplated hereby or
 thereby, by each Obligor thereto, will (i) require that a consent be obtained or a notice
 be provided under or result in or constitute a breach or default under any agreement, mortgage,
 bond or other instrument to which it is a party or which is binding on it or its assets,
 (ii) violate the terms of its constating documents, (iii) require that a consent be obtained
 or a notice be provided under or violate any Applicable Law or any Required Authorization
 or the material terms and conditions of any Other Rights, or result in any modification,
 revocation, alteration or transfer of any Required Authorization or Other Right, (iv) result
 in the imposition of any Lien on the Project Assets, or (v) contravene any judgment, order,
 writ, injunction or decree of any Governmental Authority.

16. No
 Obligor is in breach of or default under, and no event has occurred that, with the passage
 of time or notice, or both, would constitute or would reasonably be expected to constitute
 such a breach of or default under, any agreement, mortgage, bond or other instrument to which
 it is a party or which is binding on it or its assets, other than a breach or default or
 event that would not, individually or in the aggregate, have a Material Adverse Effect. To
 the knowledge of the Obligors, there is no breach or default by any counterparty thereto
 or inability of any counterparty thereto to perform its obligations thereunder which has,
 individually or in the aggregate, a Material Adverse Effect.

*Regulatory Compliance* 

 

17. No
 consents, approvals or permissions are required to be obtained by, nor any filings made with
 any Governmental Authority by any Obligor in connection with the execution and delivery or
 the performance by it of this Debenture and the other Transaction Documents to which it is
 a party, or in respect of its obligations hereunder or thereunder, other than as set forth
 in Section (17) of the Disclosure Letter.

18. Each
 Obligor has conducted and is conducting its respective business in compliance in all material
 respects with Applicable Laws.

19. No
 Obligor nor, to the knowledge of the Obligors, any director, officer, manager, member, employee,
 consultant, representative or agent thereof, acting on its behalf has violated (i) the *Corruption of Foreign Public Officials Act* (Canada), the *Bribery Act* (United Kingdom), the *Foreign Corrupt Practices Act* (United States), and all other anti-bribery, and anti-corruption
 Applicable Laws, whether within Canada, the United States or to the extent applicable to
 any Obligor, elsewhere, including any regulations, guidelines or orders thereunder (collectively,
 the "**Anti-Bribery Laws** "); and (ii) the Proceeds of Crime (Money Laundering)
 and Terrorist Financing Act (Canada) and all other anti-money laundering, anti-terrorist
 financing, government sanction and "know your client" Applicable Laws, whether
 within Canada, the United States and, to the extent applicable to any Obligor, elsewhere,
 including any regulations, guidelines or orders thereunder (collectively, the "**Anti-Money Laundering Laws** "). No Obligor nor, to the knowledge of Guarantor and the Debtor,
 any director, officer, employee, consultant, representative or agent thereof acting on its
 behalf, has made a voluntary, directed, or involuntary disclosure to any Governmental Authority
 responsible for enforcing Anti-Bribery Laws or Anti-Money Laundering Laws, with respect to
 any alleged non-compliance by any Obligor or such other Persons (acting on behalf of an Obligor)
 with Anti-Bribery Laws or Anti-Money Laundering Laws. No Obligor has received any written
 notice, request, or citation from any Governmental Authority alleging non-compliance by any
 Obligor or such other Persons (acting on behalf of an Obligor) with any Anti-Bribery Laws
 or Anti-Money Laundering Laws.

20. The
 Obligors and their agents have complied at all times with Anti-Bribery Laws with respect
 to the Project and the development, construction or conduct of all operations or activities
 at the Project. The operations in relation to the Project are and have been conducted at
 all times in compliance with applicable financial record-keeping and reporting requirements
 of Anti-Money Laundering Laws and no action, suit or proceeding by or before any court or
 Governmental Authority or any arbitrator involving the Obligors with respect to the Anti-Money
 Laundering Laws is pending or, to the best knowledge of the Obligors, threatened.

21. The
 Obligors have not, and, to the knowledge of the Obligors, no director, officer, employee,
 consultant, representative or agent of the Obligors have, transacted business on behalf of
 the Obligors with any Restricted Person.

22. Debtor
 is a "reporting issuer" (or the equivalent) in the provinces of British Columbia,
 Alberta and Ontario and is not included on a list of defaulting reporting issuers maintained
 by the securities regulators or other securities regulatory authorities in any such provinces
 (collectively, the "**Securities Regulators** "). No order, ruling or determination
 having the effect of suspending the sale or ceasing or suspending trading in any securities
 of Debtor has been issued by any Governmental Authority and is continuing in effect and no
 proceedings for such purpose have been instituted or are, to the knowledge of the Obligors,
 pending or threatened.

*Legal Proceedings*

 

23. Other
 than as set forth in Section (23) of the Disclosure Letter, there are no actions, suits,
 proceedings, hearings, inquiries, investigations or claims commenced or, to the knowledge
 of the Obligors, threatened against any Obligor or that involve the Project, and which, individually
 or in the aggregate, (i) would prevent or limit, restrict or impair in any material respect
 the ability of an Obligor to enter into this Debenture or the other Transaction Documents
 to which it is a party or would reasonably be expected to materially and adversely impair
 the performance of its obligations under this Debenture or the other Transaction Documents
 or the development of the Project, or (ii) that could reasonably be expected to result in
 a Material Adverse Effect.

24. No
 Obligor is a party to or subject to any judgment, order, writ, injunction or decree, involving
 the Project, which (i) could reasonably be expected to materially and adversely impair the
 performance of its obligations under this Debenture or the other Transaction Documents, or
 (ii) could reasonably be expected to result in a Material Adverse Effect. No action or proceeding
 has been instituted or remains pending or, to the knowledge of the Obligors, has been threatened
 and not resolved, by or before any Governmental Authority that (i) could reasonably be expected
 to materially and adversely impair the development of the Project, or (ii) could reasonably
 be expected to result in a Material Adverse Effect.

*Material Information* 

 

25. All
 material information relating to the Project and Project Assets and prepared by or on behalf
 of the current management of the Obligors and that has been made available or delivered to
 Debentureholder, including forecasts, projections, mine plans, budgets and environmental
 audits, assessments, studies and tests, including any environmental and social impact assessment
 study reports, was prepared in good faith and on the basis of assumptions that the management
 of the Obligors believe to be reasonable at the time of preparation, subject to any material
 changes of which the Obligors have informed Debentureholder in writing. To the knowledge
 of the management of the Obligors, all material information relating to the Project and the
 Project Assets prepared at the request of current management of the Obligors by third parties
 and that has been made available or delivered to Debentureholder including forecasts, projections,
 mine plans, budgets and environmental audits, assessments, studies and tests, including any
 material environmental and social impact assessment study reports, was prepared in good faith
 and does not contain materially incorrect information. The Obligors do not have knowledge
 of any change to the facts and assumptions underlying the estimates in the technical report
 and preliminary economic assessment for underground milling and concentration of lead, silver
 and zinc at the Mine dated December 29, 2021 and effective November 29, 2021, as amended
 and restated as of February 22, 2022 effective January 7, 2022 and as further updated and
 revised by Management's 9 plus 3 model dated October 30, 2024 titled "*9^M3 Forecast Consolidated Optimization incl AP catch up*" and delivered to the Administrative
 Agent on November 15, 2024 ()"**PEA**") that would reasonably be expected to
 result in a material adverse change in any cost, price, reserves, resources or other relevant
 information in the PEA. All material information regarding the Project and the Project Assets,
 including drill results, technical reports and studies, that are required to be disclosed
 by Applicable Laws, have been publicly disclosed by Debtor in compliance, in all material
 respects, with Applicable Laws.

26. As
 of the date hereof, all material information relating to the Project mineralization prepared
 by or on behalf of the current management of the Obligors has been made available or delivered
 to Debentureholder and, to the knowledge of the management of the Obligors, such information
 and the reports and information delivered to Debentureholder have been prepared in a manner
 which is consistent with Good Practice Standards, the statements, assumptions and projections
 contained therein are fair and reasonable as and when produced and, to the knowledge of the
 management of the Obligors, have been arrived at after reasonable inquiry having been made
 in good faith by the Persons responsible therefor. The estimated mineral resources relating
 to the Property as of the date hereof are as stated in the PEA. The Obligors are in compliance
 in all material respects with NI 43-101 in connection with the disclosure of scientific or
 technical information made by the Obligors concerning the Project. The Obligors have duly
 filed with the applicable regulatory authorities in compliance in all material respects with
 Applicable Laws all reports required by NI 43-101 in connection with the Project, and all
 such reports were prepared in accordance with the requirements of NI 43-101 in all material
 respects. As of the date hereof, there are no outstanding unresolved comments of the TSX
 Venture Exchange (the "TSX-V") or any Securities Regulator in respect of the
 technical disclosure relating to the Project made in the documents which have been filed
 by or on behalf of the Obligors with the relevant Securities Regulators pursuant to the requirements
 of Applicable Laws, including all documents publicly available on Debtor's SEDAR+ profile.

27. The
 Obligors are in compliance in all material respects with all timely and continuous disclosure
 obligations under Applicable Laws, including NI 51-102, and the policies, rules and regulations
 of the TSX-V and, without limiting the generality of the foregoing, except as disclosed to
 the Debentureholder, there has been no "material change", as defined in the Securities
 Act (Ontario) (actual, or, to the knowledge of the Obligors, proposed or prospective, whether
 financial or otherwise) in the business, results of operations, prospects, assets, liabilities
 (contingent or otherwise) or capital or financial condition of the Obligors on a consolidated
 basis which has not been publicly disclosed within the period required by NI 51-102, and
 except as disclosed to the Debentureholder, no Obligor has filed any confidential material
 change reports which remain confidential as of the date hereof.

*Project* 

 

28. The
 PEA was prepared in a manner which is consistent with Good Practice Standards and the statements,
 assumptions and projections contained therein were fair and reasonable as and when produced
 and, to the Obligors' knowledge, were arrived at after reasonable inquiry, having been
 made in good faith by the Persons responsible therefor. The PEA contains a reasonable estimate
 in all material respects of projected capital expenditures for the Real Property subject
 to fluctuations in exchange rates, commodity prices and electricity rates and has been prepared
 in a manner which is consistent with Good Practice Standards.

29. Subject
 to Section (29) of the Disclosure Letter, the Guarantor is the sole recorded and beneficial
 owner of the Real Property, free and clear of any Lien (other than Permitted Liens). Section
 (29) of the Disclosure Letter sets out a full and complete list of all Permitted Liens. Except
 for any Permitted Liens or as listed in Section (29) of the Disclosure Letter, no Person
 other than the Debentureholder has any agreement to acquire, option, right of first refusal
 or right, title or interest or any right that is or will become an agreement to acquire,
 option, right of first refusal or right, title or interest, in or to all or any material
 part of the Collateral or any Project Assets nor has either of the Obligors granted, or agreed
 to grant, any Lien, other than Permitted Liens, on the Collateral or any Project Asset.

30. The
 Required Authorizations and Other Rights required for the development, construction or operation
 of the Project, including commercial production of the silver, lead and zinc from the Project,
 whether obtained or issued by the date hereof or not, are listed in Section (30) of the Disclosure
 Letter. The Obligors have complied in all material respects with all conditions provided
 for in the Required Authorizations and Other Rights required to be complied with as of the
 date this representation is made.

31. Other
 than as set forth in Section (31) of the Disclosure Letter, all Authorizations and Other
 Rights required for the development, construction and operation of the Project, including
 for greater certainty all environmental and water permits, are in full force and effect and
 in good standing and none of the Obligors, and to the best of the knowledge and belief of
 each of the Obligors, no other Person party thereto is, in default in any material respect
 under any such Authorization or Other Right.

32. No
 Authorization or Other Right relating to the Project or the Real Property has been challenged,
 withdrawn, cancelled, amended or refused or, to the best of the knowledge and belief of each
 of the Obligors, threatened to be challenged, withdrawn, cancelled, amended or refused by
 any Governmental Authority or by any other Person.

33. Subject
 to Section (33) of the Disclosure Letter, operation of the Project is and has been in compliance
 in all material respects with all land use restrictions, zoning, regulations, ordinances,
 environmental laws and other similar Applicable Laws thereto. Subject to Section (33) of
 the Disclosure Letter, during the past three (3) years, neither of the Obligors nor any of
 its agents or employees has received any written notice from any Governmental Authority having
 jurisdiction over the Project alleging any violation of any Applicable Law, including, but
 not limited to, those relating to environmental laws, zoning, building, use, personal disability
 and fire or safety, which has not been cured or remedied. To the knowledge of the Obligors,
 there are not any threatened proceedings for the rezoning of the Real Property or any portion
 thereof.

34. Current
 management of the Obligors has arranged for the following environmental studies relating
 to the Project and the Real Property: (i) since September 2020, 30 site water sampling and
 broad spectrum lab testing on a monthly basis and field parameter testing on a bi-weekly
 basis, and (ii) in May 2021, a multi-year water flow analysis program with the University
 of Idaho's hydrogeology department, (iii) water chemistry analysis as part of planning
 for a proprietary in-mine water treatment system, (iv) evaluation of the capabilities of
 the Environmental Protection Agency's Central Treatment Plant, in the event that an
 Obligor may seek to purchase and/or operate it in the future. No other environmental investigation,
 study, audit, test or other analysis has been conducted by or at the request of current management
 of the Obligors with respect to the Project and Real Property.

35. Subject
 to Section (35) of the Disclosure Letter, there are no material environmental liabilities
 of the Obligors or to the knowledge of the Obligors, in respect of the development, construction
 and operation of the Project, in each case, that have been incurred as at the date that this
 representation is made.

36. Subject
 to Section (36) of the Disclosure Letter, no release or threatened release of any chemicals,
 materials or substances, whether solid, liquid or gas, defined as or included in the definition
 of "contaminant", "pollutant", "hazardous substance",
 "hazardous waste", "hazardous material", or "toxic substance"
 under any applicable environmental law has occurred or is occurring at or from the Project
 for which environmental laws require notice, further investigation or any form of responsive
 action.

37. Section
 (37) of the Disclosure Letter lists all underground and above ground storage tanks located
 or previously located on the Real Property.

38. The
 Obligors have complied and will comply with all terms and conditions of the EPA Settlement
 Agreement, including, without limitation, making timely payments and providing financial
 assurance on schedule.

39. Except
 for the deferral arrangements disclosed in Section (39) of the Disclosure Letter, all payments
 relating to water treatments costs with respect to the Project, including all costs relating
 to the water treatment facility known as the Central Treatment Plant, have been paid in full,
 and there are no water treatment costs or other amounts in connection therewith owing to
 any Person, including, without limitation, the EPA and the Idaho Department of Environmental
 Quality ()"**IDEQ** ").

40. Except
 as disclosed in Section (40) of the Disclosure Letter, each of the Obligors are in compliance
 with their obligations to the EPA and the IDEQ with respect to the Obligors' responsibilities
 for meeting water discharge standards and for all water treatment costs in connection with
 the Property and there are no further water treatment costs due and payable by the Obligors
 to the EPA and the IDEQ.

41. All
 Real Property owned or leased by the Obligors is described in Schedule "F" to
 Royalty Agreement No. 3 and all mining claims, concessions and other mining rights forming
 part of the Mine or related thereto are described in Exhibit "E".

42. Guarantor
 has good and marketable title to the Real Property free and clear of any Liens other than
 Permitted Liens and its rights in and to the Real Property will be valid and in full force
 and effect in all material respects, and the Obligors will have complied in all material
 respects with all of their respective obligations in respect thereof, including payment of
 any annual fees and production penalties, under Applicable Laws. No third party holds any
 mining or real property rights that conflict in any material respect with the Guarantor's
 rights in and to the Real Property.

43. Except
 as set out in Section (43) of the Disclosure Letter, all mining concession, patent or maintenance
 fees and recording fees, and all other material exploration permit, authorization, lease,
 licensing and mining claim payments, rentals, taxes, assessments, renewal fees and other
 governmental charges, owing in respect of the Project and the Real Property or any part thereof,
 have been paid in full.

44. Guarantor
 owns or has the right to use or the benefit of all of the Other Rights and Project Assets
 and the Other Rights and Project Assets they own are free and clear of any Liens, other than
 Permitted Liens.

45. Subject
 only to the rights of any Governmental Authority set out in Section (45) of the Disclosure
 Letter and except for Permitted Liens, no Person is entitled to or holds any material rent,
 option, back-in right, earn-in right, right of first refusal, royalty, stream, participation,
 production or similar interests, or other payment in the nature of rent or royalty, on or
 for the Project, including in any Real Property or any Products.

46. To
 the knowledge of the Obligors, there is no (i) expropriatory act or series of expropriatory
 acts, including eminent domain, confiscation, nationalization, requisition, deprivation,
 sequestration and/or similar acts, by law, order, executive or administrative action or otherwise
 of any Governmental Authority or any corporation or other entity controlled by any Governmental
 Authority the result of which expropriatory act or series of expropriatory acts is that all
 or substantially all of the rights, privileges and benefits pertaining to, associated with,
 threatened against or affecting all or any part of the Mine (collectively, an "Expropriation
 Event") and (ii) circumstances, notices, discussions, or negotiations which could reasonably
 be expected to result in such an Expropriation Event.

47. Except
 as set out in Section (47) of the Disclosure Letter, to the best knowledge of the Obligors,
 no indigenous or community groups (and no Persons on their behalf) have asserted any interest
 or rights or commenced or threatened any claims or proceedings affecting the Project or the
 Obligors that could result in a Material Adverse Effect.

48. Any
 relocation or resettlement of any persons, communities or settlements, including any indigenous
 persons, communities or settlements, in connection with the exploration, development or operation
 of the Project has been conducted in material compliance with all Applicable Laws and Authorizations.

49. Except
 as set out in Section (49) of the Disclosure Letter, and to the best of the knowledge and
 belief of each of the Obligors (i) no indigenous or community groups (and no Governmental
 Authority on behalf of any such groups) have asserted any interest or rights or commenced
 or threatened any claims or proceedings affecting the Real Property, the Project or any of
 the Obligors which have a Material Adverse Effect, and (ii) neither the Real Property nor
 any part of the Project is located on any land or in territory to which indigenous or local
 community groups own or are entitled to communal, collective rights or any other rights under
 Applicable Law.

50. The
 Obligors have complied with all previous consultation processes with local communities in
 accordance with Applicable Law.

*Common Shares*

 

51. The
 Common Shares are listed and posted for trading on the TSX-V and Debtor is a "reporting
 issuer" not in default of the requirements of the Applicable Securities Legislation.

52. The
 Common Shares, when issued in compliance with the provisions of the Debenture will be validly
 issued, fully paid and non-assessable and free of any liens or encumbrances and issued in
 compliance with all Applicable Securities Legislation.

*Other*

 

53. The
 execution, delivery and performance of this Agreement and the other Transaction Documents
 by each Obligor thereto and the completion of the transactions contemplated hereby and thereby
 is exempt from the formal valuation requirement and the minority approval requirement of
 Multilateral Instrument 61-101 *Protection of Minority Security Holders in Special Transactions*.

54. Except
 as set out in Section (54) of the Disclosure Letter, no Obligor is party to any contract
 that would give rise to a valid claim against an Obligor and/or any Sprott Entity for a brokerage
 commission, finder's fee or like payment in connection with the transactions contemplated
 by this Debenture or the other Transaction Documents.

55. Section
 (55) of the Disclosure Letter, lists all bank accounts of each of Debtor and Guarantor and
 the depositary bank at which such accounts are maintained.

56. The
 Obligors are in material compliance with all Applicable Laws respecting employment and employment
 practices, terms and conditions of employment, pay equity and wages; there is not currently
 any labour disruption, strike, or conflict involving or threatened against any Obligor or
 directly affecting the Mine. None of the Obligors are party to a collective bargaining agreement.

**EXHIBIT "E"<br> PROJECT MINING CLAIMS**

**Primary Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Ace | 2583 | 12 | 48 North | 2 East |
| African | 2624 | 13 | 48 North | 2 East |
| Alla | 1228 | 13 | 48 North | 2 East |
| Allie | 1229 | 13 | 48 North | 2 East |
| Apex | 3361 | 2 | 47 North | 2 East |
| Arizona | 1488 | 12 | 48 North | 2 East |
| Band | 2507 | 2 | 48 North | 2 East |
| Bear | 2081 | 13 | 48 North | 2 East |
| Bee | 2072 | 12 | 48 North | 2 East |
| Berniece | 1620 | 14 | 48 North | 2 East |
| Beta | 3471 | 13 | 48 North | 2 East |
| Blue Bird | 3361 | 2 | 47 North | 2 East |
| Boer | 2599 | 12 | 48 North | 2 East |
| Bonanza Fraction | 1228 | 13 | 48 North | 2 East |
| Bought Again | 1229 | 13 | 48 North | 2 East |
| Brady | 2584 | 12 | 48 North | 2 East |
| Buckeye | 2250 | 13 | 48 North | 2 East |
| Butte | 3361 | 2 | 47 North | 2 East |
| Butternut | 1916 | 13 | 48 North | 2 East |
| Cariboo | 1220 | 11 | 48 North | 2 East |
| Carter | 1466 | 14 | 48 North | 2 East |
| Chain | 2078 | 12 | 48 North | 2 East |
| Cheyenne | 2249 | 12 | 48 North | 2 East |
| Chief No. 2 | 2862 | 11 | 48 North | 2 East |
| Club | 2583 | 12 | 48 North | 2 East |
| Combination | 2072 | 12 | 48 North | 2 East |
| Confidence | 2328 | 12 | 48 North | 2 East |
| Coxey | 1466 | 14 | 48 North | 2 East |
| Cypress | 2429 | 12 | 48 North | 2 East |
| Deadwood | 1466 | 11 | 48 North | 2 East |
| Debs | 1466 | 11 | 48 North | 2 East |
| Dewey | 2081 | 13 | 48 North | 2 East |
| Diamond | 2583 | 12 | 48 North | 2 East |
| Drew | 2587 | 13 | 48 North | 2 East |
| East | 1228 | 13 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Emily Grace | 2587 | 13 | 48 North | 2 East |
| Emma | 550 | 12 | 48 North | 2 East |
| Ethel | 2966 | 11 | 48 North | 2 East |
| Evans | 2611 | 12 | 48 North | 2 East |
| Excelsior | 1356 | 11 | 48 North | 2 East |
| F | 2587 | 24 | 48 North | 2 East |
| Flagstaff | 2328 | 12 | 48 North | 2 East |
| Flagstaff No. 2 | 2921 | 12 | 48 North | 2 East |
| Flagstaff No. 4 | 2921 | 12 | 48 North | 2 East |
| Foster | 2587 | 13 | 48 North | 2 East |
| Good Luck | 1220 | 11 | 48 North | 2 East |
| Goth | 3214 | 2 | 48 North | 2 East |
| Grant | 2369 | 11, 12 | 48 North | 2 East |
| Grant | 2599 | 12 | 48 North | 2 East |
| Gun | 2611 | 18 | 48 North | 3 East |
| Gus | 2624 | 13 | 48 North | 2 East |
| Hamilton | 1466 | 14 | 48 North | 2 East |
| Hamilton Fraction | 1619 | 11 | 48 North | 2 East |
| Hard Cash | 1466 | 11 | 48 North | 2 East |
| Harrison | 1664 | 11 | 48 North | 2 East |
| Hawk | 2072 | 12 | 48 North | 2 East |
| Heart | 2511 | 12 | 48 North | 2 East |
| Helen Marr | 2452 | 12 | 48 North | 2 East |
| Hemlock | 2452 | 13 | 48 North | 2 East |
| Hickory | 2432 | 13 | 48 North | 2 East |
| Homestake | 1916 | 13 | 48 North | 2 East |
| Hornet | 1325 | 12 | 48 North | 2 East |
| Idaho | 2072 | 12 | 48 North | 2 East |
| Iowa | 2072 | 12 | 48 North | 2 East |
| Ironhill | 1228 | 13 | 48 North | 2 East |
| Ito | 2081 | 13 | 48 North | 2 East |
| Jack | 2511 | 12 | 48 North | 2 East |
| Jersey Fraction | 1220 | 12 | 48 North | 2 East |
| Josie | 1229 | 13 | 48 North | 2 East |
| K-24 | 2080 | 14 | 48 North | 2 East |
| K-4 | 2080 | 14 | 48 North | 2 East |
| K-40 | 2587 | 24 | 48 North | 2 East |
| Katherine | 2966 | 11 | 48 North | 2 East |
| Key | 2511 | 12 | 48 North | 2 East |
| King | 1325 | 12 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Kirby Fraction | 2654 | 12 | 48 North | 2 East |
| Lackawana | 614 | 13 | 48 North | 2 East |
| Lacrosse | 1228 | 13 | 48 North | 2 East |
| Last Chance | 551 | 12 | 48 North | 2 East |
| Likely | 1298 | 12 | 48 North | 2 East |
| Lilly | 2587 | 12 | 48 North | 2 East |
| Lincoln | 2187 | 12 | 48 North | 2 East |
| Lucia | 3390 | 14 | 48 North | 2 East |
| Lucky Chance | 1349 | 18 | 48 North | 3 East |
| Maine | 2626 | 11 | 48 North | 2 East |
| Manchester | 2966 | 11 | 48 North | 2 East |
| Maple | 1229 | 13 | 48 North | 2 East |
| Marblehead | 3390 | 10 | 48 North | 2 East |
| Margaret | 3390 | 14 | 48 North | 2 East |
| Mashonaland | 1227 | 13 | 48 North | 2 East |
| Matabelaland | 1227 | 13 | 48 North | 2 East |
| McClellan | 2654 | 12 | 48 North | 2 East |
| McClelland | 1681 | 11 | 48 North | 2 East |
| Miles | 2654 | 12 | 48 North | 2 East |
| Miners Delight | 1228 | 13 | 48 North | 2 East |
| Missouri | 2080 | 14 | 48 North | 2 East |
| Mountain King | 1620 | 14 | 48 North | 2 East |
| Mountain Queen | 1620 | 14 | 48 North | 2 East |
| Nancy B. | 3390 | 11 | 48 North | 2 East |
| Nellie | 2583 | 11 | 48 North | 2 East |
| Nevada | 1466 | 14 | 48 North | 2 East |
| New Era | 1527 | 12 | 48 North | 2 East |
| 96 | 1715 | 11 | 48 North | 2 East |
| No. 1 | 1357 | 11 | 48 North | 2 East |
| No. 2 | 1357 | 11 | 48 North | 2 East |
| No. 3 | 1357 | 11 | 48 North | 2 East |
| No. 4 | 1357 | 11 | 48 North | 2 East |
| No Name | 1228 | 13 | 48 North | 2 East |
| Norman | 2368 | 11 | 48 North | 2 East |
| Oakland | 569 | 11 | 48 North | 2 East |
| Offset | 1229 | 13 | 48 North | 2 East |
| Ollie McMillin | 1228 | 13 | 48 North | 2 East |
| Ontario Fraction | 755 | 11 | 48 North | 2 East |
| Oregon | 2274 | 15 | 48 North | 3 East |
| Overlap | 2052 | 12 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Oyama | 2081 | 13 | 48 North | 2 East |
| Olympia | 3390 | 10 | 48 North | 2 East |
| Packard | 1413 | 2 | 48 North | 2 East |
| Phil | 3390 | 14 | 48 North | 2 East |
| Phillippine | 1663 | 2 | 48 North | 2 East |
| Pitt | 2654 | 12 | 48 North | 2 East |
| Princess | 1633 | 11 | 48 North | 2 East |
| Quaker | 1414 | 2 | 48 North | 2 East |
| Queen | 2511 | 12 | 48 North | 2 East |
| Rambler | 1041 | 11 | 48 North | 2 East |
| Republican Fraction | 959 | 12 | 48 North | 2 East |
| Roman | 2583 | 11 | 48 North | 2 East |
| Rookery | 1229 | 13 | 48 North | 2 East |
| Roy | 2624 | 13 | 48 North | 2 East |
| Royal Knight | 1639 | 11 | 48 North | 2 East |
| S-11 | 2081 | 13 | 48 North | 2 East |
| S-12 | 2081 | 13 | 48 North | 2 East |
| S-13 | 2081 | 13 | 48 North | 2 East |
| Sampson | 1328 | 12 | 48 North | 2 East |
| Sampson | 2081 | 13 | 48 North | 2 East |
| San Carlos | 750 | 12 | 48 North | 2 East |
| Sarnia | 2081 | 13 | 48 North | 2 East |
| Scelinda No. 1 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 2 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 3 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 4 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 5 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 7 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 8 | 2921 | 1 | 48 North | 2 East |
| Schofield | 1228 | 13 | 48 North | 2 East |
| Skookum | 615 | 12 | 48 North | 2 East |
| Scorpion Fraction | 2072 | 12 | 48 North | 2 East |
| Sierra Nevada | 554 | 12 | 48 North | 2 East |
| Silver | 2587 | 13 | 48 North | 2 East |
| Silver King | 1639 | 11 | 48 North | 2 East |
| Sims | 2186 | 12 | 48 North | 2 East |
| Sold Again Fraction | 933 | 12 | 48 North | 2 East |
| Southern Beauty | 1620 | 14 | 48 North | 2 East |
| Spade | 2583 | 12 | 48 North | 2 East |
| Spokane | 2509 | 12 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Spruce Fraction | 2432 | 13 | 48 North | 2 East |
| Stemwinder | 1830 | 12 | 48 North | 2 East |
| Stopping | 1227 | 13 | 48 North | 2 East |
| Stuart No. 2 | 2966 | 11 | 48 North | 2 East |
| Stuart No. 3 | 2966 | 11 | 48 North | 2 East |
| Sugar | 2862 | 11 | 48 North | 2 East |
| Sullivan | 2966 | 11 | 48 North | 2 East |
| Summit | 1228 | 13 | 48 North | 2 East |
| Susie | 1229 | 13 | 48 North | 2 East |
| Taft | 2611 | 18 | 48 North | 3 East |
| Teddy | 2511 | 12 | 48 North | 2 East |
| Timothy Fraction | 2274 | 18 | 48 North | 3 East |
| Tip Top | 1041 | 11 | 48 North | 2 East |
| Trump | 2624 | 13 | 48 North | 2 East |
| Tyler | 546 | 12 | 48 North | 2 East |
| Utah | 1882 | 12 | 48 North | 2 East |
| Viola | 562 | 12 | 48 North | 2 East |
| Washington | 2072 | 12 | 48 North | 2 East |
| Waverly | 1620 | 14 | 48 North | 2 East |
| Wheelbarrow | 1526 | 12 | 48 North | 2 East |
| William Lambert Fraction | 1945 | 2 | 48 North | 2 East |
| Yale | 2611 | 13 | 48 North | 2 East |
| Zululand | 1227 | 13 | 48 North | 2 East |

---

This Primary Claims set contains all resource material included in the 2021 PEA Mineral Resource Estimate, as well as those areas listed in the historic 1991 reserves. Due to the inconsistent orientation and nature of the mineralization underlying the above parcels, the Primary Royalty rate will be applied to all extracted and processed mineralized material lying under and within Primary Claims' area, up to 90 degrees nadir along the Primary Claims' boundaries.

In order to accommodate the down-dip potential on structures included within the 2021 PEA Mineral Resource Estimate and historic 1991 historic reserves report, all material processed interstitial to existing development, along strike but within the Primary Claims' boundary restrictions listed in the above paragraph, and continuously down-dip to the termination of the structure, the following zones will constitute Primary Claims and be assigned a 1.85% royalty rate: Shea, Tallon, Ike/Truman, Emery, J, Mac, Francis/FW Francis. These names are taken to be the names used during past production and denote discrete mineralized structures. This rule is added to the overlying royalty rate's material restrictions to reflect a more typical "Apex Law" situation for tabular mineralized zones and applies only to those structures listed above. Splays and associated structures that connect geologically to those listed above will receive the Primary Royalty rate of the main structure.

**GGS Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Adath | 2976 | 22 | 48 North | 2 East |
| Alykris | 2976 | 22 | 48 North | 2 East |
| Anna Laura | 2976 | 22 | 48 North | 2 East |
| Atlas | 2976 | 22 | 48 North | 2 East |
| Atlas No. 1 | 2976 | 22 | 48 North | 2 East |
| B | 2587 | 24 | 48 North | 2 East |
| Battleship Oregon | 3390 | 14 | 48 North | 2 East |
| Black | 2081 | 13 | 48 North | 2 East |
| Brown | 2081 | 13 | 48 North | 2 East |
| Charly T. | 3390 | 14 | 48 North | 2 East |
| E | 2587 | 24 | 48 North | 2 East |
| Edna | 2587 | 13 | 48 North | 2 East |
| 85 | 2077 | 15 | 48 North | 2 East |
| Fraction | 2976 | 22 | 48 North | 2 East |
| Gay | 2976 | 22 | 48 North | 2 East |
| Hoover No. 1 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 2 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 3 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 4 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 5 | 2975 | 13 | 48 North | 2 East |
| Iowa No. 2 | 2077 | 15 | 48 North | 2 East |
| K-1 | 2080 | 14 | 48 North | 2 East |
| K-10 | 2077 | 15 | 48 North | 2 East |
| K-11 | 2077 | 15 | 48 North | 2 East |
| K-12 | 2077 | 15 | 48 North | 2 East |
| K-13 | 2077 | 15 | 48 North | 2 East |
| K-14 | 2080 | 14 | 48 North | 2 East |
| K-15 | 2080 | 14 | 48 North | 2 East |
| K-16 | 2077 | 14 | 48 North | 2 East |
| K-17 | 2077 | 15 | 48 North | 2 East |
| K-2 | 2080 | 14 | 48 North | 2 East |
| K-25 | 2080 | 14 | 48 North | 2 East |
| K-26 | 2080 | 14 | 48 North | 2 East |
| K-27 | 2080 | 14 | 48 North | 2 East |
| K-28 | 2077 | 15 | 48 North | 2 East |
| K-3 | 2080 | 14 | 48 North | 2 East |
| K-30 | 2077 | 14 | 48 North | 2 East |
| K-31 | 2077 | 14 | 48 North | 2 East |
| K-32 | 2077 | 22 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| K-33 | 2080 | 23 | 48 North | 2 East |
| K-34 | 2080 | 23 | 48 North | 2 East |
| K-35 | 2080 | 23 | 48 North | 2 East |
| K-36 | 2080 | 23 | 48 North | 2 East |
| K-37 | 2080 | 23 | 48 North | 2 East |
| K-38 | 2080 | 23 | 48 North | 2 East |
| K-5 | 2080 | 14 | 48 North | 2 East |
| K-7 | 2080 | 14 | 48 North | 2 East |
| K-8 | 2080 | 14 | 48 North | 2 East |
| K-9 | 2080 | 14 | 48 North | 2 East |
| Kansas | 2080 | 14 | 48 North | 2 East |
| Lilly May | 1220 | 12 | 48 North | 2 East |
| Little Ore Grande | 2977 | 23 | 48 North | 2 East |
| Mabundaland | 1227 | 13 | 48 North | 2 East |
| Medium | 2587 | 13 | 48 North | 2 East |
| Missouri No. 2 | 2077 | 15 | 48 North | 2 East |
| 91 | 2077 | 15 | 48 North | 2 East |
| 92 | 2077 | 15 | 48 North | 2 East |
| No. 1 | 2587 | 24 | 48 North | 2 East |
| No. 2 | 2587 | 24 | 48 North | 2 East |
| North Midland | 3108 | 24 | 48 North | 2 East |
| Orbit | 3097 | 23 | 48 North | 2 East |
| Ore Grande No. 1 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 2 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 3 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 4 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 5 | 2977 | 23 | 48 North | 2 East |
| Ore Shoot | 3097 | 23 | 48 North | 2 East |
| Oreano | 3097 | 23 | 48 North | 2 East |
| Orient | 3097 | 23 | 48 North | 2 East |
| Oriental Orphan | 3097 | 23 | 48 North | 2 East |
| Orpheum | 3097 | 23 | 48 North | 2 East |
| Panorama | 2976 | 23 | 48 North | 2 East |
| Penfield | 2587 | 13 | 48 North | 2 East |
| Red Deer | 2976 | 22 | 48 North | 2 East |
| S-10 | 2081 | 13 | 48 North | 2 East |
| Setzer | 2976 | 22 | 48 North | 2 East |
| Texas | 2080 | 14 | 48 North | 2 East |

---

The GGS Royalty rate will apply to all GGS Claims either partly or wholly-covered by the ground geophysical survey announced on June 16, 2021

**Residual Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| A | 2587 | 24 | 48 North | 2 East |
| Alfred | 1628 | 2 | 48 North | 2 East |
| Anaconda | 3361 | 2 | 47 North | 2 East |
| Apex No. 2 | 3361 | 1 | 47 North | 2 East |
| Apex No. 3 | 3361 | 1 | 47 North | 2 East |
| Army | 3096 | 22 | 48 North | 2 East |
| Asset | 2611 | 12 | 48 North | 2 East |
| Baby (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Black Diamond | 3423 | 10 | 48 North | 3 East |
| Blue Grouse | 3361 | 2 | 47 North | 2 East |
| Bob White | 3361 | 2 | 47 North | 2 East |
| Bonanza King Millsite | 2868 | 8 | 48 North | 3 East |
| Brooklyn | 2201 | 10 | 48 North | 2 East |
| Butte Fraction | 3361 | 2 | 47 North | 2 East |
| C | 2587 | 24 | 48 North | 2 East |
| Carbonate | 3423 | 3 | 48 North | 3 East |
| Castle | 3503 | 17 | 48 North | 2 East |
| Childs | 2611 | 12 | 48 North | 2 East |
| Comstock | 1345 | 18 | 48 North | 3 East |
| Cougar | 3361 | 2 | 47 North | 2 East |
| D | 2587 | 24 | 48 North | 2 East |
| Daisy | 1345 | 18 | 48 North | 3 East |
| Dandy | 1345 | 18 | 48 North | 3 East |
| Danish | 1503 | 2 | 48 North | 2 East |
| East Midland | 3108 | 19 | 48 North | 3 East |
| Eli | 2611 | 18 | 48 North | 3 East |
| Enterprise | 3423 | 3 | 48 North | 3 East |
| Enterprise Extension | 3423 | 10 | 48 North | 3 East |
| Evening Star | 2274 | 15 | 48 North | 3 East |
| Evening Star Fraction | 2274 | 15 | 48 North | 3 East |
| Fairview | 621 | 18 | 48 North | 3 East |
| Flagstaff No. 3 | 2921 | 12 | 48 North | 2 East |
| Galena | 3361 | 1 | 47 North | 2 East |
| Gelatin | 3423 | 10 | 48 North | 3 East |
| Giant | 3423 | 3 | 48 North | 3 East |
| Good Enough | 1628 | 2 | 48 North | 2 East |
| Huckleberry No. 2 | 3361 | 2 | 47 North | 2 East |
| Jackass | 586 | 13 | 48 North | 2 East |
| Jessie | 1345 | 18 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Julia | 1345 | 18 | 48 North | 3 East |
| Justice | 1345 | 18 | 48 North | 3 East |
| K-18 | 2077 | 15 | 48 North | 2 East |
| K-19 | 2077 | 15 | 48 North | 2 East |
| K-20 | 2077 | 15 | 48 North | 2 East |
| K-21 | 2077 | 14 | 48 North | 2 East |
| K-22 | 2077 | 14 | 48 North | 2 East |
| K-23 | 2077 | 15 | 48 North | 2 East |
| K-29 | 2077 | 15 | 48 North | 2 East |
| K-39 | 2077 | 15 | 48 North | 2 East |
| K-6 | 2080 | 14 | 48 North | 2 East |
| Keystone (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| L-1 | 3214 | 2 | 48 North | 2 East |
| L-2 | 3214 | 9 | 48 North | 2 East |
| L-3 | 3214 | 9 | 48 North | 2 East |
| Leopard | 3361 | 2 | 47 North | 2 East |
| Lesley | 2977 | 23 | 48 North | 2 East |
| Lesley No. 2 | 2977 | 23 | 48 North | 2 East |
| Lesley No. 3 | 2977 | 23 | 48 North | 2 East |
| Long John | 3179 | 7 | 48 North | 3 East |
| Lydia Fraction | 1723 | 2 | 48 North | 2 East |
| Lynx | 3361 | 35 | 47 North | 2 East |
| Mabel | 1723 | 2 | 48 North | 2 East |
| MacBenn | 3361 | 2 | 47 North | 2 East |
| Maggie | 1628 | 2 | 48 North | 2 East |
| Manila | 1723 | 2 | 48 North | 2 East |
| Marin | 3361 | 2 | 47 North | 2 East |
| Marko | 3051 | 7 | 48 North | 3 East |
| Maryland | 2274 | 15 | 48 North | 3 East |
| McRooney | 2966 | 11 | 48 North | 2 East |
| Midland | 3108 | 19 | 48 North | 3 East |
| Midland No. 1 | 3108 | 24 | 48 North | 2 East |
| Midland No. 3 | 3108 | 24 | 48 North | 2 East |
| Midland No. 4 | 3108 | 24 | 48 North | 2 East |
| Midland No. 5 | 3108 | 24 | 48 North | 2 East |
| Midland No. 6 | 3108 | 24 | 48 North | 2 East |
| Midland No. 7 | 3108 | 24 | 48 North | 2 East |
| Midland No. 8 | 3108 | 24 | 48 North | 2 East |
| Milo Millsite | 2869 | 8, 17 | 48 North | 3 East |
| Minnesota | 2077 | 15 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Missing Link | 2587 | 24 | 48 North | 2 East |
| Monmouth | 2274 | 15 | 48 North | 3 East |
| Monte Carlo No. 1 | 3177 | 18 | 48 North | 3 East |
| Monte Carlo No. 2 | 3177 | 18 | 48 North | 3 East |
| Monte Carlo No. 3 | 3177 | 7, 18 | 48 North | 3 East |
| Monte Carlo No. 4 | 3177 | 7, 18 | 48 North | 3 East |
| Monte Carlo No. 5 | 3177 | 18 | 48 North | 3 East |
| Navy | 3096 | 22 | 48 North | 2 East |
| New Jersey | 2201 | 10 | 48 North | 2 East |
| Nick | 2611 | 18 | 48 North | 3 East |
| North Wellington | 2977 | 23 | 48 North | 2 East |
| O.K. | 1723 | 2 | 48 North | 2 East |
| O.K. Western | 1723 | 2 | 48 North | 2 East |
| Ophir | 1345 | 18 | 48 North | 3 East |
| Oracle | 3097 | 23 | 48 North | 2 East |
| Oregon | 2072 | 12 | 48 North | 2 East |
| Oregon No. 2 | 2274 | 15 | 48 North | 3 East |
| Ox | 2611 | 18 | 48 North | 3 East |
| Peak | 2587 | 24 | 48 North | 2 East |
| Pete | 3389 | 10 | 48 North | 2 East |
| Pheasant | 3361 | 2 | 47 North | 2 East |
| Prominade | 3389 | 10 | 48 North | 2 East |
| Reeves | 1412 | 2 | 48 North | 2 East |
| Robbin | 3361 | 2 | 47 North | 2 East |
| Rolling Stone | 619 | 18 | 48 North | 3 East |
| Rolling Stone | 3423 | 10 | 48 North | 3 East |
| Ruth | 2611 | 18 | 48 North | 3 East |
| S-9 | 2081 | 19 | 48 North | 3 East |
| Sam | 3389 | 10 | 48 North | 2 East |
| Schute Fraction | 2201 | 10 | 48 North | 2 East |
| Sherman | 2611 | 12 | 48 North | 2 East |
| Silver Chord | 2274 | 15 | 48 North | 3 East |
| Silver King Millsite | 3563 | 2 | 48 North | 2 East |
| Simmons | 2611 | 12 | 48 North | 2 East |
| Snowline | 2587 | 25 | 48 North | 2 East |
| Sonora | 3361 | 2 | 47 North | 2 East |
| Spokane Central No. 1 | 3472 | 19 | 48 North | 3 East |
| Spokane Central No. 2 | 3472 | 20 | 48 North | 3 East |
| Spokane Central No. 3 | 3472 | 20 | 48 North | 3 East |
| Spokane Central No. 4 | 3472 | 20 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Spokane Central No. 5 | 3472 | 20 | 48 North | 3 East |
| Spring | 3298 | 15 | 48 North | 3 East |
| Star | 2081 | 13 | 48 North | 2 East |
| Sullivan Extension | 1228 | 13 | 48 North | 2 East |
| Sunny | 1723 | 2 | 48 North | 2 East |
| Switzerland | 2966 | 11 | 48 North | 2 East |
| V.M. No. 1 | 3051 | 7 | 48 North | 3 East |
| V.M. No. 2 | 3051 | 7 | 48 North | 3 East |
| Van (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Venture | 3164 | 2 | 48 North | 2 East |
| Walla Walla | 1345 | 18 | 48 North | 3 East |
| Wellington | 2977 | 23 | 48 North | 2 East |
| Whippoorwill | 1723 | 2 | 48 North | 2 East |
| Woodrat (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Yreka No. 10 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 11 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 12 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 13 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 14 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 15 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 16 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 17 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 18 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 19 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 20 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 21 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 22 | 2587 | 24 | 48 North | 2 East |
| Yreka No. 23 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 24 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 25 | 2587 | 24 | 48 North | 2 East |
| Yreka No. 26 | 2587 | 19 | 48 North | 3 East |
| Zeke | 3389 | 10 | 48 North | 2 East |
| S-1 | 2081 | 18, 19 | 48 North | 3 East |
| S-2 | 2081 | 18 | 48 North | 3 East |
| S-3 | 2081 | 18, 19 | 48 North | 3 East |
| S-4 | 2081 | 19 | 48 North | 3 East |
| S-5 | 2081 | 19 | 48 North | 3 East |
| S-6 | 2081 | 19 | 48 North | 3 East |
| S-7 | 2081 | 19 | 48 North | 3 East |
| S-8 | 2081 | 18, 19 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Butte | 1220 | 11 | 48 North | 2 East |
| Apex | 1041 | 11 | 48 North | 2 East |
| Blue Bird | 1229 | 13 | 48 North | 2 East |
| Saxon | 2067 | 11 | 48 North | 2 East |
| Link | 2123 | 12 | 48 North | 2 East |
| Spur | 2124 | 12 | 48 North | 2 East |
| Spear | 2496 | 12 | 48 North | 2 East |
| Marion | 2583 | 11 | 48 North | 2 East |
| Ben Herr | 2599 | 12 | 48 North | 2 East |
| Kruger | 2599 | 12 | 48 North | 2 East |
| Philippine | 2599 | 12 | 48 North | 2 East |
| Hough | 2611 | 12 | 48 North | 2 East |
| California | 2627 | 11 | 48 North | 2 East |
| Check | 2840 | 1 | 48 North | 2 East |
| Florence | 2862 | 11 | 48 North | 2 East |
| Billy | 3111 | 11 | 48 North | 2 East |
| Lucky | 3470 | 13 | 48 North | 2 East |
| Moat | 3503 | 17 | 48 North | 3 East |
| Bunker Hill | 579 | 12 | 48 North | 2 East |
| Sullivan | 580 | 13 | 48 North | 2 East |
| Important Fraction | 581 | 13 | 48 North | 2 East |
| Phil Sheridan | 604 | 13 | 48 North | 2 East |
| Reed Fraction | 607 | 13 | 48 North | 2 East |
| Bunker Hill Millsite | 608 | 13 | 48 North | 2 East |
| Small Hopes | 609 | 13 | 48 North | 2 East |
| Bottom Dollar Fraction | 629 | 13 | 48 North | 2 East |
| Chestnut Fraction | 632 | 13 | 48 North | 2 East |
| Emma | 703 | 12 | 48 North | 2 East |
| Last Chance Millsite | 703 | 12 | 48 North | 2 East |
| Ontario | 755 | 11 | 48 North | 2 East |
| Carbonate | 764 | 11 | 48 North | 2 East |
| Silver Casket | 790 | 11 | 48 North | 2 East |
| Turkey Buzzard | 836 | 13 | 48 North | 2 East |
| Snowslide Fraction | 837 | 13 | 48 North | 2 East |
| Silver | 1085 | 12 | 48 North | 2 East |
| Johnnesburg | 1192 | 12 | 48 North | 2 East |
| Puritan | 1328 | 12 | 48 North | 2 East |
| No. 5 | 1357 | 11 | 48 North | 2 East |
| Omaha | 1409 | 12 | 48 North | 2 East |
| Legal Tender | 1639 | 11 | 48 North | 2 East |
| Triangle Fraction | 2065 | 13 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **BLM**<br> **Serial #** | **Section** | **Township** | **Range** |
| BHM 1 | ID106709778 | 1 | 48 North | 2 East |
| BHM 2 | ID106709779 | 1 | 48 North | 2 East |
| BHM 3 | ID106709780 | 1 | 48 North | 2 East |
| BHM 4 | ID106709781 | 1 | 48 North | 2 East |
| BHM 5 | ID106709782 | 1 | 48 North | 2 East |
| BHM 6 | ID106709783 | 1 | 48 North | 2 East |
| BHM 7 | ID106709784 | 1 | 48 North | 2 East |
| BHM 8 | ID106709785 | 1 | 48 North | 2 East |
| NBH 1 | ID106715514 | 11 | 48 North | 2 East |
| NBH 2 | ID106715515 | 11 | 48 North | 2 East |
| NBH 3 | ID106715516 | 11 | 48 North | 2 East |
| NBH 4 | ID106715517 | 11 | 48 North | 2 East |
| NBH 5 | ID106715518 | 11 | 48 North | 2 East |
| NBH 6 | ID106715519 | 11 | 48 North | 2 East |
| NBH 7 | ID106715520 | 11 | 48 North | 2 East |
| NBH 8 | ID106715521 | 11 | 48 North | 2 East |
| NBH 9 | ID106715522 | 1 | 48 North | 2 East |
| NBH 10 | ID106715523 | 1 | 48 North | 2 East |
| NBH 11 | ID106715524 | 1 | 48 North | 2 East |
| NBH 12 | ID106715525 | 1 | 48 North | 2 East |
| NBH 13 | ID106715526 | 1 | 48 North | 2 East |
| NBH 14 | ID106715527 | 1 | 48 North | 2 East |
| NBH 15 | ID106715528 | 1 | 48 North | 2 East |
| NBH 16 | ID106715529 | 12 | 48 North | 2 East |
| NBH 17 | ID106715530 | 12 | 48 North | 2 East |
| NBH 18 | ID106715531 | 7 | 48 North | 3 East |
| NBH 19 | ID106715532 | 12 | 48 North | 2 East |
| NBH 20 | ID106715533 | 18 | 48 North | 3 East |
| NBH 21 | ID106715534 | 7 | 48 North | 3 East |
| NBH 22 | ID106715535 | 17 | 48 North | 3 East |
| NBH 23 | ID106715536 | 18 | 48 North | 3 East |
| NBH 24 | ID106715537 | 17 | 48 North | 3 East |
| NBH 25 | ID106715538 | 18 | 48 North | 3 East |
| NBH 26 | ID106715539 | 18 | 48 North | 3 East |
| NBH 27 | ID106715540 | 18 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **BLM**<br> **Serial #** | **Section** | **Township** | **Range** |
| NBH 28 | ID106715541 | 18 | 48 North | 3 East |
| NBH 29 | ID106715542 | 35 | 48 North | 2 East |
| NBH 30 | ID106715543 | 35 | 48 North | 2 East |
| NBH 31 | ID106715544 | 35 | 48 North | 2 East |
| NBH 32 | ID106715545 | 35 | 48 North | 2 East |
| NBH 33 | ID106715546 | 35 | 48 North | 2 East |
| NBH 34 | ID106715547 | 35 | 48 North | 2 East |
| NBH 35 | ID106715548 | 35 | 48 North | 2 East |
| NBH 36 | ID106715549 | 35 | 48 North | 2 East |
| NBH 37 | ID106715550 | 35 | 48 North | 2 East |
| NBH 38 | ID106715551 | 36 | 48 North | 2 East |
| NBH 39 | ID106715552 | 2 | 47 North | 2 East |
| NBH 40 | ID106715553 | 2 | 47 North | 2 East |
| NBH 41 | ID106715554 | 2 | 47 North | 2 East |
| NBH 42 | ID106715555 | 2 | 47 North | 2 East |
| NBH 43 | ID106715556 | 1 | 47 North | 2 East |
| NBH 44 | ID106715557 | 1 | 47 North | 2 East |
| NBH 45 | ID106715558 | 1 | 47 North | 2 East |
| NBH 46 | ID106715559 | 3 | 47 North | 2 East |
| NBH 47 | ID106715560 | 2 | 47 North | 2 East |
| NBH 48 | ID106715561 | 3 | 47 North | 2 East |
| NBH 49 | ID106715562 | 2 | 47 North | 2 East |
| NBH 50 | ID106715563 | 1 | 47 North | 2 East |
| NBH 51 | ID106715564 | 1 | 47 North | 2 East |
| NBH 52 | ID106715565 | 1 | 47 North | 2 East |
| NBH 53 | ID106715566 | 2 | 47 North | 2 East |
| NBH 54 | ID106715567 | 2 | 47 North | 2 East |
| NBH 55 | ID106715568 | 2 | 47 North | 2 East |
| NBH 56 | ID106715569 | 2 | 47 North | 2 East |
| NBH 57 | ID106715570 | 1 | 47 North | 2 East |
| NBH 58 | ID106715571 | 1 | 47 North | 2 East |
| NBH 59 | ID106715572 | 1 | 47 North | 2 East |
| NBH 60 | ID106715573 | 1 | 47 North | 2 East |
| NBH 61 | ID106715574 | 2 | 47 North | 2 East |
| NBH 62 | ID106715575 | 2 | 47 North | 2 East |
| NBH 63 | ID106715576 | 2 | 47 North | 2 East |
| NBH 64 | ID106715577 | 2 | 47 North | 2 East |
| NBH 65 | ID106715578 | 2 | 47 North | 2 East |
| NBH 66 | ID106715579 | 11 | 47 North | 2 East |
| NBH 67 | ID106715580 | 2 | 47 North | 2 East |
| NBH 68 | ID106715581 | 1 | 47 North | 2 East |
| NBH 69 | ID106715582 | 1 | 47 North | 2 East |
| NBH 70 | ID106715583 | 1 | 47 North | 2 East |

---

## Exhibit 10.36

**Exhibit 10.36**

**UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE OCTOBER 6, 2025.**

**NEITHER THIS DEBENTURE NOR THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAW, AND NO INTEREST HEREIN OR THEREIN MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, IN WHICH CASE THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO DEBTOR AN OPINION OF COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO DEBTOR, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.**

**AMENDED AND RESTATED** 

**SERIES 2 SECURED CONVERTIBLE DEBENTURE**

---

| | |
|:---|:---|
| **US$[●]** | **Original Issuance Date: June 17, 2022** |
| **No. [●]** | **Restatement Date: June 5, 2025** |

---

**RECITALS:**

**A.** BUNKER
 HILL MINING CORP. ()"**Debtor** "), as debtor, and SILVER VALLEY METALS CORP.
 ()"**Guarantor** "), as guarantor, issued on June 17, 2022 (the "**Original Issuance Date**") the Series 2 secured convertible debenture no. **[●]** in the principal amount of **[●]** dollars (US $**[●]**)
 in lawful money of the United States of America (the "**Principal Amount** ")
 to and in favour of **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** (together with its successors and
 assigns, "**Debentureholder**") (as amended by the Third Omnibus Amendment,
 the Fourth Omnibus Amendment and the Fifth Omnibus Amendment, "**Original Series 2 Debenture No. [●]"**) in
 consideration of the advance of the Principal Amount by Debentureholder on the Original Issuance
 Date;

**B.** Original
 Series 2 Debenture No. [●] is one of the three Series 2 secured convertible debentures in the
 aggregate principal amount of fifteen million (US$15,000,000.00) dollars in lawful money
 of the United States of America (as amended prior to the date hereof, the "**Series 2 Convertible Debentures** ");

**C.** The
 Obligors, the Security Agent, Debentureholder and the other Sprott Entities party to the
 Project Finance Documents entered into a recapitalization agreement (the "**Recapitalization Agreement**") dated as of June 5, 2025 pursuant to which the parties agreed to enter
 into the Recapitalization Transactions (as defined therein) including the reduction in the
 interest rate payable under the Series 2 Convertible Debentures in consideration of reducing
 the conversion price under the Series 2 Convertible Debentures; and

**D.** The
 Obligors and Debentureholder have agreed to amend and restate Original Series 2 Debenture
 No. [●] on the terms and conditions of this Amended and Restated Series 2 Secured Convertible
 Debenture No. [●] (this "**Debenture** ").

**NOW THEREFORE** in consideration of the foregoing premises and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Obligors, Debentureholder and the Security Agent mutually agree to amend and restate Original Series 2 Debenture No. [●], on the terms of this Debenture as follows:

**1.** **PROMISE TO PAY** 

For value received, Debtor hereby promises to pay to the order of Debentureholder, at the address listed in Section 15 (*Notice*), or such other place and/or Person as Debentureholder may by notice in writing to Debtor direct, the Principal Amount in the manner hereinafter provided, together with interest and other monies in the same currency which may from time to time be owing hereunder or pursuant hereto. Subject to the provisions of this Debenture, the Principal Amount together with all accrued and unpaid interest and all other monies owing hereunder, shall become due and payable on March 31, 2029 (the "**Maturity Date**"). All capitalized terms not defined in the recitals or the body of this Debenture, are defined in <u>Exhibit "A"</u> appended to this Debenture.

Guarantor is a wholly owned direct Subsidiary of Debtor and Guarantor has received and will continue to receive substantial direct and indirect benefits from the payment of the Principal Amount to the Debtor on the Original Issuance Date and the completion of the Recapitalization Transactions. In consideration of the foregoing, and for other good and valuable consideration, Guarantor hereby covenants and agrees to guarantee the Obligations and perform and comply its other Obligations.

**2.** **THE DEBENTURE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Use of Principal Amount.** The Principal Amount shall be used for the construction and development
 of the Bunker Hill Mine (the "**Mine**") located in the Coeur D'Alene
 Mining District, in the cities of Kellogg and Wardner and in Shoshone County, Idaho, USA,
 the partial repayment of certain outstanding indebtedness under a non-convertible promissory
 note issued by the Debtor on September 21, 2021, funding cash collateral required for surety
 bonds and/or letters of credit to be issued to the EPA, legacy water treatment costs and
 for working capital purposes as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Interest Rate.** Subject to Section 2(c), the Principal Amount shall bear interest from: (i) from
 the Original Issuance Date to the date hereof (the "**Restatement Date** ")
 at the rate of TEN AND ONE-HALF per cent (10.5%) per annum and (ii) from and including the
 Restatement Date to, but not including the date of repayment in full at the rate of FIVE
 per cent (5.0%) per annum, in each case, calculated and payable quarterly in arrears as set
 out in this Section 2(b). Interest on the Principal Amount shall accrue from day to day in
 the same currency as principal, both before and after maturity, default or judgment, and
 shall be calculated based on the actual number of days elapsed and on the basis of a year
 of three hundred sixty (360) days. Interest on the balance from time to time outstanding
 of the Principal Amount shall be calculated and payable on each Quarter End following the
 Original Issuance Date and on the Maturity Date (or such earlier date as such amounts may
 become due in accordance with the provisions hereof), calculated and compounded quarterly
 not in advance, computed from the Original Issuance Date or the date of the last payment
 of interest to the next Quarter End or the Maturity Date, as applicable, on the basis of
 the actual number of days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Default Interest.** Debtor shall pay to Debentureholder interest on overdue amounts (including
 overdue interest), both before and after maturity, default or judgment, and on the Principal
 Amount upon the occurrence and during the continuance of an Event of Default, in each case,
 at a rate per annum equal to FOURTEEN per cent (14.0%) per annum, calculated daily and on
 the basis of the actual number of days elapsed, and a year of three hundred sixty (360) days
 and compounded monthly, and payable upon demand by Debentureholder.

**3.** **PRINCIPAL PAYMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Maturity Date.** Any remaining balance of the Principal Amount, together with all accrued and unpaid
 interest thereon and all other monies owing hereunder, shall be due and payable in full on
 the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Application of Prepayments.** All mandatory and voluntary prepayments and other payments of principal
 and interest hereunder received by Debentureholder shall be applied first as against interest
 outstanding and secondly against the principal sum.

**4.** **PREPAYMENT** 

Subject to the exercise by Debentureholder of its conversion privileges in Section 10.3 at any time prior to prepayment, Debtor may redeem or prepay this Debenture, in whole or in part, and in cash only, prior to the Maturity Date, on not less than twenty (20) Business Days prior written notice and provided that Debtor redeems or prepays the other outstanding A&R Series 2 CDs at the same time in a *pro rata* principal amount. Should Debtor prepay this Debenture in accordance with this Section 4, it shall do so at a price equal to the sum of (i) the Principal Amount repaid, plus (ii) all accrued and unpaid interest on the Principal Amount repaid, plus (iii) the Prepayment Interest Premium, and plus (iv) all other amounts then owing and due hereunder. Each Obligor acknowledges and agrees that any such prepayment prior to the Maturity Date (other than a prepayment upon the exercise by Debentureholder of its conversion privileges in Section 10.3) is subject to the Prepayment Interest Premium and that such amount represents a reasonable estimate of fair compensation payable to Debentureholder for the losses suffered by early prepayment and such amount is in the nature of liquidated damages and not a penalty. Debtor may exercise its conversion privileges under Section 10.1 in respect of accrued and unpaid interest upon an early prepayment.

**5.** **PAYMENT GENERALLY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 amounts payable by Debtor or Guarantor hereunder shall be paid to the Administrative Agent
 on behalf of Debentureholder in United States Dollars, in immediately available funds by
 (i) wire transfer at such account or financial institution as the Administrative Agent may
 from time to time notify Debtor, or (ii) bank draft delivered to the Administrative Agent
 at its address as set forth in Section 15 hereof. Any payments received after 12:00 p.m.
 (Vancouver time) will be considered for all purposes as having been made on the next following
 Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the due date of any payment under this Debenture would otherwise fall on a day that is not
 a Business Day, such payment shall be due on the next succeeding Business Day, together with
 interest that has accrued to the Business Day on which such payment was due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Debentureholder
 will maintain in accordance with its usual practice one or more accounts evidencing the Principal
 Amount owing by Debtor to Debentureholder hereunder. Such account(s) will be *prima facie* evidence of the obligations recorded therein, provided that any failure by Debentureholder
 to maintain any account or any error therein shall not affect the obligation of Debtor or
 Guarantor to repay the Obligations to Debentureholder in accordance with this Debenture.

**6.** **TAXES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any
 and all payments by or on account of any obligation of Debtor or Guarantor hereunder or any
 other Credit Document shall be made free and clear of and without deduction or withholding
 for any Indemnified Taxes; provided that if Debtor or Guarantor shall be required to deduct
 or withhold any Indemnified Taxes from such payments, then (i) the sum payable shall be increased
 as necessary so that, after making all required deductions or withholdings (including deductions
 or withholdings applicable to additional sums payable under this Section 6), Debentureholder
 receives an amount equal to the sum it would have received had no such deduction or withholding
 been made, (ii) Debtor or Guarantor, as applicable, shall make such deduction or withholding,
 and (iii) Debtor or Guarantor, as applicable, shall pay to the relevant Governmental Authority
 in accordance with Applicable Law the full amount deducted or withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 limiting the provisions of Section 6(a), each Obligor shall timely pay any Other Taxes to
 the relevant Governmental Authority in accordance with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Obligors shall (within three (3) Business Days of demand by Debentureholder) pay to Debentureholder
 an amount equal to the loss, liability or cost which Debentureholder determines will be or
 has been (directly or indirectly) suffered for or on account of Indemnified Taxes (including
 Other Taxes) by Debentureholder in respect of any Credit Document together with any penalties,
 interest and reasonable expenses arising therefrom or with respect thereto, whether or not
 such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the
 relevant Governmental Authority. A certificate as to the amount of such loss, liability or
 cost delivered to an Obligor by Debentureholder shall be conclusive absent manifest error.
 If Debentureholder subsequently recovers all or part of the payment made under this Section
 6(c) paid by an Obligor, it shall promptly repay an equal amount to such Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As
 soon as practicable after any payment of Indemnified Taxes or Other Taxes by an Obligor to
 a Governmental Authority, such Obligor shall deliver to Debentureholder the original or a
 certified copy of a receipt issued by such Governmental Authority evidencing such payment,
 a copy of the return reporting such payment or other evidence of such payment reasonably
 satisfactory to Debentureholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 Section 6 shall survive termination of this Debenture.

**7.** **INTEREST CALCULATIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as otherwise specifically provided herein, where in this Debenture a rate of interest is
 calculated on the basis of a year (the "**deemed year**") which contains fewer
 days than the actual number of days in the calendar year of calculation, such rate of interest
 shall be expressed as a yearly rate for purposes of the *Interest Act* (Canada) by multiplying
 such rate of interest by the actual number of days in the calendar year of calculation, whether
 three hundred sixty-five (365) or three hundred sixty-six (366), as the case may be, and
 dividing it by the number of days in the deemed year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 anything in this Debenture to the contrary, in the event that any provision of this Debenture
 would oblige any Obligor to make any payment of interest or other amount payable to Debentureholder
 hereunder in an amount or calculated at a rate which would be prohibited by law or would
 result in a receipt by Debentureholder of interest at a criminal or prohibited rate (as such
 terms are construed under the *Criminal Code* (Canada) or any other Applicable Law),
 notwithstanding such provision, such amount or rate shall be deemed to have been adjusted *nunc pro tunc* to the maximum amount or rate of interest, as the case may be, as would
 not be so prohibited by law or so result in a receipt by Debentureholder of interest at a
 criminal or prohibited rate, such adjustment to be effected, to the extent necessary, firstly,
 by reducing the amount or rate of interest pursuant to Section 2(b) of this Debenture; and
 thereafter, by reducing any fees, commissions, premiums and other amounts which would constitute
 interest for the purposes of Section 347 of the *Criminal Code* (Canada), as amended
 from time to time, or any other Applicable Law. Any amount or rate of interest referred to
 in this Debenture shall be determined in accordance with generally accepted actuarial practices
 and principles over the term hereof and, in the event of a dispute, a certificate of a fellow
 of the Canadian Institute of Actuaries appointed by Debentureholder shall be conclusive for
 the purposes of such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 determining whether or not the interest paid or payable under this Debenture exceeds the
 maximum amount permitted by Section 7(b), each Obligor and Debentureholder shall, to the
 maximum extent permitted under the *Criminal Code* (Canada) or any other Applicable
 Law, characterize any non-principal payments as an expense, fee or premium or other payment
 rather than as interest, as may be necessary to reduce the amount otherwise characterized
 as interest pursuant to such Applicable Law, exclude voluntary prepayments and the effects
 thereof and amortize, prorate, allocate and spread the total amount of interest rateably
 over the longer of the contemplated term or the actual duration that any Obligations remain
 outstanding.

**8.** **GUARANTEE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Guarantor
 hereby unconditionally and irrevocably guarantees to Debentureholder the due and punctual
 payment and performance of the Obligations and agrees on written demand of Debentureholder,
 following the occurrence of an Event of Default, to perform or discharge the Obligations
 which have not been fully performed or discharged at the times and in the manner provided
 for in this Debenture (the "**Guarantee** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 prejudice to the rights of Debentureholder against Debtor, Guarantor unconditionally and
 irrevocably agrees that, as between Debentureholder and itself, it will be liable as principal
 debtor in respect of the performance of the Obligations and not merely as surety and, accordingly,
 Guarantor shall be fully liable forthwith on demand by Debentureholder, following the occurrence
 and during the continuance of an Event of Default, to perform or discharge the Obligations
 irrespective of the validity, effectiveness or enforceability of the Obligations against
 Debtor or any other fact or circumstances which would or might otherwise constitute a legal
 or equitable discharge of or defence to a guarantor or surety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As
 a separate and independent obligation, if any of the Obligations are not duly and punctually
 paid by Debtor and performed by Guarantors under Section 8(a) for any reason whatsoever Guarantor
 unconditionally and irrevocably agrees to indemnify and save Debentureholder harmless from
 and against any losses which Debentureholder may suffer or incur from the failure of Debtor
 to duly perform such Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Guarantee of the Obligations is a continuing guarantee and shall remain in effect until all
 of the Obligations existing or arising or which may arise under or by virtue of the Obligations
 shall have been paid, performed or discharged in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Guarantor
 waives any rights it may have as surety under any Applicable Law which may at any time be
 inconsistent with any of the provisions hereof or which it may have of first requiring Debentureholder
 to proceed against or claim performance or payment from Debtor or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Debentureholder
 without notice to Guarantor and without discharging, prejudicing or affecting the obligations
 of Guarantor hereunder, may (i) grant time, indulgences, concessions, releases and discharges
 or any financial accommodation to Debtor, (ii) take, hold, fail to take or hold, vary, deal
 with, realize, enforce, release or determine not to enforce, perfect or release any other
 guarantee, indemnity or security for all or any of the Obligations, or (iii) effect compositions
 from, and otherwise deal with, Debtor and all other Persons as Debentureholder may see fit
 and generally may otherwise do or omit to do any act or thing which, but for this provision,
 might operate to discharge, prejudice or affect the obligations of Guarantor hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Guarantor
 agrees that the liability of Guarantor under this Guarantee is absolute and unconditional
 irrespective of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 lack of validity or enforceability of any terms of any of the Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 contest by Debtor or any other Person as to the amount of the Obligations, the validity or
 enforceability of any terms of the Credit Documents or the perfection or priority of any
 Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 defence, counter claim or right of set-off available to Debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 release, compounding or other variance of the liability of Debtor or any other Person liable
 in any manner under or in respect of the Obligations or the extinguishment of all or any
 part of the Obligations by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any
 change in the time or times for, or place or manner or terms of payment or performance of
 the Obligations or any consent, waiver, renewal, alteration, extension, compromise, arrangement,
 concession, release, discharge or other indulgences which Debentureholder may grant to Debtor
 or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any
 amendment or supplement to, or alteration or renewal of, or restatement, replacement, refinancing
 or modification or variation of (including any increase in the amounts available thereunder
 or the inclusion of an additional borrower thereunder), or other action or inaction under,
 the Credit Documents or any other related document or instrument, or the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any
 discontinuance, termination or other variation of any terms or conditions of any transaction
 with, Debtor or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any
 change in the ownership, control, name, objects, businesses, assets, capital structure or
 constitution of Debtor, Guarantor or any reorganization (whether by way of reconstruction,
 consolidation, amalgamation, merger, transfer, sale, lease or otherwise) of Debtor, Guarantor
 or their respective businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any
 dealings with the security which Debentureholder holds or may hold pursuant to the terms
 and conditions of the Credit Documents, including the taking, giving up or exchange of securities,
 their variation or realization, the accepting of compositions and the granting of releases
 and discharges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any
 limitation of status or power, disability, incapacity or other circumstance relating to Debtor,
 Guarantor, or any other Person, including any Insolvency Event involving or affecting Debtor,
 Guarantor, or any other Person or any action taken with respect to this Guarantee by any
 trustee or receiver, or by any court, in any such proceeding, whether or not Guarantor shall
 have notice or knowledge of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any
 impossibility, impracticability, frustration of purpose, force majeure or illegality of any
 Credit Document, or the occurrence of any change in the laws, rules, regulations or ordinances
 of any jurisdiction or by any present or future action of (A) any Governmental Authority
 that amends, varies, reduces or otherwise affects, or purports to amend, vary, reduce or
 otherwise affect, any of the Obligations or the obligations of Guarantor under this Guarantee,
 or (B) any court order that amends, varies, reduces or otherwise affects any of the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any
 taking or failure to take security, any loss of, or loss of value of, any security, or any
 invalidity, non-perfection or unenforceability of any security held by Debentureholder, or
 any exercise or enforcement of, or failure to exercise or enforce, security, or irregularity
 or defect in the manner or procedure by which Debentureholder realizes on such security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any
 application of any sums received to the Obligations, or any part thereof, and any change
 in such application; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any
 other circumstances which might otherwise constitute a defence available to, or a discharge
 of, Guarantor, Debtor or any other Person in respect of the Obligations or this Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Subject
 only to Sections 8(a) and (b) requiring demand, Guarantor hereby waives notice of the acceptance
 of this Guarantee and of presentment, demand and protest and notices of non-payment and dishonour
 and any other demands and notices required by any Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) From
 the date or dates upon which any demand is made against Guarantor under this Section 8 until
 the Obligations have been performed and discharged in full, Guarantor shall not (i) claim
 any set-off or counterclaim against Debtor, (ii) make or enforce any claim or right (including
 a right of subrogation or contribution) against Debtor to prove in competition with Debentureholder
 in the event of an Insolvency Event of Debtor or in respect of any outstanding liability
 of Debtor hereunder; or (iii) in competition with Debentureholder claim the benefit of any
 security or guarantee now or hereafter held by Debentureholder for any money or liabilities
 due or incurred by Debtor to Debentureholder or any share therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Debentureholder
 shall not be obligated before taking any steps to enforce this Guarantee (i) to take any
 steps or proceedings or other action whatsoever or obtain any judgment against Debtor or
 any other Person in any court or tribunal, (ii) to make or file any claim in an Insolvency
 Event in respect of Debtor or any other Person, (iii) to exercise any diligence against Debtor,
 or (iv) resort to any other means of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Nothing
 herein contained shall restrict or adversely affect or be construed to restrict or adversely
 affect any right which Debentureholder may have to set-off any Obligations owed by Guarantor
 under this Guarantee to Debentureholder against any obligations owed by Debentureholder to
 Guarantor, regardless of the place of payment or currency of such Obligations.

**9.** **CONDITIONS TO FUNDING AND SECURITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 general and continuing collateral security for the due and punctual payment of the Principal
 Amount, interest and all other monies payable hereunder and due and punctual payment and
 performance of all other PF Obligations, each Obligor has granted to the Security Agent on
 behalf of Debentureholder and the other Sprott Entities a continuing and first-ranking security
 interest and charge over all of their property and assets (subject only to Permitted Liens)
 pursuant to the Security. The Obligors, the Security Agent and Debentureholder confirm and
 agree that the Series 2 Convertible Debentures (including this Debenture) constitute a "Project
 Finance Document" for the purposes of the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 obligation of Debentureholder to advance the Principal Amount on the Original Issuance Date
 was subject to the Obligors delivering, or causing to be delivered, to Debentureholder the
 following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) favourable
 Idaho, Nevada and Ontario legal opinions (and any other relevant legal jurisdiction), in
 form and substance satisfactory to Debentureholder, acting reasonably, of the Obligors'
 legal counsel addressed to Debentureholder relating to (A) the legal status of the Obligors,
 (B) the corporate power and authority of each Obligor to execute, deliver and perform this
 Debenture and the Second Omnibus Amendment to which it a party, (C) the authorization, execution
 and delivery of this Debenture and the Second Omnibus Amendment, (D) enforceability of this
 Debenture and the Second Omnibus Amendment and the continued validity of the security interests,
 mortgages and charges created under the Security, (E) the due registration or filing of the
 Security, and (F) securities law matters relating to the issuance of this Debenture, the
 Common Shares issuable upon conversion and other matters subject to the opinions delivered
 in connection with the Series 2 Convertible Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 certificate of good standing or compliance (or equivalent) for each of the Obligors, issued
 by the relevant Governmental Authority and dated no earlier than 2 Business Days prior to
 the Original Issuance Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 certificate of a senior officer of each Obligor, in form and substance satisfactory to Debentureholder,
 acting reasonably, dated as of the Original Issuance Date as to (i) the constating documents
 of each Obligor, (ii) the resolutions of the board of directors of each Obligor authorizing
 the execution, delivery and performance of the Series 2 Convertible Debentures and the Second
 Omnibus Amendment and the transactions contemplated herein and therein; (iii) the names,
 positions and true signatures of the Persons authorized to sign the Series 2 Convertible
 Debentures and the Second Omnibus Amendment; and (iv) such other matters pertaining to the
 transactions contemplated hereby as Debentureholder may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As
 soon as reasonably practicable and in any event no later than October 24, 2022 (or such later
 date as the Security Agent on behalf of the Sprott Entities may agree in its sole discretion),
 each Obligor shall enter into, and arrange for the relevant depositary bank to enter into,
 deposit account control agreements, in form and substance satisfactory to the Security Agent,
 acting reasonably, with respect to each deposit account of such Obligor, as general and continuing
 collateral security for the due and punctual payment of the Principal Amount, interest and
 all other monies payable hereunder and due and punctual payment and performance of all other
 PF Obligations.

**10.** **REPAYMENT BY ISSUANCE OF COMMON SHARES** 

**10.1** **Debtor's Privileges** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On
 each Quarter End and subject to the prior approval of the Stock Exchange, Debtor shall have
 the option to pay the accrued and unpaid interest due on such Quarter End, in whole but not
 in part, through the issuance of shares of common stock in the capital of Debtor (the "**Common Shares**") at the Debtor Interest Conversion Price provided that Debtor elects to
 pay accrued and unpaid interest due on such Quarter End under all Convertible Debentures
 through the issuance of Common Shares. If Debtor intends to exercise its conversion rights
 hereunder at any time it shall give Debentureholder not less than five (5) Business Days
 prior notice of such intention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Debtor
 shall also have the option, subject to the prior approval of the Stock Exchange, in connection
 with any prepayment of the Principal Amount under Section 4, to pay interest, in whole but
 not in part, accrued as of the date of prepayment, through the issuance of Common Shares
 at the Debtor Interest Conversion Price. If Debtor intends to exercise its conversion rights
 hereunder at any time it shall give Debentureholder prompt (and in any event, at least five
 (5) Business Days prior to the date upon which such accrued but unpaid interest would otherwise
 be due and payable hereunder) written notice of such intention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With
 respect to any Common Shares which may be issued upon Debtor's option in accordance
 with this Section 10.1, as required from time to time under the Applicable Securities Legislation
 which governs Debtor or any hold period imposed by a regulatory authority, Debentureholder
 agrees to be bound by any applicable hold period. The certificates evidencing the Common
 Shares issued on and after the Restatement Date shall contain the following legend:

**"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY BEFORE OCTOBER 6, 2025."**

**"THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAW, AND NO INTEREST HEREIN MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, IN WHICH CASE THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO BUNKER HILL MINING CORP. (THE "COMPANY") AN OPINION OF COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding
 any other provision of this Debenture at any time when an Event of Default has occurred and
 is continuing, the Debtor shall pay in cash any and all accrued and unpaid interest owing
 hereunder on each Quarter End, upon a prepayment or at any other time when due and the Debtor
 shall not have the option to pay any such interest through the issuance of Common Shares.

**10.2** **Manner of Debtor's Exercise of Right to Pay Interest with Common Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the prior approval of the Stock Exchange, if Debtor wishes to pay the accrued and unpaid
 interest under this Debenture through the issuance of Common Shares pursuant to Section 10.1,
 it shall deliver to Debentureholder, at least five (5) Business Days prior to the Debtor
 Interest Conversion Date, the Debtor Interest Conversion Form set forth in <u>Exhibit "B"</u> hereto (the "**Debtor Interest Conversion Form** "), duly executed by the Obligors,
 irrevocably exercising Debtor's right to pay the accrued and unpaid interest set out
 in the Debtor Interest Conversion Form through the issuance of Common Shares and specifying
 the applicable Debtor Interest Conversion Date (being a Quarter End or, in the case of Section
 10.1(b), such other date upon which accrued but unpaid interest otherwise becomes due and
 payable hereunder) upon which such right will be exercised in accordance with the provisions
 hereof. Upon delivery of the Debtor Interest Conversion Form, Debentureholder or its nominee,
 participant or assignee shall be entitled to be entered in the books of Debtor as at the
 Debtor Interest Conversion Date as the holder of the number of Common Shares received in
 lieu of the cash payment of the accrued and unpaid interest in accordance with the provisions
 hereof and, as soon as practicable thereafter and in any event within three (3) Business
 Days, Debtor shall deliver or cause to be delivered to Debentureholder or, subject as aforesaid,
 its nominee, participant or assignee, a certificate for such Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 the purposes hereof and subject to the prior approval of the Stock Exchange, the "**Debtor Interest Conversion Date**" shall be the date specified in the Debtor Interest Conversion
 Form delivered by Debtor to Debentureholder in accordance with Section 10.2(a) as the effective
 date upon which Debtor intends to exercise its conversion privilege in accordance with Section
 10.1(a) or (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Debentureholder
 shall keep records of payments and conversions and such records shall be *prima facia* evidence of such payments and conversions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Common
 Shares issued in lieu of cash payments of interest owing under this Debenture in accordance
 with the terms hereof shall be entitled to all rights and privileges accorded to holders
 of record of Common Shares on and after the Debtor Interest Conversion Date, from which date
 they will for all purposes be and be deemed to be issued and outstanding as fully paid and
 non-assessable Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 Debtor elects to pay the accrued and unpaid interest under this Debenture through the issuance
 of Common Shares pursuant to Section 10.1, Debtor shall take all such actions and issue,
 execute and deliver, as applicable, all such certificates, documents and instruments as shall
 be required to validly issue as fully paid and non-assessable such Common Shares in accordance
 with the terms hereof and entitle Debentureholder (or its nominee, participant or assignee)
 to all rights and privileges accorded to holders of record of Common Shares on and after
 the Debtor Interest Conversion Date.

**10.3** **Debentureholder's Privilege** 

Debentureholder may, at its option from the Original Issuance Date until the earlier of the date of (i) repayment in full of the Principal Amount, and (ii) the Maturity Date (such date is hereinafter referred to as the "**Debenture Repayment Date**"), elect to receive Common Shares, in lieu of cash payment of all or part of the outstanding Principal Amount at the Debentureholder Conversion Price. If Debentureholder does not elect to receive Common Shares in lieu of cash payment of all the outstanding Principal Amount on or before the Debenture Repayment Date, Debtor shall repay the outstanding Principal Amount, and all accrued and unpaid interest thereon and any other amounts owing hereunder, in cash (subject to Debtor's right to pay accrued and unpaid interest by issuing Common Shares in accordance with Section 10.1), on the Debenture Repayment Date. For greater certainty, no Prepayment Interest Premium on any part of the Principal Amount will be owing in the event of any such election by Debentureholder to receive Common Shares in lieu of cash payment of the Principal Amount, in whole or in part, or any such repayment in cash of the outstanding Principal Amount on the Maturity Date.

**10.4** **Manner of Debentureholder's Exercise of Right to Receive Common Shares in Lieu of Cash** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 Debentureholder wishes to exercise the optional conversion privilege contained in Section
 10.3 of this Debenture, Debentureholder shall deliver to Debtor at least ten (10) Business
 Days prior to the Debentureholder Conversion Date a duly completed written notice substantially
 in the form of <u>Exhibit "C"</u> attached hereto (the "**Debentureholder Conversion Form** "), duly executed by Debentureholder, exercising its right to convert
 all or any part of the outstanding Principal Amount into Common Shares on the specified Debentureholder
 Conversion Date and otherwise in accordance with the provisions hereof. Upon the delivery
 of the Debentureholder Conversion Form, Debentureholder or its nominee, participant or assignee
 shall be entitled to be entered into the books of Debtor as at the specified Debentureholder
 Conversion Date as the holder of the number of Common Shares received in lieu of the cash
 payment of the Principal Amount to be converted and shall be entitled to be paid in cash
 on the specified Debentureholder Conversion Date all accrued and unpaid interest on the Principal
 Amount to be converted and any payment of interest contemplated to be made through the issuance
 of any securities of the Debtor, will be subject to the prior approval of the Stock Exchange.
 As soon as practicable after the applicable Debentureholder Conversion Date and in any event
 within three (3) Business Days, Debtor shall deliver to Debentureholder or its nominee, participant
 or assignee a certificate for such Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 (i) Debentureholder exercising its right to convert all outstanding Principal Amount, (ii)
 Debentureholder receiving payment of all accrued and unpaid interest thereon and other amounts
 owing to it hereunder, and (iii) receipt by Debentureholder or its nominee, participant or
 assignee of certificates representing the Common Shares issuable upon such conversion, satisfactory
 to Debentureholder, Debentureholder shall surrender this Debenture to Debtor at the address
 listed in Section 15 against receipt of an acknowledgement from the Obligors, satisfactory
 to Debentureholder, that any contingent obligations stated to survive termination, continue
 in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 Debentureholder Conversion Form given pursuant to Section 10.4(a) shall be deemed to constitute
 a contract between Debentureholder and Debtor whereby Debentureholder or its nominee, participant
 or assignee subscribes for the number of Common Shares which Debentureholder shall be entitled
 to receive on such conversion. Upon (i) surrender of this Debenture in accordance with Section
 10.4(b), and (ii) receipt of certificates representing the Common Shares issuable upon conversion
 of all outstanding Principal Amount hereunder and payment to Debentureholder of accrued and
 unpaid interest thereon and all other amounts owing hereunder, Debentureholder releases Debtor
 from all liability under this Debenture with respect to the Principal Amount and any accrued
 but unpaid interest. For greater certainty, any such release excludes any contingent obligations
 stated to survive termination of the Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With
 respect to any Common Shares which may be issued upon conversion in accordance with Section
 10.3, as required from time to time under the securities legislation which governs Debtor
 or any hold period imposed by a regulatory authority, each of Debentureholder agrees to be
 bound by any applicable hold period. The certificates evidencing the Common Shares shall
 contain the following legend:

**"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY BEFORE OCTOBER 6, 2025."**

**"THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAW, AND NO INTEREST HEREIN MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, IN WHICH CASE THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO BUNKER HILL MINING CORP. (THE "COMPANY") AN OPINION OF COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For
 the purposes hereof, the "**Debentureholder Conversion Date**" shall be deemed
 to be the date specified in the applicable Debentureholder Conversion Form delivered by Debentureholder
 to Debtor in accordance with Section 10.4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Debentureholder
 shall keep records of payments and conversions and such records shall *be prima facia* evidence of such payments and conversions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Common
 Shares issued upon conversion of this Debenture in accordance with the terms hereof shall
 be entitled to all rights and privileges accorded to holders of record of Common Shares on
 and after the applicable Debentureholder Conversion Date, from which date they will for all
 purposes be and be deemed to be issued and outstanding as fully paid and non-assessable Common
 Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If
 Debentureholder elects to receive Common Shares in lieu of cash payment of the Principal
 Amount pursuant to Section 10.3, Debtor shall take all such actions and issue, execute and
 deliver, as applicable, all such certificates, documents and instruments as shall be required
 to validly issue as fully paid and non-assessable such Common Shares in accordance with the
 terms hereof and entitle Debentureholder (or its nominee. participant or assignee) to all
 rights and privileges accorded to holders of record of Common Shares on and after the applicable
 Debentureholder Conversion Date.

**10.5** **No Requirement to Issue Fractional Shares** 

Debtor shall not issue fractional Common Shares upon the exercise of Debtor's interest privileges under Section 10.1 or Debentureholder's privilege under Section 10.3. If any fractional interest in a Common Share would, except for the provisions of this Section 10.5, be deliverable upon conversion, any such fractional interest shall be rounded down to the nearest whole number of Common Shares.

**10.6** **Conversion Adjustment** 

The Debentureholder Conversion Price in effect at any time is subject to adjustment from time to time in the events and in the manner provided as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  **<u>Common Share Reorganization.</u>** If and whenever at any time after the Original Issuance Date
 and prior to the Maturity Date, Debtor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issues
 Common Shares or securities exchangeable for or convertible into Common Shares to the holders
 of the Common Shares as a stock dividend or rights to holders of the Common Shares to acquire
 additional Common Shares pursuant to a rights offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) makes
 a distribution on its outstanding Common Shares payable in Common Shares or securities exchangeable
 for or convertible into Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subdivides
 or re-divides its outstanding Common Shares into a greater number of shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) consolidates
 its outstanding Common Shares into a smaller number of shares,

(any of such events being called a "**Common Share Reorganization**"), then the Debentureholder Conversion Price will be adjusted effective immediately after the effective date or record date for the happening of a Common Share Reorganization, as the case may be, at which the holders of Common Shares are determined for the purpose of the Common Share Reorganization by multiplying the Debentureholder Conversion Price in effect immediately prior to such effective date or record date by a fraction, the numerator of which is the number of Common Shares outstanding on such effective date or record date before giving effect to such Common Share Reorganization and the denominator of which is the number of Common Shares outstanding immediately after giving effect to such Common Share Reorganization (including, in the case where rights to acquire Common Shares or securities exchangeable for or convertible into Common Shares are distributed, the number of Common Shares that would have been outstanding had all such rights been exercised to acquired Common Shares or securities been exchanged for or converted into Common Shares on such effective date or record date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>Capital Reorganization.</u>** If and whenever at any time after the Original Issuance Date and
 prior to the Maturity Date there is a reclassification of the Common Shares outstanding at
 any time or a change of the Common Shares into other shares or into other securities (other
 than a Common Share Reorganization), or a consolidation, amalgamation, arrangement or merger
 of Debtor with or into any other corporation or other entity (other than a consolidation,
 amalgamation, arrangement or merger which does not result in any reclassification of the
 outstanding Common Shares or a change of the Common Shares into other shares), or a transfer
 of the undertaking or assets of Debtor as an entirety or substantially as an entirety to
 another corporation or other entity (any of such events being called a "**Capital Reorganization** "), Debentureholder, upon the exercise of any conversion privilege
 contained in the Debenture after the effective date of such Capital Reorganization, will
 be entitled to receive in lieu of the number of Common Shares to which Debentureholder was
 theretofore entitled upon such conversion, the aggregate number of shares, other securities
 or other property which Debentureholder would have been entitled to receive as a result of
 such Capital Reorganization if, on the effective date thereof, Debentureholder had been the
 registered holder of the number of Common Shares to which Debentureholder was theretofore
 entitled upon conversion of this Debenture. If determined appropriate by action of the directors
 of Debtor, appropriate adjustments will be made as a result of any such Capital Reorganization
 in the application of the provisions set forth herein with respect to the rights and interests
 thereafter of Debentureholder to the end that the provisions set forth herein will thereafter
 correspondingly be made applicable as nearly as may reasonably be practicable in relation
 to any shares, other securities or other property thereafter deliverable upon the exercise
 of a conversion privilege. Any such adjustment must be made by and set forth in an amendment
 to this Debenture approved by action of the directors of Debtor and will for all purposes
 be conclusively deemed to be an appropriate adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  **<u>Stock Exchange Approval.</u>** Any adjustment in the Debentureholder Conversion Price as a result
 of a Common Share Reorganization referred to in paragraphs 10.6(a)(i) or 10.6(a)(ii) or as
 a result of a Capital Reorganization will require the prior approval of the Stock Exchange.

**10.7** **Rules Regarding Calculation of Adjustment of Debentureholder Conversion Price** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 10.6(c) and the policies of the Stock Exchange in effect from time to time, and,
 if applicable, the prior approval of the Stock Exchange:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)  **<u>Cumulative.</u>** The adjustments provided for in Section 10.6 are cumulative and will, in the case of adjustments
 to the Debentureholder Conversion Price, be computed to the nearest one-tenth of one cent
 and will be made successively whenever an event referred to therein occurs, subject to the
 following provisions of this Section 10.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)  **<u>Minimum 1% Change.</u>** No adjustment in the Debentureholder Conversion Price is required to be
 made unless such adjustment would result in a change of at least one per cent (1%) in the
 prevailing Debentureholder Conversion Price; provided however that any adjustments which,
 except for the provisions of this Section 10.7, would otherwise have been required to be
 made, will be carried forward and taken into account in any subsequent adjustments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)  **<u>Discretion of the Board.</u>** In case Debtor or Guarantor after the Original Issuance Date takes
 any action affecting the Common Shares, other than actions described in Section 10.6, which
 in the opinion of the board of directors of Debtor would materially affect the rights of
 Debentureholder hereunder, the Debentureholder Conversion Price will be adjusted in such
 manner, if any, and at such time, by action of the directors of Debtor, but subject in all
 cases to any necessary regulatory approval. Failure to take any action by the directors of
 Debtor so as to provide for an adjustment on or prior to the effective date of any action
 by Debtor affecting the Common Shares will be conclusive evidence that the board of directors
 of Debtor has determined that it is equitable to make no adjustment in the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>Disputes.</u>** If at any time a dispute arises with respect to adjustments provided for in Section 10.6,
 such dispute will be conclusively determined by a firm of independent chartered accountants
 as may be selected by Debentureholder and approved by Obligors acting reasonably, and any
 such determination will be binding upon the Obligors and Debentureholder. The Debentureholder
 and the Obligors recognize and agree that any such disputed adjustment to the Debentureholder
 Conversion Price is subject to applicable policies of the Stock Exchange in effect from time
 to time, and, if applicable, the prior approval of the Stock Exchange. The Obligors will
 provide such firm of independent chartered accountants with access to all necessary records
 of the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  **<u>Notice of Event Requiring Adjustment.</u>** Debtor will from time to time, as soon as is reasonably
 practicable after the occurrence of any event which requires an adjustment or readjustment
 as provided in Section 10.6, give written notice to Debentureholder specifying the event
 requiring such adjustment or readjustment and the results thereof, including the resulting
 Debentureholder Conversion Price, and setting forth in reasonable detail the method of calculation
 and the facts upon which such calculation is based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  **<u>Notice of Intention to Fix Record Date.</u>** Debtor covenants to and in favour of Debentureholder
 that so long as any Principal Amount hereunder remains outstanding, it will give written
 notice to Debentureholder of its intention to fix a record date for any event referred to
 in Section 10.6 (other than a subdivision or consolidation of Common Shares) which may give
 rise to an adjustment in the Debentureholder Conversion Price and, in each case, such notice
 must specify the particulars of such event, the record date and the effective date for such
 event; provided that Debtor is only required to specify in such notice such particulars of
 such event as have been fixed and determined on the date on which such notice is given. Such
 notice must be given not less than five (5) Business Days, in each case, prior to such applicable
 record date or effective date.

**11.** **REPRESENTATIONS AND WARRANTIES** 

**11.1** **Obligors' Representations and Warranties** 

Each Obligor hereby represents and warrants to Debentureholder as of the Original Issuance Date and the Restatement Date (unless otherwise specified in <u>Exhibit "D"</u>) and so long as any Obligations remain outstanding, as set out in <u>Exhibit "D"</u> and acknowledges that Debentureholder is relying upon such representations and warranties in entering into the transactions that give rise to the Principal Amount, which representations and warranties shall survive the execution and delivery of this Debenture.

**11.2** **Knowledge of Obligors** 

Where any representation or warranty contained in <u>Exhibit "D"</u> is expressly qualified by reference to the "knowledge" of Obligors, it shall be deemed to refer to the actual knowledge of Richard Williams, as Executive Chairman of Debtor, Sam Ash, as Chief Executive Officer of Debtor and President of Guarantor and Gerbrand van Heerden, as Chief Financial Officer of Debtor and all information which ought to have been known by each of them after conducting a reasonable inquiry into the matters in question, whether or not any such inquiry was actually made.

**11.3** **Accredited Investor** 

Debentureholder hereby represents and warrants to the Obligors that Debentureholder is an accredited investor, within the meaning of National Instrument 45-106 – Prospectus Exemptions.

**12.** **COVENANTS** 

Each Obligor covenants and agrees with Debentureholder that, unless compliance has been waived in writing by Debentureholder and so long as any Obligations remain outstanding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Punctual Payment of Obligations.** Each Obligor shall make payment of, and perform, all of its Obligations
 when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Reserve Common Shares**. Debtor covenants to reserve and keep available, at all times, such number
 of Common Shares as may be reasonably required to satisfy the conversion rights under this
 Debenture, in whole or in part, into Common Shares pursuant to Section 10. All Common Shares
 which shall so be issuable shall be duly and validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **No Material Change in Conducting of Business.** Each Obligor shall, and it shall cause each
 of its Subsidiaries to, carry out and perform all operations and activities in a commercially
 prudent manner and in accordance with all Applicable Laws, all applicable Authorizations
 and Other Rights and Good Practice Standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Compliance with Laws and Contracts.** Each Obligor will, and shall cause each of its Subsidiaries
 to, obtain and maintain in force (or where appropriate, promptly renew) all Authorizations
 reasonably necessary for carrying out its business and operations generally, including those
 Authorizations required under each Transaction Document, and at all times comply with all
 Applicable Laws and regulations relating to it and its business other than (except in the
 case of Anti-Bribery Laws and Anti-Money Laundering Laws) where such noncompliance would
 not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Maintenance of Accounting Methods and Financial Records**. Each Obligor will, and shall cause each
 of its Subsidiaries to, maintain a system of accounting which is established and administered
 in accordance with US GAAP consistently applied, keep adequate records and books of account
 in which accurate and complete entries shall be made in accordance with such accounting principles
 reflecting all transactions required to be reflected by such accounting principles, keep
 accurate and complete records of any property owned by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Books; Records; Inspections.** Each Obligor will keep, and shall cause each of its Subsidiaries
 to keep, true, complete and accurate Books and Records of all of its operations and activities
 in a manner consistent with customary and prudent commercial practice. Subject to the confidentiality
 provisions of this Debenture, each Obligor shall, and shall cause each of its Subsidiaries
 to, on written request by Debentureholder, provide copies to Debentureholder, and permit
 Debentureholder and its authorized representatives to perform audits or other reviews and
 examinations from time to time and at Debentureholder's sole expense, of Debtor's
 and each Subsidiaries' (including Guarantor), Books and Records that are available
 to the shareholders of Debtor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Maintenance of Legal Existence.** Each Obligor shall, and shall cause each of its Subsidiaries to,
 preserve and maintain its corporate existence in good standing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Notice to Debentureholder of an Event of Default**. Upon either Obligor becoming aware of the
 occurrence of either an Event of Default or Pending Event of Default, Debtor shall promptly
 deliver to Debentureholder a notice specifying the nature and date of occurrence of such
 Event of Default or Pending Event of Default, the Obligors' assessment of the duration
 and effect thereof and the action which the Obligors propose to take with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Payment of Taxes/Claims**. Each Obligor will timely file all Tax returns as and when required pursuant
 to Applicable Law and pay and discharge or cause to be paid and discharged, promptly when
 due, all Taxes imposed upon them or in respect of the Project or any of the Project Assets
 or upon the income or profits therefrom as well as all claims of any kind (including claims
 for labour, materials, supplies and rent) which, if unpaid, might become a Lien upon any
 of its property or assets (other than Taxes the amount, applicability or validity of which
 are being contested in good faith by appropriate proceedings diligently conducted), withhold
 and collect all Taxes required to be withheld and collected by them and remit such Taxes
 to the appropriate Governmental Authority at the time and in the manner required by Applicable
 Law, and pay and discharge immediately upon knowledge by an Obligor of the existence of any
 Lien unless such Lien is a Permitted Lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **No Amalgamation, Merger, Wind-Up, Change in Control, Etc**. Neither Obligor shall consolidate,
 amalgamate with, or merge with or into, or transfer all or substantially all its assets to,
 or reorganize, reincorporate or reconstitute into or as another entity without the prior
 written consent of Debentureholder not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Maintain Listing**. Each Obligor shall take all steps necessary to ensure that the Common Shares
 and any Common Shares issued to Debentureholder pursuant to this Debenture, are listed and
 posted for trading on any stock exchange which Debtor's Common Shares are posted and
 listed for trading on (subject, in the case of any Common Shares issued to Debentureholder
 pursuant to the terms hereof, to any applicable hold periods, not to exceed six (6) months
 plus one (1) day), and will use commercially reasonable efforts to maintain such listing
 and posting for trading of such Common Shares on the Stock Exchange, and will use commercially
 reasonable efforts to maintain Debtor's status as a "reporting issuer"
 not in default of the requirements of the Applicable Securities Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Reporting**.
 The Obligors shall deliver the following to Debentureholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) monthly,
 quarterly and annual customary operational, exploration and financial reports, to be provided
 within ten (10) Business Days of completion, provided that monthly reports are only to be
 provided if, as and when prepared by or on behalf of either Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promptly
 upon preparation thereof, reasonably detailed environmental reports, reports on safety and
 community matters, operational budgets, annual production forecast, and life of mine operating
 plans (and notice of any material change to the life of mine operating plan promptly following
 such change);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) annual
 reserve and resource reports prepared in accordance with NI 43-101;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) annual
 reports detailing reconciliation of resource model, mine grade control and process facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any
 other material engineering or economic studies (as and when prepared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) within
 five (5) Business Days of the end of each six month period ending June 30 and December 31
 of each calendar year, a list of the Mining Rights underlying the Property or any changes
 from the prior list delivered in accordance with this Section 12(l)(vi);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) copies
 of all material contracts, studies or reports relating to the Property, the Mine or the Products
 that may be reasonably requested by Debentureholder and promptly following the receipt thereof
 copies of any notice of default, termination or enforcement action under any such contract
 or occurrence of any other material event in respect of the Property or Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) notice
 of any other material event concerning the Project, the Property, either Obligor including
 any force majeure, labour or civil disruption, actual or threatened legal action, actual
 or threatened withdrawal of any permit or third-party approval, any material human rights,
 community, health and safety, other social, animal welfare, conservation, other environmental,
 or corporate governance controversies or initiatives or any change in law materially impacting
 the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) within
 ninety (90) days of the end of each fiscal year and to the extent prepared by management,
 Debtor shall deliver to Debentureholder its unaudited, unconsolidated financial statements
 and to the extent prepared and delivered to any third party, its audited unconsolidated financial
 statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) such
 other operational, exploration and financial information concerning the Obligors or the Project
 as Debentureholder shall reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **Further Assurances.** Each Obligor will, and will cause any Subsidiary to, execute and deliver
 to Debentureholder all such documents, instruments and agreements and do all such other acts
 and things as may be reasonably required, in the opinion of Debentureholder, to carry out
 the purpose of the Transaction Documents or any other document to which it is a party or
 to enable Debentureholder to exercise and enforce its rights under hereunder or thereunder.
 For greater certainty, Debtor will cause to be delivered all such certificates and legal
 opinions as may be required to remove the legends on this Debenture or the Common Shares
 issued hereunder upon the expiry of the applicable hold periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **Cash Balance.** Each Obligor shall maintain at all times a positive cash balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **Working Capital.** Each Obligor will maintain positive working capital as at the end of each financial
 quarter, as determined from Debtor's most recent annual and quarterly financial statements
 that are filed and available on SEDAR+ and/or EDGAR, where working capital is the current
 assets less the current liabilities (both as defined by US GAAP) of Debtor on a consolidated
 basis, but (i) excluding any non-cash liabilities included in the calculation of current
 liabilities, (ii) except for the fiscal quarter during which this Debenture matures and the
 immediately preceding fiscal quarter, excluding the principal due at maturity of the Convertible
 Debentures, (iii) except for the fiscal quarter during which the principal amount of the
 Indebtedness referred to in paragraph (x) of the definition of Permitted Indebtedness matures
 and the immediately preceding fiscal quarter, excluding such principal amount due at maturity
 of such Indebtedness, (iv) excluding royalty payments owing under the Royalty Agreements,
 in each case, in the ordinary course of business during the applicable twelve (12) month
 period, and (v) including the net proceeds of any debt or equity financing received between
 the relevant quarterly or annual filing date and the applicable reporting date or during
 the relevant Cure Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **Indebtedness.** The Obligors shall not create, incur, assume or permit to exist any Funded Debt other
 than Permitted Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **No Liens.** The Obligors shall not create, incur, assume or permit to exist any Lien on any
 property or asset now owned or hereafter acquired by the Obligors or any one of them except
 Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **No Dispositions**. The Obligors shall not Dispose of (whether in one or a series of transactions)
 any of the Property or any Project Assets, or enter into any agreement to do any of the foregoing,
 except for (i) the sale of inventory in the ordinary course of business, or (ii) the sale
 of equipment that is obsolete, surplus, worn out or no longer useful for the purposes of
 constructing and developing the Project. Without limiting the generality of the foregoing,
 Debtor shall not Dispose of any of the Equity Securities in the capital of Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **No Investments**. No Obligor shall make (i) any direct or indirect investment in or purchase
 or other acquisition of Equity Securities of any other Person, (ii) any loan or advance to,
 purchase of debt securities of, or arrangement for the purpose of providing credit to (excluding
 extensions of trade credit in the ordinary course of business in accordance with customary
 commercial terms) any other Person, or (iii) any capital contribution to (whether by means
 of a transfer of cash or other property or any payment for property or services for the account
 or use of) any other Person; except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) investments
 (including by subscription in Equity Securities of), loans, advances or capital contributions
 made by Debtor in or to Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with
 the prior written consent of Debentureholder not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) **No Acquisitions.** No Obligor shall purchase or otherwise acquire regardless of how accomplished
 or effected, (i) any other Person (including any purchase or acquisition of such number of
 the issued and outstanding securities of, or such portion of equity interest in, such other
 Person so that such other Person becomes a Subsidiary of the purchaser or of any of its Affiliates)
 or of all or substantially all of the property of any other Person, or (ii) any division,
 business, operation or undertaking of any other Person or of all or substantially all of
 the property of any division, business, operation or undertaking of any other Person; with
 the prior written consent of Debentureholder, such consent not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) **No Distributions.** No Obligor shall (i) retire, redeem, retract, purchase or otherwise acquire
 any Equity Securities of such Obligor, (ii) declare or pay any dividend, return of capital
 or other distribution (in cash, securities or other property, or otherwise) of, on or in
 respect of, any Equity Securities of such Obligor, (iii) make any payment or distribution
 (in cash, securities or other property, or otherwise) on or in respect of, its Equity Securities,
 (iv) pay, redeem, repurchase or otherwise acquire any Funded Debt, including any payment
 on account of principal, interest, bonus, premium, make-whole or otherwise; or (v) pay any
 management, consulting or similar fee or any bonus payment or comparable payment, or by way
 of gift or gratuity, to any Related Party of such Person or to any director or officer thereof,
 excluding, for greater certainty, (A) employment compensation in the ordinary course of business,
 and (B) where and to the extent the proceeds of any payment or distribution referred to in
 clauses (i) through (iv) above are used solely to (I) fund the payment of any PF Obligations
 or other Permitted Indebtedness, (II) fund the scheduled payment of the obligations owing
 to the EPA under the EPA Settlement Agreement and (III) pay reasonable annual overhead expenses
 of Debtor and those that relate to the administration and management of the Guarantor, the
 Mining Rights, the Project and the Project Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **EPA Settlement.** Each Obligor shall provide all such bonds, letters of credit and other assurances,
 indemnifications, instruments and documents as may be required to complete the Obligors'
 financial assurance obligations under the EPA Settlement Agreement and shall take all such
 actions and steps and do all such things as may be required to cause the release of the Liens
 in favour of the EPA as soon as reasonably practicable. Each Obligor shall comply in all
 respects with its obligations under the EPA Settlement Agreement and in all material respects
 with all other agreements, Authorizations and Other Rights necessary for the construction,
 development and operation of the Project as contemplated by the current development or mine
 plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) **Project Maintenance**. Each Obligor shall all times do or cause to be done all things necessary
 to maintain the Project in good standing, including paying or causing to be paid all Taxes
 owing in respect of the Project Assets, performing or causing to be performed all required
 assessment work thereon, paying or causing to be paid all maintenance fees and other amounts
 owing in respect of the Project Assets, paying or causing to be paid all rents and other
 payments in respect of leased properties forming a part thereof and otherwise maintaining
 the Property and other Project Assets in accordance with Applicable Laws;

If an Obligor fails to perform any covenant or any other provision of any of the Credit Documents, Debentureholder may, in its discretion, perform any such covenant capable of being performed by it, and if any such covenant requires the payment of money Debentureholder may, in its discretion, make any such payments. All sums so expended by Debentureholder shall be payable on demand and, until paid, shall be added to, and be deemed to be included in the Obligations and shall bear interest at the same rate applicable to principal.

**13.** **DEFAULT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 occurrence of any one or more of the following events shall constitute an "**Event of Default**" under this Debenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Payment*.
 If Debtor fails to pay any Principal Amount when due hereunder or fails to pay interest or
 any other amount when due hereunder and, in the case of interest or such other amount, such
 failure remains outstanding and unremedied for two (2) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Representations and Warranties*. If any representation or warranty made in any of the Credit Documents
 by either Obligor, or if any certificate or opinion furnished to Debentureholder pursuant
 to the provisions hereof proves to have been materially incorrect, incomplete or misleading
 as of the time made or repeated or deemed to be made or repeated, and such inaccuracy is
 not remedied within the Cure Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Failure to Perform*. Other than as otherwise specified in Section 13(a), if an Obligor defaults
 in the performance of any of its covenants or obligations under any of the Credit Documents
 or Project Finance Documents and provided that such default is capable of being remedied,
 and such default is not remedied within the Cure Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Cross Default.* Either Obligor (i) fails to make any payment when such payment is due and payable
 to any Person in relation to any Indebtedness having a principal amount in excess of US$250,000
 (including any other Convertible Debenture, the Loan Agreement and any other Project Finance
 Documents), and any applicable grace period in relation thereto has expired, or (ii) defaults
 in the observance or performance of any other agreement or condition in relation to any such
 Indebtedness or contained in any instrument or agreement evidencing, securing or relating
 thereto, or any other event occurs or condition exists, the effect of which default or other
 condition, if not remedied within any applicable grace period, would be to cause, or to permit
 the holder of such Indebtedness to declare such Indebtedness to become due prior to its stated
 maturity date *;* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Material Permits and Condemnation.* Any Governmental Authority directly or indirectly condemns,
 expropriates, nationalizes, seizes or appropriates any material portion of the Property or
 the Project Assets or any Required Authorization or Other Right necessary for the construction
 and operation of the Project that has been previously obtained by any Obligor is suspended,
 cancelled, revoked, forfeited, surrendered, refused renewal or terminated (whether in whole
 or in part) or otherwise is not, or ceases to be, in full force and effect at any time;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *Insolvency*.
 If either Obligor fails to pay its debts generally as they fall due or suspends making payments
 on all or any class of its debts or announces an intention to do so or begins negotiations
 with one or more creditors with a view to rescheduling any of its indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *Illegality*.
 If it becomes unlawful for any Obligor to perform any of its obligations under any of the
 Transaction Documents or any of its obligations under any Transaction Document cease to be
 valid, binding or enforceable or any Obligor repudiates or contests, in whole or in part,
 any obligations under any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) *Bankruptcy or Similar Proceedings*. Upon the occurrence of an Insolvency Event affecting any Obligor
 or any Subsidiary of Debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) *Material Adverse Effect*. If an event or series of events occur which has or with the passage of
 time or notice or both, would have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *Loss of Perfected Lien.* If any of the Liens created under the Security shall cease to be a
 valid and perfected first priority lien on any Collateral thereunder or any Project Assets
 intended to be Collateral thereunder, subject only to Permitted Liens which rank by law in
 priority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) *Surety Indemnities*. If either Obligor fails to make any payment as and when due and payable
 and owing to the Sureties or defaults in the observance or performance of any other agreement
 or condition in any Indemnity or any other agreement with a Surety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) *Judgment*.
 If one or more final judgments or decrees for the payment of (A) in the case of any judgment
 or decree in respect of obligations or other arrangements with Debentureholder or any of
 its Affiliates (including funds managed by any of its Affiliates), any money, or (B) in any
 other case, money in excess of US$500,000 in the aggregate for all such cases and no more
 than US$250,000 in any one year period, shall have been obtained or entered against an Obligor
 or any of its Subsidiaries provided such judgments or decrees shall not have been and remain
 vacated, discharged or stayed pending appeal within the applicable appeal period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) *Authorizations*.
 If any Authorization by a Governmental Authority necessary for the performance of any obligation
 of an Obligor or any Subsidiary of Debtor under any Credit Document ceases to be in full
 force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 the occurrence of an Event of Default under Section 13(a)(viii), the Obligations shall automatically
 and immediately become due and payable and upon the occurrence and during the continuance
 of any other Event of Default, Debentureholder may, by notice given to Debtor, declare all
 or part of Obligations to be due and payable either on demand or to be immediately due and
 payable without demand, in each case, all without presentment, protest or further notice
 of any kind, all of which are hereby expressly waived by the Obligors. The Obligations due
 and payable upon a declaration or automatic acceleration pursuant to this Section 13(b) will
 include the Prepayment Interest Premium. Each Obligor acknowledges and agrees that any such
 prepayment prior to the Maturity Date is subject to the Prepayment Interest Premium and that
 such amount represents a reasonable estimate of fair compensation payable to Debentureholder
 for the losses suffered by early prepayment and such amount is in the nature of liquidated
 damages and not a penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon
 any such declaration or automatic acceleration pursuant to Section 13(b), Debentureholder
 may, in its discretion, exercise any right or recourse and proceed by any action, suit, remedy
 or proceeding against the Obligors authorized or permitted by law for the recovery of the
 Obligations including bringing an action or instituting proceedings for damages or specific
 performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon
 the occurrence and during the continuance of an Event of Default, the Security Agent shall
 at the request of, or may with the consent of, the Majority Creditors (as defined in the
 Security Sharing Agreement) realize upon the Collateral and enforce the rights of the Security
 Agent and the Sprott Entities under the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 rights and remedies of Debentureholder and the Security Agent hereunder and under the Security
 are cumulative and are in addition to and not in substitution for any other rights or remedies
 available at law or in equity or otherwise. No single or partial exercise by Debentureholder
 or the Security Agent of any right or remedy precludes or otherwise affects the exercise
 of any other right or remedy to which Debentureholder or the Security Agent may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No
 failure on the part of Debentureholder or the Security Agent to exercise and no delay in
 exercising, and no course of dealing with respect to, any right, power or privilege under
 any Credit Document shall operate as a waiver thereof nor shall any single or partial exercise
 of any right, power or privilege under any Credit Document preclude any other or further
 exercise thereof or the exercise of any other right, power, or privilege. The remedies provided
 herein are cumulative and not exclusive of any remedies provided by law. Any waiver by Debentureholder
 of the strict compliance with any term any Credit Document will not be deemed to be a waiver
 of any subsequent Event of Default.

**14.** **DEFINITIONS AND INTERPRETATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Definitions**.
 For the purposes of this Debenture and the Exhibits hereto, capitalized words and phrases
 shall have the meanings set forth in <u>Exhibit "A"</u> and the meanings given
 to the defined terms set out in bold in the recitals <u>.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Accounting Principles**. 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 the Credit Documents, such determination or calculation
 will, to the extent applicable and except as otherwise specified herein or as otherwise agreed
 in writing by the parties, be made in accordance with US GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Terms Generally.** Words importing the singular number include the plural and vice versa. Whenever
 the context may require, any pronoun shall include the corresponding masculine, feminine
 and neuter forms. All forms of "include" shall be deemed to be followed by the
 phrase "without limitation". The word "will" shall have the same
 meaning and effect as "shall". Unless the context requires otherwise (i) reference
 to any agreement or other document herein shall be construed as referring to such agreement
 or other document as from time to time amended (subject to any restrictions on such amendment
 set forth herein), (ii) reference to any Person shall be construed to include such Person's
 successors and assigns, (iii) "herein", "hereof" and "hereunder",
 and similar words shall be construed to refer to this Debenture in its entirety and not to
 any particular provision hereof, and (iv) all references to sections, schedules and exhibits
 shall be construed to refer to sections of, schedules to and exhibits to this Debenture,
 and all such schedules and exhibits shall form part of this Debenture. The term "Debenture"
 and any reference in this Debenture to this Debenture or any other agreement, document or
 other instrument includes, and is a reference to, this Debenture or such other agreement,
 document or other instrument as it may have been, or may from time to time be, amended, restated,
 replaced, modified, supplemented or novated and includes all schedules, exhibits, appendixes
 or attachments thereto or incorporated by reference therein. The terms "conversion",
 "convert", "convertible" used in this Debenture and the Exhibits
 hereto shall be interpreted and deemed to mean with respect to the conversion of interest
 into Common Shares, the payment of accrued and unpaid interest owing hereunder through the
 issuance of Common Shares, and (y) with respect to the conversion of the outstanding Principal
 Amount into Common Shares, the election by Debentureholder to receive payment of the Principal
 Amount through the issuance of Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Security**.
 It is hereby acknowledged and agreed that Debentureholder is a Sprott Entity and that this
 Debenture has the benefit of all security delivered by the Obligors, or any one of them,
 in favour of the Security Agent or any other Sprott Entity as security for the PF Obligations,
 including the Security Documents.

**15.** **NOTICE** 

Any notice or written communication given pursuant to or in connection with this Debenture shall be in writing and shall be given by delivering the same personally or by prepaid courier, prepaid registered mail, or email, addressed to the party to be notified at the following address of such party or at such other address of which such party has given notice to the other party hereto:

for an Obligor,

Bunker Hill Mining Corp.

300-1055 West Hastings Street

Vancouver, British Columbia, V6E 2E9

---

| | |
|:---|:---|
| Attention: | Gerbrand van Heerden, CFO & Corporate Secretary |
| Email: | **[Redacted]** |

---

for Debentureholder,

**[Contact information redacted]**

---

| | |
|:---|:---|
| Attention: | **[Redacted]** |
| Email: | **[Redacted]** |

---

Any such notice shall be conclusively deemed to have been given and received on the day of actual receipt by the addressee or, if given by prepaid registered or certified mail, on the fifth (5<sup>th</sup>) day following the mailing date (absent a general disruption in postal service). A party may change its address by notice given in accordance with this Section to the other parties.

**16.** **CONFIDENTIALITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 16(b), neither Debentureholder nor the Obligors shall, without the express written
 consent of the other (which consent shall not be unreasonably withheld), disclose any non-public
 information in respect of the terms of the Credit Documents or otherwise received under or
 in conjunction with the Credit Documents, and none of Debentureholder and the Obligors shall
 issue any press releases concerning the terms of any Credit Document without the consent
 of the other after such parties having first reviewed the terms of such press release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 the foregoing, Debentureholder and the Obligors may disclose non-public information in respect
 of the terms of the Credit Documents or otherwise received under or in conjunction with the
 Credit Documents in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 (A) its limited partners, investors, auditor, legal counsel, lenders, underwriters, investment
 bankers and technical consultants, and (B) Persons with which it is considering or intends
 to enter into a transaction which would be permitted hereunder without the consent of the
 other party under this Debenture for which such non-public information would reasonably be
 relevant (and to advisors and representatives of any such Person); provided that such disclosure
 is made on a need to know basis and that such Persons are advised of the confidential nature
 of the non-public information, undertake to maintain the confidentiality of it and are strictly
 limited in their use of the non-public information to those purposes necessary for such Persons
 to perform the services for which they were, or are proposed to be, retained or to consider
 or effect the applicable transaction, or to monitor their investments in the case of limited
 partners or investors, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where
 disclosure is necessary to comply with Applicable Laws, court order or regulatory request,
 provided that (A) such disclosure is limited to only that non-public information so required
 to be disclosed, and (B) the party required to disclose such information shall promptly notify
 the other party in writing to permit the other party, at its own expense, to have an opportunity
 to contest or seek to obtain an injunction or protective order or other remedy restricting
 the disclosure of such non-public information and, where applicable, that the party required
 to disclose such information has taken commercially reasonable efforts to avail itself of
 the full benefits of any laws, rules, regulations or contractual rights as to disclosure
 on a confidential basis to which it may be entitled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for
 the purposes of the preparation and conduct of any court proceeding commenced under Section
 20(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) where
 disclosure is required under Applicable Laws in connection with any initial public offering
 or subsequent public offering of securities of any Obligor or of Debentureholder or any Affiliate
 thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with
 the express written consent of the other party, such approval not to be unreasonably withheld,
 conditioned or delayed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to
 its Affiliates and those of its and its Affiliates' directors, officers, employees,
 advisors and representatives who need to have knowledge of the non-public information and
 each such Person to whom the non-public information is disclosed is directed to comply with
 these terms of confidentiality (or is bound by professional obligations to maintain confidentiality).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 party shall ensure that its Affiliates who receive any non-public information pursuant to
 this Debenture and its and such Affiliates' employees, directors, officers, advisors
 and representatives and those Persons listed in Section 16(b)(i) are made aware of this Section
 16 and comply with the provisions of this Section 16. Each party shall be liable to the other
 party for any improper use or disclosure of such terms or information by such Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For
 the purposes of this Section 16, the Obligors are one party and Debentureholder is the other
 party.

**17.** **EXPENSES** 

The Obligors will reimburse Debentureholder within thirty (30) days of Debentureholder providing a written invoice and supporting documentation in respect thereof, all of Debentureholder's reasonable out-of-pocket costs and expenses incurred in respect of the negotiation, registration, enforcement of, or the preservation of rights under the Credit Documents, including the reasonable fees and expenses of legal counsel for Debentureholder in connection therewith.

**18.** **INDEMNIFICATION** 

Each Obligor hereby indemnifies Debentureholder, its affiliates and their respective directors, officers and employees, from and against, any claim, damage, loss, liability, judgment, suit, cost or expense of any kind (including reasonable fees and expenses of counsel), arising directly out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 breach by an Obligor of any representation, warranty or covenant contained herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 enforcement by Debentureholder of any right or remedy hereunder.

**19.** **SUCCESSORS AND ASSIGNS, WAIVER AND ACKNOWLEDGEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither
 Obligor may transfer, assign or convey any of its obligations under the Credit Documents
 to any Person without the prior written consent of Debentureholder. Debentureholder may transfer,
 assign or convey the Credit Documents or any of its rights or obligations thereunder, in
 whole or in part, without the consent of the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 Debenture shall be binding upon each Obligor and its successors and permitted assigns and
 shall enure to the benefit of Debentureholder and its successors and assigns. Any reference
 herein to Debentureholder shall include its successors and assigns as if specifically named.
 This Debenture is a negotiable instrument. Presentment for payment, demand, protest, notice
 of protest, notice of dishonour and statutory days of grace respecting this Debenture are
 hereby waived.

**20.** **GOVERNING LAW AND JURISDICTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Debenture shall be governed by, and construed in accordance with, the laws of the Province
 of Ontario and the federal laws of Canada applicable therein (other than the conflict of
 laws rules).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Obligor agrees that any legal proceeding with respect to this Debenture or to enforce any
 judgment obtained against the Obligor may be brought by Debentureholder in the courts of
 the Province of Ontario, Canada or in the courts of any jurisdiction where an Obligor may
 have assets or carries on business, and each Obligor hereby irrevocably submits to the non-exclusive
 jurisdiction of each such court and acknowledges its competence. Each Obligor agrees that
 a final judgment against it in any such legal proceeding will be conclusive and may be enforced
 in any other jurisdiction by suit on the judgment (a certified or exemplified copy of which
 judgment will be conclusive evidence of the fact and of the amount of the Obligations hereunder)
 or by such other means provided by law.

**21.** **SEVERABILITY OF PROVISIONS** 

Any provision of this Debenture that is prohibited or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of that prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of that provision in any other jurisdiction.

**22.** **ENTIRE AGREEMENT** 

The Credit Documents constitute the entire agreement between the parties hereto with respect to the subject matter hereof and supersede any and all prior agreements or understandings, written or oral, with respect thereto. Except as otherwise provided in Section 10.6(b), this Debenture shall not be amended except by the written agreement between Debentureholder and each Obligor.

**23.** **SURVIVAL** 

The provisions of Sections 6 (*Taxes*), 16 (*Confidentiality*), 17 (*Expenses*), 18 (*Indemnification*) and 20 (*Governing Law and Jurisdiction*), shall in each case survive any termination of this Debenture and the payment in full of the Obligations.

**24.** **JUDGEMENT CURRENCY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If,
 for the purpose of obtaining or enforcing judgment against the Obligors in any court in any
 jurisdiction, it becomes necessary to convert into a particular currency (such currency being
 hereinafter in this Section 24 referred to as the "**Judgment Currency** ")
 an amount due in another currency (such other currency being hereinafter in this Section
 24 referred to as the "**Indebtedness Currency**") under this Debenture, the
 conversion shall be made at the rate of exchange prevailing on the Business Day immediately
 preceding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 date of actual payment of the amount due, in the case of any proceeding in the courts of
 the Province of Ontario or in the courts of any other jurisdiction that will give effect
 to such conversion being made on such date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 date on which the judgment is given, in the case of any proceeding in the courts of any other
 jurisdiction (the date as of which such conversion is made pursuant to this Section 24(a)(ii)
 being hereinafter in this Section 24 referred to as the "**Judgment Conversion Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If,
 in the case of any proceeding in the court of any jurisdiction referred to in Section 24(a)(ii),
 there is a change in the rate of exchange prevailing between the Judgment Conversion Date
 and the date of actual payment of the amount due, the Obligors shall pay to Debentureholder
 such additional amount (if any, but in any event not a lesser amount) as may be necessary
 to ensure that the amount paid in the Judgment Currency, when converted at the rate of exchange
 prevailing on the date of payment, will produce the amount of the Indebtedness Currency which
 could have been purchased with the amount of Judgment Currency stipulated in the judgment
 or judicial order at the rate of exchange prevailing on the Judgment Conversion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 amount due from the Obligors under the provisions of Section 24(b) shall be due to Debentureholder
 as a separate debt and shall not be affected by judgment being obtained for any other amounts
 due under or in respect of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 term "**rate of exchange**" in this Section 24 means the daily rate of exchange
 for Canadian interbank transactions applied in converting the Indebtedness Currency into
 the Judgment Currency published by the Bank of Canada for the day in question.

**25.** **CURRENCY CONVERSIONS** 

Except as otherwise provided in this Debenture, to the extent that it may be necessary to convert Canadian dollars to US dollars for the purpose of making any payment or calculation in this Debenture, such conversion shall be made at the Bank of Canada daily average rate quoted for the exchange of Canadian dollars into US dollars or *vice versa*, on the Business Day prior to the date the conversion is to take place.

**26.** **TIME** 

Time is and will be of the essence of each and every provision of this Debenture.

**27.** **AMENDMENT AND RESTATEMENT** 

Each Obligor, Debentureholder and the Security Agent hereby acknowledges, confirms and agrees that:

(a) Original Series 2 Debenture No. [●] shall be and is amended and restated in its entirety by this Debenture;

(b) this Debenture incorporates amendments to Original Series 2 Debenture No. [●] and has been restated solely for the purposes of incorporating those amendments to Original Series 2 Debenture No. [●] that the parties have agreed upon;

(c) this Debenture will not discharge, result in a waiver of, or constitute a novation or termination of any obligation, covenant or agreement contained in Original Series 2 Debenture No. [●] or in any agreements, guarantees, security or other document executed and delivered by or on behalf of any Obligor in respect thereof or in connection therewith, which shall continue and remain in full force and effect except to the extent modified by this Debenture;

(d) for greater certainty, all debts, liabilities and obligations under Original Series 2 Debenture No. [●] continue as Obligations under this Debenture, except to the extent modified by this Debenture, and the Guarantee continues to guarantee the Obligations as of and from the date of Original Series 2 Debenture No. [●] and remains in full force and effect; and

(e) on and after the Restatement Date, any reference to "this Debenture", "hereof", "hereunder" and words of like effect in Original Series 2 Debenture No. [●] and any reference to the Series 2 Convertible Debenture No. [●] in any other Project Finance Document will mean and be a reference to Original Series 2 Debenture No. [●], as amended and restated by this Debenture.

**28.** **COUNTERPARTS** 

This Debenture and any schedules, certificates or other writing delivered in connection herewith, may be executed in any number of counterparts and by facsimile or electronic means, with the same effect as if all parties had all signed the same document, and all such counterparts and adopting instruments will be construed together and will constitute one and the same instrument. The execution of this Debenture and any other writing by any party hereto or thereto will not become effective until counterparts hereof or thereof, as the case may be, have been executed by all the parties hereto or thereto.

[*Signature pages immediately follow]*

**IN WITNESS WHEREOF** each Obligor and Debentureholder has executed this Debenture under the hands of its duly authorized officers in that behalf.

---

| | |
|:---|:---|
| **bunker hill mining corp.** | **bunker hill mining corp.** |
| Per: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

---

| | |
|:---|:---|
| **SILVER VALLEY METALS corp.** | **SILVER VALLEY METALS corp.** |
| Per: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| Per: |
| Name: |
| Title: |

---

The undersigned agrees to be bound by the covenants of the Administrative Agent and the Security Agent contained herein and consents to the amendment and restatement of the Original Series 2 Debenture No. [●].

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| Per: |
| Name: |
| Title: |

---

**EXHIBIT "A"<br> DEFINITIONS**

"**A&R Series 1 CDs**" means the six (6) amended and restated secured convertible debentures (including this Debenture) in the aggregate principal amount of US$6,000,000 issued by the Debtor and Guarantor, to and in favour of [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], [Redacted] and [Redacted], each as holder.

"**A&R Series 2 CDs**" means the three (3) amended and restated series 2 secured convertible debentures in the aggregate principal amount of US$15,000,000 bearing interest at five per cent (5.0%) per annum payable quarterly in arrears, issued by the Debtor and the Guarantor to and in favour of [Redacted – Affiliates of Sprott Private Resource Streaming & Royalty Corp.], each as holder.

"**Administrative Agent**" means [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], an Ontario limited partnership, in its capacity as agent for Debentureholder hereunder, and any successor agent appointed from time to time by Debentureholder and their successors and permitted assigns.

"**Affiliate**" means any person which, directly or indirectly, controls, is controlled by or is under common control with another person; and, for the purposes of this definition, "control" (including, with correlative meanings, the terms "controlled by" or "under common control with") means the power to direct or cause the direction of the management and policies of any person, whether through the ownership of shares or by contract or otherwise, *provided that*, for the purposes of this Debenture, a Debentureholder shall not be deemed an Affiliate of any Obligor.

"**Anti-Bribery Laws**" has the meaning ascribed thereto in <u>Exhibit "D"</u>.

"**Anti-Money Laundering Laws**" has the meaning ascribed thereto in <u>Exhibit "D"</u>.

"**Applicable Law**" means any federal, provincial, state, local or municipal statute, law (including the common law), ordinance, rule having the force of law, regulation, by-law (zoning or otherwise) or order of any Governmental Authority or rule of any stock exchange or securities commission, applicable to a Person or any of its properties, assets, business or operations.

"**Applicable Securities Legislation**" means all applicable securities laws of each of the jurisdictions in which Debtor is a "reporting issuer" and the respective rules and regulations under such laws together with applicable published fee schedules, prescribed forms, policy statements, national or multilateral instruments, orders, blanket rulings and other applicable regulatory instruments of the securities regulatory authorities in any of such jurisdictions.

"**Authorization**" means any consent, registration, filing, agreement, certificate, license, approval, permit, authority or exemption from, by or with any Governmental Authority and all corporate, creditors' and shareholders' approvals or consents.

"**Books and Records**" means all records (whether or not recorded on computer or computer related media) in the possession or control of an Obligor relating in whole or in part to the business of an Obligor, including any business, financial, accounting or Tax records.

"**Business Day**" means any day, other than a Saturday, a Sunday, a statutory holiday or any day on which major banks are closed for business in Kellogg, Idaho or Toronto, Ontario.

"**Capital Reorganization**" has the meaning ascribed thereto in Section 10.6(b) of this Debenture.

"**CD Holders**" means the holders of the Convertible Debentures from time to time.

"**Cdn.$**" means the lawful currency of Canada.

**"Claim**" means any act, omission or state of facts and any complaint, litigation, demand, action, suit, proceeding, claim, assessment, judgement or settlement or compromise relating thereto.

"**Collateral**" means all property and assets (whether real, personal or other and including Equity Securities) of the Obligors in which charges, mortgages or security interests are granted or purported to be granted pursuant to the Security.

"**Common Shares**" has the meaning ascribed thereto in Section 10.1(a) of this Debenture.

"**Control**" means the right, directly or indirectly, to direct or cause the direction of the management of the business or affairs of a Person, whether by ownership of securities, by contract or otherwise; and "**Controls**", "**Controlling**", "**Controlled by**" and "**under common Control with**" have corresponding meanings.

"**Convertible Debentures**" means, collectively, (i) the A&R Series 1 CDs; (ii) the A&R Series 2 CDs; and (iii) the Series 3 Convertible Debentures.

"**Credit Documents**" means collectively, this Debenture, the Guarantee, the Security and any documents entered into from time to time in respect of any of the foregoing and "**Credit Document**" means each of them.

"**Cure Period**" means a period of fifteen (15) Business Days following the earlier of (a) delivery by Debentureholder to the Obligors of written notice of a breach or default, and (b) an Obligor becoming aware of such breach or default.

"**Debenture"** has the meaning ascribed thereto in recitals of this Debenture.

"**Debentureholder**" has the meaning ascribed thereto in Section 1 of this Debenture.

"**Debentureholder Conversion Date**" has the meaning ascribed thereto in Section 10.4(e) of this Debenture.

"**Debentureholder Conversion Form**" has the meaning ascribed thereto in Section 10.4(a) of this Debenture.

"**Debentureholder Conversion Price**" means US$0.105 per Common Share, as such price per Common Share may be adjusted from time to time in accordance with the terms of this Debenture.

"**Debtor**" has the meaning ascribed thereto in the recitals of this Debenture.

"**Debtor Interest Conversion Date**" has the meaning ascribed thereto in Section 10.2(b) of this Debenture.

"**Debtor Interest Conversion Form**" has the meaning ascribed thereto in Section 10.2(a) of this Debenture.

"**Debtor Interest Conversion Price**" means the greater of the US Dollar Equivalent Amount of (a) NINETY per cent (90%) of the ten (10) day volume weighted average trading price in Canadian dollars of the Common Shares of Debtor on the Stock Exchange, ending as of the second Business Day prior to the Debtor Interest Conversion Date, and (b) the minimum price permitted by the Stock Exchange.

"**Debtor Relief Laws**" shall mean *Title 11* of the United States Code entitled "Bankruptcy", the *Bankruptcy and Insolvency Act* (Canada), the *Companies' Creditors Arrangement Act* (Canada) and the *Winding-Up and Restructuring Act* (Canada), and all other liquidation, administration, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, judicial management or similar debtor relief laws of the United States, Canada or other applicable jurisdictions from time to time in effect including any proceeding under corporate law or other law of any jurisdiction whereby a corporation seeks a stay or a compromise of the claims of its creditors against it, each as now and hereafter in effect, any successors to such statutes and any other applicable insolvency or other similar law of any jurisdiction.

"**Disclosure Letter**" means the letter of disclosure (including the schedules thereto) dated as of the Restatement Date, executed by the Obligors and delivered to Debentureholder concurrently with this Debenture.

"**Disposition**" means, with respect to any asset (including any Property) of any Person, any direct or indirect sale, lease (where such Person is the lessor), assignment, cession, transfer, exchange, conveyance, release or gift of such asset, including by means of a sale and leaseback transaction, or any reorganization, consolidation, amalgamation or merger of such Person pursuant to which such asset becomes the property of any other Person; and "**Dispose**" and "**Disposed**" have meanings correlative thereto.

"**EPA**" means the United States Environmental Protection Agency.

"**EPA Settlement Agreement**" means the Consent Decree between the United States of America and Placer Mining Company, Inc., filed with the United States District Court District of Idaho on March 3, 2018 and approved on June 19, 2018 and the Settlement Agreement And Order On Consent For Response Action By Bunker Hill Mining Corp. between the EPA and Bunker Hill Mining Corp., dated as effective May 15, 2018 (EPA Region 10 CERCLA Docket No. 10-2017-0123), as amended by the First Amendment To The Settlement Agreement And Order On Consent For Response Action By Bunker Hill Mining Corp. between the EPA and Bunker Hill Mining Corp., dated as effective December 19, 2021.

"**Equity Securities**" means, with respect to any Person, any and all shares, interests, participations, rights in, or other equivalents (however designated and whether voting and non-voting) of, such Person's capital, whether outstanding on the Original Issuance Date or issued after the Original Issuance Date, including any interest in a partnership, limited partnership or other similar Person and any beneficial interest in a trust, and any and all rights, warrants, options or other rights exchangeable for or convertible into any of the foregoing.

"**Event of Default**" has the meaning ascribed thereto in Section 13 of this Debenture.

"**Excluded Taxes**" means, with respect to Debentureholder, income or franchise Taxes imposed on (or measured by) its taxable income or capital Taxes imposed on (or measured by) its taxable capital, in each case by Canada, or by the jurisdiction under the Applicable Law of which such recipient is organized or in which its principal lending office is located.

"**Exclusivity Agreeme**nt" means the exclusivity agreement dated as of January 7, 2022 between SPRSR and the Obligors, as amended by the First Omnibus Amendment and the Second Omnibus Amendment.

"**EXIM Term Loan**" has the meaning ascribed thereto in paragraph (h)(iii) of the definition of Permitted Indebtedness;

"**Fifth Omnibus Amendment**" means the fifth omnibus amendment agreement dated August 8, 2024, between (among others) the Obligors and SPRSR, in its own capacity and as Security Agent.

"**First Omnibus Amendment**" means the omnibus amendment agreement dated January 28, 2022 between the Obligors, and SPRSR, as debentureholder and as secured party.

"**Fourth Omnibus Amendment**" means the fourth omnibus amendment agreement dated June 23, 2023, between (among others) the Obligors and SPRSR, in its own capacity and as Security Agent.

"**Funded Debt**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 obligations of such Person for borrowed money and all obligations of such Person evidenced
 by bonds, debentures, notes, bills or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 obligations, contingent or otherwise, relative to the face amount of all letters of credit
 or letters of guarantee, whether or not drawn, and banker's acceptances issued for
 such Person's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 obligations of such Person under any lease that is required to be classified and accounted
 for as a capital or finance lease for financial accounting purposes or under any synthetic
 lease, tax retention, operating lease or other lease that, in each case, has substantially
 the same economic effect as a conditional sale, title retention agreement or similar arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all
 obligations of such Person in respect of the deferred purchase price of property or services
 (excluding accounts payable incurred in the ordinary course of business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all
 indebtedness of another Person secured by (or for which the holder of such obligations has
 an existing right, contingent or otherwise, to be secured by) any Lien, upon or in property
 owned by such Person, even if such Person has not assumed or become liable for the payment
 of such obligations or such obligations are limited in recourse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all
 obligations of such Person created or arising under any conditional sale or other title retention
 agreement with respect to property acquired by such Person (even if the rights and remedies
 of the seller or lender under such agreement in the event of default are limited to repossession
 or sale of such property); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all
 guarantees, indemnities and other obligations (contingent or otherwise) of such Person in
 respect of Indebtedness of another Person.

"**Good Practice Standards**" means, in relation to mining (including all relevant disciplines pertaining thereto, such as metallurgy, processing, engineering, environmental and governance matters, relations with community and indigenous peoples and other social matters), those policies, practices, methods and acts engaged in or approved by a Person which, in the conduct of its undertaking, exercises that degree of safe and efficient practice, diligence, prudence, and foresight reasonably and ordinarily exercised and most commonly accepted by reputable, skilled and experienced operators engaged in the mining industry in the United States.

"**Governmental Authority**" means any government whether federal, provincial, state or municipal and any governmental agency, governmental authority, governmental tribunal, court, governmental commission (including a securities commission) of any kind whatsoever, any subdivision, agency, commission, board or authority of any of the foregoing or any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the amount of any of the foregoing or any stock exchange or securities commission, having jurisdiction.

"**Guarantees**" and "**Guarantee**" have the meaning ascribed thereto in Section 8 of this Debenture.

"**Guarantor**" has the meaning ascribed thereto in the recitals of this Debenture.

"**Indebtedness**" means, with respect to each Obligor, all and any indebtedness of such Obligor, whether absolute or contingent.

"**Indemnified Taxes**" means all Taxes other than Excluded Taxes.

"**Indemnities**" means, collectively, the indemnity agreements made by the Obligors in favour of the Sureties in respect of the surety or performance bonds to be provided to the EPA and referred to in paragraph (f) of the definition of Permitted Indebtedness, and "**Indemnity**" means any one of them.

"**Insolvency Event**" means, in respect of any Person, any one or more of the following events or circumstances whereby such Person (a) becomes insolvent or generally does not or becomes unable to pay its debts or meet its liabilities as the same become due, (b) admits in writing its inability to pay its debts generally or declares any general moratorium on its indebtedness or proposes a compromise or arrangement between it and any class of its creditors or makes a general assignment for the benefit of creditors, (c) institutes or has instituted against it any proceeding seeking (i) to adjudicate it as bankrupt or insolvent, (ii) liquidation, dissolution, winding-up, administration, reorganization, compromise, arrangement, adjustment, protection, moratorium, relief, stay of proceedings of creditors generally (or any class of creditors), or composition of it or its debts or any other relief under any Debtor Relief Law, or (iii) the entry of an order for relief or the appointment of or the taking of possession by, a receiver, receiver-manager, administrator, custodian, monitor, trustee or other similar official for the Person or any substantial part of its respective property and, in the case of any such proceeding instituted against it (but not instituted by it) either such petition, application or proceeding continues undismissed, or unstayed and in effect, for a period of forty-five (45) days after the institution thereof, such Person fails to diligently and actively oppose such proceeding, or any of the actions sought in such proceeding (including the entry of an order for relief against it or the appointment of a receiver, receiver-manager, administrator, custodian, monitor, trustee or other similar official for it or for any substantial part of its properties and assets) occurs, or such Person files an answer admitting the material allegations of a petition or motion filed against it in any such proceeding, (d) takes any action, corporate or otherwise, to approve, effect, consent to or authorize any of the actions described in the foregoing paragraphs (a) through (c) or otherwise acts in furtherance thereof or fails to act in a timely and appropriate manner in defense thereof, or (e) such Person's working capital is negative in its most recent annual financial statements and quarterly financial statements, where working capital is the current assets less the current liabilities (both as defined by US GAAP).

"**Legal Proceedings**" means any action, suit, proceeding, demand, assessment, judgment, litigation, hearing, Claim, grievance, arbitration or administrative proceeding or other proceeding or dispute resolution process and includes any appeal, settlement or compromise relating then or review and any application for same.

"**Lenders**" means, collectively, [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], as lenders under the Loan Agreement.

"**Lien**" means, (a) with respect to any asset, any mortgage, deed of trust, lien, pledge, hypothec (whether movable or immovable), hypothecation, encumbrance, charge, security interest, adverse claim, defect to title or right of set off in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease, title retention agreement or consignment agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to any asset, (c) any purchase option, call or similar right of a third party with respect to such asset, (d) any netting arrangement, defeasance arrangement or reciprocal fee arrangement, and (e) any other arrangement having the effect of providing security.

"**Loan Agreement**" means the amended and restated loan agreement dated as of the Restatement Date between the Debtor, as borrower, the Guarantor, as guarantor, [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], as agent for the Lenders, and the Lenders.

"**Material Adverse Effect**" means any event, occurrence, change or effect that, when taken individually or together with all other events, occurrences, changes or effects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) materially
 limits, restricts or impairs, or is reasonably likely to materially limit, restrict or impair
 (i) the condition, financial or otherwise, earnings, operations, assets, business affairs
 or business prospects of an Obligor, (ii) the ability of an Obligor to perform its payment
 or other obligations under any Transaction Document, (iii) the development or operation of
 the Project substantially in accordance with the mine or development plan then in effect
 immediately prior to the occurrence of such event, occurrence, change or effect, or (iv)
 the legality, validity or enforceability of the Credit Documents, or the rights and remedies
 available to Debentureholder hereunder and thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) causes
 or is reasonably likely to cause any significant decrease to expected silver, lead or zinc
 production from the Property based on the mine or development plan then in effect immediately
 prior to the occurrence of such event, occurrence, change or effect;

provided that (i) changes to commodity prices and (ii) events, occurrences, changes or effects affecting operators of mining and processing facilities in the US similar to those related to the Project generally, which do not have a disproportionate effect on the Obligors, shall not be a Material Adverse Effect or be taken into account in determining whether there has been or will be a Material Adverse Effect.

"**Maturity Date**" has the meaning ascribed thereto in Section 1 of this Debenture.

"**Mine**" has the meaning set forth in Section 2(a).

"**Mining Rights**" means any mining claims, mining leases, mineral claims, mining concessions, mineral concessions, exploration permits or licenses, mining licenses, forms of mineral tenure or other rights to Products or to access and work upon lands, such as ownership and ancillary rights, surface rights, leasing agreements, lands temporal occupation agreements or otherwise, for the purpose of exploring, exploiting or benefiting Products, under the terms of Applicable Laws, whether contractual, statutory or otherwise, or any interest therein whether now owned or hereafter acquired. "Mining Rights" includes any amendments, relocations, adjustments, resurvey, additional locations, consolidation, derived rights or conversions of, or any renewal, replacement, amendment or other modification or extensions of any of the foregoing.

"**Mortgage**" means the mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixture filing dated as of January 28, 2022 between Guarantor and the Security Agent; as amended by as amended by a first amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated June 17, 2022, a second amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated August 8, 2024, a third amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated December 19, 2024, a fourth amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated the date hereof and as the same may be further amended, amended and restated, modified, supplemented or replaced from time to time.

"**Obligations**" means all indebtedness, liabilities and other obligations of Obligors to Debentureholder hereunder and under the other Credit Documents.

"**Obligors**" means, collectively, Debtor and Guarantor and "**Obligor**" means any one of them.

"**Other Rights**" means all licenses, approvals, authorizations, consents, rights (including surface rights, access rights and rights of way), privileges, concessions or franchises held by the Obligors or required to be obtained from any Person (other than a Governmental Authority), for the construction, development and operation of the Mine, as such construction, development and operation is contemplated by the current or then applicable development or mine plan, as the case may be.

"**Other Taxes**" means all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Credit Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Debenture or any other Credit Document;

"**Pending Event of Default**" means an event which, but for the requirement for the giving of notice, lapse of time, or both, or, but for the satisfaction of any other condition subsequent to that event, would constitute an "**Event of Default**".

"**Permitted Indebtedness**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 existing Indebtedness (other than Funded Debt) incurred prior to the Original Issuance Date
 in the normal course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 Funded Debt set out in Section (14) of the Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 Indebtedness of each Obligor to Debentureholder, including but not limited to Indebtedness
 outstanding under this Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all
 Indebtedness of each Obligor owing to the EPA under the EPA Settlement Agreement with respect
 to the Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) unsecured
 Indebtedness comprised of amounts owed to trade creditors and accruals in the ordinary course
 of business, which are either not overdue or, if disputed and in that case whether or not
 overdue, are being contested in good faith by any Obligor by appropriate proceedings diligently
 conducted, and provided always that the failure to pay such Indebtedness would not involve
 and material risk of loss of any material part of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) obligations
 in respect of surety or performance bonds and/or letters of credit required to be provided
 to the EPA as set out in Section (14) of the Disclosure Letter or with the prior written
 consent of Debentureholder, such consent not to be unreasonably withheld or delayed, obligations
 in respect of surety or performance bonds and/or letters of credit required to be provided
 to the EPA in respect of Financial Assurance (under and as defined in the EPA Settlement
 Agreement) of up to US$17,000,000, which obligations, in the case of surety or performance
 bonds, are permitted to be partially secured by letters of credit (in amounts satisfactory
 to the Security Agent) and otherwise secured by security ranking subordinate to the Security
 and subject to a subordination agreement with Debentureholder (or another Sprott Entity,
 as Security Agent), in form and substance satisfactory to Debentureholder (or the Security
 Agent), and which obligations, in the case of letters of credit, are permitted to be fully
 secured by cash collateral that is not subject to the Security (and the Security Agent will
 execute and deliver a no interest letter in respect of the Security with respect to such
 cash collateral, in form and substance satisfactory to the Security Agent, acting reasonably);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Indebtedness
 in respect of capital or finance leases or purchase money Liens permitted by paragraph (l)
 of the definition of "Permitted Liens";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) subject
 to the prior written consent of Debentureholder, such consent not to be unreasonably withheld
 or delayed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 reclamation bonds relating to the Mine required in connection with the construction, development
 or operation of the Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) offtake
 financing on terms and conditions satisfactory to the Sprott Entities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Indebtedness
 of up to US$150,000,000 pursuant to a term loan facility owing to EXIM Bank where the proceeds
 are used only for the construction and development of the Mine or other general corporate
 purposes of the Obligors (the "EXIM Term Loan") and provided that, if secured,
 the EXIM Term Loan will rank *pari passu* with the PF Obligations and such security
 will rank *pari passu* with the Security and EXIM Bank and the Security Agent will enter
 into an intercreditor agreement in form and substance satisfactory to the Security Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subordinated
 Intercompany Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Indebtedness
 owing under the Loan Agreement, the A&R Series 2 CDs and the Series 3 Convertible Debenture;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any
 other Indebtedness consented to by Debentureholder from time to time;

"**Permitted Liens**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) liens
 for taxes, assessments or governmental charges of any Governmental Authority not at the time
 due or delinquent or, if due or delinquent, the validity of which is being contested at the
 time in good faith by appropriate proceedings, and a reserve has been established by the
 Obligors or the applicable Subsidiary in its Books and Records in accordance with US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) deemed
 liens and trusts arising by operation of law in connection with workers' compensation,
 employment insurance and other social security legislation, in each case, which secure obligations
 not at the time due or delinquent or, if due or delinquent, the validity of which is being
 contested at the time in good faith by appropriate proceedings, and a reserve has been established
 by the Obligors or the applicable Subsidiary in its Books and Records in accordance with
 US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) liens
 under or pursuant to any judgment rendered, or claim filed, against any Obligor or a Subsidiary,
 which such Obligor or such Subsidiary shall be contesting at the time in good faith by appropriate
 proceedings, and a reserve has been established in its Books and Records in accordance with
 US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) liens
 and charges incidental to construction or current operations which have not at such time
 been filed pursuant to law or which relate to obligations not due or delinquent or the validity
 of which are being contested in good faith by appropriate proceedings and as to which a reserve
 has been established by the Obligors in its Books and Records in accordance with US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) easements,
 rights of way, servitudes or other similar rights in land (including, without in any way
 limiting the generality of the foregoing, rights of way and servitudes for railways, sewers,
 drains, gas and oil and other pipelines, gas and water mains, electric light and power and
 telecommunication, telephone or telegraph or cable television conduits, poles, wires and
 cables) granted to or reserved or taken by other persons which individually or in the aggregate
 do not materially detract from the value of the land concerned or materially impair its use
 in the operation of the business of an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 right reserved to or vested in any municipality or governmental or other public authority
 by the terms of any lease, licence, franchise, grant or permit acquired by an Obligor or
 a Subsidiary or by any statutory provision, to terminate any such lease, licence, franchise,
 grant or permit, or to require annual or other payments as a condition to the continuance
 thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Lien resulting from the deposit of cash or securities (i) in connection with performance
 of bids, contracts, leases, tenders or expropriation proceedings, or (ii) to secure workers'
 compensation, surety or appeal bonds, performance bonds, letters of credit, costs of litigation
 when required by law and public and statutory obligations, or (iii) in connection with the
 discharge of liens or claims incidental to construction and mechanics', warehouseman's,
 carriers' and other similar liens arising in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) security
 given by an Obligor or a Subsidiary to a public utility or any municipality or governmental
 or other public authority when required by such utility or municipality or other authority
 in connection with the operations of the Obligor or such Subsidiary, all in the ordinary
 course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) title
 defects or irregularities which are of a minor nature and in the aggregate will not materially
 impact the use of the subject property for the purpose for which it is held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) applicable
 municipal and other governmental restrictions affecting the use of land or the nature of
 any structures which may be erected thereon, provided such restrictions have been complied
 with and will not materially impair the use of the subject property for the purpose for which
 it is held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the
 reservation in any original grants from the Crown of any land or interests therein and statutory
 exceptions and reservations to title;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens
 securing capital or finance leases or purchase money Liens relating solely to the acquisition
 of equipment necessary for the development, construction or operation of the Project, provided
 that such Liens extend only to the property clearly and individually identified as acquired
 or financed thereby (including the proceeds of such property) and do not extend to any other
 assets of an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any
 operating lease entered into in the ordinary course of business; provided that the same is
 not a sale-leaseback;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the
 Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Liens
 in respect of Permitted Indebtedness that is permitted hereunder to be secured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any
 other Liens of the Obligors as existing on the Restatement Date as disclosed in Section (29)
 of the Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) all
 other Liens permitted in writing by Debentureholder.

"**Person**" shall be broadly interpreted and includes an individual, body corporate, partnership, joint venture, trust, association, unincorporated organization, any Governmental Authority or any other entity recognized by law.

"**PF Obligations**" means, collectively, all indebtedness, liabilities and other obligations, present or future, direct or indirect, absolute or contingent, matured or unmatured, at any time or from time to time due or accruing due and owing by or otherwise payable by an Obligor to the Sprott Entities, or any of them, under, in connection with or pursuant to the Project Finance Documents (including the Obligations and all such indebtedness, liabilities and obligations that accrue after the commencing by or against any Obligor of any insolvency or similar proceeding).

"**Prepayment Interest Premium**" means, as of the date of prepayment or repayment in accordance with Section 4 or Section 13, as applicable, an amount equal to twelve (12) months interest on the Principal Amount calculated in accordance with Section 2(b) less the amount of interest received by Debentureholder on the Principal Amount (including, for certainty, interest received in Common Shares) prior to the date of prepayment.

"**Principal Amount**" has the meaning ascribed thereto in the first recital of this Debenture less any payments on account of principal or reduction of principal by way of conversion, made from time to time.

"**Products**" means any and all metals, minerals and products or by-products thereof, of whatever kind and nature and in whatever form or state, in, under or upon the surface or subsurface of the Property (including ore, metals, precious metals, base metals, uranium, industrial minerals, concentrates, gems, diamonds, commercially valuable rock, aggregate, clays and other minerals that are mined, excavated, extracted, recovered or otherwise produced from the Property and any ore, concentrates and other products resulting from the milling, processing or other beneficiation of such metals, minerals, products and by-products).

"**Project**" means the construction and development of the Mine, including the acquisition of the Mine and the settlement of liabilities owing to the EPA, when due.

"**Project Assets**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Property and all other Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Products and the Other Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 mining, processing, development, production, maintenance, administration, water, electrical
 and conveyor facilities, railway infrastructure and rolling stock, storage facilities, stockpiling
 facilities, shipping infrastructure, utilities, and related ancillary infrastructure, other
 buildings, structures, improvements, fixtures and other real and personal property, including
 equipment, re-commissioned, constructed, operated or otherwise used by or on behalf of Obligor
 to extract, beneficiate, market, transport and sell Products derived from the Property or
 to develop, operate or administer the Mine, whether or not located within the physical boundaries
 of the Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 rights (including Authorizations, surface, access and water rights), privileges, concessions
 or franchises owned, controlled, leased or operated by or on behalf of an Obligor at any
 time and not included within the definition of "Property" which are required
 for the development and construction of the Mine and operation thereof.

"**Project Finance Documents**" means collectively, the A&R Series 2 CDs (including this Debenture), A&R Series 1 CDs, the Series 3 Convertible Debentures, the Exclusivity Agreement, the ROFR Agreement, the Loan Agreement, the Recapitalization Agreement, the Security Documents, the Guarantee and all other guarantees agreements, instruments and documents from time to time delivered to or in favour of any Sprott Entity in connection with any of the foregoing agreements and includes any agreement designated from time to time by the Obligors and SPRSR as a "Project Finance Document" for purposes of the Security.

"**Project Mining Claims**" means the Mining Rights described in Exhibit "E" and all other Mining Rights now or hereafter owned, held, under option or under application by the Guarantor or any Affiliate thereof forming part of or related to the Mine.

"**Property**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Project Mining Claims and any other Mining Rights, rights or interests forming part thereof
 from time to time whether now owned or hereafter acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 other real property interests, mineral claims, mineral leases, mining concessions, exploration
 licenses, land (surface and access rights) and similar rights, concessions and interests
 now or hereafter owned, held, under option or under application by an Obligor or any Affiliate
 thereof forming part of the Mine or related to the Mine, whether created privately or by
 action of any Governmental Authority, including but not limited to those interests described
 in Schedule "F" to Royalty Agreement No. 3; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 present or future renewals, extensions, modifications, divisions, substitutions, amalgamations,
 successions, derivations, severances, conversions, demise to lease, renaming or variation
 of any of the Project Mining Claims, Mining Rights or other rights and interests referenced
 in paragraph (a) of this definition.

"**Quarter End**" means the last day of each of March, June, September and December of each calendar year.

"**Real Property**" means the Property and all other real property interests, land (surface and access rights) and similar rights and interests forming part of the Mine or related to the Mine, now or hereafter owned, held, under option or under application by an Obligor, whether created privately or by action of any Governmental Authority.

"**Recapitalization Agreement**" has the meaning ascribed thereto in recital C of this Debenture.

"**Related Party**" means, with respect to any Obligor, any director, officer, employee, shareholder, partner or Affiliate of any Obligor or any other Person not dealing at arm's length with such Obligor (within the meaning of the *Income Tax Act* (Canada)).

"**Required Authorizations**" means any and all Authorizations required to be obtained by any Obligor for the construction, development and operation of the Mine, as such construction, development and operation is contemplated by the current or then applicable development or mine plan, as the case may be.

"**Restatement Date**" has the meaning ascribed thereto in Section 2(b) of this Debenture.

"**Restricted Person**" means any Person that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 named, identified, described in or on or included in or on any of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 lists maintained by the Office of the Superintendent of Financial Institutions (Canada) with
 respect to terrorism financing, including the lists made under subsection 83.05(1) of the
 Criminal Code, under the Regulations Implementing the United Nations Resolutions on the Suppression
 of Terrorism and under the United Nations Al-Qaida and Taliban Regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Denied Persons List, the Entity List or the Unverified List, compiled by the Bureau of Industry
 and Security, U.S. Department of Commerce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 List of Statutorily Debarred Parties compiled by the U.S. Department of State;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Specially Designated Nationals Blocked Persons List compiled by the U.S. Office of Foreign
 Assets Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 annex to, or is otherwise subject to the provisions of, U.S. Executive Order No. 13324; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any
 publicly available lists maintained under Applicable Laws relating to anti-terrorism or anti-money
 laundering matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is
 subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 United Nations Act (Canada), the Special Economic Measures Act (Canada) and the Freezing
 of Assets of Corrupt Foreign Officials Act (Canada);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 International Emergency Economic Powers Act, 50 U.S.C.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Trading with the Enemy Act, 50 U.S.C. App. 1.1 et seq.; or any other enabling legislation
 or executive order relating thereto, including the Uniting and Strengthening America by Providing
 Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of
 Pub. L. 107 56; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) trade
 restrictions under any Applicable Laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is
 a Person or entity who is an Affiliate of a Person or entity listed above.

"**ROFR Agreement**" means the ROFR agreement dated as of January 7, 2022 between [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.] and the Obligors, as amended by the First Omnibus Amendment and the Second Omnibus Amendment.

"**Royalty Agreement No. 1**" means the royalty agreement dated as of June 23, 2023, and received in lieu of the principal amount owing under the Royalty Convertible Debenture, as amended by the first amendment to royalty agreement dated as of December 12, 2024 and the second amendment to royalty agreement dated as of the date hereof.

"**Royalty Agreement No. 2**" means the additional royalty agreement dated as of December 12, 2024, between the Guarantor, as royalty grantor, the Debtor, as guarantor, and [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], as agent for the Lenders, as amended by the royalty agreement no. 2 amendment dated as of the Restatement Date.

"**Royalty Agreement No. 3**" means royalty agreement no. 3 dated as of the Restatement Date granted by the Guarantor in favour of [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.] as agent for itself and [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.].

"**Royalty Agreements**" means, collectively, Royalty Agreement No. 1, Royalty Agreement No. 2, and Royalty Agreement No. 3.

"**Royalty Convertible Debenture**" means the secured royalty convertible debenture in the principal amount of US$8,000,000 dated as of January 7, 2022 (as amended by the First Omnibus Amendment, the Second Omnibus Amendment and the Third Omnibus Amendment), and as assigned to the [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.] by the transfer agreement dated October 7, 2022 between SPRSR and the [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], as amended by the amending agreement dated June 21, 2023.

"**Second Omnibus Amendment**" means the second omnibus amendment agreement dated June 17, 2022, between (among others) the Obligors and SPRSR, in its own capacity and as Security Agent.

"**Security**" means, collectively, (a) any one or more guarantees made from time to time by an Obligor in favour of the Sprott Entities or any of them, in respect of any Obligations, including the Guarantee; and (b) the Security Documents.

"**Security Agent**" means [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], an Ontario limited partnership, in its capacity as security agent for the benefit of the Sprott Entities under the Security, and any successor agent appointed pursuant to the Security Sharing Agreement, and their successors and permitted assigns.

"**Security Documents**" means, collectively, (a) the pledge agreement dated as of January 7, 2022 between the Debtor, as pledgor, and the Security Agent, as amended by the First Omnibus Amendment, the Second Omnibus Amendment, and as it may be further amended, amended and restated, modified or supplemented from time to time, (b) the security agreement dated as of January 28, 2022 among the Obligors, as debtors, and the Security Agent, as amended by the Second Omnibus Amendment, and as it may be further amended, amended and restated, modified or supplemented from time to time, (c) the Mortgage, (d) the deposit account control agreement dated as of July 14, 2023 among TD Bank, N.A., as depositary bank, the Guarantor and the Security Agent; (e) the deposit account control agreement dated as of November 20, 2024 among TD Bank, N.A., the Debtor and the Security Agent, (f) the intercompany subordination and postponement agreement dated as of June 23, 2023 among the Obligors and the Security Agent; and (g) all other assignments, deeds of trust, mortgages, account control agreements, pledges and other security agreements pursuant to which an Obligor grants to the Security Agent for the benefit of the Sprott Entities, mortgages, charges, pledges, liens or security interests in all or some of its present and after acquired property as security for the PF Obligations.

"**Security Sharing Agreement**" means the security sharing agreement dated January 28, 2022 between the Security Agent, the holder of the Royalty Convertible Debenture, each CD Holder (including Debentureholder) and other Sprott Entities party thereto from time to time, as creditors, and acknowledged and agreed by the Obligors, as amended by the Second Omnibus Amendment.

"**Series 1 CD Holders**" means the holders from time to time of the A&R Series 1 CDs.

"**Series 2 CD Holders**" means the holders from time to time of the A&R Series 2 CDs.

"**Series 2 Convertible Debentures**" has the meaning ascribed thereto in the Recitals of this Debenture.

"**Series 3 CD Holders**" means the holders from time of the Series 3 Convertible Debentures.

"**Series 3 Convertible Debentures**" means the two (2) series 3 secured convertible debentures in the aggregate principal amount of US$25,000,000, issued on the Restatement Date by the Debtor and Guarantor, and convertible at the option of the holder into Common Shares.

"**Sprott Entities**" means, collectively, the Administrative Agent, the Security Agent, the Sprott Lender Parties, the Series 2 CD Holders (including Debentureholder), the Series 1 CD Holders, the Series 3 CD Holders, any Affiliate of Sprott Inc. and any fund managed or sub-managed by an Affiliate of Sprott Inc. which in each case is party to a Project Finance Document together with any successor, assign or transferee thereof that is party from time to time to any Project Finance Document and "**Sprott Entity**" means any one of them.

"**Sprott Lender Parties**" means the Lenders and [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], as agent for the Lenders.

"**SPRSR**" means [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.].

"**Stock Exchange**" means the TSX-V or any stock exchanges upon which the Common Shares are listed from time to time.

"**Subordinated Intercompany Debt**" means unsecured loans made by Debtor to Guarantor, provided that such Indebtedness shall be subordinated pursuant to a subordination agreement in favour of (among others) the Sprott Entities pursuant to which, among other things, Debtor agrees (a) to subordinate and postpone the Indebtedness to the PF Obligations, (b) that no Liens have been or will be taken, (c) that no remedies will be exercised while any PF Obligations remain outstanding, and (d) that in connection with any Insolvency Event, Debtor will not vote its claim in respect thereof in any manner that would prejudice the Sprott Entities' rights and remedies under this Debenture or any of the Security.

"**Subsidiary**" means each Person directly or indirectly Controlled by Debtor.

"**Sureties**" means, collectively, Northbridge General Insurance Corporation, Trisura Guarantee Insurance Company, Trisura Insurance Company and any other issuer of surety or performance bonds to be provided to the EPA and referred to in paragraph (iv) of the definition of Permitted Indebtedness, and "Surety" means any one of them.

"**Taxes**" means all present or future taxes, rates, levies, royalties, imposts, duties, deductions, assessments, withholdings, dues, fees and other charges of any nature, including any interest, fines, penalties or other liabilities with respect thereto, imposed, levied, collected, withheld or assessed by any Governmental Authority (of any jurisdiction), and whether disputed or not, including sales or value-added taxes, goods and services taxes, stamp taxes and royalties.

"**Third Omnibus Amendment**" means the third omnibus amendment agreement dated December 5, 2022, between (among others) the Obligors and SPRSR, in its own capacity and as Security Agent.

"**Transaction Documents**" means, collectively, the Credit Documents, the other Project Finance Documents and the Royalty Agreements.

"**TSX-V**" means the Toronto Venture Exchange.

"**US Dollar Equivalent Amount**" means, with respect to the calculation of the Debtor Interest Conversion Price, the amount obtained in US dollars when (i) the ten (10) day volume weighted average of the trading price in Canadian dollars referred to in paragraph (a) of the definition of "Debtor Interest Conversion Price" or (ii) the minimum price permitted by the Stock Exchange referred to in paragraph (b) of the definition of "Debtor Interest Conversion Price", is converted into US dollars using the daily average rate for the exchange of Canadian dollars into US dollars of the Bank of Canada on the last of such ten (10) day period or on the date of notification to Debentureholder of such determination by the Stock Exchange, as applicable.

"**US GAAP**" means, in relation to any Person at any time, accounting principles generally accepted in the United States applied on a basis consistent with the most recent audited financial statements of such Person and, if applicable, its consolidated affiliates (except for changes disclosed in the notes to such financial statements).

**EXHIBIT "B"<br> DEBTOR INTEREST CONVERSION FORM**

---

| | |
|:---|:---|
| **TO:** | **[●] [or assignee]** |

---

All terms used herein but not defined shall have the meanings ascribed thereto in the Amended and Restated Series 2 Secured Convertible Debenture dated as of [●], 2025 issued by Silver Valley Metals Corp. and Bunker Hill Mining Corp. to [●] (the "**Debenture**").

Pursuant to Section 10.1 of the Debenture, the undersigned, being the Debtor, hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Debtor irrevocably elects to pay the following amount of accrued and unpaid interest of US$_________________
 through the issuance of _______________ Common Shares in accordance with the terms of the
 Debenture, at the Debtor Interest Conversion Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 exchange rate used to calculate the number of Common Shares is _______ as per the Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Debtor Interest Conversion Date is __________________________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Common Shares will be entered into the books of Debtor in the name of Debentureholder (or
 the name of its nominee, participant, assignee as directed by Debentureholder prior to the
 Debtor Interest Conversion Date) and certificates evidencing the Common Shares will be registered
 in the same name.

**DATED** this _____ day of _________________________, 20__.

---

| |
|:---|
| **BUNKER HILL MINING CORP.** |
| By: |
| Name: |
| Title: |

---

**EXHIBIT "C"<br> DEBENTUREHOLDER CONVERSION FORM**

---

| | |
|:---|:---|
| TO: | Bunker Hill Mining Corp. (the "**Debtor**") |

---

REFERENCE IS MADE TO the Amended and Restated Series 2 Secured Convertible Debenture no.● dated [●], 2025 issued by Debtor in favour of the undersigned (the "**Debenture**h**older**") in the original principal amount of US$[●] (the "**Debenture**"). Capitalized terms used but not defined herein have the respective meanings ascribed to those terms in the Debenture.

THE UNDERSIGNED, being the registered Debentureholder of the Debenture hereby irrevocably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) elects
 to convert US$____________ being **[all/part]** of the Principal Amount outstanding under
 the Debenture into Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) directs
 you to enter the Common Shares into the books of Debtor in the name of __________________________________
 and deliver certificates evidencing the Common Shares registered in the same name.

**DATED** this ____ day of ___________________, 20__.

By: 

Name: <br>

Title: 

**EXHIBIT "D"<br> OBLIGORS' REPRESENTATIONS AND WARRANTIES**

Each of Debtor and Guarantor (each an "**Obligor**" and collectively, the "**Obligors**") hereby represents and warrants as follows to Debentureholder, and acknowledges and agrees that Debentureholder is relying upon such representations and warranties in connection with entering into of this Debenture:

*Corporate Organization and Authority* 

 

1. Each
 Obligor is a corporation duly incorporated and validly existing under the laws of its jurisdiction
 of incorporation and is up-to-date in respect of all filings required by law to maintain
 its existence; in particular, the Debtor is a corporation incorporated under the laws of
 Nevada and Guarantor is a corporation incorporated under the laws of Idaho.

2. Each
 Obligor is qualified to do business and is in good standing in all jurisdictions in which
 the nature of its business as now being or as proposed to be conducted makes such qualification
 necessary and has all material governmental licenses, authorizations, consents and approvals
 necessary to own its assets and carry on its business as now being or as proposed to be conducted.

3. Each
 Obligor has the requisite corporate power, capacity and authority to: (i) own its property
 and assets and conduct its business; and (ii) enter into the Debenture, each other Transaction
 Document to which it is a party and such other documents as may be necessary or appropriate
 to give effect to the terms thereof to which it is a party, to perform its obligations hereunder
 and thereunder and complete the transactions contemplated hereby and thereby.

4. The
 execution and delivery of the Debenture and the other Transaction Documents by each Obligor
 thereto and the completion of the transactions contemplated hereby and thereby, including
 the reservation of the Common Shares issuable in accordance with the Debenture, have been
 duly authorized by all necessary corporate action on the part of such Obligor. This Debenture
 and the other Transaction Documents to which each Obligor is a party have been duly and validly
 executed and delivered by such Obligor, and constitutes a legal, valid and binding obligation
 of it, enforceable against it in accordance with the terms thereof, except to the extent
 enforcement may be affected by bankruptcy, insolvency, fraudulent transfer, reorganization,
 moratorium and similar Applicable Laws affecting creditors' rights generally and subject
 to the qualification that equitable remedies, injunctive relief and/or specific performance
 may be granted in the discretion of a court of competent jurisdiction.

5. Debtor
 owns legally and beneficially all of the issued and outstanding stock of the Guarantor (the
 "**Capital Stock**") as set forth in Section (5) of the Disclosure Letter
 free and clear of any Lien. The corporate structure and organization chart of the Obligors
 set forth in Section (5) of the Disclosure Letter accurately reflects, as of the date hereof,
 the direct and indirect ownership of all of the Capital Stock of the Guarantor. Other than
 as set forth in Section (5) of the Disclosure Letter, no Person has any agreement, option,
 right of first refusal or right, title or interest or any right (including a right of conversion
 of Indebtedness) that is or will become an agreement, option, right of first refusal or right,
 title or interest, in or to all or any part of the Capital Stock of the Guarantor. There
 are no shareholders' agreement or shareholders' declaration in effect with respect
 to the Obligors or their respective shares or other equity interests.

6. Each
 Obligor is entering into and performing its obligations under this Debenture and each of
 the other Transaction Documents to which it is a party, on its own account and not as trustee
 or a nominee of any other Person.

7. The
 principal place of business and chief executive office of each Obligor as of the date hereof
 is set out in Section (7) of the Disclosure Letter.

8. No
 Obligor has suffered an Insolvency Event and no Event of Default has occurred that is continuing
 and the Obligors are not aware of any circumstance which, with notice or the passage of time,
 or both, would give rise to an Insolvency Event or an Event of Default with respect to it.

9. Each
 of the Obligors' corporate records are complete and accurate in all material respects,
 and true and correct copies of same have been made available to the Debentureholder.

10. The
 financial books, records and accounts of each of the Obligors: (i) are complete and accurate
 in all material respects; (ii) are stated in reasonable detail; and (iii) accurately and
 fairly reflect all the material transactions, acquisitions and dispositions of each of the
 Obligors.

11. Debtor's
 audited consolidated financial statements for the fiscal year ended December 31, 2024 including
 the consolidated balance sheets, statements of loss and comprehensive loss, cash flows and
 changes in shareholders' deficiency and the notes thereon and the unaudited interim
 consolidated financial statements for the three months ended March 31, 2025 (collectively,
 the "**Current Financial Statements** "), have been prepared in accordance
 with US GAAP. The Current Financial Statements fairly present in all material respects the
 financial condition and results of operations of Guarantor and the Debtor, on a consolidated
 basis, as at the respective dates specified therein and for the periods then ended. The Obligors
 have not effected any material change in its accounting methods, principles or practices
 since the date of the Current Financial Statements. The Obligors do not intend to correct
 or restate, nor, to the knowledge of the Obligors, is there any basis for any correction
 or restatement of, any aspect of the Current Financial Statements. Other than as set out
 in Section (11) of the Disclosure Letter, each Obligor is neither a party to, nor had a commitment
 to become a party to, any material off balance sheet transactions, arrangements, obligations
 (including contingent obligations) or other relationships of Guarantor, the Debtor or any
 subsidiary of the Obligors with unconsolidated entities. MNP LLP is the current auditor of
 Debtor and is "independent" of the Obligors within the meaning of the Rules of
 Professional Conduct of the Chartered Professional Accountants of Ontario. There has never
 been a "reportable event" (within the meaning of National Instrument 51-102 –
 Continuous Disclosure Obligations of the Canadian Securities Administrators ()"**NI 51-102** ")) with the present or any former auditor of the Obligors.

12. Since
 the end date of its Current Financial Statements, the Obligors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have
 conducted its business only in the ordinary course of business and no Material Adverse Effect
 has occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have
 not incurred any Indebtedness which is not shown or reflected in the most recent interim
 financial statements provided to the Debentureholder or in Section (12) of the Disclosure
 Letter.

*Tax Matters*

 

13. (a) Taxes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All
 material Taxes due and payable by each of the Obligors (whether or not shown due on any Tax
 returns and whether or not assessed (or reassessed) by the appropriate Governmental Authority)
 have been timely paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All
 Tax returns required by Applicable Law to be filed by or with respect to the Obligors have
 been properly prepared and timely filed and all such Tax returns (including information provided
 therewith or with respect thereto) are true, complete and correct in all material respects,
 and no material fact or facts have been omitted therefrom which would make any such Tax returns
 misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As
 of the date hereof, no audit or other proceeding by any Governmental Authority is pending
 or, to the knowledge of the Obligors, threatened with respect to any Taxes due from or with
 respect to the Obligors, and no Governmental Authority has given written notice of any intention
 to assert any deficiency or claim for additional Taxes against either of the Obligors. As
 of the date hereof, there are no matters under discussion, audit or appeal or in dispute
 with any Governmental Authority relating to Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other
 than as set out in Section (13) of the Disclosure Letter, no Governmental Authority of a
 jurisdiction in which the Obligors do not file Tax returns has made any written claim that
 either of the Obligors are or may be subject to taxation by such jurisdiction. To the knowledge
 of the Obligors, there is no basis for a claim that the Obligors is subject to Tax in a jurisdiction
 in which the Obligors do not file Tax returns. As of the date hereof, each of the Obligors
 only file Tax returns in the jurisdictions in which it is incorporated or organized and in
 any jurisdiction in which it carries on any material business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As
 of the date hereof, there are no reassessments of Taxes for the Obligors that have been issued
 and are under dispute, and the Obligors have not received any communication from any Governmental
 Authority that an assessment or reassessment is proposed in respect of any Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To
 the knowledge of the Obligors, each of the Obligors have withheld or collected any material
 Taxes that are required by Applicable Law to be withheld or collected and have paid or remitted,
 on a timely basis, the full amount of any Taxes that have been withheld or collected, and
 are due, to the applicable Governmental Authority.

14. Section
 (14) of the Disclosure Letter sets out a full and complete list of all existing Funded Debt
 of the Obligors.

*Non-Contravention* 

 

15. Subject
 to Section (15) of the Disclosure Letter, none of the execution and delivery of the Debenture
 or the other Transaction Documents, the reservation and issuance of the Common Shares in
 accordance with the Debenture or the completion of the transactions contemplated hereby or
 thereby, by each Obligor thereto, will (i) require that a consent be obtained or a notice
 be provided under or result in or constitute a breach or default under any agreement, mortgage,
 bond or other instrument to which it is a party or which is binding on it or its assets,
 (ii) violate the terms of its constating documents, (iii) require that a consent be obtained
 or a notice be provided under or violate any Applicable Law or any Required Authorization
 or the material terms and conditions of any Other Rights, or result in any modification,
 revocation, alteration or transfer of any Required Authorization or Other Right, (iv) result
 in the imposition of any Lien on the Project Assets, or (v) contravene any judgment, order,
 writ, injunction or decree of any Governmental Authority.

16. No
 Obligor is in breach of or default under, and no event has occurred that, with the passage
 of time or notice, or both, would constitute or would reasonably be expected to constitute
 such a breach of or default under, any agreement, mortgage, bond or other instrument to which
 it is a party or which is binding on it or its assets, other than a breach or default or
 event that would not, individually or in the aggregate, have a Material Adverse Effect. To
 the knowledge of the Obligors, there is no breach or default by any counterparty thereto
 or inability of any counterparty thereto to perform its obligations thereunder which has,
 individually or in the aggregate, a Material Adverse Effect.

*Regulatory Compliance* 

 

17. No
 consents, approvals or permissions are required to be obtained by, nor any filings made with
 any Governmental Authority by any Obligor in connection with the execution and delivery or
 the performance by it of this Debenture and the other Transaction Documents to which it is
 a party, or in respect of its obligations hereunder or thereunder, other than as set forth
 in Section (17) of the Disclosure Letter.

18. Each
 Obligor has conducted and is conducting its respective business in compliance in all material
 respects with Applicable Laws.

19. No
 Obligor nor, to the knowledge of the Obligors, any director, officer, manager, member, employee,
 consultant, representative or agent thereof, acting on its behalf has violated (i) the *Corruption of Foreign Public Officials Act* (Canada), the *Bribery Act* (United Kingdom), the *Foreign Corrupt Practices Act* (United States), and all other anti-bribery, and anti-corruption
 Applicable Laws, whether within Canada, the United States or to the extent applicable to
 any Obligor, elsewhere, including any regulations, guidelines or orders thereunder (collectively,
 the "**Anti-Bribery Laws** "); and (ii) the Proceeds of Crime (Money Laundering)
 and Terrorist Financing Act (Canada) and all other anti-money laundering, anti-terrorist
 financing, government sanction and "know your client" Applicable Laws, whether
 within Canada, the United States and, to the extent applicable to any Obligor, elsewhere,
 including any regulations, guidelines or orders thereunder (collectively, the "**Anti-Money Laundering Laws** "). No Obligor nor, to the knowledge of Guarantor and the Debtor,
 any director, officer, employee, consultant, representative or agent thereof acting on its
 behalf, has made a voluntary, directed, or involuntary disclosure to any Governmental Authority
 responsible for enforcing Anti-Bribery Laws or Anti-Money Laundering Laws, with respect to
 any alleged non-compliance by any Obligor or such other Persons (acting on behalf of an Obligor)
 with Anti-Bribery Laws or Anti-Money Laundering Laws. No Obligor has received any written
 notice, request, or citation from any Governmental Authority alleging non-compliance by any
 Obligor or such other Persons (acting on behalf of an Obligor) with any Anti-Bribery Laws
 or Anti-Money Laundering Laws.

20. The
 Obligors and their agents have complied at all times with Anti-Bribery Laws with respect
 to the Project and the development, construction or conduct of all operations or activities
 at the Project. The operations in relation to the Project are and have been conducted at
 all times in compliance with applicable financial record-keeping and reporting requirements
 of Anti-Money Laundering Laws and no action, suit or proceeding by or before any court or
 Governmental Authority or any arbitrator involving the Obligors with respect to the Anti-Money
 Laundering Laws is pending or, to the best knowledge of the Obligors, threatened.

21. The
 Obligors have not, and, to the knowledge of the Obligors, no director, officer, employee,
 consultant, representative or agent of the Obligors have, transacted business on behalf of
 the Obligors with any Restricted Person.

22. Debtor
 is a "reporting issuer" (or the equivalent) in the provinces of British Columbia,
 Alberta and Ontario and is not included on a list of defaulting reporting issuers maintained
 by the securities regulators or other securities regulatory authorities in any such provinces
 (collectively, the "**Securities Regulators** "). No order, ruling or determination
 having the effect of suspending the sale or ceasing or suspending trading in any securities
 of Debtor has been issued by any Governmental Authority and is continuing in effect and no
 proceedings for such purpose have been instituted or are, to the knowledge of the Obligors,
 pending or threatened.

*Legal Proceedings*

 

23. Other
 than as set forth in Section (23) of the Disclosure Letter, there are no actions, suits,
 proceedings, hearings, inquiries, investigations or claims commenced or, to the knowledge
 of the Obligors, threatened against any Obligor or that involve the Project, and which, individually
 or in the aggregate, (i) would prevent or limit, restrict or impair in any material respect
 the ability of an Obligor to enter into this Debenture or the other Transaction Documents
 to which it is a party or would reasonably be expected to materially and adversely impair
 the performance of its obligations under this Debenture or the other Transaction Documents
 or the development of the Project, or (ii) that could reasonably be expected to result in
 a Material Adverse Effect.

24. No
 Obligor is a party to or subject to any judgment, order, writ, injunction or decree, involving
 the Project, which (i) could reasonably be expected to materially and adversely impair the
 performance of its obligations under this Debenture or the other Transaction Documents, or
 (ii) could reasonably be expected to result in a Material Adverse Effect. No action or proceeding
 has been instituted or remains pending or, to the knowledge of the Obligors, has been threatened
 and not resolved, by or before any Governmental Authority that (i) could reasonably be expected
 to materially and adversely impair the development of the Project, or (ii) could reasonably
 be expected to result in a Material Adverse Effect.

*Material Information* 

 

25. All
 material information relating to the Project and Project Assets and prepared by or on behalf
 of the current management of the Obligors and that has been made available or delivered to
 Debentureholder, including forecasts, projections, mine plans, budgets and environmental
 audits, assessments, studies and tests, including any environmental and social impact assessment
 study reports, was prepared in good faith and on the basis of assumptions that the management
 of the Obligors believe to be reasonable at the time of preparation, subject to any material
 changes of which the Obligors have informed Debentureholder in writing. To the knowledge
 of the management of the Obligors, all material information relating to the Project and the
 Project Assets prepared at the request of current management of the Obligors by third parties
 and that has been made available or delivered to Debentureholder including forecasts, projections,
 mine plans, budgets and environmental audits, assessments, studies and tests, including any
 material environmental and social impact assessment study reports, was prepared in good faith
 and does not contain materially incorrect information. The Obligors do not have knowledge
 of any change to the facts and assumptions underlying the estimates in the technical report
 and preliminary economic assessment for underground milling and concentration of lead, silver
 and zinc at the Mine dated December 29, 2021 and effective November 29, 2021, as amended
 and restated as of February 22, 2022 effective January 7, 2022 and as further updated and
 revised by Management's 9 plus 3 model dated October 30, 2024 titled "*9^M3 Forecast Consolidated Optimization incl AP catch up*" and delivered to the Administrative
 Agent on November 15, 2024 ()"**PEA**") that would reasonably be expected to
 result in a material adverse change in any cost, price, reserves, resources or other relevant
 information in the PEA. All material information regarding the Project and the Project Assets,
 including drill results, technical reports and studies, that are required to be disclosed
 by Applicable Laws, have been publicly disclosed by Debtor in compliance, in all material
 respects, with Applicable Laws.

26. As
 of the date hereof, all material information relating to the Project mineralization prepared
 by or on behalf of the current management of the Obligors has been made available or delivered
 to Debentureholder and, to the knowledge of the management of the Obligors, such information
 and the reports and information delivered to Debentureholder have been prepared in a manner
 which is consistent with Good Practice Standards, the statements, assumptions and projections
 contained therein are fair and reasonable as and when produced and, to the knowledge of the
 management of the Obligors, have been arrived at after reasonable inquiry having been made
 in good faith by the Persons responsible therefor. The estimated mineral resources relating
 to the Property as of the date hereof are as stated in the PEA. The Obligors are in compliance
 in all material respects with NI 43-101 in connection with the disclosure of scientific or
 technical information made by the Obligors concerning the Project. The Obligors have duly
 filed with the applicable regulatory authorities in compliance in all material respects with
 Applicable Laws all reports required by NI 43-101 in connection with the Project, and all
 such reports were prepared in accordance with the requirements of NI 43-101 in all material
 respects. As of the date hereof, there are no outstanding unresolved comments of the TSX
 Venture Exchange (the "**TSX-V**") or any Securities Regulator in respect
 of the technical disclosure relating to the Project made in the documents which have been
 filed by or on behalf of the Obligors with the relevant Securities Regulators pursuant to
 the requirements of Applicable Laws, including all documents publicly available on Debtor's
 SEDAR+ profile.

27. The
 Obligors are in compliance in all material respects with all timely and continuous disclosure
 obligations under Applicable Laws, including NI 51-102, and the policies, rules and regulations
 of the TSX-V and, without limiting the generality of the foregoing, except as disclosed to
 the Debentureholder, there has been no "material change", as defined in the Securities
 Act (Ontario) (actual, or, to the knowledge of the Obligors, proposed or prospective, whether
 financial or otherwise) in the business, results of operations, prospects, assets, liabilities
 (contingent or otherwise) or capital or financial condition of the Obligors on a consolidated
 basis which has not been publicly disclosed within the period required by NI 51-102, and
 except as disclosed to the Debentureholder, no Obligor has filed any confidential material
 change reports which remain confidential as of the date hereof.

*Project* 

 

28. The
 PEA was prepared in a manner which is consistent with Good Practice Standards and the statements,
 assumptions and projections contained therein were fair and reasonable as and when produced
 and, to the Obligors' knowledge, were arrived at after reasonable inquiry, having been
 made in good faith by the Persons responsible therefor. The PEA contains a reasonable estimate
 in all material respects of projected capital expenditures for the Real Property subject
 to fluctuations in exchange rates, commodity prices and electricity rates and has been prepared
 in a manner which is consistent with Good Practice Standards.

29. Subject
 to Section (29) of the Disclosure Letter, the Guarantor is the sole recorded and beneficial
 owner of the Real Property, free and clear of any Lien (other than Permitted Liens). Section
 (29) of the Disclosure Letter sets out a full and complete list of all Permitted Liens. Except
 for any Permitted Liens or as listed in Section (29) of the Disclosure Letter, no Person
 other than the Debentureholder has any agreement to acquire, option, right of first refusal
 or right, title or interest or any right that is or will become an agreement to acquire,
 option, right of first refusal or right, title or interest, in or to all or any material
 part of the Collateral or any Project Assets nor has either of the Obligors granted, or agreed
 to grant, any Lien, other than Permitted Liens, on the Collateral or any Project Asset.

30. The
 Required Authorizations and Other Rights required for the development, construction or operation
 of the Project, including commercial production of the silver, lead and zinc from the Project,
 whether obtained or issued by the date hereof or not, are listed in Section (30) of the Disclosure
 Letter. The Obligors have complied in all material respects with all conditions provided
 for in the Required Authorizations and Other Rights required to be complied with as of the
 date this representation is made.

31. Other
 than as set forth in Section (31) of the Disclosure Letter, all Authorizations and Other
 Rights required for the development, construction and operation of the Project, including
 for greater certainty all environmental and water permits, are in full force and effect and
 in good standing and none of the Obligors, and to the best of the knowledge and belief of
 each of the Obligors, no other Person party thereto is, in default in any material respect
 under any such Authorization or Other Right.

32. No
 Authorization or Other Right relating to the Project or the Real Property has been challenged,
 withdrawn, cancelled, amended or refused or, to the best of the knowledge and belief of each
 of the Obligors, threatened to be challenged, withdrawn, cancelled, amended or refused by
 any Governmental Authority or by any other Person.

33. Subject
 to Section (33) of the Disclosure Letter, operation of the Project is and has been in compliance
 in all material respects with all land use restrictions, zoning, regulations, ordinances,
 environmental laws and other similar Applicable Laws thereto. Subject to Section (33) of
 the Disclosure Letter, during the past three (3) years, neither of the Obligors nor any of
 its agents or employees has received any written notice from any Governmental Authority having
 jurisdiction over the Project alleging any violation of any Applicable Law, including, but
 not limited to, those relating to environmental laws, zoning, building, use, personal disability
 and fire or safety, which has not been cured or remedied. To the knowledge of the Obligors,
 there are not any threatened proceedings for the rezoning of the Real Property or any portion
 thereof.

34. Current
 management of the Obligors has arranged for the following environmental studies relating
 to the Project and the Real Property: (i) since September 2020, 30 site water sampling and
 broad spectrum lab testing on a monthly basis and field parameter testing on a bi-weekly
 basis, and (ii) in May 2021, a multi-year water flow analysis program with the University
 of Idaho's hydrogeology department, (iii) water chemistry analysis as part of planning
 for a proprietary in-mine water treatment system, (iv) evaluation of the capabilities of
 the Environmental Protection Agency's Central Treatment Plant, in the event that an
 Obligor may seek to purchase and/or operate it in the future. No other environmental investigation,
 study, audit, test or other analysis has been conducted by or at the request of current management
 of the Obligors with respect to the Project and Real Property.

35. Subject
 to Section (35) of the Disclosure Letter, there are no material environmental liabilities
 of the Obligors or to the knowledge of the Obligors, in respect of the development, construction
 and operation of the Project, in each case, that have been incurred as at the date that this
 representation is made.

36. Subject
 to Section (36) of the Disclosure Letter, no release or threatened release of any chemicals,
 materials or substances, whether solid, liquid or gas, defined as or included in the definition
 of "contaminant", "pollutant", "hazardous substance",
 "hazardous waste", "hazardous material", or "toxic substance"
 under any applicable environmental law has occurred or is occurring at or from the Project
 for which environmental laws require notice, further investigation or any form of responsive
 action.

37. Section
 (37) of the Disclosure Letter lists all underground and above ground storage tanks located
 or previously located on the Real Property.

38. The
 Obligors have complied and will comply with all terms and conditions of the EPA Settlement
 Agreement, including, without limitation, making timely payments and providing financial
 assurance on schedule.

39. Except
 for the deferral arrangements disclosed in Section (39) of the Disclosure Letter, all payments
 relating to water treatments costs with respect to the Project, including all costs relating
 to the water treatment facility known as the Central Treatment Plant, have been paid in full,
 and there are no water treatment costs or other amounts in connection therewith owing to
 any Person, including, without limitation, the EPA and the Idaho Department of Environmental
 Quality ()"**IDEQ** ").

40. Except
 as disclosed in Section (40) of the Disclosure Letter, each of the Obligors are in compliance
 with their obligations to the EPA and the IDEQ with respect to the Obligors' responsibilities
 for meeting water discharge standards and for all water treatment costs in connection with
 the Property and there are no further water treatment costs due and payable by the Obligors
 to the EPA and the IDEQ.

41. All
 Real Property owned or leased by the Obligors is described in Schedule "F" to
 Royalty Agreement No. 3 and all mining claims, concessions and other mining rights forming
 part of the Mine or related thereto are described in Exhibit "E".

42. Guarantor
 has good and marketable title to the Real Property free and clear of any Liens other than
 Permitted Liens and its rights in and to the Real Property will be valid and in full force
 and effect in all material respects, and the Obligors will have complied in all material
 respects with all of their respective obligations in respect thereof, including payment of
 any annual fees and production penalties, under Applicable Laws. No third party holds any
 mining or real property rights that conflict in any material respect with the Guarantor's
 rights in and to the Real Property.

43. Except
 as set out in Section (43) of the Disclosure Letter, all mining concession, patent or maintenance
 fees and recording fees, and all other material exploration permit, authorization, lease,
 licensing and mining claim payments, rentals, taxes, assessments, renewal fees and other
 governmental charges, owing in respect of the Project and the Real Property or any part thereof,
 have been paid in full.

44. Guarantor
 owns or has the right to use or the benefit of all of the Other Rights and Project Assets
 and the Other Rights and Project Assets they own are free and clear of any Liens, other than
 Permitted Liens.

45. Subject
 only to the rights of any Governmental Authority set out in Section (45) of the Disclosure
 Letter and except for Permitted Liens, no Person is entitled to or holds any material rent,
 option, back-in right, earn-in right, right of first refusal, royalty, stream, participation,
 production or similar interests, or other payment in the nature of rent or royalty, on or
 for the Project, including in any Real Property or any Products.

46. To
 the knowledge of the Obligors, there is no (i) expropriatory act or series of expropriatory
 acts, including eminent domain, confiscation, nationalization, requisition, deprivation,
 sequestration and/or similar acts, by law, order, executive or administrative action or otherwise
 of any Governmental Authority or any corporation or other entity controlled by any Governmental
 Authority the result of which expropriatory act or series of expropriatory acts is that all
 or substantially all of the rights, privileges and benefits pertaining to, associated with,
 threatened against or affecting all or any part of the Mine (collectively, an "Expropriation
 Event") and (ii) circumstances, notices, discussions, or negotiations which could reasonably
 be expected to result in such an Expropriation Event.

*Community*

 

47. Except
 as set out in Section (47) of the Disclosure Letter, to the best knowledge of the Obligors,
 no indigenous or community groups (and no Persons on their behalf) have asserted any interest
 or rights or commenced or threatened any claims or proceedings affecting the Project or the
 Obligors that could result in a Material Adverse Effect.

48. Any
 relocation or resettlement of any persons, communities or settlements, including any indigenous
 persons, communities or settlements, in connection with the exploration, development or operation
 of the Project has been conducted in material compliance with all Applicable Laws and Authorizations.

49. Except
 as set out in Section (49) of the Disclosure Letter, and to the best of the knowledge and
 belief of each of the Obligors (i) no indigenous or community groups (and no Governmental
 Authority on behalf of any such groups) have asserted any interest or rights or commenced
 or threatened any claims or proceedings affecting the Real Property, the Project or any of
 the Obligors which have a Material Adverse Effect, and (ii) neither the Real Property nor
 any part of the Project is located on any land or in territory to which indigenous or local
 community groups own or are entitled to communal, collective rights or any other rights under
 Applicable Law.

50. The
 Obligors have complied with all previous consultation processes with local communities in
 accordance with Applicable Law.

*Common Shares*

 

51. The
 Common Shares are listed and posted for trading on the TSX-V and Debtor is a "reporting
 issuer" not in default of the requirements of the Applicable Securities Legislation.

52. The
 Common Shares, when issued in compliance with the provisions of the Debenture will be validly
 issued, fully paid and non-assessable and free of any liens or encumbrances and issued in
 compliance with all Applicable Securities Legislation.

*Other*

 

53. The
 execution, delivery and performance of this Agreement and the other Transaction Documents
 by each Obligor thereto and the completion of the transactions contemplated hereby and thereby
 is exempt from the formal valuation requirement and the minority approval requirement of
 Multilateral Instrument 61-101 *Protection of Minority Security Holders in Special Transactions*.

54. Except
 as set out in Section (54) of the Disclosure Letter, no Obligor is party to any contract
 that would give rise to a valid claim against an Obligor and/or any Sprott Entity for a brokerage
 commission, finder's fee or like payment in connection with the transactions contemplated
 by this Debenture or the other Transaction Documents.

55. Section
 (55) of the Disclosure Letter, lists all bank accounts of each of Debtor and Guarantor and
 the depositary bank at which such accounts are maintained.

56. The
 Obligors are in material compliance with all Applicable Laws respecting employment and employment
 practices, terms and conditions of employment, pay equity and wages; there is not currently
 any labour disruption, strike, or conflict involving or threatened against any Obligor or
 directly affecting the Mine. None of the Obligors are party to a collective bargaining agreement.

**EXHIBIT "E"<br> PROJECT MINING CLAIMS**

**Primary Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Ace | 2583 | 12 | 48 North | 2 East |
| African | 2624 | 13 | 48 North | 2 East |
| Alla | 1228 | 13 | 48 North | 2 East |
| Allie | 1229 | 13 | 48 North | 2 East |
| Apex | 3361 | 2 | 47 North | 2 East |
| Arizona | 1488 | 12 | 48 North | 2 East |
| Band | 2507 | 2 | 48 North | 2 East |
| Bear | 2081 | 13 | 48 North | 2 East |
| Bee | 2072 | 12 | 48 North | 2 East |
| Berniece | 1620 | 14 | 48 North | 2 East |
| Beta | 3471 | 13 | 48 North | 2 East |
| Blue Bird | 3361 | 2 | 47 North | 2 East |
| Boer | 2599 | 12 | 48 North | 2 East |
| Bonanza Fraction | 1228 | 13 | 48 North | 2 East |
| Bought Again | 1229 | 13 | 48 North | 2 East |
| Brady | 2584 | 12 | 48 North | 2 East |
| Buckeye | 2250 | 13 | 48 North | 2 East |
| Butte | 3361 | 2 | 47 North | 2 East |
| Butternut | 1916 | 13 | 48 North | 2 East |
| Cariboo | 1220 | 11 | 48 North | 2 East |
| Carter | 1466 | 14 | 48 North | 2 East |
| Chain | 2078 | 12 | 48 North | 2 East |
| Cheyenne | 2249 | 12 | 48 North | 2 East |
| Chief No. 2 | 2862 | 11 | 48 North | 2 East |
| Club | 2583 | 12 | 48 North | 2 East |
| Combination | 2072 | 12 | 48 North | 2 East |
| Confidence | 2328 | 12 | 48 North | 2 East |
| Coxey | 1466 | 14 | 48 North | 2 East |
| Cypress | 2429 | 12 | 48 North | 2 East |
| Deadwood | 1466 | 11 | 48 North | 2 East |
| Debs | 1466 | 11 | 48 North | 2 East |
| Dewey | 2081 | 13 | 48 North | 2 East |
| Diamond | 2583 | 12 | 48 North | 2 East |
| Drew | 2587 | 13 | 48 North | 2 East |
| East | 1228 | 13 | 48 North | 2 East |
| Emily Grace | 2587 | 13 | 48 North | 2 East |
| Emma | 550 | 12 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Ethel | 2966 | 11 | 48 North | 2 East |
| Evans | 2611 | 12 | 48 North | 2 East |
| Excelsior | 1356 | 11 | 48 North | 2 East |
| F | 2587 | 24 | 48 North | 2 East |
| Flagstaff | 2328 | 12 | 48 North | 2 East |
| Flagstaff No. 2 | 2921 | 12 | 48 North | 2 East |
| Flagstaff No. 4 | 2921 | 12 | 48 North | 2 East |
| Foster | 2587 | 13 | 48 North | 2 East |
| Good Luck | 1220 | 11 | 48 North | 2 East |
| Goth | 3214 | 2 | 48 North | 2 East |
| Grant | 2369 | 11, 12 | 48 North | 2 East |
| Grant | 2599 | 12 | 48 North | 2 East |
| Gun | 2611 | 18 | 48 North | 3 East |
| Gus | 2624 | 13 | 48 North | 2 East |
| Hamilton | 1466 | 14 | 48 North | 2 East |
| Hamilton Fraction | 1619 | 11 | 48 North | 2 East |
| Hard Cash | 1466 | 11 | 48 North | 2 East |
| Harrison | 1664 | 11 | 48 North | 2 East |
| Hawk | 2072 | 12 | 48 North | 2 East |
| Heart | 2511 | 12 | 48 North | 2 East |
| Helen Marr | 2452 | 12 | 48 North | 2 East |
| Hemlock | 2452 | 13 | 48 North | 2 East |
| Hickory | 2432 | 13 | 48 North | 2 East |
| Homestake | 1916 | 13 | 48 North | 2 East |
| Hornet | 1325 | 12 | 48 North | 2 East |
| Idaho | 2072 | 12 | 48 North | 2 East |
| Iowa | 2072 | 12 | 48 North | 2 East |
| Ironhill | 1228 | 13 | 48 North | 2 East |
| Ito | 2081 | 13 | 48 North | 2 East |
| Jack | 2511 | 12 | 48 North | 2 East |
| Jersey Fraction | 1220 | 12 | 48 North | 2 East |
| Josie | 1229 | 13 | 48 North | 2 East |
| K-24 | 2080 | 14 | 48 North | 2 East |
| K-4 | 2080 | 14 | 48 North | 2 East |
| K-40 | 2587 | 24 | 48 North | 2 East |
| Katherine | 2966 | 11 | 48 North | 2 East |
| Key | 2511 | 12 | 48 North | 2 East |
| King | 1325 | 12 | 48 North | 2 East |
| Kirby Fraction | 2654 | 12 | 48 North | 2 East |
| Lackawana | 614 | 13 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Lacrosse | 1228 | 13 | 48 North | 2 East |
| Last Chance | 551 | 12 | 48 North | 2 East |
| Likely | 1298 | 12 | 48 North | 2 East |
| Lilly | 2587 | 12 | 48 North | 2 East |
| Lincoln | 2187 | 12 | 48 North | 2 East |
| Lucia | 3390 | 14 | 48 North | 2 East |
| Lucky Chance | 1349 | 18 | 48 North | 3 East |
| Maine | 2626 | 11 | 48 North | 2 East |
| Manchester | 2966 | 11 | 48 North | 2 East |
| Maple | 1229 | 13 | 48 North | 2 East |
| Marblehead | 3390 | 10 | 48 North | 2 East |
| Margaret | 3390 | 14 | 48 North | 2 East |
| Mashonaland | 1227 | 13 | 48 North | 2 East |
| Matabelaland | 1227 | 13 | 48 North | 2 East |
| McClellan | 2654 | 12 | 48 North | 2 East |
| McClelland | 1681 | 11 | 48 North | 2 East |
| Miles | 2654 | 12 | 48 North | 2 East |
| Miners Delight | 1228 | 13 | 48 North | 2 East |
| Missouri | 2080 | 14 | 48 North | 2 East |
| Mountain King | 1620 | 14 | 48 North | 2 East |
| Mountain Queen | 1620 | 14 | 48 North | 2 East |
| Nancy B. | 3390 | 11 | 48 North | 2 East |
| Nellie | 2583 | 11 | 48 North | 2 East |
| Nevada | 1466 | 14 | 48 North | 2 East |
| New Era | 1527 | 12 | 48 North | 2 East |
| 96 | 1715 | 11 | 48 North | 2 East |
| No. 1 | 1357 | 11 | 48 North | 2 East |
| No. 2 | 1357 | 11 | 48 North | 2 East |
| No. 3 | 1357 | 11 | 48 North | 2 East |
| No. 4 | 1357 | 11 | 48 North | 2 East |
| No Name | 1228 | 13 | 48 North | 2 East |
| Norman | 2368 | 11 | 48 North | 2 East |
| Oakland | 569 | 11 | 48 North | 2 East |
| Offset | 1229 | 13 | 48 North | 2 East |
| Ollie McMillin | 1228 | 13 | 48 North | 2 East |
| Ontario Fraction | 755 | 11 | 48 North | 2 East |
| Oregon | 2274 | 15 | 48 North | 3 East |
| Overlap | 2052 | 12 | 48 North | 2 East |
| Oyama | 2081 | 13 | 48 North | 2 East |
| Olympia | 3390 | 10 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Packard | 1413 | 2 | 48 North | 2 East |
| Phil | 3390 | 14 | 48 North | 2 East |
| Phillippine | 1663 | 2 | 48 North | 2 East |
| Pitt | 2654 | 12 | 48 North | 2 East |
| Princess | 1633 | 11 | 48 North | 2 East |
| Quaker | 1414 | 2 | 48 North | 2 East |
| Queen | 2511 | 12 | 48 North | 2 East |
| Rambler | 1041 | 11 | 48 North | 2 East |
| Republican Fraction | 959 | 12 | 48 North | 2 East |
| Roman | 2583 | 11 | 48 North | 2 East |
| Rookery | 1229 | 13 | 48 North | 2 East |
| Roy | 2624 | 13 | 48 North | 2 East |
| Royal Knight | 1639 | 11 | 48 North | 2 East |
| S-11 | 2081 | 13 | 48 North | 2 East |
| S-12 | 2081 | 13 | 48 North | 2 East |
| S-13 | 2081 | 13 | 48 North | 2 East |
| Sampson | 1328 | 12 | 48 North | 2 East |
| Sampson | 2081 | 13 | 48 North | 2 East |
| San Carlos | 750 | 12 | 48 North | 2 East |
| Sarnia | 2081 | 13 | 48 North | 2 East |
| Scelinda No. 1 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 2 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 3 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 4 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 5 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 7 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 8 | 2921 | 1 | 48 North | 2 East |
| Schofield | 1228 | 13 | 48 North | 2 East |
| Skookum | 615 | 12 | 48 North | 2 East |
| Scorpion Fraction | 2072 | 12 | 48 North | 2 East |
| Sierra Nevada | 554 | 12 | 48 North | 2 East |
| Silver | 2587 | 13 | 48 North | 2 East |
| Silver King | 1639 | 11 | 48 North | 2 East |
| Sims | 2186 | 12 | 48 North | 2 East |
| Sold Again Fraction | 933 | 12 | 48 North | 2 East |
| Southern Beauty | 1620 | 14 | 48 North | 2 East |
| Spade | 2583 | 12 | 48 North | 2 East |
| Spokane | 2509 | 12 | 48 North | 2 East |
| Spruce Fraction | 2432 | 13 | 48 North | 2 East |
| Stemwinder | 1830 | 12 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Stopping | 1227 | 13 | 48 North | 2 East |
| Stuart No. 2 | 2966 | 11 | 48 North | 2 East |
| Stuart No. 3 | 2966 | 11 | 48 North | 2 East |
| Sugar | 2862 | 11 | 48 North | 2 East |
| Sullivan | 2966 | 11 | 48 North | 2 East |
| Summit | 1228 | 13 | 48 North | 2 East |
| Susie | 1229 | 13 | 48 North | 2 East |
| Taft | 2611 | 18 | 48 North | 3 East |
| Teddy | 2511 | 12 | 48 North | 2 East |
| Timothy Fraction | 2274 | 18 | 48 North | 3 East |
| Tip Top | 1041 | 11 | 48 North | 2 East |
| Trump | 2624 | 13 | 48 North | 2 East |
| Tyler | 546 | 12 | 48 North | 2 East |
| Utah | 1882 | 12 | 48 North | 2 East |
| Viola | 562 | 12 | 48 North | 2 East |
| Washington | 2072 | 12 | 48 North | 2 East |
| Waverly | 1620 | 14 | 48 North | 2 East |
| Wheelbarrow | 1526 | 12 | 48 North | 2 East |
| William Lambert Fraction | 1945 | 2 | 48 North | 2 East |
| Yale | 2611 | 13 | 48 North | 2 East |
| Zululand | 1227 | 13 | 48 North | 2 East |

---

This Primary Claims set contains all resource material included in the 2021 PEA Mineral Resource Estimate, as well as those areas listed in the historic 1991 reserves. Due to the inconsistent orientation and nature of the mineralization underlying the above parcels, the Primary Royalty rate will be applied to all extracted and processed mineralized material lying under and within Primary Claims' area, up to 90 degrees nadir along the Primary Claims' boundaries.

In order to accommodate the down-dip potential on structures included within the 2021 PEA Mineral Resource Estimate and historic 1991 historic reserves report, all material processed interstitial to existing development, along strike but within the Primary Claims' boundary restrictions listed in the above paragraph, and continuously down-dip to the termination of the structure, the following zones will constitute Primary Claims and be assigned a 1.85% royalty rate: Shea, Tallon, Ike/Truman, Emery, J, Mac, Francis/FW Francis. These names are taken to be the names used during past production and denote discrete mineralized structures. This rule is added to the overlying royalty rate's material restrictions to reflect a more typical "Apex Law" situation for tabular mineralized zones and applies only to those structures listed above. Splays and associated structures that connect geologically to those listed above will receive the Primary Royalty rate of the main structure.

**GGS Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Adath | 2976 | 22 | 48 North | 2 East |
| Alykris | 2976 | 22 | 48 North | 2 East |
| Anna Laura | 2976 | 22 | 48 North | 2 East |
| Atlas | 2976 | 22 | 48 North | 2 East |
| Atlas No. 1 | 2976 | 22 | 48 North | 2 East |
| B | 2587 | 24 | 48 North | 2 East |
| Battleship Oregon | 3390 | 14 | 48 North | 2 East |
| Black | 2081 | 13 | 48 North | 2 East |
| Brown | 2081 | 13 | 48 North | 2 East |
| Charly T. | 3390 | 14 | 48 North | 2 East |
| E | 2587 | 24 | 48 North | 2 East |
| Edna | 2587 | 13 | 48 North | 2 East |
| 85 | 2077 | 15 | 48 North | 2 East |
| Fraction | 2976 | 22 | 48 North | 2 East |
| Gay | 2976 | 22 | 48 North | 2 East |
| Hoover No. 1 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 2 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 3 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 4 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 5 | 2975 | 13 | 48 North | 2 East |
| Iowa No. 2 | 2077 | 15 | 48 North | 2 East |
| K-1 | 2080 | 14 | 48 North | 2 East |
| K-10 | 2077 | 15 | 48 North | 2 East |
| K-11 | 2077 | 15 | 48 North | 2 East |
| K-12 | 2077 | 15 | 48 North | 2 East |
| K-13 | 2077 | 15 | 48 North | 2 East |
| K-14 | 2080 | 14 | 48 North | 2 East |
| K-15 | 2080 | 14 | 48 North | 2 East |
| K-16 | 2077 | 14 | 48 North | 2 East |
| K-17 | 2077 | 15 | 48 North | 2 East |
| K-2 | 2080 | 14 | 48 North | 2 East |
| K-25 | 2080 | 14 | 48 North | 2 East |
| K-26 | 2080 | 14 | 48 North | 2 East |
| K-27 | 2080 | 14 | 48 North | 2 East |
| K-28 | 2077 | 15 | 48 North | 2 East |
| K-3 | 2080 | 14 | 48 North | 2 East |
| K-30 | 2077 | 14 | 48 North | 2 East |
| K-31 | 2077 | 14 | 48 North | 2 East |
| K-32 | 2077 | 22 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| K-33 | 2080 | 23 | 48 North | 2 East |
| K-34 | 2080 | 23 | 48 North | 2 East |
| K-35 | 2080 | 23 | 48 North | 2 East |
| K-36 | 2080 | 23 | 48 North | 2 East |
| K-37 | 2080 | 23 | 48 North | 2 East |
| K-38 | 2080 | 23 | 48 North | 2 East |
| K-5 | 2080 | 14 | 48 North | 2 East |
| K-7 | 2080 | 14 | 48 North | 2 East |
| K-8 | 2080 | 14 | 48 North | 2 East |
| K-9 | 2080 | 14 | 48 North | 2 East |
| Kansas | 2080 | 14 | 48 North | 2 East |
| Lilly May | 1220 | 12 | 48 North | 2 East |
| Little Ore Grande | 2977 | 23 | 48 North | 2 East |
| Mabundaland | 1227 | 13 | 48 North | 2 East |
| Medium | 2587 | 13 | 48 North | 2 East |
| Missouri No. 2 | 2077 | 15 | 48 North | 2 East |
| 91 | 2077 | 15 | 48 North | 2 East |
| 92 | 2077 | 15 | 48 North | 2 East |
| No. 1 | 2587 | 24 | 48 North | 2 East |
| No. 2 | 2587 | 24 | 48 North | 2 East |
| North Midland | 3108 | 24 | 48 North | 2 East |
| Orbit | 3097 | 23 | 48 North | 2 East |
| Ore Grande No. 1 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 2 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 3 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 4 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 5 | 2977 | 23 | 48 North | 2 East |
| Ore Shoot | 3097 | 23 | 48 North | 2 East |
| Oreano | 3097 | 23 | 48 North | 2 East |
| Orient | 3097 | 23 | 48 North | 2 East |
| Oriental Orphan | 3097 | 23 | 48 North | 2 East |
| Orpheum | 3097 | 23 | 48 North | 2 East |
| Panorama | 2976 | 23 | 48 North | 2 East |
| Penfield | 2587 | 13 | 48 North | 2 East |
| Red Deer | 2976 | 22 | 48 North | 2 East |
| S-10 | 2081 | 13 | 48 North | 2 East |
| Setzer | 2976 | 22 | 48 North | 2 East |
| Texas | 2080 | 14 | 48 North | 2 East |

---

The GGS Royalty rate will apply to all GGS Claims either partly or wholly-covered by the ground geophysical survey announced on June 16, 2021

**Residual Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| A | 2587 | 24 | 48 North | 2 East |
| Alfred | 1628 | 2 | 48 North | 2 East |
| Anaconda | 3361 | 2 | 47 North | 2 East |
| Apex No. 2 | 3361 | 1 | 47 North | 2 East |
| Apex No. 3 | 3361 | 1 | 47 North | 2 East |
| Army | 3096 | 22 | 48 North | 2 East |
| Asset | 2611 | 12 | 48 North | 2 East |
| Baby (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Black Diamond | 3423 | 10 | 48 North | 3 East |
| Blue Grouse | 3361 | 2 | 47 North | 2 East |
| Bob White | 3361 | 2 | 47 North | 2 East |
| Bonanza King Millsite | 2868 | 8 | 48 North | 3 East |
| Brooklyn | 2201 | 10 | 48 North | 2 East |
| Butte Fraction | 3361 | 2 | 47 North | 2 East |
| C | 2587 | 24 | 48 North | 2 East |
| Carbonate | 3423 | 3 | 48 North | 3 East |
| Castle | 3503 | 17 | 48 North | 2 East |
| Childs | 2611 | 12 | 48 North | 2 East |
| Comstock | 1345 | 18 | 48 North | 3 East |
| Cougar | 3361 | 2 | 47 North | 2 East |
| D | 2587 | 24 | 48 North | 2 East |
| Daisy | 1345 | 18 | 48 North | 3 East |
| Dandy | 1345 | 18 | 48 North | 3 East |
| Danish | 1503 | 2 | 48 North | 2 East |
| East Midland | 3108 | 19 | 48 North | 3 East |
| Eli | 2611 | 18 | 48 North | 3 East |
| Enterprise | 3423 | 3 | 48 North | 3 East |
| Enterprise Extension | 3423 | 10 | 48 North | 3 East |
| Evening Star | 2274 | 15 | 48 North | 3 East |
| Evening Star Fraction | 2274 | 15 | 48 North | 3 East |
| Fairview | 621 | 18 | 48 North | 3 East |
| Flagstaff No. 3 | 2921 | 12 | 48 North | 2 East |
| Galena | 3361 | 1 | 47 North | 2 East |
| Gelatin | 3423 | 10 | 48 North | 3 East |
| Giant | 3423 | 3 | 48 North | 3 East |
| Good Enough | 1628 | 2 | 48 North | 2 East |
| Huckleberry No. 2 | 3361 | 2 | 47 North | 2 East |
| Jackass | 586 | 13 | 48 North | 2 East |
| Jessie | 1345 | 18 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Julia | 1345 | 18 | 48 North | 3 East |
| Justice | 1345 | 18 | 48 North | 3 East |
| K-18 | 2077 | 15 | 48 North | 2 East |
| K-19 | 2077 | 15 | 48 North | 2 East |
| K-20 | 2077 | 15 | 48 North | 2 East |
| K-21 | 2077 | 14 | 48 North | 2 East |
| K-22 | 2077 | 14 | 48 North | 2 East |
| K-23 | 2077 | 15 | 48 North | 2 East |
| K-29 | 2077 | 15 | 48 North | 2 East |
| K-39 | 2077 | 15 | 48 North | 2 East |
| K-6 | 2080 | 14 | 48 North | 2 East |
| Keystone (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| L-1 | 3214 | 2 | 48 North | 2 East |
| L-2 | 3214 | 9 | 48 North | 2 East |
| L-3 | 3214 | 9 | 48 North | 2 East |
| Leopard | 3361 | 2 | 47 North | 2 East |
| Lesley | 2977 | 23 | 48 North | 2 East |
| Lesley No. 2 | 2977 | 23 | 48 North | 2 East |
| Lesley No. 3 | 2977 | 23 | 48 North | 2 East |
| Long John | 3179 | 7 | 48 North | 3 East |
| Lydia Fraction | 1723 | 2 | 48 North | 2 East |
| Lynx | 3361 | 35 | 47 North | 2 East |
| Mabel | 1723 | 2 | 48 North | 2 East |
| MacBenn | 3361 | 2 | 47 North | 2 East |
| Maggie | 1628 | 2 | 48 North | 2 East |
| Manila | 1723 | 2 | 48 North | 2 East |
| Marin | 3361 | 2 | 47 North | 2 East |
| Marko | 3051 | 7 | 48 North | 3 East |
| Maryland | 2274 | 15 | 48 North | 3 East |
| McRooney | 2966 | 11 | 48 North | 2 East |
| Midland | 3108 | 19 | 48 North | 3 East |
| Midland No. 1 | 3108 | 24 | 48 North | 2 East |
| Midland No. 3 | 3108 | 24 | 48 North | 2 East |
| Midland No. 4 | 3108 | 24 | 48 North | 2 East |
| Midland No. 5 | 3108 | 24 | 48 North | 2 East |
| Midland No. 6 | 3108 | 24 | 48 North | 2 East |
| Midland No. 7 | 3108 | 24 | 48 North | 2 East |
| Midland No. 8 | 3108 | 24 | 48 North | 2 East |
| Milo Millsite | 2869 | 8, 17 | 48 North | 3 East |
| Minnesota | 2077 | 15 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Missing Link | 2587 | 24 | 48 North | 2 East |
| Monmouth | 2274 | 15 | 48 North | 3 East |
| Monte Carlo No. 1 | 3177 | 18 | 48 North | 3 East |
| Monte Carlo No. 2 | 3177 | 18 | 48 North | 3 East |
| Monte Carlo No. 3 | 3177 | 7, 18 | 48 North | 3 East |
| Monte Carlo No. 4 | 3177 | 7, 18 | 48 North | 3 East |
| Monte Carlo No. 5 | 3177 | 18 | 48 North | 3 East |
| Navy | 3096 | 22 | 48 North | 2 East |
| New Jersey | 2201 | 10 | 48 North | 2 East |
| Nick | 2611 | 18 | 48 North | 3 East |
| North Wellington | 2977 | 23 | 48 North | 2 East |
| O.K. | 1723 | 2 | 48 North | 2 East |
| O.K. Western | 1723 | 2 | 48 North | 2 East |
| Ophir | 1345 | 18 | 48 North | 3 East |
| Oracle | 3097 | 23 | 48 North | 2 East |
| Oregon | 2072 | 12 | 48 North | 2 East |
| Oregon No. 2 | 2274 | 15 | 48 North | 3 East |
| Ox | 2611 | 18 | 48 North | 3 East |
| Peak | 2587 | 24 | 48 North | 2 East |
| Pete | 3389 | 10 | 48 North | 2 East |
| Pheasant | 3361 | 2 | 47 North | 2 East |
| Prominade | 3389 | 10 | 48 North | 2 East |
| Reeves | 1412 | 2 | 48 North | 2 East |
| Robbin | 3361 | 2 | 47 North | 2 East |
| Rolling Stone | 619 | 18 | 48 North | 3 East |
| Rolling Stone | 3423 | 10 | 48 North | 3 East |
| Ruth | 2611 | 18 | 48 North | 3 East |
| S-9 | 2081 | 19 | 48 North | 3 East |
| Sam | 3389 | 10 | 48 North | 2 East |
| Schute Fraction | 2201 | 10 | 48 North | 2 East |
| Sherman | 2611 | 12 | 48 North | 2 East |
| Silver Chord | 2274 | 15 | 48 North | 3 East |
| Silver King Millsite | 3563 | 2 | 48 North | 2 East |
| Simmons | 2611 | 12 | 48 North | 2 East |
| Snowline | 2587 | 25 | 48 North | 2 East |
| Sonora | 3361 | 2 | 47 North | 2 East |
| Spokane Central No. 1 | 3472 | 19 | 48 North | 3 East |
| Spokane Central No. 2 | 3472 | 20 | 48 North | 3 East |
| Spokane Central No. 3 | 3472 | 20 | 48 North | 3 East |
| Spokane Central No. 4 | 3472 | 20 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Spokane Central No. 5 | 3472 | 20 | 48 North | 3 East |
| Spring | 3298 | 15 | 48 North | 3 East |
| Star | 2081 | 13 | 48 North | 2 East |
| Sullivan Extension | 1228 | 13 | 48 North | 2 East |
| Sunny | 1723 | 2 | 48 North | 2 East |
| Switzerland | 2966 | 11 | 48 North | 2 East |
| V.M. No. 1 | 3051 | 7 | 48 North | 3 East |
| V.M. No. 2 | 3051 | 7 | 48 North | 3 East |
| Van (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Venture | 3164 | 2 | 48 North | 2 East |
| Walla Walla | 1345 | 18 | 48 North | 3 East |
| Wellington | 2977 | 23 | 48 North | 2 East |
| Whippoorwill | 1723 | 2 | 48 North | 2 East |
| Woodrat (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Yreka No. 10 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 11 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 12 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 13 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 14 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 15 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 16 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 17 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 18 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 19 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 20 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 21 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 22 | 2587 | 24 | 48 North | 2 East |
| Yreka No. 23 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 24 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 25 | 2587 | 24 | 48 North | 2 East |
| Yreka No. 26 | 2587 | 19 | 48 North | 3 East |
| Zeke | 3389 | 10 | 48 North | 2 East |
| S-1 | 2081 | 18, 19 | 48 North | 3 East |
| S-2 | 2081 | 18 | 48 North | 3 East |
| S-3 | 2081 | 18, 19 | 48 North | 3 East |
| S-4 | 2081 | 19 | 48 North | 3 East |
| S-5 | 2081 | 19 | 48 North | 3 East |
| S-6 | 2081 | 19 | 48 North | 3 East |
| S-7 | 2081 | 19 | 48 North | 3 East |
| S-8 | 2081 | 18, 19 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Butte | 1220 | 11 | 48 North | 2 East |
| Apex | 1041 | 11 | 48 North | 2 East |
| Blue Bird | 1229 | 13 | 48 North | 2 East |
| Saxon | 2067 | 11 | 48 North | 2 East |
| Link | 2123 | 12 | 48 North | 2 East |
| Spur | 2124 | 12 | 48 North | 2 East |
| Spear | 2496 | 12 | 48 North | 2 East |
| Marion | 2583 | 11 | 48 North | 2 East |
| Ben Herr | 2599 | 12 | 48 North | 2 East |
| Kruger | 2599 | 12 | 48 North | 2 East |
| Philippine | 2599 | 12 | 48 North | 2 East |
| Hough | 2611 | 12 | 48 North | 2 East |
| California | 2627 | 11 | 48 North | 2 East |
| Check | 2840 | 1 | 48 North | 2 East |
| Florence | 2862 | 11 | 48 North | 2 East |
| Billy | 3111 | 11 | 48 North | 2 East |
| Lucky | 3470 | 13 | 48 North | 2 East |
| Moat | 3503 | 17 | 48 North | 3 East |
| Bunker Hill | 579 | 12 | 48 North | 2 East |
| Sullivan | 580 | 13 | 48 North | 2 East |
| Important Fraction | 581 | 13 | 48 North | 2 East |
| Phil Sheridan | 604 | 13 | 48 North | 2 East |
| Reed Fraction | 607 | 13 | 48 North | 2 East |
| Bunker Hill Millsite | 608 | 13 | 48 North | 2 East |
| Small Hopes | 609 | 13 | 48 North | 2 East |
| Bottom Dollar Fraction | 629 | 13 | 48 North | 2 East |
| Chestnut Fraction | 632 | 13 | 48 North | 2 East |
| Emma | 703 | 12 | 48 North | 2 East |
| Last Chance Millsite | 703 | 12 | 48 North | 2 East |
| Ontario | 755 | 11 | 48 North | 2 East |
| Carbonate | 764 | 11 | 48 North | 2 East |
| Silver Casket | 790 | 11 | 48 North | 2 East |
| Turkey Buzzard | 836 | 13 | 48 North | 2 East |
| Snowslide Fraction | 837 | 13 | 48 North | 2 East |
| Silver | 1085 | 12 | 48 North | 2 East |
| Johnnesburg | 1192 | 12 | 48 North | 2 East |
| Puritan | 1328 | 12 | 48 North | 2 East |
| No. 5 | 1357 | 11 | 48 North | 2 East |
| Omaha | 1409 | 12 | 48 North | 2 East |
| Legal Tender | 1639 | 11 | 48 North | 2 East |
| Triangle Fraction | 2065 | 13 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **BLM**<br> **Serial #** | **Section** | **Township** | **Range** |
| BHM 1 | ID106709778 | 1 | 48 North | 2 East |
| BHM 2 | ID106709779 | 1 | 48 North | 2 East |
| BHM 3 | ID106709780 | 1 | 48 North | 2 East |
| BHM 4 | ID106709781 | 1 | 48 North | 2 East |
| BHM 5 | ID106709782 | 1 | 48 North | 2 East |
| BHM 6 | ID106709783 | 1 | 48 North | 2 East |
| BHM 7 | ID106709784 | 1 | 48 North | 2 East |
| BHM 8 | ID106709785 | 1 | 48 North | 2 East |
| NBH 1 | ID106715514 | 11 | 48 North | 2 East |
| NBH 2 | ID106715515 | 11 | 48 North | 2 East |
| NBH 3 | ID106715516 | 11 | 48 North | 2 East |
| NBH 4 | ID106715517 | 11 | 48 North | 2 East |
| NBH 5 | ID106715518 | 11 | 48 North | 2 East |
| NBH 6 | ID106715519 | 11 | 48 North | 2 East |
| NBH 7 | ID106715520 | 11 | 48 North | 2 East |
| NBH 8 | ID106715521 | 11 | 48 North | 2 East |
| NBH 9 | ID106715522 | 1 | 48 North | 2 East |
| NBH 10 | ID106715523 | 1 | 48 North | 2 East |
| NBH 11 | ID106715524 | 1 | 48 North | 2 East |
| NBH 12 | ID106715525 | 1 | 48 North | 2 East |
| NBH 13 | ID106715526 | 1 | 48 North | 2 East |
| NBH 14 | ID106715527 | 1 | 48 North | 2 East |
| NBH 15 | ID106715528 | 1 | 48 North | 2 East |
| NBH 16 | ID106715529 | 12 | 48 North | 2 East |
| NBH 17 | ID106715530 | 12 | 48 North | 2 East |
| NBH 18 | ID106715531 | 7 | 48 North | 3 East |
| NBH 19 | ID106715532 | 12 | 48 North | 2 East |
| NBH 20 | ID106715533 | 18 | 48 North | 3 East |
| NBH 21 | ID106715534 | 7 | 48 North | 3 East |
| NBH 22 | ID106715535 | 17 | 48 North | 3 East |
| NBH 23 | ID106715536 | 18 | 48 North | 3 East |
| NBH 24 | ID106715537 | 17 | 48 North | 3 East |
| NBH 25 | ID106715538 | 18 | 48 North | 3 East |
| NBH 26 | ID106715539 | 18 | 48 North | 3 East |
| NBH 27 | ID106715540 | 18 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **BLM<br> Serial #** | **Section** | **Township** | **Range** |
| NBH 28 | ID106715541 | 18 | 48 North | 3 East |
| NBH 29 | ID106715542 | 35 | 48 North | 2 East |
| NBH 30 | ID106715543 | 35 | 48 North | 2 East |
| NBH 31 | ID106715544 | 35 | 48 North | 2 East |
| NBH 32 | ID106715545 | 35 | 48 North | 2 East |
| NBH 33 | ID106715546 | 35 | 48 North | 2 East |
| NBH 34 | ID106715547 | 35 | 48 North | 2 East |
| NBH 35 | ID106715548 | 35 | 48 North | 2 East |
| NBH 36 | ID106715549 | 35 | 48 North | 2 East |
| NBH 37 | ID106715550 | 35 | 48 North | 2 East |
| NBH 38 | ID106715551 | 36 | 48 North | 2 East |
| NBH 39 | ID106715552 | 2 | 47 North | 2 East |
| NBH 40 | ID106715553 | 2 | 47 North | 2 East |
| NBH 41 | ID106715554 | 2 | 47 North | 2 East |
| NBH 42 | ID106715555 | 2 | 47 North | 2 East |
| NBH 43 | ID106715556 | 1 | 47 North | 2 East |
| NBH 44 | ID106715557 | 1 | 47 North | 2 East |
| NBH 45 | ID106715558 | 1 | 47 North | 2 East |
| NBH 46 | ID106715559 | 3 | 47 North | 2 East |
| NBH 47 | ID106715560 | 2 | 47 North | 2 East |
| NBH 48 | ID106715561 | 3 | 47 North | 2 East |
| NBH 49 | ID106715562 | 2 | 47 North | 2 East |
| NBH 50 | ID106715563 | 1 | 47 North | 2 East |
| NBH 51 | ID106715564 | 1 | 47 North | 2 East |
| NBH 52 | ID106715565 | 1 | 47 North | 2 East |
| NBH 53 | ID106715566 | 2 | 47 North | 2 East |
| NBH 54 | ID106715567 | 2 | 47 North | 2 East |
| NBH 55 | ID106715568 | 2 | 47 North | 2 East |
| NBH 56 | ID106715569 | 2 | 47 North | 2 East |
| NBH 57 | ID106715570 | 1 | 47 North | 2 East |
| NBH 58 | ID106715571 | 1 | 47 North | 2 East |
| NBH 59 | ID106715572 | 1 | 47 North | 2 East |
| NBH 60 | ID106715573 | 1 | 47 North | 2 East |
| NBH 61 | ID106715574 | 2 | 47 North | 2 East |
| NBH 62 | ID106715575 | 2 | 47 North | 2 East |
| NBH 63 | ID106715576 | 2 | 47 North | 2 East |
| NBH 64 | ID106715577 | 2 | 47 North | 2 East |
| NBH 65 | ID106715578 | 2 | 47 North | 2 East |
| NBH 66 | ID106715579 | 11 | 47 North | 2 East |
| NBH 67 | ID106715580 | 2 | 47 North | 2 East |
| NBH 68 | ID106715581 | 1 | 47 North | 2 East |
| NBH 69 | ID106715582 | 1 | 47 North | 2 East |
| NBH 70 | ID106715583 | 1 | 47 North | 2 East |

---

## Exhibit 10.37

**Exhibit 10.37**

RECORDING REQUESTED BY AND<br> WHEN RECORDED RETURN TO:<br>Michael Carr

Perkins Coie LLP

1111 West Jefferson Street, Suite 500

Boise, ID 83702

(Space Above For Recorder's Use)

**SECOND AMENDMENT TO royalty agreement**

THIS SECOND AMENDMENT TO ROYALTY AGREEMENT dated as of June 5, 2025 (this "**Amendment**") is made with respect to that certain Royalty Agreement dated June 23, 2023 and recorded on June 23, 2023 as Shoshone County, Idaho Instrument No. 518407, incorporated herein by reference (the "**Original Royalty Agreement**"), as amended by that certain First Amendment to Royalty Agreement dated December 12, 2024 and recorded on December 16, 2024 as Shoshone County, Idaho Instrument No. 523758, incorporated herein by reference (the "**First Amendment**" and the Original Royalty Agreement, as amended by the First Amendment is the "**Royalty Agreement**") between **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]**, a limited partnership formed and existing under the laws of Delaware, as grantee and royalty holder, whose address is 300 Delaware Avenue, Suite 270, Wilmington, New Castle County, Delaware, SILVER VALLEY METALS CORP., a corporation incorporated under the laws of Idaho, as grantor, whose address is 1 Mine Road., Kellogg, Idaho 83837, and BUNKER HILL MINING CORP., a corporation incorporated under the laws of Nevada, as parent and guarantor, whose address is 300-1055 West Hastings Street, Vancouver, British Columbia V6E 2E9. Capitalized terms used, but not otherwise defined herein, shall have the meaning set forth in the Royalty Agreement.

**RECITALS**:

**A.** The
 Original Royalty Agreement was issued in lieu of cash payment of the outstanding principal
 under the royalty convertible debenture in the principal amount of US$8,000,000 dated as
 of January 7, 2022 that was assigned to Holder (as assigned and amended, the "**Royalty Convertible Debenture** ");

**B.** In
 connection with the Royalty Convertible Debenture, the Obligors and Holder entered into a
 royalty put option agreement dated July 22, 2022 pursuant to which upon the occurrence of
 an event of default under any Convertible Debenture (as defined therein), Holder may require
 the Obligors to purchase the Royalty for US$8,000,000 (as assigned, amended and amended and
 restated, the "**Royalty Put Option Agreement** ");

**C.** Pursuant
 to the First Amendment, parcels 40 through 57 (the "**Previously Added Parcels** ")
 were added to Schedule F-1 of the Royalty Agreement.

**D.** Section
 1 of the First Amendment provides that the Previously Added Parcels were acquired from Northern
 Enterprises, Inc., an Idaho corporation, as described in the Warranty Deed dated February
 23, 2022, and signed and recorded on March 2, 2022, as Shoshone County, Idaho Instrument
 No. 512783 (the "**Identified Warranty Deed** ").

**E.** Parcels
 40 through 56 of the Previously Added Parcels were acquired pursuant to the Identified Warranty
 Deed, but parcel 57 of the Previously Added Parcels was acquired from Tim Hopper and Beth
 Renae Hopper, husband and wife, and Thomas Hopper, a single man, as described in the Warranty
 Deed dated August 26, 2024, signed on August 29, 2024, and recorded on August 30, 2024, as
 Shoshone County, Idaho Instrument No. 522626.

**F.** Since
 the effective date of the First Amendment the Grantor has acquired additional Real Property
 including: (i) unpatented mining claims located by the Grantor, as described in those certain
 Notice and Certificate of Mining Claim Locations dated between November 15, 2024 and November
 21, 2024, and recorded in Shoshone County, Idaho on December 10, 2024 (Instrument Nos. 523680
 – 523687), on January 9, 2025 (Instrument Nos. 523967 – 523970, 523974 -523985,
 523988 – 523996, 524000 – 524006), and on January 10, 2025 (Instrument Nos. 524009
 – 524022, 524024, 524025, 524028 – 524030, 524034, 524036 – 524053), as
 more particularly described in Schedule F-4 of the amended Royalty Agreement attached as <u>Exhibit A</u>, attached hereto and incorporated herein by reference and (ii) the leases
 acquired from C & E Tree Farm, L.L.C., an Idaho limited liability company, as described
 in that certain Commercial Lease Agreement dated March 3, 2023, and the Option Agreement
 to Purchase Real Estate dated March 3, 2023, incorporated herein by reference and more particularly
 described on Schedule F-5 of the amended Royalty Agreement attached as <u>Exhibit A</u>,
 attached hereto and incorporated herein by reference;

**G.** It
 is a condition of the Royalty Agreement that additional Real Property acquired by the Grantor
 be subject to the Royalty Agreement;

**H.** The
 Obligors, Holder and the other Sprott Entities (as defined therein) entered into a recapitalization
 agreement (the "**Recapitalization Agreement**") dated as of the date hereof
 pursuant to which the parties agreed to enter into the Recapitalization Transactions (as
 defined therein) including the termination of the Royalty Put Option Agreement and execution
 and delivery of this Amendment; and

**I.** In
 consideration of the termination of the Royalty Put Option Agreement, the Obligors and Holder
 have agreed to amend the Royalty Agreement on the terms and conditions of this Amendment;

**NOW THEREFORE** in consideration of the termination of the Royalty Put Option Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto (the **"Parties**"), the Parties mutually agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 parties desire to clarify (i) that parcels 40 through 56 set forth on Schedule F-1 of the
 Royalty Agreement were acquired from Northern Enterprises, Inc., an Idaho corporation, as
 described in the Warranty Deed dated February 23, 2022, and signed and recorded on March
 2, 2022, as Shoshone County, Idaho Instrument No. 512783, incorporated herein by reference,
 and (ii) that parcel 57 set forth on Schedule F-1 of the Royalty Agreement was acquired from
 Tim Hopper and Beth Renae Hopper, husband and wife, and Thomas Hopper, a single man, as described
 in the Warranty Deed dated August 26, 2024, signed on August 29, 2024, and recorded on August
 30, 2024, as Shoshone County, Idaho Instrument No. 522626, and incorporated herein by reference,
 and in each case are more fully described in Schedule F-1 of the amended Royalty Agreement
 attached as <u>Exhibit A</u>, which is attached hereto and incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Subject
 to the terms and conditions of this Amendment, the Royalty Agreement, and such Exhibits and
 Schedules thereto as are included on <u>Exhibit A</u> hereto, is hereby amended to delete
 the stricken text (indicated textually in the same manner as the following example: stricken
 text) and to add the double-underlined text (indicated textually in the same
 manner as the following example: <u>double-underlined text</u>) as set forth in the "redlined" Royalty Agreement, and such Exhibits
 and Schedules thereto as are included on <u>Exhibit A</u>, attached as <u>Exhibit A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except
 as amended as set forth herein, all of the terms and conditions of the Royalty Agreement
 shall continue and remain in full force and effect and are hereby ratified and affirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. On
 and after the date of this Amendment, any reference to "this Agreement", "hereof",
 "hereunder" and words of like effect in the Royalty Agreement and any reference
 to the Royalty Agreement in any other agreement, document or instrument relating to the Royalty
 Agreement will mean and be a reference to the Royalty Agreement, as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This
 Amendment may be executed as counterparts (and by different parties hereto in different counterparts),
 each of which shall constitute an original, but all of which when taken together shall constitute
 a single instrument. Signature pages may be removed from a counterpart original and attached
 to one instrument, which may be recorded.

 ****

***[Remainder of page left intentionally blank.]***

**IN WITNESS WHEREOF** this Amendment has been executed as of the date first above given.

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| By: |
| Name: |
| Title: |

---

STATE OF CONNECTICUT) ) ss. <br> County of ____________)

This record was acknowledged before me on June ___, 2025 by [●] as Manager (type of authority) of **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** on behalf of the partnership.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

---

| |
|:---|
| NOTARY PUBLIC FOR CONNECTICUT<br>|
| Residing at ______________________________ |
| My Commission Expires _____________________________ |

---

---

| | |
|:---|:---|
| **SILVER VALLEY METALS CORP.** | **SILVER VALLEY METALS CORP.** |
| By: | /s/ Sam Ash |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

---

| | |
|:---|:---|
| **BUNKER HILL MINING CORP.** | **BUNKER HILL MINING CORP.** |
| By: | /s/ Sam Ash |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

STATE OF IDAHO) ) ss. <br> County of _________)

This record was acknowledged before me on _____________ by _____________________ as _____________________ (type of authority) of SILVER VALLEY METALS CORP. on behalf of the corporation.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

---

| |
|:---|
| NOTARY PUBLIC FOR IDAHO<br>|
| Residing at _________ |
| My Commission Expires ____________ |

---

STATE OF IDAHO) ) ss. <br> County of _________)

This record was acknowledged before me on _____________ by _____________________ as _____________________ (type of authority) of BUNKER HILL MINING CORP. on behalf of the corporation.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

---

| |
|:---|
| NOTARY PUBLIC FOR IDAHO<br>|
| Residing at _________ |
| My Commission Expires ____________ |

---

**<u>EXHIBIT A</u>**

**Amended Royalty Agreement**

**See attached.**

**EXHIBIT "A" (SECOND AMENDMENT)**

 

*Consolidated Royalty Agreement includes First Amendment to Royalty Agreement dated December 12, 2024 and Second Amendment to Royalty Agreement dated June 5, 2025.*

 

*RECORDING REQUESTED BY AND<br> WHEN RECORDED RETURN TO:*

 

*Robert Maynard*

*Perkins Coie LLP*

*1111 West Jefferson Street, Suite 500*

*Boise, ID 83702*

(Space Above For Recorder's Use)

**ROYALTY AGREEMENT**

THIS AGREEMENT dated as of June 23, 2023 between **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]**, a limited partnership formed and existing under the laws of Delaware, as grantee and royalty holder, whose address is 300 Delaware Avenue, Suite 270, Wilmington, New Castle County, Delaware, SILVER VALLEY METALS CORP., a corporation incorporated under the laws of Idaho, as grantor, whose address is 1 Mine Road., Kellogg, Idaho 83837, and BUNKER HILL MINING CORP., a corporation incorporated under the laws of Nevada, as parent and guarantor, whose address is 82 Richmond St. East, Toronto, Ontario M5C 1P1.

**RECITALS**:

A. Grantor
 has issued to Holder a secured royalty convertible debenture (the "**Royalty Convertible Debenture**") dated as of January 7, 2022, as amended, in the principal amount of
 US$8,000,000.00 pursuant to which Holder may at its sole option elect to credit all outstanding
 principal due thereunder against the purchase price of the Royalty created hereunder;

B. The
 aggregate outstanding principal amount due and payable under the Royalty Convertible Debenture
 as of the date of this Agreement is US$8,000,000.00 and Holder has elected to receive the
 Royalty in full repayment of such outstanding principal;

C. The
 aggregate amount of all accrued and unpaid interest under the Royalty Convertible Debenture
 as of the date of this Agreement has been paid in cash by Grantor or through the issuance
 of Common Shares by BHMC to Holder; and

D. In
 consideration of a credit in the amount of US$8,000,000.00 to be applied by Holder against
 the concurrent repayment in full of all principal outstanding under the Royalty Convertible
 Debenture, Grantor has agreed to grant the Royalty to Holder upon the terms and conditions
 of this Agreement;

**NOW THEREFORE** in consideration of the foregoing premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties, the Parties mutually agree as follows:

---

| | |
|:---|:---|
| **1** | **DEFINITIONS** |

---

1.1 **Definitions**.
 For the purposes of this Agreement including the recitals and Schedules hereto, the following
 capitalized words and phrases shall have the following meanings, and grammatical variations
 of such terms shall have corresponding meanings:

"**Abandonment**"**,** "**Abandoning**" **and** "**Abandoned**" have the meaning set out in Section 4.10.

"**Additional Amounts**" has the meaning set out in Section 2.9(a).

"**Affiliate**" means, in relation to any Person, any other Person who is, directly or indirectly, through one or more intermediaries, controlling, controlled by or under common control with such first mentioned Person. For the purposes of this Agreement, including this definition and the definition of "**subsidiary**" and "**Ultimate Parent Company**", "**control**" (including, with correlative meanings, the terms "**controlled by**" and "**under common control with**"), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities, by contract, voting trust or otherwise.

"**Agreement**" means this <u>royalty</u> agreement, including all schedules thereto, <u>as amended by the first amendment to royalty agreement dated as of December 12, 2024 and the second amendment to royalty agreement dated the Second Amendment Date</u> and all instruments supplementing, amending, restating or confirming this Agreement.

"**Applicable Law**" or "**Law**" means any international, federal, state, provincial, territorial, local or municipal law, regulation, ordinance, code, order or other requirement or rule of law or the rules, policies, orders, regulations, judgments, rulings, decrees, injunctions, franchises, permits, licenses, authorization, approvals or other directions or requirements of any Governmental Authority or stock exchange, including any judicial or administrative interpretation thereof, applicable to a Person or any of its properties, assets, business or operations.

"**Arbitration Rules**" means the International Arbitration Rules of the International Centre for Dispute Resolution.

"**Authorization**" means any authorization, approval, consent, concession, exemption, license, lease, grant, permit, franchise, right, privilege or no-action letter from any Governmental Authority having jurisdiction with respect to any specified Person, property, transaction or event, or with respect to any of such Person's property or business and affairs (including any zoning approval, mining permit, development permit or building permit) or from any Person in connection with any easements, contractual rights or other matters.

"**Base Rate**" means the rate of interest per annum last quoted by The Wall Street Journal as the "Prime Rate" in the United States. Each change in the Base Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

"**BHMC**" means Bunker Hill Mining Corp., a corporation incorporated under the laws of Nevada, and its successors and assigns.

"**Bunker Hill Entities**" means, collectively, BHMC, Grantor and any other direct or indirect subsidiaries of BHMC, and any successor to any of them and "**Bunker Hill Entity**" means any one of them.

"**Business Day**" means any day other than a Saturday, Sunday or any day on which banks in (a) Toronto, Ontario; (b) Vancouver, British Columbia; or (c) Boise, Idaho are generally not open for business.

"**<u>Commercial Production Date</u>**<u>" means the date on which the board of directors of BHMC has issued a public press release announcing that commercial production at the Mine has occurred.</u>

"**Debtor Relief Laws**" means any of the *Bankruptcy and Insolvency Act* (Canada), the *Companies' Creditors Arrangement Act* (Canada), the *Winding-Up and Restructuring Act* (Canada) and the *Bankruptcy Code* of the United States, each as now and hereafter in effect, and any proceeding under applicable corporate law seeking a compromise or arrangement of any debts of the corporation, or a stay of proceedings to enforce any of the claims of the corporation's creditors, and all other liquidation, administration, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of Canada, the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally**.**

**"Disclosure Letter**" means the letter of disclosure (including the schedules thereto) dated <u>on</u> the <u>date hereof,</u><u>Second Amendment Date</u> executed by the Obligors and delivered to Holder concurrently with this Agreement

"**Dispute**" has the meaning ascribed to such term in Section 11.1.

"**Encumbrance**" means any and all mortgages, charges, assignments, hypothecs, deeds of trust, pledges, security interests, royalty interests, liens, rights of reservation, right of reclamation and other encumbrances and adverse claims of every nature and kind that, in each case, secures payment of any Indebtedness, liability, performance or obligation of any Person, whether registered or unregistered and whether arising under law or otherwise and whether perfected or otherwise.

"**EPA Settlement Agreement**" means the Consent Decree between the United States of America and Placer Mining Company, Inc., filed with the United States District Court District of Idaho on March 3, 2018 and approved on June 19, 2018 and the Settlement Agreement And Order On Consent For Response Action By Bunker Hill Mining Corp. between the EPA and Bunker Hill Mining Corp, dated as effective May 15, 2018 (EPA Region 10 CERCLA Docket No. 10-2017-0123), as amended by the First Amendment To The Settlement Agreement And Order On Consent For Response Action By Bunker Hill Mining Corp. between the EPA and Bunker Hill Mining Corp., dated as effective December 19, 2021, and any other amendments thereto.

"**Excluded Taxes**" means, (a) with respect to Holder, income or franchise Taxes imposed on (or measured by) its taxable income or capital Taxes imposed on (or measured by) its taxable capital, in each case by Canada, or by the jurisdiction under the Applicable Law of which such recipient is organized or in which its principal office is located, or (b) any Additional Amounts that would not be payable under Section 2.9(a) by virtue of the proviso at the end of that Section.

"**Exclusivity Agreement**" means the exclusivity agreement entered into on or about January 7, 2022 between **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** ("**SPRSR**"), Grantor and BHMC.

"**GGS Claims**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Mining Rights and other rights and interests identified in Schedule "B" under
 the heading "GGS Claims" and any other Mining Rights, rights or interests forming
 part thereof from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 present or future renewals, extensions, modifications, divisions, substitutions, amalgamations,
 successions, derivations, severances, conversions, demise to lease, renaming or variation
 of any of the Mining Rights or other rights and interests referenced in paragraph (a) of
 this definition.

"**GGS Royalty**" has the meaning ascribed to such term in Section 2.2(b).

"**Good Practice Standards**" means, in relation to mining (including all relevant disciplines pertaining thereto, such as metallurgy, processing, engineering, environmental and governance matters, relations with community and indigenous peoples and other social matters), those policies, practices, methods and acts engaged in or approved by a Person which, in the conduct of its undertaking, exercises that degree of safe and efficient practice, diligence, prudence, and foresight reasonably and ordinarily exercised and most commonly accepted by reputable, skilled and experienced operators engaged in the mining industry in the United States

"**Gross Revenue**" means, with respect to any Sale of Products in any calendar quarter, the aggregate of the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with
 respect to silver contained in Products Sold, an amount equal to the applicable Quarterly
 Production of silver, multiplied by the applicable Quarterly Average Silver Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 respect to zinc contained in Products Sold, an amount equal to the applicable Quarterly Production
 of zinc, multiplied by the applicable Quarterly Average Zinc Price, and divided by 2,204.62;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with
 respect to lead contained in Products Sold, an amount equal to the applicable Quarterly Production
 of lead, multiplied by the applicable Quarterly Average Lead Price, and divided by 2,204.62;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) with
 respect to any other marketable metal contained in Products Sold, an amount equal to the
 applicable Quarterly Production of such other metal, multiplied by the Quarterly Average
 Other Metal Price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if
 there is an Insurable Loss of Products, then the Gross Revenue will be equal to the sum of
 the insurance proceeds in respect of such Loss and any Gross Revenue from the Sale of such
 Products, determined under this Section.

"**Governmental Authority**" means any international, state, provincial, federal, regional, territorial, municipal or local government, agency, department, ministry, authority, board, tribunal, commission, or official, including any such entity with power to tax, or exercise regulatory or administrative functions, or any court, arbitrator (public or private), stock exchange or securities commission or any rule-making entity having or purporting to have jurisdiction in the relevant circumstances, or any Person acting or purporting to act under the authority of any of the foregoing.

"**Grantor**" means Silver Valley Metals Corp., a corporation incorporated under the laws of Idaho, and its successors and permitted assigns.

"**Holder**" means **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** and its successor and permitted assigns.

"**Indebtedness**" of any Person means, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 obligations of such Person for borrowed money and all obligations of such Person evidenced
 by bonds, debentures, notes, bills or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 obligations, contingent or otherwise, relative to the face amount of all letters of credit
 or letters of guarantee, whether or not drawn, and banker's acceptances issued for
 such Person's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 obligations of such Person under any lease that is required to be classified and accounted
 for as a capital or financed lease for financial accounting purposes or under any synthetic
 lease, tax retention, operating lease or other lease that, in each case, has substantially
 the same economic effect as a conditional sale, title retention agreement or similar arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all
 obligations of such Person in respect of the deferred purchase price of property or services
 (excluding accounts payable incurred in the ordinary course of business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all
 indebtedness of another Person secured by (or for which Holder of such obligations has an
 existing right, contingent or otherwise, to be secured by) any Encumbrance, upon or in property
 owned by such Person, even if such Person has not assumed or become liable for the payment
 of such obligations or such obligations are limited in recourse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all
 obligations of such Person created or arising under any conditional sale or other title retention
 agreement with respect to property acquired by such Person (even if the rights and remedies
 of the seller or lender under such agreement in the event of default are limited to repossession
 or sale of such property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all
 guarantees, indemnities and other obligations (contingent or otherwise) of such Person in
 respect of Indebtedness of another Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all
 obligations of such Person to purchase, redeem, retire, defease or otherwise acquire for
 value any equity, ownership or profit interests in such Person within ten (10) years from
 the date of issuance thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 net liability of such Person on account of currency or interest rate swap transactions, commodity
 hedging or swap transactions or any other hedging transactions.

"**Insolvency Event**" means, in respect of any Person, any one or more of the following events or circumstances whereby such Person (i) becomes insolvent or generally not able to pay its debts as they become due, (ii) admits in writing its inability to pay its debts generally or makes a general assignment for the benefit of creditors, (iii) institutes or has instituted against it any proceeding seeking (x) to adjudicate it a bankrupt or insolvent, (y) liquidation, winding up, administration, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any Debtor Relief Law, or (z) the entry of an order for relief or the appointment of a receiver, receiver-manager, administrator, custodian, monitor, trustee or other similar official for it or for any substantial part of its property, and in the case of any such proceeding instituted against it (but not instituted by it), either the proceeding remains undismissed or unstayed for a period of thirty (30) days, such Person fails to diligently and actively oppose such proceeding, or any of the actions sought in such proceeding (including the entry of an order for relief against it or the appointment of a receiver, receiver-manager, administrator, custodian, monitor, trustee or other similar official for it or for any substantial part of its properties and assets) occurs, (iv) passes a resolution or takes any other corporate action to authorize any of the above actions, or (v) suffers anything analogous or having a similar effect to an event or circumstance described in (i) to (iv) above.

"**Insurable Loss**" means an insurable loss of or damage to Products, whether or not occurring on or off the Real Property and whether the Products are in the possession of any Bunker Hill Entity or otherwise.

"**LBMA**" means the London Bullion Market Association.

**"LME**" means the London Metal Exchange.

"**Losses**" means any and all damages, claims, losses, lost profits, liabilities, fines, injuries, costs, penalties and expenses (including reasonable legal fees).

"**Material Adverse Effect**" means any event, occurrence, change or effect that, when taken individually or together with all other events, occurrences, changes or effects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) materially
 limits, restricts or impairs, or is reasonably likely to materially limit, restrict or impair
 (A) the condition, financial or otherwise, earnings, operations, assets, business affairs
 or business prospects of an Obligor; (B) the ability of an Obligor to perform its payment
 or other obligations under this Agreement; (C) the development or operation of the Mine substantially
 in accordance with the mine or development plan then in effect immediately prior to the occurrence
 of such event, occurrence, change or effect, (D) the legality, validity or enforceability
 of this Agreement, or the rights and remedies available to Holder hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) causes
 or is reasonably likely to cause any significant decrease to expected silver, lead or zinc
 production from the Property based on the mine or development plan then in effect immediately
 prior to the occurrence of such event, occurrence, change or effect;

provided that (x) changes to commodity prices and (y) events, occurrences, changes or effects affecting operators of mining and processing facilities in the US similar to those related to the Mine generally, which do not have a disproportionate effect on the Obligors, shall not be a Material Adverse Effect or be taken into account in determining whether there has been or will be a Material Adverse Effect.

"**Materials**" has the meaning set out in Section 4.5.

"**Mine**" means the Bunker Hill Mine located in the Coeur D'Alene Mining District, in the cities of Kellogg and Wardner and in Shoshone County, Idaho, USA, which is comprised of and covers, *inter alia,* the Property.

**"<u>Mineral Interest</u>**<u>" has the meaning set out in Section 4.13.</u>

"**Mining Rights**" means any mining claims, mining leases, mineral claims, mining concessions, mineral concessions, exploration permits or licenses, mining licenses, forms of mineral tenure or other rights to Products or to access and work upon lands, such as ownership and ancillary rights, surface rights, leasing agreements, lands temporal occupation agreements or otherwise, for the purpose of exploring, exploiting or benefiting Products, under the terms of Applicable Laws, whether contractual, statutory or otherwise, or any interest therein whether now owned or hereafter acquired. "Mining Rights" includes any amendments, relocations, adjustments, resurvey, additional locations, consolidation, derived rights or conversions of, or any renewal, replacement, amendment or other modification or extensions of any of the foregoing.

"**NI 43-101**" means National Instrument 43-101 - Standards of Disclosure for Mineral Projects, as implemented and in effect in any Canadian jurisdiction at the applicable time.

**"Obligors**" means, collectively, Grantor and BHMC and **"Obligor"** means any one of them.

"**Offtake Agreement**" means any<u>(i) the lead concentrate offtake agreement dated as of November 20, 2023 between Teck Metals Ltd. and the Grantor, as amended by the amendment agreement dated as of the Second Amendment Date; (ii) the zinc concentrate offtake agreement dated as of November 10, 2023 between Teck Metals Ltd. and the Grantor, as amended by the amendment agreement dated as of the Second Amendment Date; and (iii) any other</u> agreement entered into by Grantor (or any other Bunker Hill Entity) with any Processor (including spot sales) (i<u>x</u>) for the Sale of Products to such Person, or (ii<u>y</u>) for the smelting, refining or other beneficiation of Products by such Person for the benefit of Grantor.

"**Offtake Sales Documents**" means such documents as are prepared or produced in connection with Sale of Products to a Processor, including the provisional and final settlement sheets, provisional and final invoices, metals return statements, credit notes, bills of lading, and any and all certificates and other documentation prepared or produced for or by the relevant Processor, including certificates for final shipped moisture content and final analyses and assays evidencing the amount of Products, including the quantity of silver, lead, zinc and any other metal contained therein, delivered to the Processor.

"**Other Rights**" means all licenses, approvals, authorizations, consents, rights (including surface rights, access rights and rights of way), privileges, concessions or franchises held by the Bunker Hill Entities or required to be obtained from any Person (other than a Governmental Authority), for the construction, development and operation of the Mine, as such construction, development and operation is contemplated by the current or then applicable development or mine plan, as the case may be.

"**Payable**" means, in respect of Products Sold by a Person, Products that are credited or paid for by the Processor or otherwise result in a return to the Person, whether provisional or final.

"**Permitted Encumbrances**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 Encumbrance imposed by law that was incurred in the ordinary course of business, including,
 without limitation, construction, builders', materialmen's, warehousemen's
 and mechanics' liens and other similar Encumbrances arising in the ordinary course
 of business, in each case for sums not yet due or being contested in good faith by appropriate
 proceedings and for which appropriate reserves in accordance with US GAAP have been established
 to the extent required by US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Encumbrance arising by operation of Applicable Law securing Taxes, assessments, royalties,
 rents and other governmental charges, the payment of which are not yet due or are being contested
 in good faith by appropriate proceedings and for which appropriate reserves in accordance
 with US GAAP have been established to the extent required by US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) deemed
 liens and trusts arising by operation of law in connection with workers' compensation,
 employment insurance and other social security legislation, in each case, which secure obligations
 the payment of which are not yet due or are being contested in good faith by appropriate
 proceedings and for which appropriate reserves in accordance with US GAAP have been established
 to the extent required by US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 reservations, or exceptions contained in the original grants of land or by applicable statute
 or the terms of any lease in respect of any Real Property, or comprising the Real Property
 which do not materially detract from the value of, or materially impair the use of, the Real
 Property for the purpose of conducting and carrying out mining operations thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) liens
 as a result of any judgment or order rendered or claim filed against Grantor which is being
 contested in good faith by proper legal proceedings (and as to which any enforcement proceedings
 shall have been suspended by operation of law or stayed pending an appeal or other proceeding)
 and for which appropriate reserves in accordance with US GAAP have been established to the
 extent required by US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) minor
 discrepancies in the legal description or acreage of or associated with the Real Property
 or any adjoining properties which would be disclosed in an up to date survey and any pre-existing
 registered easements and pre-existing registered restrictions or pre-existing covenants that
 run with the land, in either case which do not materially detract from the value of, or materially
 impair the use of, the Real Property for the purpose of conducting and carrying out mining
 operations thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) rights
 of way for, or reservations of rights of others for, sewers, water lines, gas lines, electric
 lines, telegraph and telephone lines, and other similar utilities, or zoning by-laws, ordinances,
 surface access rights or other restrictions as to the use of the mining licenses comprising
 the Project Assets, which do not in the aggregate materially detract from the use of such
 mining licenses for the purpose of conducting and carrying out mining operations thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 right reserved to or vested in any municipality or governmental or other public authority
 by the terms of any lease, licence, franchise, grant or permit acquired by the Grantor or
 by any statutory provision, to terminate any such lease, licence, franchise, grant or permit,
 or to require annual or other payments as a condition to the continuance thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 Encumbrance in favour of issuers of surety bonds pertaining to the Mine issued in the ordinary
 course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a
 right of title retention or purchase money security interests, provided that any such purchase
 money security interest is limited to the specific asset that has been acquired and which
 has given rise to the purchase money security interest, in connection with the acquisition
 by Grantor of goods in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) security
 given by the Grantor to a public utility or any municipality or governmental or other public
 authority when required by such utility or municipality or other authority in connection
 with the operations of the Grantor, all in the ordinary course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) applicable
 municipal and other governmental restrictions affecting the use of land or the nature of
 any structures which may be erected thereon, provided such restrictions have been complied
 with and will not materially impair the use of the subject property for the purpose for which
 it is held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any
 Encumbrance on Project Assets granted to a provider of Permitted Secured Debt, provided that
 with respect to such Encumbrance, such provider of Permitted Secured Debt shall have entered
 into the letter agreement with Holder referred to in Section 4.1(d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the
 Encumbrances set forth in Schedule "C"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any
 Encumbrance created with Holder's prior written consent.

"**Parties**" means Holder, Grantor and BHMC collectively and "**Party**" means any of the Parties individually.

"**<u>Permitted Disclosure</u>**<u>" has the meaning set out in Section 9.1.</u>

"**Permitted Secured Debt**" means any of the following Indebtedness or obligations which in each case is secured by Encumbrances on the Project Assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject
 to the prior written consent of Holder, such consent not to be unreasonably withheld or delayed,
 any Indebtedness incurred under or in relation to any project financing, the proceeds of
 which are used for the construction, development or operation of the Mine, or any replacement
 or refinancing thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> (b) all Indebtedness
 owing to the United States Environmental Protection Agency (the "**EPA** ")
 in respect of the Mine in respect of the EPA Settlement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> subject
 to the prior written consent of Holder, such consent not to be unreasonably withheld or delayed, Indebtedness
 of up to US$15,000,000,
 of which up to $10,000,000 may r educe the amount advanced under the Stream and which is otherwise to be used solely for
 the purpose of funding the development and construction of the Project Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> subject
 to the prior written consent of Holder, such consent not to be unreasonably withheld or delayed,
 subordinated Indebtedness of up to US$13,000,000, which is to be used solely for the purpose
 of funding cost overruns in relation to the development and construction of the Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>(e) subject to</u> <u>obligations in respect of surety or performance bonds and/or letters of credit required to be provided to the EPA as set out in Section (14) of the Disclosure Letter or with</u> the
 prior written consent of Holder, such consent not to be unreasonably withheld or delayed,
 obligations in respect of surety or performance bonds required to be provided to the EPA
 in respect of Financial Assurance (under and as defined in the EPA Settlement Agreement)
 of up to US$17,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) subject
to the prior written consent of Holder, such consent not to be unreasonably withheld or delayed,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 reclamation bonds relating to the Mine required in connection with the construction, development or operation of the Mine; <u>and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>if SPRSR does not exercise its option under Section 2.1(2) of the Exclusivity Agreement during the Option Period (as defined in the Exclusivity Agreement), Indebtedness incurred on commercially reasonable terms for the purpose of financing the exploration or exploitation of the Project Assets, including the construction, development or operation of the Mine;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Indebtedness of up to</u> <u>US$150,000,000 pursuant to a term loan facility owing to EXIM Bank where the proceeds are used only for the construction and development of the Mine or other general corporate purposes of the Obligors;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>(h) if the Stream has been converted to a royalty interest in accordance with its terms or has been terminated by mutual agreement of the parties thereto</u> <u>at any time following three (3) years after the occurrence of the Commercial Production Date</u>, Indebtedness incurred
 on commercially reasonable terms for the purpose of financing (i) the exploration or exploitation
 of the Project Assets or (ii) the business and operations of the Obligors (or either of them),
 provided however that the Grantor has given prior written notice to Holder of such secured
 Indebtedness and provides reasonable details of any such Indebtedness upon request of Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> <u>(i) any other</u> secured
 Indebtedness <u>permitted under the terms of the Stream, provided however that the Grantor has given prior written notice to Holder of such secured Indebtedness, the amount and holder thereof and the security therefor together with reasonable details as to category of permitted secured debt under the Stream that such indebtedness falls within; and</u> <u>incurred pursuant to capital or finance leases or purchase money Indebtedness relating solely to the acquisition of equipment necessary for the development, construction or operation of the Project, provided that the Encumbrances securing such Indebtedness extend only to the property clearly and individually identified as acquired or financed thereby (including the proceeds of such property) and do not extend to any other assets of an Obligor;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u> <u>secured Indebtedness set forth in Section (12) of the Disclosure Letter; and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(f)</u> (j) any other secured
 Indebtedness consented to by Holder from time to time.

"**Person**" means and includes any individual, corporation, partnership, firm, joint venture, syndicate, association, trust, governmental agency or board or commission or authority and any other form of entity or organization.

"**Primary Claims**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Mining Rights and other rights and interests identified in Schedule "B" under
 the heading "Primary Claims" and any other Mining Rights, rights or interests
 forming part thereof from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 present or future renewals, extensions, modifications, divisions, substitutions, amalgamations,
 successions, derivations, severances, conversions, demise to lease, renaming or variation
 of any of the Mining Rights or other rights and interests referenced in paragraph (a) of
 this definition.

"**Primary Royalty**" has the meaning ascribed to such term in Section 2.2(a).

"**Processor**" means any third party smelter, refiner, processor or offtaker other than Grantor or its Affiliates.

"**Products**" means any and all metals, minerals and products or by-products thereof, including the Materials, of whatever kind and nature and in whatever form or state, in, under or upon the surface or subsurface of the Property (including ore, metals, precious metals, base metals, uranium, industrial minerals, concentrates, gems, diamonds, commercially valuable rock, and other minerals that are mined, excavated, extracted, recovered or otherwise produced from the Property and any ore, concentrates and other products resulting from the milling, processing or other beneficiation of such metals, minerals, products and by-products).

"**Project Assets**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Property and all other Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Products and the Other Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 mining, processing, development, production, maintenance, administration, water, electrical
 and conveyor facilities, railway infrastructure and rolling stock, storage facilities, stockpiling
 facilities, shipping infrastructure, utilities, and related ancillary infrastructure, other
 buildings, structures, improvements, fixtures and other real and personal property, including
 equipment, re-commissioned, constructed, operated or otherwise used by or on behalf of Grantor
 to extract, beneficiate, market, transport and sell Products derived from the Property or
 to develop, operate or administer the Mine, whether or not located within the physical boundaries
 of the Real Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 rights (including Authorizations, surface, access and water rights), privileges, concessions
 or franchises owned, controlled, leased or operated by or on behalf of Grantor at any time
 and not included within the definition of "Real Property" which are required
 for the development and construction of the Mine and operation thereof.

"**Property**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Mining Rights and other rights and interests described in Schedule "B" under
 the heading "Description of Mining Rights" and any other Mining Rights, rights
 or interests forming part thereof from time to time whether now owned or hereafter acquired; <u>and</u> 

<u>(b) all other real property interests, mineral claims, mineral leases, mining concessions, exploration licenses, land (surface and access rights) and similar rights, concessions and interests now or hereafter owned, held, under option or under application by an Obligor or any Affiliate thereof forming part of the Mine or related to the Mine, whether created privately or by action of any Governmental Authority, including but not limited to those interests described in Schedule "F"; and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>(b)</u> any present or
 future renewals, extensions, modifications, divisions, substitutions, amalgamations, successions,
 derivations, severances, conversions, demise to lease, renaming or variation of any of the
 Mining Rights or other rights and interests referenced in paragraph (a) <u>or (b)</u> of this definition.

"**Property Transferee**" has the meaning set out in Section 10.3.

"**Quarterly Average Lead Price**" means, for any given calendar quarter, the quarterly average of the daily per tonne cash settlement price as quoted in US dollars by the LME for lead for such quarter, calculated by dividing the sum of all quotations during such quarter by the number of such quotations; provided that, if for any reason the LME is no longer in operation or if the price of lead is not calculated on behalf of or confirmed, acknowledged by, or quoted by the LME, the Quarterly Average Lead Price shall be determined in the manner endorsed by the LME, failing which the Quarterly Average Lead Price will be determined by reference to the price of lead on a commodity exchange mutually acceptable to Grantor and Holder, acting reasonably.

"**Quarterly Average Other Metal Price**" means, with respect to any metal other than Refined Silver, zinc or lead, for any given calendar quarter, the quarterly average of the daily price of the applicable measure for such metal as quoted on a commodity exchange mutually acceptable to Grantor and Holder, acting reasonably.

"**Quarterly Average Silver Price**" means, for any given calendar quarter, the quarterly average of the daily per ounce LBMA Silver Price as quoted in US dollars by the LBMA for Refined Silver for such quarter, calculated by dividing the sum of all quotations during such quarter by the number of such quotations; provided that, if for any reason the LBMA is no longer in operation or if the price of Refined Silver is not calculated on behalf of or confirmed, acknowledged by, or quoted by the LBMA, the Quarterly Average Silver Price shall be determined in the manner endorsed by the LBMA, failing which the Quarterly Average Silver Price will be determined by reference to the price of Refined Silver on a commodity exchange mutually acceptable to Grantor and Holder, acting reasonably.

"**Quarterly Average Zinc Price**" means, for any given calendar quarter, the quarterly average of the daily per tonne cash settlement price as quoted in US dollars by the LME for zinc for such quarter, calculated by dividing the sum of all quotations during such quarter by the number of such quotations; provided that, if for any reason the LME is no longer in operation or if the price of zinc is not calculated on behalf of or confirmed, acknowledged by, or quoted by the LME, the Quarterly Average Zinc Price shall be determined in the manner endorsed by the LME, failing which the Quarterly Average Zinc Price will be determined by reference to the price of zinc on a commodity exchange mutually acceptable to Grantor and Holder, acting reasonably.

"**Quarterly Production**" means with respect to the amount of silver, zinc, lead or other Product produced in any calendar quarter, the aggregate of the gross number of (i) ounces of silver, (ii) pounds of zinc, (iii) pounds of lead, plus (iv) other measure that is the market norm for any other Product, in each case beneficiated by the Grantor or credited by a Processor during that calendar quarter, as evidenced by (if applicable) a metals return statement received from the Processor with respect to such Product, provided that if delivery and payment are not made in the same calendar quarter, the Products shall be deemed to be part of the Quarterly Production in the calendar quarter in which payment or credit occurs.

"**Real Property**" means the Property <u>and all other,</u> <u>including but not limited to all</u> interests in and rights to property described in Schedule "<u>B" and Schedule</u> <u>"</u>F".<u>, and all other real property interests, land (surface and access rights) and similar rights and interests forming part of the Mine or related to the Mine, now or hereafter owned, held, under option or under application by an Obligor, whether created privately or by action of</u> 

<u>any Governmental Authority.</u>

"**Refined Silver**" means marketable metal bearing material in the form of silver bars or coins that is refined by an accredited refiner that is on the LBMA's Good Delivery List to a minimum 999 parts per 1,000 fine silver and that otherwise meets the LBMA's Good Delivery Rules.

"**Residual Claims**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Mining Rights and other rights and interests identified in Schedule "B" under
 the heading "Residual Claims" and any other Mining Rights, rights or interests
 forming part thereof from time to time whether now owned or hereafter acquired; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>any and all other Mining Rights, rights or interests from time to time forming part of the Property and not constituting Primary Claims or GGS Claims, whether now owned or hereafter acquired; and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>(b)</u> any present or
 future renewals, extensions, modifications, divisions, substitutions, amalgamations, successions,
 derivations, severances, conversions, demise to lease, renaming or variation of any of the
 Mining Rights or other rights and interests referenced in paragraph (a) of this definition.

but for greater certainty excludes any Primary Claims or GGS Claims.

"**Residual Royalty**" has the meaning ascribed to such term in Section 2.2(c).

"**Royalty**" means, collectively, the Primary Royalty, the GGS Royalty and the Residual Royalty.

"**Royalty Registration**" has the meaning set out in Section 6.2.

"**Sale**" or "**Sold**" means the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfer
 of Products from Grantor (or any other Bunker Hill Entity) to a buyer (and includes a transfer
 of Products transported off the Real Property that such Bunker Hill Entity elects to have
 credited to or held for its account by a Processor), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Insurable Loss prior to any transfer or deemed transfer of title to Products.

<u>"**Second Amendment Date**" means June 5, 2025.</u>

"**SPRSR**" has the meaning set out in the definition of Exclusivity Agreement.

"**Stream**" has the meaning set out in the Royalty Convertible Debenture.

"**subsidiary**" means a Person that is controlled directly or indirectly by another Person and includes a subsidiary of that subsidiary.

"**Subsidiary Disposition**" has the meaning set out in Section 10.4. "**Subsidiary Transferee**" has the meaning set out in Section 10.4(a).

"**Taxes**" means all present or future taxes, rates, levies, royalties, imposts, duties, deductions, assessments, withholdings, dues, fees and other charges of any nature, including any interest, fines, penalties or other liabilities with respect thereto, imposed, levied, collected, withheld or assessed by any Governmental Authority (of any jurisdiction), and whether disputed or not, including sales or value-added taxes, goods and services taxes, stamp taxes and royalties.

"**Transfer**" means to sell, assign, transfer, convey, lease, license or otherwise dispose.

"**Ultimate Parent Company**" in relation to a Person, means the Person which is not itself subject to control, but which has control of that first Person, either directly or through a chain of Persons each of which has control over the next Person in the chain.

"**US GAAP**" means in relation to any Person at any time, accounting principles generally accepted in the United States applied on a basis consistent with the most recent audited financial statements of such Person and, if applicable, its consolidated affiliates (except for changes disclosed in the notes to such financial statements).

1.2 **Joint and Several Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 obligations designated as being obligations of Grantor or BHMC or either one of them, including
 all representations and warranties, covenants and payment obligations of Grantor and BHMC,
 are joint and several obligations of each of them and each <u>of each</u> Obligor will, as a separate and independent obligation, perform
 each such obligation as primary obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Obligor irrevocably waives any claim, remedy or other right which it may now have or hereafter
 acquire against the other that arises from the existence, payment, performance or enforcement
 of their respective obligations under this Agreement, including any right of subrogation,
 reimbursement, exoneration, indemnification or any right to participate in any claim or remedy
 of Holder against Grantor or BHMC, as applicable, or its property and assets, whether or
 not such claim, remedy or other right is reduced to judgment or is liquidated, unliquidated,
 fixed, contingent, matured, unmatured, deposited, undisputed, secured or unsecured and whether
 or not such claim, remedy or other right arises in equity or under contract, statute or common
 law.

1.3 **Schedules** 

The following schedules are attached to and incorporated in this Agreement by this reference:

Schedule "A" – Maps of Property

Schedule "B" – Description of Mining Rights

Schedule "C" – Permitted Encumbrances

Schedule "D" – Representations and Warranties of Grantor and BHMC

Schedule "E" – Representations and Warranties of Holder

Schedule "F" – Legal Description of Real Property

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| | |
|:---|:---|
| **2** | **ROYALTIES** |

---

2.1 **Grant of Gross Revenue Royalty**. In consideration of the purchase price of US$8,000,000.00,
 paid by way of credit applied by Holder against the concurrent repayment in full of all principal
 outstanding under the Royalty Convertible Note, Grantor hereby creates, grants, bargains,
 conveys, transfers, and reserves for the benefit of Holder, its successors and permitted
 assigns, the Royalty in all Products, and grants and covenants to pay to Holder, the Royalty
 on all Products that are Sold on and subject to the terms of this Agreement. The Royalty
 shall be a non-administrative, non-executive and non-working royalty.

2.2 **Royalty Rates**. The amount of the Royalty payable by Grantor to Holder pursuant to this Agreement
 equals the aggregate amount of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 1.85%
 of Gross Revenues of all Products that are mined, produced, extracted, processed or otherwise
 recovered from the Primary Claims forming part of the Property (the "**Primary Royalty** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 1.85%
 of Gross Revenues of all Products that are mined, produced, extracted, processed or otherwise
 recovered from the GGS Claims forming part of the Property (the "**GGS Royalty** ");
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 1.35 <u>1.85</u> %
 of Gross Revenues of all Products that are mined, produced, extracted, processed or otherwise
 recovered from the Residual Claims forming part of the Property (the "**Residual Royalty** "),

in each case, to the extent Payable.

2.3 **Calculation of Royalty**. In no event shall any cost of mining, milling, leaching, smelting, refitting,
 concentrating or any other processing costs, or any cost associated with transportation,
 insurance, storage, selling, marketing, brokerage, Taxes or royalties, incurred, payable
 or paid by any Bunker Hill Entity be deducted from the calculation of Gross Revenue.

&nbsp;&nbsp;&nbsp;&nbsp;2.4 **Real Property Interest in the Property**. The Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 the Royalty is a real property right and creates and constitutes the grant of a vested present
 interest in the Real Property and covenant that runs with the land and all successions thereof,
 overriding and prior to all other present or future interests in the Real Property to the
 extent permitted by law, whether created privately or through government action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holder
 shall have all of the rights and incidents of ownership of a non-participating royalty owner,
 which incidents are covenants running with the Real Property and include: (a) the ownership
 of the non-participating royalty interests which are interests in real property; (b) the
 right to receive, free of expenses, the Royalty payments; and (c) the obligation of Grantor,
 its successors or assigns, to make the Royalty payments, which obligation shall run with
 the land. Holder, however, shall not have or claim any incidents of the fee simple ownership
 in the Real Property, which incidents include: (i) the right to enter, explore, develop or
 mine the claims; (ii) the right to execute leases, operating agreements, or similar instruments
 with respect to the Real Property; (iii) the right to share in bonus payments made as the
 consideration for the execution of leases or other instruments; and (iv) except as expressly
 provided herein, the right to participate in any manner in the decisions concerning, or the
 conduct of, operations on the Real Property. Grantor shall have sole responsibility for compliance
 with Applicable Law respecting existing conditions and its operations and activities on or
 relating to the Real Property. Holder shall not otherwise be considered an owner, operator,
 or arranger with respect to any and all actions, claims, costs, damages, expenses (including
 attorneys' fees and legal costs), liabilities and responsibilities arising from or
 relating to activities or operations on or relating to the Real Property, including without
 limitation those under Applicable Law intended to protect or preserve the environment or
 reclaim the Real Property, to the extent raised against Holder based on this Agreement or
 Holder's ownership of and interest in the Royalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Holder's
 interest in Products on account of the Royalty shall become the property of Holder at the
 time of production of the Products and shall be held by Grantor in trust for Holder until
 the Royalty in respect of such Products are paid to Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Royalty will run with the title to the Real Property, bind the successors and permitted assigns
 of the Real Property and any disposition or transfer of the Real Property and all subsequent
 owners of and successors in title to the Real Property, or any interest therein, shall be
 subject to the Royalty.

2.5 **Royalty Application**. The Royalty shall apply to 100% of the interests of Grantor in the Property
 and all Products that are mined, produced, extracted, processed or otherwise recovered from
 the Property, in each case, to the extent Payable.

2.6 **Detailed Statement**. All Royalty payments shall be accompanied by detailed statements (including
 metals return statements, Processor preliminary/provisional reports and Processor final reports
 as soon as available) explaining the calculation thereof with any available settlement sheets
 from the Processor, and shall also include the following information: (i) settlement ounces,
 pounds or other quantities; (ii) the prices used for the calculation of the Royalty; (iii)
 any other pertinent information in sufficient detail to explain the calculation of the payment;
 and (iv) such other information as Holder may reasonably request.

2.7 **Royalty Payments**. Royalty payments will be due and payable quarterly on the tenth (10<sup>th</sup>)
 Business Day following the end of <u>each calendar quarter commencing with</u> the calendar quarter in which Grantor first receives <u>, or is entitled to receive (prior to giving effect to any set off by the Processor),</u> payment for the Sale of Product. Royalty payments will be paid
 in cash in US dollars by way of direct wire transfer to the account of Holder as Holder shall
 designate from time to time for this purpose.

2.8 **No Obligation**. Notwithstanding the terms of any other provisions herein, Grantor shall not
 be obligated to make any Royalty payment before Grantor has received or been credited with
 payment or other consideration for the sale or other disposition of, the Products upon which
 such Royalty payment is calculated, unless such failure to receive or be credited for payment
 in cash by Grantor or any of its Affiliates is due to intentional delay by Grantor or any
 of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;2.9 **No Tax Deduction**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 payments of any kind made in respect of this Agreement (in respect of the Royalty, interest
 or otherwise) shall be made in full without set-off or counterclaim, and free of and without
 deduction or withholding for any Taxes, provided that if an Obligor shall be required by
 law to deduct or withhold any Taxes from or in respect of any payment or sum payable to Holder,
 the payment or sum deliverable or payable shall be increased as may be necessary ()"**Additional Amounts**") so that after making all required deductions or withholdings (including
 deductions or withholdings applicable to additional sums payable under this Section 2.9),
 Holder receives an amount equal to the sum it would have received if no deduction or withholding
 had been made and the Obligors shall pay the full amount deducted to the relevant taxation
 or other authority in accordance with Applicable Law; <u>provided</u> that, no Additional
 Amounts with respect to any deduction or withholding for any U.S. federal Taxes imposed on
 amounts payable to Holder pursuant to a law in effect on the date on which such Holder first
 became a party hereto will be payable under this Section 2.9 to a Holder that acquired its
 interest in the Royalty pursuant to any assignment or transfer of the Royalty, in whole or
 in part, unless such Additional Amounts with respect to any such deduction or withholding
 for such Taxes would have been payable hereunder to such Holder's assignor or transferor
 immediately before such Holder became a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 Holder becomes liable for any Tax, other than Excluded Taxes, imposed on any deliveries or
 payments under this Agreement, Grantor and BHMC shall jointly and severally agree to indemnify
 Holder for such Tax, and the indemnity payment shall be increased as necessary so that after
 the imposition of any Tax on the indemnity payment (including Tax in respect of any such
 increase in the indemnity payment), Holder shall receive the full amount of Taxes for which
 it is liable, whether or not such Taxes were correctly or legally imposed or asserted by
 the relevant Governmental Authority. A certificate as to the amount of such payment or liability
 delivered to Grantor by Holder shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 Holder determines, in its sole discretion, that it has received a refund of any Taxes as
 to which it has been indemnified by Grantor or with respect to which Grantor has paid Additional
 Amounts pursuant to this Section or that, because of the payment of such Taxes, it has benefited
 from a reduction in Excluded Taxes otherwise payable by it, it shall pay to Grantor an amount
 equal to such refund or reduction (but only to the extent of indemnity payments made, or
 Additional Amounts paid, by Grantor under this Section with respect to the Taxes giving rise
 to such refund or reduction), net of all reasonable out-of-pocket expenses of Holder, as
 the case may be, and without interest. Upon the reasonable request of Holder, Grantor shall
 repay the amount paid over to Grantor (plus any penalties, interest or other charges imposed
 by the relevant Governmental Authority) to Holder if Holder is required to repay such refund
 or reduction to such Governmental Authority. This paragraph shall not be construed to require
 Holder to make available its tax returns (or any other information relating to its Taxes
 that it deems confidential) to Grantor or any other person, to arrange its affairs in any
 particular manner or to claim any available refund or reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 Holder is entitled to an exemption from or reduction of Taxes under the law of the jurisdiction
 in which Grantor is resident for tax purposes, or any treaty to which such jurisdiction is
 a party, with respect to any payments made in respect of this Agreement, Holder shall, at
 the request of Grantor, deliver to Grantor, at the time or times prescribed by Applicable
 Law or reasonably requested by Grantor, such properly completed and executed documentation
 prescribed by Applicable Law (if any) as will permit such payments to be made without withholding
 or at a reduced rate of withholding Taxes. In addition, Holder, if requested by Grantor,
 shall deliver such other documentation prescribed by Applicable Law (if any) or reasonably
 requested by Grantor as will enable Grantor to determine whether or not Holder is subject
 to withholding or information reporting requirements. Notwithstanding the foregoing, Holder
 shall not be required to deliver any documentation pursuant to this Section that Holder is
 not legally able to deliver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Following
 the execution and delivery of this Agreement, each of the Parties will co-operate reasonably
 with the other Parties in implementing any proposed adjustments to the structure or terms
 of this Agreement to facilitate tax planning, provided that such adjustments have no material
 adverse impact on the non-proposing Party and that the costs of such adjustments shall be
 paid for by the proposing Party.

2.10 **Hedging Transactions, Futures, Options and Other Trading**. No profits or losses resulting from
 any commodity futures trading, forward sale and/or purchase contracts, spot-deferred contracts,
 option contracts or trading, metals trading, precious metal loans, fixed price offtake agreements
 or other exchange, swap, forward, cap, collar, option or other hedging or similar agreement
 or any combination thereof, or any other similar transactions, by Grantor shall be subject
 to the Royalty and all such transactions by Grantor, and any profits or losses associated
 therewith, shall be solely for the account of Grantor engaging in such transactions and shall
 not be included in the calculation of the Royalty.

2.11 **Default and Interest**. If any payment required to be made by a Party hereunder is not made when
 due, then all unpaid amounts shall bear interest at a rate equal to Base Rate plus 5% per
 annum, compounded monthly on the last day of each month until such payment and accrued interest
 is paid in full. The rate of interest payable on such late payments will change simultaneously
 with changes in the Base Rate from time to time.

---

| | |
|:---|:---|
| **3** | **PERPETUITY** |

---

The Royalty shall be perpetual as shall be permitted by Applicable Law. If a court of competent jurisdiction determines that any provision hereof violates a legal rule against perpetuities, then such provision shall automatically be revised and reformed as necessary in order for the Royalty to terminate on the end of the maximum time permitted under Applicable Law for the Royalty to be valid.

---

| | |
|:---|:---|
| **4** | **MAINTENANCE OF PROPERTY AND OPERATIONS** |

---

4.1 **Maintenance of Existence and Property**. Grantor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at
 all times do or cause to be done all things necessary to maintain its corporate or other
 entity existence and to obtain and, once obtained, maintain all Authorizations necessary
 to carry on its business and own its assets in the State of Idaho and each other jurisdiction
 in which it carries on business or in which its assets are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at
 all times door cause to be done all things necessary to maintain the Real Property in good
 standing, including paying or causing to be paid all Taxes owing in respect of the Project
 Assets, performing or causing to be performed all required assessment work thereon, paying
 or causing to be paid all maintenance fees and other amounts owing in respect of the Project
 Assets, paying or causing to be paid all rents and other payments in respect of leased properties
 forming apart thereof and otherwise maintaining the Real Property in accordance with Applicable
 Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not
 cause or allow to be registered or otherwise permit to exist any Encumbrance on the Project
 Assets, other than a Permitted Encumbrance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) upon
 Grantor entering into any Permitted Secured Debt, shall cause the lender(s) or counterparties,
 as applicable, to deliver to Holder a letter addressed to Holder which acknowledges the intention
 and agreement between the Parties that the Royalty constitutes a real property interest in
 the Real Property and a covenant running with the land and burdening the Real Property.

4.2 **Management of Mining Operations**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the provisions of this Section 4, all decisions concerning methods, the extent, times,
 procedures and techniques of any exploration, construction, development and mining operations
 related to the Property and the Project Assets shall be made by Grantor in its sole and absolute
 discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Grantor
 shall ensure that all exploration, construction, development and mining operations and other
 activities in respect of the Property and the Project Assets will be performed in a commercially
 reasonable manner in compliance with Applicable Laws, Authorizations, Other Rights and in
 accordance with good mining, processing, engineering and environmental practices prevailing
 in the industry and on the same basis as if Grantor retained full economic interest in the
 Products. Grantor shall use all commercially reasonable and lawful efforts to obtain and,
 once obtained, maintain all Authorizations necessary to commence and continue development
 and mining operations on the Property. Grantor shall use all commercially reasonable efforts
 to ensure that all Products from the Property will be processed in a prompt and timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Grantors
 shall use all commercially reasonable and lawful efforts to maintain and apply for and obtain
 any and all available renewals and extensions of the Property, Authorizations, Other Rights
 and any and all other necessary rights in respect of the Mine and, other than as expressly
 permitted by this Agreement, not abandon any of the Mine or allow or permit any of the Property,
 Authorizations, Other Rights or such other necessary rights referred to above to terminate
 or lapse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Grantor
 shall comply, and shall cause all operations and activities conducted at, on or in respect
 of the Mine to comply, with all Applicable Laws, all Authorizations and the terms and conditions
 of Other Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Grantor
 shall timely and fully perform, pay and observe, or cause to be performed, observed and paid,
 any and all liabilities and obligations required by any Applicable Laws, Authorizations or
 the terms and conditions of Other Rights or by any Governmental Authority for the reclamation,
 restoration or closure of any Project Asset or land used in connection with Grantor's
 operations or activities at, on or in respect of the Mine or required under this Agreement.

4.3 **Offtake** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Grantor
 shall ensure that, when Products that contain any marketable metal are to be Sold or otherwise
 disposed of, all such Products are sold by Grantor to a Processor pursuant to an Offtake
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Grantor
 shall ensure that all Offtake Agreements entered into by Grantor (or any other Bunker Hill
 Entity) shall be on commercially reasonable arm's length terms and conditions for concentrates
 similar in make-up and quality to those derived from the Products, and shall include (i)
 industry standard reporting and payment settlement protocols, (ii) provisions that require
 the delivery of metals return statements, provisional and final settlement sheets and invoices
 and certificates for final shipped moisture content and analyses and assays evidencing the
 amount of Products, and (iii) provisions that require appropriate and separate sampling,
 assaying, weighing and moisture determination procedures so that Grantor and the applicable
 Processor can determine the grade or content of silver, lead, zinc and other metals in each
 delivery to a Processor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Grantor shall give Holder at least ten (10) Business Days prior written notice of the terms of any proposed amendment to any Offtake Agreement with any Related Party (or any new offtake agreement with a Related Party). If Holder, acting reasonably, believes that the proposed amended terms (or the proposed new agreement) do not comply with this Section 4.3(b), Holder may, by written notice to Grantor within five (5) Business Days of receipt of notice of the proposed amendment (or new offtake agreement), request that Grantor refer the proposed amended terms (or the proposed new agreement) to Exen Consulting Services (or such other independent offtake consultant agreed by Grantor and Holder) (the "**Consultant**") to render an opinion on whether such terms comply with this Section 4.3(b) within 14 days of such referral. If the Consultant determines that the proposed amendments (or the new offtake agreement) complies with Section 4.3(b), or, despite the commercially reasonable efforts of the Grantor, the Consultant fails to render an opinion within the timeline referred to above, the Grantor shall be entitled to proceed to execute the proposed amendments (or the new offtake agreement). If Grantor and Holder do not accept the opinion as a final determination of whether this Section 4.3(b) has been complied with then either one of them may refer the dispute for resolution pursuant to Article 11. For the purposes of this Section 4.3(c), "**Related Party**</u> " <u>shall mean any entity which, together with its Affiliates, holds more than 20% of the equity capital of the Grantor or any of its Affiliates.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (c) Grantor shall deliver
 all Products that include marketable metal to each Processor in such quantity, description
 and amounts and at such times and places as required under and in accordance with each Offtake
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (d) Grantor shall promptly
 provide to Holder confirmation of the terms of any such Offtake Agreement and, within 15
 days after the execution thereof by each of the parties thereto, Grantor shall provide to
 Holder a final signed copy of such Offtake Agreement <u>and use its commercially reasonable efforts to avoid any requirement for the redaction of any part thereof, failing which, such Offtake Agreement shall be provided subject to the redactions required by any such Offtake Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(f)</u> (e) Grantor shall take
 all commercially reasonable steps to enforce its rights and remedies under each Offtake Agreement
 with respect to any breaches of the terms thereof relating to the timing and amount of Processor
 settlements. Grantor shall notify Holder in writing when any dispute in respect of a material
 matter arising out of or in connection with any Offtake Agreement is commenced and shall
 provide Holder with timely updates of the status of any such dispute and the final decision
 and award of the court or arbitration panel with respect to such dispute, as the case may
 be.

4.4 **Temporary Stockpiling.** Grantor shall be entitled to stockpile, store or place ores or mined rock
 containing Products produced from the Property in any locations owned, leased or otherwise
 controlled by Grantor or any other Bunker Hill Entity or any Processor of such Products on
 or off the Real Property as reasonably required in connection with the Grantor's operation
 of the Mine and provided the same are appropriately secured from loss, theft, tampering and
 contamination.

4.5 **Tailings**.
 All tailings, residues, waste rock, spoiled leach materials, bulk samples, and other materials
 (collectively the "**Materials**") resulting from Grantor's operations
 and activities on the Real Property shall be the sole property of Grantor but shall remain
 subject to the Royalty should the Materials be processed or reprocessed, as the case may
 be, in the future and result in the production and sale or other disposition of Products.
 Notwithstanding the foregoing, Grantor shall have the right to dispose of Materials from
 the Property on or off of the Real Property and to commingle the same (as provided herein)
 with materials from other properties. In the event Materials from the Property are processed
 or reprocessed, as the case may be, and regardless of where such processing or reprocessing
 occurs, the Royalty payable thereon shall be determined on a pro rata basis as determined
 by using the best engineering and technical practices then available **.** 

4.6 **Commingling**.
 The Grantor and BHMC shall ensure that no Bunker Hill Entity or other Person processes other
 minerals through the Mine's processing plant, or commingles such other minerals with,
 Products mined, produced, extracted or otherwise recovered from the Property, unless (i)
 the applicable Bunker Hill Entity has adopted and employs reasonable practices and procedures
 for weighing, determining moisture content, sampling and assaying and determining recovery
 factors (a "**Commingling Plan** "), such Commingling Plan to ensure the division
 of other minerals and Products for the purpose of determining the quantum of Products; (ii)
 Holder shall not be disadvantaged as a result of the processing of other minerals in priority
 to, or concurrently with, the Products, or the Parties, acting reasonably, shall have entered
 into an agreement to compensate Holder for any such disadvantage providing for a commensurate
 royalty or stream interest in such other minerals or another form of compensation (a "**Compensation Agreement** "); (iii) Holder has approved the Commingling Plan and, if applicable,
 the Compensation Agreement, such approval not to be unreasonably withheld; (iv) the Grantor
 and BHMC shall keep all books, records, data, information required by the Commingling Plan
 for the same period of time as is required by the applicable taxation authorities for the
 retention of financial records; and (v) the Grantor and BHMC shall keep all samples required
 by the Commingling Plan in accordance with Good Practice Standards. The Grantor and BHMC
 agree to revisit the Commingling Plan and the Compensation Agreement if Holder determines
 that circumstances have changed, in order to ensure that the Commingling Plan continues to
 provide for the accurate measurement of Products and the Compensation Agreement reasonably
 compensates Holder for any disadvantage. For greater certainty, the foregoing does not apply
 to the handling of Products by a Processor in accordance with its standard operating procedures
 and good industry practices.

4.7 **Sampling, Assaying, Evaluating and Testing**. Grantor shall have the right to mine and remove small
 amounts of ores, minerals and mineral resources constituting Products as is reasonably necessary
 for sampling, assaying, metallurgical testing and evaluation of the minerals' potential
 of the Property and Holder shall not be entitled to a Royalty payment in respect of any of
 such Products.

4.8 **Tolling and Bulk Sample**. Grantor shall not process or toll treat Products at any processing plant
 other than the Mine's processing plant except (i) during such time as the Mine's
 processing plant is being commissioned, and (ii) so long as no minerals are commingled with
 Products mined, produced, extracted or otherwise recovered from the Property, except in accordance
 with Section 4.6. The Grantor and such other tolling processor shall enter into a toll mining
 contract with respect to such tolling and keep all books, records, data, information and
 samples, in each case, in accordance with good mining and processing practices prevailing
 in the mining industry in the United States. The Royalty shall be payable on all such toll
 treated Products, bulk samples and other production where Grantor receives any proceeds from
 any Processor or other purchaser.

4.9 **Expropriation**.
 In the event that the Real Property, or any interest thereof, is affected by an expropriation
 or notice or advice from any Governmental Authority of an intention to expropriate or a sale
 in lieu of expropriation, or any intention from any Governmental Authority to revoke, limit,
 suspend or refuse to renew any Mining Right, Grantor shall notify Holder in writing within
 five (5) Business Days after Grantor becomes aware of any such expropriation, notice or advice
 from any Governmental Authority. Unless Grantor, after having informed Holder of its intention
 to do so, contests forthwith upon receipt of such notice and in order to protect its own
 and Holder's interests in the Real Property, Holder shall have the right (on advance
 notice to Grantor and if required by Grantor, in conjunction with Grantor) to make representations
 before any Governmental Authority in order to protect Holder's interest in the Real
 Property. In the event that a Bunker Hill Entity or any Affiliate thereof receives directly
 or indirectly any payment, distribution or other valuable compensation as a consequence of
 or in respect of any act of expropriation relating to the Project Assets or the Bunker Hill
 Entities (to the extent of their interest in the Project Assets), Grantor and BHMC shall
 pay, or cause such other Bunker Hill Entity to pay, to Holder its proportionate share of
 such compensation (net of the reasonable fees and third party out-of-pocket expenses incurred
 by such Bunker Hill Entity in connection with the claim giving rise to the expropriation
 compensation) within 10 Business Days of receipt thereof.

4.10 **Abandonment**.
 At any time and from time to time, Grantor may elect to abandon, relinquish, allow to be
 forfeited or terminate or not renew its interest (collectively, the "**Abandonment** ")
 in all or any part or parts of the Real Property by giving notice to Holder of such election
 not less than ninety (90) days prior to the proposed date of Abandonment. The notice shall
 identify the portion of the Real Property which is proposed to be Abandoned. Upon expiry
 of such 90-day period, Grantor's obligations hereunder in respect of such Abandoned
 interest shall terminate and thereafter the term "Property" will apply to those
 interests comprising the Property which have not been Abandoned by Grantor. In such event,
 if requested by Holder, Grantor shall execute documents transferring to Holder title to any
 part or parts of the Property which Grantor is Abandoning for and in consideration of the
 sum of One Dollar (U.S$1.00); however, such documents shall not contain representations,
 warranties or indemnities from Grantor and Grantor must obtain all approvals and consents
 required under Applicable Law or by any third Person or Governmental Authority.

4.11 **Reacquired Interest**. In the event Grantor or any Affiliate or any successor or assignee of it surrenders,
 allows to lapse or otherwise terminates its interest in any portion or all the Property and
 within a period of five (5) years from the date of such surrender, lapse or other termination,
 reacquires a direct or indirect interest in respect of the area covered by the former property,
 then the Royalty shall apply to such interest so reacquired. Grantor shall give written notice
 to Holder within ten (10) days of any acquisition or reacquisition thereof.

4.12 **Insurance.** Grantor will obtain and maintain with reputable insurance companies insurance in good
 standing with respect to the Project Assets and the operations conducted on and in respect
 of the Project Assets against such casualties, losses and contingencies and of such types
 and in such amounts as is customary for comparable projects (including insurance against
 Insurable Loss of Products prior to their Sale with Holder as a named insured). Where Grantor
 or any other Bunker Hill Entity receives payment under an insurance policy in respect of
 the Project Assets as a result of an event that does or is reasonably likely to materially
 reduce the amount of silver, lead or zinc produced from the Property in any one or more years,
 the Grantor shall either (i) use the such amount of the insurance payment as is necessary
 to fully rebuild or repair the Project Assets or any part thereof damaged as a result of
 the foregoing event, or (ii) pay to Holder its proportionate share of such insurance payment
 (net of the reasonable fees and third party out-of-pocket expenses incurred by such Bunker
 Hill Entity in connection with the claim giving rise to the insurance payment) within 10
 Business Days of receipt thereof.

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| | |
|:---|:---|
| **5** | **INDEMNIFICATION** |

---

5.1 **Responsibility for Property.** Grantor shall be responsible for all costs, fines, damages, judgments,
 penalties or responsibilities (environmental and otherwise) in connection with the Real Property,
 its ownership and use of the Property and the other Project Assets and for any and all work
 performed in and on the Real Property.

5.2 **Indemnity by Grantor and BHMC.** Each of Grantor and BHMC jointly and severally agree to indemnify
 and save harmless Holder, its Affiliates and the directors, officers, employees and agents
 thereof from any Losses suffered or incurred by any of them as a result of, in respect of,
 or arising as a consequent of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 breach or inaccuracy of any representation or warranty of Grantor or BHMC contained in this
 Agreement, including the representations and warranties set out in Schedule "D";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 breach, including breach due to non-performance, by Grantor or BHMC of any covenant or agreement
 to be performed by either of them contained in this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 claim brought by any third party against any of Holder, any of its Affiliates and any director,
 officer, employee or agent thereof in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 failure by any Bunker Hill Entity to timely and fully perform all reclamation, restoration,
 waste disposal or other environmental or closure obligations with respect to the Real Property
 required by law or regulation, the terms and conditions of applicable licenses or by any
 Governmental Authority or otherwise to prevent liability in respect of all activities on
 the Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 failure or omission by Grantor which results in a violation of or liability under any present
 or future Applicable Law, Authorization and other regulatory requirement, policy or guideline
 in respect of all activities on the Real Property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 claims by third parties against Holder in respect of property damage or injury or death to
 persons arising out of Grantor's activities on or with respect to the Real Property
 (but only to the extent that the gross negligence of any indemnified party or its authorized
 representatives did not cause or contribute to such property damage or injury or death).

5.3 **Survival.** This Section 5 shall survive termination of this Agreement.

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| | |
|:---|:---|
| **6** | **REGISTRATION; FURTHER ASSURANCES** |

---

6.1 **Real Property Interest**. The Parties intend that the Royalty will constitute a burden on and
 covenant that runs with the Real Property and an interest in the Mining Rights forming part
 of the Real Property and the Products (while contained in the Property) and all successions
 thereof or leases or tenures which may replace them, whether created privately or through
 governmental action, and including any leasehold interest.

6.2 **Registration of Agreement.** The Parties agree that this Agreement or a notice of this Agreement (and
 any other similar document or documents as Holder may reasonably request that will have the
 effect of giving notice of the existence of the Royalty to third Persons, protecting Holders
 right to receive the Royalty, and securing payment of the Royalty and the covenants and obligations
 of Grantor under this Agreement) will be registered and recorded against the Real Property
 including the Mining Rights comprising the Property and any surface rights or other rights
 and interests relating thereto (the "**Royalty Registration** "), as applicable,
 with the appropriate public registry. The Royalty Registration shall rank in priority to
 any other royalties, streams of any nature or kind or similar interests in respect of the
 Real Property granted to other Persons, which shall be subordinate to the Royalty.

6.3 **Further Assurances**. Each of Grantor and BHMC covenants and agrees that it shall co-operate with
 the registration of the Royalty Registration and provide any required written consent or
 signature to any documents, deeds, conveyances and other instruments of further assurance
 which may be reasonably necessary or advisable to accomplish such registration in order to
 ensure that any successor or assignee or other acquiror of the Real Property, or any interest
 therein, shall have public notice of the terms of this Agreement and in order to assist Holder
 in its efforts to register a restriction on title of the Real Property restricting the sale,
 assignment, transfer, conveyance, lease, license, charge, pledge, hypothecation or other
 disposition of the Real Property, in whole or in part, without compliance with the terms
 of this Agreement.

6.4 **Costs and Fees**. All costs and expenses incurred by Holder associated with the transactions
 contemplated herein, including costs and expenses related to the documentation or for the
 registration of the Royalty Registration or any modification of the Royalty Registration
 that may be required from time to time, will be for the account of Grantor.

6.5 **Additional Mining Rights**. Grantor shall promptly notify Holder in writing of (i) any additional Mining Rights in respect of the Primary Claims, the GGS Claims or the Residual
 Claims or any renewal, replacements, substitutions or modifications of any such Mining Rights,
 or any new or complementing Mining Rights derived from the current Mining Rights which form
 part of the Property (that is, such Mining Rights pertain to the Primary Claims, the GGS
 Claims or the Residual Claims) or any extension, replacements, substitutions or modifications
 of contractual rights included in the Property from time to time, including as a result of
 conversion of Mining Rights included in the Property. <u>Grantor shall promptly notify Holder in writing of the acquisition of any Real Property that is not described in Schedule "F" or any Mining Rights that are not described in Schedule "B".</u> 

6.6 **Insolvency.** The obligations of Grantor under this Agreement will not be discharged, prejudiced or
 affected by the occurrence of an Insolvency Event affecting any Bunker Hill Entity. Holder
 will not be required to commence or exhaust its remedies or exercise its rights against any
 Bunker Hill Entity before exercising its rights or remedies against any other Bunker Hill
 Entity.

---

| | |
|:---|:---|
| **7** | **REPORTING, RECORDS AND AUDITS** |

---

7.1 **Reporting.** Grantor recognizes Holder needs to have a complete understanding of the Property. Regular
 information to be provided by Grantor to Holder shall include, but not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sufficient
 documentation to determine the Royalty, including refining invoices, weights, assays and
 other Offtake Sales Documents, including all documentation prepared by or sent to the Processor
 and, as applicable, any umpire, in connection with every shipment of Products to a Processor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) monthly,
 quarterly and annual customary operational, exploration and financial reports, to be provided
 within ten (10) Business Days of completion, provided that monthly reports are only to be
 provided if, as and when prepared by or on behalf of an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly
 upon preparation thereof, reasonably detailed environmental reports, reports on safety and
 community matters, operational budgets, annual production forecast, and life of mine operating
 plans (and notice of any material change to the life of mine operating plan promptly following
 such change);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) annual
 reserve and resource reports prepared in accordance with NI 43-101 (as and when prepared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) annual
 reports detailing reconciliation of resource model, mine grade control and process facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 other material engineering or economic studies (as and when prepared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) on
 an annual basis <u>,</u> <u>within five (5) Business Days of the end of each six month period ending June 30 and December 31 of each calendar year, a</u> list
 of the Mining Rights underlying the Property or any changes from the prior <u>year's</u> list <u>delivered in accordance with this Section 7.1(g)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) copies
 of all material contracts, studies or reports relating to the Real Property, the Mine or
 the Products that may be reasonably requested by Holder and promptly following the receipt
 thereof copies of any notice of default, termination or enforcement action under any such
 contract or occurrence of any other material event in respect of the Real Property or Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notice
 of any other material event concerning the Mine, the Project Assets, Grantor or BHMC including
 any force majeure, labour or civil disruption, actual or threatened material legal action,
 actual or threatened withdrawal of any material permit or third-party approval, any material
 human rights, community, health and safety, other social, animal welfare, conservation, other
 environmental, or corporate governance controversies or initiatives or any change in law
 materially impacting the Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) within
 90 days of the end of each fiscal year and to the extent prepared by management, Grantor
 shall deliver to Holder its unaudited, unconsolidated financial statements and to the extent
 prepared and delivered to any lender or other third party, its audited unconsolidated financial
 statements.

To the extent any of the foregoing information is published publicly on Grantor's SEDAR<u>+</u> profile or website, such publication shall constitute provision of such information to Holder.

7.2 **Records and Audits** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Grantor
 agrees to keep accurate records showing the amount of recovered Products produced by it from
 the Property. All Products produced from the Property shall be kept separate and distinct
 from minerals and/or mineral products produced by Grantor from properties other than the
 Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holder
 shall have the right, upon reasonable advance written notice to Grantor and/or BHMC, no more
 than once per calendar year, to inspect and perform audits of all books, records, financial
 data, technical data, information and materials relevant to the production and stockpiling
 of Products, the calculation and payment of the Royalty (subject to Section 7.3(b)), and/or
 ensuring compliance with the obligations, covenants, conditions and agreements contained
 herein; provided that such inspections shall not unreasonably interfere with Grantor's
 or BHMC's activities with respect to the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All
 books and records used by Grantor to calculate royalties due hereunder shall be kept in accordance
 with US GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 any such audit or inspection reveals the Royalty payments for any calendar year are underpaid
 by more than five percent (5%) or there has been a material breach of any obligation, covenant,
 condition or agreement contained herein, Grantor shall reimburse Holder for its costs incurred
 in such audit or inspection and the annual limitation on audit rights shall be suspended
 until a period of two years passes without any audit discrepancy or following the remedy
 of any such breach, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject
 at all times to applicable work place rules and the supervision of Grantor, Holder and any
 Proposed Transferee of Holder shall be entitled to enter the mine workings and structures
 on the Real Property at reasonable times upon reasonable advance notice for inspection thereof,
 but Holder shall so enter at its own risk and shall indemnify and hold Grantor and its Affiliates
 harmless against and from any and all loss, costs, damage, liability and expense (including
 but not limited to reasonable attorneys' fees and costs) by reason of injury or loss
 of life to Holder, such Proposed Transferee or their respective agents or representatives
 or damage to or destruction of any property of Holder, such Proposed Transferee or their
 respective agents or representatives while on the Real Property on or in such mine workings
 and structures, unless such injury, loss of life, damage, or destruction is a result, in
 whole or in part, of the negligence of Grantor.

7.3 **Questions relating to Royalty Payments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) After
 receipt of each Royalty payment and Offtake Sales Documents delivered pursuant to Section
 7.1(a) with respect thereto, Holder shall have the ability to question the accuracy of such
 Offtake Sales Documents or the accuracy of Grantor's calculation of such Royalty payment
 from the information derived from such Offtake Sales Documents by notice to Grantor in writing.
 The notice will specify the items and/or amounts in question. Grantor and BHMC shall forthwith
 provide background information and documentation relating to the questioned amounts and work
 in good faith to resolve Holder's questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holder
 must raise any questions relating to the accuracy of the information provided by Processor
 in such Offtake Sales Documents that is not derived from information provided by Grantor,
 within 60 days of the delivery of the Offtake Sales Documents prepared by the Processor and
 delivered pursuant to Section 7.1(a). If such questions are not resolved within such 60 day
 period, then the matter will be referred to independent external experts chosen by the Parties,
 whose assessment will be final and determinative of the accuracy of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the Parties are unable to resolve any other questions relating to the accuracy of such Offtake
 Sales Documents or the calculation of the amount of Royalty payments to be credited or paid
 to Holder from time to time, then either Grantor or Holder may refer the matter to independent
 external experts chosen by the Parties, whose assessment will be final and determinative
 of the amount of the Royalty payments to be credited or paid to Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 such auditors' assessment reveals that the amount of Royalty Payments hereunder was
 lesser by more than five percent (5%) than the Royalty Payments that were actually payable,
 Grantor and/or BHMC shall reimburse Holder for its reasonable costs incurred in such auditors'
 inspection; otherwise, the said reasonable costs shall be for the account of Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 Section 7.3 will not limit or restrict Holder's inspection or audit rights under Section
 7.2 or Holder's rights to dispute the amount of Royalty payments under Section 7.2
 except with respect to the accuracy of the information provided by Processor in Offtake Sales
 Documents delivered pursuant to Section 7.1(a) that is not derived from information provided
 by Grantor.

7.4 **Technical Reports** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 Grantor or any of its Affiliates prepares a technical report under NI 43-101 (or similar
 report) in respect of the Property, upon the reasonable written request of Holder, Grantor
 shall use commercially reasonable efforts to cause the author(s) of such report to provide,
 (i) a copy of such report to be addressed to Holder or any of its Affiliates, (ii) the relevant
 certificates and consents of the author(s) required in connection with the filing of and
 reference to such report to be provided to Holder or any of its Affiliates, and (iii) such
 other consents in connection with the use of or reliance upon such report by Holder or any
 of its Affiliates from time to time in its public disclosure as may be required by Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 the foregoing, if Holder or any of its Affiliates is required by applicable laws to prepare
 a technical report under NI 43-101 (or similar report) in respect of the Property and chooses
 to prepare its own technical report (or similar report), Grantor shall cooperate with and
 allow Holder and its authorized representatives to access technical information required
 to be reported under NI 43-101 pertaining to the Property and complete site visits at the
 Real Property so as to enable Holder or its Affiliates, as the case may be, to prepare the
 technical report (or similar report) in accordance with NI 43-101 (or any other applicable
 Canadian and/or US securities laws and/or stock exchange rules and policies governing the
 disclosure obligations of Holder or any of its Affiliates).

7.5 **Mineral Resource or Mineral Reserve Estimates**. Each time Grantor establishes a mineral resource
 or a mineral reserve estimate on any part of the Property or establishes a new mineral resource
 or a new mineral reserve estimate which is a material change to the prior mineral resource
 or mineral reserve estimate, Grantor shall provide Holder with such estimate as soon as practicable.

---

| | |
|:---|:---|
| **8** | **REPRESENTATIONS AND WARRANTIES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Grantor
 and BHMC, each acknowledging that Holder is entering into this Agreement in reliance thereon,
 hereby makes, on and as of the date of this Agreement <u>and on the Second Amendment Date</u>, except as otherwise specified in Schedule D, the representations
 and warranties to Holder set forth in Schedule D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holder,
 acknowledging that Grantor and BHMC are entering into this Agreement in reliance thereon,
 hereby makes, on and as of the date of this Agreement, except as otherwise specified in Schedule
 E, the representations and warranties to Grantor and BHMC set forth in Schedule E.

---

| | |
|:---|:---|
| **9** | **CONFIDENTIALITY** |

---

9.1 **Confidential Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Party (a "**Receiving Party**") agrees that it shall maintain as confidential,
 and shall not disclose, and shall cause its employees, officers, directors, advisors, agents
 and representatives to maintain as confidential and not to disclose, the terms contained
 in this Agreement and all information (whether written, oral or in electronic format) received
 from the Party disclosing such information (the "**Disclosing Party**") or
 reviewed by it as a result of or in connection with this Agreement (collectively, the "**Confidential Information** "), provided that a Receiving Party may disclose Confidential Information
 in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 its limited partners, investors, auditor, legal counsel, lenders, underwriters, investment
 bankers and technical consultants, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 Persons with which it is considering or intends to enter into a transaction which would be
 permitted under Section 10 without the consent of the Disclosing Party under this Agreement
 (such Persons referred to in this clause (ii), the "**Proposed Transferees** ")
 for which such Confidential Information would reasonably be relevant (and to advisors and
 representatives of any such Person),

provided that such disclosure is made on a need to know basis and that such Persons are advised of the confidential nature of the Confidential Information, undertake (in the case of Proposed Transferees, such undertaking to be in writing in favour of the Disclosing Party and consistent with the provisions of this Section 9.1) to maintain the confidentiality of it and are strictly limited in their use of the Confidential Information to those purposes necessary for such Persons to perform the services for which they were, or are proposed to be, retained by the Receiving Party or to consider or effect the applicable transaction, or to monitor their investments in the case of limited partners or investors, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) except
 in the case of Sections 9.1(c) and 9.2, where disclosure is necessary to comply with Applicable
 Laws, court order or regulatory request, provided that (x) such disclosure is limited to
 only that Confidential Information so required to be disclosed, and (y) the party required
 to disclose such Confidential Information shall promptly notify the other party in writing
 to permit the other party, at its own expense, to have an opportunity to contest or seek
 to obtain an injunction or protective order or other remedy restricting the disclosure of
 such Confidential Information and, where applicable, that the party requiring to disclose
 such Confidential Information has taken commercially reasonable efforts to avail itself of
 the full benefits of any laws, rules, regulations or contractual rights as to disclosure
 on a confidential basis to which it may be entitled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for
 the purposes of the preparation and conduct of any arbitration or court proceeding commenced
 under Section 11 or any determination hereunder presided over by an independent external
 expert referred to in Section 7.3(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) where
 disclosure is required under Applicable Laws in connection with any initial public offering
 or subsequent public offering of securities of any Bunker Hill Entity or of Holder or any
 Affiliate thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) where
 such information is already available to the public other than by a breach of the confidentiality
 terms of this Agreement or is known by the Receiving Party prior to the entry into of this
 Agreement or obtained independently of this Agreement and the disclosure of such information
 would not breach any other confidentiality obligations to which the Receiving Party is subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) disclosure
 of information in accordance with Section 9.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) with
 the express written consent of the Disclosing Party, such approval not to be unreasonably
 withheld, conditioned or delayed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to
 its Affiliates and those of its and its Affiliates' directors, officers, employees,
 advisors and representatives who need to have knowledge of the Confidential Information and
 each such Person to whom the Confidential Information is disclosed is directed to comply
 with these terms of confidentiality (or is bound by professional obligations to maintain
 confidentiality).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Party shall ensure that its Affiliates who receive Confidential Information pursuant to this
 Agreement and its and such Affiliates' employees, directors, officers, advisors and
 representatives and those Persons listed in Section 9.1(a)(i) are made aware of this Section
 9.1 and comply with the provisions of this Section 9.1. Each Receiving Party shall be liable
 to the Disclosing Party for any improper use or disclosure of such terms or information by
 such Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 in compliance with Applicable Laws or any Royalty Registration a Party is required to file
 this Agreement publicly, including on SEDAR <u>+</u> or the
 applicable land registry, such Party shall notify the other Party of such requirement at
 least two Business Days prior to such filing, and the Parties shall consult with each other
 with respect to any proposed redactions to this Agreement in compliance with Applicable Laws
 before it is so filed. No Party shall publicly file this Agreement, including on SEDAR <u>+</u> or any applicable land registry, without reasonable prior consultation with the other Party,
 provided that such reasonable prior consultation shall not prohibit a Party from publicly
 filing this Agreement, including on SEDAR <u>+</u> or applicable land registry, redacted only
 to the extent such Party considers it permitted pursuant to Applicable Laws.

9.2 **Press Release** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Parties shall jointly plan and co-ordinate, and shall cause their respective Affiliates to
 jointly plan and coordinate, any public notices, press releases, and any other publicity
 concerning the entering into of this Agreement. None of the Parties or their Affiliates shall
 issue any such press release or make any public disclosure concerning the Mine, in the case
 of Holder, or this Agreement, in the case of the Bunker Hill Entities, before receiving the
 prior consent of the other Parties. Nothing in this Section 9.2 prohibits any Party or its
 Affiliates from making such public disclosure that is, in such Party's reasonable judgment,
 required to meet timely disclosure obligations of any such Party or its Affiliates under
 Applicable Law and such disclosing Party has first used its commercially reasonable efforts
 to consult with the other Party with respect to the timing and content thereof. To the extent
 reasonably practicable, a copy of such disclosure shall be provided to the other Party at
 such time as it is made publicly available. The foregoing provisions of this Section 9.2(a)
 do not apply to the public disclosure referred to in Section 9.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holder
 and its Affiliates may reproduce in their public disclosure the reserve and resource disclosure
 relating to the Mine that has already been publicly released by the Bunker Hill Entities.
 The Bunker Hill Entities shall provide to Holder periodically upon request and Holder and
 its Affiliates shall be entitled to include in their public disclosure (i) information about
 the Mine of the type disclosed by Holder's Affiliates in respect of other similar royalty
 or stream interests, including mineral reserves and mineral resources, and (ii) information
 regarding Royalty payments to be made. In addition, Holder's Affiliates shall be entitled
 to include in their public disclosure information relating to Royalty payments made and the
 calculation thereof, but, for greater certainty, shall not be entitled to disclose details
 of Offtake Agreements and Processors.

9.3 **Parties.** For the purposes of this Section 9, the Bunker Hill Entities are one Party and Holder
 is a second Party.

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| | |
|:---|:---|
| **10** | **SUCCESSORS AND ASSIGNS** |

---

10.1 **Binding Effect**. This Agreement shall enure to the benefit of and shall be binding on and enforceable
 by the Parties hereto and, where the context so permits, their respective successors and
 permitted assigns.

10.2 **Assignment of Royalty**. Holder may Transfer, pledge, hypothecate or otherwise convey this Agreement
 or all or any of its rights in the Royalty without any prior consent, provided such transferee
 or counterparty to such transaction agrees to be bound by the terms hereof and by all of
 the liabilities and obligations of Holder hereunder in the same manner and to the same extent
 as though such transferee was an original party hereto in the first instance, and upon delivery
 to BHMC and Grantor of such agreement to be bound, Holder shall be released from its obligations
 under this Agreement.

10.3 **Assignment of Property**. Neither BHMC, Grantor nor any of the other BHMC Subsidiaries may Transfer
 any of its interest in and to the Real Property in any manner whatsoever, nor assign, transfer
 or otherwise convey any of its interest in and to this Agreement, without Holder's
 prior written consent, not to be unreasonably withheld, and in each case complying with the
 following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 shall be a condition of such Transfer that BHMC, Grantor and/or the other BHMC Subsidiaries,
 as applicable, Transfer all (but not less than all) of its interest in the Real Property
 and this Agreement and the transferee or other counterparty to such transaction (the "**Property Transferee**") (A) first execute and deliver to Holder an instrument in writing pursuant
 to which such Property Transferee (i) agrees to be bound by the terms of this Agreement and
 by all of the liabilities and obligations of the transferor hereunder in the same manner
 and to the same extent as though the Property Transferee was an original party hereto in
 the first instance, without in any way derogating from clause (b) below, and (ii) consents
 and agrees to the continuation or reregistration of any restrictions registered pursuant
 to Section 6.2, and (B) ensure that all of its shareholders and each of their Ultimate Parent
 Company agree to be jointly and severally liable for the Property Transferee's obligations
 under this Agreement in form and substance acceptable to Holder, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 such Transfer shall not relieve or discharge Grantor from any of its liabilities or obligations
 hereunder existing up to and including the date of such Transfer, and Holder may continue
 to look to Grantor for the performance thereof, it being understood that for any obligations
 or liabilities arising as of the date of the execution of the agreements provided for in
 Section 10.3(a), Grantor will have no further obligations or liabilities for the payment
 of the Royalty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 Transfer which does not comply with the terms of this Agreement shall be null and void and
 of no force or effect.

10.4 **Subsidiary Disposition**. BHMC may not, directly or indirectly, Transfer any interest in the shares
 in the capital of Grantor in any manner whatsoever (each such transaction, a

"**Subsidiary Disposition**"), without Holder's prior written consent, not to be unreasonably withheld, and in each case complying with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 shall be a condition of such Subsidiary Disposition that the transferee or other counterparty
 to such transaction (in each case, the "**Subsidiary Transferee**") ensure
 that each of the Subsidiary Transferees and each of their Ultimate Parent Company agree to
 be jointly and severally liable for the Property Transferee's obligations under this
 Agreement in form and substance acceptable to Holder, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Subsidiary Disposition which does not comply with the terms of this Agreement shall be null
 and void and of no force or effect.

10.5 **Exceptions.** Nothing in Section 10.3 restricts in any manner an amalgamation, merger or other form
 of corporate reorganization which is a *bona fide* business transaction that has the
 effect in law of the amalgamated or surviving corporation possessing, directly or indirectly,
 substantially all the property, rights and interests and being subject to substantially all
 the debts, liabilities and obligations of the transferring party.

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| | |
|:---|:---|
| **11** | **COOPERATION AND DISPUTE RESOLUTION** |

---

11.1 **Consultation and Negotiation.** Subject to Section 11.3, any dispute, claim, question, controversy or
 disagreement arising out of or relating to this Agreement or the breach, termination or validity
 hereof (each a "**Dispute**") which has not been resolved by the Parties within
 the time frames specified herein (or where no time frames are specified, within 30 days of
 the delivery of written notice by either Party of such Dispute) shall be referred to the
 chief executive officer, general counsel or other individual of similar seniority and authority
 of each applicable Party for prompt resolution. For the purposes of this Section the Bunker
 Hill Entities are one Party and Holder is a second Party.

11.2 **Dispute Resolution.** Subject to Section 11.3, any such Dispute, which cannot be resolved by such
 individuals within 30 days after it has been so referred to them hereunder, including the
 determination of the scope or applicability of this Agreement to arbitrate, shall be settled
 by binding arbitration administered by the International Center for Dispute Resolution, and
 any Party may so refer such dispute, controversy or claim to binding arbitration. Such referral
 to binding arbitration shall be to one qualified arbitrator in accordance with the Arbitration
 Rules, which Arbitration Rules shall govern such arbitration proceeding. The place of arbitration
 shall be Toronto, Ontario, and the language of arbitration shall be English. The determination
 of such arbitrator shall be final and binding upon the Parties and the costs of such arbitration
 shall be as determined by the arbitrator. Judgment on the award may be entered in any court
 having jurisdiction. The Parties covenant and agree that they shall conduct all aspects of
 such arbitration having regard at all times to expediting the final resolution of such arbitration.
 This Section 11 shall not preclude the Parties from seeking provisional remedies in aid of
 arbitration from a court of competent jurisdiction.

11.3 **Exceptions.** The provisions of this Agreement providing for the resolution of Disputes shall not operate
 to prevent recourse to any court by Holder with respect to injunctions, receiving orders
 and orders regarding the detention, preservation and inspection of property, including, of
 the Real Property or any part(s) thereof, or whenever enforcement of an arbitration award
 reasonably requires access to any remedy which an arbitrator has no power to award or enforce.
 Each Bunker Hill Entity expressly attorns to such proceedings and waives any objections on
 the basis of jurisdiction, including *forum non conveniens*.

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| | |
|:---|:---|
| **12** | **GENERAL** |

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12.1 **Interpretation** 

Unless the context otherwise requires, in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 headings to the Sections, subsections or clauses of this Agreement are inserted for convenience
 only and are not intended to affect the construction or interpretation hereof. The terms
 "this Agreement", "hereof", "hereunder" and similar expressions
 refer to this Agreement and not to any particular Section or other portion hereof and include
 any agreement or instrument supplemental or ancillary hereto. Unless otherwise specified,
 any reference herein to a Section or Schedule refer to the specified Section of or Schedule
 to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Words
 importing the singular number only shall include the plural and vice versa and words importing
 the masculine gender shall include the feminine and neuter genders and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 words "include", "includes" and "including" mean "include",
 "includes" or "including", in each case, "without limitation".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A
 reference to an agreement or document (including a reference to this Agreement) is to the
 agreement or document as amended, varied, supplemented, novated or replaced except to the
 extent prohibited by this Agreement or that other agreement or document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A
 reference to writing includes a facsimile or electronic mail transmission and any means of
 reproducing words in a tangible and permanently visible form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless
 otherwise specified, time periods within or following which any payment is to be made or
 act is to be done shall be calculated by excluding the day on which the period commences
 and including the day on which the period ends and by extending the period to the next Business
 Day following if the last day of the period is not a Business Day. If any payment is required
 to be made or other action is required to be taken pursuant to this Agreement on a day which
 is not a Business Day, then such payment or action shall be made or taken on the next Business
 Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If
 any provision of this Agreement is or becomes illegal, invalid or unenforceable, in whole
 or in part, the remaining provisions will nevertheless be and remain valid and subsisting
 and the said remaining provisions will be construed as if this Agreement had been executed
 without the illegal, invalid or unenforceable portion.

12.2 **Currency** 

All dollar amounts expressed herein, unless otherwise specified, refer to lawful currency of the United States of America.

12.3 **Entire Agreement** 

This Agreement including the Schedules together with the agreements and documents to be delivered pursuant hereto are the full expression of the Parties' intentions and rights and the entire agreement between them and supersede, all prior agreements, understandings, negotiations and discussions whether oral or written of the Parties. No amendment, waiver or termination of this Agreement shall be binding unless executed in writing by the Party to be bound thereby. No waiver of any other provisions of this Agreement shall be deemed to or shall constitute a waiver of any other provisions nor shall such waiver constitute a continuing waiver unless otherwise expressly provided.

12.4 **Further Assurances** 

The Parties will promptly execute or cause to be executed all documents, deeds, conveyances and other instruments of further assurance which may be reasonably necessary or advisable to carry out fully the intent of this Agreement.

12.5 **Manner of Payment** 

All cash payments to be made to any Party may be made by wire transfer to a bank account the details of which are provided by the receiving Party to the sending party or by certified cheque or draft delivered to such Party at its address for notice purposes as provided herein.

12.6 **Governing Law** 

This Agreement will be governed by and interpreted in accordance with the laws of the State of Idaho.

12.7 **Time of the Essence** 

Time is of the essence in the performance of each obligation under this Agreement.

12.8 **Counterparts** 

This Agreement may be executed in any number of counterparts and all such counterparts, taken together, will be deemed to constitute one and the same instrument. In addition, execution of this Agreement by either of the Parties may be evidenced by way of email transmission of such Party's signature (which signature may be by separate counterpart) or a photocopy of such email transmission, and such emailed signature, or photocopy of such emailed signature, shall be deemed to constitute the original signature of such Party to this Agreement.

12.9 **Notice** 

All notices and other communications under this Agreement will be in writing and may be delivered personally or transmitted by email as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To Holder:

**[Contact information redacted]**

Attention: **[Redacted]**<br> Email: **[Redacted]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the BHMC and Grantor:

Bunker Hill Mining Corp.

82 Richmond St. East,

Toronto, Ontario

M5C 1P1

Attention: **[Redacted]**

Email: **[Redacted]**

Silver Valley Metals Corp.

1 Mine Road

Kellogg, Idaho 83837

Attention: **[Redacted]**

Email: **[Redacted]**

or to such addresses as each Party may from time to time specify by notice. Any notice will be deemed to have been given and received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 personally delivered, then on the day of personal service to the recipient Party, provided
 that if such date is a day other than a Business Day such notice will be deemed to have been
 given and received on the first Business Day following the date of personal service;

(ii) if
 sent by email transmission and successfully transmitted prior to 5:00 pm on a Business Day
 (recipient Party time), then on that Business Day, and if transmitted after 5:00 pm on the
 first Business Day immediately following the date of transmission.

(iii) **No Joint Venture, Mining Partnership, Commercial Partnership.**

This Agreement shall not be construed to create, expressly or by implication, a joint venture, mining partnership, commercial partnership, or other partnership relationship between the Parties.

***[Remainder of page left intentionally blank.]***

**IN WITNESS WHEREOF** this Agreement has been executed as of the date first above given.

**[Redacted – Affiliate of Sprott Private<br> Resource Streaming & Royalty Corp.]**

By:   <br> Name: <br> Title:

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| |
|:---|
| STATE OF CONNECTICUT) |
| County of _______________ |

---

This record was acknowledged before me on June ___, 2023 by [●] as Manager (type of authority) of **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** on behalf of the partnership.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

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| |
|:---|
| NOTARY PUBLIC FOR CONNECTICUT |
| Residing at ______________________________________ |
| My Commission Expires_____________________________ |

---

**SILVER VALLEY METALS CORP.** 

By:   <br> Name: <br> Title:

**BUNKER HILL MINING CORP.**

By:   <br> Name: <br> Title:

STATE OF IDAHO) ) ss. <br> County of _______________)

This record was acknowledged before me on _____________ by _____________________ as _____________________ (type of authority) of SILVER VALLEY METALS CORP. on behalf of the corporation.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

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| |
|:---|
| NOTARY PUBLIC FOR IDAHO |
| Residing at ______________________________________ |
| My Commission Expires ____________________________ |

---

STATE OF IDAHO) ) ss. <br> County of _______________)

This record was acknowledged before me on ______________ by ____________________ as _____________________ (type of authority) of BUNKER HILL MINING CORP. on behalf of the corporation.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

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| |
|:---|
| NOTARY PUBLIC FOR IDAHO |
| Residing at ______________________________________ |
| My Commission Expires ____________________________ |

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**SCHEDULE A**

**MAPS OF PROPERTY**

![](ex10-37_002.jpg)

**SCHEDULE B**

**DESCRIPTION OF MINING RIGHTS**

**Primary Claims**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Ace | 2583 | 12 | 48 North | 2 East |
| African | 2624 | 13 | 48 North | 2 East |
| Alla | 1228 | 13 | 48 North | 2 East |
| Allie | 1229 | 13 | 48 North | 2 East |
| Apex | 3361 | 2 | 47 North | 2 East |
| Arizona | 1488 | 12 | 48 North | 2 East |
| Band | 2507 | 2 | 48 North | 2 East |
| Bear | 2081 | 13 | 48 North | 2 East |
| Bee | 2072 | 12 | 48 North | 2 East |
| Berniece | 1620 | 14 | 48 North | 2 East |
| Beta | 3471 | 13 | 48 North | 2 East |
| Blue Bird | 3361 | 2 | 47 North | 2 East |
| Boer | 2599 | 12 | 48 North | 2 East |
| Bonanza Fraction | 1228 | 13 | 48 North | 2 East |
| Bought Again | 1229 | 13 | 48 North | 2 East |
| Brady | 2584 | 12 | 48 North | 2 East |
| Buckeye | 2250 | 13 | 48 North | 2 East |
| Butte | 3361 | 2 | 47 North | 2 East |
| Butternut | 1916 | 13 | 48 North | 2 East |
| Cariboo | 1220 | 11 | 48 North | 2 East |
| Carter | 1466 | 14 | 48 North | 2 East |
| Chain | 2078 | 12 | 48 North | 2 East |
| Cheyenne | 2249 | 12 | 48 North | 2 East |
| Chief No. 2 | 2862 | 11 | 48 North | 2 East |
| Club | 2583 | 12 | 48 North | 2 East |
| Combination | 2072 | 12 | 48 North | 2 East |
| Confidence | 2328 | 12 | 48 North | 2 East |
| Coxey | 1466 | 14 | 48 North | 2 East |
| Cypress | 2429 | 12 | 48 North | 2 East |
| Deadwood | 1466 | 11 | 48 North | 2 East |
| Debs | 1466 | 11 | 48 North | 2 East |
| Dewey | 2081 | 13 | 48 North | 2 East |
| Diamond | 2583 | 12 | 48 North | 2 East |
| Drew | 2587 | 13 | 48 North | 2 East |
| East | 1228 | 13 | 48 North | 2 East |
| Emily Grace | 2587 | 13 | 48 North | 2 East |
| Emma | 550 | 12 | 48 North | 2 East |
| Ethel | 2966 | 11 | 48 North | 2 East |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Evans | 2611 | 12 | 48 North | 2 East |
| Excelsior | 1356 | 11 | 48 North | 2 East |
| F | 2587 | 24 | 48 North | 2 East |
| Flagstaff | 2328 | 12 | 48 North | 2 East |
| Flagstaff No. 2 | 2921 | 12 | 48 North | 2 East |
| Flagstaff No. 4 | 2921 | 12 | 48 North | 2 East |
| Foster | 2587 | 13 | 48 North | 2 East |
| Good Luck | 1220 | 11 | 48 North | 2 East |
| Goth | 3214 | 2 | 48 North | 2 East |
| Grant | 2599236<br>9<br>| 11, 12 | 48 North | 2 East |
| Grant | 2599 | 12 | 48 North | 2 East |
| Gun | 2611 | 18 | 48 North | 3 East |
| Gus | 2624 | 13 | 48 North | 2 East |
| Hamilton | 1466 | 14 | 48 North | 2 East |
| Hamilton Fraction | 1619 | 11 | 48 North | 2 East |
| Hard Cash | 1466 | 11 | 48 North | 2 East |
| Harrison | 1664 | 11 | 48 North | 2 East |
| Hawk | 2072 | 12 | 48 North | 2 East |
| Heart | 2511 | 12 | 48 North | 2 East |
| Helen Marr | 2452 | 12 | 48 North | 2 East |
| Hemlock | 2452 | 13 | 48 North | 2 East |
| Hickory | 2432 | 13 | 48 North | 2 East |
| Homestake | 1916 | 13 | 48 North | 2 East |
| Hornet | 1325 | 12 | 48 North | 2 East |
| Idaho | 2072 | 12 | 48 North | 2 East |
| Iowa | 2072 | 12 | 48 North | 2 East |
| Ironhill | 1228 | 13 | 48 North | 2 East |
| Ito | 2081 | 13 | 48 North | 2 East |
| Jack | 2511 | 12 | 48 North | 2 East |
| Jersey Fraction | 1220 | 12 | 48 North | 2 East |
| Josie | 1229 | 13 | 48 North | 2 East |
| K-24 | 2080 | 14 | 48 North | 2 East |
| K-4 | 2080 | 14 | 48 North | 2 East |
| K-40 | 2587 | 24 | 48 North | 2 East |
| Katherine | 2966 | 11 | 48 North | 2 East |
| Key | 2511 | 12 | 48 North | 2 East |
| King | 1325 | 12 | 48 North | 2 East |
| Kirby Fraction | 2654 | 12 | 48 North | 2 East |
| Lackawana | 614 | 13 | 48 North | 2 East |
| Lacrosse | 1228 | 13 | 48 North | 2 East |
| Last Chance | 551 | 12 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Likely | 1298 | 12 | 48 North | 2 East |
| Lilly May | 2587 | 12 | 48 North | 2 East |
| Lincoln | 2187 | 12 | 48 North | 2 East |
| Lucia | 3390 | 14 | 48 North | 2 East |
| Lucky Chance | 1349 | 18 | 48 North | 3 East |
| Maine | 2626 | 11 | 48 North | 2 East |
| Manchester | 2966 | 11 | 48 North | 2 East |
| Maple | 1229 | 13 | 48 North | 2 East |
| Marblehead | 3390 | 10 | 48 North | 2 East |
| Margaret | 3390 | 14 | 48 North | 2 East |
| Mashonaland | 1227 | 13 | 48 North | 2 East |
| MattabelalandMatabela<br> land<br>| 1227 | 13 | 48 North | 2 East |
| McClellan | 2654 | 12 | 48 North | 2 East |
| McClelland | 1681 | 11 | 48 North | 2 East |
| Miles | 2654 | 12 | 48 North | 2 East |
| Miners Delight | 1228 | 13 | 48 North | 2 East |
| Missouri | 2080 | 14 | 48 North | 2 East |
| Mountain King | 1620 | 14 | 48 North | 2 East |
| Mountain Queen | 1620 | 14 | 48 North | 2 East |
| Nancy B. | 3390 | 11 | 48 North | 2 East |
| Nellie | 2583 | 11 | 48 North | 2 East |
| Nevada | 1466 | 14 | 48 North | 2 East |
| New Era | 1527 | 12 | 48 North | 2 East |
| 96 | 1715 | 11 | 48 North | 2 East |
| No. 1 | 2587135<br> 7<br>| 2411 | 48 North | 2 East |
| No. 2 | 2587135<br> 7<br>| 2411 | 48 North | 2 East |
| No. 3 | 1357 | 11 | 48 North | 2 East |
| No. 4 | 1357 | 11 | 48 North | 2 East |
| No Name | 1228 | 13 | 48 North | 2 East |
| Norman | 2368 | 11 | 48 North | 2 East |
| Oakland | 569 | 11 | 48 North | 2 East |
| Offset | 1229 | 13 | 48 North | 2 East |
| Ollie McMillin | 1228 | 13 | 48 North | 2 East |
| Ontario Fraction | 755 | 11 | 48 North | 2 East |
| Oregon | 2274 | 15 | 48 North | 3 East |
| Overlap | 2052 | 12 | 48 North | 2 East |
| Oyama | 2081 | 13 | 48 North | 2 East |
| Olympia | 3390 | 10 | 48 North | 2 East |
| Packard | 1413 | 2 | 48 North | 2 East |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Phil | 3390 | 14 | 48 North | 2 East |
| Phillippine | 1663 | 2 | 48 North | 2 East |
| Pitt | 2654 | 12 | 48 North | 2 East |
| Princess | 1633 | 11 | 48 North | 2 East |
| Quaker | 1414 | 2 | 48 North | 2 East |
| Queen | 2511 | 12 | 48 North | 2 East |
| Rambler | 1041 | 11 | 48 North | 2 East |
| Republican Fraction | 959 | 12 | 48 North | 2 East |
| Roman | 2583 | 11 | 48 North | 2 East |
| Rookery | 1229 | 13 | 48 North | 2 East |
| Roy | 2624 | 13 | 48 North | 2 East |
| Royal Knight | 1639 | 11 | 48 North | 2 East |
| S-11 | 2081 | 13 | 48 North | 2 East |
| S-12 | 2081 | 13 | 48 North | 2 East |
| S-13 | 2081 | 13 | 48 North | 2 East |
| Sampson | 1328 | 1312 | 48 North | 2 East |
| Sampson | 2081 | 13 | 48 North | 2 East |
| San Carlos | 750 | 12 | 48 North | 2 East |
| Sarnia | 2081 | 13 | 48 North | 2 East |
| Scelinda No. 1 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 2 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 3 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 4 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 5 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 7 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 8 | 2921 | 1 | 48 North | 2 East |
| Schofield | 1228 | 13 | 48 North | 2 East |
| Skookum | 615 | 12 | 48 North | 2 East |
| Scorpion Fraction | 2072 | 12 | 48 North | 2 East |
| Sierra Nevada | 554 | 12 | 48 North | 2 East |
| Silver | 2587 | 13 | 48 North | 2 East |
| Silver King | 1639 | 11 | 48 North | 2 East |
| Sims | 2186 | 12 | 48 North | 2 East |
| Sold Again Fraction | 933 | 12 | 48 North | 2 East |
| Southern Beauty | 1620 | 14 | 48 North | 2 East |
| Spade | 2583 | 12 | 48 North | 2 East |
| Spokane | 2509 | 12 | 48 North | 2 East |
| Spruce Fraction | 2432 | 13 | 48 North | 2 East |
| Stemwinder | 1830 | 12 | 48 North | 2 East |
| Stopping | 1227 | 13 | 48 North | 2 East |
| Stuart No. 2 | 2966 | 11 | 48 North | 2 East |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Stuart No. 3 | 2966 | 11 | 48 North | 2 East |
| Sugar | 2862 | 11 | 48 North | 2 East |
| Sullivan | 2966 | 11 | 48 North | 2 East |
| Summit | 1228 | 13 | 48 North | 2 East |
| Susie | 1229 | 13 | 48 North | 2 East |
| Taft | 2611 | 18 | 48 North | 3 East |
| Teddy | 2511 | 12 | 48 North | 2 East |
| Timothy Fraction | 2274 | 18 | 48 North | 3 East |
| Tip Top | 1041 | 11 | 48 North | 2 East |
| Trump | 2624 | 13 | 48 North | 2 East |
| Tyler | 546 | 12 | 48 North | 2 East |
| Utah | 1882 | 12 | 48 North | 2 East |
| Viola | 562 | 12 | 48 North | 2 East |
| Washington | 2072 | 12 | 48 North | 2 East |
| Waverly | 1620 | 14 | 48 North | 2 East |
| Wheelbarrow | 1526 | 12 | 48 North | 2 East |
| William Lambert Fraction | 1945 | 2 | 48 North | 2 East |
| Yale | 2611 | 13 | 48 North | 2 East |
| Zululand | 1227 | 13 | 48 North | 2 East |

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This Primary Claims set contains all resource material included in the 2021 PEA Mineral Resource Estimate, as well as those areas listed in the historic 1991 reserves. Due to the inconsistent orientation and nature of the mineralization underlying the above parcels, the Primary Royalty rate will be applied to all extracted and processed mineralized material lying under and within Primary Claims' area, up to 90 degrees nadir along the Primary Claims' boundaries.

In order to accommodate the down-dip potential on structures included within the 2021 PEA Mineral Resource Estimate and historic 1991 historic reserves report, all material processed interstitial to existing development, along strike but within the Primary Claims' boundary restrictions listed in the above paragraph, and continuously down-dip to the termination of the structure, the following zones will constitute Primary Claims and be assigned a 1.85% royalty rate: Shea, Tallon, Ike/Truman, Emery, J, Mac, Francis/FW Francis. These names are taken to be the names used during past production and denote discrete mineralized structures.. This rule is added to the overlying royalty rate's material restrictions to reflect a more typical "Apex Law" situation for tabular mineralized zones and applies only to those structures listed above. Splays and associated structures that connect geologically to those listed above will receive the Primary Royalty rate of the main structure.

**GGS Claims**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Adath | 2976 | 22 | 48 North | 2 East |
| Alykris | 2976 | 22 | 48 North | 2 East |
| Anna Laura | 2976 | 22 | 48 North | 2 East |
| Atlas | 2976 | 22 | 48 North | 2 East |
| Atlas No. 1 | 2976 | 22 | 48 North | 2 East |
| B | 2587 | 24 | 48 North | 2 East |
| Battleship Oregon | 3390 | 14 | 48 North | 2 East |
| Black | 2081 | 13 | 48 North | 2 East |
| Brown | 2081 | 13 | 48 North | 2 East |
| Charly T. | 3390 | 14 | 48 North | 2 East |
| E | 2587 | 24 | 48 North | 2 East |
| Edna | 2587 | 13 | 48 North | 2 East |
| 85 | 2077 | 15 | 48 North | 2 East |
| Fraction | 2976 | 22 | 48 North | 2 East |
| Gay | 2976 | 22 | 48 North | 2 East |
| Hoover No. 1 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 2 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 3 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 4 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 5 | 2975 | 13 | 48 North | 2 East |
| Iowa No. 2 | 2077 | 15 | 48 North | 2 East |
| K-1 | 2080 | 14 | 48 North | 2 East |
| K-10 | 2077 | 15 | 48 North | 2 East |
| K-11 | 2077 | 15 | 48 North | 2 East |
| K-12 | 2077 | 15 | 48 North | 2 East |
| K-13 | 2077 | 15 | 48 North | 2 East |
| K-14 | 2080 | 14 | 48 North | 2 East |
| K-15 | 2080 | 14 | 48 North | 2 East |
| K-16 | 2077 | 14 | 48 North | 2 East |
| K-17 | 2077 | 15 | 48 North | 2 East |
| K-2 | 2080 | 14 | 48 North | 2 East |
| K-25 | 2080 | 14 | 48 North | 2 East |
| K-26 | 2080 | 14 | 48 North | 2 East |
| K-27 | 2080 | 14 | 48 North | 2 East |
| K-28 | 2077 | 15 | 48 North | 2 East |
| K-3 | 2080 | 14 | 48 North | 2 East |
| K-30 | 2077 | 14 | 48 North | 2 East |
| K-31 | 2077 | 14 | 48 North | 2 East |
| K-32 | 2077 | 22 | 48 North | 2 East |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| K-33 | 2080 | 23 | 48 North | 2 East |
| K-34 | 2080 | 23 | 48 North | 2 East |
| K-35 | 2080 | 23 | 48 North | 2 East |
| K-36 | 2080 | 23 | 48 North | 2 East |
| K-37 | 2080 | 23 | 48 North | 2 East |
| K-38 | 2080 | 23 | 48 North | 2 East |
| K-5 | 2080 | 14 | 48 North | 2 East |
| K-7 | 2080 | 14 | 48 North | 2 East |
| K-8 | 2080 | 14 | 48 North | 2 East |
| K-9 | 2080 | 14 | 48 North | 2 East |
| Kansas | 2080 | 14 | 48 North | 2 East |
| Lilly May | 25871<br>220<br>| 12 | 48 North | 2 East |
| Little Ore Grande | 2977 | 23 | 48 North | 2 East |
| Mabundaland | 1227 | 13 | 48 North | 2 East |
| Medium | 2587 | 13 | 48 North | 2 East |
| Missouri No. 2 | 2077 | 15 | 48 North | 2 East |
| 91 | 2077 | 15 | 48 North | 2 East |
| 92 | 2077 | 15 | 48 North | 2 East |
| No. 1 | 2587 | 24 | 48 North | 2 East |
| No. 2 | 2587 | 24 | 48 North | 2 East |
| North Midland | 3108 | 24 | 48 North | 2 East |
| Orbit | 3097 | 23 | 48 North | 2 East |
| Ore Grande No. 1 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 2 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 3 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 4 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 5 | 2977 | 23 | 48 North | 2 East |
| Ore Shoot | 3097 | 23 | 48 North | 2 East |
| Oreano | 3097 | 23 | 48 North | 2 East |
| Orient | 3097 | 23 | 48 North | 2 East |
| Oriental Orphan | 3097 | 23 | 48 North | 2 East |
| Orpheum | 3097 | 23 | 48 North | 2 East |
| Panorama | 2976 | 23 | 48 North | 2 East |
| Penfield | 2587 | 13 | 48 North | 2 East |
| Red Deer | 2976 | 22 | 48 North | 2 East |
| S-10 | 2081 | 13 | 48 North | 2 East |
| Setzer | 2976 | 22 | 48 North | 2 East |
| Texas | 2080 | 14 | 48 North | 2 East |

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The GGS Royalty rate will apply to all GGS Claims either partly or wholly-covered by the ground geophysical survey announced on June 16, 2021

**Residual Claims**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| A | 2587 | 24 | 48 North | 2 East |
| Alfred | 1628 | 2 | 48 North | 2 East |
| Anaconda | 3361 | 2 | 47 North | 2 East |
| Apex No. 2 | 3361 | 1 | 47 North | 2 East |
| Apex No. 3 | 3361 | 1 | 47 North | 2 East |
| Army | 3096 | 22 | 48 North | 2 East |
| Asset | 2611 | 12 | 48 North | 2 East |
| Baby (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Black Diamond | 3423 | 10 | 48 North | 3 East |
| Blue Grouse | 3361 | 2 | 47 North | 2 East |
| Bob White | 3361 | 2 | 47 North | 2 East |
| Bonanza King Millsite | 2868 | 8 | 48 North | 3 East |
| Brooklyn | 2201 | 10 | 48 North | 2 East |
| Butte Fraction | 3361 | 2 | 47 North | 2 East |
| C | 2587 | 24 | 48 North | 2 East |
| Carbonate | 3423 | 3 | 48 North | 3 East |
| Castle | 3503 | 17 | 48 North | 2 East |
| Childs | 2611 | 12 | 48 North | 2 East |
| Comstock | 1345 | 18 | 48 North | 3 East |
| Cougar | 3361 | 2 | 47 North | 2 East |
| D | 2587 | 24 | 48 North | 2 East |
| Daisy | 1345 | 18 | 48 North | 3 East |
| Dandy | 1345 | 18 | 48 North | 3 East |
| Danish | 1503 | 2 | 48 North | 2 East |
| East Midland | 3108 | 19 | 48 North | 3 East |
| Eli | 2611 | 18 | 48 North | 3 East |
| Enterprise | 3423 | 3 | 48 North | 3 East |
| Enterprise Extension | 3423 | 10 | 48 North | 3 East |
| Evening Star | 2274 | 15 | 48 North | 3 East |
| Evening Star Fraction | 2274 | 15 | 48 North | 3 East |
| Fairview | 621 | 18 | 48 North | 3 East |
| Flagstaff No. 3 | 2921 | 12 | 48 North | 2 East |
| Galena | 3361 | 1 | 47 North | 2 East |
| Gelatin | 3423 | 10 | 48 North | 3 East |
| Giant | 3423 | 3 | 48 North | 3 East |
| Good Enough | 1628 | 2 | 48 North | 2 East |
| Huckleberry No. 2 | 3361 | 2 | 47 North | 2 East |
| Jackass | 586 | 13 | 48 North | 2 East |
| Jessie | 1345 | 18 | 48 North | 3 East |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Julia | 1345 | 18 | 48 North | 3 East |
| Justice | 1345 | 18 | 48 North | 3 East |
| K-18 | 2077 | 15 | 48 North | 2 East |
| K-19 | 2077 | 15 | 48 North | 2 East |
| K-20 | 2077 | 15 | 48 North | 2 East |
| K-21 | 2077 | 14 | 48 North | 2 East |
| K-22 | 2077 | 14 | 48 North | 2 East |
| K-23 | 2077 | 15 | 48 North | 2 East |
| K-29 | 2077 | 15 | 48 North | 2 East |
| K-39 | 2077 | 15 | 48 North | 2 East |
| K-6 | 2080 | 14 | 48 North | 2 East |
| Keystone (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| L-1 | 3214 | 2 | 48 North | 2 East |
| L-2 | 3214 | 9 | 48 North | 2 East |
| L-3 | 3214 | 9 | 48 North | 2 East |
| Leopard | 3361 | 2 | 47 North | 2 East |
| Lesley | 2977 | 23 | 48 North | 2 East |
| Lesley No. 2 | 2977 | 23 | 48 North | 2 East |
| Lesley No. 3 | 2977 | 23 | 48 North | 2 East |
| Long John | 32143179 | 7 | 48 North | 3 East |
| Lydia Fraction | 1723 | 2 | 48 North | 2 East |
| Lynx | 3361 | 35 | 47 North | 2 East |
| Mabel | 1723 | 2 | 48 North | 2 East |
| MacBenn | 3361 | 2 | 47 North | 2 East |
| Maggie | 1628 | 2 | 48 North | 2 East |
| Manila | 1723 | 2 | 48 North | 2 East |
| Marin | 3361 | 2 | 47 North | 2 East |
| Marko | 3051 | 7 | 48 North | 3 East |
| Maryland | 2274 | 15 | 48 North | 3 East |
| McRooney | 2966 | 11 | 48 North | 2 East |
| Midland | 3108 | 19 | 48 North | 3 East |
| Midland No. 1 | 3108 | 24 | 48 North | 2 East |
| Midland No. 3 | 3108 | 24 | 48 North | 2 East |
| Midland No. 4 | 3108 | 24 | 48 North | 2 East |
| Midland No. 5 | 3108 | 24 | 48 North | 2 East |
| Midland No. 6 | 3108 | 24 | 48 North | 2 East |
| Midland No. 7 | 3108 | 24 | 48 North | 2 East |
| Midland No. 8 | 3108 | 24 | 48 North | 2 East |
| Milo Millsite | 2869 | 447908,<br>17<br>| 48 North | 3 East |
| Minnesota | 2077 | 15 | 48 North | 2 East |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Missing Link | 2587 | 24 | 48 North | 2 East |
| Monmouth | 2274 | 15 | 48 North | 3 East |
| Monte Carlo No. 1 | 3177 | 18 | 48 North | 3 East |
| Monte Carlo No. 2 | 3177 | 18 | 48 North | 3 East |
| Monte Carlo No. 3 | 3177 | 447607,<br>18<br>| 48 North | 3 East |
| Monte Carlo No. 4 | 3177 | 447607,<br>18<br>| 48 North | 3 East |
| Monte Carlo No. 5 | 3177 | 18 | 48 North | 3 East |
| Navy | 3096 | 22 | 48 North | 2 East |
| New Jersey | 2201 | 10 | 48 North | 2 East |
| Nick | 2611 | 18 | 48 North | 3 East |
| North Wellington | 2977 | 23 | 48 North | 2 East |
| O.K. | 1723 | 2 | 48 North | 2 East |
| O.K. Western | 1723 | 2 | 48 North | 2 East |
| Ophir | 1345 | 18 | 48 North | 3 East |
| Oracle | 3097 | 23 | 48 North | 2 East |
| Oregon | 2072 | 12 | 48 North | 2 East |
| Oregon No. 2 | 2274 | 15 | 48 North | 3 East |
| Ox | 2611 | 18 | 48 North | 3 East |
| Peak | 2587 | 24 | 48 North | 2 East |
| Pete | 3389 | 10 | 48 North | 2 East |
| Pheasant | 3361 | 2 | 47 North | 2 East |
| Prominade | 3389 | 10 | 48 North | 2 East |
| Reeves | 1412 | 2 | 48 North | 2 East |
| Robbin | 3361 | 2 | 47 North | 2 East |
| Rolling Stone | 619 | 18 | 48 North | 3 East |
| Rolling Stone | 3423 | 10 | 48 North | 3 East |
| Ruth | 2611 | 18 | 48 North | 3 East |
| S-9 | 2081 | 1319 | 48 North | 23 East |
| Sam | 3389 | 10 | 48 North | 2 East |
| Schute Fraction | 2201 | 10 | 48 North | 2 East |
| Sherman | 2611 | 12 | 48 North | 2 East |
| Silver Chord | 2274 | 15 | 48 North | 3 East |
| Silver King Millsite | 3563 | 2 | 48 North | 2 East |
| Simmons | 2611 | 12 | 48 North | 2 East |
| Snowline | 2587 | 25 | 48 North | 2 East |
| Sonora | 3361 | 2 | 47 North | 2 East |
| Spokane Central No. 1 | 3472 | 19 | 48 North | 3 East |
| Spokane Central No. 2 | 3472 | 20 | 48 North | 3 East |
| Spokane Central No. 3 | 3472 | 20 | 48 North | 3 East |
| Spokane Central No. 4 | 3472 | 20 | 48 North | 3 East |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Spokane Central No. 5 | 3472 | 20 | 48 North | 3 East |
| Spring | 3298 | 15 | 48 North | 3 East |
| Star | 2081 | 13 | 48 North | 2 East |
| Sullivan Extension | 1228 | 13 | 48 North | 2 East |
| Sunny | 1723 | 2 | 48 North | 2 East |
| Switzerland | 2966 | 11 | 48 North | 2 East |
| V.M. No. 1 | 3051 | 7 | 48 North | 3 East |
| V.M. No. 2 | 3051 | 7 | 48 North | 3 East |
| Van (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Venture | 3164 | 2 | 48 North | 2 East |
| Walla Walla | 1345 | 18 | 48 North | 3 East |
| Wellington | 2977 | 23 | 48 North | 2 East |
| Whippoorwill | 1723 | 2 | 48 North | 2 East |
| Woodrat (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Yreka No. 10 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 11 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 12 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 13 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 14 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 15 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 16 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 17 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 18 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 19 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 20 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 21 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 22 | 2587 | 24 | 48 North | 2 East |
| Yreka No. 23 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 24 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 25 | 2587 | 24 | 48 North | 2 East |
| Yreka No. 26 | 2587 | 19 | 48 North | 3 East |
| Zeke | 3389 | 10 | 48 North | 2 East |
| S-1 | 2081 | 18, 19 | 48 North | 3 East |
| S-2 | 2081 | 18 | 48 North | 3 East |
| S-3 | 2081 | 18, 19 | 48 North | 3 East |
| S-4 | 2081 | 19 | 48 North | 3 East |
| S-5 | 2081 | 19 | 48 North | 3 East |
| S-6 | 2081 | 19 | 48 North | 3 East |
| S-7 | 2081 | 19 | 48 North | 3 East |
| S-8 | 2081 | 18, 19 | 48 North | 3 East |
| Butte | 1220 | 11 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Apex | 1041 | 11 | 48 North | 2 East |
| Blue Bird | 1229 | 13 | 48 North | 2 East |
| Saxon | 2067 | 11 | 48 North | 2 East |
| Link | 2123 | 12 | 48 North | 2 East |
| Spur | 2124 | 12 | 48 North | 2 East |
| Spear | 2496 | 12 | 48 North | 2 East |
| Marion | 2583 | 11 | 48 North | 2 East |
| Ben Herr | 2599 | 12 | 48 North | 2 East |
| Kruger | 2599 | 12 | 48 North | 2 East |
| Philippine | 2599 | 12 | 48 North | 2 East |
| Hough | 2611 | 12 | 48 North | 2 East |
| California | 2627 | 11 | 48 North | 2 East |
| Check | 2840 | 1 | 48 North | 2 East |
| Florence | 2862 | 11 | 48 North | 2 East |
| Billy | 3111 | 11 | 48 North | 2 East |
| Lucky | 3470 | 13 | 48 North | 2 East |
| Moat | 3503 | 17 | 48 North | 3 East |
| Bunker Hill | 579 | 12 | 48 North | 2 East |
| Sullivan | 580 | 13 | 48 North | 2 East |
| Important Fraction | 581 | 13 | 48 North | 2 East |
| Phil Sheridan | 604 | 13 | 48 North | 2 East |
| Reed Fraction | 607 | 13 | 48 North | 2 East |
| Bunker Hill Millsite | 608 | 13 | 48 North | 2 East |
| Small Hopes | 609 | 13 | 48 North | 2 East |
| Bottom Dollar Fraction | 629 | 13 | 48 North | 2 East |
| Chestnut Fraction | 632 | 13 | 48 North | 2 East |
| Emma | 703 | 12 | 48 North | 2 East |
| Last Chance Millsite | 703 | 12 | 48 North | 2 East |
| Ontario | 755 | 11 | 48 North | 2 East |
| Carbonate | 764 | 11 | 48 North | 2 East |
| Silver Casket | 790 | 11 | 48 North | 2 East |
| Turkey Buzzard | 836 | 13 | 48 North | 2 East |
| Snowslide Fraction | 837 | 13 | 48 North | 2 East |
| Silver | 1085 | 12 | 48 North | 2 East |
| Johnnesburg | 1192 | 12 | 48 North | 2 East |
| Puritan | 1328 | 12 | 48 North | 2 East |
| No. 5 | 1357 | 11 | 48 North | 2 East |
| Omaha | 1409 | 12 | 48 North | 2 East |
| Legal Tender | 1639 | 11 | 48 North | 2 East |
| Triangle Fraction | 2065 | 13 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **BLM**<br> **Serial #**  | **Section** | **Township** | **Range** |
| BHM 1 | ID106709778 | 1 | 48 North | 2 East |
| BHM 2 | ID106709779 | 1 | 48 North | 2 East |
| BHM 3 | ID106709780 | 1 | 48 North | 2 East |
| BHM 4 | ID106709781 | 1 | 48 North | 2 East |
| BHM 5 | ID106709782 | 1 | 48 North | 2 East |
| BHM 6 | ID106709783 | 1 | 48 North | 2 East |
| BHM 7 | ID106709784 | 1 | 48 North | 2 East |
| BHM 8 | ID106709785 | 1 | 48 North | 2 East |
| NBH 1 | ID106715514 | 11 | 48 North | 2 East |
| NBH 2 | ID106715515 | 11 | 48 North | 2 East |
| NBH 3 | ID106715516 | 11 | 48 North | 2 East |
| NBH 4 | ID106715517 | 11 | 48 North | 2 East |
| NBH 5 | ID106715518 | 11 | 48 North | 2 East |
| NBH 6 | ID106715519 | 11 | 48 North | 2 East |
| NBH 7 | ID106715520 | 11 | 48 North | 2 East |
| NBH 8 | ID106715521 | 11 | 48 North | 2 East |
| NBH 9 | ID106715522 | 1 | 48 North | 2 East |
| NBH 10 | ID106715523 | 1 | 48 North | 2 East |
| NBH 11 | ID106715524 | 1 | 48 North | 2 East |
| NBH 12 | ID106715525 | 1 | 48 North | 2 East |
| NBH 13 | ID106715526 | 1 | 48 North | 2 East |
| NBH 14 | ID106715527 | 1 | 48 North | 2 East |
| NBH 15 | ID106715528 | 1 | 48 North | 2 East |
| NBH 16 | ID106715529 | 12 | 48 North | 2 East |
| NBH 17 | ID106715530 | 12 | 48 North | 2 East |
| NBH 18 | ID106715531 | 7 | 48 North | 3 East |
| NBH 19 | ID106715532 | 12 | 48 North | 2 East |
| NBH 20 | ID106715533 | 18 | 48 North | 3 East |
| NBH 21 | ID106715534 | 7 | 48 North | 3 East |
| NBH 22 | ID106715535 | 17 | 48 North | 3 East |
| NBH 23 | ID106715536 | 18 | 48 North | 3 East |
| NBH 24 | ID106715537 | 17 | 48 North | 3 East |
| NBH 25 | ID106715538 | 18 | 48 North | 3 East |
| NBH 26 | ID106715539 | 18 | 48 North | 3 East |
| NBH 27 | ID106715540 | 18 | 48 North | 3 East |
| NBH 28 | ID106715541 | 18 | 48 North | 3 East |
| NBH 29 | ID106715542 | 35 | 48 North | 2 East |
| NBH 30 | ID106715543 | 35 | 48 North | 2 East |
| NBH 31 | ID106715544 | 35 | 48 North | 2 East |
| <u>NBH 32</u> | <u>ID106715545</u> | <u>35</u> | <u>48 North</u> | <u>2 East</u> |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **BLM** <br> **Serial #** | **Section** | **Township** | **Range** |
| NBH 33 | ID106715546 | 35 | 48 North | 2 East |
| NBH 34 | ID106715547 | 35 | 48 North | 2 East |
| NBH 35 | ID106715548 | 35 | 48 North | 2 East |
| NBH 36 | ID106715549 | 35 | 48 North | 2 East |
| NBH 37 | ID106715550 | 35 | 48 North | 2 East |
| NBH 38 | ID106715551 | 36 | 48 North | 2 East |
| NBH 39 | ID106715552 | 2 | 47 North | 2 East |
| NBH 40 | ID106715553 | 2 | 47 North | 2 East |
| NBH 41 | ID106715554 | 2 | 47 North | 2 East |
| NBH 42 | ID106715555 | 2 | 47 North | 2 East |
| NBH 43 | ID106715556 | 1 | 47 North | 2 East |
| NBH 44 | ID106715557 | 1 | 47 North | 2 East |
| NBH 45 | ID106715558 | 1 | 47 North | 2 East |
| NBH 46 | ID106715559 | 3 | 47 North | 2 East |
| NBH 47 | ID106715560 | 2 | 47 North | 2 East |
| NBH 48 | ID106715561 | 3 | 47 North | 2 East |
| NBH 49 | ID106715562 | 2 | 47 North | 2 East |
| NBH 50 | ID106715563 | 1 | 47 North | 2 East |
| NBH 51 | ID106715564 | 1 | 47 North | 2 East |
| NBH 52 | ID106715565 | 1 | 47 North | 2 East |
| NBH 53 | ID106715566 | 2 | 47 North | 2 East |
| NBH 54 | ID106715567 | 2 | 47 North | 2 East |
| NBH 55 | ID106715568 | 2 | 47 North | 2 East |
| NBH 56 | ID106715569 | 2 | 47 North | 2 East |
| NBH 57 | ID106715570 | 1 | 47 North | 2 East |
| NBH 58 | ID106715571 | 1 | 47 North | 2 East |
| NBH 59 | ID106715572 | 1 | 47 North | 2 East |
| NBH 60 | ID106715573 | 1 | 47 North | 2 East |
| NBH 61 | ID106715574 | 2 | 47 North | 2 East |
| NBH 62 | ID106715575 | 2 | 47 North | 2 East |
| NBH 63 | ID106715576 | 2 | 47 North | 2 East |
| NBH 64 | ID106715577 | 2 | 47 North | 2 East |
| NBH 65 | ID106715578 | 2 | 47 North | 2 East |
| NBH 66 | ID106715579 | 11 | 47 North | 2 East |
| NBH 67 | ID106715580 | 2 | 47 North | 2 East |
| NBH 68 | ID106715581 | 1 | 47 North | 2 East |
| NBH 69 | ID106715582 | 1 | 47 North | 2 East |
| <u>NBH 70</u> | <u>ID106715583</u> | <u>1</u> | <u>47 North</u> | <u>2 East</u> |

---

**SCHEDULE C**

**PERMITTED ENCUMBRANCES**

1. Encumbrances
 disclosed in Section (29) of the Disclosure Letter

2. The
 Encumbrance disclosed in Section (13) of the Disclosure Letter

3. <u>The pledge agreement dated as of August 8, 2024 made by and between BHMC and Monetary Metals Bond III LLC (the "Note Purchaser")</u> 

4. <u>The security agreement dated as of August 8, 2024 made by and between the Mine Owner and the Note Purchaser</u> 

5. <u>The mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixture filing dated August 8, 2024 granted by Mine <u>Owner, as mortgagor, and Note Purchaser, as mortgagee</u></u> 

6. <u>The pledge agreement dated as of the Second Amendment Date between BHMC and Teck</u> 

7. <u>The security agreement dated as of the Second Amendment Date made by and between the Mine Owner and Teck Metals Ltd.</u> 

8. <u>The mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixture filing dated the Second Amendment Date granted by (or to be granted by thereafter) Mine Owner, as mortgagor, and Teck Metals Ltd., as mortgagee</u> 

**SCHEDULE D**

**REPRESENTATIONS AND WARRANTIES OF GRANTOR AND BHMC**

Each of Grantor and BHMC (collectively, the "**Obligors**") hereby represents and warrants as follows to Holder, and acknowledges and agrees that Holder is relying upon such representations and warranties in connection with entering into of this Agreement:

*Corporate Organization and Authority*

 

1. Each
 Obligor is a corporation duly incorporated and validly existing under the laws of its jurisdiction
 of incorporation and is up-to-date in respect of all filings required by law to maintain
 its existence; in particular, BHMC is a corporation incorporated under the laws of Nevada
 and Grantor is a corporation incorporated under the laws of Idaho.

2. Each
 Obligor is qualified to do business and is in good standing in all jurisdictions in which
 the nature of its business as now being or as proposed to be conducted makes such qualification
 necessary and has all material governmental licenses, authorizations, consents and approvals
 necessary to own its assets and carry on its business as now being or as proposed to be conducted.

3. Each
 Obligor has the requisite corporate power, capacity and authority to: (i) own its property
 and assets and conduct its business; and (ii) enter into the Agreement and such other documents
 as may be necessary or appropriate to give effect to the terms hereof, to perform its obligations
 hereunder and complete the transactions contemplated hereby.

4. The
 execution and delivery of the Agreement by each Obligor and the completion of the transactions
 contemplated hereby, have been duly authorized by all necessary corporate action on the part
 of such Obligor. This Agreement has been duly and validly executed and delivered by such
 Obligor, and constitutes a legal, valid and binding obligation of it, enforceable against
 it in accordance with the terms thereof, except to the extent enforcement may be affected
 by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar Applicable
 Laws affecting creditors' rights generally and subject to the qualification that equitable
 remedies, injunctive relief and/or specific performance may be granted in the discretion
 of a court of competent jurisdiction.

5. BHMC owns legally and beneficially all of
the issued and outstanding stock of Grantor (the "**Capital Stock**") as set forth in Section (5) of the Disclosure Letter
free and clear of any Encumbrances <u>, other than as set forth in Section (5) of the Disclosure Letter</u>. The corporate structure and organization
chart of the Obligors set forth in Section (5) of the Disclosure Letter accurately reflects, as of the <u>date hereof</u> <u>Second Amendment Date</u>, the direct and indirect ownership of all of
the Capital Stock of Grantor. Other than as set forth in Section (5) of the Disclosure Letter, no Person has any agreement, option, right
of first refusal or right, title or interest or any right (including a right of conversion of Indebtedness) that is or will become an
agreement, option, right of first refusal or right, title or interest, in or to all or any part of the Capital Stock of Grantor. There
are no shareholders' agreement or shareholders' declaration in effect with respect to the Obligors or their respective shares
or other equity interests.

6. Each
 Obligor is entering into and performing its obligations under this Agreement, on its own
 account and not as trustee or a nominee of any other Person.

7. The principal place of business and chief executive
office of each Obligor as of the <u>date hereof</u> <u>Second Amendment Date</u> is set out in Section (7) of the Disclosure Letter.

8. No
 Obligor has suffered an Insolvency Event and the Obligors are not aware of any circumstance
 which, with notice or the passage of time, or both, would give rise to an Insolvency Event
 with respect to it.

9. Each
 of the Obligors' corporate records are complete and accurate in all material respects,
 and true and correct copies of same have been made available to Holder.

10. The
 financial books, records and accounts of each of the Obligors: (i) are complete and accurate
 in all material respects; (ii) are stated in reasonable detail; and (iii) accurately and
 fairly reflect all the material transactions, acquisitions and dispositions of each of the
 Obligors.

11. BHMC's
 audited consolidated financial statements for the fiscal year ended December 31, <u>2022</u> <u>2024</u>, including the consolidated balance sheets, statements of loss and comprehensive loss, cash
 flows and changes in shareholders' deficiency and the notes thereon and the unaudited
 interim consolidated financial statements for the three months ended March 31, <u>2023</u> <u>2025</u> (collectively, the "**Current Financial Statements** "), have been prepared
 in accordance with US GAAP. The Current Financial Statements fairly present in all material
 respects the financial condition and results of operations of Grantor and BHMC, on a consolidated
 basis, as at the respective dates specified therein and for the periods then ended. The Obligors
 have not effected any material change in its accounting methods, principles or practices
 since the date of the Current Financial Statements. The Obligors do not intend to correct
 or restate, nor, to the knowledge of the Obligors, is there any basis for any correction
 or restatement of, any aspect of the Current Financial Statements. Other than as set out
 in Section (11) of the Disclosure Letter, each Obligor is neither a party to, nor had a commitment
 to become a party to, any material off balance sheet transactions, arrangements, obligations
 (including contingent obligations) or other relationships of Grantor, BHMC or any subsidiary
 of the Obligors with unconsolidated entities. MNP LLP is the current auditor of BHMC and
 is "independent" of the Obligors within the meaning of the Rules of Professional
 Conduct of the Chartered Professional Accountants of Ontario. There has never been a "reportable
 event" (within the meaning of National Instrument 51-102 – *Continuous Disclosure Obligations* of the Canadian Securities Administrators) ()"**NI 51-102** ")
 with the present or any former auditor of the Obligors.

12. Since the end date
of its Current Financial Statements, the Obligors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have
 conducted its business only in the ordinary course of business and no Material Adverse Effect
 has occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have
 not incurred any Indebtedness which is not shown or reflected in the most recent interim
 financial statements provided to Holder or in Section (12) of the Disclosure Letter.

*Tax Matters*

 

13. (a) Taxes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All
 material Taxes due and payable by each of the Obligors (whether or not shown due on any Tax
 returns and whether or not assessed (or reassessed) by the appropriate Governmental Authority)
 have been timely paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All
 Tax returns required by Applicable Law to be filed by or with respect to the Obligors have
 been properly prepared and timely filed and all such Tax returns (including information provided
 therewith or with respect thereto) are true, complete and correct in all material respects, and no material fact or facts have
 been omitted therefrom which would make any such Tax returns misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As
 of the <u>date hereof</u> <u>Second Amendment Date</u>, no audit or other proceeding by any Governmental Authority is
 pending or, to the knowledge of the Obligors, threatened with respect to any Taxes due from
 or with respect to the Obligors, and no Governmental Authority has given written notice of
 any intention to assert any deficiency or claim for additional Taxes against either of the
 Obligors. As of the <u>date hereof</u> <u>Second Amendment Date</u>, there are no matters under discussion, audit or appeal or in dispute
 with any Governmental Authority relating to Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other
 than as set out in Section (13) of the Disclosure Letter, no Governmental Authority of a
 jurisdiction in which the Obligors do not file Tax returns has made any written claim that
 either of the Obligors are or may be subject to taxation by such jurisdiction. To the knowledge
 of the Obligors, there is no basis for a claim that the Obligors is subject to Tax in a jurisdiction
 in which the Obligors do not file Tax returns. As of the <u>date hereof</u> <u>Second Amendment Date</u>, each of the Obligors only file Tax returns in the jurisdictions in which it is incorporated
 or organized and in any jurisdiction in which it carries on any material business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As
 of the <u>date hereof</u> <u>Second Amendment Date</u>, there are no reassessments of Taxes for the Obligors that have
 been issued and are under dispute, and the Obligors have not received any communication from
 any Governmental Authority that an assessment or reassessment is proposed in respect of any
 Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To
 the knowledge of the Obligors, each of the Obligors have withheld or collected any material
 Taxes that are required by Applicable Law to be withheld or collected and have paid or remitted,
 on a timely basis, the full amount of any Taxes that have been withheld or collected, and
 are due, to the applicable Governmental Authority.

*Non-Contravention*

 

15. Subject
 to Section (15) of the Disclosure Letter, none of the execution and delivery of the Agreement,
 or the completion of the transactions contemplated hereby, by each Obligor, will (i) require
 that a consent be obtained or a notice be provided under or result in or constitute a breach
 or default under any agreement, mortgage, bond or other instrument to which it is a party
 or which is binding on it or its assets, (ii) violate the terms of its constating documents,
 (iii) require that a consent be obtained or a notice be provided under or violate any Applicable
 Law or any Authorization or the material terms and conditions of any Other Rights, or result
 in any modification, revocation, alteration or transfer of any Authorization or Other Right,
 (iv) result in the imposition of any Encumbrance on the Project Assets, or (v) contravene
 any judgment, order, writ, injunction or decree of any Governmental Authority.

16. No
 Obligor is in breach of or default under, and no event has occurred that, with the passage
 of time or notice, or both, would constitute or would reasonably be expected to constitute
 such a breach of or default under, any agreement, mortgage, bond or other instrument to which
 it is a party or which is binding on it or its assets, other than a breach or default or
 event that would not, individually or in the aggregate, have a Material Adverse Effect. To
 the knowledge of the Obligors, there is no breach or default by any counterparty thereto
 or inability of any counterparty thereto to perform its obligations thereunder which has,
 individually or in the aggregate, a Material Adverse Effect.

 

*Regulatory Compliance*

17. No
 consents, approvals or permissions are required to be obtained by, nor any filings made with
 any Governmental Authority by any Obligor in connection with the execution and delivery or
 the performance by it of this Agreement, or in respect of its obligations hereunder, other
 than as set forth in Section (17) of the Disclosure Letter.

18. Each
 Obligor has conducted and is conducting its respective business in compliance in all material
 respects with Applicable Laws.

19. No
 Obligor nor, to the knowledge of the Obligors, any director, officer, manager, member, employee,
 consultant, representative or agent thereof, acting on its behalf has violated (i) the *Corruption of Foreign Public Officials Act* (Canada), the *Bribery Act* (United Kingdom), the *Foreign Corrupt Practices Act* (United States), and all other anti-bribery, and anti-corruption
 Applicable Laws, whether within Canada, the United States or to the extent applicable to
 any Obligor, elsewhere, including any regulations, guidelines or orders thereunder (collectively,
 the "**Anti-Bribery Laws** "); and (ii) the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada) and all other anti-money laundering, anti-terrorist
 financing, government sanction and "know your client" Applicable Laws, whether
 within Canada, the United States and, to the extent applicable to any Obligor, elsewhere,
 including any regulations, guidelines or orders thereunder (collectively, the "**Anti-Money Laundering Laws** "). No Obligor nor, to the knowledge of Grantor and BHMC, any director,
 officer, employee, consultant, representative or agent thereof acting on its behalf, has
 made a voluntary, directed, or involuntary disclosure to any Governmental Authority responsible
 for enforcing Anti-Bribery Laws or Anti-Money Laundering Laws, with respect to any alleged
 non-compliance by any Obligor or such other Persons (acting on behalf of an Obligor) with
 Anti-Bribery Laws or Anti-Money Laundering Laws. No Obligor has received any written notice,
 request, or citation from any Governmental Authority alleging non-compliance by any Obligor
 or such other Persons (acting on behalf of an Obligor) with any Anti-Bribery Laws or Anti-Money
 Laundering Laws.

20. The
 Obligors and their agents have complied at all times with Anti-Bribery Laws with respect
 to the Mine and the development, construction or conduct of all operations or activities
 at the Mine. The operations in relation to the Mine are and have been conducted at all times
 in compliance with applicable financial record-keeping and reporting requirements of Anti-Money
 Laundering Laws and no action, suit or proceeding by or before any court or Governmental
 Authority or any arbitrator involving the Obligors with respect to the Anti-Money Laundering
 Laws is pending or, to the best knowledge of the Obligors, threatened.

21. The
 Obligors have not, and, to the knowledge of the Obligors, no director, officer, employee,
 consultant, representative or agent of the Obligors have, transacted business on behalf of
 the Obligors with any Restricted Person.

22. BHMC
 is a "reporting issuer" (or the equivalent) in the provinces of British Columbia
 and Ontario and is not included on a list of defaulting reporting issuers maintained by the
 securities regulators or other securities regulatory authorities in any such provinces (collectively,
 the "**Securities Regulators** "). No order, ruling or determination having
 the effect of suspending the sale or ceasing or suspending trading in any securities of BHMC
 has been issued by any Governmental Authority and is continuing in effect and no proceedings
 for such purpose have been instituted or are, to the knowledge of the Obligors, pending or
 threatened.

*Legal Proceedings*

 

23. Other
 than as set forth in Section (23) of the Disclosure Letter, there are no actions, suits,
 proceedings, hearings, inquiries, investigations or claims commenced or, to the knowledge of the Obligors, threatened against any Obligor
or that involve the Mine, and which, individually or in the aggregate, (i) would prevent or limit, restrict or impair in any material
respect the ability of an Obligor to enter into this Agreement or would reasonably be expected to materially and adversely impair the
performance of its obligations under this Agreement or the development of the Mine, or (ii) that could reasonably be expected to result
in a Material Adverse Effect.

24. No
 Obligor is a party to or subject to any judgment, order, writ, injunction or decree, involving
 the Mine, which (i) could reasonably be expected to materially and adversely impair the performance
 of its obligations under this Agreement, or (ii) could reasonably be expected to result in
 a Material Adverse Effect. No action or proceeding has been instituted or remains pending
 or, to the knowledge of the Obligors, has been threatened and not resolved, by or before
 any Governmental Authority that (i) could reasonably be expected to materially and adversely
 impair the development of the Mine, or (ii) could reasonably be expected to result in a Material
 Adverse Effect.

*Material Information*

 

25. All
 material information relating to the Mine and Project Assets and prepared by or on behalf
 of the current management of the Obligors and that has been made available or delivered to
 Holder, including forecasts, projections, mine plans, budgets and environmental audits, assessments,
 studies and tests, including any environmental and social impact assessment study reports,
 was prepared in good faith and on the basis of assumptions that the management of the Obligors
 believe to be reasonable at the time of preparation, subject to any material changes of which
 the Obligors have informed Holder in writing. To the knowledge of the management of the Obligors,
 all material information relating to the Mine and the Project Assets prepared at the request
 of current management of the Obligors by third parties and that has been made available or
 delivered to Holder including forecasts, projections, mine plans, budgets and environmental
 audits, assessments, studies and tests, including any material environmental and social impact
 assessment study reports, was prepared in good faith and does not contain materially incorrect
 information. The Obligors do not have knowledge of any change to the facts and assumptions
 underlying the estimates in the technical report and preliminary economic assessment for
 underground milling
and concentration of lead, silver and zinc at the Mine dated December 29, 2021 <u>and</u> effective
November 29, 2021 (<u>as amended and restated as of February 22, 2022 effective January 7, 2022 and as further updated and revised by Management's 9 plus 3 model dated October 30, 2024 titled "*9^M3 Forecast Consolidated Optimization incl AP catch up*" and delivered to Holder on November 15, 2024 (the</u> "**PEA**") that would reasonably be expected to result in a material adverse change in any cost, price, reserves, resources
or other relevant information in the PEA. All material information regarding the Mine and the Project Assets, including drill results,
technical reports and studies, that are required to be disclosed by Applicable Laws, have been publicly disclosed by BHMC in compliance,
in all material respects, with Applicable Laws.

26. As
of the <u>date hereof</u> <u>Second Amendment Date</u>, all material information relating to the Mine mineralization prepared by or on behalf of the current management of the Obligors has been
made available or delivered to Holder and, to the knowledge of the management of the Obligors, such information and the reports and information
delivered to Holder have been prepared in a manner which is consistent with Good Practice Standards, the statements, assumptions and
projections contained therein are fair and reasonable as and when produced and, to the knowledge of the management of the Obligors, have
been arrived at after reasonable inquiry having been made in good faith by the Persons responsible therefor. The estimated mineral resources
relating to the Real Property as of the <u>date hereof</u> <u>Second Amendment Date</u> are as stated in the PEA. The Obligors are in compliance in all material respects with NI 43-101 in connection
with the disclosure of scientific or technical information made by the Obligors concerning the Mine. The Obligors have duly filed with
the applicable regulatory authorities in compliance in all material respects with Applicable Laws all reports required by NI 43-101 in
connection with the Mine, and all such reports were prepared in accordance with the requirements of NI 43-101 in all material respects. Except as set forth in Section (26) of the Disclosure Letter, as of the date hereof As
of the Second Amendment Date , there are no outstanding unresolved comments of the Canadian Securities TSX
Venture Exchange (the " CSE TSX-V") or any Securities Regulator in respect of the technical disclosure relating to the Mine made in the documents which have been filed by
or on behalf of the Obligors with the relevant Securities Regulators pursuant to the requirements of Applicable Laws, including all documents
publicly available on BHMC's SEDAR+ profile.

27. The Obligors are
in compliance in all material respects with all timely and continuous

disclosure obligations under Applicable Laws, including NI 51-102, and the policies, rules and regulations of the CSE<u>TSX-V</u> and, without limiting the generality of the foregoing, except as disclosed to the Holder, there has been no "material change", as defined in the *Securities Act* (Ontario) (actual, or, to the knowledge of the Obligors, proposed or prospective, whether financial or otherwise) in the business, results of operations, prospects, assets, liabilities (contingent or otherwise) or capital or financial condition of the Obligors on a consolidated basis which has not been publicly disclosed within the period required by NI 51-102, and except as disclosed to Holder, the Obligors has not filed any confidential material change reports which remain confidential as of the <u>date hereof</u><u>Second Amendment Date</u>.

*Mine*

 

28. The
 PEA was prepared in a manner which is consistent with Good Practice Standards and the statements,
 assumptions and projections contained therein were fair and reasonable as and when produced
 and, to the Obligors' knowledge, were arrived at after reasonable inquiry, having been
 made in good faith by the Persons responsible therefor. The PEA contains a reasonable estimate
 in all material respects of projected capital expenditures for the Real Property subject
 to fluctuations in exchange rates, commodity prices and electricity rates and has been prepared
 in a manner which is consistent with Good Practice Standards.

29. Subject to Section (29) of the Disclosure Letter,
Grantor is the sole recorded and beneficial owner of the Real Property, free and clear of any Encumbrances (other than Permitted Encumbrances).
Section (29) of the Disclosure Letter sets out a full and complete list of all Permitted Encumbrances <u>not already described in paragraphs (a) through (n) of the definition thereof</u>. Except for any Permitted Encumbrance or
as listed in Section (29) of the Disclosure Letter, no Person other than Holder has any agreement to acquire, option, right of first
refusal or right, title or interest or any right that is or will become an agreement to acquire, option, right of first refusal or right,
title or interest, in or to all or any material part of the Collateral or any Project Assets nor has either of the Obligors granted,
or agreed to grant, any Encumbrances, other than Permitted Encumbrances, on the Collateral or any Project Asset.

30. The Authorizations and Other Rights required for
the development, construction or operation of the Mine, including commercial production of the silver, lead and zinc from the Mine, whether
obtained or issued by the <u>date hereof</u> <u>Second Amendment Date</u> or not, are listed in Section (30) of the Disclosure Letter. The Obligors have complied in all material respects with all conditions
provided for in the Authorizations and Other Rights required to be complied with as of the date this representation is made.

31. Other
 than as set forth in Section (31) of the Disclosure Letter, all Authorizations and Other
 Rights required for the development, construction and operation of the Mine, including for
 greater certainty all environmental and water permits, are in full force and effect and in
 good standing and none of the Obligors, and to the best of the knowledge and belief of each
 of the Obligors, no other Person party thereto is, in default in any material respect under
 any such Authorization or Other Right.

32. No
 Authorization or Other Right relating to the Mine or the Real Property has been challenged,
 withdrawn, cancelled, amended or refused or, to the best of the knowledge and belief of each
 of the Obligors, threatened to be challenged, withdrawn, cancelled, amended or refused by
 any Governmental Authority or by any other Person.

33. Subject
 to Section (33) of the Disclosure Letter, operation of the Mine is and has been in compliance
 in all material respects with all land use restrictions, zoning, regulations, ordinances,
 environmental laws and other similar Applicable Laws thereto. Subject to Section (33) of
 the Disclosure Letter, during the past three (3) years, neither of the Obligors nor any of
 its agents or employees has received any written notice from any Governmental Authority having
 jurisdiction over the Mine alleging any violation of any Applicable Law, including, but not
 limited to, those relating to environmental laws, zoning, building, use, personal disability
 and fire or safety, which has not been cured or remedied. To the knowledge of the Obligors,
 there are not any threatened proceedings for the rezoning of the Real Property or any portion
 thereof.

34. Current
 management of the Obligors has arranged for the following environmental studies relating
 to the Mine and the Real Property: (i) since September 2020, 30 site water sampling and broad
 spectrum lab testing on a monthly basis and field parameter testing on a bi-weekly basis,
 and (ii) in May 2021, a multi-year water flow analysis program with the University of Idaho's
 hydrogeology department, (iii) water chemistry analysis as part of planning for a proprietary
 in-mine water treatment system, (iv) evaluation of the capabilities of the Environmental
 Protection Agency's Central Treatment Plant, in the event that an Obligor may seek
 to purchase and/or operate it in the future. No other environmental investigation, study,
 audit, test or other analysis has been conducted by or at the request of current management
 of the Obligors with respect to the Mine and the Real Property.

35. Subject
 to Section (35) of the Disclosure Letter, there are no material environmental liabilities
 of the Obligors or to the knowledge of the Obligors, in respect of the development, construction
 and operation of the Mine, in each case, that have been incurred as at the date that this
 representation is made.

36. Subject
 to Section (36) of the Disclosure Letter, no release or threatened release of any chemicals,
 materials or substances, whether solid, liquid or gas, defined as or included in the definition
 of "contaminant", "pollutant", "hazardous substance",
 "hazardous waste", "hazardous material", or "toxic substance"
 under any applicable environmental law has occurred or is occurring at or from the Mine for
 which environmental laws require notice, further investigation or any form of responsive
 action.

37. Section
 (37) of the Disclosure Letter lists all underground and above ground storage tanks located
 or previously located on the Real Property.

38. The
 Obligors have complied and will comply with all terms and conditions of the EPA Settlement
 Agreement, including, without limitation, making timely payments and providing financial
 assurance on schedule.

39. Except for <u>the</u> deferral arrangements disclosed in Section (39) of the Disclosure Letter, all payments relating to water treatments costs with respect
to the Mine, including all costs

relating to the water treatment facility known as the Central Treatment Plant, have been paid in full, and there are no water treatment costs or other amounts in connection therewith owing to any Person, including, without limitation, the EPA and the Idaho Department of Environmental Quality ("**IDEQ**").

<u>40. As of May 31, 2023, except for a shortfall not to exceed US$5,000,000, the Cost to Complete</u>

<u>Test has been satisfied.</u>

<u>40.</u> 41. Except as disclosed
 in Section (39 <u>40</u>)
 of the Disclosure Letter, each of the Obligors are<br>
 in compliance with their obligations to the EPA and <u>the</u> IDEQ with respect to the Obligors' responsibilities for meeting water discharge standards
 and for all water treatment costs in connection with the Property and there are no further
 water treatment costs due and payable by the Obligors to the EPA and the IDEQ.

41. <u>42.</u> The <u>All</u> Real
 Property <u>comprises</u> <u>owned or leased by the Obligors is described in</u> Schedule "F" and all mining claims, concessions and other mining rights
 forming part of the Mine <u>or related thereto are described in Schedule "B"</u>.

42. 43. Grantor has good
 and marketable title to the Real Property free and clear of any Encumbrances other than Permitted
 Encumbrances and its rights in and to the Real Property will be valid and in full force and
 effect in all material respects, and the Obligors will have complied in all material respects
 with all of their respective obligations in respect thereof, including payment of any annual
 fees and production penalties, under Applicable Laws. No third party holds any mining or
 real property rights that conflict in any material respect with Grantor's rights in
 and to the Real Property.

40. 44. Except as set out
 in Section (44 <u>43</u>) of the Disclosure Letter, all mining concession, patent or maintenance
 fees and recording fees, and all other material exploration permit, authorization, lease,
 licensing and mining claim payments, rentals, taxes, assessments, renewal fees and other
 governmental charges, owing in respect of the Mine and the Real Property or any part thereof,
 have been paid in full.

41. 45. Grantor owns or
 has the right to use or the benefit of all of the Other Rights and Project Assets and the
 Other Rights and Project Assets they own are free and clear of any Encumbrances, other than
 Permitted Encumbrances.

42. 46. Subject only to
 the rights of any Governmental Authority set out in Section (43 <u>45</u>)
 of the Disclosure Letter and except for Permitted Encumbrances, no Person is entitled to
 or holds any material rent, option, back-in right, earn-in right, right of first refusal,
 royalty, stream, participation, production or similar interests, or other payment in the
 nature of rent or royalty, on or for the Mine, including <u>in</u> any Real Property <u>or Products</u>.

43. <u>47.</u> To the knowledge
 of the Obligors, there is no (i) expropriatory act or series of expropriatory acts, including
 eminent domain, confiscation, nationalization, requisition, deprivation, sequestration and/or
 similar acts, by law, order, executive or administrative action or otherwise of any Governmental
 Authority or any corporation or other entity controlled by any Governmental Authority the
 result of which expropriatory act or series of expropriatory acts is that all or substantially
 all of the rights, privileges and benefits pertaining to, associated with, threatened against
 or affecting all or any part of the Mine (collectively, an "**Expropriation Event** ")
 and (ii) circumstances, notices, discussions, or negotiations which could reasonably be expected
 to result in such an Expropriation Event.

*Community*

 

44. 48. Except as set out
 in Section (47 <u>47</u>)
 of the Disclosure Letter, to the best knowledge of the Obligors, no indigenous or community
 groups (and no Persons on their behalf) have asserted any interest or rights or commenced
 or threatened any claims or proceedings affecting the Mine or the Obligors that could result
 in a Material Adverse Effect.

45. 49. Any relocation
 or resettlement of any persons, communities or settlements, including any indigenous persons,
 communities or settlements, in connection with the exploration, development or operation
 of the Mine has been conducted in material compliance with all Applicable Laws and Authorizations.

46. 50. Except as set out in Section
(50 <u>49</u>) of the Disclosure Letter, and to the
best of the knowledge and belief of each of the Obligors (i) no indigenous or community groups (and no Governmental Authority on behalf
of any such groups) have asserted any interest or rights or commenced or threatened any claims or proceedings affecting the Real Property,
the Mine or any of the Obligors which have a Material Adverse Effect, and (ii) neither the Real Property nor any part of the Mine is
located on any land or in territory to which indigenous or local community groups own or are entitled to communal, collective rights
or any other rights under Applicable Law.

47. <u>51.</u> The Obligors have
 complied with all previous consultation processes with local communities in accordance with
 Applicable Law.

*Other*

 

48. <u>The execution, delivery and performance of this Agreement by each Obligor and the completion of the transactions contemplated hereby is exempt from the formal valuation requirement and the minority approval requirement of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions.</u> 

49. Except
 as set out in Section (52 <u>54</u>)
 of the Disclosure Letter, no Obligor is party to any contract that would give rise to a valid
 claim against an Obligor and/or any Sprott Entity for a brokerage commission, finder's
 fee or like payment in connection with the transactions contemplated by this Agreement or
 the other Transaction Documents.

50. Section (53 <u>55</u>)
of the Disclosure Letter, lists all bank accounts of each of BHMC and Grantor and the depositary bank at which such accounts are maintained.

51. The
 Obligors are in material compliance with all Applicable Laws respecting employment and employment
 practices, terms and conditions of employment, pay equity and wages; there is not currently
 any labour disruption, strike, or conflict involving or threatened against any Obligor or
 directly affecting the Mine. None of the Obligors are party to a collective bargaining agreement.

**SCHEDULE E**

**REPRESENTATIONS AND WARRANTIES OF HOLDER**

The Holder hereby represents and warrants as follows to each of the Obligors, and acknowledges and agrees that the Obligors are relying upon such representations and warranties in connection with entering into of this Agreement:

(a) it
 is a partnership validly existing under the laws of the State of Delaware and is up-to-date
 in respect of all filings required by law to maintain its existence.

(b) it
 has the requisite corporate power, capacity and authority to enter into the Agreement and
 to perform its obligations hereunder.

(c) the
 entering into of this Agreement and the exercise of its rights and performance of obligations
 hereunder do not and will not (i) conflict with or result in a default under any material
 agreement, mortgage, bond or instrument to which it is a party or which is binding on its
 assets, (ii) conflict with its constating or constitutive documents; or (iii) conflict with
 or violate any Applicable Law, in each case, in any material respect.

(d) no
 corporate or other approvals of any Person are required to be obtained by it in connection
 with the execution and delivery or performance by it of this Agreement or the transactions
 contemplated hereby, except for any such approval as has been obtained prior to the execution
 and delivery by it of this Agreement.

(e) this
 Agreement has been duly and validly executed and delivered by the Holder, and constitutes
 a legal, valid and binding obligation of it, enforceable against it in accordance with the
 terms thereof, except to the extent enforcement may be affected by bankruptcy, insolvency,
 fraudulent transfer, reorganization, moratorium and similar Applicable Laws affecting creditors'
 rights generally and subject to the qualification that equitable remedies, injunctive relief
 and/or specific performance may be granted in the discretion of a court of competent jurisdiction.

(f) it
 has not suffered an Insolvency Event and is not now aware of any circumstance which, with
 notice or the passage of time, or both, would give rise to an Insolvency Event with respect
 to it.

**SCHEDULE F**

**LEGAL DESCRIPTION OF REAL PROPERTY**

**<u>SCHEDULE F-1</u>**

**<u>SURFACE AND MINERAL PARCELS</u>**

PARCEL 1:

Being a tract of land situated in the Northeast <sup>1</sup>/<sub>4</sub> of the Southeast <sup>1</sup>/<sub>4</sub> of Section 1,

Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho more particularly

described as follows:

Beginning at the East <sup>1</sup>/<sub>4</sub> corner of said Section 1, Township 48 North, Range 2 East, B.M.,

Shoshone County, State of Idaho marked by a concrete monument and also the point of

beginning, thence

South 87°28'34" West 165.92 feet; thence

South 30°34'59" West, 220.96 feet; thence

Along a curve right, radius = 40 feet, the long chord bears South 66°18'09" West, 75.71 feet;

thence

North 78°22'26" West, 36.16 feet; thence

South 10°52'21" West, 204.04 feet; thence

North 75°18'39" West, 252.91 feet; thence

South 17°22'44" West, 1124.08 feet; thence

North 87°41'35" East, 1007.62 feet; thence

North 00°12'22" West, 1389.14 feet to the point of beginning.

PARCEL 2:

Being a tract of land lying in the Northeast <sup>1</sup>/<sub>4</sub> and the Southeast <sup>1</sup>/<sub>4</sub> of Section 1,

Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho and more

particularly described as follows:

Beginning at a point from whence the East <sup>1</sup>/<sub>4</sub> corner of Section 1, Township 48 North,

Range 2 East, B.M., Shoshone County, State of Idaho bears South 10°03'11" East, 409.83

feet distant; thence

South 21°46'03" West, 150.17 feet; thence

North 65°43'21" West, 407.49 feet; thence

South 01°10'02" West, 94.54 feet; thence

South 27°17'34" West, 90.00 feet; thence

South 39°32'35" East, 342.19 feet; thence

South 17°00'49" West, 108.69 feet; thence

South 09°45'56" East, 92.08 feet; thence

Along a curve right, radius = 40 feet, the long chord bears North 68°36'01" East, 43.86 feet;

Thence

North 30°34'41" East, 331.46 feet; thence

Along a curve right, radius = 100 feet, the long chord bears North 48°38'04" East, 62.13

feet; thence

Along a curve left, radius = 161 feet, the long chord bears North 16°29'47" East, 198.94 feet;

thence

North 31°27'01" West, 84.16 feet to the point of beginning and sometimes referred to as Lot

2, Mine Short Plat No. 1 as shown on the official recorded plat thereof recorded as

Instrument No. 350327, records of Shoshone County, State of Idaho.

PARCEL 3:

Being a tract of land situated in the Northeast <sup>1</sup>/<sub>4</sub> of the Southeast <sup>1</sup>/<sub>4</sub> of Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho more particularly described as follows:

Beginning at a point whence the East <sup>1</sup>/<sub>4</sub> corner of Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho bears North 59°22'09" East, 395.37 feet distant; thence

Along a curve left, radius = 40 feet, the long chord bears South 15°24'18" West, 27.50 feet; thence

North 78°22'26" West, 36.16 feet; thence

South 10°52'21" West, 204.04 feet; thence

North 75°18'39" West, 252.91 feet; thence

North 02°48'24" West, 383.22 feet; thence

North 31°43'07" East, 271.88 feet; thence

South 39°32'35" East, 342.19 feet; thence

South 17°00'49" West, 108.69 feet; thence

South 09°45'56" East, 92.08 feet to the point of beginning and sometimes referred to as Lot 3 Mine Plant Short Plat No. 1.

PARCEL 4:

Saxon, M.S. 2067 Patented Mining Claim situated in Yreka Mining District in Section 11 & 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 553, records of Shoshone County, State of Idaho.

PARCEL 5:

Link, M.S. 2123 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 601, records of Shoshone County, State of Idaho.

PARCEL 6:

Spur, M.S. 2124 Patented Mining Claim situated in Yreka Mining District in Sections 11 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 48, Deeds, at page 479, records of Shoshone County, State of Idaho.

PARCEL 7:

Spear, M.S. 2496 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 43, Deeds, at page 49, records of Shoshone County, State of Idaho.

PARCEL 8:

Marion, M.S. 2583 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 47, Deeds, at page 196, records of Shoshone County, State of Idaho.

PARCEL 9:

Ben Herr, Kruger and Philippine, M.S. 2599 Patented Mining Claims situated in Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 47, Deeds, at page 27, records of Shoshone County, State of Idaho.

PARCEL 10:

Hough, M.S. 2611 Patented Mining Claim situated in Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 99, records of Shoshone County, State of Idaho.

PARCEL 11:

California, M.S. 2627 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 45, Deeds, at page 503, records of Shoshone County, State of Idaho.

PARCEL 12:

Check, M.S. 2840 Patented Mining Claim situated in Yreka Mining District in Sections 1 and 12, Township 48, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 54, Deeds, at page 465, records of Shoshone County, State of Idaho.

PARCEL 13:

That portion of Florence, M.S. 2862 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho and more particularly described in those certain deeds recorded November 30, 1966 as Instrument Nos. 208505 and 208506, records of Shoshone County, State of Idaho. Patent recorded in Book 55, Deeds, at page 585, records of Shoshone County, State of Idaho.

PARCEL 14:

Billy, M.S. 3111 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 96, Deeds, at page 398, records of Shoshone County, State of Idaho.

PARCEL 15:

Lucky, M.S. 3470 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., and in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 91, Deeds, at page 283, records of Shoshone County, State of Idaho.

PARCEL 16:

Moat, M.S. 3503 Patented Mining Claim situated in Yreka Mining District in Sections 17, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 96, Deeds, at page 356, records of Shoshone County, State of Idaho.

PARCEL 17:

Bunker Hill, M.S. 579 Patented Mining Claim situated in Yreka Mining District in Sections 12 & 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 101, records of Shoshone County, State of Idaho.

PARCEL 18:

Sullivan, M.S. 580 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 190, records of Shoshone County, State of Idaho.

PARCEL 19:

Important Fraction, M.S. 581 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 285, records of Shoshone County, State of Idaho.

PARCEL 20:

Phil Sheridan, M.S. 604 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 281, records of Shoshone County, State of Idaho.

PARCEL 21:

Reed Fraction, M.S. 607 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 246, records of Shoshone County, State of Idaho.

PARCEL 22:

Bunker Hill Millsite, M.S. 608 Patented Millsite Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 4, Deeds, at page 181, records of Shoshone County, State of Idaho.

PARCEL 23:

Small Hopes, M.S. 609, Amended Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 325, records of Shoshone County, State of Idaho.

PARCEL 24:

Bottom Dollar Fraction, M.S. 629 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 252, records of Shoshone County, State of Idaho.

PARCEL 25:

Chestnut Fraction, M.S. 632 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 339, records of Shoshone County, State of Idaho.

PARCEL 26:

Emma & Last Chance Millsite, M.S. 703 Patented Millsite claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 4, Deeds, at page 179, records of Shoshone County, State of Idaho.

PARCEL 27:

Ontario, M.S. 755 Patented Mining Claim situated in Yreka Mining District in Sections 11 & 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 382, records of Shoshone County, State of Idaho.

PARCEL 28:

Carbonate, M.S. 764 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 325, records of Shoshone County, State of Idaho.

PARCEL 29:

Silver Casket, M.S. 790 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 15, Deeds, at page 25, records of Shoshone County, State of Idaho.

PARCEL 30:

Turkey Buzzard, M.S. 836 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in book 6, Deeds, at page 243, records of Shoshone County, State of Idaho.

PARCEL 31:

Snowslide Fraction, M.S. 837 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 249, records of Shoshone County, State of Idaho.

PARCEL 32:

Silver, M.S. 1085 Patented Mining Claim situated in Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 479, records of Shoshone County, State of Idaho.

PARCEL 33:

Johnnesburg, M.S. 1192 Patented Mining Claim situated in Yreka Mining District in Sections 12 & 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 232, records of Shoshone County, State of Idaho.

PARCEL 34:

Puritan, M.S. 1328 Amended Patented Mining Claim situated in Yreka Mining District in Section

12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 196, records of Shoshone County, State of Idaho.

PARCEL 35:

No. 5, M.S. 1357 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 18, Deeds, at page 234, records of Shoshone County, State of Idaho.

PARCEL 36:

Omaha, M.S. 1409 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents at page 190, records of Shoshone County, State of Idaho.

PARCEL 37:

Legal Tender, M.S. 1639 Amended Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 304, records of Shoshone County, State of Idaho.

PARCEL 38:

Triangle Fraction, M.S. 2065 Patented Mining Claim situated in Yreka Mining District in Section

13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 604, records of Shoshone County, State of Idaho.

PARCEL 39:

A parcel of land situated in the Northwest Quarter of Section 6, Township 48 North, Range 3 East, B.M., Shoshone County, Idaho, and more particularly described as follows:

Using the Bunker Hill Triangulation System Meridian and coordinates and beginning at Corner No. 1, a point identical with the West Quarter Corner of said Section 6 (N9667.57, E687.41), and running thence

North 0°42'20" East, 372.46 feet along the West boundary line of said Section 6 to Corner No. 2; thence

South 20°36' East, 59.71 feet to Corner No. 3, a point identical with Corner No. 4 of the Washington Water Power Company (WWP Co.) tract as described in Document No. 302109, recorded November 2, 1982, records of Shoshone County, Idaho from The Bunker Hill Company to Bunker Limited Partnership, Parcel 28 of Exhibit "A", pages 12 and 13; thence

South 69°24' West, 12.87 feet to Corner No. 4, identical with Corner No. 3 of said WWP Co. tract; thence

South 14°20' East, 118.05 feet to Corner No. 5, identical with Corner No. 2 of said WWP Co. tract; thence

South 2°23'30" West, 187.00 feet to Corner No. 6, identical with Corner No. 1 of said WWP Co. tract; thence

South 80°00' East, 53.98 feet along the Southerly boundary line of said WWP Co. tract to its point of intersection with the South boundary line of the Northwest Quarter of said Section 6; thence

South 88°55'25" West, 88.05 feet along said boundary line of said Section 6 Northwest Quarter to Corner No. 1 and place of beginning.

PARCEL 40:

Blue Bird and Maple, M.S. 1229 Patented Mining Claims situated in Yreka Mining District in Sections 11, 12, 13 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Deeds, at page 580, records of Shoshone County, State of Idaho.

EXCEPT: Any portion of M.S. 1229 conveyed to Idaho Forest Industries by deed recorded March 4, 1991 as Instrument No.; 346474, records of Shoshone County, State of Idaho.

PARCEL 41:

Butternut and Homestake, M.S. 1916 Patented Mining Claims situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 434, records of Shoshone County, State of Idaho.

EXCEPT: Any portion of M.S. 1916 conveyed to Idaho Forest Industries by deed recorded March 4, 1991 as Instrument No. 346474, records of Shoshone County, State of Idaho.

PARCEL 42:

Hickory and Spruce Fraction, M.S. 2432 Patented Mining Claims situated in Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 253, records of Shoshone County, State of Idaho.

PARCEL 43:

Tyler, M.S. 546 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 34, Deeds, at page 382, records of Shoshone County, State of Idaho.

PARCEL 44:

Emma, M.S. 550 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded as Instrument No. 209775, records of Shoshone County, State of Idaho.

PARCEL 45:

Last Chance, M.S. 551 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 1, Deeds, at page 433, records of Shoshone County, State of Idaho.

PARCEL 46:

Republican Fraction, M.S. 959 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Parent recorded in Book A, Patents, at page 316, records of Shoshone County, State of Idaho.

PARCEL 47:

Hornet, M.S. 1325 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 607, records of Shoshone County, State of Idaho.

PARCEL 48:

Sampson, M.S. 1328 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 196, records of Shoshone County, State of Idaho.

PARCEL 49:

Stemwinder, M.S. 1830 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 437, records of Shoshone County, State of Idaho.

PARCEL 50:

Utah, M.S. 1882 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 415, records of Shoshone County, State of Idaho.

PARCEL 51:

Hawk, Idaho and Washington, M.S. 2072 Patented Mining Claims situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 35, Deeds, at page 459, records of Shoshone County, State of Idaho.

PARCEL 52:

Helen Marr, M.S. 2452 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 415, records of Shoshone County, State of Idaho.

PARCEL 53:

Brady, M.S. 2584 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 43, Deeds, at page 135, records of Shoshone County, State of Idaho.

PARCEL 54:

Boer and Grant, M.S. 2599 Patented Mining Claims situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 45, Deeds, at page 27, records of Shoshone County, State of Idaho.

EXCEPT: That portion of Grant, M.S. 2599 which is in conflict with the Kirby Fraction, M.S. 2654 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho.

PARCEL 55:

Lackawanna, M.S. 614 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 260, records of Shoshone County, State of Idaho.

PARCEL 56:

East and Sullivan Extension, M.S. 1228 Patented Mining Claims situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Deeds, at page 572, records of Shoshone County, State of Idaho.

PARCEL 57:

Real property in the County of Shoshone, State of Idaho, described as follows:

Being a tract of land situated in the Southeast <sup>1</sup>/<sub>4</sub> of the Northeast <sup>1</sup>/<sub>4</sub> of Section 1, Township

48 North, Range 2 East, B.M., more particularly described as follows:

Beginning at a point on the southerly right of way of McKinley Avenue whence the East <sup>1</sup>/<sub>4</sub> corner of Section 1 bears South 53° 22'13" East, a distance of 1318.27 feet; thence

South 23°04'59" West, a distance of 487.64 feet; thence

South 61°03'11" East, a distance of 644.85 feet; thence

North 31°43'07" East, a distance of 271.88 feet; thence

North 27°17'34" East, a distance of 90.00 feet; thence

North 01°10'02" East, a distance of 94.54 feet; thence

North 65°13'58" West, a distance of 207.15 feet; thence

North 66°45'00" West, a distance of 416.56 feet; thence

North 23°04'50" East, a distance of 104.13 feet to a point on the southerly right of way of

McKinley Avenue; thence

North 74°36'24" West, a distance of 30.27 feet, to the point of beginning. Sometimes referred to as the Rock House parcel.

**<u>SCHEDULE F-2<br> MINERAL RIGHTS</u>**

PARCEL 1:

Reeves, M.S. 1412 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 8, Deeds, at page 66.

PARCEL 2:

Packard, M.S. 1413 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 193.

PARCEL 3:

Quaker, M.S. 1414 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 388.

PARCEL 4:

Danish, M.S. 1503 Amended Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 north, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded as Instrument No. 209774, records of Shoshone County, State of Idaho.

PARCEL 5:

Alferd (shown of record as Alfred) and Maggie, M.S. 1628 Patented Mining Claims situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 247.

PARCEL 6:

Princess, M.S. 1633 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 301.

PARCEL 7:

Royal Knight and Silver King, M.S. 1639 Amended Patented Mining Claims situated in Yreka Mining District in Sections 2 and 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 304.

PARCEL 8:

Phillippine, M.S. 1663 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 322.

PARCEL 9:

Harrison, M.S. 1664 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 307.

PARCEL 10:

Ninety-Six (96), M.S. 1715 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 349.

PARCEL 11:

Lydia Fraction, Mabel, Manila, O.K., O.K. Western, Sunny and Whippoorwill, M.S. 1723 Patented Mining Claim situated in Yreka Mining District in Sections 2 and 3, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 28, Deeds, at page 446.

PARCEL 12:

William Lambert Fraction, M.S. 1945 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 1, Deeds, at page 580.

PARCEL 13:

Band, M.S. 2507 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 251.

PARCEL 14:

Maine, M.S. 2626 Patented Mining Claim situated in Yreka Mining District in Sections 2 & 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 45, Deeds, at page 180.

PARCEL 15:

Venture, M.S. 3164 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 62, Patents, at page 72.

PARCEL 16:

Goth, L-2, L-3 M. S. 3214 Patented Mining Claims Patent Mining Claim situated in Yreka Mining District in Sections 2 and 9, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 64, Deeds, at page 284.

PARCEL 17:

Castle, M.S. 3503 Patented Mining Claim situated in Yreka Mining District in Section 17, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 96, Deeds, at page 356.

PARCEL 18:

Silver King Millsite, M.S. 3563 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 123, Deeds, at page 166.

PARCEL 19:

Tyler, M.S. 546 Amended Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 34, Deeds, at page 546

PARCEL 20:

Emma, M.S. 550 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded as Instrument No. 209775, records of Shoshone County, State of Idaho.

PARCEL 21:

Last Chance, M. S. 551 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 1, Deeds, at page 433

PARCEL 22:

Sierra Nevada, M.S. 554 Patented Mining Claim situated in Yreka Mining District in Sections 11 & 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 1, Deeds, at page 358.

PARCEL 23:

Viola, M.S. 562 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 619.

PARCEL 24:

Oakland, M.S. 569 Patented Mining Claim situated in Yreka Mining District in Sections 11 & 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 235.

PARCEL 25:

Jackass, M.S. 586 Amended Patented Mining Claim situated in Yreka Mining District in Sections 12 & 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 75.

PARCEL 26:

Lackawana, M.S. 614 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Patents, at page 260.

PARCEL 27:

Skookum, M.S. 615 Patented Mining Claim situated in Yreka Mining District in Sections 11 & 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book X, Deeds, at page 313

PARCEL 28:

Rolling Stone, M.S. 619 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., and in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 484.

PARCEL 29:

Fairview, M.S. 621 Patented Mining Claim situated in Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 301.

PARCEL 30:

San Carlos, M.S. 750 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 535.

PARCEL 31:

Ontario Fraction, M.S. 755 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 382.

PARCEL 32:

Sold Again Fraction, M.S. 933 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 9, Deeds, at page 207.

PARCEL 33:

Republican Fraction, M.S. 959 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 301.

PARCEL 34:

Likely, M.S. 1298 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book B, Patents, at page 25.

PARCEL 35:

Apex, Rambler and Tip Top, M.S. 1041 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 139.

PARCEL 36:

Butte, Cariboo, Good Luck, Jersey Fraction and Lilly May, M.S. 1220 Patented Mining Claim situated in Yreka Mining District in Sections 11 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 24, Deeds, at page 23.

PARCEL 37:

Mabundaland, Mashonaland, Matabelaland, Stopping and Zululand, M.S. 1227 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 481.

PARCEL 38:

Alla, Bonanza Fraction, East, Ironhill, Lacrosse, Miners Delight, No Name, Ollie McMillin, Schofield, Sullivan Extension and Summit, M.S. 1228 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., and in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 301.

PARCEL 39:

Allie, Blue Bird, Bought Again, Josie, Maple, Offset, Rookery and Susie, M.S. 1229 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Deeds, at page 580.

PARCEL 40:

Hornet M.S. 1325 Amended Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 607.

PARCEL 41:

King, M.S. 1325 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 295

Parcel 42:

Sampson, M.S. 1328 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 196.

PARCEL 43:

Comstock, Daisy, Dandy, Jessie, Julia, Justice, Ophir and Walla Walla, M.S. 1345 Patented Mining Claim situated in Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Deeds, at page 584.

PARCEL 44:

Lucky Chance, M.S. 1349 Patented Mining Claim situated in Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 15, Deeds, at page 494.

PARCEL 45:

Excelsior, M.S. 1356 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 157.

PARCEL 46:

No. 1, No. 2, No. 3 and No. 4, M.S. 1357 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 18, Deeds, at page 234.

PARCEL 47:

Carter, Coxey, Deadwood, Debs, Hamilton, Hard Cash and Nevada, M.S. 1466 Patented Mining Claim situated in Yreka Mining District in Sections 11 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Patents, at page 577.

PARCEL 48:

Arizona, M. S. 1488 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 199.

PARCEL 49:

Wheelbarrow, M.S. 1526 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 442.

PARCEL 50:

New Era, M.S. 1527 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 478.

PARCEL 51:

Hamilton Fraction, M.S. 1619 Patented Mining Claim situated in Yreka Mining District in Sections 11 & 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 289.

PARCEL 52:

Berniece, Mountain King, Mountain Queen, Southern Beauty and Waverly, M.S. 1620 Patented Mining Claim situated in Yreka Mining District in Section 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 292.

PARCEL 53:

Good Enough, M.S. 1628 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 247.

PARCEL 54:

McLelland, M.S. 1681 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 622.

PARCEL 55:

Stemwinder, M.S. 1830 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 35, Deeds, at page 437.

PARCEL 56:

Utah, M.S. 1882 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 415.

PARCEL 57:

Butternut and Homestake, M.S. 1916 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 434.

PARCEL 58:

Overlap, M.S. 2052 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 532.

PARCEL 59:

Bee, Combination, Hawk, Idaho, Iowa, Oregon, Scorpion Fraction and Washington, M.S. 2072 Patented Mining Claim situated in Yreka Mining District in Sections 1 & 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 33, Deeds, at page 459.

PARCEL 60:

Eighty-Five (85), Iowa No. 2, K-10, K-11, K-12, K-13, K-16, K-17, K-18, K-19, K-20, K-21, K-22, K-23, K-28, K-29, K-30, K-31, K-32, K-39, Minnesota, Missouri No. 2, Ninety-One (91) and Ninety-two (92), M.S. 2077 Patented Mining Claim situated in Yreka Mining District in Sections 14, 15 and 22, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 34, Patents, at page 425.

PARCEL 61:

Chain, M.S. 2078 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 432.

PARCEL 62:

K-1, K-2, K-3, K-4, K-5, K-6, K-7, K-8, K-9, K-14, K-15, K-24, K-25, K-26, K-27, K-33, K-34, K-35, K-36, K-37, K-38, Kansas, Missouri and Texas, M.S. 2080 Patented Mining Claim situated in Yreka Mining District in Sections 14 and 23, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 34, Patents, at page 440.

PARCEL 63:

Bear, Black, Brown, Dewey, Ito, Oyama, S-1, S-2, S-3, S-4, S-5, S-6, S-7, S-8, S-9, S-10, S-11, S-12, S-13, Sampson, Sarnia and Star, M. S. 2081 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., and Sections 18 and 19, Township 48 North, Range 3 East, B.M., , Shoshone County, State of Idaho. Patent recorded in Book 34, Patents, at page 456.

PARCEL 64:

Sims, M.S. 2186 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book B, Patents, at page 23.

PARCEL 65:

Lincoln, M.S. 2187 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 40, Deeds, at page 126.

PARCEL 66:

Brooklyn, New Jersey and Schute Fraction, M.S. 2201 Patented Mining Claim situated in Yreka Mining District in Section 10, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 52.

PARCEL 67:

Cheyenne, M.S. 2249 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 42, Deeds, at page 505.

PARCEL 68:

Buckeye, M.S. 2250 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho.

PARCEL 69:

Timothy Fraction, M.S. 2274 Patented Mining Claim situated in Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 43, Deeds, at page 36.

PARCEL 70:

Confidence and Flagstaff, M.S. 2328 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., and in Section 7, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book B, Patents, at page 27.

PARCEL 71:

Norman, M.S. 2368 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 410.

PARCEL 72:

Grant, M.S. 2369 Patented Mining Claim situated in Yreka Mining District in Sections 11 & 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 408.

PARCEL 73:

Cypress, M.S. 2429 Patented Mining Claim situated in Yreka Mining District in Sections 12 & 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 255.

PARCEL 74:

Hickory and Spruce Fraction, M.S. 2432 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 253.

PARCEL 75:

Helen Marr and Hemlock, M.S. 2452 Patented Mining Claim situated in Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 415.

PARCEL 76:

Spokane, M.S. 2509 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 305.

PARCEL 77:

Heart, Jack, Key, Queen and Teddy, M.S. 2511 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 45, Deeds, at page 21.

PARCEL 78:

Ace, Club, Diamond, Nellie, Roman and Spade, M.S. 2583 Patented Mining Claim situated in Yreka Mining District in Sections 11 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 47, Deeds, at page 196.

PARCEL 79:

Brady, M.S. 2584 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 43, Deeds, at page 135.

PARCEL 80:

A, B, C, D, E, F, Drew, Edna, Emily Grace, Foster, K-40, Lilly, Medium, Missing Link, No. 1, No. 2, Peak, Penfield, Sliver, Snowline, Yreka No. 10, Yreka No. 11, Yreka, No. 12, Yreka No. 13, Yreka No. 14, Yreka No. 15, Yreka No. 16, Yreka No. 17, Yreka no. 18, Yreka No. 19, Yreka No. 20, Yreka no. 21, Yreka No. 22, Yreka No. 23, Yreka No. 24, Yreka No. 25 and Yreka No. 26, M.S. 2587 Patented Mining Claim situated in Yreka Mining District in Sections 13, 24 and 25, Township 48 North, Range 2 East, B.M., and in Sections 19 and 30, Township 48 North,

Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 57, Deeds, at page 597 and in Book 57, Deeds, page 85.

PARCEL 81:

Boer and Grant, M.S. 2599 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 45, Deeds, at page 27.

PARCEL 82:

Asset, Childs, Eli, Evans, Gun, Nick, Ox, Ruth, Sherman, Simmons, Taft and Yale, M.S. 2611 Patented Mining Claim situated in Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, B.M., and in Sections 18 & 19, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 99.

PARCEL 83:

African, Gus, Roy and Trump, M.S. 2624 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 43, Deeds, at page 561.

PARCEL 84:

Kirby Fraction, McClellan, Miles and Pitt, M.S. 2654 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 47, Deeds, at page 632.

PARCEL 85:

Bonanza King Millsite, M.S. 2868 Patented Mining Claim situated in Yreka Mining District in Section 8, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 61, Deeds, at page 112.

PARCEL 86:

Flagstaff No. 2, Flagstaff No. 3, Flagstaff No. 4, Scelinda No. 1, Scelinda No. 2, Scelinda No. 3, Scelinda No. 4, Scelinda No. 5, Scelinda No. 7 and Scelinda No. 8, M.S. 2921 Patented Mining Claim situated in Yreka Mining District in Sections 1 and 12, Township 48 North, Range 2 East, B.M., and in Section 7, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 59, Deeds, at page 120.

PARCEL 87:

Ethel, Katherine, Manchester, McRooney, Stuart No. 2, Stuard No. 3, Sullivan and Switzerland, M.S. 2966 Patented Mining Claim situated in Yreka Mining District in Sections 10 and 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 482.

PARCEL 88:

Hoover No. 1, Hoover No. 2, Hoover No. 3, Hoover No. 4 and Hoover No. 5, M.S. 2975 Patented Mining Claim situated in Yreka Mining District in Sections 13, 14, 23 & 24, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 490.

PARCEL 89:

Adath, Al-kyris, Anna Laura, Atlas, Atlas No. 1, Fraction, Gay, Panorama, Red Deer and Setzer, M.S. 2976 Patented Mining Claim situated in Yreka Mining District in Sections 22 and 23, Township 48 North, Range 2 East, B.M., and in Section 7, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 493.

PARCEL 90:

Lesley, Lesley No. 2, Lesley No. 3, Little Ore Grande, North Wellington, Ore Grande No. 1, Ore Grande No. 2, Ore Grande No. 3, Ore Grande No. 4, Ore Grande no. 5 and Wellington M.S. 2977 Patented Mining Claim situated in Yreka Mining District in Sections 23 and 26, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 496.

PARCEL 91:

Marko, V.M. No. 1 and V.M. No. 2, M.S. 3051 Patented Mining Claim situated in Yreka Mining District in Sections 7 and 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 59, Deeds, at page 78.

PARCEL 92:

Army and Navy, M.S. 3096 Patented Mining Claim situated in Yreka Mining District in Section 22, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 60, Deeds, at page 223.

PARCEL 93:

Oracle, Orbit, Oreano, Ore Shoot, Orient, Oriental Orphan and Orpheum, M.S. 3097 Patented Mining Claim situated in Yreka Mining District in Section 23, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 60, Deeds, at page 255.

PARCEL 94:

East Midland, Midland, Midland No. 1, Midland No. 3, Midland No. 4, Midland No. 5, Midland No. 6, Midland No. 7, Midland No. 8 and North Midland, M.S. 3108 Patented Mining Claim situated in Yreka Mining District in Sections 13 & 24, Township 48 North, Range 2 East, B.M., and in Section 19, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 60, Deeds, at page 319.

PARCEL 95:

Monte Carlo No. 1, Monte Carlo No. 2, Monte Carlo No. 3, Monte Carlo No. 4 and Monte Carlo No. 5, M.S. 3177 Patented Mining Claim situated in Yreka Mining District in Sections 7 and 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 63, Deeds, at page 183.

PARCEL 96:

Long John, M.S. 3179 Patented Mining Claim situated in Yreka Mining District in Section 7, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 63, Deeds, at page 611.

PARCEL 97:

L-1, M.S. 3214 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 64, Deeds, at page 284.

PARCEL 98:

Pete, Prominade, Sam and Zeke, M.S. 3389 Patented Mining Claim situated in Yreka Mining District in Section 10, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 77, Deeds, at page 173.

PARCEL 99:

Battleship Oregon, Charly T., Lucia, Marblehead, Margaret, Nancy B., Olympia and Phil, M.S. 3390 Patented Mining Claims situated in Yreka Mining District in Sections 11 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 77, Deeds, at page 338.

PARCEL 100:

Beta, M.S. 3471 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded as Instrument No. 168414, records of Shoshone County, State of Idaho.

PARCEL 101:

Spokane Central No. 1, Spokane Central No. 2, Spokane Central No. 3, Spokane Central No. 3 Fr., Spokane Central No. 4 and Spokane Central No. 5, M.S. 3472 North Fork Coeur d'Alene Patented Mining Claim situated in Yreka Mining District in Sections 19, 20 and 29, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patents recorded as Instrument No. 179430 and as Instrument No. 219606, records of Shoshone County, State of Idaho.

PARCEL 102:

Anaconda, Apex, Apex no. 2, Apex No. 3, Blue Bird, Blue Grouse, Bob White, Butte, Butte Fraction, Cougar, Galena, Huckleberry No. 2, Leopard, Lynx, MacBenn, Martin, Pheasant, Robbin and Sonora, M.S. 3361 Patented Mining Claims situated in Yreka Mining District in Sections 1 and 2, Township 47 North, Range 2 East, B.M., and in Section 35, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 76, Deeds, at page 626.

PARCEL 103:

A 1/6 interest only in the Baby, Keystone, Van and Woodrat, M.S. 2856 Patented Mining Claims situated in Yreka Mining District in Sections 2 & 3, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 52.

PARCEL 104:

Evening Star, Evening Star Fraction, Maryland, Monmouth, Oregon, Oregon No. 2 and Silver Chord, M.S. 2274 Patented Mining Claims situated in Yreka Mining District in Section 15, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 43, Deeds, at page 36.

PARCEL 105:

Spring, M.S. 3298 Patented Mining Claims situated in Yreka Mining District in Section 15, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 73, Deeds, at page 394.

PARCEL 106:

Milo Millsite, M.S. 2869 Patented Mining Claims situated in Yreka Mining District in Sections 8 and 17, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 61, Deeds, at page 111.

PARCEL 107:

Black Diamond, Carbonate, Enterprise, Enterprise Extension, Gelatin, Giant and Rolling Stone, M.S. 3423 Patented Mining Claims situated in Yreka Mining District in Sections 3 and 10, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho.

PARCEL 108:

Chief No. 2 and Sugar, M.S. 2862 Patented Mining Claims situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 55, Deeds, at page 585.

**<u>SCHEDULE F-3</u>**

**<u>ADDITIONAL PARCELS</u>**

<u>Tax Parcel No.</u> <u>D0000-002-0300,</u> <u>Tax Parcel No. D0000-002-0550,</u> <u>Tax Parcel No.</u> <br> D-0000-002-0700, D-0000-002-0975, D0000-002-1400, D-0000-002-1500, D-0000-002-1900, <br> D-0000-002-2100, D-0000-002-4725, D-0000-002-4800, D-0000-002-7300,

The SENE, NESE, Lot 1 (NENE), SENW, lying East of County Road and the West Half of the NE <sup>1</sup>/<sub>4</sub> Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho EXCEPT: Those portions of the subject property conveyed to Shoshone School Districts No.s 30 and 391 by deeds dated June 1, 1938 and recorded September 19, 1938 in Book 70, Deeds, at page 130; dated August 15, 1950 and recorded November 20, 1950 in Book 84, Deeds, at page 563 and recorded January 27, 1975 as Instrument No. 255179.

Tax Parcel No. 48N02E3675

SWNW Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho

Tax Parcel No. 49N02E341900

South <sup>1</sup>/<sub>2</sub> of the Northeast <sup>1</sup>/<sub>4</sub> and the Southeast <sup>1</sup>/<sub>4</sub> of the Northwest <sup>1</sup>/<sub>4</sub> of Section 34, Township 49 North, Range 2 East, B.M., Shoshone County, State of Idaho

Tax Parcel No. 49N02E345000

That portion of Section 34, Township 49 North, Range 2 East, B.M., Shoshone County, State of Idaho lying South of the Coeur d'Alene River and North of the U.S. I-90 Right of way.

EXCEPT: County Airport

ALSO EXCEPT: NWSW and SWNW Section 34, Township 49 North, Range 2 East, B.M., Shoshone County, State <u>ofldaho</u><u>of Idaho</u>.

Tax Parcel No. 48N03E106700

Being a tract of land lying in the Southeast Quarter of the Southwest Quarter, and in the Southwest Quarter of the Southeast Quarter, Section 10, Township 48 North, Range 3 East, Boise Meridian, Shoshone County, Idaho, and being more particularly described as follows: Using the Bunker Hill triangulation survey meridian and beginning at corner No. 1, a drill steel monument with a copper cap, 2 ins. X 2 ins., marked corner 1-SU, from whence the Southwest corner of said Southeast Quarter of the Southwest Quarter, a concrete monument marked W 1/16 cor., bears S.43°58.2'W., 518.15 ft. distant, and from whence, also, cor. No. 1 survey No. 2274 Monmouth lode bears S.34°4l.3<u>41.3</u>'E., 457.52 ft. dist.; thence

N.34°51.2'E., 349.44 ft. dist. To cor. No. 2; thence N.89°58'W., 560 ft. dist., to cor. No. 3, which corner point falls on a steep, unstable, slope and from which point a witness corner, a drill steel monument with a copper cap marked W.C. cor. 3-SU, bears N.35°24.4'W., 33.14 ft dist.; thence N.O°03'W., 660.00 ft. dist., to cor. No. 4, a drill steel with copper cap marked cor. 4-SU; thence S.89°58'E., 1,454.12 ft. dist., to cor. No. 5, a drill steel monument with copper cap marked cor. 5-SU, on the westerly right-of-way boundary of the Big Creek road; thence On and along said right-of-way boundary, S.38°34.1 'W., 552.72 ft. dist., to cor. No. 6, identical with a concrete monument with brass cap marked P.C. 45+41.10; thence

On a 2°00' curve to the left, the long chord of which bears S.35°38'W., 297.96 ft. dist., to cor. No. 7, identical with highway boundary P.T. 48+35.09 back (48+36.54 ahead) the monument of which has been obliterated; thence Continuing on said right-of-way boundary S.32°39.5'W., 419.26 ft. dist., to cor. No. 8, a drill steel with copper cap marked cor. 8-SU; thence N.57°20.5'W., 115.00 ft. dist., to cor. No. 9, a drill steel with copper cap marked cor. 9-SU; thence S.32°39.5'W., 120.00 ft. dist., to cor. No. 10, a drill steel with copper cap marked cor. 1O-SU; thence N. 57°20.5'W., 222.41 ft. dist., to cor. No. 1, the place of beginning.

Tax Parcel No. D-0000-006-3960 Being a tract of land situated in the NE <sup>1</sup>/<sub>4</sub> of Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, more particularly described as follows;

Beginning at the SE corner of Lot 2 whence the West <sup>1</sup>/<sub>4</sub> Corner of Section 6 bears South 11°44'32" East 553.78 feet distant; thence North 14°20'30" East, 106.64 feet; thence South 70°17'45" West, 301.02 feet; thence South 14°14'25" West, 90.00 feet; thence along a curve right, radius= 10SS.37, the long chord bears South 69°06-13" East, 129.05 feet; thence South 65°42'23" East, 173.96 feet to the point of beginning.

AND

Being a tract of land situated in the NE <sup>1</sup>/<sub>4</sub> of Section 1, Township 48 North, Range 2 East, B.M. and in Section 6. Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho more particularly described as follows:

Beginning at the SE corner of Lot 1 whence, the West <sup>1</sup>/<sub>4</sub> corner of Section 6 bears South 32°54'10" West, 504.22 feet distant; thence North 15° East, 149.49 feet; thence North 30° West, 73.01 feet: thence North 76°06'48" West, 275.55 feet; thence South 70°18'02" West, 95.30 feet; thence South 14°20'30" West, 126.64 feet; thence South 65°42'23" East, 57.45 feet; thence along a curve left, radius= 316.92, the long chord bears South 70°56'51" East., 47.03 feet; thence South 74°35'32" East, 300.59 feet to the point of beginning.

Tax Parcel No. F00000020900

The Southwest Quarter of the Northwest Quarter, and the Southeast Quarter of the Northeast Quarter and the Northeast Quarter of the Southeast Quarter, and Government Lot 1 or the Northeast Quarter of the Northeast Quarter, and the Southeast Quarter of the Northwest Quarter, lying East of County Road, and the West half of the Northeast Quarter, except ground sold to School District No. 391, as disclosed by Quitclaim Deed recorded January 27, 1975 as Instrument No. 255179, Records of Shoshone County, Idaho, all in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho.

EXCEPT property in Deed dated August 15, 1950 from the Bunker Hill Company to School District, recorded November 20, 1950 in Book 84 of Deeds, at Page 563, Records of Shoshone County, Idaho

ALSO EXCEPT property in Deed dated June 1, 1938, from Bunker Hill Company to School District No. 30, recorded September 19, 1938, in Book 70 of Deeds, at Page 130, Records of Shoshone County, Idaho.

Patent for M.S. 2551 excludes the conflict with the NE <sup>1</sup>/<sub>4</sub> SE <sup>1</sup>/<sub>4</sub>.

Non Plant 5 in Section 2, Township 48 North, Range 2 East, Shoshone County, State of Idaho.

**<u>SCHEDULE F-4</u>**

**<u>UNPATENTED MINING CLAIMS</u>**

**<u>PARCEL 1:</u>**

<u>BHM 1 Mill Site Claim, situated in the Yreka Mining District in Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709778, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523680,records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 2:</u>

<u>BHM 2 Mill Site Claim, situated in the Yreka Mining District in Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709779, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523681, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 3:</u>

<u>BHM 3 Mill Site Claim, situated in the Yreka Mining District in Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709780, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523682, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 4:</u>

<u>BHM 4 Mill Site Claim, situated in the Yreka Mining District in Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709781, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523683, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 5:</u>

<u>BHM 5 Mill Site Claim, situated in the Yreka Mining District in Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709782, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523684, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 6:</u>

<u>BHM 6 Mill Site Claim, situated in the Yreka Mining District in Sections 1, Township 48 North, Range 2 East, and Section 6, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709783, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523685, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 7:</u>

<u>BHM 7 Mill Site Claim, situated in the Yreka Mining District in Sections 1 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709784, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523686, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 8:</u>

<u>BHM 8 Mill Site Claim, situated in the Yreka Mining District in Sections 1 and 12, Township 48 North, Range 2 East, and Sections 6 and 7, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709785, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523687, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<br> <u>PARCEL 9:</u>

<u>NBH 1 Lode Claim, situated in the Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715514, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523967, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 10:</u>

<u>NBH 2 Lode Claim, situated in the Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715515, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523968, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 11:</u>

<u>NBH 3 Lode Claim, situated in the Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715516, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523969, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 12:</u>

<u>NBH 4 Lode Claim, situated in the Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715517, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523970, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 13:</u>

<u>NBH 5 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715518, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523974, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 14:</u>

<u>NBH 6 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715519, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523975, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 15:</u>

<u>NBH 7 Lode Claim, situated in the Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715520, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523976, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 16:</u>

<u>NBH 8 Lode Claim, situated in the Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715521, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523977, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 17:</u>

<u>NBH 9 Lode Claim, situated in the Yreka Mining District in Sections 1 and 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715522, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523978, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 18:</u>

<u>NBH 10 Lode Claim, situated in the Yreka Mining District in Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715523, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523979, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 19:</u>

<u>NBH 11 Lode Claim, situated in the Yreka Mining District in Sections 1 and 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715524, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523980, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 20:</u>

<u>NBH 12 Lode Claim, situated in the Yreka Mining District in Sections 1, 2 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715525, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523981, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 21:</u>

<u>NBH 13 Lode Claim, situated in the Yreka Mining District in Sections 1, 2 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715526, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523982, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 22:</u>

<u>NBH 14 Lode Claim, situated in the Yreka Mining District in Sections 1 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715527, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523983, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 23:</u>

<u>NBH 15 Lode Claim, situated in the Yreka Mining District in Sections 1, 2, 11 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715528, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523984, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 24:</u>

<u>NBH 16 Lode Claim, situated in the Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715529, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523985, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 25:</u>

<u>NBH 17 Lode Claim, situated in the Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, and Sections 7 and 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715530, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523988, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 26:</u>

<u>NBH 18 Lode Claim, situated in the Yreka Mining District in Sections 7 and 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715531, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523989, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 27:</u>

<u>NBH 19 Lode Claim, situated in the Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, and Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715532, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523990, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 28:</u>

<u>NBH 20 Lode Claim, situated in the Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715533, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523991, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 29:</u>

<u>NBH 21 Lode Claim, situated in the Yreka Mining District in Sections 7 and 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715534, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523992, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 30:</u>

<u>NBH 22 Lode Claim, situated in the Yreka Mining District in Section 17 and 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715535, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523993, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 31:</u>

<u>NBH 23 Lode Claim, situated in the Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715536, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523994,records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 32:</u>

<u>NBH 24 Lode Claim, situated in the Yreka Mining District in Sections 17 and 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715537, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523995, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 33:</u>

<u>NBH 25 Lode Claim, situated in the Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715538, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523996, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 34:</u>

<u>NBH 26 Lode Claim, situated in the Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715539, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524000, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 35:</u>

<u>NBH 27 Lode Claim, situated in the Yreka Mining District in Sections 18 and 19, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715540, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524001, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 36:</u>

<u>NBH 28 Lode Claim, situated in the Yreka Mining District in Sections 18 and 19, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715541, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524002, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 37:</u>

<u>NBH 29 Lode Claim, situated in the Yreka Mining District in Sections 2 and 35, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715542, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524003, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 38:</u>

<u>NBH 30 Lode Claim, situated in the Yreka Mining District in Section 35, Township 48 North, Range 2 East, and Section 2, Township 47 North, Range 2 East B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715543, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524004, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 39:</u>

<u>NBH 31 Lode Claim, situated in the Yreka Mining District in Section 35, Township 48 North, Range 2 East, and Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715544, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524005, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 40:</u>

<u>NBH 32 Lode Claim, situated in the Yreka Mining District in Section 35, Township 48 North, Range 2 East, and Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715545, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524006, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 41:</u>

<u>NBH 33 Lode Claim, situated in the Yreka Mining District in Section 35, Township 48 North, Range 2 East, and Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715546, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524009, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 42:</u>

<u>NBH 34 Lode Claim, situated in the Yreka Mining District in Section 35, Township 48 North, Range 2 East, and Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715547, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524010, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 43:</u>

<u>NBH 35 Lode Claim, situated in the Yreka Mining District in Section 35, Township 48 North, Range 2 East, and Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715548, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524011, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 44:</u>

<u>NBH 36 Lode Claim, situated in the Yreka Mining District in Section 35, Township 48 North, Range 2 East, and Section 2, Township 47, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715549, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524012, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 45:</u>

<u>NBH 37 Lode Claim, situated in the Yreka Mining District in Section 35 and 36, Township 48 North, Range 2 East, and Sections 1 and 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715550, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524013, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 46:</u>

<u>NBH 38 Lode Claim, situated in the Yreka Mining District in Section 36, Township 48 North, Range 2 East, and Section 1, Township 47 North, Range 2 East B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715551, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524014, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 47:</u>

<u>NBH 39 Lode Claim, situated in the Yreka Mining District in Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715552, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524015, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 48:</u>

<u>NBH 40 Lode Claim, situated in the Yreka Mining District in Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715553, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524016, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 49:</u>

<u>NBH 41 Lode Claim, situated in the Yreka Mining District in Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715554, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524017, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 50:</u>

<u>NBH 42 Lode Claim, situated in the Yreka Mining District in Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715555, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524018, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 51:</u> 

<u>NBH 43 Lode Claim, situated in the Yreka Mining District in Section 1 and 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715556, Lead File Number ID106715514, located on November 21, 2024, and more particularly described in that certain location notice recorded as Instrument No.524019, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 52:</u>

<u>NBH 44 Lode Claim, situated in the Yreka Mining District in Section 1, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715557, Lead File Number ID106715514, located on November 21, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524020, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 53:</u>

<u>NBH 45 Lode Claim, situated in the Yreka Mining District in Section 1, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715558, Lead File Number ID106715514, located on November 21, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524021, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 54:</u>

<u>NBH 46 Lode Claim, situated in the Yreka Mining District in Section 3, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715559, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524022, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 55:</u>

<u>NBH 47 Lode Claim, situated in the Yreka Mining District in Sections 2 and 3, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715560, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524024, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 56:</u>

<u>NBH 48 Lode Claim, situated in the Yreka Mining District in Section 3, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715561, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524025,</u>

<u>PARCEL 57:</u> 

<u>NBH 49 Lode Claim, situated in the Yreka Mining District in Sections 2 and 3, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715562, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524028, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 58:</u>

<u>NBH 50 Lode Claim, situated in the Yreka Mining District in Sections 1 and 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715563, Lead File Number ID106715514, located on November 21, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524029, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 59:</u>

<u>NBH 51 Lode Claim, situated in the Yreka Mining District in Section 1, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715564, Lead File Number ID106715514, located on November 21, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524030, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 60:</u> 

<u>NBH 52 Lode Claim, situated in the Yreka Mining District in Section 1, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715565, Lead File Number ID106715514, located on November 21, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524034, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 61:</u>

<u>NBH 53 Lode Claim, situated in the Yreka Mining District in Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715566, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524036, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 62:</u>

<u>NBH 54 Lode Claim, situated in the Yreka Mining District in Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715567, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524037, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 63:</u>

<u>NBH 55 Lode Claim, situated in the Yreka Mining District in Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715568, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524038, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 64:</u>

<u>NBH 56 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715569, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524039, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 65:</u>

<u>NBH 57 Lode Claim, situated in the Yreka Mining District in Sections 1 and 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715570, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524040, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 66:</u>

<u>NBH 58 Lode Claim, situated in the Yreka Mining District in Section 1, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715571, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524041, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 67:</u>

<u>NBH 59 Lode Claim, situated in the Yreka Mining District in Sections 1 and 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715572, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524042, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 68:</u>

<u>NBH 60 Lode Claim, situated in the Yreka Mining District in Section 1, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715573, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524043, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 69:</u>

<u>NBH 61 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715574, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524044, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 70:</u>

<u>NBH 62 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715575, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524045, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 71:</u>

<u>NBH 63 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715576, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524046, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 72:</u>

<u>NBH 64 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715577, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524047, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 73:</u>

<u>NBH 65 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715578, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524048, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 74:</u>

<u>NBH 66 Lode Claim, situated in the Yreka Mining District in Section 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715579, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524049, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 75:</u>

<u>NBH 67 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715580, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524050, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 76:</u>

<u>NBH 68 Lode Claim, situated in the Yreka Mining District in Sections 1, 2, 11 and 12, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715581, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524051, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 77:</u>

<u>NBH 69 Lode Claim, situated in the Yreka Mining District in Sections 1 and 12, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715582, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524052, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 78:</u>

<u>NBH 70 Lode Claim, situated in the Yreka Mining District in Sections 1 and 12, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715583, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524053, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

**<u>SCHEDULE F-5</u>**

**<u>LEASEHOLD INTEREST WITH OPTION TO PURCHASE (SURFACE ONLY)</u>**

<u>This Exhibit F-5 includes the Grantor's real property interest in the Leases acquired from C & E Tree Farm, L.L.C., an Idaho limited liability company, as set forth in that certain Commercial Lease Agreement dated March 3, 2023, and the Option Agreement to Purchase Real Estate dated March 3, 2023, incorporated herein by reference, which Leases describe the real property subject to the leasehold interest and option interest as more particularly described below.</u>

**<u>PARCEL 1:</u>**

<u>Combination, Iowa, Oregon and Scorpion Fraction, M.S. 2072 Patented Mining Claims situated in Yreka Mining District in Sections 1 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 35, Deeds, at page 459, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Spokane, M.S. 2509 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 305, records of Shoshone County, State of Idaho.</u> 

<u>AND</u>

<u>Scelinda No. 1, Scelinda No. 2, Scelinda No. 3, Scelinda No. 4, Scelinda No. 7 and Scelinda No. 8, M.S. 2921 Patented Mining Claims situated in Yreka Mining District in Sections 1 and 12, Township 48 North, Range 2 East, B.M. and in Section 7, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 59, Deeds, at page 120, records of Shoshone County, State of Idaho.</u>

<u>EXCEPT:</u>

<u>That portion of Scelinda No. 2 mining claim more particularly described as follows:</u>

<u>Beginning at Corner No. 2 of the Iowa, M. S. 2072 Patented Mining Claim; thence</u>

<u>North 12°22' East on and along the West line of Scelinda No. 2, M.S. 2921, a distance of 334.4 feet; thence</u>

<u>South 74°50' East, 200 feet; thence</u>

<u>South 12°22' West, 382.1 feet to a point on the North line of Iowa, M.S. 2072 Patented Mining Claim; thence</u>

<u>North 61°35' West on and along said North Line, a distance of 207.86 feet to the point of beginning.</u>

<u>ALSO EXCEPT:</u>

<u>A tract of land situated in the Southwest 1/4 of the Southeast 1/4 of Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho and being a portion of Scelinda No. 1 and Scelinda No. 3, M.S. 2921 Patented Mining Claims situated in Yreka Mining District and more particularly described as follows:</u>

<u>Using City of Kellogg Survey System coordinates and meridian and commencing at Bunker Hill Triangulation Station No. 5 (N7427.28, W1377.45;) thence</u>

<u>South 8°37' West, 101.95 feet to the true point of beginning from whence the South 1/4 corner of Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho bears South 46°45.6' West, 780.37 feet; thence</u>

<u>Due West, 67.5 feet to the Southwest corner; thence<br> Due North 200.0 feet to the Northwest corner; thence<br> Due East, 200.0 feet to the Northeast corner; thence<br> Due South 200.0 feet to the Southeast corner; thence<br> Due West, 132.5 feet to the true point of beginning.<br> ALSO EXCEPT:</u> 

<u>ALSO EXCEPT:</u>

<u>T</u><u>hat portion of Scelinda No. 8 lying East of the West line of Flagstaff No. 3, M.S. 2921 Patented mining Claim situated in Yreka Mining District in Sections 1 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho and in Section 7, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho.</u>

<u>ALSO EXCEPT:</u>

<u>A parcel of land situated within the SW 1/4 of the SE 1/ 4 of Section 1, T. 48 N., R. 2 E., B.M. and more particularly described as follows:</u>

<u>Commencing at Bunker Hill Company triangulation Station No. 5 whose coordinates are N7427.28, W 1377.45; thence</u> 

<u>S. 8° 37' W. 101.95 feet distant to the true point of beginning, a drill steel pin from whence the S 1/4 corner of Section 1, T. 48 N., R. 2 E., B.M. bears S. 46°45.6' W. 780.37 feet distant; thence</u>

<u>S. 4° 37 .1' W. 50.04 feet to the southeast corner a drill steel pin; thence</u> 

<u>West 35.00 feet to a point; thence</u> 

<u>N. 4° 37.1' E. 50.04 feet to a point; thence</u> 

<u>East 35.00 feet to the point of beginning.</u>

<u>ALSO EXCEPT:</u> 

<u>A parcel of land situated within the SW 1/4 of the SE 1/ 4 of Section 1, T. 48 N., R. 2 E., B.M., and more particularly described as follows:</u>

<u>Commencing at Bunker Hill Company triangulation Sta. No. 5 whose coordinates are N 7427.28 W 1377.45; Thence</u>

<u>S 4° 0' W 260 feet distant to the Northeast corner of said tract and true point of beginning from whence the S 1/4 corner of Sec. 1, T. 48 N., R 2 E., B.M. bears S 56°23-1/ 2' W 679.22 feet distant; Thence</u>

<u>S 4° 0' E 75.0 feet to a point; Thence.</u> 

<u>S 86° 0' W 40 feet: to a point; Thence</u> 

<u>N 4° 0' W 75.0 feet to a point; Thence</u> 

<u>N 86° 0' E 40.0 feet to the true point of beginning, and containing 0. 069 acres more or less.</u> 

<u>ALSO EXCEPT:</u> 

<u>A tract of land situated in the Southwest Quarter of the Southeast Quarter of Section 1,</u> 

<u>Township 48 North, Range 2 East, B.M., more particularly described as follows:</u> 

<u>Beginning at 1/ 2 inch rebar with yellow plastic cap marked "PLS 10898" found marking the Southwest corner of that tract of land described in that Assignment of Lease recorded March 12, 1996 under Recording No. 371367, Shoshone County Clerk and Recorder, from which the South Quarter Corner of said Section 1 bears South 38°1'14" West 732.41 feet; thence</u> 

<u>Along the South line of said tract of land, South 89°58'48" East 35.01 feet to 7/8 inch drill steel monument found marking the Southeast corner of said tract of land; thence South 04°40'21" West 49.96 feet to a found 7/8 inch drill steel monument; thence South 00°03'41" West 49.95 feet to a found 7/8 inch drill steel monument; thence</u>

<u>South 14°27'22" East 8.92 feet to a 5/8 inch rebar with no identification found marking the Northeast corner of that tract of land described in that Easement recorded October 28, 1982 under Recording No. 302022, Shoshone County Clerk & Recorder; thence along the North line of said tract, South 86°19'38" West 39.83 feet to a 5/8 inch rebar with no identification found marking the Northwest corner of said tract; thence</u>

<u>North 03°25'27" East 111.13 feet to the Point of Beginning.</u>

**<u>PARCEL 2:</u>**

<u>Sierra Nevada, M.S. 554 Patented Mining Claim situated in Yreka Mining District, Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "I" Misc., page 358, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Viola, M.S. 562 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A" Patents at page 619, records of Shoshone County, State of Idaho. AND</u>

<u>Oakland, M.S. 569 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 235, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Skookum, M.S. 615 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "X", Deeds at page 313, records of Shoshone County, State of Idaho. AND</u>

<u>AND</u>

<u>San Carlos, M.S. 750 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 535, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Ontario Fraction, M.S. 755 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 382, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Sold Again Fraction, M.S. 933 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 9, Deeds, at page 207, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Apex, Rambler and Tip Top, M.S. 1041 Patented Mining Claims situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 139, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Butte, Cariboo, Good Luck, Jersey Fraction and Lilly May, M.S. 1220 Patented Mining Claims situated in Yreka Mining District in Sections 11 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 24, Deeds, at page 23, records of Shoshone County, State of Idaho.</u> 

<u>AND</u>

<u>Likely, M.S. 1298 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "B", Patents at page 25, records of Shoshone County, State of Idaho.</u> 

<u>AND</u>

<u>King, M.S. 1325 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 607, records of Shoshone County, State of Idaho.</u> 

<u>AND</u>

<u>Excelsior, M.S. 1356 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 157, records of Shoshone County, State of Idaho.</u> 

<u>AND</u>

<u>No. 1, No. 2, No. 3 and No. 4, M.S. 1357 Patented Mining Claims situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 18, Deeds, at page 234, records of Shoshone County, State of Idaho.</u> 

<u>AND</u>

<u>Coxey, Deadwood, Debs and Hardcash, M.S. 1466 Patented Mining Claims situated in Yreka Mining District in Sections 11, 13 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Deeds at page 577, records of Shoshone County, State of Idaho.</u> 

<u>EXCEPT: That portion of M.S. 1466 conveyed to Mission Mountain Interest, Ltd. Co. by deed recorded February 7, 1994 as Instrument No. 360678, records of Shoshone County, State of Idaho.</u> 

<u>AND</u>

<u>Arizona, M.S. 1488 Patented Mining Claim, situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 199, records of Shoshone County, State of Idaho.</u> 

<u>AND</u>

<u>Wheelbarrow, M.S. 1526 AM Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 442, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>New Era, M.S. 1527 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A" Patents at page 478, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Hamilton Fraction, M.S. 1619 Patented Mining Claim situated in Yreka Mining District in Sections 11 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A" Patents at page 289, records of Shoshone County, State of Idaho.</u>

<u>EXCEPT: That portion of M.S. 1619 conveyed to Mission Mountain Interest, Ltd. Co. by deed recorded February 7, 1994 as Instrument No. 360678, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>McLelland, M.S. 1681 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A" Patents at page 622, records of Shoshone County, State of Idaho.</u>

<u>EXCEPT:</u>

<u>All that portion of the McLelland Patented Mining Claim; M.S. 1681 that lies northeasterly of the No. 1 Patented Mining Claim, M.S. 1357, situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A" Patents, page 622.</u>

<u>AND</u>

<u>Overlap, M.S. 2052 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A" Patents at page 532, records of Shoshone County, State of Idaho. AND Bee, M.S. 2072 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 35, Deeds, at page 459, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Chain, M.S. 2078 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 432, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Sims, M.S. 2186 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "B", Patents at page 23, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Lincoln, M.S. 2187 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 40, Deeds, at page 126, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Brooklyn, New Jersey and Schute Fraction, M.S. 2201 Patented Mining Claims situated in Yreka Mining District in Section 10, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 52, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Cheyenne, M.S. 2249 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 42, Deeds, at page 505, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Norman, M.S. 2368 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 410, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Grant, M.S. 2369 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 408, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Cypress, M.S. 2429 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 255, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Heart, Jack, Key, Queen and Teddy, M.S. 2511 Patented Mining Claims situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 45, Deeds, at page 21, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Ace, Club, Diamond, Nellie, Roman and Spade, M.S. 2583 Patented Mining Claims situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 47, Deeds, at page 196, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>That portion of the Grant, M.S. 2599 Patented Mining Claim which is in conflict with the Kirby Fraction, M.S. 2654 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patents recorded in Book 45, Deeds, at page 27, and in Book 47, Deeds, at page 632, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Kirby Fraction, McClellan, Miles and Pitt, M.S. 2654 Patented Mining Claims situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 47, Deeds, at page 632, records of Shoshone County, State of Idaho.</u>

<u>EXCEPT: That portion of M.S. 2654 conveyed to Weststar Communications I. by deed recorded May 12, 1993 as Instrument No. 356978, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Ethel, Katherine, Manchester, McRooney, Stuard No. 2, Stuard No. 3, Sullivan and Switzerland, M.S. 2966 Patented Mining Claims situated in Yreka Mining District in Sections 10 and 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 482, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Pete, Prominade, Sam and Zeke, M.S. 3389 Patented Mining Claims situated in Yreka Mining District in Section 10, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 77, Deeds, at page 173, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Battleship Oregon, Charley T., Lucia, Marblehead, Margaret, Nancy B., Olympia and Phil, M.S. 3390 Patented Mining Claims situated in Yreka Mining District in Sections 11 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 77, Deeds, at page 338, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Jackass, M.S. 586 Am Patented Mining Claim situated in Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent</u> 

<u>recorded in Book 6, Deeds, at page 78, records of Shoshone County, State of Idaho.</u> 

<u>EXCEPT: That portion of Jackass, M.S. 586 AM situated in Yreka Mining District lying within the following boundaries:</u> 

<u>Beginning at the Northeast corner of said tract whence the 1/4 corner common to Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho bears South 88°40' East, 1280.00 feet distant; thence</u> 

<u>South 12° West, 120.00 feet to the Southeast corner; thence</u> 

<u>North 78° West, 100.00 feet to the Southwest corner; thence</u> 

<u>North 12° East, 120.00 feet to the Northwest corner; thence</u> 

<u>South 78° East, 100.00 feet to the Northeast corner and place of beginning.</u> 

<u>AND</u> 

<u>Allie, Bought Again, Josie, Offset, Rookery and Susie, M.S. 1229 Patented Mining Claims situated in Yreka Mining District in Sections 11, 12, 13 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Deeds, at page 580, records of Shoshone County, State of Idaho.</u> 

<u>EXCEPT: That portion of M.S. 1229 conveyed to Idaho Forest Industries by deed recorded March 4, 1991 as Instrument No. 346474, records of Shoshone County, State of Idaho.</u> 

<u>ALSO EXCEPT: That portion of Bought Again, M.S. 1229 lying within the following boundaries:</u> 

<u>Beginning at the Northeast corner of said tract whence the 1/4 corner common to Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho bears South 88°40' East, 1280.00 feet distant; thence</u> 

<u>South 12° West, 120.00 feet to the Southeast corner; thence</u> 

<u>North 78° West, 100.00 feet to the Southwest corner; thence</u> 

<u>North 12° East, 120.00 feet to the Northwest corner; thence</u> 

<u>South 78° East, 100.00 feet to the Northeast corner and place of beginning.</u> 

<u>ALSO EXCEPT:</u> 

<u>The surface rights to the Allie Patented Mining Claim, M.S. 1229 situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Deeds, page 580.</u> 

<u>AND</u>

<u>Ito, M.S. 2081 Patented Mining Claim situated in Yreka Mining District in Sections 13 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 34, Deeds, at page 456, records of Shoshone County, State of Idaho.</u>

<u>EXCEPT: That portion of M.S. 1229 conveyed to Idaho Forest Industries by deed recorded March 4, 1991 as Instrument No. 346474, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Hemlock, M.S. 2452 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds at page 415, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>African, Roy and Trump, M.S. 2624 Patented Mining Claims situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 43, Deeds, at page 561, records of Shoshone County, State of Idaho.</u>

<u>EXCEPT: That portion of M.S. 2624 conveyed to Idaho Forest Industries March 4, 1991 as Instrument No. 246474, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Beta, M.S. 3471 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded as Instrument No. 166414, records of Shoshone County, State of Idaho.</u>

<u>EXCEPT: That portion of M.S. 3471 conveyed to Idaho Forest Industries by deed recorded March 4, 1991 as Instrument No. 346474, records of Shoshone County, State of Idaho.</u>

## Exhibit 10.38

**Exhibit 10.38**

**AMENDED AND RESTATED LOAN AGREEMENT**

THIS AMENDED AND RESTATED LOAN AGREEMENT dated as of June 5, 2025 (as further amended, restated, supplemented, modified or replaced from time to time, this "**Agreement**") between BUNKER HILL MINING CORP. (together with its successors and permitted assigns, "**Borrower**"), a corporation incorporated under the laws of Nevada, SILVER VALLEY METALS CORP. (together with its successors and permitted assigns, "**Guarantor**"), a corporation incorporated under the laws of Idaho, **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** (each, together with its successors and assigns, a "**Lender**" and, collectively, the "**Lenders**") and **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** as agent for the Lenders (together with its successors and assigns, the "**Agent**").

**RECITALS:**

A. The
 Obligors, the Agent and the Lenders entered into a loan agreement dated as of June 23, 2023
 (as amended by the first amendment dated as of August 8, 2024, the "**Existing Loan Agreement**") pursuant to which the Lenders made available to Borrower a term loan
 facility in the maximum principal amount of US$21,000,000 to finance, in part, the construction
 and development of the Mine;

B. Pursuant
 to Section 6 of the Existing Loan Agreement, the Guarantor issued to the Agent an additional
 royalty ()"**Royalty No. 2**") pursuant to the Additional Royalty Agreement
 whereby the primary claims percentage and the secondary claims percentage of Royalty No.
 2 increased based on the principal amount of the advances made under the Loan Agreement;

C. The
 Obligors, the Sprott Lender Parties and the other Sprott Entities party to Project Finance
 Documents entered into a recapitalization agreement (the "**Recapitalization Agreement** ")
 dated as of the date hereof pursuant to which the parties thereto agreed to enter into the
 Recapitalization Transactions (as defined therein) including, among other things, (i) the
 conversion and exchange of the outstanding US$6 million advance made under Loan Facility
 and all accrued and unpaid interest thereon into and for the issuance to the Lenders of 59,047,619
 common shares in the capital of the Borrower (the "**Sprott Tranche I Shares** ");
 (ii) the elimination of the buy-back option applicable to Royalty No. 2; and (iii) the increase
 in the secondary claims percentage under the Additional Royalty Agreement;

D. In
 consideration of the issuance of the Sprott Tranche I Shares and the increase in the secondary
 claims percentage under the Additional Royalty Agreement, the Obligors and the Sprott Lender
 Parties have agreed to amend and restate the Existing Loan Agreement on the terms and conditions
 of this Agreement;

NOW THEREFORE in consideration of the foregoing premises and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged and agreed), the Obligors and the Sprott Lender Parties mutually agree to amend and restate the Existing Loan Agreement as follows:

**1.** **loan facility** 

The Lenders made available a credit facility (as amended from time to time, the "**Loan Facility**") to Borrower in the maximum aggregate principal amount of TWENTY-ONE MILLION dollars (US$21,000,000.00) in lawful money of the United States of America in accordance with the terms and conditions set out in this Agreement, of which **FIFTEEN MILLION** dollars (**US$15,000,000**) is outstanding (the "**Commitment Amount**") after giving effect to the Recapitalization Transactions including the issuance of the Sprott Tranche I Shares. All capitalized terms not defined in the preamble, recitals or body of this Agreement are defined in <u>Exhibit "A"</u> appended to this Agreement.

**2.** **funding mechanics; interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Availability.** The Loan Facility shall be available to Borrower in Advances to be made from time to
 time during the Availability Period, provided that the aggregate principal amount of Advances
 made shall not exceed the Commitment Amount. The Loan Facility does not revolve and any amount
 repaid or prepaid, as the case may be, cannot be reborrowed. Each Advance shall be in a minimum
 amount of US$5,000,000 and integral multiples of US$1,000,000.

(b) **Requesting Advances.** Borrower shall provide no less than 15 Business Days prior written notice to
 the Agent of any requested Advance under the Loan Facility by delivery to the Agent of an
 Advance Request. No Advance shall be requested under the Loan Facility within 30 days of
 an Advance having been made.

(c) **Cancellation of Unused Commitment Amount.** Any unutilized portion of the Commitment Amount at the end
 of the Availability Period will be permanently cancelled.

(d) **Funding**.
 Subject to the terms and conditions hereof, each Lender shall advance its Proportionate Share
 of each Advance to Borrower, as provided in Section 5(c), on the date requested for such
 Advance in the applicable Advance Request provided the conditions precedent in Section 11
 are satisfied and fulfilled or are waived by the Lenders (each such date, a "**Funding Date** ").

(e) **Use of Principal Amount.** The proceeds of the Loan Facility shall be used solely for the construction
 and development of the Mine in accordance with the uses set out in <u>Exhibit "E"</u>.

(f) **Interest Rate.** Subject to Section 2(g), each Advance shall bear interest from the Funding Date
 of such Advance to June 30, 2027, at the rate of TEN per cent (10.0%) per annum and from
 June 30, 2027 to the date of repayment in full, at the rate of FIFTEEN per cent (15.0%) per
 annum, in each case, calculated and payable annually in arrears as set out in this Section
 2(f). Interest on the Principal Amount shall accrue from day to day in the same currency
 as principal, both before and after maturity, default or judgment, and shall be calculated
 based on the actual number of days elapsed and on the basis of a year of 360 days. Interest
 on the Principal Amount of each Advance shall be payable on each Interest Payment Date and
 on the Maturity Date (or such earlier date as such amounts may become due in accordance with
 the provisions hereof), calculated and compounded annually not in advance, computed from
 the Funding Date for such Advance or the last Interest Payment Date to the next Interest
 Payment Date or the Maturity Date (or such earlier date), as applicable, on the basis of
 the actual number of days elapsed.

(g) **Default Interest.** Borrower shall pay to the Lenders interest on overdue amounts (including overdue
 interest), both before and after maturity, default or judgment, and on the Principal Amount
 upon the occurrence and during the continuance of an Event of Default, in each case, at the
 interest rate then applicable to Advances as set forth in Section 2(f) plus 3 per cent (3.0%)
 per annum, calculated daily and on the basis of the actual number of days elapsed, and a
 year of 360 days and compounded monthly, and payable upon demand by the Agent on behalf of
 the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Exit Fee.** Borrower shall pay to the Agent for the account of the Lenders an exit fee of US$2
 million on the Maturity Date (or such earlier date on which the outstanding Principal Amount
 shall become due in accordance with the provisions hereof) in cash, in immediately available
 funds, as additional consideration for the conversion and exchange of the outstanding US$6
 million advance made under Existing Loan Agreement.

**3.** **mandatory repayment on maturity** 

Borrower shall repay to the Lenders the outstanding Principal Amount, together with all accrued and unpaid interest thereon and all other monies owing hereunder, on the Maturity Date.

**4.** **PREPAYMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Borrower
 may prepay the outstanding Principal Amount, in whole or in part, prior to the Maturity Date,
 on not less than twenty (20) Business Days prior written notice to the Agent. Borrower shall,
 on the date specified in such notice, pay to the Lenders (i) the portion of the outstanding
 Principal Amount to be so prepaid, plus (ii) all accrued and unpaid interest on such portion
 of the Principal Amount, and plus (iii) all other amounts owing and due hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Borrower
 shall prepay the outstanding Principal Amount, together with all accrued and unpaid interest
 thereon and all other monies owing hereunder, immediately upon the occurrence of any Change
 of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) So
 long as no amounts are outstanding under the Standby Prepayment Facility, Borrower shall
 prepay on June 30, 2028 and on the last day of each calendar quarter thereafter, the outstanding
 Principal Amount in an amount equal to 50% of all Cash Flow of the Obligors in excess of
 US$1,500,000, calculated by the Agent on the last day of each such calendar quarter, together
 with all accrued and unpaid interest on such portion of the Principal Amount and all other
 amounts owing and due hereunder.

**5.** **PAYMENT GENERALLY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 amounts payable by Borrower or Guarantor hereunder shall be paid to the Agent on behalf of
 the Sprott Lender Parties in United States Dollars, in immediately available funds by wire
 transfer at such account or financial institution as the Agent may from time to time notify
 Borrower. Any payments received after 2:00 p.m. (Toronto time) will be considered for all
 purposes as having been made on the next following Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the due date of any payment under this Agreement would otherwise fall on a day that is not
 a Business Day, such payment shall be due on the next succeeding Business Day, together with
 interest that has accrued to the Business Day on which such payment was due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 the purposes of Section 2(a), each Advance may be advanced by the Lenders through the Agent
 to the Borrower. All amounts that an Obligor is required pursuant to this Agreement to pay
 to the Sprott Lender Parties or any of them including on account of principal, interest,
 default interest or any other amount, shall be paid to the Agent for distribution by it to
 the Sprott Lender Parties. All amounts received by the Agent in respect of the Principal
 Amount or interest thereon shall be applied and distributed by it to the Lenders rateably
 according to each Lender's Proportionate Share. All amounts received by the Agent from
 the Obligors for the benefit of the Lenders or from the Lenders for the benefit of the Borrower
 shall, in each case, be received by the Agent acting as agent for and on behalf of the Lenders
 hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each
 Lender will maintain in accordance with its usual practice one or more accounts evidencing
 the Principal Amount of the Advances owing by Borrower to such Lender hereunder. Such account(s)
 will be *prima facie* evidence of the obligations recorded therein, provided that any
 failure by Lender to maintain any account or any error therein shall not affect the obligation
 of Borrower or Guarantor to repay the Obligations to such Lender in accordance with this
 Agreement.

**6.** **additional royalty** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 a condition of the first Advance (the "**First Advance** "), Guarantor granted
 to the Agent (the "**Holder** "), and Borrower guaranteed the obligations of
 Guarantor under, a royalty (as amended from time to time, the "**Additional Royalty** ")
 pursuant to the additional royalty agreement dated as of December 12, 2024 (as amended, the
 "**Additional Royalty Agreement**") whereby the Additional Royalty shall be
 equal to the aggregate amount of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Primary Claims Percentage of Gross Revenues of all Products that are mined, produced, extracted,
 processed or otherwise recovered from the Primary Claims forming part of the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Primary Claims Percentage of Gross Revenues of all Products that are mined, produced, extracted,
 processed or otherwise recovered from the GGS Claims forming part of the Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Secondary Claims Percentage of Gross Revenues of all Products that are mined, produced, extracted,
 processed or otherwise recovered from the Residual Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pursuant
 to the Additional Royalty Agreement, the Primary Claims Percentage and the Secondary Claims
 Percentage increased as the amount of the Loan Facility increased as forth in Section 6(c)
 of the Existing Loan Agreement. Pursuant to the Recapitalization Transactions, with effect
 as of the date hereof, the Primary Claims Percentage and the Secondary Claims Percentage
 are as set forth in Section 6(c) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 the purposes of this Section 6:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Gross
 Revenues", "Products", "Primary Claims", "Property",
 "GGS Claims" and "Residual Claims" shall have the meanings ascribed
 to them in the Additional Royalty Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "Primary
 Claims Percentage" and "Secondary Claims Percentage" shall be the percentage
 set out in the column below titled "Primary Claims Percentage" and "Secondary
 Claims Percentage", as applicable, corresponding to the Principal Amount of the Loan
 Facility as of the date of this Agreement:

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount of Loan<br> Facility** | **Principal Amount of Loan<br> Facility** | **Primary Claims<br> Percentage** | **Secondary Claims<br> Percentage** |
| US$ | 15000000 | 1.5% | 1.5% |

---

**7.** **PAYMENT OF INTEREST BY ISSUANCE OF COMMON SHARES** 

**7.1** **Borrower's Privileges** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On
 each Interest Payment Date prior to the Cash Interest Commencement Date and subject to the
 prior approval of the Stock Exchange, Borrower shall have the option to pay the accrued and
 unpaid interest due on such Interest Payment Date, in whole but not in part, through the
 issuance of shares of common stock in the capital of Borrower (the "**Common Shares** ")
 at the Borrower Interest Conversion Price. If Borrower intends to exercise its conversion
 rights hereunder at any time it shall give the Agent not less than five (5) Business Days
 prior notice of such intention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Borrower
 shall also have the option, subject to the prior approval of the Stock Exchange, in connection
 with any prepayment of the Principal Amount under Section 4 prior to June 30, 2028, to pay
 interest, in whole but not in part, accrued as of the date of prepayment, through the issuance
 of Common Shares at the Borrower Interest Conversion Price. If Borrower intends to exercise
 its conversion rights hereunder at any time it shall give the Agent prompt (and in any event,
 at least five (5) Business Days prior to the date upon which such accrued but unpaid interest
 would otherwise be due and payable hereunder) written notice of such intention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With
 respect to any Common Shares which may be issued upon Borrower's option in accordance
 with this Section 7.1, as required from time to time under the Applicable Securities Legislation
 which governs Borrower or any hold period imposed by a regulatory authority, each Lender
 agrees to be bound by any applicable hold period. The certificates evidencing the Common
 Shares shall contain the following legend:

**"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY BEFORE OCTOBER 6, 2025."**

**"THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAW, AND NO INTEREST HEREIN MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, IN WHICH CASE THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO BUNKER HILL MINING CORP. (THE "COMPANY") AN OPINION OF COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding
 any other provision of this Agreement at any time when an Event of Default has occurred and
 is continuing or at any time after the Cash Interest Commencement Date, the Borrower shall
 pay in cash any and all accrued and unpaid interest owing hereunder on each Interest Payment
 Date, upon a prepayment or at any other time when due and the Borrower shall not have the
 option to pay any such interest through the issuance of Common Shares.

**7.2** **Manner of Borrower's Exercise of Right to Pay Interest with Common Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the prior approval of the Stock Exchange, if Borrower wishes to pay the accrued and unpaid
 interest under this Agreement through the issuance of Common Shares pursuant to Section 7.1,
 it shall deliver to the Agent, at least five (5) Business Days prior to the Borrower Interest
 Conversion Date, the Borrower Interest Conversion Form set forth in <u>Exhibit</u> "G"
 hereto (the "**Borrower Interest Conversion Form** "), duly executed by the
 Obligors, irrevocably exercising Borrower's right to pay the accrued and unpaid interest
 set out in the Borrower Interest Conversion Form through the issuance of Common Shares and
 specifying the applicable Borrower Interest Conversion Date (being an Interest Payment Date
 or, in the case of Section 7.1(b), such other date upon which accrued but unpaid interest
 otherwise becomes due and payable hereunder) upon which such right will be exercised in accordance
 with the provisions hereof. Upon delivery of the Borrower Interest Conversion Form, each
 Lender or its nominee, participant or assignee shall be entitled to be entered in the books
 of Borrower as at the Borrower Interest Conversion Date as the holder of the number of Common
 Shares received in lieu of the cash payment of the accrued and unpaid interest in accordance
 with the provisions hereof and, as soon as practicable thereafter and in any event within
 three (3) Business Days, Borrower shall deliver or cause to be delivered to each Lender or,
 subject as aforesaid, its nominee, participant or assignee, a certificate for such Common
 Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 the purposes hereof, the "**Borrower Interest Conversion Date**" shall be
 the date specified in the Borrower Interest Conversion Form delivered by Borrower to the
 Agent in accordance with Section 7.2(a) as the effective date upon which Borrower intends
 to exercise its conversion privilege in accordance with Section 7.1(a) or (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Agent shall keep records of payments and conversions and such records shall be prima facia
 evidence of such payments and conversions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Common
 Shares issued in lieu of cash payments of interest owing under this Agreement in accordance
 with the terms hereof shall be entitled to all rights and privileges accorded to holders
 of record of Common Shares on and after the Borrower Interest Conversion Date, from which
 date they will for all purposes be and be deemed to be issued and outstanding as fully paid
 and non-assessable Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 Borrower elects to pay the accrued and unpaid interest under this Agreement through the issuance
 of Common Shares pursuant to Section 7.1, Borrower shall take all such actions and issue,
 execute and deliver, as applicable, all such certificates, documents and instruments as shall
 be required to validly issue as fully paid and non-assessable such Common Shares in accordance
 with the terms hereof and entitle each Lender (or its nominee, participant or assignee) to
 all rights and privileges accorded to holders of record of Common Shares on and after the
 Borrower Interest Conversion Date.

**7.3** **No Requirement to Issue Fractional Shares** 

Borrower shall not issue fractional Common Shares upon the exercise of Borrower's interest privileges under Section 7.1. If any fractional interest in a Common Share would, except for the provisions of this Section 7.3, be deliverable upon conversion, any such fractional interest shall be rounded down to the nearest whole number of Common Shares.

**8.** **TAXES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any
 and all payments by or on account of any obligation of Borrower or Guarantor hereunder or
 any other Credit Document shall be made free and clear of and without deduction or withholding
 for any Indemnified Taxes; provided that if Borrower or Guarantor shall be required to deduct
 or withhold any Indemnified Taxes from such payments, then (i) the sum payable shall be increased
 as necessary so that, after making all required deductions or withholdings (including deductions
 or withholdings applicable to additional sums payable under this Section 8), the Sprott Lender
 Parties receive an amount equal to the sum they would have received had no such deduction
 or withholding been made, (ii) Borrower or Guarantor, as applicable, shall make such deduction
 or withholding, and (iii) Borrower or Guarantor, as applicable, shall pay to the relevant
 Governmental Authority in accordance with Applicable Law the full amount deducted or withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 limiting the provisions of Section 8(a), each Obligor shall timely pay any Other Taxes to
 the relevant Governmental Authority in accordance with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Obligors shall (within three Business Days of demand by a Sprott Lender Party) pay to such
 Sprott Lender Party an amount equal to the loss, liability or cost which Sprott Lender Party
 determines will be or has been (directly or indirectly) suffered for or on account of Indemnified
 Taxes (including Other Taxes) by such Sprott Lender Party in respect of any Credit Document
 together with any penalties, interest and reasonable expenses arising therefrom or with respect
 thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed
 or asserted by the relevant Governmental Authority. A certificate as to the amount of such
 loss, liability or cost delivered to an Obligor by a Sprott Lender Party shall be conclusive
 absent manifest error. If such Sprott Lender Party subsequently recovers all or part of the
 payment made under this Section 8(c) paid by an Obligor, it shall promptly repay an equal
 amount to such Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As
 soon as practicable after any payment of Indemnified Taxes or Other Taxes by an Obligor to
 a Governmental Authority, such Obligor shall deliver to the applicable Sprott Lender Party
 the original or a certified copy of a receipt issued by such Governmental Authority evidencing
 such payment, a copy of the return reporting such payment or other evidence of such payment
 reasonably satisfactory to such Sprott Lender Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 Section 8 shall survive termination of this Agreement.

**9.** **INTEREST CALCULATIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as otherwise specifically provided herein, where in this Agreement a rate of interest is
 calculated on the basis of a year (the "**deemed year**") which contains fewer
 days than the actual number of days in the calendar year of calculation, such rate of interest
 shall be expressed as a yearly rate for purposes of the *Interest Act* (Canada) by multiplying
 such rate of interest by the actual number of days in the calendar year of calculation, whether
 365 or 366, as the case may be, and dividing it by the number of days in the deemed year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 anything in this Agreement to the contrary, in the event that any provision of this Agreement
 would oblige any Obligor to make any payment of interest or other amount payable to the Sprott
 Lender Parties hereunder in an amount or calculated at a rate which would be prohibited by
 law or would result in a receipt by a Sprott Lender Party of interest at a criminal or prohibited
 rate (as such terms are construed under the *Criminal Code* (Canada) or any other Applicable
 Law), notwithstanding such provision, such amount or rate shall be deemed to have been adjusted *nunc pro tunc* to the maximum amount or rate of interest, as the case may be, as would
 not be so prohibited by law or so result in a receipt by such Sprott Lender Party of interest
 at a criminal or prohibited rate, such adjustment to be effected, to the extent necessary,
 firstly, by reducing the amount or rate of interest applicable pursuant to Section 2(f) of
 this Agreement; and thereafter, by reducing any fees, commissions, royalties and other amounts
 which would constitute interest for the purposes of Section 347 of the *Criminal Code* (Canada), as may be amended from time to time, or any other Applicable Law. Any amount or
 rate of interest referred to in this Agreement shall be determined in accordance with generally
 accepted actuarial practices and principles over the term hereof and, in the event of a dispute,
 a certificate of a fellow of the Canadian Institute of Actuaries appointed by Agent shall
 be conclusive for the purposes of such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 determining whether or not the interest paid or payable under this Agreement exceeds the
 maximum amount permitted by Section 9(b), each Obligor and Sprott Lender Party shall, to
 the maximum extent permitted under the *Criminal Code* (Canada) or any other Applicable
 Law, characterize any non-principal payments as an expense, fee or premium or other payment
 rather than as interest, as may be necessary to reduce the amount otherwise characterized
 as interest pursuant to such Applicable Law, exclude voluntary prepayments and the effects
 thereof and amortize, prorate, allocate and spread the total amount of interest rateably
 over the longer of the contemplated term or the actual duration that any Obligations remain
 outstanding.

**10.** **GUARANTEE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Guarantor
 hereby unconditionally and irrevocably guarantees to the Sprott Lender Parties the due and
 punctual payment and performance of the Obligations and agrees on written demand of the Agent,
 following the occurrence of an Event of Default, to perform or discharge the Obligations
 which have not been fully performed or discharged at the times and in the manner provided
 for in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 prejudice to the rights of the Sprott Lender Parties against Borrower, Guarantor unconditionally
 and irrevocably agrees that, as between the Sprott Lender Parties and itself, it will be
 liable as principal debtor in respect of the performance of the Obligations and not merely
 as surety and, accordingly, Guarantor shall be fully liable forthwith on demand by the Agent,
 following the occurrence and during the continuance of an Event of Default, to perform or
 discharge the Obligations irrespective of the validity, effectiveness or enforceability of
 the Obligations against Borrower or any other fact or circumstances which would or might
 otherwise constitute a legal or equitable discharge of or defence to a guarantor or surety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As
 a separate and independent obligation, if any of the Obligations are not duly and punctually
 paid by Borrower and performed by Guarantors under Section 10(a) for any reason whatsoever
 Guarantor unconditionally and irrevocably agrees to indemnify and save the Sprott Lender
 Parties harmless from and against any losses which the Sprott Lender Parties may suffer or
 incur from the failure of Borrower to duly perform such Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Guarantee of the Obligations is a continuing guarantee and shall remain in effect until all
 of the Obligations existing or arising or which may arise under or by virtue of the Obligations
 shall have been paid, performed or discharged in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Guarantor
 waives any rights it may have as surety under any Applicable Law which may at any time be
 inconsistent with any of the provisions hereof or which it may have of first requiring the
 Sprott Lender Parties to proceed against or claim performance or payment from Borrower or
 any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Sprott Lender Parties, without notice to Guarantor and without discharging, prejudicing or
 affecting the obligations of Guarantor hereunder, may (i) grant time, indulgences, concessions,
 releases and discharges or any financial accommodation to Borrower; (ii) take, hold, fail
 to take or hold, vary, deal with, realize, enforce, release or determine not to enforce,
 perfect or release any other guarantee, indemnity or security for all or any of the Obligations;
 or (iii) effect compositions from, and otherwise deal with, Borrower and all other Persons
 as the Lenders may see fit and generally may otherwise do or omit to do any act or thing
 which, but for this provision, might operate to discharge, prejudice or affect the obligations
 of Guarantor hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Guarantor
 agrees that the liability of Guarantor under this Guarantee is absolute and unconditional
 irrespective of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 lack of validity or enforceability of any terms of any of the Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 contest by Borrower or any other Person as to the amount of the Obligations, the validity
 or enforceability of any terms of the Credit Documents or the perfection or priority of any
 Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 defence, counter claim or right of set-off available to Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 release, compounding or other variance of the liability of Borrower or any other Person liable
 in any manner under or in respect of the Obligations or the extinguishment of all or any
 part of the Obligations by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any
 change in the time or times for, or place or manner or terms of payment or performance of
 the Obligations or any consent, waiver, renewal, alteration, extension, compromise, arrangement,
 concession, release, discharge or other indulgences which any Sprott Lender Party may grant
 to Borrower or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any
 amendment or supplement to, or alteration or renewal of, or restatement, replacement, refinancing
 or modification or variation of (including any increase in the amounts available thereunder
 or the inclusion of an additional borrower thereunder), or other action or inaction under,
 the Credit Documents or any other related document or instrument, or the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any
 discontinuance, termination or other variation of any terms or conditions of any transaction
 with, Borrower or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any
 change in the ownership, control, name, objects, businesses, assets, capital structure or
 constitution of Borrower, Guarantor or any reorganization (whether by way of reconstruction,
 consolidation, amalgamation, merger, transfer, sale, lease or otherwise) of Borrower, Guarantor
 or their respective businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any
 dealings with the security which Security Agent or any Sprott Lender Party holds or may hold
 pursuant to the terms and conditions of the Credit Documents, including the taking, giving
 up or exchange of securities, their variation or realization, the accepting of compositions
 and the granting of releases and discharges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any
 limitation of status or power, disability, incapacity or other circumstance relating to Borrower,
 Guarantor, or any other Person, including any Insolvency Event involving or affecting Borrower,
 Guarantor, or any other Person or any action taken with respect to this Guarantee by any
 trustee or receiver, or by any court, in any such proceeding, whether or not Guarantor shall
 have notice or knowledge of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any
 impossibility, impracticability, frustration of purpose, force majeure or illegality of any
 Credit Document, or the occurrence of any change in the laws, rules, regulations or ordinances
 of any jurisdiction or by any present or future action of (A) any Governmental Authority
 that amends, varies, reduces or otherwise affects, or purports to amend, vary, reduce or
 otherwise affect, any of the Obligations or the obligations of Guarantor under this Guarantee,
 or (B) any court order that amends, varies, reduces or otherwise affects any of the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any
 taking or failure to take security, any loss of, or loss of value of, any security, or any
 invalidity, non-perfection or unenforceability of any security held by or on behalf of the
 Sprott Lender Parties, or any of them, or any exercise or enforcement of, or failure to exercise
 or enforce, security, or irregularity or defect in the manner or procedure by which any Sprott
 Lender Party (or Security Agent) realizes on such security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any
 application of any sums received to the Obligations, or any part thereof, and any change
 in such application; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any
 other circumstances which might otherwise constitute a defence available to, or a discharge
 of, Guarantor, Borrower or any other Person in respect of the Obligations or this Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Subject
 only to any demand expressly required pursuant to Sections 10(a) and (b), Guarantor hereby
 waives notice of the acceptance of this Guarantee and of presentment, demand and protest
 and notices of non-payment and dishonour and any other demands and notices required by any
 Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) From
 the date or dates upon which any demand is made against Guarantor under this Section 10 until
 the Obligations have been performed and discharged in full, Guarantor shall not (i) claim
 any set-off or counterclaim against Borrower; (ii) make or enforce any claim or right (including
 a right of subrogation or contribution) against Borrower to prove in competition with any
 Sprott Lender Party in the event of an Insolvency Event of Borrower or in respect of any
 outstanding liability of Borrower hereunder; or (iii) in competition with the Sprott Lender
 Parties claim the benefit of any security or guarantee now or hereafter held by or on behalf
 of the Sprott Lender Parties for any money or liabilities due or incurred by Borrower to
 the Sprott Lender Parties or any share therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The
 Sprott Lender Parties shall not be obligated before taking any steps to enforce this Guarantee
 (i) to take any steps or proceedings or other action whatsoever or obtain any judgment against
 Borrower or any other Person in any court or tribunal, (ii) to make or file any claim in
 an Insolvency Event in respect of Borrower or any other Person, (iii) to exercise any diligence
 against Borrower, or (iv) resort to any other means of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Nothing
 herein contained shall restrict or adversely affect or be construed to restrict or adversely
 affect any right which a Sprott Lender Party may have to set-off any Obligations owed by
 Guarantor under this Guarantee to such Sprott Lender Party against any obligations owed by
 such Sprott Lender Party to Guarantor, regardless of the place of payment or currency of
 such Obligations.

**11.** **CONDITIONS TO closing and fUNDING; security** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 general and continuing collateral security for the due and punctual payment of the Principal
 Amount, interest and all other monies payable hereunder and due and punctual payment and
 performance of all other PF Obligations, each Obligor has granted to the Security Agent on
 behalf of the Sprott Lender Parties and the other Sprott Entities a continuing and first-ranking
 security interest and charge over all of their property and assets (subject only to Permitted
 Liens) pursuant to the Security. The Obligors, the Sprott Lender Parties and the Security
 Agent confirm and agree that this Agreement constitutes a "Project Finance Document"
 for the purposes of the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 obligation of the Sprott Lender Parties to enter into the Existing Loan Agreement was subject
 to the Obligors delivering, or causing to be delivered, to the Agent the following conditions
 precedent, in each case, in form and substance satisfactory to the Sprott Lender Parties,
 acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 fourth omnibus amendment agreement whereby (A) the maturity date of the Series 1 Convertible
 Debentures and Series 2 Convertible Debentures is extended to March 31, 2026, (B) the royalty
 put option agreement termination date is extended to March 31, 2026, (C) each CD Holder (as
 defined in the Security Sharing Agreement) and the other Sprott Entities consent to the Loan
 Facility to be made available on the terms of this Agreement and (D) each Obligor and Sprott
 Entity acknowledges, confirms and agrees that this Agreement constitutes a "Project
 Finance Document" for the purposes of the Security Documents and the Security Sharing
 Agreement and that each Sprott Lender Party is a "Creditor" under the Security
 Sharing Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) favourable
 Idaho and Nevada legal opinions (and any other relevant legal jurisdiction), of the Obligors'
 legal counsel addressed to the Sprott Lender Parties relating to (A) the legal status of
 the Obligors, (B) the corporate power and authority of each Obligor to execute, deliver and
 perform this Agreement, (C) the authorization, execution and delivery of this Agreement,
 (D) enforceability of this Agreement and the continued validity of the security interests,
 mortgages and charges created under the Security, and (E) the due registration or filing
 of the Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 certificate of good standing or compliance (or equivalent) for each of the Obligors, issued
 by the relevant Governmental Authority and dated no earlier than 2 Business Days prior to
 the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 certificate of a senior officer of each Obligor dated as of the Closing Date as to (i) the
 constating documents of each Obligor, (ii) the resolutions of the board of directors of each
 Obligor authorizing the execution, delivery and performance of this Agreement and the transactions
 contemplated herein and therein; (iii) the names, positions and true signatures of the Persons
 authorized to sign this Agreement; and (iv) such other matters pertaining to the transactions
 contemplated hereby as the Lenders may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 obligation of the Lenders to make each Advance (including the First Advance) is subject to
 the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no
 Event of Default or Pending Event of Default shall have occurred and be continuing nor shall
 any Event of Default or Pending Event of Default occur immediately after giving effect to
 such Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 representations and warranties of the Obligors made in or pursuant to this Agreement and
 the other Credit Documents shall be true and correct on the date of such Advance (except
 to the extent such representations and warranties expressly relate to an earlier date, and
 in such case, shall be true and correct on and as of such earlier date), as if made on and
 as of the date of such Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Agent shall have received timely notice as required under Section 2(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if
 no title opinion in respect of the Property has been delivered in the six-month period preceding
 such Advance (with a currency date within such six-month period), the Obligors shall have
 delivered an updated title opinion in respect of the Property in form and substance satisfactory
 to the Sprott Lender Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Obligors shall have delivered to the Holder the Additional Royalty Agreement (or an amendment
 thereof in form and substance satisfactory to the Sprott Lender Parties) in respect of such
 Advance in accordance with Section 6; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) favourable
 Idaho and Nevada legal opinions (and any other relevant legal jurisdiction) of the Obligors'
 legal counsel addressed to the Sprott Lender Parties and otherwise in form and substance
 satisfactory to the Sprott Lender Parties, relating to (A) the legal status of the Obligors,
 (B) the corporate power and authority of each Obligor to execute, deliver and perform the
 Additional Royalty Agreement (or any amendment thereof, as applicable), (C) the authorization,
 execution and delivery of the Additional Royalty Agreement (or any amendment thereof, as
 applicable), (D) enforceability of the Additional Royalty Agreement (as amended by any amendment
 thereof, as applicable), and (E) the due registration or filing of the Additional Royalty
 Agreement (or any amendment thereof, as applicable).

**12.** **[intentionally deleted.]** 

**13.** **REPRESENTATIONS AND WARRANTIES** 

**13.1** **Obligors' Representations and Warranties** 

Each Obligor hereby represents and warrants to the Sprott Lender Parties as of the date of this Agreement and as of each Funding Date (unless otherwise specified in <u>Exhibit "C"</u>) and so long as any Obligations remain outstanding, as set out in <u>Exhibit "C"</u> and acknowledges that the Sprott Lender Parties are relying upon such representations and warranties in entering into this Agreement and agreeing to provide the Loan Facility, which representations and warranties shall survive the execution and delivery of this Agreement.

**13.2** **Knowledge of Obligors** 

Where any representation or warranty contained in <u>Exhibit "C"</u> is expressly qualified by reference to the "knowledge" of Obligors, it shall be deemed to refer to the actual knowledge of Richard Williams, as Executive Chairman of Borrower, Sam Ash, as Chief Executive Officer of Borrower and President of Guarantor, and Gerbrand van Heerden, as Chief Financial Officer of Borrower, and all information which ought to have been known by each of them after conducting a reasonable inquiry into the matters in question, whether or not any such inquiry was actually made.

**13.3** **Accredited Investor** 

Each Lender hereby represents and warrants to the Obligors that such Lender is an accredited investor, within the meaning of National Instrument 45-106 – Prospectus Exemptions.

**14.** **COVENANTS** 

Each Obligor covenants and agrees with the Sprott Lender Parties that, unless compliance has been waived in writing by the Sprott Lender Parties and so long as any Obligations remain outstanding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Punctual Payment of Obligations.** Each Obligor will make payment of, and perform, all of its Obligations
 when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **No Material Change in Conducting of Business.** Each Obligor will carry out and perform all
 operations and activities in a commercially prudent manner and in accordance with all Applicable
 Laws, all applicable Authorizations and Other Rights and Good Practice Standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Compliance with Laws and Contracts.** Each Obligor will obtain and maintain in force (or where appropriate,
 promptly renew) all Authorizations reasonably necessary for carrying out its business and
 operations generally, including those Authorizations required under each Credit Document,
 and at all times comply with all Applicable Laws and regulations relating to it and its business
 other than (except in the case of Anti-Bribery Laws and Anti-Money Laundering Laws) where
 such noncompliance would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Maintenance of Accounting Methods and Financial Records**. Each Obligor will maintain a system of accounting
 which is established and administered in accordance with US GAAP consistently applied, keep
 adequate records and books of account in which accurate and complete entries shall be made
 in accordance with such accounting principles reflecting all transactions required to be
 reflected by such accounting principles, keep accurate and complete records of any property
 owned by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Books; Records; Inspections; No Commingling of Products.** Each Obligor will keep true, complete
 and accurate Books and Records of all of its operations and activities in a manner consistent
 with customary and prudent commercial practice. Guarantor agrees to keep accurate records
 showing the amount of recovered Products produced by it from the Property. All Products produced
 from the Property shall be kept separate and distinct from minerals and/or mineral products
 produced by Guarantor from properties other than the Property. The Sprott Lender Parties
 shall have the right, upon reasonable advance written notice to the Obligors or either of
 them, no more than once per calendar year, to inspect and perform audits of all books, records,
 financial data, technical data, information and materials relevant to the production and
 stockpiling of Products, the calculation and payment of the Additional Royalty, and/or ensuring
 compliance with the obligations, covenants, conditions and agreements contained herein; provided
 that such inspections shall not unreasonably interfere with the Obligors' activities
 with respect to the Property. If any such audit or inspection reveals the Additional Royalty
 payments for any calendar year are underpaid by more than five percent (5%) or there has
 been a material breach of any obligation, covenant, condition or agreement contained herein,
 the Obligors shall reimburse the Sprott Lender Parties for their costs incurred in such audit
 or inspection and the annual limitation on audit rights shall be suspended until a period
 of two years passes without any audit discrepancy or following the remedy of any such breach,
 as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Maintenance of Legal Existence.** Each Obligor will preserve and maintain its corporate existence in
 good standing and, in the case of Guarantor, remain a resident of the United States for tax
 purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Notice to Lender of an Event of Default**. Upon either Obligor becoming aware of the occurrence
 of either an Event of Default or Pending Event of Default, Borrower will promptly deliver
 to the Agent a notice specifying the nature and date of occurrence of such Event of Default
 or Pending Event of Default, the Obligors' assessment of the duration and effect thereof
 and the action which the Obligors propose to take with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Payment of Taxes/Claims.** Each Obligor will timely file all Tax returns as and when required pursuant
 to Applicable Law and pay and discharge or cause to be paid and discharged, promptly when
 due, all Taxes imposed upon them or in respect of the Project or any of the Project Assets
 or upon the income or profits therefrom as well as all claims of any kind (including claims
 for labour, materials, supplies and rent) which, if unpaid, might become a Lien upon any
 of its property or assets (other than Taxes the amount, applicability or validity of which
 are being contested in good faith by appropriate proceedings diligently conducted), withhold
 and collect all Taxes required to be withheld and collected by them and remit such Taxes
 to the appropriate Governmental Authority at the time and in the manner required by Applicable
 Law, and pay and discharge immediately upon knowledge by an Obligor of the existence of any
 Lien unless such Lien is a Permitted Lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **No Amalgamation, Merger, Wind-Up, Change in Control, Etc.** Neither Obligor will consolidate,
 amalgamate with, or merge with or into, or transfer all or substantially all its assets to,
 or reorganize, reincorporate or reconstitute into or as another entity without the prior
 written consent of the Sprott Lender Parties not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Reporting**.
 The Obligors shall deliver to the Agent (i) all information, reports, studies, documents,
 instruments and other deliveries set in <u>Exhibit "F"</u>, (ii) such other operational,
 exploration and financial information concerning the Obligors or the Project as the Sprott
 Lender Parties shall reasonably request from time to time, (iii) copies of any and all advance
 requests (including all budgets and other attachments thereto) made under the Standby Prepayment
 Facility concurrently with the delivery thereof to Teck Metals Ltd., and (iv) a written notice
 five Business Days before the end of each calendar year commencing with the calendar year
 ending December 31, 2027, the aggregate amount, if any, outstanding under the Standby Prepayment
 Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Further Assurances.** Each Obligor will execute and deliver to the Agent all such documents, instruments
 and agreements and do all such other acts and things as may be reasonably required, in the
 opinion of the Sprott Lender Parties, to carry out the purpose of the Credit Documents or
 any other document to which it is a party or to enable the Sprott Lender Parties to exercise
 and enforce their rights under hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Cash Balance.** Each Obligor will maintain at all times a positive cash balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **Working Capital.** Each Obligor will maintain positive working capital as at the end of each financial
 quarter, as determined from Borrower's most recent annual and quarterly financial statements
 that are filed and available on SEDAR and/or EDGAR, where working capital is the current
 assets less the current liabilities (both as defined by US GAAP) of Borrower on a consolidated
 basis, but (i) excluding any non-cash liabilities included in the calculation of current
 liabilities, (ii) except for the fiscal quarter during which the Convertible Debentures mature
 and the immediately preceeding fiscal quarter, excluding the principal due at maturity of
 the Convertible Debentures, (iii) except for the fiscal quarter during which the Maturity
 Date occurs and the immediately preceeding fiscal quarter, excluding the outstanding Principal
 Amount due on the Maturity Date, (iv) excluding current liabilities on account of royalty
 payments owing under the Royalty Agreements, in each case, in the ordinary course of business
 during the applicable 12 month period, and (v) including the net proceeds of any debt or
 equity financing received between the relevant quarterly or annual filing date and the applicable
 reporting date or during the relevant Cure Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **Indebtedness.** The Obligors will not create, incur, assume or permit to exist any Funded Debt other
 than Permitted Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **No Liens.** The Obligors will not create, incur, assume or permit to exist any Lien on any
 property or asset now owned or hereafter acquired by the Obligors or any one of them except
 Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **No Dispositions**. The Obligors will not Dispose of (whether in one or a series of transactions)
 any of the Property or any Project Assets, or enter into any agreement to do any of the foregoing,
 except for (i) the sale of inventory in the ordinary course of business, or (ii) the sale
 of equipment that is obsolete, surplus, worn out or no longer useful for the purposes of
 constructing and developing the Project. Without limiting the generality of the foregoing,
 Borrower shall not Dispose of any of the Equity Securities in the capital of Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **No Investments**. No Obligor will make (a) any direct or indirect investment in or purchase
 or other acquisition of Equity Securities of any other Person, (b) any loan or advance to,
 purchase of debt securities of, or arrangement for the purpose of providing credit to (excluding
 extensions of trade credit in the ordinary course of business in accordance with customary
 commercial terms) any other Person, or (c) any capital contribution to (whether by means
 of a transfer of cash or other property or any payment for property or services for the account
 or use of) any other Person; except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) investments
 (including by subscription in Equity Securities of), loans, advances or capital contributions
 made by Borrower in or to Guarantor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with
 the prior written consent of the Sprott Lender Parties not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **No Acquisitions.** No Obligor will purchase or otherwise acquire regardless of how accomplished
 or effected, (a) any other Person (including any purchase or acquisition of such number of
 the issued and outstanding securities of, or such portion of equity interest in, such other
 Person so that such other Person becomes a Subsidiary of the purchaser or of any of its Affiliates)
 or of all or substantially all of the property of any other Person, or (b) any division,
 business, operation or undertaking of any other Person or of all or substantially all of
 the property of any division, business, operation or undertaking of any other Person; or
 with the prior written consent of the Sprott Lender Parties, such consent not to be unreasonably
 withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **No Distributions.** No Obligor will (i) retire, redeem, retract, purchase or otherwise acquire
 any Equity Securities of such Obligor; (ii) declare or pay any dividend, return of capital
 or other distribution (in cash, securities or other property, or otherwise) of, on or in
 respect of, any Equity Securities of such Obligor; (iii) make any payment or distribution
 (in cash, securities or other property, or otherwise) on or in respect of, its Equity Securities;
 (iv) pay, redeem, repurchase or otherwise acquire any Funded Debt, including any payment
 on account of principal, interest, bonus, premium, make-whole or otherwise; or (v) pay any
 management, consulting or similar fee or any bonus payment or comparable payment, or by way
 of gift or gratuity, to any Related Party of such Person or to any director or officer thereof,
 excluding, for greater certainty, (i) employment compensation in the ordinary course of business,
 (ii) principal, interest and other amounts that may become payable under this Agreement,
 the Series 1 Convertible Debentures, the Series 2 Convertible Debentures or other Permitted
 Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) **EPA Settlement.** Each Obligor will comply in all respects with its obligations under the EPA
 Settlement Agreement and in all material respects with all other agreements, Authorizations
 and Other Rights necessary for the construction, development and operation of the Project
 as contemplated by the current development or mine plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) **Project Maintenance**. Each Obligor will all times do or cause to be done all things necessary
 to maintain the Project in good standing, including paying or causing to be paid all Taxes
 owing in respect of the Project Assets, performing or causing to be performed all required
 assessment work thereon, paying or causing to be paid all maintenance fees and other amounts
 owing in respect of the Project Assets, paying or causing to be paid all rents and other
 payments in respect of leased properties forming a part thereof and otherwise maintaining
 the Property and other Project Assets in accordance with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Insurance.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Obligors will cause to be maintained with reputable insurance companies, insurance with respect
 to the Project Assets and the operations of Guarantor conducted on and in respect of the
 Mine against such casualties and contingencies and of such types and in such amounts as is
 customary in the case of similar operations in similar locations, which shall include insurance
 on each shipment of Products from the Mine to the extent such insurance is available to the
 Obligors on reasonable commercial terms, until risk of loss for such shipment has been transferred
 to the applicable third party offtake or mineral processor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Obligors shall, upon request of the Agent, furnish to the Agent a certificate setting forth
 the nature and extent of all insurance maintained by or on behalf of the Obligors in accordance
 with Section 14(v)(i). The Obligors shall, upon the request of the Agent, provide the Agent
 with copies of all insurance policies as in effect from time to time relating to the Project
 Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All
 of the insurance policies relating to the Project Assets and the operations conducted thereon
 (and all policies of reinsurance issued in connection therewith) shall specify the Security
 Agent as additional insured and as loss payee and contain such endorsements in favour of
 the Security Agent as the Sprott Lender Parties shall reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 Obligors shall ensure that the Obligors do not at any time do or omit to do anything, or
 cause anything to be done or omitted to be done, whereby any insurance required to be effected
 hereunder would, or would be likely to, be rendered void or voidable or suspended, impaired
 or defeated in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) **Hedging Transactions**. The Obligors may enter into Hedging Contracts on an unsecured basis in
 the ordinary course of, and pursuant to the reasonable requirements of, its business, and
 not for speculative investment or on a margined basis.

If an Obligor fails to perform any covenant or any other provision of any of the Credit Documents, the Sprott Lender Parties (or any of them) may, in their discretion, perform any such covenant capable of being performed by them, and if any such covenant requires the payment of money the Sprott Lender Parties may, in their discretion, make any such payments. All sums so expended by the Sprott Lender Parties shall be reimbursed by Borrower, shall be payable on demand and, until paid, shall be added to, and be deemed to be included in the Obligations and shall bear interest at the same rate applicable to principal.

**15.** **DEFAULT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 occurrence of any one or more of the following events shall constitute an "**Event of Default**" under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Payment*.
 If Borrower fails to pay any Principal Amount when due hereunder or fails to pay interest
 or any other amount when due hereunder and, in the case of interest or such other amount,
 such failure remains outstanding and unremedied for two (2) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Representations and Warranties*. If any representation or warranty made in any of the Credit Documents
 by either Obligor, or if any certificate or opinion furnished to the Sprott Lender Parties
 (or any of them) pursuant to the provisions hereof proves to have been materially incorrect,
 incomplete or misleading as of the time made or repeated or deemed to be made or repeated
 and, if the circumstances giving rise to the incorrect, incomplete or misleading representation
 or warranty are capable of remediation (such that, thereafter the representation or warranty
 would be correct), such inaccuracy is not remedied within the Cure Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Failure to Perform*. Other than as otherwise specified in Section 15(a), if an Obligor defaults
 in the performance of any of its covenants or obligations under any of the Credit Documents
 or the Project Finance Documents and, if such default is capable of being remedied, such
 default is not remedied within the Cure Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Cross Default.* Either Obligor (i) fails to make any payment when such payment is due and payable
 to any Person in relation to any Indebtedness having a principal amount in excess of US$250,000
 (including any Series 2 Convertible Debenture, Series 1 Convertible Debenture, Series 3 Convertible
 Debenture or any other Project Finance Document), and any applicable grace period in relation
 thereto has expired, or (ii) defaults in the observance or performance of any other agreement
 or condition in relation to any such Indebtedness or contained in any instrument or agreement
 evidencing, securing or relating thereto, or any other event occurs or condition exists,
 the effect of which default or other condition, if not remedied within any applicable grace
 period, would be to cause, or to permit the holder of such Indebtedness to declare such Indebtedness
 to become due prior to its stated maturity date *;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *Material Permits and Condemnation.* Any Governmental Authority directly or indirectly condemns,
 expropriates, nationalizes, seizes or appropriates any material portion of the Property or
 the Project Assets or any Required Authorization or Other Right necessary for the construction
 and operation of the Project that has been previously obtained by any Obligor is suspended,
 cancelled, revoked, forfeited, surrendered, refused renewal or terminated (whether in whole
 or in part) or otherwise is not, or ceases to be, in full force and effect at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *Insolvency*.
 If either Obligor fails to pay its debts generally as they fall due or suspends making payments
 on all or any class of its debts or announces an intention to do so or begins negotiations
 with one or more creditors with a view to rescheduling any of its indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) *Illegality*.
 If it becomes unlawful for any Obligor to perform any of its obligations under any of the
 Credit Documents or any of its obligations under any Credit Document cease to be valid, binding
 or enforceable or any Obligor repudiates or contests, in whole or in part, any obligations
 under the Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) *Bankruptcy or Similar Proceedings*. Upon the occurrence of an Insolvency Event affecting any Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *Material Adverse Effect*. If an event or series of events occur which has or with the passage of
 time or notice or both, would have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) *Loss of Perfected Lien.* If any of the Liens created under the Security Documents shall cease
 to be a valid and perfected first priority lien on any Collateral thereunder or any Project
 Assets intended to be Collateral thereunder, subject only to Permitted Liens which rank by
 law in priority and the terms of the Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) *Surety Indemnities*. If either Obligor fails to make any payment as and when due and payable
 and owing to the Sureties or defaults in the observance or performance of any other agreement
 or condition in any Indemnity or any other agreement with a Surety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) *Judgment*.
 If one or more final judgments or decrees for the payment of (A) in the case of any judgment
 or decree in respect of obligations or other arrangements with any Sprott Lender Party or
 any of its Affiliates (including funds managed by any of its Affiliates), any money, or (B)
 in any other case, money in excess of US$500,000 in the aggregate for all such cases or more
 than US$250,000 in any one year period, shall have been obtained or entered against an Obligor
 provided such judgments or decrees shall not have been and remain vacated, discharged or
 stayed pending appeal within the applicable appeal period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) *Authorizations*.
 If any Authorization by a Governmental Authority necessary for the performance of any obligation
 of an Obligor under any Credit Document ceases to be in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 the occurrence of an Event of Default under Section 15(a)(ix), the Obligations shall automatically
 and immediately become due and payable and upon the occurrence and during the continuance
 of any other Event of Default, the Agent may, by notice given to Borrower, declare all or
 part of Obligations to be due and payable either on demand or to be immediately due and payable
 without demand, in each case, all without presentment, protest or further notice of any kind,
 all of which are hereby expressly waived by the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon
 any such declaration or automatic acceleration pursuant to Section 15(b), the Sprott Lender
 Parties may, in their discretion, exercise any right or recourse and proceed by any action,
 suit, remedy or proceeding against the Obligors authorized or permitted by law for the recovery
 of the Obligations including bringing an action or instituting proceedings for damages or
 specific performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon
 the occurrence and during the continuance of an Event of Default, the Security Agent shall
 at the request of, or may with the consent of, the Majority Creditors (as defined in the
 Security Sharing Agreement) realize upon the Collateral and enforce the rights of the Security
 Agent and the Sprott Entities under the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 rights and remedies of the Sprott Lender Parties and the Security Agent hereunder and under
 the Security are cumulative and are in addition to and not in substitution for any other
 rights or remedies available at law or in equity or otherwise. No single or partial exercise
 by the Sprott Lender Parties or the Security Agent of any right or remedy precludes or otherwise
 affects the exercise of any other right or remedy to which the Sprott Lender Parties or the
 Security Agent may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No
 failure on the part of the Sprott Lender Parties or the Security Agent to exercise and no
 delay in exercising, and no course of dealing with respect to, any right, power or privilege
 under any Credit Document shall operate as a waiver thereof nor shall any single or partial
 exercise of any right, power or privilege under any Credit Document preclude any other or
 further exercise thereof or the exercise of any other right, power, or privilege. The remedies
 provided herein are cumulative and not exclusive of any remedies provided by law. Any waiver
 by the Sprott Lender Parties of the strict compliance with any term any Credit Document will
 not be deemed to be a waiver of any subsequent Event of Default.

**16.** **DEFINITIONS AND INTERPRETATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Definitions.** For the purposes of this Agreement and <u>Exhibit "C"</u>, capitalized words
 and phrases shall have the meanings set forth in <u>Exhibit "A"</u> and the meanings
 given to defined terms in the preamble and the recitals to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Accounting Principles.** 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 the Credit Documents, such determination or calculation
 will, to the extent applicable and except as otherwise specified herein or as otherwise agreed
 in writing by the parties, be made in accordance with US GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Terms Generally.** Words importing the singular number include the plural and vice versa. Whenever
 the context may require, any pronoun shall include the corresponding masculine, feminine
 and neuter forms. All forms of "include" shall be deemed to be followed by the
 phrase "without limitation". The word "will" shall have the same
 meaning and effect as "shall". Unless the context requires otherwise (i) reference
 to any agreement or other document herein shall be construed as referring to such agreement
 or other document as from time to time amended (subject to any restrictions on such amendment
 set forth herein); (ii) reference to any Person shall be construed to include such Person's
 successors and assigns; (iii) "herein", "hereof" and "hereunder",
 and similar words shall be construed to refer to this Agreement in its entirety and not to
 any particular provision hereof; and (iv) all references to sections, schedules and exhibits
 shall be construed to refer to sections of, schedules to and exhibits to this Agreement,
 and all such schedules and exhibits shall form part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Security**.
 It is hereby acknowledged and agreed that each Sprott Lender Party is a Sprott Entity and
 that this Agreement has the benefit of all security delivered by the Obligors, or any one
 of them, in favour of the Security Agent or any other Sprott Entity as security for the PF
 Obligations, including the Security Documents.

**17.** **NOTICE** 

Any notice or written communication given pursuant to or in connection with this Agreement shall be in writing and shall be given by delivering the same personally or by prepaid courier, prepaid registered mail, or email, addressed to the party to be notified at the following address of such party or at such other address of which such party has given notice to the other party hereto:

for an Obligor,

---

| | |
|:---|:---|
| Bunker Hill Mining Corp. | Bunker Hill Mining Corp. |
| 300-1055 West Hastings Street | 300-1055 West Hastings Street |
| <br> Vancouver, British Columbia, V6E 2E9 | <br> Vancouver, British Columbia, V6E 2E9 |
| Attention: | Gerbrand van Heerden, CFO & Corporate Secretary |
| Email: | **[Redacted]** |

---

for any Sprott Lender Party, addressed to such Sprott Lender Party, at the below address:

---

| | |
|:---|:---|
| **[Contact information redacted]** | **[Contact information redacted]** |
| Attention: | **[Redacted]** |
| Email: | **[Redacted]** |

---

Any such notice shall be conclusively deemed to have been given and received on the day of actual receipt by the addressee or, if given by prepaid registered or certified mail, on the fifth day following the mailing date (absent a general disruption in postal service). A party may change its address by notice given in accordance with this Section to the other parties.

**18.** **CONFIDENTIALITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 18(b), neither the Sprott Lender Parties nor the Obligors shall, without the express
 written consent of the other (which consent shall not be unreasonably withheld), disclose
 any non-public information in respect of the terms of the Credit Documents or otherwise received
 under or in conjunction with the Credit Documents, and none of the Sprott Lender Parties
 and the Obligors shall issue any press releases concerning the terms of any Credit Document
 without the consent of the other after such parties having first reviewed the terms of such
 press release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 the foregoing, the Sprott Lender Parties and the Obligors may disclose non-public information
 in respect of the terms of the Credit Documents or otherwise received under or in conjunction
 with the Credit Documents in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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;&nbsp;&nbsp;&nbsp;&nbsp;(A) its limited partners, investors, auditor, legal counsel, lenders, underwriters, investment bankers and technical consultants, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Persons with which it is considering or intends to enter into a transaction which would be permitted hereunder without the consent of the other party under this Agreement for which such non-public information would reasonably be relevant (and to advisors and representatives of any such Person),

provided that such disclosure is made on a need to know basis and that such Persons are advised of the confidential nature of the non-public information, undertake to maintain the confidentiality of it and are strictly limited in their use of the non-public information to those purposes necessary for such Persons to perform the services for which they were, or are proposed to be, retained or to consider or effect the applicable transaction, or to monitor their investments in the case of limited partners or investors, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where
 disclosure is necessary to comply with Applicable Laws, court order or regulatory request,
 provided that (x) such disclosure is limited to only that non-public information so required
 to be disclosed, and (y) the party required to disclose such information shall promptly notify
 the other party in writing to permit the other party, at its own expense, to have an opportunity
 to contest or seek to obtain an injunction or protective order or other remedy restricting
 the disclosure of such non-public information and, where applicable, that the party required
 to disclose such information has taken commercially reasonable efforts to avail itself of
 the full benefits of any laws, rules, regulations or contractual rights as to disclosure
 on a confidential basis to which it may be entitled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for
 the purposes of the preparation and conduct of any court proceeding commenced under Section
 22(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) where
 disclosure is required under Applicable Laws in connection with any initial public offering
 or subsequent public offering of securities of any Obligor or of any Sprott Lender Party
 or any Affiliate thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with
 the express written consent of the other party, such approval not to be unreasonably withheld,
 conditioned or delayed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to
 its Affiliates and those of its and its Affiliates' directors, officers, employees,
 advisors and representatives who need to have knowledge of the non-public information and
 each such Person to whom the non-public information is disclosed is directed to comply with
 these terms of confidentiality (or is bound by professional obligations to maintain confidentiality).

(c) Each
 party shall ensure that its Affiliates who receive any non-public information pursuant to
 this Agreement and its and such Affiliates' employees, directors, officers, advisors
 and representatives and those Persons listed in Section 18(b)(i) are made aware of this Section
 18 and comply with the provisions of this Section 18. Each party shall be liable to the other
 party for any improper use or disclosure of such terms or information by such Persons.

(d) For
 the purposes of this Section 18, the Obligors are one party and the Sprott Lender Parties
 are the other party.

**19.** **EXPENSES** 

The Obligors will reimburse the Sprott Lender Parties within thirty (30) days of the Sprott Lender Parties providing a written invoice and supporting documentation in respect thereof, all of the Sprott Lender Parties' reasonable out-of-pocket costs and expenses incurred in respect of the negotiation, registration, enforcement of, or the preservation of rights under the Credit Documents, including the reasonable fees and expenses of legal counsel for the Sprott Lender Parties in connection therewith.

**20.** **INDEMNIFICATION** 

Each Obligor hereby indemnifies each Sprott Lender Party, its affiliates and their respective directors, officers and employees, from and against, any claim, damage, loss, liability, judgment, suit, cost or expense of any kind (including reasonable fees and expenses of counsel), arising directly out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 breach by an Obligor of any representation, warranty or covenant contained herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 enforcement by or on behalf of the Sprott Lender Parties of any right or remedy hereunder.

**21.** **SUCCESSORS AND ASSIGNS, WAIVER AND ACKNOWLEDGEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither
 Obligor may transfer, assign or convey any of its obligations under the Credit Documents
 to any Person without the prior written consent of the Sprott Lender Parties. Each Sprott
 Lender Party may transfer, assign or convey the Credit Documents or any of its rights or
 obligations thereunder, in whole or in part, without the consent of the Obligors or any other
 Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 Agreement shall be binding upon each Obligor and its successors and permitted assigns and
 shall enure to the benefit of each Lender and its successors and assigns. Any reference herein
 to a Sprott Lender Party shall include its successors and assigns as if specifically named.

**22.** **GOVERNING LAW AND JURISDICTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement shall be governed by, and construed in accordance with, the laws of the State of
 Idaho.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Obligor agrees that any legal proceeding with respect to this Agreement or to enforce any
 judgment obtained against the Obligor may be brought by a Sprott Lender Party in the courts
 of the State of Idaho or in the courts of any jurisdiction where an Obligor may have assets
 or carries on business, and each Obligor hereby irrevocably submits to the non-exclusive
 jurisdiction of each such court and acknowledges its competence. Each Obligor agrees that
 a final judgment against it in any such legal proceeding will be conclusive and may be enforced
 in any other jurisdiction by suit on the judgment (a certified or exemplified copy of which
 judgment will be conclusive evidence of the fact and of the amount of the Obligations hereunder)
 or by such other means provided by law.

**23.** **SEVERABILITY OF PROVISIONS** 

Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of that prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of that provision in any other jurisdiction.

**24.** **ENTIRE AGREEMENT** 

The Credit Documents constitute the entire agreement between the parties hereto with respect to the subject matter hereof and supersede any and all prior agreements or understandings, written or oral, with respect thereto. This Agreement shall not be amended except by written agreement between each Sprott Lender Party and each Obligor.

**25.** **SURVIVAL** 

The provisions of Sections 6 (*Taxes*), 18 (*Confidentiality*), 19 (*Expenses*), 20 (*Indemnification*) and 22 (*Governing Law and Jurisdiction*), shall in each case survive any termination of this Agreement and the payment in full of the Obligations.

**26.** **JUDGMENT CURRENCY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If,
 for the purpose of obtaining or enforcing judgment against the Obligors in any court in any
 jurisdiction, it becomes necessary to convert into a particular currency (such currency being
 hereinafter in this Section 26 referred to as the "**Judgment Currency** ")
 an amount due in another currency (such other currency being hereinafter in this Section
 26 referred to as the "**Indebtedness Currency**") under this Agreement, the
 conversion shall be made at the rate of exchange prevailing on the Business Day immediately
 preceding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 date of actual payment of the amount due, in the case of any proceeding in the courts of
 the Province of Ontario or in the courts of any other jurisdiction that will give effect
 to such conversion being made on such date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 date on which the judgment is given, in the case of any proceeding in the courts of any other
 jurisdiction (the date as of which such conversion is made pursuant to this Section 26(a)(ii)
 being hereinafter in this Section 26 referred to as the "**Judgment Conversion Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If,
 in the case of any proceeding in the court of any jurisdiction referred to in Section 26(a)(ii),
 there is a change in the rate of exchange prevailing between the Judgment Conversion Date
 and the date of actual payment of the amount due, the Obligors shall pay to the Sprott Lender
 Parties such additional amount (if any, but in any event not a lesser amount) as may be necessary
 to ensure that the amount paid in the Judgment Currency, when converted at the rate of exchange
 prevailing on the date of payment, will produce the amount of the Indebtedness Currency which
 could have been purchased with the amount of Judgment Currency stipulated in the judgment
 or judicial order at the rate of exchange prevailing on the Judgment Conversion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 amount due from the Obligors under the provisions of Section 26(b) shall be due to the Sprott
 Lender Parties as a separate debt and shall not be affected by judgment being obtained for
 any other amounts due under or in respect of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 term "**rate of exchange**" in this Section 26 means the spot rate of exchange
 for Canadian interbank transactions applied in converting the Indebtedness Currency into
 the Judgment Currency published by the Bank of Canada at approximately 4:30 p.m. (Toronto
 time) on the day prior to the day in question.

**27.** **CURRENCY CONVERSIONS** 

Except as otherwise provided in this Agreement, to the extent that it may be necessary to convert Canadian dollars to US dollars for the purpose of making any payment or calculation in this Agreement, such conversion shall be made at the Bank of Canada daily average rate quoted for the exchange of Canadian dollars into US dollars or vice versa, on the Business Day prior to the date the conversion is to take place.

**28.** **TIME** 

Time is and will be of the essence of each and every provision of this Agreement.

**29.** **project finance document** 

The parties hereto acknowledge and agree that this Agreement constitutes a "Project Finance Document" for the purposes of the Security and the Security Sharing Agreement and each Sprott Lender Party is a "Creditor" under the Security Sharing Agreement.

**30.** **Amendment and Restatement** 

Each Obligor and Sprott Lender Party hereby acknowledges, confirms and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Existing Loan Agreement shall be and is hereby amended and restated in its entirety by this
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) this
 Agreement incorporates amendments to the Existing Loan Agreement and has been restated solely
 for the purposes of incorporating those amendments to the Existing Loan Agreement that the
 parties have agreed upon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this
 Agreement will not discharge, result in a waiver of, or constitute a novation or termination
 of any obligation, covenant or agreement contained in the Existing Loan Agreement or in any
 agreements, guarantees, security or other document executed and delivered by or on behalf
 of any Obligor in respect thereof or in connection therewith, which shall continue and remain
 in full force and effect except to the extent modified by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for
 greater certainty, all debts, liabilities and obligations under the Existing Loan Agreement
 continue as Obligations under this Agreement, except to the extent modified by this Agreement,
 and the Guarantee continues to guarantee the Obligations as of and from the date of the Existing
 Loan Agreement and remains in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) on
 and after the date of this Agreement, any reference to "this Agreement", "hereof",
 "hereunder" and words of like effect in the Existing Loan Agreement and any reference
 to the Loan Agreement in any other Project Finance Document will mean and be a reference
 to the Existing Loan Agreement, as amended and restated by this Agreement.

**31.** **COUNTERPARTS** 

This Agreement and any schedules, certificates or other writing delivered in connection herewith, may be executed in any number of counterparts and by facsimile or electronic means, with the same effect as if all parties had all signed the same document, and all such counterparts and adopting instruments will be construed together and will constitute one and the same instrument. The execution of this Agreement and any other writing by any party hereto or thereto will not become effective until counterparts hereof or thereof, as the case may be, have been executed by all the parties hereto or thereto.

**IN WITNESS WHEREOF** each Obligor and each Sprott Lender Party has executed this Agreement under the hands of its duly authorized officers in that behalf.

---

| | |
|:---|:---|
| **bunker hill mining corp.** | **bunker hill mining corp.** |
| Per: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

---

| | |
|:---|:---|
| **SILVER VALLEY METALS corp.** | **SILVER VALLEY METALS corp.** |
| Per: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| Per: |
| Name: |
| Title: |

---

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| Per: |
| Name: |
| Title: |

---

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| Per: |
| Name: |
| Title: |

---

The undersigned agrees to be bound by the covenants of the Security Agent contained herein.

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| Per: |
| Name: |
| Title: |

---

**EXHIBIT "A"<br> DEFINITIONS**

"**Additional Royalty**" has the meaning ascribed thereto in Section 6(a).

**"Additional Royalty Agreement**" has the meaning ascribed thereto in Section 6(a).

"**Administrative Agent**" means [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], an Ontario limited partnership, in its capacity as agent for certain Sprott Entities under certain Project Finance Documents, and any successor agent appointed from time to time by such Sprott Entities and their successors and permitted assigns.

"**Advance**" means an advance by the Lenders to Borrower under the Loan Facility pursuant to Section 2(a).

"**Advance Request**" means a written notice from Borrower to Agent requesting an Advance, substantially in the form attached as <u>Exhibit "B"</u>.

"**Affiliate**" means any person which, directly or indirectly, controls, is controlled by or is under common control with another person; and, for the purposes of this definition, "control" (including, with correlative meanings, the terms "controlled by" or "under common control with") means the power to direct or cause the direction of the management and policies of any person, whether through the ownership of shares or by contract or otherwise, *provided that*, for the purposes of this Agreement, a Sprott Lender Party shall not be deemed an Affiliate of any Obligor.

"**Agreement**" means this amended and restated loan agreement and all attached schedules, in each case, as the same may be further amended, amended and restated, supplemented or modified from time to time.

"**Anti-Bribery Laws**" has the meaning ascribed thereto in <u>Exhibit "C"</u>.

"**Anti-Money Laundering Laws**" has the meaning ascribed thereto in <u>Exhibit "C"</u>.

"**Applicable Law**" means any federal, provincial, state, local or municipal statute, law (including the common law), ordinance, rule having the force of law, regulation, by-law (zoning or otherwise) or order of any Governmental Authority or rule of any stock exchange or securities commission, applicable to a Person or any of its properties, assets, business or operations.

"**Applicable Securities Legislation**" means all applicable securities laws of each of the jurisdictions in which Borrower is a "reporting issuer" and the respective rules and regulations under such laws together with applicable published fee schedules, prescribed forms, policy statements, national or multilateral instruments, orders, blanket rulings and other applicable regulatory instruments of the securities regulatory authorities in any of such jurisdictions.

"**Authorization**" means any consent, registration, filing, agreement, certificate, license, approval, permit, authority or exemption from, by or with any Governmental Authority and all corporate, creditors' and shareholders' approvals or consents.

"**Availability Period**" means the period beginning on the Closing Date and ending on the second anniversary of the Closing Date.

"**Books and Records**" means all records (whether or not recorded on computer or computer related media) in the possession or control of an Obligor relating in whole or in part to the business of an Obligor, including any business, financial, accounting or Tax records.

"**Borrower**" has the meaning ascribed thereto in the first paragraph of this Agreement.

"**Borrower Interest Conversion Date**" has the meaning ascribed thereto in Section 7.2(b) of this Agreement.

"**Borrower Interest Conversion Form**" has the meaning ascribed thereto in Section 7.2(a) of this Agreement.

"**Borrower Interest Conversion Price**" means the greater of the US Dollar Equivalent Amount of (i) NINETY per cent (90%) of the ten (10) day volume weighted average trading price in Canadian dollars of the Common Shares of Borrower on the Stock Exchange, ending as of the second Business Day prior to the Borrower Interest Conversion Date, and (ii) the minimum price permitted by the Stock Exchange.

"**Business Day**" means any day, other than a Saturday, a Sunday, a statutory holiday or any day on which major banks are closed for business in Kellogg, Idaho or Toronto, Ontario.

"**Cash Flow**" means, for any period, calculated as of the conclusion of each immediately preceding calendar month, the sum (without duplication) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 interest and investment earnings paid to any and all Obligors in cash during such period;
 and

(ii) all
 cash received by any and all Obligors arising from operation of the Mine during such period
 other than incentive proceeds, condemnation proceeds, proceeds from any disposition of assets
 of an Obligor, Tax refunds, and any other extraordinary or non-cash income or receipt of
 an Obligor, all as determined in accordance with U.S. GAAP;

less:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) operating
 and non-operating costs incurred by the Obligors, including taxes, royalties, streaming payments,
 working capital charges, interest and principal, environmental related charges and amounts,
 and sustaining and maintenance capital expenditures for the relevant period.

"**Cash Interest Commencement Date**" means June 30, 2028.

"**Cdn.$"** means the lawful currency of Canada.

"**Change of Control**" means the consummation of any transaction, including any consolidation, arrangement, amalgamation or merger or any issue, transfer, assignment, conveyance, disposition or acquisition of voting shares, the result of which is that any Person or group of Persons acting jointly or in concert for purposes of such transaction: (i) becomes the beneficial owner, directly or indirectly, of 50% or more of the voting shares of Borrower, measured by voting power rather than number of shares; or (ii) acquires Control of Borrower.

"**Claim**" means any act, omission or state of facts and any complaint, litigation, demand, action, suit, proceeding, claim, assessment, judgement or settlement or compromise relating thereto.

"**Closing Date**" means June 23, 2023.

"**Collateral**" means all property and assets (whether real, personal or other and including Equity Securities) of the Obligors in which charges, mortgages or security interests are granted or purported to be granted pursuant to the Security.

"**Commitment Amount**" has the meaning ascribed thereto in Section 1.

"**Common Shares**" means the common shares in the capital of the Borrower.

"**Control**" means the right, directly or indirectly, to direct or cause the direction of the management of the business or affairs of a Person, whether by ownership of securities, by contract or otherwise; and "**Controls**", "**Controlling**", "**Controlled by**" and "**under common Control with**" have corresponding meanings.

"**Convertible Debentures**" means, collectively, the Series 1 Convertible Debentures, the Series 2 Convertible Debentures and the Series 3 Convertible Debentures.

"**Credit Documents**" means collectively, this Agreement, the Additional Royalty Agreement, the Recapitalization Agreement, the Guarantee, the Security and any documents entered into from time to time in respect of any of the foregoing and "**Credit Document**" means each of them.

"**Cure Period**" means a period of 15 Business Days following the earlier of (i) delivery by the Agent to the Obligors of written notice of a breach or default, and (ii) an Obligor becoming aware of such breach or default.

"**Debtor Relief Laws**" shall mean *Title 11* of the United States Code entitled "Bankruptcy", the *Bankruptcy and Insolvency Act* (Canada), the *Companies' Creditors Arrangement Act* (Canada) and the *Winding-Up and Restructuring Act* (Canada), and all other liquidation, administration, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, judicial management or similar debtor relief laws of the United States, Canada or other applicable jurisdictions from time to time in effect including any proceeding under corporate law or other law of any jurisdiction whereby a corporation seeks a stay or a compromise of the claims of its creditors against it, each as now and hereafter in effect, any successors to such statutes and any other applicable insolvency or other similar law of any jurisdiction.

"**Disclosure Letter**" means the letter of disclosure (including the schedules thereto) dated as of the date hereof, executed by the Obligors and delivered to the Sprott Lender Parties concurrently with this Agreement.

"**Disposition"** means, with respect to any asset (including any Property) of any Person, any direct or indirect sale, lease (where such Person is the lessor), assignment, cession, transfer, exchange, conveyance, release or gift of such asset, including by means of a sale and leaseback transaction, or any reorganization, consolidation, amalgamation or merger of such Person pursuant to which such asset becomes the property of any other Person; and "**Dispose**" and "**Disposed**" have meanings correlative thereto.

**"EPA**" means the United States Environmental Protection Agency.

"**EPA Settlement Agreement**" means the Consent Decree between the United States of America and Placer Mining Company, Inc., filed with the United States District Court District of Idaho on March 3, 2018 and approved on June 19, 2018 and the Settlement Agreement And Order On Consent For Response Action By Bunker Hill Mining Corp. between the EPA and Bunker Hill Mining Corp, dated as effective May 15, 2018 (EPA Region 10 CERCLA Docket No. 10-2017-0123), as amended by the First Amendment To The Settlement Agreement And Order On Consent For Response Action By Bunker Hill Mining Corp. between the EPA and Bunker Hill Mining Corp, dated as effective December 19, 2021, and any other amendments thereto.

"**Equity Securities**" means, with respect to any Person, any and all shares, interests, participations, rights in, or other equivalents (however designated and whether voting and non-voting) of, such Person's capital, whether outstanding on June 23, 2023 or issued after June 23, 2023, including any interest in a partnership, limited partnership or other similar Person and any beneficial interest in a trust, and any and all rights, warrants, options or other rights exchangeable for or convertible into any of the foregoing.

**"Event of Default"** has the meaning ascribed thereto in Section 15.

**"EXIM Term Loan"** has the meaning ascribed thereto in paragraph (vii)(III) of the definition of Permitted Indebtedness;

"**Excluded Taxes**" means, with respect to each Sprott Lender Party, income or franchise Taxes imposed on (or measured by) its taxable income or capital Taxes imposed on (or measured by) its taxable capital, in each case by Canada, or by the jurisdiction under the Applicable Law of which such recipient is organized or in which its principal lending office is located.

"**Exclusivity Agreement**" means the exclusivity agreement dated as of January 7, 2022 between [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], and the Obligors, as amended by First Omnibus Amendment and the Second Omnibus Amendment and as the same may be further amended, amended and restated, modified, supplemented or replaced from time to time.

**"First Funding Indemnity**" means funding indemnity dated January 4, 2022 made by the Obligors in favour of [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], as the same may be amended, amended and restated, modified, supplemented or replaced from time to time.

"**First Omnibus Amendment**" means the omnibus amendment agreement dated January 28, 2022 between the Obligors, the Security Agent and [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], as holder of the Royalty Convertible Debenture and as party to the Exclusivity Agreement and the ROFR Agreement and the First Funding Indemnity.

"**Funded Debt**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 obligations of such Person for borrowed money and all obligations of such Person evidenced
 by bonds, debentures, notes, bills or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all
 obligations, contingent or otherwise, relative to the face amount of all letters of credit
 or letters of guarantee, whether or not drawn, and banker's acceptances issued for
 such Person's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all
 obligations of such Person under any lease that is required to be classified and accounted
 for as a capital or finance lease for financial accounting purposes or under any synthetic
 lease, tax retention, operating lease or other lease that, in each case, has substantially
 the same economic effect as a conditional sale, title retention agreement or similar arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all
 obligations of such Person in respect of the deferred purchase price of property or services
 (excluding accounts payable incurred in the ordinary course of business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all
 indebtedness of another Person secured by (or for which the holder of such obligations has
 an existing right, contingent or otherwise, to be secured by) any Lien, upon or in property
 owned by such Person, even if such Person has not assumed or become liable for the payment
 of such obligations or such obligations are limited in recourse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all
 obligations of such Person created or arising under any conditional sale or other title retention
 agreement with respect to property acquired by such Person (even if the rights and remedies
 of the seller or lender under such agreement in the event of default are limited to repossession
 or sale of such property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all
 guarantees, indemnities and other obligations (contingent or otherwise) of such Person in
 respect of Indebtedness of another Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the
 net amount of all obligations of such Person (determined on a mark-to-market basis) under
 any Hedging Contracts.

"**Funding Date**" has the meaning ascribed thereto in Section 2(d).

"**Good Practice Standards**" means, in relation to mining (including all relevant disciplines pertaining thereto, such as metallurgy, processing, engineering, environmental and governance matters, relations with community and indigenous peoples and other social matters), those policies, practices, methods and acts engaged in or approved by a Person which, in the conduct of its undertaking, exercises that degree of safe and efficient practice, diligence, prudence, and foresight reasonably and ordinarily exercised and most commonly accepted by reputable, skilled and experienced operators engaged in the mining industry in the United States.

"**Governmental Authority**" means any government whether federal, provincial, state or municipal and any governmental agency, governmental authority, governmental tribunal, court, governmental commission (including a securities commission) of any kind whatsoever, any subdivision, agency, commission, board or authority of any of the foregoing or any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the amount of any of the foregoing or any stock exchange or securities commission, having jurisdiction.

"**Guarantee**" means the guarantee by the Guarantor as set out in Section 10.

**"Hedging Contracts**" means any agreement relating to a transaction of a type commonly considered to be a derivative or hedging transaction or any combination of such transactions, in each case, whether relating to one or more commodities, currencies, interest, securities or other matters, including commodity futures trading, forward sale and/or purchase contracts, spot-deferred contracts, option contracts or trading, metals trading, precious metal loans, fixed price offtake agreements or other exchange, swap, forward, cap, collar, floor, option or other hedging or similar agreement or any combination thereof, or any other similar transactions.

**"Hedging Obligations"** means all liabilities and other obligations, present or future, direct or indirect, absolute or contingent, matured or unmatured, at any time or from time to time due or accruing due and owing by or otherwise payable by an Obligor under, in connection with or pursuant to any and all Hedging Contracts.

"**Holder**" has the meaning ascribed thereto in Section 6(a).

"**Indebtedness**" means, with respect to each Obligor, all and any indebtedness of such Obligor, whether absolute or contingent.

"**Indemnified Taxes**" means all Taxes other than Excluded Taxes.

"**Indemnities**" means, collectively, the indemnity agreements made by the Obligors in favour of the Sureties in respect of the surety or performance bonds to be provided to the EPA and referred to in paragraph (v) of the definition of Permitted Indebtedness, and "**Indemnity**" means any one of them.

"**Insolvency Event**" means, in respect of any Person, any one or more of the following events or circumstances whereby such Person (i) becomes insolvent or generally does not or becomes unable to pay its debts or meet its liabilities as the same become due; (ii) admits in writing its inability to pay its debts generally or declares any general moratorium on its indebtedness or proposes a compromise or arrangement between it and any class of its creditors or makes a general assignment for the benefit of creditors; (iii) institutes or has instituted against it any proceeding seeking (x) to adjudicate it as bankrupt or insolvent, (y) liquidation, dissolution, winding-up, administration, reorganization, compromise, arrangement, adjustment, protection, moratorium, relief, stay of proceedings of creditors generally (or any class of creditors), or composition of it or its debts or any other relief under any Debtor Relief Law, or (z) the entry of an order for relief or the appointment of or the taking of possession by, a receiver, receiver-manager, administrator, custodian, monitor, trustee or other similar official for the Person or any substantial part of its respective property and, in the case of any such proceeding instituted against it (but not instituted by it) either such petition, application or proceeding continues undismissed, or unstayed and in effect, for a period of forty-five (45) days after the institution thereof, such Person fails to diligently and actively oppose such proceeding, or any of the actions sought in such proceeding (including the entry of an order for relief against it or the appointment of a receiver, receiver-manager, administrator, custodian, monitor, trustee or other similar official for it or for any substantial part of its properties and assets) occurs, or such Person files an answer admitting the material allegations of a petition or motion filed against it in any such proceeding; (iv) takes any action, corporate or otherwise, to approve, effect, consent to or authorize any of the actions described in the foregoing paragraphs (i) through (iii) or otherwise acts in furtherance thereof or fails to act in a timely and appropriate manner in defense thereof.; or (v) such Person's working capital is negative in its most recent annual financial statements and quarterly financial statements, where working capital is the current assets less the current liabilities (both as defined by US GAAP).

"**Intercreditor Agreement**" means the amended and restated intercreditor and subordination agreement dated on or about the date hereof among the Obligors, the Agent, the Security Agent, the Note Purchaser, the Minewater Finance LLC, Minewater LLC, MW HH, LLC, and Teck Metals Ltd., as may be further amended, restated, supplemented, modified, varied, or replaced from time to time.

"**Interest Payment Date**" means June 30 in each calendar year.

"**Legal Proceedings**" means any action, suit, proceeding, demand, assessment, judgment, litigation, hearing, Claim, grievance, arbitration or administrative proceeding or other proceeding or dispute resolution process and includes any appeal, settlement or compromise relating then or review and any application for same.

"**Lender**" and "**Lenders**" has the meaning ascribed thereto in the first paragraph of this Agreement.

"**Lien**" means, (a) with respect to any asset, any mortgage, deed of trust, lien, pledge, hypothec (whether movable or immovable), hypothecation, encumbrance, charge, security interest, adverse claim, defect to title or right of set off in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease, title retention agreement or consignment agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to any asset, (c) any purchase option, call or similar right of a third party with respect to such asset, (d) any netting arrangement, defeasance arrangement or reciprocal fee arrangement, and (e) any other arrangement having the effect of providing security.

"**Material Adverse Effect**" means any event, occurrence, change or effect that, when taken individually or together with all other events, occurrences, changes or effects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) materially
 limits, restricts or impairs, or is reasonably likely to materially limit, restrict or impair
 (A) the condition, financial or otherwise, earnings, operations, assets, business affairs
 or business prospects of an Obligor; (B) the ability of an Obligor to perform its payment
 or other obligations under the Credit Documents; (C) the development or operation of the
 Project substantially in accordance with the mine or development plan then in effect immediately
 prior to the occurrence of such event, occurrence, change or effect, (D) the legality, validity
 or enforceability of the Credit Documents, or the rights and remedies available to the Sprott
 Lender Parties hereunder and thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) causes
 or is reasonably likely to cause any significant decrease to expected silver, lead or zinc
 production from the Property based on the mine or development plan then in effect immediately
 prior to the occurrence of such event, occurrence, change or effect;

provided that (x) changes to commodity prices and (y) events, occurrences, changes or effects affecting operators of mining and processing facilities in the US similar to those related to the Project generally, which do not have a disproportionate effect on the Obligors, shall not be a Material Adverse Effect or be taken into account in determining whether there has been or will be a Material Adverse Effect.

"**Maturity Date**" means June 30, 2030.

"**Mine**" means the Bunker Hill Mine located in Coeur D'Alene Mining District, in the cities of Kellogg and Wardner and in Shoshone County, Idaho USA, which is comprised of and covers, *inter alia*, the Property and the other Project Assets.

"**Mining Rights**" means any mining claims, mining leases, mineral claims, mining concessions, mineral concessions, exploration permits or licenses, mining licenses, forms of mineral tenure or other rights to Products or to access and work upon lands, such as ownership and ancillary rights, surface rights, leasing agreements, lands temporal occupation agreements or otherwise, for the purpose of exploring, exploiting or benefiting Products, under the terms of Applicable Laws, whether contractual, statutory or otherwise, or any interest therein whether now owned or hereafter acquired. "Mining Rights" includes any amendments, relocations, adjustments, resurvey, additional locations, consolidation, derived rights or conversions of, or any renewal, replacement, amendment or other modification or extensions of any of the foregoing.

"**Mortgage**" means the mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixture filing dated as of January 28, 2022 between Guarantor and the Security Agent; as amended by as amended by a first amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated June 17, 2022, a second amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated August 8, 2024, a third amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated December 19, 2024, a fourth amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated the date hereof and as the same may be further amended, amended and restated, modified, supplemented or replaced from time to time.

"**Note Purchase Agreement**" means the secured promissory note purchase agreement dated August 8, 2024 between the Note Purchaser, as purchaser, the Guarantor, as borrower, and Borrower, as parent, pursuant to which an aggregate principal amount equal to the U.S. Dollar equivalent of 1,098,400 ounces of silver has been advanced to the Guarantor as of the date hereof and up to 1,200,000 ounces of silver in total may be advanced to the Guarantor, as amended by a first amendment to secured promissory note purchase agreement dated as of November 11, 2024 and as further amended by a second amendment to secured promissory note purchase agreement dated as of the date hereof.

**"Note Purchaser**" means Monetary Metals Bond III LLC, a Delaware limited liability company, and its successors and permitted assigns.

"**Obligations**" means all indebtedness, liabilities and other obligations of Obligors to the Sprott Lender Parties hereunder and under the other Credit Documents.

"**Obligors**" means, collectively, Borrower and Guarantor and "**Obligor**" means any one of them.

"**Other Rights**" means all licenses, approvals, authorizations, consents, rights (including surface rights, access rights and rights of way), privileges, concessions or franchises held by the Obligors or required to be obtained from any Person (other than a Governmental Authority), for the construction, development and operation of the Mine, as such construction, development and operation is contemplated by the current or then applicable development or mine plan, as the case may be.

**"Other Taxes"** means all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Credit Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Credit Document;

"**Pending Event of Default**" means an event which, but for the requirement for the giving of notice, lapse of time, or both, or, but for the satisfaction of any other condition subsequent to that event, would constitute an "**Event of Default**".

"**Permitted Indebtedness**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 Funded Debt set out in Section (14) of the Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all
 Funded Debt of each Obligor to the Sprott Lender Parties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all
 Funded Debt of each Obligor pursuant to the Series 1 Convertible Debentures, the Series 2
 Convertible Debentures and the Series 3 Convertible Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) unsecured
 Funded Debt comprised of amounts owed to trade creditors and accruals in the ordinary course
 of business, which are either not overdue or, if disputed and in that case whether or not
 overdue, are being contested in good faith by any Obligor by appropriate proceedings diligently
 conducted, and provided always that the failure to pay such Indebtedness would not involve
 any material risk of loss of any material part of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) obligations
 in respect of surety or performance bonds and/or letters of credit required to be provided
 to the EPA as set out in Section (14) of the Disclosure Letter or otherwise with the prior
 written consent of the Sprott Lender Parties, such consent not to be unreasonably withheld
 or delayed, obligations in respect of surety or performance bonds and/or letters of credit
 required to be provided to the EPA in respect of Financial Assurance (under and as defined
 in the EPA Settlement Agreement) of up to US$17,000,000, which obligations, in the case of
 surety or performance bonds, are permitted to be partially secured by letters of credit (in
 amounts satisfactory to the Security Agent) and otherwise secured by security ranking subordinate
 to the Security and subject to a subordination agreement with the Security Agent and the
 Sprott Lender Parties, in form and substance satisfactory to the Sprott Lender Parties and
 the Security Agent, and which obligations, in the case of letters of credit, are permitted
 to be fully secured by cash collateral that is not subject to the Security (and the Security
 Agent will execute and deliver a no interest letter in respect of the Security with respect
 to such cash collateral, in form and substance satisfactory to the Security Agent, acting
 reasonably);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Indebtedness
 in respect of capital or finance leases or purchase money Liens permitted by paragraph (xii)
 of the definition of "Permitted Liens";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) subject
 to the prior written consent of the Sprott Lender Parties, such consent not to be unreasonably
 withheld or delayed:

&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
 reclamation bonds relating to the Mine required in connection with the construction, development
 or operation of the Mine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) offtake
 financing on terms and conditions satisfactory to the Sprott Lender Parties;

&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) Indebtedness
 of up to US$150,000,000 pursuant to a term loan facility owing to EXIM Bank where the proceeds
 are used only for the construction and development of the Mine or other general corporate
 purposes of the Obligors (the "**EXIM Term Loan**") and provided that, if
 secured, the EXIM Term Loan will rank pari passu with the PF Obligations and such security
 will rank pari passu with the Security and EXIM Bank and the Security Agent will enter into
 an intercreditor agreement in form and substance satisfactory to the Security Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Subordinated
 Intercompany Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) unsecured
 Hedging Obligations pursuant to Hedging Contracts permitted pursuant to Section 14(w);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Indebtedness
 owing under the Note Purchase Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any
 other Indebtedness consented to by the Sprott Lender Parties from time to time.

"**Permitted Liens**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens
 for taxes, assessments or governmental charges of any Governmental Authority not at the time
 due or delinquent or, if due or delinquent, the validity of which is being contested at the
 time in good faith by appropriate proceedings, and a reserve has been established by the
 applicable Obligor in its Books and Records in accordance with US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) deemed
 Liens and trusts arising by operation of law in connection with workers' compensation,
 employment insurance and other social security legislation, in each case, which secure obligations
 not at the time due or delinquent or, if due or delinquent, the validity of which is being
 contested at the time in good faith by appropriate proceedings, and a reserve has been established
 by the applicable Obligor in its Books and Records in accordance with US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Liens
 under or pursuant to any judgment rendered, or claim filed, against any Obligor, which such
 Obligor shall be contesting at the time in good faith by appropriate proceedings, and a reserve
 has been established in its Books and Records in accordance with US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Liens
 and charges incidental to construction or current operations which have not at such time
 been filed pursuant to law or which relate to obligations not due or delinquent or the validity
 of which are being contested in good faith by appropriate proceedings and as to which a reserve
 has been established by the applicable Obligor in its Books and Records in accordance with
 US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) easements,
 rights of way, servitudes or other similar rights in land (including, without in any way
 limiting the generality of the foregoing, rights of way and servitudes for railways, sewers,
 drains, gas and oil and other pipelines, gas and water mains, electric light and power and
 telecommunication, telephone or telegraph or cable television conduits, poles, wires and
 cables) granted to or reserved or taken by other persons which individually or in the aggregate
 do not materially detract from the value of the land concerned or materially impair its use
 in the operation of the business of an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 right reserved to or vested in any municipality or governmental or other public authority
 by the terms of any lease, licence, franchise, grant or permit acquired by an Obligor or
 by any statutory provision, to terminate any such lease, licence, franchise, grant or permit,
 or to require annual or other payments as a condition to the continuance thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any
 Lien on cash deposits or term deposits in favour of issuers of surety or performance bonds
 and/or letters of credit referred to in paragraph (v) of the definition of "Permitted
 Indebtedness";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) security
 given by an Obligor to a public utility or any municipality or governmental or other public
 authority when required by such utility or municipality or other authority in connection
 with the operations of the Obligor, all in the ordinary course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) title
 defects or irregularities which are of a minor nature and in the aggregate will not materially
 impact the use of the subject property for the purpose for which it is held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) applicable
 municipal and other governmental restrictions affecting the use of land or the nature of
 any structures which may be erected thereon, provided such restrictions have been complied
 with and will not materially impair the use of the subject property for the purpose for which
 it is held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the
 reservation in any original grants from the Crown of any land or interests therein and statutory
 exceptions and reservations to title;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Liens
 securing capital or finance leases or purchase money Liens relating solely to the acquisition
 of equipment necessary for the development, construction or operation of the Project, provided
 that such Liens extend only to the property clearly and individually identified as acquired
 or financed thereby (including the proceeds of such property) and do not extend to any other
 assets of an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any
 operating lease entered into in the ordinary course of business; provided that the same is
 not a sale-leaseback;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) the
 Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) any
 other Liens of the Obligors as disclosed in Sections (13) and (29) of the Disclosure Letter;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) all
 other Liens permitted in writing by the Sprott Lender Parties.

"**Person**" shall be broadly interpreted and includes an individual, body corporate, partnership, joint venture, trust, association, unincorporated organization, any Governmental Authority or any other entity recognized by law.

"**PF Obligations**" means, collectively, all indebtedness, liabilities and other obligations, present or future, direct or indirect, absolute or contingent, matured or unmatured, at any time or from time to time due or accruing due and owing by or otherwise payable by an Obligor to the Sprott Entities, or any of them, under, in connection with or pursuant to the Project Finance Documents (including the Obligations and all such indebtedness, liabilities and obligations that accrue after the commencing by or against any Obligor of any insolvency or similar proceeding).

"**Principal Amount**" means the aggregate principal amount of Advances outstanding under the Loan Facility from time to time and, with respect to each Advance, means the aggregate principal amount of such Advance outstanding under the Loan Facility from time to time. For greater certainty, the Principal Amount as of the date of this Agreement and after giving effect to the Recapitalization Transactions, is US$15,000,000.

"**Products**" means any and all metals, minerals and products or by**-**products thereof, of whatever kind and nature and in whatever form or state, in, under or upon the surface or subsurface of the Property (including ore, metals, precious metals, base metals, uranium, industrial minerals, concentrates, gems, diamonds, commercially valuable rock, aggregate, clays and other minerals that are mined, excavated, extracted, recovered or otherwise produced from the Property and any ore, concentrates and other products resulting from the milling, processing or other beneficiation of such metals, minerals, products and by-products).

"**Project**" means the construction and development of the Mine, including the acquisition of the Mine and the settlement of liabilities owing to the EPA, when due.

"**Project Assets**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Property and all other Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Products and the Other Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 mining, processing, development, production, maintenance, administration, water, electrical
 and conveyor facilities, railway infrastructure and rolling stock, storage facilities, stockpiling
 facilities, shipping infrastructure, utilities, and related ancillary infrastructure, other
 buildings, structures, improvements, fixtures and other real and personal property, including
 equipment, re-commissioned, constructed, operated or otherwise used by or on behalf of Obligor
 to extract, beneficiate, market, transport and sell Products derived from the Property or
 to develop, operate or administer the Mine, whether or not located within the physical boundaries
 of the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 rights (including Authorizations, surface, access and water rights), privileges, concessions
 or franchises owned, controlled, leased or operated by or on behalf of an Obligor at any
 time and not included within the definition of "Property" which are required
 for the development and construction of the Mine and operation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all
 right, title and interest of the Obligors in, to and under material contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any
 other present and after-acquired real or personal property used or acquired for use by any
 Obligor in connection with the Mine.

"**Project Finance Documents"** means this Agreement, the Series 2 Convertible Debentures, the Series 1 Convertible Debentures, the Series 3 Convertible Debentures, the Exclusivity Agreement, the ROFR Agreement, the Second Funding Indemnity, the Security and guarantees granted in connection herewith and therewith and all other agreements, instruments and documents from time to time (both before and after the date of this Agreement) delivered to or in favour of any Sprott Entity in connection with any of the foregoing agreements and includes without limitation any agreement designated from time to time by the Obligors and the Security Agent as a "Project Finance Document" for purposes of the Security.

"**Project Mining Claims**" means the Mining Rights described in <u>Exhibit "D"</u> and all other Mining Rights now or hereafter owned, held, under option or under application by the Guarantor or any Affiliate thereof forming part of or related to the Mine..

"**Property**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Project Mining Claims and any other Mining Rights, rights or interests forming part thereof
 from time to time whether now owned or hereafter acquired; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all
 other real property interests, mineral claims, mineral leases, mining concessions, exploration
 licenses, land (surface and access rights) and similar rights, concessions and interests
 now or hereafter owned, held, under option or under application by an Obligor or any Affiliate
 thereof forming part of the Mine or related to the Mine, whether created privately or by
 action of any Governmental Authority, including but not limited to those interests described
 in Schedule "F" to Royalty Agreement No. 3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 present or future renewals, extensions, modifications, divisions, substitutions, amalgamations,
 successions, derivations, severances, conversions, demise to lease, renaming or variation
 of any of the Project Mining Claims, Mining Rights or other rights and interests referenced
 in paragraph (i) of this definition.

"**Proportionate Share**" means, at any time, with respect to any Lender, the percentage of the amount of the Commitment Amount that such Lender has agreed to advance to Borrower, initially calculated based on the following, and thereafter as notified by the Agent to the Borrower from time to time:

---

| | | |
|:---|:---|:---|
| **Lender** | **Amount of Commitment Amount to be advanced** | **Amount of Commitment Amount to be advanced** |
| **[Redacted – Affiliate of** **Sprott Private Resource Streaming & Royalty Corp.]** | US$ | [●] |
| **[Redacted – Affiliate of** **Sprott Private Resource Streaming & Royalty Corp.]** | US$ | [●] |
|  | US$ | 15000000 |

---

provided that, once the Commitment Amount has been advanced or cancelled, the Proportionate Share shall mean, with respect to any Lender, the percentage of the Principal Amount remaining outstanding and advanced by such Lender.

"**Real Property**" means the Property and all other real property interests, land (surface and access rights) and similar rights and interests forming part of the Mine or related to the Mine, now or hereafter owned, held, under option or under application by an Obligor, whether created privately or by action of any Governmental Authority.

"**Related Party**" means, with respect to any Obligor, any director, officer, employee, shareholder, partner or Affiliate of any Obligor or any other Person not dealing at arm's length with such Obligor (within the meaning of the *Income Tax Act* (Canada)).

"**Required Authorizations**" means any and all Authorizations required to be obtained by any Obligor for the construction, development and operation of the Mine, as such construction, development and operation is contemplated by the current or then applicable development or mine plan, as the case may be.

"**Restricted Person**" means any Person that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is
 named, identified, described in or on or included in or on any 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;(1) the
 lists maintained by the Office of the Superintendent of Financial Institutions (Canada) with
 respect to terrorism financing, including the lists made under subsection 83.05(1) of the *Criminal Code*, under the Regulations Implementing the United Nations Resolutions on
 the Suppression of Terrorism and under the United Nations Al-Qaida and Taliban Regulations;

&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) the
 Denied Persons List, the Entity List or the Unverified List, compiled by the Bureau of Industry
 and Security, U.S. Department of Commerce;

&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) the
 List of Statutorily Debarred Parties compiled by the U.S. Department of State;

&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) the
 Specially Designated Nationals Blocked Persons List compiled by the U.S. Office of Foreign
 Assets Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the
 annex to, or is otherwise subject to the provisions of, U.S. Executive Order No. 13324; 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;(6) any
 publicly available lists maintained under Applicable Laws relating to anti-terrorism or anti-money
 laundering matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is
 subject 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) the *United Nations Act* (Canada), the *Special Economic Measures Act* (Canada) and
 the *Freezing of Assets of Corrupt Foreign Officials Act* (Canada);

&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) the *International Emergency Economic Powers Act*, 50 U.S.C.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the *Trading with the Enemy Act*, 50 U.S.C. App. 1.1 et seq.; or any other enabling legislation
 or executive order relating thereto, including the *Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001*,
 Title III of Pub. L. 107 56; 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) trade
 restrictions under any Applicable Laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is
 a Person or entity who is an Affiliate of a Person or entity listed above.

"**ROFR Agreement**" means the ROFR agreement dated as of January 7, 2022 between [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], and the Obligors, as amended by First Omnibus Amendment and the Second Omnibus Amendment and as the same may be further amended, amended and restated, modified, supplemented or replaced from time to time.

"**Royalty Agreement No. 3**" means the royalty agreement dated as of the date hereof between [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], as agent, grantee and royalty holder for itself and [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], the Guarantor, as grantor, and the Borrower, as co-obligor.

"**Royalty Agreements**" means, collectively, (i) the royalty agreement dated as of June 23, 2023, between [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], as grantee and royalty holder, the Guarantor as grantor and the Borrower, as co-obligor, which was issued in lieu of the principal amount owing under the Royalty Convertible Debenture, as amended, (ii) the Additional Royalty Agreement, and (iii) Royalty Agreement No. 3.

"**Royalty Convertible Debenture**" means the secured royalty convertible debenture in the principal amount of US$8,000,000 issued by the Obligors in favour of [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], as amended by First Omnibus Amendment, the Second Omnibus Amendment and the Third Omnibus Amendment.

**"Second Funding Indemnity**" means funding indemnity dated as of November 25, 2022 made by the Obligors in favour of the Lenders, as the same may be amended, amended and restated, modified, supplemented or replaced from time to time.

"**Second Omnibus Amendment**" means the second omnibus amendment agreement dated as June 17, 2022 between the Obligors, the Security Agent and certain other Sprott Entities.

"**Security**" means, collectively, (i) any one or more guarantees made from time to time by an Obligor in favour of the Sprott Entities or any of them, in respect of any Obligations, including the Guarantee; and (ii) the Security Documents.

**"Security Agent**" means [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], an Ontario limited partnership, in its capacity as security agent for the benefit of the Sprott Entities under the Security, and any successor agent appointed pursuant to the Security Sharing Agreement, and their successors and permitted assigns.

**"Security Documents"** means, collectively, (i) the pledge agreement dated as of January 7, 2022 between the Borrower, as pledgor, and the Security Agent, as amended by an omnibus amendment dated January 28, 2022, as amended by a second omnibus amendment dated June 17, 2022, and as it may be further amended, amended and restated, modified or supplemented from time to time, (ii) the security agreement dated as of January 28, 2022 among the Obligors, as debtors, and the Security Agent, as amended by a second omnibus amendment dated June 17, 2022, and as it may be further amended, amended and restated, modified or supplemented from time to time, (iii) the Mortgage, (iv) the deposit account control agreement dated as of July 14, 2023 among TD Bank, N.A., as depositary bank, the Guarantor and the Security Agent; (v) the deposit account control agreement dated as of November 20, 2024 among TD Bank, N.A., the Borrower and the Security Agent, (vi) the intercompany subordination and postponement agreement dated as of June 23, 2023 among the Obligors and the Security Agent; and (vii) all other assignments, deeds of trust, mortgages, account control agreements, pledges and other security agreements pursuant to which an Obligor grants to the Security Agent for the benefit of the Sprott Entities, mortgages, charges, pledges, liens or security interests in all or some of its present and after acquired property as security for the PF Obligations.

**"Security Sharing Agreement**" means the security sharing agreement dated January 28, 2022 between the Security Agent, the holder of the Royalty Convertible Debenture, each CD Holder (as defined therein) and other Sprott Entities party thereto from time to time, as creditors, and acknowledged and agreed by the Obligors, as amended by the Second Omnibus Amendment and as the same may be further amended, restated, supplemented or modified from time to time.

"**Series 1 CD Holders**" means the holders from time to time of the Series 1 Convertible Debentures.

"**Series 1 Convertible Debentures**" means, collectively, the six (6) amended and restated secured convertible debentures in the aggregate principal amount of US$6,000,000.00, originally issued by the Obligors on January 28, 2022 and amended and restated on the date hereof by the Obligors and convertible at the option of the holder into Common Shares.

"**Series 2 CD Holders**" means the holders from time to time of the Series 2 Convertible Debentures.

"**Series 2 Convertible Debentures**" means, collectively, the three (3) amended and restated series 2 secured convertible debentures, in the aggregate principal amount of US$15,000,000.00, issued by the Obligors on June 17, 2022 and amended and restated on the date hereof and convertible at the option of the holder into Common Shares.

"**Series 3 CD Holders**" means the holders from time to time of the Series 3 Convertible Debentures.

"**Series 3 Convertible Debentures**" means the two (2) series 3 secured convertible debentures, in the aggregate principal amount of US$4,000,000.00, issued by the Obligors on the date hereof and convertible at the option of the holder into Common Shares.

**"Sprott Entities**" means, collectively, the Administrative Agent, the Security Agent, the Sprott Lender Parties, the Series 1 CD Holders, the Series 2 CD Holders, the Series 3 CD Holders, any Affiliate of Sprott Inc. and any fund managed or sub-managed by an Affiliate of Sprott Inc. which in each case is party to a Project Finance Document together with any successor, assign or transferee thereof that is party from time to time to any Project Finance Document and "**Sprott Entity**" means any one of them.

"**Sprott Lender Parties**" means the Agent and the Lenders.

"**Sprott Tranche I Shares**" has the meaning ascribed thereto in the recitals of this Agreement.

"**Standby Prepayment Facility**" means the SP facility made available by Teck Metals Ltd. pursuant to the standby prepayment facility agreement dated as the date hereof between the Obligors, as co-borrowers, and Teck Metals Ltd., as lender.

"**Subordinated Intercompany Debt**" means unsecured loans made by Borrower to Guarantor, provided that such Indebtedness shall be subordinated pursuant to a subordination agreement in favour of the Sprott Lender Parties pursuant to which, among other things, the Borrower agrees (a) to subordinate and postpone the Indebtedness to the PF Obligations, (b) that no Liens have been or will be taken, (c) that no remedies will be exercised while any PF Obligations remain outstanding, and (d) that in connection with any Insolvency Event, the Borrower will not vote its claim in respect thereof in any manner that would prejudice the Sprott Lender Parties' rights and remedies under this Agreement or any of the Security.

"**Subsidiary**" means each Person directly or indirectly Controlled by Borrower.

"**Sureties**" means, collectively, Northbridge General Insurance Corporation, Trisura Guarantee Insurance Company, Trisura Insurance Company and any other issuer of surety or performance bonds to be provided to the EPA and referred to in paragraph (v) of the definition of Permitted Indebtedness, and "**Surety**" means any one of them.

"**Taxes**" means all present or future taxes, rates, levies, royalties, imposts, duties, deductions, assessments, withholdings, dues, fees and other charges of any nature, including any interest, fines, penalties or other liabilities with respect thereto, imposed, levied, collected, withheld or assessed by any Governmental Authority (of any jurisdiction), and whether disputed or not, including sales or value-added taxes, goods and services taxes, stamp taxes and royalties.

"**Third Omnibus Amendment**" means the third omnibus amendment agreement dated as of December 5, 2022 between the Obligors, the Security Agent and certain other Sprott Entities.

"**TSX-V**" means the TSX Venture Exchange.

"**US Dollar Equivalent Amount**" means, with respect to the calculation of the Borrower Interest Conversion Price, the amount obtained in US dollars when (i) the ten (10) day volume weighted average of the trading price in Canadian dollars referred to in paragraph (i) of the definition of "Borrower Interest Conversion Price" or (ii) the minimum price permitted by the Stock Exchange referred to in paragraph (ii) of the definition of "Borrower Interest Conversion Price", is converted into US dollars using the daily average rate for the exchange of Canadian dollars into US dollars of the Bank of Canada on the last of such ten (10) day period or on the date of notification to the Agent of such determination by the Stock Exchange, as applicable.

"**US GAAP"** means, in relation to any Person at any time, accounting principles generally accepted in the United States applied on a basis consistent with the most recent audited financial statements of such Person and, if applicable, its consolidated affiliates (except for changes disclosed in the notes to such financial statements).

**EXHIBIT "B"<br> FORM OF ADVANCE REQUEST**

---

| | |
|:---|:---|
| **To:** | [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], as Agent |
| **Re:** | Loan Agreement dated as of June 23, 2023 (as amended to the date hereof, the "**Loan Agreement**") between Bunker Hill Mining Corp., as borrower, Silver Valley Metals Corp., as guarantor, [Redacted – Affiliates of Sprott Private Resource Streaming & Royalty Corp.] and [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], as Agent. All capitalized terms used herein and not defined shall have the meanings ascribed thereto in the Loan Agreement. |

---

Pursuant to the terms of the Loan Agreement, the undersigned hereby irrevocably notifies you that it wishes to obtain an Advance under the Loan Facility on **[date of Advance]** in the amount of US$**[amount]**.

The undersigned hereby confirms that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no
 Event of Default or Pending Event of Default has occurred and is continuing and no Event
 of Default or Pending Event of Default shall occur immediately after giving effect to the
 requested Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 representations and warranties of the Obligors made in or pursuant to the Loan Agreement
 and the other Credit Documents shall be true and correct on the date of the requested Advance
 (except to the extent such representations and warranties expressly relate to an earlier
 date, and in such case, shall be true and correct on and as of such earlier date), as if
 made on and as of the date of such Advance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [attached
 is the draft form of Additional Royalty in accordance with Section 6 of the Loan Agreement,
 subject to approval of the Agent.]<sup>1</sup>/[attached is the draft written confirmation
 as to the Primary Claims Percentage and Secondary Claims Percentage or draft amendment to
 the Additional Royalty, in each case in accordance with Section 6 of the Loan Agreement,
 subject to approval of the Agent.]<sup>2</sup>

DATED this _____ day of _____________, 202__.

---

| |
|:---|
| **bunker hill mining corp.** |
| Per: |
| Name: |
| Title: |
| Per: |
| Name: |
| Title: |

---

<sup>1</sup> NTD: To be included for Advance Request in respect of the First Advance.

<sup>2</sup> NTD: To be included for Advance Request in respect to any Advance subsequent to the First Advance.

**EXHIBIT "C"<br> OBLIGORS' REPRESENTATIONS AND WARRANTIES**

Each of Borrower and Guarantor (each an "**Obligor**" and collectively, the "**Obligors**") hereby represents and warrants as follows to the Sprott Lender Parties, and acknowledges and agrees that each Sprott Lender Party is relying upon such representations and warranties in connection with entering into of this Agreement:

*Corporate Organization and Authority*

 

1. Each
 Obligor is a corporation duly incorporated and validly existing under the laws of its jurisdiction
 of incorporation and is up-to-date in respect of all filings required by law to maintain
 its existence; in particular, the Borrower is a corporation incorporated under the laws of
 Nevada and Guarantor is a corporation incorporated under the laws of Idaho.

2. Each
 Obligor is qualified to do business and is in good standing in all jurisdictions in which
 the nature of its business as now being or as proposed to be conducted makes such qualification
 necessary and has all material governmental licenses, authorizations, consents and approvals
 necessary to own its assets and carry on its business as now being or as proposed to be conducted.

3. Each
 Obligor has the requisite corporate power, capacity and authority to: (i) own its property
 and assets and conduct its business; and (ii) enter into the Agreement and each other Credit
 Document to which it is party and such other documents as may be necessary or appropriate
 to give effect to the terms thereof to which it is a party, to perform its obligations hereunder
 and thereunder and complete the transactions contemplated hereby and thereby.

4. The
 execution and delivery of this Agreement and the other Credit Documents by each Obligor thereto
 and the completion of the transactions contemplated hereby and thereby have been duly authorized
 by all necessary corporate action on the part of such Obligor. This Agreement and the other
 Credit Documents to which each Obligor is a party have been duly and validly executed and
 delivered by such Obligor, and constitutes a legal, valid and binding obligation of it, enforceable
 against it in accordance with the terms thereof, except to the extent enforcement may be
 affected by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar
 Applicable Laws affecting creditors' rights generally and subject to the qualification
 that equitable remedies, injunctive relief and/or specific performance may be granted in
 the discretion of a court of competent jurisdiction.

5. Borrower
 owns legally and beneficially all of the issued and outstanding stock of the Guarantor (the
 "**Capital Stock**") as set forth in Section (5) of the Disclosure Letter
 free and clear of any Liens. The corporate structure and organization chart of the Obligors
 set forth in Section (5) of the Disclosure Letter accurately reflects, as of the date hereof,
 the direct and indirect ownership of all of the Capital Stock of the Guarantor. Other than
 as set forth in Section (5) of the Disclosure Letter, no Person has any agreement, option,
 right of first refusal or right, title or interest or any right (including a right of conversion
 of Indebtedness) that is or will become an agreement, option, right of first refusal or right,
 title or interest, in or to all or any part of the Capital Stock of the Guarantor. There
 are no shareholders' agreement or shareholders' declaration in effect with respect
 to the Obligors or their respective shares or other equity interests.

6. Each
 Obligor is entering into and performing its obligations under this Agreement and each of
 the other Credit Documents to which it is a party, on its own account and not as trustee
 or a nominee of any other Person.

7. The
 principal place of business and chief executive office of each Obligor as of the date hereof
 is set out in Section (7) of the Disclosure Letter.

8. No
 Obligor has suffered an Insolvency Event and no Event of Default has occurred that is continuing
 and the Obligors are not aware of any circumstance which, with notice or the passage of time,
 or both, would give rise to an Insolvency Event or an Event of Default with respect to it.

9. Each
 of the Obligors' corporate records are complete and accurate in all material respects,
 and true and correct copies of same have been made available to the Lenders.

10. The
 financial books, records and accounts of each of the Obligors: (i) are complete and accurate
 in all material respects; (ii) are stated in reasonable detail; and (iii) accurately and
 fairly reflect all the material transactions, acquisitions and dispositions of each of the
 Obligors.

11. Borrower's
 audited consolidated financial statements for the fiscal year ended December 31, 2024 including
 the consolidated balance sheets, statements of loss and comprehensive loss, cash flows and
 changes in shareholders' deficiency and the notes thereon and the unaudited interim
 consolidated financial statements for the three months ended March 31, 2025 (collectively,
 the "**Current Financial Statements** "), have been prepared in accordance
 with US GAAP. The Current Financial Statements fairly present in all material respects the
 financial condition and results of operations of Guarantor and the Borrower, on a consolidated
 basis, as at the respective dates specified therein and for the periods then ended. The Obligors
 have not effected any material change in its accounting methods, principles or practices
 since the date of the Current Financial Statements. The Obligors do not intend to correct
 or restate, nor, to the knowledge of the Obligors, is there any basis for any correction
 or restatement of, any aspect of the Current Financial Statements. Other than as set out
 in Section (11) of the Disclosure Letter, each Obligor is neither a party to, nor had a commitment
 to become a party to, any material off balance sheet transactions, arrangements, obligations
 (including contingent obligations) or other relationships of Guarantor, the Borrower or any
 subsidiary of the Obligors with unconsolidated entities. MNP LLP is the current auditor of
 Borrower and is "independent" of the Obligors within the meaning of the Rules
 of Professional Conduct of the Chartered Professional Accountants of Ontario. There has never
 been a "reportable event" (within the meaning of National Instrument 51-102 –
 Continuous Disclosure Obligations of the Canadian Securities Administrators) ()"**NI 51-102**") with the present or any former auditor of the Obligors.

12. Since
 the end date of its Current Financial Statements, the Obligors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have
 conducted its business only in the ordinary course of business and no Material Adverse Effect
 has occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have
 not incurred any Indebtedness which is not shown or reflected in the most recent interim
 financial statements provided to the Lenders or in Section (12) of the Disclosure Letter.

*Tax Matters*

 

13. Taxes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material
 Taxes due and payable by each of the Obligors (whether or not shown due on any Tax returns
 and whether or not assessed (or reassessed) by the appropriate Governmental Authority) have
 been timely paid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Tax
 returns required by Applicable Law to be filed by or with respect to the Obligors have been
 properly prepared and timely filed and all such Tax returns (including information provided
 therewith or with respect thereto) are true, complete and correct in all material respects,
 and no material fact or facts have been omitted therefrom which would make any such Tax returns
 misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As
 of the date hereof, no audit or other proceeding by any Governmental Authority is pending
 or, to the knowledge of the Obligors, threatened with respect to any Taxes due from or with
 respect to the Obligors, and no Governmental Authority has given written notice of any intention
 to assert any deficiency or claim for additional Taxes against either of the Obligors. As
 of the date hereof, there are no matters under discussion, audit or appeal or in dispute
 with any Governmental Authority relating to Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other
 than as set out in Section (13) of the Disclosure Letter, no Governmental Authority of a
 jurisdiction in which the Obligors do not file Tax returns has made any written claim that
 either of the Obligors are or may be subject to taxation by such jurisdiction. To the knowledge
 of the Obligors, there is no basis for a claim that the Obligors is subject to Tax in a jurisdiction
 in which the Obligors do not file Tax returns. As of the date hereof, each of the Obligors
 only file Tax returns in the jurisdictions in which it is incorporated or organized and in
 any jurisdiction in which it carries on any material business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As
 of the date hereof, there are no reassessments of Taxes for the Obligors that have been issued
 and are under dispute, and the Obligors have not received any communication from any Governmental
 Authority that an assessment or reassessment is proposed in respect of any Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To
 the knowledge of the Obligors, each of the Obligors have withheld or collected any material
 Taxes that are required by Applicable Law to be withheld or collected and have paid or remitted,
 on a timely basis, the full amount of any Taxes that have been withheld or collected, and
 are due, to the applicable Governmental Authority.

14. Section
 (14) of the Disclosure Letter sets out a full and complete list of all existing Funded Debt
 of the Obligors.

*Non-Contravention*

 

15. Subject
 to Section (15) of the Disclosure Letter, none of the execution and delivery of this Agreement
 or the other Credit Documents, the issuance of the Common Shares in accordance with this
 Agreement or the completion of the transactions contemplated hereby or thereby, by each Obligor
 thereto, will (i) require that a consent be obtained or a notice be provided under or result
 in or constitute a breach or default under any agreement, mortgage, bond or other instrument
 to which it is a party or which is binding on it or its assets, (ii) violate the terms of
 its constating documents, (iii) require that a consent be obtained or a notice be provided
 under or violate any Applicable Law or any Required Authorization or the material terms and
 conditions of any Other Rights, or result in any modification, revocation, alteration or
 transfer of any Required Authorization or Other Right, (iv) result in the imposition of any
 Lien on the Project Assets, or (v) contravene any judgment, order, writ, injunction or decree
 of any Governmental Authority.

16. No
 Obligor is in breach of or default under, and no event has occurred that, with the passage
 of time or notice, or both, would constitute or would reasonably be expected to constitute
 such a breach of or default under, any agreement, mortgage, bond or other instrument to which
 it is a party or which is binding on it or its assets, other than a breach or default or
 event that would not, individually or in the aggregate, have a Material Adverse Effect. To
 the knowledge of the Obligors, there is no breach or default by any counterparty thereto
 or inability of any counterparty thereto to perform its obligations thereunder which has,
 individually or in the aggregate, a Material Adverse Effect.

*Regulatory Compliance*

 

17. No
 consents, approvals or permissions are required to be obtained by, nor any filings made with
 any Governmental Authority by any Obligor in connection with the execution and delivery or
 the performance by it of this Agreement and the other Credit Documents to which it is a party,
 or in respect of its obligations hereunder or thereunder, other than as set forth in Section
 (17) of the Disclosure Letter.

18. Each
 Obligor has conducted and is conducting its respective business in compliance in all material
 respects with Applicable Laws.

19. No
 Obligor nor, to the knowledge of the Obligors, any director, officer, manager, member, employee,
 consultant, representative or agent thereof, acting on its behalf has violated (i) the *Corruption of Foreign Public Officials Act* (Canada), the *Bribery Act* (United Kingdom), the *Foreign Corrupt Practices Act* (United States), and all other anti-bribery, and anti-corruption
 Applicable Laws, whether within Canada, the United States or to the extent applicable to
 any Obligor, elsewhere, including any regulations, guidelines or orders thereunder (collectively,
 the "**Anti-Bribery Laws** "); and (ii) the Proceeds of Crime (Money Laundering)
 and Terrorist Financing Act (Canada) and all other anti-money laundering, anti-terrorist
 financing, government sanction and "know your client" Applicable Laws, whether
 within Canada, the United States and, to the extent applicable to any Obligor, elsewhere,
 including any regulations, guidelines or orders thereunder (collectively, the "**Anti-Money Laundering Laws** "). No Obligor nor, to the knowledge of Guarantor and the Borrower,
 any director, officer, employee, consultant, representative or agent thereof acting on its
 behalf, has made a voluntary, directed, or involuntary disclosure to any Governmental Authority
 responsible for enforcing Anti-Bribery Laws or Anti-Money Laundering Laws, with respect to
 any alleged non-compliance by any Obligor or such other Persons (acting on behalf of an Obligor)
 with Anti-Bribery Laws or Anti-Money Laundering Laws. No Obligor has received any written
 notice, request, or citation from any Governmental Authority alleging non-compliance by any
 Obligor or such other Persons (acting on behalf of an Obligor) with any Anti-Bribery Laws
 or Anti-Money Laundering Laws.

20. The
 Obligors and their agents have complied at all times with Anti-Bribery Laws with respect
 to the Project and the development, construction or conduct of all operations or activities
 at the Project. The operations in relation to the Project are and have been conducted at
 all times in compliance with applicable financial record-keeping and reporting requirements
 of Anti-Money Laundering Laws and no action, suit or proceeding by or before any court or
 Governmental Authority or any arbitrator involving the Obligors with respect to the Anti-Money
 Laundering Laws is pending or, to the best knowledge of the Obligors, threatened.

21. The
 Obligors have not, and, to the knowledge of the Obligors, no director, officer, employee,
 consultant, representative or agent of the Obligors have, transacted business on behalf of
 the Obligors with any Restricted Person.

22. Borrower
 is a "reporting issuer" (or the equivalent) in the provinces of British Columbia,
 Alberta and Ontario and is not included on a list of defaulting reporting issuers maintained
 by the securities regulators or other securities regulatory authorities in any such provinces
 (collectively, the "**Securities Regulators** "). No order, ruling or determination
 having the effect of suspending the sale or ceasing or suspending trading in any securities
 of Borrower has been issued by any Governmental Authority and is continuing in effect and
 no proceedings for such purpose have been instituted or are, to the knowledge of the Obligors,
 pending or threatened.

*Legal Proceedings*

 

23. Other
 than as set forth in Section (23) of the Disclosure Letter, there are no actions, suits,
 proceedings, hearings, inquiries, investigations or claims commenced or, to the knowledge
 of the Obligors, threatened against any Obligor or that involve the Project, and which, individually
 or in the aggregate, (i) would prevent or limit, restrict or impair in any material respect
 the ability of an Obligor to enter into this Agreement or the other Credit Documents to which
 it is a party or would reasonably be expected to materially and adversely impair the performance
 of its obligations under this Agreement or the other Credit Documents or the development
 of the Project, or (ii) that could reasonably be expected to result in a Material Adverse
 Effect.

24. No
 Obligor is a party to or subject to any judgment, order, writ, injunction or decree, involving
 the Project, which (i) could reasonably be expected to materially and adversely impair the
 performance of its obligations under this Agreement or the other Credit Documents, or (ii)
 could reasonably be expected to result in a Material Adverse Effect. No action or proceeding
 has been instituted or remains pending or, to the knowledge of the Obligors, has been threatened
 and not resolved, by or before any Governmental Authority that (i) could reasonably be expected
 to materially and adversely impair the development of the Project, or (ii) could reasonably
 be expected to result in a Material Adverse Effect.

*Material Information*

 

25. All
 material information relating to the Project and Project Assets and prepared by or on behalf
 of the current management of the Obligors and that has been made available or delivered to
 any Lender, including forecasts, projections, mine plans, budgets and environmental audits,
 assessments, studies and tests, including any environmental and social impact assessment
 study reports, was prepared in good faith and on the basis of assumptions that the management
 of the Obligors believe to be reasonable at the time of preparation, subject to any material
 changes of which the Obligors have informed the Lenders in writing. To the knowledge of the
 management of the Obligors, all material information relating to the Project and the Project
 Assets prepared at the request of current management of the Obligors by third parties and
 that has been made available or delivered to any Lender including forecasts, projections,
 mine plans, budgets and environmental audits, assessments, studies and tests, including any
 material environmental and social impact assessment study reports, was prepared in good faith
 and does not contain materially incorrect information. The Obligors do not have knowledge
 of any change to the facts and assumptions underlying the estimates in the technical report
 and preliminary economic assessment for underground milling and concentration of lead, silver
 and zinc at the Mine dated December 29, 2021 and effective November 29, 2021, as amended
 and restated as of February 22, 2022 effective January 7, 2022 and as further updated and
 revised by Management's 9 plus 3 model dated October 30, 2024 titled "*9^M3 Forecast Consolidated Optimization incl AP catch up*" and delivered to the Agent
 on November 15, 2024 ()"**PEA**") that would reasonably be expected to result
 in a material adverse change in any cost, price, reserves, resources or other relevant information
 in the PEA. All material information regarding the Project and the Project Assets, including
 drill results, technical reports and studies, that are required to be disclosed by Applicable
 Laws, have been publicly disclosed by Borrower in compliance, in all material respects, with
 Applicable Laws.

26. As
 of the date hereof, all material information relating to the Project mineralization prepared
 by or on behalf of the current management of the Obligors has been made available or delivered
 to any Lender and, to the knowledge of the management of the Obligors, such information and
 the reports and information delivered to the Lenders have been prepared in a manner which
 is consistent with Good Practice Standards, the statements, assumptions and projections contained
 therein are fair and reasonable as and when produced and, to the knowledge of the management
 of the Obligors, have been arrived at after reasonable inquiry having been made in good faith
 by the Persons responsible therefor. The estimated mineral resources relating to the Property
 as of the date hereof are as stated in the PEA. The Obligors are in compliance in all material
 respects with NI 43-101 in connection with the disclosure of scientific or technical information
 made by the Obligors concerning the Project. The Obligors have duly filed with the applicable
 regulatory authorities in compliance in all material respects with Applicable Laws all reports
 required by NI 43-101 in connection with the Project, and all such reports were prepared
 in accordance with the requirements of NI 43-101 in all material respects. As of the date
 hereof, there are no outstanding unresolved comments of the TSX Venture Exchange (the "**TSX-V** ")
 or any Securities Regulator in respect of the technical disclosure relating to the Project
 made in the documents which have been filed by or on behalf of the Obligors with the relevant
 Securities Regulators pursuant to the requirements of Applicable Laws, including all documents
 publicly available on Borrower's SEDAR+ profile.

27. The
 Obligors are in compliance in all material respects with all timely and continuous disclosure
 obligations under Applicable Laws, including NI 51-102, and the policies, rules and regulations
 of the TSX-V and, without limiting the generality of the foregoing, except as disclosed to
 the Lenders, there has been no "material change", as defined in the Securities
 Act (Ontario) (actual, or, to the knowledge of the Obligors, proposed or prospective, whether
 financial or otherwise) in the business, results of operations, prospects, assets, liabilities
 (contingent or otherwise) or capital or financial condition of the Obligors on a consolidated
 basis which has not been publicly disclosed within the period required by NI 51-102, and
 except as disclosed to the Lenders, no Obligor has filed any confidential material change
 reports which remain confidential as of the date hereof.

*Project*

 

28. The
 PEA was prepared in a manner which is consistent with Good Practice Standards and the statements,
 assumptions and projections contained therein were fair and reasonable as and when produced
 and, to the Obligors' knowledge, were arrived at after reasonable inquiry, having been
 made in good faith by the Persons responsible therefor. The PEA contains a reasonable estimate
 in all material respects of projected capital expenditures for the Real Property subject
 to fluctuations in exchange rates, commodity prices and electricity rates and has been prepared
 in a manner which is consistent with Good Practice Standards.

29. Subject
 to Section (29) of the Disclosure Letter, the Guarantor is the sole recorded and beneficial
 owner of the Real Property, free and clear of any Liens or other encumbrances (other than
 Permitted Liens). Section (29) of the Disclosure Letter sets out a full and complete list
 of all Permitted Liens. Except for any Permitted Liens or as listed in Section (29) of the
 Disclosure Letter, no Person other than the Lenders have any agreement to acquire, option,
 right of first refusal or right, title or interest or any right that is or will become an
 agreement to acquire, option, right of first refusal or right, title or interest, in or to
 all or any material part of the Collateral or any Project Assets nor has either of the Obligors
 granted, or agreed to grant, any Liens or other encumbrances, other than Permitted Liens,
 on the Collateral or any Project Asset.

30. The
 Required Authorizations and Other Rights required for the development, construction or operation
 of the Project, including commercial production of the silver, lead and zinc from the Project,
 whether obtained or issued by the date hereof or not, are listed in Section (30) of the Disclosure
 Letter. The Obligors have complied in all material respects with all conditions provided
 for in the Required Authorizations and Other Rights required to be complied with as of the
 date this representation is made.

31. Other
 than as set forth in Section (31) of the Disclosure Letter, all Authorizations and Other
 Rights required for the development, construction and operation of the Project, including
 for greater certainty all environmental and water permits, are in full force and effect and
 in good standing and none of the Obligors, and to the best of the knowledge and belief of
 each of the Obligors, no other Person party thereto is, in default in any material respect
 under any such Authorization or Other Right.

32. No
 Authorization or Other Right relating to the Project or the Real Property has been challenged,
 withdrawn, cancelled, amended or refused or, to the best of the knowledge and belief of each
 of the Obligors, threatened to be challenged, withdrawn, cancelled, amended or refused by
 any Governmental Authority or by any other Person.

33. Subject
 to Section (33) of the Disclosure Letter, operation of the Project is and has been in compliance
 in all material respects with all land use restrictions, zoning, regulations, ordinances,
 environmental laws and other similar Applicable Laws thereto. Subject to Section (33) of
 the Disclosure Letter, during the past three (3) years, neither of the Obligors nor any of
 its agents or employees has received any written notice from any Governmental Authority having
 jurisdiction over the Project alleging any violation of any Applicable Law, including, but
 not limited to, those relating to environmental laws, zoning, building, use, personal disability
 and fire or safety, which has not been cured or remedied. To the knowledge of the Obligors,
 there are not any threatened proceedings for the rezoning of the Real Property or any portion
 thereof.

34. Current
 management of the Obligors has arranged for the following environmental studies relating
 to the Project and the Real Property: (i) since September 2020, 30 site water sampling and
 broad spectrum lab testing on a monthly basis and field parameter testing on a bi-weekly
 basis, and (ii) in May 2021, a multi-year water flow analysis program with the University
 of Idaho's hydrogeology department, (iii) water chemistry analysis as part of planning
 for a proprietary in-mine water treatment system, (iv) evaluation of the capabilities of
 the Environmental Protection Agency's Central Treatment Plant, in the event that an
 Obligor may seek to purchase and/or operate it in the future. No other environmental investigation,
 study, audit, test or other analysis has been conducted by or at the request of current management
 of the Obligors with respect to the Project and the Real Property.

35. Subject
 to Section (35) of the Disclosure Letter, there are no material environmental liabilities
 of the Obligors or to the knowledge of the Obligors, in respect of the development, construction
 and operation of the Project, in each case, that have been incurred as at the date that this
 representation is made.

36. Subject
 to Section (36) of the Disclosure Letter, no release or threatened release of any chemicals,
 materials or substances, whether solid, liquid or gas, defined as or included in the definition
 of "contaminant", "pollutant", "hazardous substance",
 "hazardous waste", "hazardous material", or "toxic substance"
 under any applicable environmental law has occurred or is occurring at or from the Project
 for which environmental laws require notice, further investigation or any form of responsive
 action.

37. Section
 (37) of the Disclosure Letter lists all underground and above ground storage tanks located
 or previously located on the Real Property.

38. The
 Obligors have complied and will comply with all terms and conditions of the EPA Settlement
 Agreement, including, without limitation, making timely payments and providing financial
 assurance on schedule.

39. Except
 for the deferral arrangements disclosed in Section (39) of the Disclosure Letter, all payments
 relating to water treatments costs with respect to the Project, including all costs relating
 to the water treatment facility known as the Central Treatment Plant, have been paid in full,
 and there are no water treatment costs or other amounts in connection therewith owing to
 any Person, including, without limitation, the EPA and the Idaho Department of Environmental
 Quality ()"**IDEQ** ").

40. Except
 as disclosed in Section (40) of the Disclosure Letter, each of the Obligors are in compliance
 with their obligations to the EPA and the IDEQ with respect to the Obligors' responsibilities
 for meeting water discharge standards and for all water treatment costs in connection with
 the Property and there are no further water treatment costs due and payable by the Obligors
 to the EPA and the IDEQ.

41. All
 Real Property owned or leased by the Obligors is described in Schedule "F" to
 Royalty Agreement No. 3 and all mining claims, concessions and other mining rights forming
 part of the Mine or related thereto are described in <u>Exhibit "D"</u>.

42. Guarantor
 has good and marketable title to the Real Property free and clear of any Liens other than
 Permitted Liens and its rights in and to the Real Property will be valid and in full force
 and effect in all material respects, and the Obligors will have complied in all material
 respects with all of their respective obligations in respect thereof, including payment of
 any annual fees and production penalties, under Applicable Laws. No third party holds any
 mining or real property rights that conflict in any material respect with the Guarantor's
 rights in and to the Real Property.

43. Except
 as set out in Section (43) of the Disclosure Letter, all mining concession, patent or maintenance
 fees and recording fees, and all other material exploration permit, authorization, lease,
 licensing and mining claim payments, rentals, taxes, assessments, renewal fees and other
 governmental charges, owing in respect of the Project and the Real Property or any part thereof,
 have been paid in full.

44. Guarantor
 owns or has the right to use or the benefit of all of the Other Rights and Project Assets
 and the Other Rights and Project Assets they own are free and clear of any Liens, other than
 Permitted Liens.

45. Subject
 only to the rights of any Governmental Authority set out in Section (45) of the Disclosure
 Letter and except for Permitted Liens, no Person is entitled to or holds any material rent,
 option, back-in right, earn-in right, right of first refusal, royalty, stream, participation,
 production or similar interests, or other payment in the nature of rent or royalty, on or
 for the Project, including in any Real Property or Products.

46. To
 the knowledge of the Obligors, there is no (i) expropriatory act or series of expropriatory
 acts, including eminent domain, confiscation, nationalization, requisition, deprivation,
 sequestration and/or similar acts, by law, order, executive or administrative action or otherwise
 of any Governmental Authority or any corporation or other entity controlled by any Governmental
 Authority the result of which expropriatory act or series of expropriatory acts is that all
 or substantially all of the rights, privileges and benefits pertaining to, associated with,
 threatened against or affecting all or any part of the Mine (collectively, an "**Expropriation Event**") and (ii) circumstances, notices, discussions, or negotiations which could
 reasonably be expected to result in such an Expropriation Event.

*Community*

 

47. Except
 as set out in Section (47) of the Disclosure Letter, to the best knowledge of the Obligors,
 no indigenous or community groups (and no Persons on their behalf) have asserted any interest
 or rights or commenced or threatened any claims or proceedings affecting the Project or the
 Obligors that could result in a Material Adverse Effect.

48. Any
 relocation or resettlement of any persons, communities or settlements, including any indigenous
 persons, communities or settlements, in connection with the exploration, development or operation
 of the Project has been conducted in material compliance with all Applicable Laws and Authorizations.

49. Except
 as set out in Section (49) of the Disclosure Letter, and to the best of the knowledge and
 belief of each of the Obligors (i) no indigenous or community groups (and no Governmental
 Authority on behalf of any such groups) have asserted any interest or rights or commenced
 or threatened any claims or proceedings affecting the Real Property, the Project or any of
 the Obligors which have a Material Adverse Effect, and (ii) neither the Real Property nor
 any part of the Project is located on any land or in territory to which indigenous or local
 community groups own or are entitled to communal, collective rights or any other rights under
 Applicable Law.

50. The
 Obligors have complied with all previous consultation processes with local communities in
 accordance with Applicable Law.

*Common Shares*

 

51. The
 Common Shares and the Sprott Tranche I Shares are listed and posted for trading on the TSX-V
 and the Borrower is a "reporting issuer" not in default of the requirements of
 the Applicable Securities Legislation.

52. The
 Sprott Tranche I Shares have been duly authorized for issuance by the Borrower and have been
 validly issued as fully paid and non-assessable common shares in the capital of the Borrower,
 are free and clear of any liens or encumbrances and were issued in compliance with Applicable
 Laws, including all Applicable Securities Legislation. The Common Shares, when issued in
 compliance with the provisions of this Agreement, will be validly issued, fully paid and
 non-assessable and free of any liens or encumbrances and issued in compliance with all Applicable
 Securities Legislation.

*Other*

 

53. The
 execution, delivery and performance of this Agreement and the other Credit Documents by each
 Obligor thereto and the completion of the transactions contemplated hereby and thereby is
 exempt from the formal valuation requirement and the minority approval requirement of Multilateral
 Instrument 61-101 *Protection of Minority Security Holders in Special Transactions*.

54. Except
 as set out in Section (54) of the Disclosure Letter, no Obligor is party to any contract
 that would give rise to a valid claim against an Obligor and/or any Sprott Entity for a brokerage
 commission, finder's fee or like payment in connection with the transactions contemplated
 by this Agreement or the other Credit Documents.

55. Section
 (55) of the Disclosure Letter, lists all bank accounts of each of Borrower and Guarantor
 and the depositary bank at which such accounts are maintained.

56. The
 Obligors are in material compliance with all Applicable Laws respecting employment and employment
 practices, terms and conditions of employment, pay equity and wages; there is not currently
 any labour disruption, strike, or conflict involving or threatened against any Obligor or
 directly affecting the Mine. None of the Obligors are party to a collective bargaining agreement.

**EXHIBIT "D"<br> PROJECT MINING CLAIMS**

**Primary Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Ace | 2583 | 12 | 48 North | 2 East |
| African | 2624 | 13 | 48 North | 2 East |
| Alla | 1228 | 13 | 48 North | 2 East |
| Allie | 1229 | 13 | 48 North | 2 East |
| Apex | 3361 | 2 | 47 North | 2 East |
| Arizona | 1488 | 12 | 48 North | 2 East |
| Band | 2507 | 2 | 48 North | 2 East |
| Bear | 2081 | 13 | 48 North | 2 East |
| Bee | 2072 | 12 | 48 North | 2 East |
| Berniece | 1620 | 14 | 48 North | 2 East |
| Beta | 3471 | 13 | 48 North | 2 East |
| Blue Bird | 3361 | 2 | 47 North | 2 East |
| Boer | 2599 | 12 | 48 North | 2 East |
| Bonanza Fraction | 1228 | 13 | 48 North | 2 East |
| Bought Again | 1229 | 13 | 48 North | 2 East |
| Brady | 2584 | 12 | 48 North | 2 East |
| Buckeye | 2250 | 13 | 48 North | 2 East |
| Butte | 3361 | 2 | 47 North | 2 East |
| Butternut | 1916 | 13 | 48 North | 2 East |
| Cariboo | 1220 | 11 | 48 North | 2 East |
| Carter | 1466 | 14 | 48 North | 2 East |
| Chain | 2078 | 12 | 48 North | 2 East |
| Cheyenne | 2249 | 12 | 48 North | 2 East |
| Chief No. 2 | 2862 | 11 | 48 North | 2 East |
| Club | 2583 | 12 | 48 North | 2 East |
| Combination | 2072 | 12 | 48 North | 2 East |
| Confidence | 2328 | 12 | 48 North | 2 East |
| Coxey | 1466 | 14 | 48 North | 2 East |
| Cypress | 2429 | 12 | 48 North | 2 East |
| Deadwood | 1466 | 11 | 48 North | 2 East |
| Debs | 1466 | 11 | 48 North | 2 East |
| Dewey | 2081 | 13 | 48 North | 2 East |
| Diamond | 2583 | 12 | 48 North | 2 East |
| Drew | 2587 | 13 | 48 North | 2 East |
| East | 1228 | 13 | 48 North | 2 East |
| Emily Grace | 2587 | 13 | 48 North | 2 East |
| Emma | 550 | 12 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Ethel | 2966 | 11 | 48 North | 2 East |
| Evans | 2611 | 12 | 48 North | 2 East |
| Excelsior | 1356 | 11 | 48 North | 2 East |
| F | 2587 | 24 | 48 North | 2 East |
| Flagstaff | 2328 | 12 | 48 North | 2 East |
| Flagstaff No. 2 | 2921 | 12 | 48 North | 2 East |
| Flagstaff No. 4 | 2921 | 12 | 48 North | 2 East |
| Foster | 2587 | 13 | 48 North | 2 East |
| Good Luck | 1220 | 11 | 48 North | 2 East |
| Goth | 3214 | 2 | 48 North | 2 East |
| Grant | 2369 | 11, 12 | 48 North | 2 East |
| Grant | 2599 | 12 | 48 North | 2 East |
| Gun | 2611 | 18 | 48 North | 3 East |
| Gus | 2624 | 13 | 48 North | 2 East |
| Hamilton | 1466 | 14 | 48 North | 2 East |
| Hamilton Fraction | 1619 | 11 | 48 North | 2 East |
| Hard Cash | 1466 | 11 | 48 North | 2 East |
| Harrison | 1664 | 11 | 48 North | 2 East |
| Hawk | 2072 | 12 | 48 North | 2 East |
| Heart | 2511 | 12 | 48 North | 2 East |
| Helen Marr | 2452 | 12 | 48 North | 2 East |
| Hemlock | 2452 | 13 | 48 North | 2 East |
| Hickory | 2432 | 13 | 48 North | 2 East |
| Homestake | 1916 | 13 | 48 North | 2 East |
| Hornet | 1325 | 12 | 48 North | 2 East |
| Idaho | 2072 | 12 | 48 North | 2 East |
| Iowa | 2072 | 12 | 48 North | 2 East |
| Ironhill | 1228 | 13 | 48 North | 2 East |
| Ito | 2081 | 13 | 48 North | 2 East |
| Jack | 2511 | 12 | 48 North | 2 East |
| Jersey Fraction | 1220 | 12 | 48 North | 2 East |
| Josie | 1229 | 13 | 48 North | 2 East |
| K-24 | 2080 | 14 | 48 North | 2 East |
| K-4 | 2080 | 14 | 48 North | 2 East |
| K-40 | 2587 | 24 | 48 North | 2 East |
| Katherine | 2966 | 11 | 48 North | 2 East |
| Key | 2511 | 12 | 48 North | 2 East |
| King | 1325 | 12 | 48 North | 2 East |
| Kirby Fraction | 2654 | 12 | 48 North | 2 East |
| Lackawana | 614 | 13 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Lacrosse | 1228 | 13 | 48 North | 2 East |
| Last Chance | 551 | 12 | 48 North | 2 East |
| Likely | 1298 | 12 | 48 North | 2 East |
| Lilly | 2587 | 12 | 48 North | 2 East |
| Lincoln | 2187 | 12 | 48 North | 2 East |
| Lucia | 3390 | 14 | 48 North | 2 East |
| Lucky Chance | 1349 | 18 | 48 North | 3 East |
| Maine | 2626 | 11 | 48 North | 2 East |
| Manchester | 2966 | 11 | 48 North | 2 East |
| Maple | 1229 | 13 | 48 North | 2 East |
| Marblehead | 3390 | 10 | 48 North | 2 East |
| Margaret | 3390 | 14 | 48 North | 2 East |
| Mashonaland | 1227 | 13 | 48 North | 2 East |
| Matabelaland | 1227 | 13 | 48 North | 2 East |
| McClellan | 2654 | 12 | 48 North | 2 East |
| McClelland | 1681 | 11 | 48 North | 2 East |
| Miles | 2654 | 12 | 48 North | 2 East |
| Miners Delight | 1228 | 13 | 48 North | 2 East |
| Missouri | 2080 | 14 | 48 North | 2 East |
| Mountain King | 1620 | 14 | 48 North | 2 East |
| Mountain Queen | 1620 | 14 | 48 North | 2 East |
| Nancy B. | 3390 | 11 | 48 North | 2 East |
| Nellie | 2583 | 11 | 48 North | 2 East |
| Nevada | 1466 | 14 | 48 North | 2 East |
| New Era | 1527 | 12 | 48 North | 2 East |
| 96 | 1715 | 11 | 48 North | 2 East |
| No. 1 | 1357 | 11 | 48 North | 2 East |
| No. 2 | 1357 | 11 | 48 North | 2 East |
| No. 3 | 1357 | 11 | 48 North | 2 East |
| No. 4 | 1357 | 11 | 48 North | 2 East |
| No Name | 1228 | 13 | 48 North | 2 East |
| Norman | 2368 | 11 | 48 North | 2 East |
| Oakland | 569 | 11 | 48 North | 2 East |
| Offset | 1229 | 13 | 48 North | 2 East |
| Ollie McMillin | 1228 | 13 | 48 North | 2 East |
| Ontario Fraction | 755 | 11 | 48 North | 2 East |
| Oregon | 2274 | 15 | 48 North | 3 East |
| Overlap | 2052 | 12 | 48 North | 2 East |
| Oyama | 2081 | 13 | 48 North | 2 East |
| Olympia | 3390 | 10 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Packard | 1413 | 2 | 48 North | 2 East |
| Phil | 3390 | 14 | 48 North | 2 East |
| Phillippine | 1663 | 2 | 48 North | 2 East |
| Pitt | 2654 | 12 | 48 North | 2 East |
| Princess | 1633 | 11 | 48 North | 2 East |
| Quaker | 1414 | 2 | 48 North | 2 East |
| Queen | 2511 | 12 | 48 North | 2 East |
| Rambler | 1041 | 11 | 48 North | 2 East |
| Republican Fraction | 959 | 12 | 48 North | 2 East |
| Roman | 2583 | 11 | 48 North | 2 East |
| Rookery | 1229 | 13 | 48 North | 2 East |
| Roy | 2624 | 13 | 48 North | 2 East |
| Royal Knight | 1639 | 11 | 48 North | 2 East |
| S-11 | 2081 | 13 | 48 North | 2 East |
| S-12 | 2081 | 13 | 48 North | 2 East |
| S-13 | 2081 | 13 | 48 North | 2 East |
| Sampson | 1328 | 12 | 48 North | 2 East |
| Sampson | 2081 | 13 | 48 North | 2 East |
| San Carlos | 750 | 12 | 48 North | 2 East |
| Sarnia | 2081 | 13 | 48 North | 2 East |
| Scelinda No. 1 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 2 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 3 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 4 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 5 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 7 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 8 | 2921 | 1 | 48 North | 2 East |
| Schofield | 1228 | 13 | 48 North | 2 East |
| Skookum | 615 | 12 | 48 North | 2 East |
| Scorpion Fraction | 2072 | 12 | 48 North | 2 East |
| Sierra Nevada | 554 | 12 | 48 North | 2 East |
| Silver | 2587 | 13 | 48 North | 2 East |
| Silver King | 1639 | 11 | 48 North | 2 East |
| Sims | 2186 | 12 | 48 North | 2 East |
| Sold Again Fraction | 933 | 12 | 48 North | 2 East |
| Southern Beauty | 1620 | 14 | 48 North | 2 East |
| Spade | 2583 | 12 | 48 North | 2 East |
| Spokane | 2509 | 12 | 48 North | 2 East |
| Spruce Fraction | 2432 | 13 | 48 North | 2 East |
| Stemwinder | 1830 | 12 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Stopping | 1227 | 13 | 48 North | 2 East |
| Stuart No. 2 | 2966 | 11 | 48 North | 2 East |
| Stuart No. 3 | 2966 | 11 | 48 North | 2 East |
| Sugar | 2862 | 11 | 48 North | 2 East |
| Sullivan | 2966 | 11 | 48 North | 2 East |
| Summit | 1228 | 13 | 48 North | 2 East |
| Susie | 1229 | 13 | 48 North | 2 East |
| Taft | 2611 | 18 | 48 North | 3 East |
| Teddy | 2511 | 12 | 48 North | 2 East |
| Timothy Fraction | 2274 | 18 | 48 North | 3 East |
| Tip Top | 1041 | 11 | 48 North | 2 East |
| Trump | 2624 | 13 | 48 North | 2 East |
| Tyler | 546 | 12 | 48 North | 2 East |
| Utah | 1882 | 12 | 48 North | 2 East |
| Viola | 562 | 12 | 48 North | 2 East |
| Washington | 2072 | 12 | 48 North | 2 East |
| Waverly | 1620 | 14 | 48 North | 2 East |
| Wheelbarrow | 1526 | 12 | 48 North | 2 East |
| William Lambert Fraction | 1945 | 2 | 48 North | 2 East |
| Yale | 2611 | 13 | 48 North | 2 East |
| Zululand | 1227 | 13 | 48 North | 2 East |

---

This Primary Claims set contains all resource material included in the 2021 PEA Mineral Resource Estimate, as well as those areas listed in the historic 1991 reserves. Due to the inconsistent orientation and nature of the mineralization underlying the above parcels, the Primary Royalty rate will be applied to all extracted and processed mineralized material lying under and within Primary Claims' area, up to 90 degrees nadir along the Primary Claims' boundaries.

In order to accommodate the down-dip potential on structures included within the 2021 PEA Mineral Resource Estimate and historic 1991 historic reserves report, all material processed interstitial to existing development, along strike but within the Primary Claims' boundary restrictions listed in the above paragraph, and continuously down-dip to the termination of the structure, the following zones will constitute Primary Claims and be assigned a 1.85% royalty rate: Shea, Tallon, Ike/Truman, Emery, J, Mac, Francis/FW Francis. These names are taken to be the names used during past production and denote discrete mineralized structures. This rule is added to the overlying royalty rate's material restrictions to reflect a more typical "Apex Law" situation for tabular mineralized zones and applies only to those structures listed above. Splays and associated structures that connect geologically to those listed above will receive the Primary Royalty rate of the main structure.

**GGS Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Adath | 2976 | 22 | 48 North | 2 East |
| Alykris | 2976 | 22 | 48 North | 2 East |
| Anna Laura | 2976 | 22 | 48 North | 2 East |
| Atlas | 2976 | 22 | 48 North | 2 East |
| Atlas No. 1 | 2976 | 22 | 48 North | 2 East |
| B | 2587 | 24 | 48 North | 2 East |
| Battleship Oregon | 3390 | 14 | 48 North | 2 East |
| Black | 2081 | 13 | 48 North | 2 East |
| Brown | 2081 | 13 | 48 North | 2 East |
| Charly T. | 3390 | 14 | 48 North | 2 East |
| E | 2587 | 24 | 48 North | 2 East |
| Edna | 2587 | 13 | 48 North | 2 East |
| 85 | 2077 | 15 | 48 North | 2 East |
| Fraction | 2976 | 22 | 48 North | 2 East |
| Gay | 2976 | 22 | 48 North | 2 East |
| Hoover No. 1 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 2 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 3 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 4 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 5 | 2975 | 13 | 48 North | 2 East |
| Iowa No. 2 | 2077 | 15 | 48 North | 2 East |
| K-1 | 2080 | 14 | 48 North | 2 East |
| K-10 | 2077 | 15 | 48 North | 2 East |
| K-11 | 2077 | 15 | 48 North | 2 East |
| K-12 | 2077 | 15 | 48 North | 2 East |
| K-13 | 2077 | 15 | 48 North | 2 East |
| K-14 | 2080 | 14 | 48 North | 2 East |
| K-15 | 2080 | 14 | 48 North | 2 East |
| K-16 | 2077 | 14 | 48 North | 2 East |
| K-17 | 2077 | 15 | 48 North | 2 East |
| K-2 | 2080 | 14 | 48 North | 2 East |
| K-25 | 2080 | 14 | 48 North | 2 East |
| K-26 | 2080 | 14 | 48 North | 2 East |
| K-27 | 2080 | 14 | 48 North | 2 East |
| K-28 | 2077 | 15 | 48 North | 2 East |
| K-3 | 2080 | 14 | 48 North | 2 East |
| K-30 | 2077 | 14 | 48 North | 2 East |
| K-31 | 2077 | 14 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| K-32 | 2077 | 22 | 48 North | 2 East |
| K-33 | 2080 | 23 | 48 North | 2 East |
| K-34 | 2080 | 23 | 48 North | 2 East |
| K-35 | 2080 | 23 | 48 North | 2 East |
| K-36 | 2080 | 23 | 48 North | 2 East |
| K-37 | 2080 | 23 | 48 North | 2 East |
| K-38 | 2080 | 23 | 48 North | 2 East |
| K-5 | 2080 | 14 | 48 North | 2 East |
| K-7 | 2080 | 14 | 48 North | 2 East |
| K-8 | 2080 | 14 | 48 North | 2 East |
| K-9 | 2080 | 14 | 48 North | 2 East |
| Kansas | 2080 | 14 | 48 North | 2 East |
| Lilly May | 1220 | 12 | 48 North | 2 East |
| Little Ore Grande | 2977 | 23 | 48 North | 2 East |
| Mabundaland | 1227 | 13 | 48 North | 2 East |
| Medium | 2587 | 13 | 48 North | 2 East |
| Missouri No. 2 | 2077 | 15 | 48 North | 2 East |
| 91 | 2077 | 15 | 48 North | 2 East |
| 92 | 2077 | 15 | 48 North | 2 East |
| No. 1 | 2587 | 24 | 48 North | 2 East |
| No. 2 | 2587 | 24 | 48 North | 2 East |
| North Midland | 3108 | 24 | 48 North | 2 East |
| Orbit | 3097 | 23 | 48 North | 2 East |
| Ore Grande No. 1 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 2 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 3 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 4 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 5 | 2977 | 23 | 48 North | 2 East |
| Ore Shoot | 3097 | 23 | 48 North | 2 East |
| Oreano | 3097 | 23 | 48 North | 2 East |
| Orient | 3097 | 23 | 48 North | 2 East |
| Oriental Orphan | 3097 | 23 | 48 North | 2 East |
| Orpheum | 3097 | 23 | 48 North | 2 East |
| Panorama | 2976 | 23 | 48 North | 2 East |
| Penfield | 2587 | 13 | 48 North | 2 East |
| Red Deer | 2976 | 22 | 48 North | 2 East |
| S-10 | 2081 | 13 | 48 North | 2 East |
| Setzer | 2976 | 22 | 48 North | 2 East |
| Texas | 2080 | 14 | 48 North | 2 East |

---

The GGS Royalty rate will apply to all GGS Claims either partly or wholly-covered by the ground geophysical survey announced on June 16, 2021

**Residual Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| A | 2587 | 24 | 48 North | 2 East |
| Alfred | 1628 | 2 | 48 North | 2 East |
| Anaconda | 3361 | 2 | 47 North | 2 East |
| Apex No. 2 | 3361 | 1 | 47 North | 2 East |
| Apex No. 3 | 3361 | 1 | 47 North | 2 East |
| Army | 3096 | 22 | 48 North | 2 East |
| Asset | 2611 | 12 | 48 North | 2 East |
| Baby (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Black Diamond | 3423 | 10 | 48 North | 3 East |
| Blue Grouse | 3361 | 2 | 47 North | 2 East |
| Bob White | 3361 | 2 | 47 North | 2 East |
| Bonanza King Millsite | 2868 | 8 | 48 North | 3 East |
| Brooklyn | 2201 | 10 | 48 North | 2 East |
| Butte Fraction | 3361 | 2 | 47 North | 2 East |
| C | 2587 | 24 | 48 North | 2 East |
| Carbonate | 3423 | 3 | 48 North | 3 East |
| Castle | 3503 | 17 | 48 North | 2 East |
| Childs | 2611 | 12 | 48 North | 2 East |
| Comstock | 1345 | 18 | 48 North | 3 East |
| Cougar | 3361 | 2 | 47 North | 2 East |
| D | 2587 | 24 | 48 North | 2 East |
| Daisy | 1345 | 18 | 48 North | 3 East |
| Dandy | 1345 | 18 | 48 North | 3 East |
| Danish | 1503 | 2 | 48 North | 2 East |
| East Midland | 3108 | 19 | 48 North | 3 East |
| Eli | 2611 | 18 | 48 North | 3 East |
| Enterprise | 3423 | 3 | 48 North | 3 East |
| Enterprise Extension | 3423 | 10 | 48 North | 3 East |
| Evening Star | 2274 | 15 | 48 North | 3 East |
| Evening Star Fraction | 2274 | 15 | 48 North | 3 East |
| Fairview | 621 | 18 | 48 North | 3 East |
| Flagstaff No. 3 | 2921 | 12 | 48 North | 2 East |
| Galena | 3361 | 1 | 47 North | 2 East |
| Gelatin | 3423 | 10 | 48 North | 3 East |
| Giant | 3423 | 3 | 48 North | 3 East |
| Good Enough | 1628 | 2 | 48 North | 2 East |
| Huckleberry No. 2 | 3361 | 2 | 47 North | 2 East |
| Jackass | 586 | 13 | 48 North | 2 East |
| Jessie | 1345 | 18 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Julia | 1345 | 18 | 48 North | 3 East |
| Justice | 1345 | 18 | 48 North | 3 East |
| K-18 | 2077 | 15 | 48 North | 2 East |
| K-19 | 2077 | 15 | 48 North | 2 East |
| K-20 | 2077 | 15 | 48 North | 2 East |
| K-21 | 2077 | 14 | 48 North | 2 East |
| K-22 | 2077 | 14 | 48 North | 2 East |
| K-23 | 2077 | 15 | 48 North | 2 East |
| K-29 | 2077 | 15 | 48 North | 2 East |
| K-39 | 2077 | 15 | 48 North | 2 East |
| K-6 | 2080 | 14 | 48 North | 2 East |
| Keystone (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| L-1 | 3214 | 2 | 48 North | 2 East |
| L-2 | 3214 | 9 | 48 North | 2 East |
| L-3 | 3214 | 9 | 48 North | 2 East |
| Leopard | 3361 | 2 | 47 North | 2 East |
| Lesley | 2977 | 23 | 48 North | 2 East |
| Lesley No. 2 | 2977 | 23 | 48 North | 2 East |
| Lesley No. 3 | 2977 | 23 | 48 North | 2 East |
| Long John | 3179 | 7 | 48 North | 3 East |
| Lydia Fraction | 1723 | 2 | 48 North | 2 East |
| Lynx | 3361 | 35 | 47 North | 2 East |
| Mabel | 1723 | 2 | 48 North | 2 East |
| MacBenn | 3361 | 2 | 47 North | 2 East |
| Maggie | 1628 | 2 | 48 North | 2 East |
| Manila | 1723 | 2 | 48 North | 2 East |
| Marin | 3361 | 2 | 47 North | 2 East |
| Marko | 3051 | 7 | 48 North | 3 East |
| Maryland | 2274 | 15 | 48 North | 3 East |
| McRooney | 2966 | 11 | 48 North | 2 East |
| Midland | 3108 | 19 | 48 North | 3 East |
| Midland No. 1 | 3108 | 24 | 48 North | 2 East |
| Midland No. 3 | 3108 | 24 | 48 North | 2 East |
| Midland No. 4 | 3108 | 24 | 48 North | 2 East |
| Midland No. 5 | 3108 | 24 | 48 North | 2 East |
| Midland No. 6 | 3108 | 24 | 48 North | 2 East |
| Midland No. 7 | 3108 | 24 | 48 North | 2 East |
| Midland No. 8 | 3108 | 24 | 48 North | 2 East |
| Milo Millsite | 2869 | 8, 17 | 48 North | 3 East |
| Minnesota | 2077 | 15 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Missing Link | 2587 | 24 | 48 North | 2 East |
| Monmouth | 2274 | 15 | 48 North | 3 East |
| Monte Carlo No. 1 | 3177 | 18 | 48 North | 3 East |
| Monte Carlo No. 2 | 3177 | 18 | 48 North | 3 East |
| Monte Carlo No. 3 | 3177 | 7, 18 | 48 North | 3 East |
| Monte Carlo No. 4 | 3177 | 7, 18 | 48 North | 3 East |
| Monte Carlo No. 5 | 3177 | 18 | 48 North | 3 East |
| Navy | 3096 | 22 | 48 North | 2 East |
| New Jersey | 2201 | 10 | 48 North | 2 East |
| Nick | 2611 | 18 | 48 North | 3 East |
| North Wellington | 2977 | 23 | 48 North | 2 East |
| O.K. | 1723 | 2 | 48 North | 2 East |
| O.K. Western | 1723 | 2 | 48 North | 2 East |
| Ophir | 1345 | 18 | 48 North | 3 East |
| Oracle | 3097 | 23 | 48 North | 2 East |
| Oregon | 2072 | 12 | 48 North | 2 East |
| Oregon No. 2 | 2274 | 15 | 48 North | 3 East |
| Ox | 2611 | 18 | 48 North | 3 East |
| Peak | 2587 | 24 | 48 North | 2 East |
| Pete | 3389 | 10 | 48 North | 2 East |
| Pheasant | 3361 | 2 | 47 North | 2 East |
| Prominade | 3389 | 10 | 48 North | 2 East |
| Reeves | 1412 | 2 | 48 North | 2 East |
| Robbin | 3361 | 2 | 47 North | 2 East |
| Rolling Stone | 619 | 18 | 48 North | 3 East |
| Rolling Stone | 3423 | 10 | 48 North | 3 East |
| Ruth | 2611 | 18 | 48 North | 3 East |
| S-9 | 2081 | 19 | 48 North | 3 East |
| Sam | 3389 | 10 | 48 North | 2 East |
| Schute Fraction | 2201 | 10 | 48 North | 2 East |
| Sherman | 2611 | 12 | 48 North | 2 East |
| Silver Chord | 2274 | 15 | 48 North | 3 East |
| Silver King Millsite | 3563 | 2 | 48 North | 2 East |
| Simmons | 2611 | 12 | 48 North | 2 East |
| Snowline | 2587 | 25 | 48 North | 2 East |
| Sonora | 3361 | 2 | 47 North | 2 East |
| Spokane Central No. 1 | 3472 | 19 | 48 North | 3 East |
| Spokane Central No. 2 | 3472 | 20 | 48 North | 3 East |
| Spokane Central No. 3 | 3472 | 20 | 48 North | 3 East |
| Spokane Central No. 4 | 3472 | 20 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Spokane Central No. 5 | 3472 | 20 | 48 North | 3 East |
| Spring | 3298 | 15 | 48 North | 3 East |
| Star | 2081 | 13 | 48 North | 2 East |
| Sullivan Extension | 1228 | 13 | 48 North | 2 East |
| Sunny | 1723 | 2 | 48 North | 2 East |
| Switzerland | 2966 | 11 | 48 North | 2 East |
| V.M. No. 1 | 3051 | 7 | 48 North | 3 East |
| V.M. No. 2 | 3051 | 7 | 48 North | 3 East |
| Van (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Venture | 3164 | 2 | 48 North | 2 East |
| Walla Walla | 1345 | 18 | 48 North | 3 East |
| Wellington | 2977 | 23 | 48 North | 2 East |
| Whippoorwill | 1723 | 2 | 48 North | 2 East |
| Woodrat (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Yreka No. 10 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 11 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 12 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 13 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 14 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 15 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 16 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 17 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 18 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 19 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 20 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 21 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 22 | 2587 | 24 | 48 North | 2 East |
| Yreka No. 23 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 24 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 25 | 2587 | 24 | 48 North | 2 East |
| Yreka No. 26 | 2587 | 19 | 48 North | 3 East |
| Zeke | 3389 | 10 | 48 North | 2 East |
| S-1 | 2081 | 18, 19 | 48 North | 3 East |
| S-2 | 2081 | 18 | 48 North | 3 East |
| S-3 | 2081 | 18, 19 | 48 North | 3 East |
| S-4 | 2081 | 19 | 48 North | 3 East |
| S-5 | 2081 | 19 | 48 North | 3 East |
| S-6 | 2081 | 19 | 48 North | 3 East |
| S-7 | 2081 | 19 | 48 North | 3 East |
| S-8 | 2081 | 18, 19 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Butte | 1220 | 11 | 48 North | 2 East |
| Apex | 1041 | 11 | 48 North | 2 East |
| Blue Bird | 1229 | 13 | 48 North | 2 East |
| Saxon | 2067 | 11 | 48 North | 2 East |
| Link | 2123 | 12 | 48 North | 2 East |
| Spur | 2124 | 12 | 48 North | 2 East |
| Spear | 2496 | 12 | 48 North | 2 East |
| Marion | 2583 | 11 | 48 North | 2 East |
| Ben Herr | 2599 | 12 | 48 North | 2 East |
| Kruger | 2599 | 12 | 48 North | 2 East |
| Philippine | 2599 | 12 | 48 North | 2 East |
| Hough | 2611 | 12 | 48 North | 2 East |
| California | 2627 | 11 | 48 North | 2 East |
| Check | 2840 | 1 | 48 North | 2 East |
| Florence | 2862 | 11 | 48 North | 2 East |
| Billy | 3111 | 11 | 48 North | 2 East |
| Lucky | 3470 | 13 | 48 North | 2 East |
| Moat | 3503 | 17 | 48 North | 3 East |
| Bunker Hill | 579 | 12 | 48 North | 2 East |
| Sullivan | 580 | 13 | 48 North | 2 East |
| Important Fraction | 581 | 13 | 48 North | 2 East |
| Phil Sheridan | 604 | 13 | 48 North | 2 East |
| Reed Fraction | 607 | 13 | 48 North | 2 East |
| Bunker Hill Millsite | 608 | 13 | 48 North | 2 East |
| Small Hopes | 609 | 13 | 48 North | 2 East |
| Bottom Dollar Fraction | 629 | 13 | 48 North | 2 East |
| Chestnut Fraction | 632 | 13 | 48 North | 2 East |
| Emma | 703 | 12 | 48 North | 2 East |
| Last Chance Millsite | 703 | 12 | 48 North | 2 East |
| Ontario | 755 | 11 | 48 North | 2 East |
| Carbonate | 764 | 11 | 48 North | 2 East |
| Silver Casket | 790 | 11 | 48 North | 2 East |
| Turkey Buzzard | 836 | 13 | 48 North | 2 East |
| Snowslide Fraction | 837 | 13 | 48 North | 2 East |
| Silver | 1085 | 12 | 48 North | 2 East |
| Johnnesburg | 1192 | 12 | 48 North | 2 East |
| Puritan | 1328 | 12 | 48 North | 2 East |
| No. 5 | 1357 | 11 | 48 North | 2 East |
| Omaha | 1409 | 12 | 48 North | 2 East |
| Legal Tender | 1639 | 11 | 48 North | 2 East |
| Triangle Fraction | 2065 | 13 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **BLM Serial #** | **Section** | **Township** | **Range** |
| BHM 1 | ID106709778 | 1 | 48 North | 2 East |
| BHM 2 | ID106709779 | 1 | 48 North | 2 East |
| BHM 3 | ID106709780 | 1 | 48 North | 2 East |
| BHM 4 | ID106709781 | 1 | 48 North | 2 East |
| BHM 5 | ID106709782 | 1 | 48 North | 2 East |
| BHM 6 | ID106709783 | 1 | 48 North | 2 East |
| BHM 7 | ID106709784 | 1 | 48 North | 2 East |
| BHM 8 | ID106709785 | 1 | 48 North | 2 East |
| NBH 1 | ID106715514 | 11 | 48 North | 2 East |
| NBH 2 | ID106715515 | 11 | 48 North | 2 East |
| NBH 3 | ID106715516 | 11 | 48 North | 2 East |
| NBH 4 | ID106715517 | 11 | 48 North | 2 East |
| NBH 5 | ID106715518 | 11 | 48 North | 2 East |
| NBH 6 | ID106715519 | 11 | 48 North | 2 East |
| NBH 7 | ID106715520 | 11 | 48 North | 2 East |
| NBH 8 | ID106715521 | 11 | 48 North | 2 East |
| NBH 9 | ID106715522 | 1 | 48 North | 2 East |
| NBH 10 | ID106715523 | 1 | 48 North | 2 East |
| NBH 11 | ID106715524 | 1 | 48 North | 2 East |
| NBH 12 | ID106715525 | 1 | 48 North | 2 East |
| NBH 13 | ID106715526 | 1 | 48 North | 2 East |
| NBH 14 | ID106715527 | 1 | 48 North | 2 East |
| NBH 15 | ID106715528 | 1 | 48 North | 2 East |
| NBH 16 | ID106715529 | 12 | 48 North | 2 East |
| NBH 17 | ID106715530 | 12 | 48 North | 2 East |
| NBH 18 | ID106715531 | 7 | 48 North | 3 East |
| NBH 19 | ID106715532 | 12 | 48 North | 2 East |
| NBH 20 | ID106715533 | 18 | 48 North | 3 East |
| NBH 21 | ID106715534 | 7 | 48 North | 3 East |
| NBH 22 | ID106715535 | 17 | 48 North | 3 East |
| NBH 23 | ID106715536 | 18 | 48 North | 3 East |
| NBH 24 | ID106715537 | 17 | 48 North | 3 East |
| NBH 25 | ID106715538 | 18 | 48 North | 3 East |
| NBH 26 | ID106715539 | 18 | 48 North | 3 East |
| NBH 27 | ID106715540 | 18 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **BLM Serial #** | **Section** | **Township** | **Range** |
| NBH 28 | ID106715541 | 18 | 48 North | 3 East |
| NBH 29 | ID106715542 | 35 | 48 North | 2 East |
| NBH 30 | ID106715543 | 35 | 48 North | 2 East |
| NBH 31 | ID106715544 | 35 | 48 North | 2 East |
| NBH 32 | ID106715545 | 35 | 48 North | 2 East |
| NBH 33 | ID106715546 | 35 | 48 North | 2 East |
| NBH 34 | ID106715547 | 35 | 48 North | 2 East |
| NBH 35 | ID106715548 | 35 | 48 North | 2 East |
| NBH 36 | ID106715549 | 35 | 48 North | 2 East |
| NBH 37 | ID106715550 | 35 | 48 North | 2 East |
| NBH 38 | ID106715551 | 36 | 48 North | 2 East |
| NBH 39 | ID106715552 | 2 | 47 North | 2 East |
| NBH 40 | ID106715553 | 2 | 47 North | 2 East |
| NBH 41 | ID106715554 | 2 | 47 North | 2 East |
| NBH 42 | ID106715555 | 2 | 47 North | 2 East |
| NBH 43 | ID106715556 | 1 | 47 North | 2 East |
| NBH 44 | ID106715557 | 1 | 47 North | 2 East |
| NBH 45 | ID106715558 | 1 | 47 North | 2 East |
| NBH 46 | ID106715559 | 3 | 47 North | 2 East |
| NBH 47 | ID106715560 | 2 | 47 North | 2 East |
| NBH 48 | ID106715561 | 3 | 47 North | 2 East |
| NBH 49 | ID106715562 | 2 | 47 North | 2 East |
| NBH 50 | ID106715563 | 1 | 47 North | 2 East |
| NBH 51 | ID106715564 | 1 | 47 North | 2 East |
| NBH 52 | ID106715565 | 1 | 47 North | 2 East |
| NBH 53 | ID106715566 | 2 | 47 North | 2 East |
| NBH 54 | ID106715567 | 2 | 47 North | 2 East |
| NBH 55 | ID106715568 | 2 | 47 North | 2 East |
| NBH 56 | ID106715569 | 2 | 47 North | 2 East |
| NBH 57 | ID106715570 | 1 | 47 North | 2 East |
| NBH 58 | ID106715571 | 1 | 47 North | 2 East |
| NBH 59 | ID106715572 | 1 | 47 North | 2 East |
| NBH 60 | ID106715573 | 1 | 47 North | 2 East |
| NBH 61 | ID106715574 | 2 | 47 North | 2 East |
| NBH 62 | ID106715575 | 2 | 47 North | 2 East |
| NBH 63 | ID106715576 | 2 | 47 North | 2 East |
| NBH 64 | ID106715577 | 2 | 47 North | 2 East |
| NBH 65 | ID106715578 | 2 | 47 North | 2 East |
| NBH 66 | ID106715579 | 11 | 47 North | 2 East |
| NBH 67 | ID106715580 | 2 | 47 North | 2 East |
| NBH 68 | ID106715581 | 1 | 47 North | 2 East |
| NBH 69 | ID106715582 | 1 | 47 North | 2 East |
| NBH 70 | ID106715583 | 1 | 47 North | 2 East |

---

**EXHIBIT "E"<br> PERMITTED USES**

---

| | |
|:---|:---|
| **Uses** | **$'000** |
| Gross Revenue | (27389) |
| TCRC | 6073 |
| Opex | 18465 |
| **Opex (net)** | **(2850)** |
| Process Plant | 31750 |
| Capital Development | 3555 |
| Paste Plant | 2094 |
| Construction Management & Indirects | 2586 |
| Detailed Engineering | 3222 |
| Primary Power Feed | 1065 |
| Paste Plant Distribution System | 338 |
| Mobile Equipment | 1498 |
| Surface Facilities | 75 |
| Underground Power Distribution | 270 |
| Compressed Air | 200 |
| Ventilation | 240 |
| Definition Drilling | 670 |
| Mine Infrastructure Investment | 1293 |
| Dry Stack Tailings | 1325 |
| Communication/Control Systems | 135 |
| Sustaining Capex | 80 |
| **Total Project Budget (pre-contingency)** | **47545** |
| Contingency | 6756 |
| Corporate G&A | 4200 |
| Cutfield Freeman fee | 555 |
| One-off legal and other | 3440 |
| Bonding fees | 1100 |
| Restricted cash | (3613) |
| Sprott bridge loan | 5000 |
| EPA cost recovery | 3000 |
| Cash interest/ offtake cost | 131 |
| Taxes | 894 |
| Working capital | 5564 |
| Royalty payments | 117 |
| Promissory Note | 996 |
| **Total Budget** | **75684** |

---

**EXHIBIT "F"<br> REPORTS**

1. **Defined Terms**. In addition to the definitions set out in <u>Exhibit "A"</u> and the
 meanings given to terms in the preamble and recitals to this Agreement, the following capitalized
 terms have the meanings set out below in this <u>Exhibit "F"</u>:

"**Commercial Production Date**" means the date on which the board of directors of the Borrower file a public press release announcing that commercial production at the Mine has occurred.

"**Cost to Complete**" means, as at any date, the sum at such date of (i) Project Costs remaining to be paid by the Obligors to construct and develop the Mine in accordance with the Project Financial Plan and for the Obligors to achieve positive cash flow; plus (ii) all interest and principal repayments under Indebtedness of the Obligors (on a consolidated basis) due on or prior to completion of such construction and development and achievement.

"**Cost to Complete Test**" means, as of any date, the determination that as of such date the Cost to Complete shall not exceed the sum of (i) net working capital; plus (ii) reasonably projected operating cash flow of the Obligors (on a consolidated basis) after deducting sustaining capital costs and taking into account any payment obligations to the Sprott Entities under the Royalty Agreements; plus (iii) the amount of the EXIM Term Loan, if any, committed to be provided to the Obligors by EXIM Bank that remains available to be drawn down by the Obligors, in each case, calculated with respect to the Obligors on a consolidated and a pro forma basis.

"**Material Contracts**" means any contract or agreement entered into by an Obligor or its Affiliates and that is material to the construction, development, operation or ownership of the Mine or that would have a Material Adverse Effect if it was terminated or suspended or any party thereto failed to perform its obligations thereunder, including: (i) any engineering, procurement and construction management agreement; (ii) the EPA Settlement Agreement; and (iii) any agreement for the purchase or lease of major mill and process components having an individual value of $1,000,000 or more.

"**Materials**" means any and all tailings, residues, waste rock, spoiled leach materials, bulk samples, and other materials.

"**Mineral Processing Facilities**" means any crusher, mill, ore concentrator, processing plant, smelter, refinery or other processing facility to be developed, constructed, owned or operated by any Obligor or an Affiliate of an Obligor located on or near the Property and at which Products are processed.

"**Monthly Construction Report**" means a written report in relation to each calendar month with respect to the Project to be prepared by or on behalf of Guarantor for each month until the Commercial Production Date, which shall include all of the information contained in the monthly reports prepared and provided to the board of directors of the Borrower with respect to the Project and, to the extent not contained in such reports, will also contain for such month a full description of the activity and capital spend at the Project including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) S
 curves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 breakdown of actual Project Costs incurred compared to budgeted Project Costs;

"F"-2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Project
 Costs remaining to be spent, actual Project Costs incurred but not yet paid, capital remaining
 to cover Project Costs incurred and not yet paid and an estimate of Project Costs remaining
 to be incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 percentage completion (both on a funding and time basis) compared to the Project Financial
 Plan of the critical path milestones of construction with details and explanations of any
 delays;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 then anticipated date of Commercial Production Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a
 listing of all contracts entered into and values and timeframes compared to budget;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) status
 of Authorizations required to operate the Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) details
 of personnel including number of people hired, number of employees and contractors on site,
 in each case, compared to budget;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material
 violations of Obligors' obligations under the Authorizations or the EPA Settlement
 Agreement or any other associated environmental or community-related commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a
 report on occupational health and safety status and issues including the occurrence and outcome
 of Mine Safety and Health Administration (Idaho) inspections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a
 report on any Liens, other than Permitted Liens, placed on the Collateral and having an individual
 value of greater than US$500,000.

"**Monthly Report**" means a written report in relation to each calendar month with respect to the Mine to be prepared by or on behalf of Guarantor for each month following the first shipment of Products to a Processor, which shall include all of the information contained in the monthly reports prepared and provided to the board of directors of BHMC with respect to the Mine (except to the extent that such information is contained in the Monthly Construction Report being provided to Agent for the month in question) and, to the extent not contained in such reports, will also contain for such month and the ensuing months forecasted until the end of the fiscal year for the Mine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) estimated
 tonnes of mined ore (including ore, low-grade ore and waste), and estimated mined silver,
 zinc and lead grades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) estimated
 tonnes of stockpiled ore and estimated silver, zinc and lead grades and waste;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) tonnes
 of Products processed and all other minerals processed, and resulting dry concentrates from
 the Mineral Processing Facilities or other processing facilities together with corresponding
 recovery percentages for silver, zinc and lead and silver, zinc and lead grades and, if applicable,
 doré weight (and, with respect to doré, estimated silver content);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 applicable, estimated tonnes of concentrates produced during such month, but not delivered
 to a Processor by the end of such month, and inventory of concentrates at the end of such
 month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) realized
 prices of the Recovered Metals and other revenues generated from the production of Products;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with
 respect to (a) - (d), above, a forecast for the remainder of the calendar year as well as
 estimated deliveries for the same period.

"F"-3

"**NI 43-101**" means National Instrument 43-101 – *Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators*, or any successor instrument, rule or policy.

"**Operating Costs**" means, for any period, the aggregate of all operating costs of the Obligors and its Affiliates during such period including the costs of developing, operating, maintaining or protecting the Project (including the Project Assets), the costs of mining, milling, processing, loading, transporting, refining or delivering minerals recovered from the Mine, general administration costs and expenses of the Obligors and its Affiliates, maintenance and reclamation costs of the Project, amounts payable to the EPA or any other Governmental Authority (including all profit, income, property and other Taxes), maintenance of Mining Rights and Authorizations costs and royalty payments.

"**Processor**" means (i) any Person that is not an Obligor or an Affiliate of an Obligor that purchases Products from the Obligors or is the recipient of the entitlement to, or benefit of, Products from an Obligor (including where a Governmental Authority levies a Tax payable by way of delivery of Products or otherwise obtains Products from an Obligor); or (ii) any Person that takes delivery of Products for the purpose of smelting, refining or other beneficiation of such Products for the benefit of an Obligor.

"**Project Costs**" means all costs and expenses that are or are expected to be incurred by the Obligors or any Affiliates thereof for the construction and development of the Mine in accordance with the Project Financial Plan in order to achieve the Commercial Production Date.

"**Project Financial Plan**" means, collectively, the financial model dated April 4, 2023 for the Project, the Borrower and its Subsidiaries, for the life of Mine that includes all costs expected to be incurred in the construction and development of the Mine, including a detailed breakdown of the capital expenditures relating to the Project and the cost to acquire, demobilize and re-assemble the processing plant at the Mine site, all of the Obligors and its Affiliates' administration and management costs, all costs payable by each of the Obligors and its Affiliates for legal, technical, financial and other advisers, all EPA settlement costs including the costs of providing the Financial Assurances (under and as defined in the EPA Settlement Agreement) and a financing plan including finance and insurance costs and Taxes, as such financial model may be amended or supplemented from time to time with the prior written consent of the applicable Sprott Entity, such consent not to be unreasonably withheld, conditioned or delayed.

"**Quarterly Report**" means a written report in relation to each quarter with respect to the development, operation and maintenance of the Mine to be prepared by or on behalf of Guarantor for each quarter following the first shipment of Products to a Processor, which shall include all of the information contained in the quarterly reports prepared and provided to the board of directors of the Borrower with respect to the operation of the Mine (except to the extent that such information is contained in the Monthly Report provided to a Sprott Entity for the last month of the Fiscal Quarter in question) and, to the extent not contained in such reports, will also contain for such quarter and quarters forecasted until the end of the fiscal year for the Mine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) actual
 Operating Costs by category, capital expenditures by category and finance costs (including
 debt service costs and monetary obligations under any capital or financing leases) as against
 the operating budget for the quarter and on a cumulative basis since the beginning of the
 fiscal year;

"F"-4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) realized
 prices of the Recovered Metals and other revenues generated from the production of Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 Authorizations required in connection with the operation of the Mine that expire within the
 next 12 months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) forecasted
 monthly cash flow model for the remainder of the year and quarterly forecasts for the following
 two years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a
 report on occupational health and safety status and issues including the occurrence and outcome
 of any Mine Safety and Health Administration (Idaho) inspections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) copies
 of any notices received from any Governmental Authority related to environmental, social
 or governance matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 material deviations from the then current life of mine plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) material
 violations of Guarantor's obligations under the Authorizations or the EPA Settlement
 Agreement or any other associated environmental or community-related commitments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 report on any Liens, other than Permitted Liens, placed on the Collateral and having an individual
 value of greater than US$500,000.

"**Recovered Metals**" means any and all lead, zinc and silver in whatever form or state that is mined, produced, extracted or otherwise recovered from the Property, including any lead, zinc and silver derived from any processing or reprocessing of any tailings, waste rock or other waste products originally derived from the Property, and including lead, zinc and silver contained in any ore or other products resulting from the further milling, processing or other beneficiation of Products, including concentrates.

"**Reserves**" means proven and probable reserves as defined and incorporated under NI 43-101.

"**Resources**" means measured, indicated and inferred resources as defined and incorporated under NI 43-101.

2. **Reporting Requirements**. From and after the date hereof, the Obligors shall deliver to Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 Monthly Construction Report to be provided within 15 Business Days after the end of each
 calendar month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commencing
 with the month in which Products are first shipped to a Processor, a Monthly Report to be
 provided within 15 Business Days after the end of each calendar month; provided that, for
 each month that is the last month of a fiscal quarter for which a Quarterly Report is required
 to be provided pursuant to below Section 2(d) of this Exhibit, the information required to
 be contained in the Monthly Report for such month may be included in such Quarterly Report;

"F"-5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) until
 the Commercial Production Date, quarterly progress reports, in form and substance satisfactory
 to Agent, acting reasonably, as soon as reasonably practicable following the end of each
 quarter in no event later than 15 Business Days following the end of each quarter, which
 reports shall include a report on the financial status of the Borrower and status of the
 Project, including (i) detailed listing of actual costs incurred vs. budget for the most
 recent quarter and on a cumulative basis in respect of the Mine; (ii) financial forecast
 that presents the sources and uses of cash during the remainder of the expected construction
 and development period in respect of the Project and the first five years of expected production;
 (iii) listing of any Authorizations required for the construction, development or operation
 of the Mine that will expire within the next 12 months; (iv) an update on the construction
 and development in respect of the Mine; (v) an updated estimate of the reasonably expected
 total capital required to achieve the Commercial Production Date; and (vi) the information
 contained in the Monthly Construction Report presented for the quarter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) commencing
 with the Fiscal Quarter in which Products are first shipped to a Processor, a Quarterly Report
 to be provided within 20 Business Days after the end of each fiscal quarter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly
 upon preparation thereof, reasonably detailed environmental reports and reports on occupational
 health and safety and community matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) annual
 Reserve and Resource reports prepared in accordance with NI 43-101 (as and when prepared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) annual
 reports detailing reconciliation of resource model, mine grade control and process facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 other material engineering or economic studies (as and when prepared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) within
 five (5) Business Days of the end of each six month period ending June 30 and December 31
 of each calendar year, a list of the Mining Rights underlying the Property or any changes
 from the prior list delivered in accordance with this Section 2(i) of this Exhibit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) copies
 of all reports prepared by management or advisers to any Obligor or its Affiliates (i) that
 are given to the board of directors of the Borrower within 5 days of sending any such report
 to the directors, or (ii) that are delivered to any other secured creditor of an Obligor,
 concurrently with delivery to such other secured creditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) copies
 of all Material Contracts (and amendments thereto), studies or reports relating to the Real
 Property, the Mine or the Products that may be reasonably requested by Agent and promptly
 following the receipt thereof copies of any notice of default, termination or enforcement
 action under any such contract or occurrence of any other material event in respect of the
 Real Property or the Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) notice
 of any other material event concerning the Mine, the Project Assets or the Obligors including
 any force majeure, labour or civil disruption, actual or threatened material legal action,
 actual or threatened withdrawal of any material permit or third-party approval, any material
 human rights, community, health and safety, other social, animal welfare, conservation, other
 environmental, or corporate governance controversies or initiatives or any change in law
 materially impacting the Real Property or the Mine;

"F"-6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) within
 45 days following the end of each quarter of each fiscal year and to the extent prepared
 by management, Guarantor shall provide Agent with a copy of the unaudited financial statements
 of Guarantor (on an unconsolidated basis) for such quarter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (i)
 within 45 days following the end of each of the first three fiscal quarters of each fiscal
 year, Borrower shall provide Agent with a copy of its unaudited financial statements and
 management discussion and analysis thereof on a consolidated basis for that quarter, and
 (ii) within 60 days following the end of each fiscal year, Borrower shall provide Agent with
 a draft of its unaudited financial statements on a consolidated basis for that fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) within
 90 days of the end of each fiscal year and to the extent prepared by management, Guarantor
 shall deliver to Agent its unaudited, unconsolidated financial statements and management
 discussion and analysis thereof for such year and to the extent prepared and delivered to
 any lender or other third party, its audited unconsolidated financial statements and management
 discussion and analysis thereof for such year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) within
 120 days following the end of each fiscal year, Borrower shall provide Agent with a copy
 of its audited financial statements and management discussion and analysis thereof on a consolidated
 basis for that year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) promptly
 after the annual operating budget for the Obligors is presented to the board of directors
 of any of the Obligors, and in any event at least 10 Business Days prior to the beginning
 of each fiscal year, Guarantor shall provide to Agent such annual operating budget approved
 by the board of directors for the upcoming fiscal year, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) estimates
 of Operating Costs by category, capital expenditures by category and finance costs (including
 debt service costs and monetary obligations under any capital or financing leases) for the
 upcoming calendar year (to be set out on a monthly basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 revenue projection for the upcoming year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an
 updated 5 year business plan for the upcoming year and the four calendar years thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) promptly
 after the life of mine plan for the Mine is presented to the board of directors of any Obligor,
 and in any event once every 12 months, and promptly whenever an update to any such life of
 mine plan is adopted by management of any Obligor, Guarantor shall provide to Agent such
 life of mine plan or updated life of mine plan approved by the board of directors, as applicable,
 including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 annual production forecast for silver, lead and zinc from the Property during the upcoming
 calendar year (to be set out on a monthly basis) and the remaining life of mine thereafter
 (to be set out on a yearly basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 amounts of Recovered Metals as forecast for the upcoming calendar year (to be set out on
 a monthly basis) and the remaining life of mine thereafter (to be set out on a yearly basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 list of assumptions used in developing the forecasts referred to in paragraphs (i) and (ii),
 including the types, tonnages, metal grade and metal recoveries of ore from the Property
 and the operating costs and sustaining capital during the applicable forecast period in the
 case of the production forecast; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 statement setting out the silver, lead and zinc Reserves and Resources for the Mine and the
 assumptions used;

"F"-7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Guarantor
 shall notify and consult with Agent regarding any matter concerning the Property that has
 or is reasonably likely to have a Material Adverse Effect. Guarantor shall seek to comply
 with this Clause 2(s), to the extent reasonably practicable and subject to requirements of
 Applicable Law, prior to any public announcement regarding the matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Guarantor
 shall notify and consult with Agent regarding any changes or material communications with
 the EPA in connection with the EPA Settlement Agreement or with the surety bond or letter
 of credit providers of Financial Assurances required under the EPA Settlement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Guarantor
 shall provide Agent with immediate written notice if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 becomes aware that as of the most recently completed calendar month end, except for a shortfall
 not to exceed US$5,000,000, the Cost to Complete Test has not been satisfied or that the
 Cost to Complete has increased by more than 10% since the date hereof or any time that the
 Cost to Complete has increased by more than 5% thereafter together with a reasonably detailed
 explanation of the reasons therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it
 suffers or incurs, or expects to suffer or incur, an Insolvency Event or any other Event
 of Default; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it
 becomes, or expects to become, unable to pay its debts, expenses and liabilities as they
 become due in the ordinary course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each
 time an Obligor establishes a mineral resource or a mineral reserve estimate on any part
 of the Property or establishes a new mineral resource or a new mineral reserve estimate which
 is a material change to the prior mineral resource or mineral reserve estimate, the Obligors
 shall promptly provide Agent with such estimate.

To the extent any of the information in Sections 2(a) through (p), inclusive, or (v) of this Exhibit is published publicly on Borrower's SEDAR+ profile or website, such publication shall constitute provision of such information to Agent.

**Exhibit "G"**

**borrower interest conversion form**

---

| | |
|:---|:---|
| **TO:** | **[●] [or assignee]** |

---

All terms used herein but not defined shall have the meanings ascribed thereto in the amended and restated loan agreement dated as of ●, 2025 (as amended to the date hereof, the "**Agreement**") between Bunker Hill Mining Corp., as borrower, Silver Valley Metals Corp., as guarantor, [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], and [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], as Lenders, and [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], as Agent. All capitalized terms used herein and not defined shall have the meanings ascribed thereto in the Agreement.

Pursuant to Section 7.1 of the Agreement, the undersigned, being the Borrower, hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Borrower irrevocably elects to pay the following amount of accrued and unpaid interest of
 US$_________________ through the issuance of _______________ Common Shares to ____________________
 and the issuance of ____________ Common Shares to ______________in accordance with the terms
 of the Agreement, at the Borrower Interest Conversion Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 exchange rate used to calculate the number of Common Shares is _______ as per the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Borrower Interest Conversion Date is __________________________<sup>3</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Common Shares will be entered into the books of Borrower in the name of each Lender as provided
 in paragraph (a) (or the name of its nominee, participant, assignee as directed by the Agent
 prior to the Borrower Interest Conversion Date) and certificates evidencing the Common Shares
 will be registered in the same name.

**DATED** this _____ day of _________________________, 20__.

---

| |
|:---|
| **BUNKER HILL MINING CORP.** |
| By: |
| Name: |
| Title: |

---

<sup>3</sup> NTD: in the case of an Interest Payment Date, to be the applicable calendar year end date and, in any other case, to be the date such accrued but unpaid interest would otherwise be due and payable.

## Exhibit 10.39

**Exhibit 10.39**

RECORDING REQUESTED BY AND

WHEN RECORDED RETURN TO:

Michael Carr

Perkins Coie LLP

1111 West Jefferson Street, Suite 500

Boise, ID 83702

(Space Above For Recorder's Use)

**First AMENDMENT TO royalty agreement NO. 2**

THIS FIRST AMENDMENT TO ROYALTY AGREEMENT NO. 2 dated as of June 5, 2025 (this "**Amendment**") is made with respect to that certain Additional Royalty Agreement dated December 12, 2024 and recorded on December 16, 2024 as Shoshone County, Idaho Instrument No. 523759, incorporated herein by reference (the "**Royalty Agreement")** between **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]**, a limited partnership formed and existing under the laws of Delaware, as grantee and royalty holder, whose address is 300 Delaware Avenue, Suite 270, Wilmington, New Castle County, Delaware, SILVER VALLEY METALS CORP., a corporation incorporated under the laws of Idaho, as grantor, whose address is 1 Mine Road., Kellogg, Idaho 83837, and BUNKER HILL MINING CORP., a corporation incorporated under the laws of Nevada, as parent and guarantor, whose address is 300-1055 West Hastings Street, Vancouver, British Columbia V6E 2E9. Capitalized terms used, but not otherwise defined herein, shall have the meaning set forth in the Royalty Agreement.

**RECITALS**:

A. Since the effective date of the Royalty Agreement, the Grantor has acquired
additional Real Property including: (i) unpatented mining claims located by the Grantor, as described in those certain Notice and Certificate
of Mining Claim Locations dated between November 15, 2024 and November 21, 2024, and recorded in Shoshone County, Idaho on December 10,
2024 (Instrument Nos. 523680 – 523687), on January 9, 2025 (Instrument Nos. 523967 – 523970, 523974 -523985, 523988 –
523996, 524000 – 524006), and on January 10, 2025 (Instrument Nos. 524009 – 524022, 524024, 524025, 524028 – 524030,
524034, 524036 – 524053), as more particularly described in Schedule F-4 of the amended Royalty Agreement attached as <u>Exhibit A</u>, attached hereto and incorporated herein by reference and (ii) the leases acquired from C & E Tree Farm, L.L.C., an Idaho limited
liability company, as described in that certain Commercial Lease Agreement dated March 3, 2023, and the Option Agreement to Purchase Real
Estate dated March 3, 2023, incorporated herein by reference and more particularly described on Schedule F-5 of the amended Royalty Agreement
attached as <u>Exhibit A</u>, attached hereto and incorporated herein by reference;

**B.** It is a condition of the Royalty Agreement that additional Real Property acquired by the Grantor be subject
to the Royalty Agreement;

**C.** Pursuant to the Loan Agreement, the Sprott Lenders made advances in the aggregate amount of US$21 million
to BHMC and pursuant thereto (i) Holder was entitled to Royalty Rates determined by reference to a Primary Claims Percentage equal to
2% and a Secondary Claims Percentage equal to 1.4%, and (ii) the Grantor was entitled to an option to reduce the Primary Claims Percentage
by 0.25% and the Secondary Claims Percentage by 0.175% (the "**Buy Back Option** ");

**D.** The Obligors, the Sprott Lenders, Holder and the other Sprott Entities (as defined therein) entered into
a recapitalization agreement (the "**Recapitalization Agreement**") dated as of the date hereof pursuant to which the parties
agreed to enter into the Recapitalization Transactions (as defined therein) including the conversion of US$6 million of the US$21 million
principal amount outstanding under the Loan Agreement into Sprott Additional Equity Shares (as defined therein), the elimination of the
Buy Back Option and execution and delivery of this Amendment; and

**E.** In consideration of the conversion of US$6 million of the US$21 million principal amount outstanding under
the Loan Agreement into Sprott Additional Equity Shares and elimination of the Buy Back Option, the Obligors and Holder have agreed to
amend the Royalty Agreement on the terms and conditions of this Amendment.

**NOW THEREFORE** in consideration of the conversion of US$6 million of the US$21 million principal amount outstanding under the Loan Agreement into Sprott Additional Equity Shares, the elimination of the Buy Back Option and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto (the **"Parties**"), the Parties mutually agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Subject to the terms and conditions of this Amendment, the Royalty Agreement, and such Exhibits and Schedules
thereto as are included on <u>Exhibit A</u> hereto, is hereby amended to delete the stricken text (indicated textually in the same manner
as the following example: stricken text) and to add the double-underlined text (indicated
textually in the same manner as the following example: <u>double-underlined text</u>) as set forth in the "redlined" Royalty Agreement, and such Exhibits and Schedules thereto as are included on <u>Exhibit A</u>, attached as <u>Exhibit A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as amended as set forth herein, all of the terms and conditions of the Royalty Agreement shall
continue and remain in full force and effect and are hereby ratified and affirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. On and after the date of this Amendment, any reference to "this Agreement", "hereof",
"hereunder" and words of like effect in the Royalty Agreement and any reference to the Royalty Agreement in any other agreement,
document or instrument relating to the Royalty Agreement will mean and be a reference to the Royalty Agreement, as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Amendment may be executed as counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single instrument. Signature pages
may be removed from a counterpart original and attached to one instrument, which may be recorded.

 **

***[Remainder of page left intentionally blank.]***

 

**IN WITNESS WHEREOF** this Amendment has been executed as of the date first above given.

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| By: |
| Name: |
| Title: |

---

STATE OF CONNECTICUT) ) ss. <br> County of ____________)

This record was acknowledged before me on June ___, 2025 by [●] as Manager (type of authority) of **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** on behalf of the partnership.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

    <br> NOTARY PUBLIC FOR CONNECTICUT

Residing at  

My Commission Expires  

---

| | |
|:---|:---|
| **SILVER VALLEY METALS CORP.** | **SILVER VALLEY METALS CORP.** |
| By: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |
| **BUNKER HILL MINING CORP.** | **BUNKER HILL MINING CORP.** |
| By: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

STATE OF IDAHO) ) ss. <br> County of _________)

This record was acknowledged before me on _____________ by _____________________ as _____________________ (type of authority) of SILVER VALLEY METALS CORP. on behalf of the corporation.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

---

| |
|:---|
| NOTARY PUBLIC FOR IDAHO |
| Residing at ____________ |
| My Commission Expires ___________ |

---

STATE OF IDAHO) ) ss. <br> County of _________)

This record was acknowledged before me on _____________ by _____________________ as _____________________ (type of authority) of BUNKER HILL MINING CORP. on behalf of the corporation.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

---

| |
|:---|
| NOTARY PUBLIC FOR IDAHO |
| Residing at ____________ |
| My Commission Expires ___________ |

---

**<u>EXHIBIT A</u>**

**Amended Royalty Agreement**

**See attached.**

**EXHIBIT "A" (FIRST AMENDMENT)**

 

*Consolidated Additional Royalty Agreement includes First Amendment to Royalty Agreement No. 2 dated June 5, 2025*

 

*RECORDING REQUESTED BY AND*

*WHEN RECORDED RETURN TO:*

 

*Michael Carr*

*Perkins Coie LLP*

*1111 West Jefferson Street, Suite 500*

*Boise, ID 83702*

 

(Space Above For Recorder's Use)

**ADDITIONAL ROYALTY AGREEMENT**

THIS AGREEMENT dated as of December 12, 2024 between **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]**, a limited partnership formed and existing under the laws of Delaware, as grantee and royalty holder, whose address is 300 Delaware Avenue, Suite 270, Wilmington, New Castle County, Delaware, SILVER VALLEY METALS CORP., a corporation incorporated under the laws of Idaho, as grantor, whose address is 1 Mine Road., Kellogg, Idaho 83837, and BUNKER HILL MINING CORP., a corporation incorporated under the laws of Nevada, as parent and guarantor, whose address is 300-1055 West Hastings Street, Vancouver, British Columbia V6E 2E9.

**RECITALS**:

A. Pursuant to Section 6 of the Loan Agreement, the Grantor agreed to grant an additional
royalty in all Products to the Sprott Agent where the amount of the Primary Claims Percentage and the Secondary Claims Percentage applicable
hereunder varies depending on the aggregate principal amount of the advances made by the Sprott Lenders under the Loan Agreement;

B. BHMC has requested, and on the date hereof, the Sprott Lenders made an initial advance
under the Loan Agreement in the principal amount of US$5,000,000; and

C. In accordance with the Loan Agreement and as a condition of the initial advance,
the Grantor has agreed to grant the Royalty to Holder upon the terms and conditions of this Agreement;

D. The Parties acknowledge
and agree that the terms of this Agreement are in addition to the terms of the Royalty Agreement, that the Royalty Agreement remains in
full force and effect from and after the date of this Agreement, and that the rights, duties and obligations set forth in the Royalty Agreement are independent
of the rights, duties and obligations contained in this Agreement;

**E.** **NOW THEREFORE** in consideration of the foregoing premises and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties, the Parties mutually agree as
follows:

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| | |
|:---|:---|
| **1** | **DEFINITIONS** |

---

1.1 **Definitions**. For the purposes of this Agreement including the recitals and
Schedules hereto, the following capitalized words and phrases shall have the following meanings, and grammatical variations of such terms
shall have corresponding meanings:

"**Abandonment**"**,** "**Abandoning**" **and** "**Abandoned**" have the meaning set out in Section 4.10.

"**Additional Amounts**" has the meaning set out in Section 2.9(a).

"**Affiliate**" means, in relation to any Person, any other Person who is, directly or indirectly, through one or more intermediaries, controlling, controlled by or under common control with such first mentioned Person. For the purposes of this Agreement, including this definition and the definition of "**subsidiary**" and "**Ultimate Parent Company**", "**control**" (including, with correlative meanings, the terms "**controlled by**" and "**under common control with**"), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities, by contract, voting trust or otherwise.

"**Agreement**" means this additional royalty agreement, including all schedules thereto, <u>as amended by the first amendment to royalty agreement no. 2 dated the First Amendment Date between the Parties</u> and all instruments supplementing, amending, restating or confirming this Agreement.

"**Applicable Law**" or "**Law**" means any international, federal, state, provincial, territorial, local or municipal law, regulation, ordinance, code, order or other requirement or rule of law or the rules, policies, orders, regulations, judgments, rulings, decrees, injunctions, franchises, permits, licenses, authorization, approvals or other directions or requirements of any Governmental Authority or stock exchange, including any judicial or administrative interpretation thereof, applicable to a Person or any of its properties, assets, business or operations.

"**Arbitration Rules**" means the International Arbitration Rules of the International Centre for Dispute Resolution.

"**Authorization**" means any authorization, approval, consent, concession, exemption, license, lease, grant, permit, franchise, right, privilege or no-action letter from any Governmental Authority having jurisdiction with respect to any specified Person, property, transaction or event, or with respect to any of such Person's property or business and affairs (including any zoning approval, mining permit, development permit or building permit) or from any Person in connection with any easements, contractual rights or other matters.

"**Base Rate**" means the rate of interest per annum last quoted by The Wall Street Journal as the "Prime Rate" in the United States. Each change in the Base Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

"**BHMC**" means Bunker Hill Mining Corp., a corporation incorporated under the laws of Nevada, and its successors and assigns.

"**Bunker Hill Entities**" means, collectively, BHMC, Grantor and any other direct or indirect subsidiaries of BHMC, and any successor to any of them and "**Bunker Hill Entity**" means any one of them.

"**Business Day**" means any day other than a Saturday, Sunday or any day on which banks in (a) Toronto, Ontario; (b) Vancouver, British Columbia; or (c) Boise, Idaho are generally not open for business.

"**<u>Commercial Production Date</u>**<u>" means the date on which the board of directors of BHMC has issued a public press release announcing that commercial production at the Mine has occurred.</u>

"**Debtor Relief Laws**" means any of the *Bankruptcy and Insolvency Act* (Canada), the *Companies' Creditors Arrangement Act* (Canada), the *Winding-Up and Restructuring Act* (Canada) and the *Bankruptcy Code* of the United States, each as now and hereafter in effect, and any proceeding under applicable corporate law seeking a compromise or arrangement of any debts of the corporation, or a stay of proceedings to enforce any of the claims of the corporation's creditors, and all other liquidation, administration, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of Canada, the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally**.**

**"Disclosure Letter**" means the letter of disclosure (including the schedules thereto) dated on the date hereof<u>First Amendment Date</u>, executed by the Obligors and delivered to Holder concurrently with this Agreement

"**Dispute**" has the meaning ascribed to such term in Section 11.1.

"**Encumbrance**" means any and all mortgages, charges, assignments, hypothecs, deeds of trust, pledges, security interests, royalty interests, liens, rights of reservation, right of reclamation and other encumbrances and adverse claims of every nature and kind that, in each case, secures payment of any Indebtedness, liability, performance or obligation of any Person, whether registered or unregistered and whether arising under law or otherwise and whether perfected or otherwise.

"**EPA Settlement Agreement**" means the Consent Decree between the United States of America and Placer Mining Company, Inc., filed with the United States District Court District of Idaho on March 3, 2018 and approved on June 19, 2018 and the Settlement Agreement And Order On Consent For Response Action By Bunker Hill Mining Corp. between the EPA and Bunker Hill Mining Corp, dated as effective May 15, 2018 (EPA Region 10 CERCLA Docket No. 10-2017-0123), as amended by the First Amendment To The Settlement Agreement And Order On Consent For Response Action By Bunker Hill Mining Corp. between the EPA and Bunker Hill Mining Corp., dated as effective December 19, 2021, and any other amendments thereto.

"**Excluded Taxes**" means, (a) with respect to Holder, income or franchise Taxes imposed on (or measured by) its taxable income or capital Taxes imposed on (or measured by) its taxable capital, in each case by Canada, or by the jurisdiction under the Applicable Law of which such recipient is organized or in which its principal office is located, or (b) any Additional Amounts that would not be payable under Section 2.9(a) by virtue of the proviso at the end of that Section.

<u>"**First Amendment Date**" means June 5, 2025.</u>

"**GGS Claims**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Mining Rights and other rights and interests identified in Schedule "B"
under the heading "GGS Claims" and any other Mining Rights, rights or interests forming part thereof from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any present or future renewals, extensions, modifications, divisions, substitutions,
amalgamations, successions, derivations, severances, conversions, demise to lease, renaming or variation of any of the Mining Rights or
other rights and interests referenced in paragraph (a) of this definition.

"**GGS Royalty**" has the meaning ascribed to such term in Section 2.2(b).

"**Good Practice Standards**" means, in relation to mining (including all relevant disciplines pertaining thereto, such as metallurgy, processing, engineering, environmental and governance matters, relations with community and indigenous peoples and other social matters), those policies, practices, methods and acts engaged in or approved by a Person which, in the conduct of its undertaking, exercises that degree of safe and efficient practice, diligence, prudence, and foresight reasonably and ordinarily exercised and most commonly accepted by reputable, skilled and experienced operators engaged in the mining industry in the United States

"**Gross Revenue**" means, with respect to any Sale of Products in any calendar quarter, the aggregate of the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to silver contained in Products Sold, an amount equal to the applicable
Quarterly Production of silver, multiplied by the applicable Quarterly Average Silver Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to zinc contained in Products Sold, an amount equal to the applicable
Quarterly Production of zinc, multiplied by the applicable Quarterly Average Zinc Price, and divided by 2,204.62;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to lead contained in Products Sold, an amount equal to the applicable
Quarterly Production of lead, multiplied by the applicable Quarterly Average Lead Price, and divided by 2,204.62;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) with respect to any other marketable metal contained in Products Sold, an amount
equal to the applicable Quarterly Production of such other metal, multiplied by the Quarterly Average Other Metal Price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if there is an Insurable Loss of Products, then the Gross Revenue will be equal
to the sum of the insurance proceeds in respect of such Loss and any Gross Revenue from the Sale of such Products, determined under this
Section.

"**Governmental Authority**" means any international, state, provincial, federal, regional, territorial, municipal or local government, agency, department, ministry, authority, board, tribunal, commission, or official, including any such entity with power to tax, or exercise regulatory or administrative functions, or any court, arbitrator (public or private), stock exchange or securities commission or any rule-making entity having or purporting to have jurisdiction in the relevant circumstances, or any Person acting or purporting to act under the authority of any of the foregoing.

"**Grantor**" means Silver Valley Metals Corp., a corporation incorporated under the laws of Idaho, and its successors and permitted assigns.

"**Holder**" means **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** and its successor and permitted assigns.

"**Indebtedness**" of any Person means, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all obligations of such Person for borrowed money and all obligations of such Person
evidenced by bonds, debentures, notes, bills or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all obligations, contingent or otherwise, relative to the face amount of all letters
of credit or letters of guarantee, whether or not drawn, and banker's acceptances issued for such Person's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all obligations of such Person under any lease that is required to be classified
and accounted for as a capital or financed lease for financial accounting purposes or under any synthetic lease, tax retention, operating
lease or other lease that, in each case, has substantially the same economic effect as a conditional sale, title retention agreement or
similar arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all obligations of such Person in respect of the deferred purchase price of property
or services (excluding accounts payable incurred in the ordinary course of business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all indebtedness of another Person secured by (or for which Holder of such obligations
has an existing right, contingent or otherwise, to be secured by) any Encumbrance, upon or in property owned by such Person, even if such
Person has not assumed or become liable for the payment of such obligations or such obligations are limited in recourse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all obligations of such Person created or arising under any conditional sale or
other title retention agreement with respect to property acquired by such Person (even if the rights and remedies of the seller or lender
under such agreement in the event of default are limited to repossession or sale of such property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all guarantees, indemnities
and other obligations (contingent or otherwise) of such Person in respect of Indebtedness of another Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all obligations of such Person to purchase, redeem, retire, defease or otherwise
acquire for value any equity, ownership or profit interests in such Person within ten (10) years from the date of issuance thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the net liability of such Person on account of currency or interest rate swap transactions, commodity
hedging or swap transactions or any other hedging transactions.

"**Insolvency Event**" means, in respect of any Person, any one or more of the following events or circumstances whereby such Person (i) becomes insolvent or generally not able to pay its debts as they become due, (ii) admits in writing its inability to pay its debts generally or makes a general assignment for the benefit of creditors, (iii) institutes or has instituted against it any proceeding seeking (x) to adjudicate it a bankrupt or insolvent, (y) liquidation, winding up, administration, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any Debtor Relief Law, or (z) the entry of an order for relief or the appointment of a receiver, receiver-manager, administrator, custodian, monitor, trustee or other similar official for it or for any substantial part of its property, and in the case of any such proceeding instituted against it (but not instituted by it), either the proceeding remains undismissed or unstayed for a period of thirty (30) days, such Person fails to diligently and actively oppose such proceeding, or any of the actions sought in such proceeding (including the entry of an order for relief against it or the appointment of a receiver, receiver-manager, administrator, custodian, monitor, trustee or other similar official for it or for any substantial part of its properties and assets) occurs, (iv) passes a resolution or takes any other corporate action to authorize any of the above actions, or (v) suffers anything analogous or having a similar effect to an event or circumstance described in (i) to (iv) above.

"**Insurable Loss**" means an insurable loss of or damage to Products, whether or not occurring on or off the Real Property and whether the Products are in the possession of any Bunker Hill Entity or otherwise.

"**LBMA**" means the London Bullion Market Association.

**"LME**" means the London Metal Exchange.

"**Loan Agreement**" means that certain loan agreement dated June 23, 2023 between BHMC, as borrower, the Grantor, as guarantor, the Sprott Lenders and the Sprott Agent, as amended by the first amendment to loan agreement dated as of August 8, 2024 and as <u>amended and restated by the amended and restated loan agreement dated as of the First Amendment Date and as</u> it may be further amended, amended and restated, modified or supplemented from time to time.

"**Losses**" means any and all damages, claims, losses, lost profits, liabilities, fines, injuries, costs, penalties and expenses (including reasonable legal fees).

"**Material Adverse Effect**" means any event, occurrence, change or effect that, when taken individually or together with all other events, occurrences, changes or effects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) materially limits, restricts or impairs, or is reasonably likely to materially limit,
restrict or impair (A) the condition, financial or otherwise, earnings, operations, assets, business affairs or business prospects of
an Obligor; (B) the ability of an Obligor to perform its payment or other obligations under this Agreement; (C) the development or operation
of the Mine substantially in accordance with the mine or development plan then in effect immediately prior to the occurrence of such event,
occurrence, change or effect, (D) the legality, validity or enforceability of this Agreement, or the rights and remedies available to
Holder hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) causes or is reasonably likely to cause any significant decrease to expected silver,
lead or zinc production from the Property based on the mine or development plan then in effect immediately prior to the occurrence of
such event, occurrence, change or effect;

provided that (x) changes to commodity prices and (y) events, occurrences, changes or effects affecting operators of mining and processing facilities in the US similar to those related to the Mine generally, which do not have a disproportionate effect on the Obligors, shall not be a Material Adverse Effect or be taken into account in determining whether there has been or will be a Material Adverse Effect.

"**Materials**" has the meaning set out in Section 4.5.

"**Mine**" means the Bunker Hill Mine located in the Coeur D'Alene Mining District, in the cities of Kellogg and Wardner and in Shoshone County, Idaho, USA, which is comprised of and covers, *inter alia,* the Property.

"**<u>Mineral Interest</u>**<u>" has the meaning set out in Section 4.13.</u>

"**Mining Rights**" means any mining claims, mining leases, mineral claims, mining concessions, mineral concessions, exploration permits or licenses, mining licenses, forms of mineral tenure or other rights to Products or to access and work upon lands, such as ownership and ancillary rights, surface rights, leasing agreements, lands temporal occupation agreements or otherwise, for the purpose of exploring, exploiting or benefiting Products, under the terms of Applicable Laws, whether contractual, statutory or otherwise, or any interest therein whether now owned or hereafter acquired. "Mining Rights" includes any amendments, relocations, adjustments, resurvey, additional locations, consolidation, derived rights or conversions of, or any renewal, replacement, amendment or other modification or extensions of any of the foregoing.

"**NI 43-101**" means National Instrument 43-101 - Standards of Disclosure for Mineral Projects, as implemented and in effect in any Canadian jurisdiction at the applicable time.

**"Obligors**" means, collectively, Grantor and BHMC and **"Obligor"** means any one of them.

"**Offtake Agreement**" means <u>any</u><u>(i) the lead concentrate offtake agreement dated as of November 20, 2023 between Teck Metals Ltd. and the Grantor, as amended by the amendment agreement dated as of the First Amendment Date, (ii) the zinc concentrate offtake agreement dated as of November 10, 2023 between Teck Metals Ltd. and the Grantor, as amended by the amendment agreement dated as of the First Amendment Date; and (iii) any other</u> agreement entered into by Grantor (or any other Bunker Hill Entity) with any Processor (including spot sales) (<u>i</u><u>x</u>) for the Sale of Products to such Person, or (<u>ii</u><u>y</u>) for the smelting, refining or other beneficiation of Products by such Person for the benefit of Grantor.

"**Offtake Sales Documents**" means such documents as are prepared or produced in connection with Sale of Products to a Processor, including the provisional and final settlement sheets, provisional and final invoices, metals return statements, credit notes, bills of lading, and any and all certificates and other documentation prepared or produced for or by the relevant Processor, including certificates for final shipped moisture content and final analyses and assays evidencing the amount of Products, including the quantity of silver, lead, zinc and any other metal contained therein, delivered to the Processor.

"**Other Rights**" means all licenses, approvals, authorizations, consents, rights (including surface rights, access rights and rights of way), privileges, concessions or franchises held by the Bunker Hill Entities or required to be obtained from any Person (other than a Governmental Authority), for the construction, development and operation of the Mine, as such construction, development and operation is contemplated by the current or then applicable development or mine plan, as the case may be.

"**Payable**" means, in respect of Products Sold by a Person, Products that are credited or paid for by the Processor or otherwise result in a return to the Person, whether provisional or final.

"**Permitted Encumbrances**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Encumbrance imposed by law that was incurred in the ordinary course of business,
including, without limitation, construction, builders', materialmen's, warehousemen's and mechanics' liens and
other similar Encumbrances arising in the ordinary course of business, in each case for sums not yet due or being contested in good faith
by appropriate proceedings and for which appropriate reserves in accordance with US GAAP have been established to the extent required
by US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Encumbrance arising by operation of Applicable Law securing Taxes, assessments,
royalties, rents and other governmental charges, the payment of which are not yet due or are being contested in good faith by appropriate
proceedings and for which appropriate reserves in accordance with US GAAP have been established to the extent required by US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) deemed liens and trusts arising by operation of law in connection with workers'
compensation, employment insurance and other social security legislation, in each case, which secure obligations the payment of which
are not yet due or are being contested in good faith by appropriate proceedings and for which appropriate reserves in accordance with
US GAAP have been established to the extent required by US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any reservations, or exceptions contained in the original grants of land or by applicable
statute or the terms of any lease in respect of any Real Property, or comprising the Real Property which do not materially detract from
the value of, or materially impair the use of, the Real Property for the purpose
of conducting and carrying out mining operations thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) liens as a result of any judgment or order rendered or claim filed against Grantor
which is being contested in good faith by proper legal proceedings (and as to which any enforcement proceedings shall have been suspended
by operation of law or stayed pending an appeal or other proceeding) and for which appropriate reserves in accordance with US GAAP have
been established to the extent required by US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) minor discrepancies in the legal description or acreage of or associated with the
Real Property or any adjoining properties which would be disclosed in an up to date survey and any pre-existing registered easements and
pre-existing registered restrictions or pre-existing covenants that run with the land, in either case which do not materially detract
from the value of, or materially impair the use of, the Real Property for the purpose of conducting and carrying out mining operations
thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) rights of way for, or reservations of rights of others for, sewers, water lines,
gas lines, electric lines, telegraph and telephone lines, and other similar utilities, or zoning by-laws, ordinances, surface access rights
or other restrictions as to the use of the mining licenses comprising the Project Assets, which do not in the aggregate materially detract
from the use of such mining licenses for the purpose of conducting and carrying out mining operations thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the right reserved to or vested in any municipality or governmental or other public
authority by the terms of any lease, licence, franchise, grant or permit acquired by the Grantor or by any statutory provision, to terminate
any such lease, licence, franchise, grant or permit, or to require annual or other payments as a condition to the continuance thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Encumbrance in favour of issuers of surety bonds pertaining to the Mine issued
in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a right of title retention or purchase money security interests, provided that
any such purchase money security interest is limited to the specific asset that has been acquired and which has given rise to the purchase
money security interest, in connection with the acquisition by Grantor of goods in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) security given by the Grantor to a public utility or any municipality or governmental
or other public authority when required by such utility or municipality or other authority in connection with the operations of the Grantor,
all in the ordinary course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) applicable municipal and other governmental restrictions affecting the use of land
or the nature of any structures which may be erected thereon, provided such restrictions have been complied with and will not materially
impair the use of the subject property for the purpose for which it is held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any Encumbrance on Project Assets granted to a provider of Permitted Secured Debt,
provided that with respect to such Encumbrance, such provider of Permitted Secured Debt shall have entered into the letter agreement
with Holder referred to in Section 4.1(d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Encumbrances set forth in Schedule "C"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any Encumbrance created with Holder's prior written consent.

"**Parties**" means Holder, Grantor and BHMC collectively and "**Party**" means any of the Parties individually.

"**<u>Permitted Disclosure</u>**<u>" has the meaning set out in Section 9.1.</u>

"**Permitted Secured Debt**" means any of the following Indebtedness or obligations which in each case is secured by Encumbrances on the Project Assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Indebtedness owing to the United States Environmental Protection Agency (the
" **EPA**") in respect of the Mine in respect of the EPA Settlement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>subject to</u> <u>obligations in respect of surety or performance bonds and/or letters of credit required to be provided to the EPA as set out in Section (14) of the Disclosure Letter or with</u> the prior written consent of Holder, such
consent not to be unreasonably withheld or delayed, obligations in respect of surety or performance bonds required to be provided to the
EPA in respect of Financial Assurance (under and as defined in the EPA Settlement Agreement) of up to US$17,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to the prior written
consent of Holder, such consent not to be unreasonably withheld or delayed,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>i.</u> any reclamation bonds relating to the Mine required in connection with the construction,
development or operation of the Mine; <u>and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>ii.</u> <u>Indebtedness of up to US$150,000,000 pursuant to a term loan facility owing to EXIM Bank where the proceeds are used only for the construction and development of the Mine or other general corporate purposes of the Obligors;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>if the Stream has been converted to a royalty interest in accordance with its terms or has been terminated by mutual agreement of the parties thereto</u> <u>at any time following three (3) years after the occurrence of the Commercial Production Date</u>, Indebtedness
incurred on commercially reasonable terms for the purpose of financing (i) the exploration or exploitation of the Project Assets or (ii)
the business and operations of the Obligors (or either of them), provided however that the Grantor has given prior written notice to Holder
of such secured Indebtedness and provides reasonable details of any such Indebtedness upon request of Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>any other</u> secured Indebtedness <u>permitted under the terms of the Stream, provided however that the Grantor has given prior written notice to Holder of such secured Indebtedness, the amount and holder thereof and the security therefor together with reasonable details as to category of permitted secured debt under the Stream that such indebtedness falls within;</u> <u>incurred pursuant to capital or finance leases or purchase money Indebtedness relating solely to the acquisition of equipment necessary for the development, construction or</u> <u>operation of the Project, provided that the Encumbrances securing such Indebtedness extend only to the property clearly and individually identified as acquired or financed thereby (including the proceeds of such property) and do not extend to any other assets of an Obligor;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) secured Indebtedness set forth in Section (12) of the Disclosure Letter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any other secured Indebtedness consented to by Holder from time to time.

"**Person**" means and includes any individual, corporation, partnership, firm, joint venture, syndicate, association, trust, governmental agency or board or commission or authority and any other form of entity or organization.

"**Primary Claims**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Mining Rights and other rights and interests identified in Schedule "B"
under the heading "Primary Claims" and any other Mining Rights, rights or interests forming part thereof from time to time;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any present or future renewals, extensions, modifications, divisions, substitutions,
amalgamations, successions, derivations, severances, conversions, demise to lease, renaming or variation of any of the Mining Rights or
other rights and interests referenced in paragraph (a) of this definition.

"**<u>Primary Claims Percentage</u>**<u>" means, at any time, the percentage set forth below opposite the aggregate principal amount advanced under the Loan Agreement at such time set out below:</u>

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **<u>Principal Amount of Advance</u>**<br><u>Equal to US$5,000,000</u><br> <u>Greater than US$5,000,000 but less than or equal</u><br> <u>to US$10,000,000</u><br> <u>Greater than US$10,000,000 but less than or</u><br> <u>equal to US$15,000,000</u><br> <u>Greater than US$15,000,000 but less than or</u><br> <u>equal to US$21,000,000</u>  | **<u>Primary Claims</u>**<br> **<u>Percentage</u>**<br><u>0.5%</u><br> <u>1.0%</u><br><u>1.5%</u><br><u>2.0%</u> |

---

"**Primary Royalty**" has the meaning ascribed to such term in Section 2.2(a).

"**Processor**" means any third party smelter, refiner, processor or offtaker other than Grantor or its Affiliates.

"**Products**" means any and all metals, minerals and products or by-products thereof, including the Materials, of whatever kind and nature and in whatever form or state, in, under or upon the surface or subsurface of the Property (including ore, metals, precious metals, base metals, uranium, industrial minerals, concentrates, gems, diamonds, commercially valuable rock, and other minerals that are mined, excavated, extracted, recovered or otherwise produced from the Property and any ore, concentrates and other products resulting from the milling, processing or other beneficiation of such metals, minerals, products and by-products).

"**Project Assets**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Property and all other Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Products and the Other Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the mining, processing, development, production, maintenance, administration, water,
electrical and conveyor facilities, railway infrastructure and rolling stock, storage facilities, stockpiling facilities, shipping infrastructure,
utilities, and related ancillary infrastructure, other buildings, structures, improvements, fixtures and other real and personal property,
including equipment, re-commissioned, constructed, operated or otherwise used by or on behalf of Grantor to extract, beneficiate, market,
transport and sell Products derived from the Property or to develop, operate or administer the Mine, whether or not located within the
physical boundaries of the Real Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any rights (including Authorizations, surface, access and water rights), privileges,
concessions or franchises owned, controlled, leased or operated by or on behalf of Grantor at any time and not included within the definition
of "Real Property" which are required for the development and construction of the Mine and operation thereof.

"**Property**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Mining Rights and other rights and interests described in Schedule "B"
under the heading "Description of Mining Rights" and any other Mining Rights, rights or interests forming part thereof from
time to time whether now owned or hereafter acquired; <u>and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>all other real property interests, mineral claims, mineral leases, mining concessions, exploration licenses, land (surface and access rights) and similar rights, concessions and interests now or hereafter owned, held, under option or under application by an Obligor or any Affiliate thereof forming part of the Mine or related to the Mine, whether created privately or by action of any Governmental Authority, including but not limited to those interests described in Schedule "F"; and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>(b)</u> any present or future
renewals, extensions, modifications, divisions, substitutions, amalgamations, successions, derivations, severances, conversions, demise
to lease, renaming or variation of any of the Mining Rights or other rights and interests referenced in paragraph (a) <u>or (b)</u> of this definition.

"**Property Transferee**" has the meaning set out in Section 10.3.

"**Quarterly Average Lead Price**" means, for any given calendar quarter, the quarterly average of the daily per tonne cash settlement price as quoted in US dollars by the LME for lead for such quarter, calculated by dividing the sum of all quotations during such quarter by the number of such quotations; provided that, if for any reason the LME is no longer in operation or if the price of lead is not calculated on behalf of or confirmed, acknowledged by, or quoted by the LME, the Quarterly Average Lead Price shall be determined in the manner endorsed by the LME, failing which the Quarterly Average Lead Price will be determined by reference to the price of lead on a commodity exchange mutually acceptable to Grantor and Holder, acting reasonably.

"**Quarterly Average Other Metal Price**" means, with respect to any metal other than Refined Silver, zinc or lead, for any given calendar quarter, the quarterly average of the daily price of the applicable measure for such metal as quoted on a commodity exchange mutually acceptable to Grantor and Holder, acting reasonably.

"**Quarterly Average Silver Price**" means, for any given calendar quarter, the quarterly average of the daily per ounce LBMA Silver Price as quoted in US dollars by the LBMA for Refined Silver for such quarter, calculated by dividing the sum of all quotations during such quarter by the number of such quotations; provided that, if for any reason the LBMA is no longer in operation or if the price of Refined Silver is not calculated on behalf of or confirmed, acknowledged by, or quoted by the LBMA, the Quarterly Average Silver Price shall be determined in the manner endorsed by the LBMA, failing which the Quarterly Average Silver Price will be determined by reference to the price of Refined Silver on a commodity exchange mutually acceptable to Grantor and Holder, acting reasonably.

"**Quarterly Average Zinc Price**" means, for any given calendar quarter, the quarterly average of the daily per tonne cash settlement price as quoted in US dollars by the LME for zinc for such quarter, calculated by dividing the sum of all quotations during such quarter by the number of such quotations; provided that, if for any reason the LME is no longer in operation or if the price of zinc is not calculated on behalf of or confirmed, acknowledged by, or quoted by the LME, the Quarterly Average Zinc Price shall be determined in the manner endorsed by the LME, failing which the Quarterly Average Zinc Price will be determined by reference to the price of zinc on a commodity exchange mutually acceptable to Grantor and Holder, acting reasonably.

"**Quarterly Production**" means with respect to the amount of silver, zinc, lead or other Product produced in any calendar quarter, the aggregate of the gross number of (i) ounces of silver, (ii) pounds of zinc, (iii) pounds of lead, plus (iv) other measure that is the market norm for any other Product, in each case beneficiated by the Grantor or credited by a Processor during that calendar quarter, as evidenced by (if applicable) a metals return statement received from the Processor with respect to such Product, provided that if delivery and payment are not made in the same calendar quarter, the Products shall be deemed to be part of the Quarterly Production in the calendar quarter in which payment or credit occurs.

"**Real Property**" means the Property <u>and all other,</u> <u>including but not limited to all</u> interests in and rights to property described in Schedule "<u>B" and Schedule</u> <u>"</u>F"<u>.</u><u>, and all other real property interests, land (surface and access rights) and similar rights and interests forming part of the Mine or related to the Mine, now or hereafter owned, held, under option or under application by an Obligor, whether created privately or by action of any Governmental Authority.</u>

"**Refined Silver**" means marketable metal bearing material in the form of silver bars or coins that is refined by an accredited refiner that is on the LBMA's Good Delivery List to a minimum 999 parts per 1,000 fine silver and that otherwise meets the LBMA's Good Delivery Rules.

"**Residual Claims**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Mining Rights
and other rights and interests identified in Schedule "B" under the
heading "Residual Claims" and any other Mining Rights, rights or interests forming part thereof from time to time whether
now owned or hereafter acquired;

and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>any and all other Mining Rights, rights or interests from time to time forming part of the Property and not constituting Primary Claims or GGS Claims, whether now owned or hereafter acquired; and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (b) any present
 or future renewals, extensions, modifications, divisions, substitutions, amalgamations, successions,
 derivations, severances, conversions, demise to lease, renaming or variation of any of the
 Mining Rights or other rights and interests referenced in paragraph (a) <u>or (b)</u> of this definition.

but for greater certainty excludes any Primary Claims or GGS Claims.

"**Residual Royalty**" has the meaning ascribed to such term in Section 2.2(c).

"**Royalty**" means, collectively, the Primary Royalty, the GGS Royalty and the Residual Royalty.

"**Royalty Agreement**" means that certain Royalty Agreement dated June 23, 2023 between BHMC, the Grantor, and **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]**, as grantee and royalty holder as amended by the first amendment to royalty agreement dated <u>as of the date hereof</u><u>December 12, 2024 and the second amendment to royalty agreement dated the First Amendment Date</u> and as it may be further amended, amended and restated, modified or supplemented from time to time.

"**Royalty Registration**" has the meaning set out in Section 6.2.

"**Sale**" or "**Sold**" means the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfer
 of Products from Grantor (or any other Bunker Hill Entity) to a buyer (and includes a transfer
 of Products transported off the Real Property that such Bunker Hill Entity elects to have
 credited to or held for its account by a Processor), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Insurable Loss prior to any transfer or deemed transfer of title to Products.

<u>"**Secondary Claims Percentage**" means, at any time, the percentage set forth below opposite the aggregate principal amount advanced under the Loan Agreement at such time. set forth below:</u>

---

| | |
|:---|:---|
| **<u>Principal Amount of Advance</u>** | **<u>Secondary Claims <br> Percentage</u>** |
| <u>Equal to US$5,000,000</u> | <u>0.35%</u> |
| <u>Greater than US$5,000,000 but less than or equal to US$10,000,000</u> | <u>0.70%</u> |
| <u>Greater than US$10,000,000 but less than or equal to US$15,000,000</u> | <u>1.05%</u> |
| <u>Greater than US$15,000,000 but less than or equal to US$21,000,000</u> | <u>1.4%</u> |

---

"**Sprott Agent**" means **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]**, as agent for the Sprott Lenders, and its successors and assigns.

"**Sprott Lenders**" means, collectively, **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** and **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** and their respective successors and assigns.

"**Stream**" means the metals purchase agreement dated as of June 23, 2023 between the Grantor, as seller, BHMC, as parent company, and **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]**, as agent for the Sprott Stream Parties (as defined therein), as purchaser, pursuant to which the Grantor agreed to sell and **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]**, as agent for the Sprott Stream Parties, agreed to purchase an agreed amount of refined metals produced from the Mine.

"**subsidiary**" means a Person that is controlled directly or indirectly by another Person and includes a subsidiary of that subsidiary.

"**Subsidiary Disposition**" has the meaning set out in Section 10.4.

"**Subsidiary Transferee**" has the meaning set out in Section 10.4(a).

"**Taxes**" means all present or future taxes, rates, levies, royalties, imposts, duties, deductions, assessments, withholdings, dues, fees and other charges of any nature, including any interest, fines, penalties or other liabilities with respect thereto, imposed, levied, collected, withheld or assessed by any Governmental Authority (of any jurisdiction), and whether disputed or not, including sales or value-added taxes, goods and services taxes, stamp taxes and royalties.

"**Transfer**" means to sell, assign, transfer, convey, lease, license or otherwise dispose.

"**Ultimate Parent Company**" in relation to a Person, means the Person which is not itself subject to control, but which has control of that first Person, either directly or through a chain of Persons each of which has control over the next Person in the chain.

"**US GAAP**" means in relation to any Person at any time, accounting principles generally accepted in the United States applied on a basis consistent with the most recent audited financial statements of such Person and, if applicable, its consolidated affiliates (except for changes disclosed in the notes to such financial statements).

1.2 **Joint and Several Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All obligations designated as being obligations of Grantor or BHMC or either one
of them, including all representations and warranties, covenants and payment obligations of Grantor and BHMC, are joint and several obligations
of each of them and each Obligor will, as a separate and independent obligation,
perform each such obligation as primary obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor irrevocably waives any claim, remedy or other right which it may now
have or hereafter acquire against the other that arises from the existence, payment, performance or enforcement of their respective obligations
under this Agreement, including any right of subrogation, reimbursement, exoneration, indemnification or any right to participate in any
claim or remedy of Holder against Grantor or BHMC, as applicable, or its property and assets, whether or not such claim, remedy or other
right is reduced to judgment or is liquidated, unliquidated, fixed, contingent, matured, unmatured, deposited, undisputed, secured or
unsecured and whether or not such claim, remedy or other right arises in equity or under contract, statute or common law.

1.3 **Schedules** 

The following schedules are attached to and incorporated in this Agreement by this reference:

Schedule "A" – Maps of Property

Schedule "B" – Description of Mining Rights

Schedule "C" – Permitted Encumbrances

Schedule "D" – Representations and Warranties of Grantor and BHMC

Schedule "E" – Representations and Warranties of Holder

Schedule "F" – Legal Description of Real Property

---

| | |
|:---|:---|
| **2** | **ROYALTIES** |

---

2.1 **Grant of Gross Revenue Royalty**. In consideration of the advances made under
the Loan Agreement and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged and agreed, Grantor
hereby creates, grants, bargains, conveys, transfers, and reserves for the benefit of Holder, its successors and permitted assigns, the
Royalty in all Products, and grants and covenants to pay to Holder, the Royalty on all Products that are Sold on and subject to the terms
of this Agreement. The Royalty shall be a non-administrative, non-executive and non-working royalty.

2.2 **Royalty Rates**. The amount of the Royalty payable by Grantor to Holder pursuant to this Agreement
equals the aggregate amount of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
Primary Claims Percentage <u>1.5%</u> of
Gross Revenues of all Products that are mined, produced, extracted, processed or otherwise recovered from the Primary Claims forming part
of the Property (the "**Primary Royalty** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Primary Claims Percentage <u>1.5%</u> of Gross Revenues of all Products that are mined, produced, extracted, processed or otherwise recovered from the GGS Claims forming part
of the Property (the "**GGS Royalty** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Secondary Claims Percentage <u>1.5%</u> of Gross Revenues of all Products that are mined, produced, extracted, processed or otherwise recovered from the Residual Claims forming
part of the Property (the "**Residual Royalty** "), in each case, to the extent Payable. <u>The Grantor and the Holder shall confirm in writing the amount of the Primary Claims Percentage and the Secondary Claims Percentage in effect upon each advance under the Loan Agreement.</u> 

2.3 **Calculation of Royalty**. In no event shall any cost of mining, milling, leaching,
smelting, refitting, concentrating or any other processing costs, or any cost associated with transportation, insurance, storage, selling,
marketing, brokerage, Taxes or royalties, incurred, payable or paid by any Bunker Hill Entity be deducted from the calculation of Gross
Revenue.

2.4 **Real Property Interest in the Property**. The Parties agree
as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the Royalty is a real property right and creates and constitutes the grant
of a vested present interest in the Real Property and covenant that runs with the land and all successions thereof, overriding and prior
to all other present or future interests in the Real Property to the extent permitted by law, whether created privately or through government
action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holder shall have all of the rights and incidents of ownership of a non-participating
royalty owner, which incidents are covenants running with the Real Property and include: (a) the ownership of the non-participating royalty
interests which are interests in real property; (b) the right to receive, free of expenses, the Royalty payments; and (c) the obligation
of Grantor, its successors or assigns, to make the Royalty payments, which obligation shall run with the land. Holder, however, shall
not have or claim any incidents of the fee simple ownership in the Real Property, which incidents include: (i) the right to enter, explore,
develop or mine the claims; (ii) the right to execute leases, operating agreements, or similar instruments with respect to the Real Property;
(iii) the right to share in bonus payments made as the consideration for the execution of leases or other instruments; and (iv) except
as expressly provided herein, the right to participate in any manner in the decisions concerning, or the conduct of, operations on the
Real Property. Grantor shall have sole responsibility for compliance with Applicable Law respecting existing conditions and its operations
and activities on or relating to the Real Property. Holder shall not otherwise be considered an owner, operator, or arranger with respect
to any and all actions, claims, costs, damages, expenses (including attorneys' fees and legal costs), liabilities and responsibilities
arising from or relating to activities or operations on or relating to the Real Property, including without limitation those under Applicable
Law intended to protect or preserve the environment or reclaim the Real Property, to the extent raised against Holder based on this Agreement
or Holder's ownership of and interest in the Royalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Holder's interest in Products on account of the Royalty shall become the property of Holder at the
time of production of the Products and shall be held by Grantor in trust for Holder until the Royalty in respect of such Products are
paid to Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Royalty will run with the title to the Real Property, bind the successors and permitted assigns of
the Real Property and any disposition or transfer of the Real Property and all subsequent owners of and successors in title to the Real
Property, or any interest therein, shall be subject to the Royalty.

2.5 **Royalty Application**.
The Royalty shall apply to 100% of the interests of Grantor in the Property and all Products that are mined, produced, extracted, processed
or otherwise recovered from the Property, in each case, to the extent Payable.

2.6 **Detailed Statement**. All Royalty payments shall be accompanied by detailed statements (including
metals return statements, Processor preliminary/provisional reports and Processor final reports as soon as available) explaining the calculation
thereof with any available settlement sheets from the Processor, and shall also include the following information: (i) settlement ounces,
pounds or other quantities; (ii) the prices used for the calculation of the Royalty; (iii) any other pertinent information in sufficient
detail to explain the calculation of the payment; and (iv) such other information as Holder may reasonably request.

2.7 **Royalty Payments**. Royalty payments will
be due and payable quarterly on the tenth (10<sup>th</sup>) Business Day following the end of <u>each calendar quarter commencing with</u> the calendar quarter in which Grantor first receives <u>, or is entitled to receive (prior to giving effect to any set off by the Processor),</u> payment for the Sale of Product. Royalty payments will be
paid in cash in US dollars by way of direct wire transfer to the account of Holder as Holder shall designate from time to time for this
purpose.

2.8 **No Obligation**. Notwithstanding the terms of any other provisions herein,
Grantor shall not be obligated to make any Royalty payment before Grantor has received or been credited with payment or other consideration
for the sale or other disposition of, the Products upon which such Royalty payment is calculated, unless such failure to receive or be
credited for payment in cash by Grantor or any of its Affiliates is due to intentional delay by Grantor or any of its Affiliates.

2.9 **No Tax Deduction**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All payments of any kind made in respect of this Agreement (in respect of the Royalty,
interest or otherwise) shall be made in full without set-off or counterclaim, and free of and without deduction or withholding for any
Taxes, provided that if an Obligor shall be required by law to deduct or withhold any Taxes from or in respect of any payment or sum payable
to Holder, the payment or sum deliverable or payable shall be increased as may be necessary ()"**Additional Amounts** ")
so that after making all required deductions or withholdings (including deductions or withholdings applicable to additional sums payable
under this Section 2.9), Holder receives an amount equal to the sum it would have received if no deduction or withholding had been made
and the Obligors shall pay the full amount deducted to the relevant taxation or other authority in accordance with Applicable Law; <u>provided</u> that, no Additional Amounts with respect to any deduction or withholding for any U.S. federal Taxes imposed on amounts payable to Holder
pursuant to a law in effect on the date on which such Holder first became a party hereto will be payable under this Section 2.9 to a Holder
that acquired its interest in the Royalty pursuant to any assignment or transfer of the Royalty, in whole or in part, unless such Additional
Amounts with respect to any such deduction or withholding for such Taxes would have been payable hereunder to such Holder's assignor
or transferor immediately before such Holder became a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If Holder becomes liable for any Tax, other than Excluded Taxes, imposed on any
deliveries or payments under this Agreement, Grantor and BHMC shall jointly and severally agree to indemnify Holder for such Tax, and
the indemnity payment shall be increased as necessary so that after the imposition
of any Tax on the indemnity payment (including Tax in respect of any such increase in the indemnity payment), Holder shall receive the
full amount of Taxes for which it is liable, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to Grantor by Holder shall be conclusive absent manifest
error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If Holder determines, in its sole discretion, that it has received a refund of any Taxes as to which it
has been indemnified by Grantor or with respect to which Grantor has paid Additional Amounts pursuant to this Section or that, because
of the payment of such Taxes, it has benefited from a reduction in Excluded Taxes otherwise payable by it, it shall pay to Grantor an
amount equal to such refund or reduction (but only to the extent of indemnity payments made, or Additional Amounts paid, by Grantor under
this Section with respect to the Taxes giving rise to such refund or reduction), net of all reasonable out-of-pocket expenses of Holder,
as the case may be, and without interest. Upon the reasonable request of Holder, Grantor shall repay the amount paid over to Grantor (plus
any penalties, interest or other charges imposed by the relevant Governmental Authority) to Holder if Holder is required to repay such
refund or reduction to such Governmental Authority. This paragraph shall not be construed to require Holder to make available its tax
returns (or any other information relating to its Taxes that it deems confidential) to Grantor or any other person, to arrange its affairs
in any particular manner or to claim any available refund or reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Holder is entitled to an exemption from or reduction of Taxes under the law of the jurisdiction in
which Grantor is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to any payments made in
respect of this Agreement, Holder shall, at the request of Grantor, deliver to Grantor, at the time or times prescribed by Applicable
Law or reasonably requested by Grantor, such properly completed and executed documentation prescribed by Applicable Law (if any) as will
permit such payments to be made without withholding or at a reduced rate of withholding Taxes. In addition, Holder, if requested by Grantor,
shall deliver such other documentation prescribed by Applicable Law (if any) or reasonably requested by Grantor as will enable Grantor
to determine whether or not Holder is subject to withholding or information reporting requirements. Notwithstanding the foregoing, Holder
shall not be required to deliver any documentation pursuant to this Section that Holder is not legally able to deliver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Following the execution and delivery of this Agreement, each of the Parties will
co-operate reasonably with the other Parties in implementing any proposed adjustments to the structure or terms of this Agreement to facilitate
tax planning, provided that such adjustments have no material adverse impact on the non-proposing Party and that the costs of such adjustments
shall be paid for by the proposing Party.

2.10 **Hedging Transactions, Futures, Options and Other Trading**. No profits or
losses resulting from any commodity futures trading, forward sale and/or purchase contracts, spot-deferred contracts, option contracts
or trading, metals trading, precious metal loans, fixed price offtake agreements or other exchange, swap, forward, cap, collar, option
or other hedging or similar agreement or any combination thereof, or any other similar transactions, by Grantor shall be subject to the Royalty
and all such transactions by Grantor, and any profits or losses associated therewith, shall be solely for the account of Grantor engaging
in such transactions and shall not be included in the calculation of the Royalty.

2.11 **Default and Interest**. If any payment required to be made by a Party hereunder is not made when
due, then all unpaid amounts shall bear interest at a rate equal to Base Rate plus 5% per annum, compounded monthly on the last day of
each month until such payment and accrued interest is paid in full. The rate of interest payable on such late payments will change simultaneously
with changes in the Base Rate from time to time.

---

| | |
|:---|:---|
| **3** | **PERPETUITY** |

---

The Royalty shall be perpetual as shall be permitted by Applicable Law. If a court of competent jurisdiction determines that any provision hereof violates a legal rule against perpetuities, then such provision shall automatically be revised and reformed as necessary in order for the Royalty to terminate on the end of the maximum time permitted under Applicable Law for the Royalty to be valid.

---

| | |
|:---|:---|
| **4** | **MAINTENANCE OF PROPERTY AND OPERATIONS** |

---

4.1 **Maintenance of Existence and Property**. Grantor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at all times do or cause to be done all things necessary to maintain its corporate or other entity existence
and to obtain and, once obtained, maintain all Authorizations necessary to carry on its business and own its assets in the State of Idaho
and each other jurisdiction in which it carries on business or in which its assets are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at all times door cause to be done all things necessary to maintain the Real Property in good standing,
including paying or causing to be paid all Taxes owing in respect of the Project Assets, performing or causing to be performed all required
assessment work thereon, paying or causing to be paid all maintenance fees and other amounts owing in respect of the Project Assets, paying
or causing to be paid all rents and other payments in respect of leased properties forming apart thereof and otherwise maintaining the
Real Property in accordance with Applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not cause or allow to be registered or otherwise permit to exist any Encumbrance on the Project Assets,
other than a Permitted Encumbrance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) upon Grantor entering into any Permitted Secured Debt, shall cause the lender(s) or counterparties, as
applicable, to deliver to Holder a letter addressed to Holder which acknowledges the intention and agreement between the Parties that
the Royalty constitutes a real property interest in the Real Property and a covenant running with the land and burdening the Real Property.

4.2 **Management of Mining Operations**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of this Section 4, all decisions concerning methods, the extent, times, procedures
and techniques of any exploration, construction, development and mining operations related to the Property and the Project Assets shall
be made by Grantor in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Grantor shall ensure that all exploration, construction, development and mining operations and other activities
in respect of the Property and the Project Assets will be performed in a commercially reasonable manner in compliance with Applicable
Laws, Authorizations, Other Rights and in accordance with good mining, processing, engineering and environmental practices prevailing
in the industry and on the same basis as if Grantor retained full economic interest in the Products. Grantor shall use all commercially
reasonable and lawful efforts to obtain and, once obtained, maintain all Authorizations necessary to commence and continue development
and mining operations on the Property. Grantor shall use all commercially reasonable efforts to ensure that all Products from the Property
will be processed in a prompt and timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Grantors shall use all commercially reasonable and lawful efforts to maintain and apply for and obtain
any and all available renewals and extensions of the Property, Authorizations, Other Rights and any and all other necessary rights in
respect of the Mine and, other than as expressly permitted by this Agreement, not abandon any of the Mine or allow or permit any of the
Property, Authorizations, Other Rights or such other necessary rights referred to above to terminate or lapse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Grantor shall comply, and shall cause all operations and activities conducted at, on or in respect of
the Mine to comply, with all Applicable Laws, all Authorizations and the terms and conditions of Other Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Grantor shall timely and fully perform, pay and observe, or cause to be performed, observed and paid,
any and all liabilities and obligations required by any Applicable Laws, Authorizations or the terms and conditions of Other Rights or
by any Governmental Authority for the reclamation, restoration or closure of any Project Asset or land used in connection with Grantor's
operations or activities at, on or in respect of the Mine or required under this Agreement.

4.3 **Offtake** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Grantor shall ensure that, when Products that contain any marketable metal are to be Sold or otherwise
disposed of, all such Products are sold by Grantor to a Processor pursuant to an Offtake Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Grantor shall ensure that all Offtake Agreements entered into by Grantor (or any other Bunker Hill Entity)
shall be on commercially reasonable arm's length terms and conditions for concentrates similar in make-up and quality to those derived
from the Products, and shall include (i) industry standard reporting and payment settlement protocols, (ii) provisions that require the
delivery of metals return statements, provisional and final settlement sheets and invoices and certificates for final shipped moisture
content and analyses and assays evidencing the amount of Products, and (iii) provisions that require appropriate
and separate sampling, assaying, weighing and moisture determination procedures so that Grantor and the applicable Processor can determine
the grade or content of silver, lead, zinc and other metals in each delivery to a Processor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>Grantor shall give Holder at least ten (10) Business Days prior written notice of the terms of any proposed amendment to any Offtake Agreement with any Related Party (or any new offtake agreement with a Related Party). If Holder, acting reasonably, believes that the proposed amended terms (or the proposed new agreement) do not comply with Section 4.3(b), Holder may, by written notice to Grantor within five (5) Business Days of receipt of notice the proposed amendment (or new offtake agreement), request that Grantor refer the proposed amended terms (or the proposed new agreement) to Exen Consulting Services (or such other independent offtake consultant agreed by Grantor and Holder) (the "**Consultant**") to render an opinion on whether such terms comply with Section 4.3(b) within 14 days of such referral. If the Consultant determines that the proposed amendments (or the new offtake agreement) complies with Section 4.3(b), or, despite the commercially reasonable efforts of the Grantor, the Consultant fails to render an opinion within the timeline referred to above, the Grantor shall be entitled to proceed to execute the proposed amendments (or the new offtake agreement). If Grantor and Holder do not accept the opinion as a final determination of whether Section 4.3(b) has been complied with then either one of them may refer the dispute for resolution pursuant to Article 11. For the purposes of (c), "**Related Party**" shall mean any entity which, together with its Affiliates, holds more than 20% of the equity capital of the Grantor or any of its Affiliates.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> (c) Grantor shall deliver all Products
that include marketable metal to each Processor in such quantity, description and amounts and at such times and places as required under
and in accordance with each Offtake Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u> (d) Grantor shall promptly provide to Holder confirmation of the terms of any such
Offtake Agreement and, within 15 days after the execution thereof by each of the parties thereto, Grantor shall provide to Holder a final
signed copy of such Offtake Agreement <u>and use its commercially reasonable efforts to avoid any requirement for the redaction of any part thereof, failing which, such Offtake Agreement shall be provided subject to the redactions required by any such Offtake Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(f)</u> (e) Grantor shall take all commercially
reasonable steps to enforce its rights and remedies under each Offtake Agreement with respect to any breaches of the terms thereof relating
to the timing and amount of Processor settlements. Grantor shall notify Holder in writing when any dispute in respect of a material matter
arising out of or in connection with any Offtake Agreement is commenced and shall provide Holder with timely updates of the status of
any such dispute and the final decision and award of the court or arbitration panel with respect to such dispute, as the case may be.

4.4 **Temporary Stockpiling.** Grantor shall be entitled to stockpile, store or place
ores or mined rock containing Products produced from the Property in any locations owned, leased or otherwise controlled by Grantor or
any other Bunker Hill Entity or any Processor of such Products on or off the Real Property as reasonably
required in connection with the Grantor's operation of the Mine and provided the same are appropriately secured from loss, theft,
tampering and contamination.

4.5 **Tailings**. All tailings, residues, waste rock, spoiled leach materials, bulk
samples, and other materials (collectively the "**Materials**") resulting from Grantor's operations and activities
on the Real Property shall be the sole property of Grantor but shall remain subject to the Royalty should the Materials be processed or
reprocessed, as the case may be, in the future and result in the production and sale or other disposition of Products. Notwithstanding
the foregoing, Grantor shall have the right to dispose of Materials from the Property on or off of the Real Property and to commingle
the same (as provided herein) with materials from other properties. In the event Materials from the Property are processed or reprocessed,
as the case may be, and regardless of where such processing or reprocessing occurs, the Royalty payable thereon shall be determined on
a pro rata basis as determined by using the best engineering and technical practices then available **.** 

4.6 **Commingling**. The Grantor and BHMC shall ensure that no Bunker Hill Entity
or other Person processes other minerals through the Mine's processing plant, or commingles such other minerals with, Products mined,
produced, extracted or otherwise recovered from the Property, unless (i) the applicable Bunker Hill Entity has adopted and employs reasonable
practices and procedures for weighing, determining moisture content, sampling and assaying and determining recovery factors (a "**Commingling Plan** "), such Commingling Plan to ensure the division of other minerals and Products for the purpose of determining the quantum
of Products; (ii) Holder shall not be disadvantaged as a result of the processing of other minerals in priority to, or concurrently with,
the Products, or the Parties, acting reasonably, shall have entered into an agreement to compensate Holder for any such disadvantage providing
for a commensurate royalty or stream interest in such other minerals or another form of compensation (a "**Compensation Agreement** ");
(iii) Holder has approved the Commingling Plan and, if applicable, the Compensation Agreement, such approval not to be unreasonably withheld;
(iv) the Grantor and BHMC shall keep all books, records, data, information required by the Commingling Plan for the same period of time
as is required by the applicable taxation authorities for the retention of financial records; and (v) the Grantor and BHMC shall keep
all samples required by the Commingling Plan in accordance with Good Practice Standards. The Grantor and BHMC agree to revisit the Commingling
Plan and the Compensation Agreement if Holder determines that circumstances have changed, in order to ensure that the Commingling Plan
continues to provide for the accurate measurement of Products and the Compensation Agreement reasonably compensates Holder for any disadvantage.
For greater certainty, the foregoing does not apply to the handling of Products by a Processor in accordance with its standard operating
procedures and good industry practices.

4.7 **Sampling, Assaying, Evaluating and Testing**. Grantor shall have the right
to mine and remove small amounts of ores, minerals and mineral resources constituting Products as is reasonably necessary for sampling,
assaying, metallurgical testing and evaluation of the minerals' potential of the Property and Holder shall not be entitled to a
Royalty payment in respect of any of such Products.

4.8 **Tolling and Bulk Sample**. Grantor shall not process or toll treat Products
at any processing plant other than the Mine's processing plant except (i) during such time as the Mine's processing plant
is being commissioned, and (ii) so long as no minerals are commingled with Products mined, produced, extracted or otherwise
recovered from the Property, except in accordance with Section 4.6. The Grantor and such other tolling processor shall enter into a toll
mining contract with respect to such tolling and keep all books, records, data, information and samples, in each case, in accordance with
good mining and processing practices prevailing in the mining industry in the United States. The Royalty shall be payable on all such
toll treated Products, bulk samples and other production where Grantor receives any proceeds from any Processor or other purchaser.

4.9 **Expropriation**. In the event that the Real Property, or any interest thereof, is affected by an
expropriation or notice or advice from any Governmental Authority of an intention to expropriate or a sale in lieu of expropriation, or
any intention from any Governmental Authority to revoke, limit, suspend or refuse to renew any Mining Right, Grantor shall notify Holder
in writing within five (5) Business Days after Grantor becomes aware of any such expropriation, notice or advice from any Governmental
Authority. Unless Grantor, after having informed Holder of its intention to do so, contests forthwith upon receipt of such notice and
in order to protect its own and Holder's interests in the Real Property, Holder shall have the right (on advance notice to Grantor
and if required by Grantor, in conjunction with Grantor) to make representations before any Governmental Authority in order to protect
Holder's interest in the Real Property. In the event that a Bunker Hill Entity or any Affiliate thereof receives directly or indirectly
any payment, distribution or other valuable compensation as a consequence of or in respect of any act of expropriation relating to the
Project Assets or the Bunker Hill Entities (to the extent of their interest in the Project Assets), Grantor and BHMC shall pay, or cause
such other Bunker Hill Entity to pay, to Holder its proportionate share of such compensation (net of the reasonable fees and third party
out-of-pocket expenses incurred by such Bunker Hill Entity in connection with the claim giving rise to the expropriation compensation)
within 10 Business Days of receipt thereof.

4.10 **Abandonment**. At any time and from time to time, Grantor may elect to abandon,
relinquish, allow to be forfeited or terminate or not renew its interest (collectively, the "**Abandonment**") in all or
any part or parts of the Real Property by giving notice to Holder of such election not less than ninety (90) days prior to the proposed
date of Abandonment. The notice shall identify the portion of the Real Property which is proposed to be Abandoned. Upon expiry of such
90-day period, Grantor's obligations hereunder in respect of such Abandoned interest shall terminate and thereafter the term "Property"
will apply to those interests comprising the Property which have not been Abandoned by Grantor. In such event, if requested by Holder,
Grantor shall execute documents transferring to Holder title to any part or parts of the Property which Grantor is Abandoning for and
in consideration of the sum of One Dollar (U.S$1.00); however, such documents shall not contain representations, warranties or indemnities
from Grantor and Grantor must obtain all approvals and consents required under Applicable Law or by any third Person or Governmental Authority.

4.11 **Reacquired Interest**. In the event Grantor or any Affiliate or any successor
or assignee of it surrenders, allows to lapse or otherwise terminates its interest in any portion or all the Property and within a period
of five (5) years from the date of such surrender, lapse or other termination, reacquires a direct or indirect interest in respect of
the area covered by the former property, then the Royalty shall apply to such interest so reacquired. Grantor shall give written notice
to Holder within ten (10) days of any acquisition or reacquisition thereof.

4.12 **Insurance.** Grantor
will obtain and maintain with reputable insurance companies insurance in good standing with respect to the Project Assets and the operations
conducted on and in respect of the Project Assets against such casualties, losses and contingencies and of such types and in such amounts
as is customary for comparable projects (including insurance against Insurable Loss of Products prior to their Sale with Holder as a named
insured). Where Grantor or any other Bunker Hill Entity receives payment under an insurance policy in respect of the Project Assets as
a result of an event that does or is reasonably likely to materially reduce the amount of silver, lead or zinc produced from the Property
in any one or more years, the Grantor shall either (i) use the such amount of the insurance payment as is necessary to fully rebuild or
repair the Project Assets or any part thereof damaged as a result of the foregoing event, or (ii) pay to Holder its proportionate share
of such insurance payment (net of the reasonable fees and third party out-of-pocket expenses incurred by such Bunker Hill Entity in connection
with the claim giving rise to the insurance payment) within 10 Business Days of receipt thereof.

---

| | |
|:---|:---|
| **5** | **INDEMNIFICATION** |

---

5.1 **Responsibility for Property.** Grantor shall be responsible for all costs, fines, damages, judgments,
penalties or responsibilities (environmental and otherwise) in connection with the Real Property, its ownership and use of the Property
and the other Project Assets and for any and all work performed in and on the Real Property.

5.2 **Indemnity by Grantor and BHMC.** Each of Grantor and BHMC jointly and severally agree to indemnify
and save harmless Holder, its Affiliates and the directors, officers, employees and agents thereof from any Losses suffered or incurred
by any of them as a result of, in respect of, or arising as a consequent of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any breach or inaccuracy of any representation or warranty of Grantor or BHMC contained
in this Agreement, including the representations and warranties set out in Schedule "D";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any breach, including breach due to non-performance, by Grantor or BHMC of any
covenant or agreement to be performed by either of them contained in this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a claim brought by any third party against any of Holder, any of its Affiliates
and any director, officer, employee or agent thereof in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any failure by any Bunker Hill Entity to timely and fully perform all reclamation, restoration, waste
disposal or other environmental or closure obligations with respect to the Real Property required by law or regulation, the terms and
conditions of applicable licenses or by any Governmental Authority or otherwise to prevent liability in respect of all activities on the
Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any failure or omission by Grantor which results in a violation of or liability
under any present or future Applicable Law, Authorization and other regulatory requirement, policy or guideline in respect of all activities
on the Real Property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any claims by third parties
against Holder in respect of property damage or injury or death to persons arising out of Grantor's activities on or with respect
to the Real Property (but only to the extent that the gross negligence of any indemnified party or its authorized representatives did
not cause or contribute to such property damage or injury or death).

5.3 **Survival.** This Section 5 shall survive termination of
this Agreement.

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| | |
|:---|:---|
| **6** | **REGISTRATION; FURTHER ASSURANCES** |

---

6.1 **Real Property Interest**. The Parties intend that the Royalty will constitute
a burden on and covenant that runs with the Real Property and an interest in the Mining Rights forming part of the Real Property and the
Products (while contained in the Property) and all successions thereof or leases or tenures which may replace them, whether created privately
or through governmental action, and including any leasehold interest.

6.2 **Registration of Agreement.** The Parties agree that this Agreement or a notice
of this Agreement (and any other similar document or documents as Holder may reasonably request that will have the effect of giving notice
of the existence of the Royalty to third Persons, protecting Holders right to receive the Royalty, and securing payment of the Royalty
and the covenants and obligations of Grantor under this Agreement) will be registered and recorded against the Real Property including
the Mining Rights comprising the Property and any surface rights or other rights and interests relating thereto (the "**Royalty Registration** "), as applicable, with the appropriate public registry. The Royalty Registration shall rank in priority to any
other royalties, streams of any nature or kind or similar interests in respect of the Real Property granted to other Persons, which shall
be subordinate to the Royalty.

6.3 **Further Assurances**. Each of Grantor and BHMC covenants and agrees that it shall co-operate with
the registration of the Royalty Registration and provide any required written consent or signature to any documents, deeds, conveyances
and other instruments of further assurance which may be reasonably necessary or advisable to accomplish such registration in order to
ensure that any successor or assignee or other acquiror of the Real Property, or any interest therein, shall have public notice of the
terms of this Agreement and in order to assist Holder in its efforts to register a restriction on title of the Real Property restricting
the sale, assignment, transfer, conveyance, lease, license, charge, pledge, hypothecation or other disposition of the Real Property, in
whole or in part, without compliance with the terms of this Agreement.

6.4 **Costs and Fees**. All costs and expenses incurred by Holder associated with
the transactions contemplated herein, including costs and expenses related to the documentation or for the registration of the Royalty
Registration or any modification of the Royalty Registration that may be required from time to time, will be for the account of Grantor.

6.5 **Additional Mining Rights**. Grantor shall
promptly notify Holder in writing of (i) any additional Mining Rights in respect of the
Primary Claims, the GGS Claims or the Residual Claims or any renewal, replacements, substitutions or modifications of any such Mining
Rights, or any new or complementing Mining Rights derived from the current Mining Rights which form part of the Property (that is, such
Mining Rights pertain to the Primary Claims, the GGS Claims or the Residual Claims) or any extension, replacements, substitutions or modifications
of contractual rights included in the Property from time to time, including as a result of conversion of Mining Rights included in the
Property. <u>Grantor shall promptly notify Holder in writing of the acquisition of any Real Property that is not described in Schedule "F" or any Mining Rights that are not described in Schedule "B".</u> 

6.6 **Insolvency.** The obligations of Grantor under this Agreement will not be
discharged, prejudiced or affected by the occurrence of an Insolvency Event affecting any Bunker Hill Entity. Holder will not be required
to commence or exhaust its remedies or exercise its rights against any Bunker Hill Entity before exercising its rights or remedies against
any other Bunker Hill Entity.

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| | |
|:---|:---|
| **7** | **REPORTING, RECORDS AND AUDITS** |

---

7.1 **Reporting.** Grantor recognizes Holder needs to have a complete understanding
of the Property. Regular information to be provided by Grantor to Holder shall include, but not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sufficient documentation to determine the Royalty, including refining invoices, weights, assays and other
Offtake Sales Documents, including all documentation prepared by or sent to the Processor and, as applicable, any umpire, in connection
with every shipment of Products to a Processor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) monthly, quarterly and annual customary operational, exploration and financial
reports, to be provided within ten (10) Business Days of completion, provided that monthly reports are only to be provided if, as and
when prepared by or on behalf of an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly upon preparation thereof, reasonably detailed environmental reports, reports
on safety and community matters, operational budgets, annual production forecast, and life of mine operating plans (and notice of any
material change to the life of mine operating plan promptly following such change);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) annual reserve and resource reports prepared in accordance with NI 43-101 (as and
when prepared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) annual reports detailing reconciliation of resource model, mine grade control and
process facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any other material engineering or economic studies (as and when prepared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>on an annual basis,</u> <u>within five (5) Business Days of the end of each six month period ending June 30 and December 31 of each calendar year, a</u> list of the Mining
Rights underlying the Property or any changes from the prior <u>year's</u> list <u>delivered in accordance with this Section 7.1(g)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) copies of all material contracts, studies or reports relating to the Real Property,
the Mine or the Products that may be reasonably requested by Holder and promptly following the receipt thereof copies of any notice of
default, termination or enforcement action under any such contract or occurrence of any other material event in respect of the Real Property
or Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notice of any other material event concerning the Mine, the Project Assets, Grantor
or BHMC including any force majeure, labour or civil disruption, actual or threatened material legal action, actual or threatened withdrawal
of any material permit or third-party approval, any material human rights, community, health and safety, other social, animal welfare,
conservation, other environmental, or corporate governance controversies or initiatives or any change in law materially impacting the
Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) within 90 days of the end of each fiscal year and to the extent prepared by management,
Grantor shall deliver to Holder its unaudited, unconsolidated financial statements and to the extent prepared and delivered to any lender
or other third party, its audited unconsolidated financial statements.

To the extent any of the foregoing information is published publicly on Grantor's SEDAR<u>+</u> profile or website, such publication shall constitute provision of such information to Holder.

7.2 **Records and Audits** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Grantor agrees to keep accurate records showing the amount of recovered Products
produced by it from the Property. All Products produced from the Property shall be kept separate and distinct from minerals and/or mineral
products produced by Grantor from properties other than the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holder shall have the right, upon reasonable advance written notice to Grantor
and/or BHMC, no more than once per calendar year, to inspect and perform audits of all books, records, financial data, technical data,
information and materials relevant to the production and stockpiling of Products, the calculation and payment of the Royalty (subject
to Section 7.3(b)), and/or ensuring compliance with the obligations, covenants, conditions and agreements contained herein; provided that
such inspections shall not unreasonably interfere with Grantor's or BHMC's activities with respect to the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All books and records used by Grantor to calculate royalties due hereunder shall
be kept in accordance with US GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any such audit or inspection reveals the Royalty payments for any calendar year
are underpaid by more than five percent (5%) or there has been a material breach of any obligation, covenant, condition or agreement contained
herein, Grantor shall reimburse Holder for its costs incurred in such audit or inspection and the annual limitation on audit rights shall
be suspended until a period of two years passes without any audit discrepancy or following the remedy of any such breach, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject at all times to applicable work place rules and the supervision of
 Grantor, Holder and any Proposed Transferee of Holder shall be entitled to enter the mine workings and structures on the Real
 Property at reasonable times upon reasonable advance notice for inspection thereof, but Holder shall so enter at its own risk and
 shall indemnify and hold Grantor and its Affiliates harmless against and from any and all loss, costs, damage, liability and expense
 (including but not limited to reasonable attorneys' fees and costs) by reason of injury or loss of life to Holder, such
 Proposed Transferee or their respective agents or representatives or damage to or destruction of any property
of Holder, such Proposed Transferee or their respective agents or representatives while on the Real Property on or in such mine workings
and structures, unless such injury, loss of life, damage, or destruction is a result, in whole or in part, of the negligence of Grantor.

7.3 **Questions relating to Royalty Payments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) After receipt of each Royalty payment and Offtake Sales Documents delivered pursuant
to Section 7.1(a) with respect thereto, Holder shall have the ability to question the accuracy of such Offtake Sales Documents or the
accuracy of Grantor's calculation of such Royalty payment from the information derived from such Offtake Sales Documents by notice
to Grantor in writing. The notice will specify the items and/or amounts in question. Grantor and BHMC shall forthwith provide background
information and documentation relating to the questioned amounts and work in good faith to resolve Holder's questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holder must raise any questions relating to the accuracy of the information provided
by Processor in such Offtake Sales Documents that is not derived from information provided by Grantor, within 60 days of the delivery
of the Offtake Sales Documents prepared by the Processor and delivered pursuant to Section 7.1(a). If such questions are not resolved
within such 60 day period, then the matter will be referred to independent external experts chosen by the Parties, whose assessment will
be final and determinative of the accuracy of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Parties are unable to resolve any other questions relating to the accuracy
of such Offtake Sales Documents or the calculation of the amount of Royalty payments to be credited or paid to Holder from time to time,
then either Grantor or Holder may refer the matter to independent external experts chosen by the Parties, whose assessment will be final
and determinative of the amount of the Royalty payments to be credited or paid to Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If such auditors' assessment reveals that the amount of Royalty Payments
hereunder was lesser by more than five percent (5%) than the Royalty Payments that were actually payable, Grantor and/or BHMC shall reimburse
Holder for its reasonable costs incurred in such auditors' inspection; otherwise, the said reasonable costs shall be for the account
of Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Section 7.3 will not limit or restrict Holder's inspection or audit
rights under Section 7.2 or Holder's rights to dispute the amount of Royalty payments under Section 7.2 except with respect to the
accuracy of the information provided by Processor in Offtake Sales Documents delivered pursuant to Section 7.1(a) that is not derived
from information provided by Grantor.

7.4 **Technical Reports** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If Grantor or any of its Affiliates prepares a technical report under NI 43-101
(or similar report) in respect of the Property, upon the reasonable written request of Holder, Grantor shall use commercially reasonable
efforts to cause the author(s) of such report to provide, (i) a copy of such report to be addressed to Holder or any of its Affiliates,
(ii) the relevant certificates and consents of the author(s) required in connection with the filing of and reference to
such report to be provided to Holder or any of its Affiliates, and (iii) such other consents in connection with the use of or reliance
upon such report by Holder or any of its Affiliates from time to time in its public disclosure as may be required by Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, if Holder or any of its Affiliates is required by applicable laws to prepare
a technical report under NI 43-101 (or similar report) in respect of the Property and chooses to prepare its own technical report (or
similar report), Grantor shall cooperate with and allow Holder and its authorized representatives to access technical information required
to be reported under NI 43-101 pertaining to the Property and complete site visits at the Real Property so as to enable Holder or its
Affiliates, as the case may be, to prepare the technical report (or similar report) in accordance with NI 43-101 (or any other applicable
Canadian and/or US securities laws and/or stock exchange rules and policies governing the disclosure obligations of Holder or any of its
Affiliates).

7.5 **Mineral Resource or Mineral Reserve Estimates**. Each time Grantor establishes
a mineral resource or a mineral reserve estimate on any part of the Property or establishes a new mineral resource or a new mineral reserve
estimate which is a material change to the prior mineral resource or mineral reserve estimate, Grantor shall provide Holder with such
estimate as soon as practicable.

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| | |
|:---|:---|
| **8** | **REPRESENTATIONS AND WARRANTIES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Grantor
and BHMC, each acknowledging that Holder is entering into this Agreement in reliance thereon, hereby makes, on and as of the date of this
Agreement <u>and on the First Amendment Date</u>, except as otherwise specified in Schedule D, the representations
and warranties to Holder set forth in Schedule D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holder, acknowledging that Grantor and BHMC are entering into this Agreement in
reliance thereon, hereby makes, on and as of the date of this Agreement, except as otherwise specified in Schedule E, the representations
and warranties to Grantor and BHMC set forth in Schedule E.

---

| | |
|:---|:---|
| **9** | **CONFIDENTIALITY** |

---

9.1 **Confidential Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party (a "**Receiving Party**") agrees that it shall maintain
as confidential, and shall not disclose, and shall cause its employees, officers, directors, advisors, agents and representatives to maintain
as confidential and not to disclose, the terms contained in this Agreement and all information (whether written, oral or in electronic
format) received from the Party disclosing such information (the "**Disclosing Party**") or reviewed by it as a result
of or in connection with this Agreement (collectively, the "**Confidential Information** "), provided that a Receiving Party
may disclose Confidential Information in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to its limited partners, investors, auditor, legal counsel, lenders, underwriters,
investment bankers and technical consultants, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to Persons with which it is considering or intends to enter into a transaction
which would be permitted under Section 10 without the consent of the Disclosing Party under this Agreement (such Persons referred to in
this clause (ii), the "**Proposed Transferees**") for which such Confidential Information would reasonably be relevant
(and to advisors and representatives of any such Person), provided that such disclosure is
made on a need to know basis and that such Persons are advised of the confidential nature of the Confidential Information, undertake (in
the case of Proposed Transferees, such undertaking to be in writing in favour of the Disclosing Party and consistent with the provisions
of this Section 9.1) to maintain the confidentiality of it and are strictly limited in their use of the Confidential Information to those
purposes necessary for such Persons to perform the services for which they were, or are proposed to be, retained by the Receiving Party
or to consider or effect the applicable transaction, or to monitor their investments in the case of limited partners or investors, as
applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) except in the case of Sections 9.1(c) and 9.2, where disclosure is necessary to
comply with Applicable Laws, court order or regulatory request, provided that (x) such disclosure is limited to only that Confidential
Information so required to be disclosed, and (y) the party required to disclose such Confidential Information shall promptly notify the
other party in writing to permit the other party, at its own expense, to have an opportunity to contest or seek to obtain an injunction
or protective order or other remedy restricting the disclosure of such Confidential Information and, where applicable, that the party
requiring to disclose such Confidential Information has taken commercially reasonable efforts to avail itself of the full benefits of
any laws, rules, regulations or contractual rights as to disclosure on a confidential basis to which it may be entitled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for the purposes of the preparation and conduct of any arbitration or court proceeding
commenced under Section 11 or any determination hereunder presided over by an independent external expert referred to in Section 7.3(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) where disclosure is required under Applicable Laws in connection with any initial
public offering or subsequent public offering of securities of any Bunker Hill Entity or of Holder or any Affiliate thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) where such information is already available to the public other than by a breach
of the confidentiality terms of this Agreement or is known by the Receiving Party prior to the entry into of this Agreement or obtained
independently of this Agreement and the disclosure of such information would not breach any other confidentiality obligations to which
the Receiving Party is subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) disclosure of information in accordance with Section 9.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) with the express written consent of the Disclosing Party, such approval not to
be unreasonably withheld, conditioned or delayed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to its Affiliates and those of its and its Affiliates' directors, officers, employees, advisors
and representatives who need to have knowledge of the Confidential Information and each such Person to whom the Confidential Information
is disclosed is directed to comply with these terms of confidentiality (or is bound by professional obligations to maintain confidentiality).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party shall ensure that its Affiliates who receive Confidential Information
pursuant to this Agreement and its and such Affiliates' employees, directors, officers, advisors and representatives and those Persons
listed in Section 9.1(a)(i) are made aware of this Section 9.1 and comply with the provisions of this Section 9.1. Each Receiving Party
shall be liable to the Disclosing Party for any improper use or disclosure of such terms or information by such Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If in compliance with Applicable Laws or any Royalty Registration
a Party is required to file this Agreement publicly, including on SEDAR <u>+</u> or the applicable land registry, such Party shall notify
the other Party of such requirement at least two Business Days prior to such filing, and the Parties shall consult with each other with
respect to any proposed redactions to this Agreement in compliance with Applicable Laws before it is so filed. No Party shall publicly
file this Agreement, including on SEDAR+ or any applicable land registry, without reasonable prior consultation with the other Party,
provided that such reasonable prior consultation shall not prohibit a Party from publicly filing this Agreement, including on SEDAR <u>+</u> or applicable land registry, redacted only to the extent such Party considers it permitted pursuant to Applicable Laws.

9.2 **Press Release** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties shall jointly plan and co-ordinate, and shall cause their respective
Affiliates to jointly plan and coordinate, any public notices, press releases, and any other publicity concerning the entering into of
this Agreement. None of the Parties or their Affiliates shall issue any such press release or make any public disclosure concerning the
Mine, in the case of Holder, or this Agreement, in the case of the Bunker Hill Entities, before receiving the prior consent of the other
Parties. Nothing in this Section 9.2 prohibits any Party or its Affiliates from making such public disclosure that is, in such Party's
reasonable judgment, required to meet timely disclosure obligations of any such Party or its Affiliates under Applicable Law and such
disclosing Party has first used its commercially reasonable efforts to consult with the other Party with respect to the timing and content
thereof. To the extent reasonably practicable, a copy of such disclosure shall be provided to the other Party at such time as it is made
publicly available. The foregoing provisions of this Section 9.2(a) do not apply to the public disclosure referred to in Section 9.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holder and its Affiliates
may reproduce in their public disclosure the reserve and resource disclosure relating to the Mine that has already been publicly released
by the Bunker Hill Entities. The Bunker Hill Entities shall provide to Holder periodically upon request and Holder and its Affiliates
shall be entitled to include in their public disclosure (i) information about the Mine of the type disclosed by Holder's Affiliates
in respect of other similar royalty or stream interests, including mineral reserves and mineral resources, and (ii) information regarding
Royalty payments to be made. In addition, Holder's Affiliates shall be entitled to include in their public disclosure information
relating to Royalty payments made and the calculation thereof, but, for greater certainty, shall not be entitled to disclose details of
Offtake Agreements and Processors.

9.3 **Parties.** For the purposes of this Section 9, the Bunker Hill Entities are
one Party and Holder is a second Party.

---

| | |
|:---|:---|
| **10** | **SUCCESSORS AND ASSIGNS** |

---

10.1 **Binding Effect**. This Agreement shall enure to the benefit of and shall be
binding on and enforceable by the Parties hereto and, where the context so permits, their respective successors and permitted assigns.

10.2 **Assignment of Royalty**. Holder may Transfer, pledge, hypothecate or otherwise
convey this Agreement or all or any of its rights in the Royalty without any prior consent, provided such transferee or counterparty to
such transaction agrees to be bound by the terms hereof and by all of the liabilities and obligations of Holder hereunder in the same
manner and to the same extent as though such transferee was an original party hereto in the first instance, and upon delivery to BHMC
and Grantor of such agreement to be bound, Holder shall be released from its obligations under this Agreement.

10.3 **Assignment of Property**. Neither BHMC, Grantor nor any of the other BHMC
Subsidiaries may Transfer any of its interest in and to the Real Property in any manner whatsoever, nor assign, transfer or otherwise
convey any of its interest in and to this Agreement, without Holder's prior written consent, not to be unreasonably withheld, and
in each case complying with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it shall be a condition of such Transfer that BHMC, Grantor and/or the other BHMC
Subsidiaries, as applicable, Transfer all (but not less than all) of its interest in the Real Property and this Agreement and the transferee
or other counterparty to such transaction (the "**Property Transferee**") (A) first execute and deliver to Holder an instrument
in writing pursuant to which such Property Transferee (i) agrees to be bound by the terms of this Agreement and by all of the liabilities
and obligations of the transferor hereunder in the same manner and to the same extent as though the Property Transferee was an original
party hereto in the first instance, without in any way derogating from clause (b) below, and (ii) consents and agrees to the continuation
or reregistration of any restrictions registered pursuant to Section 6.2, and (B) ensure that all of its shareholders and each of their
Ultimate Parent Company agree to be jointly and severally liable for the Property Transferee's obligations under this Agreement
in form and substance acceptable to Holder, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any such Transfer shall not relieve or discharge Grantor from any of its liabilities
or obligations hereunder existing up to and including the date of such Transfer, and Holder may continue to look to Grantor for the performance
thereof, it being understood that for any obligations or liabilities arising as of the date of the execution of the agreements provided
for in Section 10.3(a), Grantor will have no further obligations or liabilities for the payment of the Royalty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Transfer which does not comply with the terms of this Agreement shall be null
and void and of no force or effect.

10.4 **Subsidiary Disposition**. BHMC may not, directly or indirectly, Transfer any
interest in the shares in the capital of Grantor in any manner whatsoever (each such transaction, a "**Subsidiary Disposition** "),
without Holder's prior written consent, not to be unreasonably withheld, and in each case complying with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it shall be a condition of such Subsidiary Disposition that the transferee or other
counterparty to such transaction (in each case, the "**Subsidiary Transferee**") ensure that each of the Subsidiary Transferees
and each of their Ultimate Parent Company agree to be jointly and severally liable for the Property Transferee's obligations under
this Agreement in form and substance acceptable to Holder, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Subsidiary Disposition which does not comply with the terms of this Agreement
shall be null and void and of no force or effect.

10.5 **Exceptions.** Nothing in Section 10.3 restricts in any manner an amalgamation,
merger or other form of corporate reorganization which is a *bona fide* business transaction that has the effect in law of the amalgamated
or surviving corporation possessing, directly or indirectly, substantially all the property, rights and interests and being subject to
substantially all the debts, liabilities and obligations of the transferring party.

---

| | |
|:---|:---|
| **11** | **COOPERATION AND DISPUTE RESOLUTION** |

---

11.1 **Consultation and Negotiation.** Subject to Section 11.3,
any dispute, claim, question, controversy or disagreement arising out of or relating to this Agreement or the breach, termination or
validity hereof (each a "**Dispute**") which has not been resolved by the Parties within the time frames specified herein
(or where no time frames are specified, within 30 days of the delivery of written notice by either Party of such Dispute) shall be referred
to the chief executive officer, general counsel or other individual of similar seniority and authority of each applicable Party for prompt
resolution. For the purposes of this Section the Bunker Hill Entities are one Party and Holder is a second Party.

11.2 **Dispute Resolution.** Subject to Section 11.3, any such Dispute, which cannot
be resolved by such individuals within 30 days after it has been so referred to them hereunder, including the determination of the scope
or applicability of this Agreement to arbitrate, shall be settled by binding arbitration administered by the International Center for
Dispute Resolution, and any Party may so refer such dispute, controversy or claim to binding arbitration. Such referral to binding arbitration
shall be to one qualified arbitrator in accordance with the Arbitration Rules, which Arbitration Rules shall govern such arbitration proceeding.
The place of arbitration shall be Toronto, Ontario, and the language of arbitration shall be English. The determination of such arbitrator
shall be final and binding upon the Parties and the costs of such arbitration shall be as determined by the arbitrator. Judgment on the
award may be entered in any court having jurisdiction. The Parties covenant and agree that they
shall conduct all aspects of such arbitration having regard at all times to expediting the final resolution of such arbitration. This
Section 11 shall not preclude the Parties from seeking provisional remedies in aid of arbitration from a court of competent jurisdiction.

11.3 **Exceptions.** The provisions of this Agreement providing for the resolution of Disputes shall not
operate to prevent recourse to any court by Holder with respect to injunctions, receiving orders and orders regarding the detention, preservation
and inspection of property, including, of the Real Property or any part(s) thereof, or whenever enforcement of an arbitration award reasonably
requires access to any remedy which an arbitrator has no power to award or enforce. Each Bunker Hill Entity expressly attorns to such
proceedings and waives any objections on the basis of jurisdiction, including *forum non conveniens*.

---

| | |
|:---|:---|
| **12** | **GENERAL** |

---

12.1 **Interpretation** 

Unless the context otherwise requires, in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The headings to the Sections, subsections or clauses of this Agreement are inserted
for convenience only and are not intended to affect the construction or interpretation hereof. The terms "this Agreement",
"hereof", "hereunder" and similar expressions refer to this Agreement and not to any particular Section or other
portion hereof and include any agreement or instrument supplemental or ancillary hereto. Unless otherwise specified, any reference herein
to a Section or Schedule refer to the specified Section of or Schedule to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Words importing the singular number only shall include the plural and vice versa
and words importing the masculine gender shall include the feminine and neuter genders and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The words "include", "includes" and "including"
mean "include", "includes" or "including", in each case, "without limitation".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A reference to an agreement or document (including a reference to this Agreement)
is to the agreement or document as amended, varied, supplemented, novated or replaced except to the extent prohibited by this Agreement
or that other agreement or document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A reference to writing includes a facsimile or electronic mail transmission and any means of reproducing
words in a tangible and permanently visible form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise specified, time periods within or following which any payment
is to be made or act is to be done shall be calculated by excluding the day on which the period commences and including the day on which
the period ends and by extending the period to the next Business Day following if the last day of the period is not a Business Day. If
any payment is required to be made or other action is required to be taken pursuant to this Agreement on a day which is not a Business
Day, then such payment or action shall be made or taken on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If
any provision of this Agreement is or becomes illegal, invalid or unenforceable, in whole or in part, the remaining provisions will nevertheless
be and remain valid and subsisting and the said remaining provisions will be construed as if this Agreement had been executed without
the illegal, invalid or unenforceable portion.

12.2 **Currency** 

All dollar amounts expressed herein, unless otherwise specified, refer to lawful currency of the United States of America.

12.3 **Entire Agreement** 

This Agreement including the Schedules together with the agreements and documents to be delivered pursuant hereto are the full expression of the Parties' intentions and rights and the entire agreement between them and supersede, all prior agreements, understandings, negotiations and discussions whether oral or written of the Parties. No amendment, waiver or termination of this Agreement shall be binding unless executed in writing by the Party to be bound thereby. No waiver of any other provisions of this Agreement shall be deemed to or shall constitute a waiver of any other provisions nor shall such waiver constitute a continuing waiver unless otherwise expressly provided.

12.4 **Further Assurances** 

The Parties will promptly execute or cause to be executed all documents, deeds, conveyances and other instruments of further assurance which may be reasonably necessary or advisable to carry out fully the intent of this Agreement.

12.5 **Manner of Payment** 

All cash payments to be made to any Party may be made by wire transfer to a bank account the details of which are provided by the receiving Party to the sending party or by certified cheque or draft delivered to such Party at its address for notice purposes as provided herein.

12.6 **Governing Law** 

This Agreement will be governed by and interpreted in accordance with the laws of the State of Idaho.

12.7 **Time of the Essence** 

Time is of the essence in the performance of each obligation under this Agreement.

12.8 **Counterparts** 

This Agreement may be executed in any number of counterparts and all such counterparts, taken together, will be deemed to constitute one and the same instrument. In addition, execution of this Agreement by either of the Parties may be evidenced by way of email transmission of such Party's signature (which signature may be by separate counterpart) or a photocopy of such email transmission, and such emailed signature, or photocopy of such emailed signature, shall be deemed to constitute the original signature of such Party to this Agreement.

12.9 **Notice** 

All notices and other communications under this Agreement will be in writing and may be delivered personally or transmitted by email as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To Holder:

**[Contact information redacted]**

Attention: **[Redacted]**

Email: **[Redacted]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the BHMC and Grantor:

Bunker Hill Mining Corp.

300-1055 West Hastings Street

Vancouver, British Columbia

V6E 2E9

Canada

Attention: **[Redacted]**

Email: **[Redacted]**

Silver Valley Metals Corp.

1 Mine Road

Kellogg, Idaho 83837

Attention: **[Redacted]**

Email: **[Redacted]**

or to such addresses as each Party may from time to time specify by notice. Any notice will be deemed to have been given and received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if personally delivered, then on the day of personal service to the recipient Party,
provided that if such date is a day other than a Business Day such notice will be deemed to have been given and received on the first
Business Day following the date of personal service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if sent by email transmission and successfully transmitted prior to 5:00 pm on
a Business Day (recipient Party time), then on that Business Day, and if transmitted after 5:00 pm on the first Business Day immediately
following the date of transmission.

12.10 (iii) **No Joint Venture, Mining Partnership, Commercial Partnership**.

This Agreement shall not be construed to create, expressly or by implication, a joint venture, mining partnership, commercial partnership, or other partnership relationship between the Parties.

 **

***[Remainder of page left intentionally blank.]***

 **

**IN WITNESS WHEREOF** this Agreement has been executed as of the date first above given.

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource** |
| **Streaming & Royalty Corp.]** |
| By: |
| Name: |
| Title: |

---

STATE OF CONNECTICUT) ) ss. <br> County of)

This record was acknowledged before me on December ___, 2024 by [●] as Manager (type of authority) of **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** on behalf of the partnership.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

    <br> NOTARY PUBLIC FOR CONNECTICUT

Residing at  

My Commission Expires  

---

| |
|:---|
| **SILVER VALLEY METALS CORP.** |
| By: |
| Name: |
| Title: |
| **BUNKER HILL MINING** |
| **CORP.** |
| By: |
| Name: |
| Title: |

---

STATE OF IDAHO) ) ss. <br> County of)

This record was acknowledged before me on______________ by_____________________ as _____________________ (type of authority) of SILVER VALLEY METALS CORP. on behalf of the corporation.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

---

| |
|:---|
| NOTARY PUBLIC FOR IDAHO |
| Residing at ____________ |
| My Commission Expires ___________ |

---

STATE OF IDAHO) ) ss. <br> County of)

This record was acknowledged before me on______________ by____________________ as ______________________ (type of authority) of BUNKER HILL MINING CORP. on behalf of the corporation.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

---

| |
|:---|
| NOTARY PUBLIC FOR IDAHO |
| Residing at ____________ |
| My Commission Expires ___________ |

---

**SCHEDULE A**

**MAPS OF PROPERTY**

![](ex10-39_001.jpg)

![](ex10-39_002.jpg)

**SCHEDULE B**

**DESCRIPTION OF MINING RIGHTS**

**Primary Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Ace | 2583 | 12 | 48 North | 2 East |
| African | 2624 | 13 | 48 North | 2 East |
| Alla | 1228 | 13 | 48 North | 2 East |
| Allie | 1229 | 13 | 48 North | 2 East |
| Apex | 3361 | 2 | 47 North | 2 East |
| Arizona | 1488 | 12 | 48 North | 2 East |
| Band | 2507 | 2 | 48 North | 2 East |
| Bear | 2081 | 13 | 48 North | 2 East |
| Bee | 2072 | 12 | 48 North | 2 East |
| Berniece | 1620 | 14 | 48 North | 2 East |
| Beta | 3471 | 13 | 48 North | 2 East |
| Blue Bird | 3361 | 2 | 47 North | 2 East |
| Boer | 2599 | 12 | 48 North | 2 East |
| Bonanza Fraction | 1228 | 13 | 48 North | 2 East |
| Bought Again | 1229 | 13 | 48 North | 2 East |
| Brady | 2584 | 12 | 48 North | 2 East |
| Buckeye | 2250 | 13 | 48 North | 2 East |
| Butte | 3361 | 2 | 47 North | 2 East |
| Butternut | 1916 | 13 | 48 North | 2 East |
| Cariboo | 1220 | 11 | 48 North | 2 East |
| Carter | 1466 | 14 | 48 North | 2 East |
| Chain | 2078 | 12 | 48 North | 2 East |
| Cheyenne | 2249 | 12 | 48 North | 2 East |
| Chief No. 2 | 2862 | 11 | 48 North | 2 East |
| Club | 2583 | 12 | 48 North | 2 East |
| Combination | 2072 | 12 | 48 North | 2 East |
| Confidence | 2328 | 12 | 48 North | 2 East |
| Coxey | 1466 | 14 | 48 North | 2 East |
| Cypress | 2429 | 12 | 48 North | 2 East |
| Deadwood | 1466 | 11 | 48 North | 2 East |
| Debs | 1466 | 11 | 48 North | 2 East |
| Dewey | 2081 | 13 | 48 North | 2 East |
| Diamond | 2583 | 12 | 48 North | 2 East |
| Drew | 2587 | 13 | 48 North | 2 East |
| East | 1228 | 13 | 48 North | 2 East |
| Emily Grace | 2587 | 13 | 48 North | 2 East |
| Emma | 550 | 12 | 48 North | 2 East |
| Ethel | 2966 | 11 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Evans | 2611 | 12 | 48 North | 2 East |
| Excelsior | 1356 | 11 | 48 North | 2 East |
| F | 2587 | 24 | 48 North | 2 East |
| Flagstaff | 2328 | 12 | 48 North | 2 East |
| Flagstaff No. 2 | 2921 | 12 | 48 North | 2 East |
| Flagstaff No. 4 | 2921 | 12 | 48 North | 2 East |
| Foster | 2587 | 13 | 48 North | 2 East |
| Good Luck | 1220 | 11 | 48 North | 2 East |
| Goth | 3214 | 2 | 48 North | 2 East |
| Grant | 2599<u>2369</u> | <u>11,</u> 12 | 48 North | 2 East |
| Grant | 2599 | 12 | 48 North | 2 East |
| Gun | 2611 | 18 | 48 North | 3 East |
| Gus | 2624 | 13 | 48 North | 2 East |
| Hamilton | 1466 | 14 | 48 North | 2 East |
| Hamilton Fraction | 1619 | 11 | 48 North | 2 East |
| Hard Cash | 1466 | 11 | 48 North | 2 East |
| Harrison | 1664 | 11 | 48 North | 2 East |
| Hawk | 2072 | 12 | 48 North | 2 East |
| Heart | 2511 | 12 | 48 North | 2 East |
| Helen Marr | 2452 | 12 | 48 North | 2 East |
| Hemlock | 2452 | 13 | 48 North | 2 East |
| Hickory | 2432 | 13 | 48 North | 2 East |
| Homestake | 1916 | 13 | 48 North | 2 East |
| Hornet | 1325 | 12 | 48 North | 2 East |
| Idaho | 2072 | 12 | 48 North | 2 East |
| Iowa | 2072 | 12 | 48 North | 2 East |
| Ironhill | 1228 | 13 | 48 North | 2 East |
| Ito | 2081 | 13 | 48 North | 2 East |
| Jack | 2511 | 12 | 48 North | 2 East |
| Jersey Fraction | 1220 | 12 | 48 North | 2 East |
| Josie | 1229 | 13 | 48 North | 2 East |
| K-24 | 2080 | 14 | 48 North | 2 East |
| K-4 | 2080 | 14 | 48 North | 2 East |
| K-40 | 2587 | 24 | 48 North | 2 East |
| Katherine | 2966 | 11 | 48 North | 2 East |
| Key | 2511 | 12 | 48 North | 2 East |
| King | 1325 | 12 | 48 North | 2 East |
| Kirby Fraction | 2654 | 12 | 48 North | 2 East |
| Lackawana | 614 | 13 | 48 North | 2 East |
| Lacrosse | 1228 | 13 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Last Chance | 551 | 12 | 48 North | 2 East |
| Likely | 1298 | 12 | 48 North | 2 East |
| Lilly May | 2587 | 12 | 48 North | 2 East |
| Lincoln | 2187 | 12 | 48 North | 2 East |
| Lucia | 3390 | 14 | 48 North | 2 East |
| Lucky Chance | 1349 | 18 | 48 North | 3 East |
| Maine | 2626 | 11 | 48 North | 2 East |
| Manchester | 2966 | 11 | 48 North | 2 East |
| Maple | 1229 | 13 | 48 North | 2 East |
| Marblehead | 3390 | 10 | 48 North | 2 East |
| Margaret | 3390 | 14 | 48 North | 2 East |
| Mashonaland | 1227 | 13 | 48 North | 2 East |
| Mattabelaland<u>Matabelaland</u> | 1227 | 13 | 48 North | 2 East |
| McClellan | 2654 | 12 | 48 North | 2 East |
| McClelland | 1681 | 11 | 48 North | 2 East |
| Miles | 2654 | 12 | 48 North | 2 East |
| Miners Delight | 1228 | 13 | 48 North | 2 East |
| Missouri | 2080 | 14 | 48 North | 2 East |
| Mountain King | 1620 | 14 | 48 North | 2 East |
| Mountain Queen | 1620 | 14 | 48 North | 2 East |
| Nancy B. | 3390 | 11 | 48 North | 2 East |
| Nellie | 2583 | 11 | 48 North | 2 East |
| Nevada | 1466 | 14 | 48 North | 2 East |
| New Era | 1527 | 12 | 48 North | 2 East |
| 96 | 1715 | 11 | 48 North | 2 East |
| No. 1 | 2587<u>1357</u> | 24<u>11</u> | 48 North | 2 East |
| No. 2 | 2587<u>1357</u> | 24<u>11</u> | 48 North | 2 East |
| No. 3 | 1357 | 11 | 48 North | 2 East |
| No. 4 | 1357 | 11 | 48 North | 2 East |
| No Name | 1228 | 13 | 48 North | 2 East |
| Norman | 2368 | 11 | 48 North | 2 East |
| Oakland | 569 | 11 | 48 North | 2 East |
| Offset | 1229 | 13 | 48 North | 2 East |
| Ollie McMillin | 1228 | 13 | 48 North | 2 East |
| Ontario Fraction | 755 | 11 | 48 North | 2 East |
| Oregon | 2274 | 15 | 48 North | 3 East |
| Overlap | 2052 | 12 | 48 North | 2 East |
| Oyama | 2081 | 13 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Olympia | 3390 | 10 | 48 North | 2 East |
| Packard | 1413 | 2 | 48 North | 2 East |
| Phil | 3390 | 14 | 48 North | 2 East |
| Phillippine | 1663 | 2 | 48 North | 2 East |
| Pitt | 2654 | 12 | 48 North | 2 East |
| Princess | 1633 | 11 | 48 North | 2 East |
| Quaker | 1414 | 2 | 48 North | 2 East |
| Queen | 2511 | 12 | 48 North | 2 East |
| Rambler | 1041 | 11 | 48 North | 2 East |
| Republican Fraction | 959 | 12 | 48 North | 2 East |
| Roman | 2583 | 11 | 48 North | 2 East |
| Rookery | 1229 | 13 | 48 North | 2 East |
| Roy | 2624 | 13 | 48 North | 2 East |
| Royal Knight | 1639 | 11 | 48 North | 2 East |
| S-11 | 2081 | 13 | 48 North | 2 East |
| S-12 | 2081 | 13 | 48 North | 2 East |
| S-13 | 2081 | 13 | 48 North | 2 East |
| Sampson | 1328 | 13<u>12</u> | 48 North | 2 East |
| Sampson | 2081 | 13 | 48 North | 2 East |
| San Carlos | 750 | 12 | 48 North | 2 East |
| Sarnia | 2081 | 13 | 48 North | 2 East |
| Scelinda No. 1 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 2 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 3 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 4 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 5 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 7 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 8 | 2921 | 1 | 48 North | 2 East |
| Schofield | 1228 | 13 | 48 North | 2 East |
| Skookum | 615 | 12 | 48 North | 2 East |
| Scorpion Fraction | 2072 | 12 | 48 North | 2 East |
| Sierra Nevada | 554 | 12 | 48 North | 2 East |
| Silver | 2587 | 13 | 48 North | 2 East |
| Silver King | 1639 | 11 | 48 North | 2 East |
| Sims | 2186 | 12 | 48 North | 2 East |
| Sold Again Fraction | 933 | 12 | 48 North | 2 East |
| Southern Beauty | 1620 | 14 | 48 North | 2 East |
| Spade | 2583 | 12 | 48 North | 2 East |
| Spokane | 2509 | 12 | 48 North | 2 East |
| Spruce Fraction | 2432 | 13 | 48 North | 2 East |
| Stemwinder | 1830 | 12 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Stopping | 1227 | 13 | 48 North | 2 East |
| Stuart No. 2 | 2966 | 11 | 48 North | 2 East |
| Stuart No. 3 | 2966 | 11 | 48 North | 2 East |
| Sugar | 2862 | 11 | 48 North | 2 East |
| Sullivan | 2966 | 11 | 48 North | 2 East |
| Summit | 1228 | 13 | 48 North | 2 East |
| Susie | 1229 | 13 | 48 North | 2 East |
| Taft | 2611 | 18 | 48 North | 3 East |
| Teddy | 2511 | 12 | 48 North | 2 East |
| Timothy Fraction | 2274 | 18 | 48 North | 3 East |
| Tip Top | 1041 | 11 | 48 North | 2 East |
| Trump | 2624 | 13 | 48 North | 2 East |
| Tyler | 546 | 12 | 48 North | 2 East |
| Utah | 1882 | 12 | 48 North | 2 East |
| Viola | 562 | 12 | 48 North | 2 East |
| Washington | 2072 | 12 | 48 North | 2 East |
| Waverly | 1620 | 14 | 48 North | 2 East |
| Wheelbarrow | 1526 | 12 | 48 North | 2 East |
| William Lambert Fraction | 1945 | 2 | 48 North | 2 East |
| Yale | 2611 | 13 | 48 North | 2 East |
| Zululand | 1227 | 13 | 48 North | 2 East |

---

This Primary Claims set contains all resource material included in the 2021 PEA Mineral Resource Estimate, as well as those areas listed in the historic 1991 reserves. Due to the inconsistent orientation and nature of the mineralization underlying the above parcels, the Primary Royalty rate will be applied to all extracted and processed mineralized material lying under and within Primary Claims' area, up to 90 degrees nadir along the Primary Claims' boundaries.

In order to accommodate the down-dip potential on structures included within the 2021 PEA Mineral Resource Estimate and historic 1991 historic reserves report, all material processed interstitial to existing development, along strike but within the Primary Claims' boundary restrictions listed in the above paragraph, and continuously down-dip to the termination of the structure, the following zones will constitute Primary Claims and be assigned a 1.85% royalty rate: Shea, Tallon, Ike/Truman, Emery, J, Mac, Francis/FW Francis. These names are taken to be the names used during past production and denote discrete mineralized structures.. This rule is added to the overlying royalty rate's material restrictions to reflect a more typical "Apex Law" situation for tabular mineralized zones and applies only to those structures listed above. Splays and associated structures that connect geologically to those listed above will receive the Primary Royalty rate of the main structure.

**GGS Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Adath | 2976 | 22 | 48 North | 2 East |
| Alykris | 2976 | 22 | 48 North | 2 East |
| Anna Laura | 2976 | 22 | 48 North | 2 East |
| Atlas | 2976 | 22 | 48 North | 2 East |
| Atlas No. 1 | 2976 | 22 | 48 North | 2 East |
| B | 2587 | 24 | 48 North | 2 East |
| Battleship Oregon | 3390 | 14 | 48 North | 2 East |
| Black | 2081 | 13 | 48 North | 2 East |
| Brown | 2081 | 13 | 48 North | 2 East |
| Charly T. | 3390 | 14 | 48 North | 2 East |
| E | 2587 | 24 | 48 North | 2 East |
| Edna | 2587 | 13 | 48 North | 2 East |
| 85 | 2077 | 15 | 48 North | 2 East |
| Fraction | 2976 | 22 | 48 North | 2 East |
| Gay | 2976 | 22 | 48 North | 2 East |
| Hoover No. 1 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 2 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 3 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 4 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 5 | 2975 | 13 | 48 North | 2 East |
| Iowa No. 2 | 2077 | 15 | 48 North | 2 East |
| K-1 | 2080 | 14 | 48 North | 2 East |
| K-10 | 2077 | 15 | 48 North | 2 East |
| K-11 | 2077 | 15 | 48 North | 2 East |
| K-12 | 2077 | 15 | 48 North | 2 East |
| K-13 | 2077 | 15 | 48 North | 2 East |
| K-14 | 2080 | 14 | 48 North | 2 East |
| K-15 | 2080 | 14 | 48 North | 2 East |
| K-16 | 2077 | 14 | 48 North | 2 East |
| K-17 | 2077 | 15 | 48 North | 2 East |
| K-2 | 2080 | 14 | 48 North | 2 East |
| K-25 | 2080 | 14 | 48 North | 2 East |
| K-26 | 2080 | 14 | 48 North | 2 East |
| K-27 | 2080 | 14 | 48 North | 2 East |
| K-28 | 2077 | 15 | 48 North | 2 East |
| K-3 | 2080 | 14 | 48 North | 2 East |
| K-30 | 2077 | 14 | 48 North | 2 East |
| K-31 | 2077 | 14 | 48 North | 2 East |
| K-32 | 2077 | 22 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| K-33 | 2080 | 23 | 48 North | 2 East |
| K-34 | 2080 | 23 | 48 North | 2 East |
| K-35 | 2080 | 23 | 48 North | 2 East |
| K-36 | 2080 | 23 | 48 North | 2 East |
| K-37 | 2080 | 23 | 48 North | 2 East |
| K-38 | 2080 | 23 | 48 North | 2 East |
| K-5 | 2080 | 14 | 48 North | 2 East |
| K-7 | 2080 | 14 | 48 North | 2 East |
| K-8 | 2080 | 14 | 48 North | 2 East |
| K-9 | 2080 | 14 | 48 North | 2 East |
| Kansas | 2080 | 14 | 48 North | 2 East |
| Lilly May | <u>2587</u><u>1220</u> | 12 | 48 North | 2 East |
| Little Ore Grande | 2977 | 23 | 48 North | 2 East |
| Mabundaland | 1227 | 13 | 48 North | 2 East |
| Medium | 2587 | 13 | 48 North | 2 East |
| Missouri No. 2 | 2077 | 15 | 48 North | 2 East |
| 91 | 2077 | 15 | 48 North | 2 East |
| 92 | 2077 | 15 | 48 North | 2 East |
| No. 1 | 2587 | 24 | 48 North | 2 East |
| No. 2 | 2587 | 24 | 48 North | 2 East |
| North Midland | 3108 | 24 | 48 North | 2 East |
| Orbit | 3097 | 23 | 48 North | 2 East |
| Ore Grande No. 1 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 2 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 3 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 4 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 5 | 2977 | 23 | 48 North | 2 East |
| Ore Shoot | 3097 | 23 | 48 North | 2 East |
| Oreano | 3097 | 23 | 48 North | 2 East |
| Orient | 3097 | 23 | 48 North | 2 East |
| Oriental Orphan | 3097 | 23 | 48 North | 2 East |
| Orpheum | 3097 | 23 | 48 North | 2 East |
| Panorama | 2976 | 23 | 48 North | 2 East |
| Penfield | 2587 | 13 | 48 North | 2 East |
| Red Deer | 2976 | 22 | 48 North | 2 East |
| S-10 | 2081 | 13 | 48 North | 2 East |
| Setzer | 2976 | 22 | 48 North | 2 East |
| Texas | 2080 | 14 | 48 North | 2 East |

---

The GGS Royalty rate will apply to all GGS Claims either partly or wholly-covered by the ground geophysical survey announced on June 16, 2021

**Residual Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| A | 2587 | 24 | 48 North | 2 East |
| Alfred | 1628 | 2 | 48 North | 2 East |
| Anaconda | 3361 | 2 | 47 North | 2 East |
| Apex No. 2 | 3361 | 1 | 47 North | 2 East |
| Apex No. 3 | 3361 | 1 | 47 North | 2 East |
| Army | 3096 | 22 | 48 North | 2 East |
| Asset | 2611 | 12 | 48 North | 2 East |
| Baby (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Black Diamond | 3423 | 10 | 48 North | 3 East |
| Blue Grouse | 3361 | 2 | 47 North | 2 East |
| Bob White | 3361 | 2 | 47 North | 2 East |
| Bonanza King Millsite | 2868 | 8 | 48 North | 3 East |
| Brooklyn | 2201 | 10 | 48 North | 2 East |
| Butte Fraction | 3361 | 2 | 47 North | 2 East |
| C | 2587 | 24 | 48 North | 2 East |
| Carbonate | 3423 | 3 | 48 North | 3 East |
| Castle | 3503 | 17 | 48 North | 2 East |
| Childs | 2611 | 12 | 48 North | 2 East |
| Comstock | 1345 | 18 | 48 North | 3 East |
| Cougar | 3361 | 2 | 47 North | 2 East |
| D | 2587 | 24 | 48 North | 2 East |
| Daisy | 1345 | 18 | 48 North | 3 East |
| Dandy | 1345 | 18 | 48 North | 3 East |
| Danish | 1503 | 2 | 48 North | 2 East |
| East Midland | 3108 | 19 | 48 North | 3 East |
| Eli | 2611 | 18 | 48 North | 3 East |
| Enterprise | 3423 | 3 | 48 North | 3 East |
| Enterprise Extension | 3423 | 10 | 48 North | 3 East |
| Evening Star | 2274 | 15 | 48 North | 3 East |
| Evening Star Fraction | 2274 | 15 | 48 North | 3 East |
| Fairview | 621 | 18 | 48 North | 3 East |
| Flagstaff No. 3 | 2921 | 12 | 48 North | 2 East |
| Galena | 3361 | 1 | 47 North | 2 East |
| Gelatin | 3423 | 10 | 48 North | 3 East |
| Giant | 3423 | 3 | 48 North | 3 East |
| Good Enough | 1628 | 2 | 48 North | 2 East |
| Huckleberry No. 2 | 3361 | 2 | 47 North | 2 East |
| Jackass | 586 | 13 | 48 North | 2 East |
| Jessie | 1345 | 18 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Julia | 1345 | 18 | 48 North | 3 East |
| Justice | 1345 | 18 | 48 North | 3 East |
| K-18 | 2077 | 15 | 48 North | 2 East |
| K-19 | 2077 | 15 | 48 North | 2 East |
| K-20 | 2077 | 15 | 48 North | 2 East |
| K-21 | 2077 | 14 | 48 North | 2 East |
| K-22 | 2077 | 14 | 48 North | 2 East |
| K-23 | 2077 | 15 | 48 North | 2 East |
| K-29 | 2077 | 15 | 48 North | 2 East |
| K-39 | 2077 | 15 | 48 North | 2 East |
| K-6 | 2080 | 14 | 48 North | 2 East |
| Keystone (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| L-1 | 3214 | 2 | 48 North | 2 East |
| L-2 | 3214 | 9 | 48 North | 2 East |
| L-3 | 3214 | 9 | 48 North | 2 East |
| Leopard | 3361 | 2 | 47 North | 2 East |
| Lesley | 2977 | 23 | 48 North | 2 East |
| Lesley No. 2 | 2977 | 23 | 48 North | 2 East |
| Lesley No. 3 | 2977 | 23 | 48 North | 2 East |
| Long John | 321431<u>79</u> | 7 | 48 North | 3 East |
| Lydia Fraction | 1723 | 2 | 48 North | 2 East |
| Lynx | 3361 | 35 | 47 North | 2 East |
| Mabel | 1723 | 2 | 48 North | 2 East |
| MacBenn | 3361 | 2 | 47 North | 2 East |
| Maggie | 1628 | 2 | 48 North | 2 East |
| Manila | 1723 | 2 | 48 North | 2 East |
| Marin | 3361 | 2 | 47 North | 2 East |
| Marko | 3051 | 7 | 48 North | 3 East |
| Maryland | 2274 | 15 | 48 North | 3 East |
| McRooney | 2966 | 11 | 48 North | 2 East |
| Midland | 3108 | 19 | 48 North | 3 East |
| Midland No. 1 | 3108 | 24 | 48 North | 2 East |
| Midland No. 3 | 3108 | 24 | 48 North | 2 East |
| Midland No. 4 | 3108 | 24 | 48 North | 2 East |
| Midland No. 5 | 3108 | 24 | 48 North | 2 East |
| Midland No. 6 | 3108 | 24 | 48 North | 2 East |
| Midland No. 7 | 3108 | 24 | 48 North | 2 East |
| Midland No. 8 | 3108 | 24 | 48 North | 2 East |
| Milo Millsite | 2869 | 44790817 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Minnesota | 2077 | 15 | 48 North | 2 East |
| Missing Link | 2587 | 24 | 48 North | 2 East |
| Monmouth | 2274 | 15 | 48 North | 3 East |
| Monte Carlo No. 1 | 3177 | 18 | 48 North | 3 East |
| Monte Carlo No. 2 | 3177 | 18 | 48 North | 3 East |
| Monte Carlo No. 3 | 3177 | 44760718 | 48 North | 3 East |
| Monte Carlo No. 4 | 3177 | 44760718 | 48 North | 3 East |
| Monte Carlo No. 5 | 3177 | 18 | 48 North | 3 East |
| Navy | 3096 | 22 | 48 North | 2 East |
| New Jersey | 2201 | 10 | 48 North | 2 East |
| Nick | 2611 | 18 | 48 North | 3 East |
| North Wellington | 2977 | 23 | 48 North | 2 East |
| O.K. | 1723 | 2 | 48 North | 2 East |
| O.K. Western | 1723 | 2 | 48 North | 2 East |
| Ophir | 1345 | 18 | 48 North | 3 East |
| Oracle | 3097 | 23 | 48 North | 2 East |
| Oregon | 2072 | 12 | 48 North | 2 East |
| Oregon No. 2 | 2274 | 15 | 48 North | 3 East |
| Ox | 2611 | 18 | 48 North | 3 East |
| Peak | 2587 | 24 | 48 North | 2 East |
| Pete | 3389 | 10 | 48 North | 2 East |
| Pheasant | 3361 | 2 | 47 North | 2 East |
| Prominade | 3389 | 10 | 48 North | 2 East |
| Reeves | 1412 | 2 | 48 North | 2 East |
| Robbin | 3361 | 2 | 47 North | 2 East |
| Rolling Stone | 619 | 18 | 48 North | 3 East |
| Rolling Stone | 3423 | 10 | 48 North | 3 East |
| Ruth | 2611 | 18 | 48 North | 3 East |
| S-9 | 2081 | 1319 | 48 North | 23 East |
| Sam | 3389 | 10 | 48 North | 2 East |
| Schute Fraction | 2201 | 10 | 48 North | 2 East |
| Sherman | 2611 | 12 | 48 North | 2 East |
| Silver Chord | 2274 | 15 | 48 North | 3 East |
| Silver King Millsite | 3563 | 2 | 48 North | 2 East |
| Simmons | 2611 | 12 | 48 North | 2 East |
| Snowline | 2587 | 25 | 48 North | 2 East |
| Sonora | 3361 | 2 | 47 North | 2 East |
| Spokane Central No. 1 | 3472 | 19 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Spokane Central No. 2 | 3472 | 20 | 48 North | 3 East |
| Spokane Central No. 3 | 3472 | 20 | 48 North | 3 East |
| Spokane Central No. 4 | 3472 | 20 | 48 North | 3 East |
| Spokane Central No. 5 | 3472 | 20 | 48 North | 3 East |
| Spring | 3298 | 15 | 48 North | 3 East |
| Star | 2081 | 13 | 48 North | 2 East |
| Sullivan Extension | 1228 | 13 | 48 North | 2 East |
| Sunny | 1723 | 2 | 48 North | 2 East |
| Switzerland | 2966 | 11 | 48 North | 2 East |
| V.M. No. 1 | 3051 | 7 | 48 North | 3 East |
| V.M. No. 2 | 3051 | 7 | 48 North | 3 East |
| Van (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Venture | 3164 | 2 | 48 North | 2 East |
| Walla Walla | 1345 | 18 | 48 North | 3 East |
| Wellington | 2977 | 23 | 48 North | 2 East |
| Whippoorwill | 1723 | 2 | 48 North | 2 East |
| Woodrat (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Yreka No. 10 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 11 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 12 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 13 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 14 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 15 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 16 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 17 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 18 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 19 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 20 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 21 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 22 | 2587 | 24 | 48 North | 2 East |
| Yreka No. 23 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 24 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 25 | 2587 | 24 | 48 North | 2 East |
| Yreka No. 26 | 2587 | 19 | 48 North | 3 East |
| Zeke | 3389 | 10 | 48 North | 2 East |
| S-1 | 2081 | 18, 19 | 48 North | 3 East |
| S-2 | 2081 | 18 | 48 North | 3 East |
| S-3 | 2081 | 18, 19 | 48 North | 3 East |
| S-4 | 2081 | 19 | 48 North | 3 East |
| S-5 | 2081 | 19 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| S-6 | 2081 | 19 | 48 North | 3 East |
| S-7 | 2081 | 19 | 48 North | 3 East |
| S-8 | 2081 | 18, 19 | 48 North | 3 East |
| Butte | 1220 | 11 | 48 North | 2 East |
| Apex | 1041 | 11 | 48 North | 2 East |
| Blue Bird | 1229 | 13 | 48 North | 2 East |
| Saxon | 2067 | 11 | 48 North | 2 East |
| Link | 2123 | 12 | 48 North | 2 East |
| Spur | 2124 | 12 | 48 North | 2 East |
| Spear | 2496 | 12 | 48 North | 2 East |
| Marion | 2583 | 11 | 48 North | 2 East |
| Ben Herr | 2599 | 12 | 48 North | 2 East |
| Kruger | 2599 | 12 | 48 North | 2 East |
| Philippine | 2599 | 12 | 48 North | 2 East |
| Hough | 2611 | 12 | 48 North | 2 East |
| California | 2627 | 11 | 48 North | 2 East |
| Check | 2840 | 1 | 48 North | 2 East |
| Florence | 2862 | 11 | 48 North | 2 East |
| Billy | 3111 | 11 | 48 North | 2 East |
| Lucky | 3470 | 13 | 48 North | 2 East |
| Moat | 3503 | 17 | 48 North | 3 East |
| Bunker Hill | 579 | 12 | 48 North | 2 East |
| Sullivan | 580 | 13 | 48 North | 2 East |
| Important Fraction | 581 | 13 | 48 North | 2 East |
| Phil Sheridan | 604 | 13 | 48 North | 2 East |
| Reed Fraction | 607 | 13 | 48 North | 2 East |
| Bunker Hill Millsite | 608 | 13 | 48 North | 2 East |
| Small Hopes | 609 | 13 | 48 North | 2 East |
| Bottom Dollar Fraction | 629 | 13 | 48 North | 2 East |
| Chestnut Fraction | 632 | 13 | 48 North | 2 East |
| Emma | 703 | 12 | 48 North | 2 East |
| Last Chance Millsite | 703 | 12 | 48 North | 2 East |
| Ontario | 755 | 11 | 48 North | 2 East |
| Carbonate | 764 | 11 | 48 North | 2 East |
| Silver Casket | 790 | 11 | 48 North | 2 East |
| Turkey Buzzard | 836 | 13 | 48 North | 2 East |
| Snowslide Fraction | 837 | 13 | 48 North | 2 East |
| Silver | 1085 | 12 | 48 North | 2 East |
| Johnnesburg | 1192 | 12 | 48 North | 2 East |
| Puritan | 1328 | 12 | 48 North | 2 East |
| No. 5 | 1357 | 11 | 48 North | 2 East |
| Omaha | 1409 | 12 | 48 North | 2 East |
| Legal Tender | 1639 | 11 | 48 North | 2 East |
| Triangle Fraction | 2065 | 13 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | | **Section** | **Township** | **Range** |
| **Claim Name** | **BLM**<br>**Serial #** | **Section** | **Township** | **Range** |
| BHM 1 | 1D106709778 | 1 | 48 North | 2 East |
| BHM 2 | 1D106709779 | 1 | 48 North | 2 East |
| BHM 3 | 1D106709780 | 1 | 48 North | 2 East |
| BHM 4 | 1D106709781 | 1 | 48 North | 2 East |
| BHM 5 | 1D106709782 | 1 | 48 North | 2 East |
| BHM 6 | 1D106709783 | 1 | 48 North | 2 East |
| BHM 7 | 1D106709784 | 1 | 48 North | 2 East |
| BHM 8 | 1D106709785 | 1 | 48 North | 2 East |
| NBH 1 | 1D106715514 | 11 | 48 North | 2 East |
| NBH 2 | 1D106715515 | 11 | 48 North | 2 East |
| NBH 3 | 1D106715516 | 11 | 48 North | 2 East |
| NBH 4 | 1D106715517 | 11 | 48 North | 2 East |
| NBH 5 | 1D106715518 | 11 | 48 North | 2 East |
| NBH 6 | 1D106715519 | 11 | 48 North | 2 East |
| NBH 7 | 1D106715520 | 11 | 48 North | 2 East |
| NBH 8 | 1D106715521 | 11 | 48 North | 2 East |
| NBH 9 | 1D106715522 | 1 | 48 North | 2 East |
| NBH 10 | 1D106715523 | 1 | 48 North | 2 East |
| NBH 11 | 1D106715524 | 1 | 48 North | 2 East |
| NBH 12 | 1D106715525 | 1 | 48 North | 2 East |
| NBH 13 | 1D106715526 | 1 | 48 North | 2 East |
| NBH 14 | 1D106715527 | 1 | 48 North | 2 East |
| NBH 15 | 1D106715528 | 1 | 48 North | 2 East |
| NBH 16 | 1D106715529 | 12 | 48 North | 2 East |
| NBH 17 | 1D106715530 | 12 | 48 North | 2 East |
| NBH 18 | 1D106715531 | 7 | 48 North | 3 East |
| NBH 19 | 1D106715532 | 12 | 48 North | 2 East |
| NBH 20 | 1D106715533 | 18 | 48 North | 3 East |
| NBH 21 | 1D106715534 | 7 | 48 North | 3 East |
| NBH 22 | 1D106715535 | 17 | 48 North | 3 East |
| NBH 23 | 1D106715536 | 18 | 48 North | 3 East |
| NBH 24 | 1D106715537 | 17 | 48 North | 3 East |
| NBH 25 | 1D106715538 | 18 | 48 North | 3 East |
| NBH 26 | 1D106715539 | 18 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | | **Section** | **Township** | **Range** |
| **Claim Name** | **BLM**<br>**Serial #** | **Section** | **Township** | **Range** |
| NBH 27 | ID106715540 | 18 | 48 North | 3 East |
| NBH 28 | ID106715541 | 18 | 48 North | 3 East |
| NBH 29 | ID106715542 | 35 | 48 North | 2 East |
| NBH 30 | ID106715543 | 35 | 48 North | 2 East |
| NBH 31 | ID106715544 | 35 | 48 North | 2 East |
| NBH 32 | ID106715545 | 35 | 48 North | 2 East |
| NBH 33 | ID106715546 | 35 | 48 North | 2 East |
| NBH 34 | ID106715547 | 35 | 48 North | 2 East |
| NBH 35 | ID106715548 | 35 | 48 North | 2 East |
| NBH 36 | ID106715549 | 35 | 48 North | 2 East |
| NBH 37 | ID106715550 | 35 | 48 North | 2 East |
| NBH 38 | ID106715551 | 36 | 48 North | 2 East |
| NBH 39 | ID106715552 | 2 | 47 North | 2 East |
| NBH 40 | ID106715553 | 2 | 47 North | 2 East |
| NBH 41 | ID106715554 | 2 | 47 North | 2 East |
| NBH 42 | ID106715555 | 2 | 47 North | 2 East |
| NBH 43 | ID106715556 | 1 | 47 North | 2 East |
| NBH 44 | ID106715557 | 1 | 47 North | 2 East |
| NBH 45 | ID106715558 | 1 | 47 North | 2 East |
| NBH 46 | ID106715559 | 3 | 47 North | 2 East |
| NBH 47 | ID106715560 | 2 | 47 North | 2 East |
| NBH 48 | ID106715561 | 3 | 47 North | 2 East |
| NBH 49 | ID106715562 | 2 | 47 North | 2 East |
| NBH 50 | ID106715563 | 1 | 47 North | 2 East |
| NBH 51 | ID106715564 | 1 | 47 North | 2 East |
| NBH 52 | ID106715565 | 1 | 47 North | 2 East |
| NBH 53 | ID106715566 | 2 | 47 North | 2 East |
| NBH 54 | ID106715567 | 2 | 47 North | 2 East |
| NBH 55 | ID106715568 | 2 | 47 North | 2 East |
| NBH 56 | ID106715569 | 2 | 47 North | 2 East |
| NBH 57 | ID106715570 | 1 | 47 North | 2 East |
| NBH 58 | ID106715571 | 1 | 47 North | 2 East |
| NBH 59 | ID106715572 | 1 | 47 North | 2 East |
| NBH 60 | ID106715573 | 1 | 47 North | 2 East |
| NBH 61 | ID106715574 | 2 | 47 North | 2 East |
| NBH 62 | ID106715575 | 2 | 47 North | 2 East |
| NBH 63 | ID106715576 | 2 | 47 North | 2 East |
| NBH 64 | ID106715577 | 2 | 47 North | 2 East |
| NBH 65 | ID106715578 | 2 | 47 North | 2 East |
| NBH 66 | ID106715579 | 11 | 47 North | 2 East |
| NBH 67 | ID106715580 | 2 | 47 North | 2 East |
| NBH 68 | ID106715581 | 1 | 47 North | 2 East |
| NBH 69 | ID106715582 | 1 | 47 North | 2 East |
| NBH 70 | ID106715583 | 1 | 47 North | 2 East |

---

**SCHEDULE C**

**PERMITTED ENCUMBRANCES**

<u>1.</u> Encumbrances disclosed in Section (29) of the Disclosure Letter

<u>2.</u> The Encumbrance disclosed in Section (13) of the Disclosure Letter

<u>3.</u> <u>The pledge agreement dated as of August 8, 2024 made by and between BHMC and Monetary Metals Bond III LLC (the "Note Purchaser")</u> 

<u>4.</u> <u>The security agreement dated as of August 8, 2024 made by and between the Mine Owner and the Note Purchaser</u> 

<u>5.</u> <u>The mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixture filing dated August 8, 2024 granted by Mine Owner, as mortgagor, and Note Purchaser, as mortgagee</u> 

<u>6.</u> <u>The pledge agreement dated as of the First Amendment Date between BHMC and Teck Metals Ltd.</u> 

<u>7.</u> <u>The security agreement dated as of as of the First Amendment Date made by and between the Mine Owner and Teck Metals Ltd.</u> 

<u>8.</u> <u>The mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixture filing dated the First Amendment Date granted by (or to be granted by thereafter) Mine Owner, as mortgagor, and Teck Metals Ltd., as mortgagee</u> 

**SCHEDULE D**

**REPRESENTATIONS AND WARRANTIES OF GRANTOR AND BHMC**

Each of Grantor and BHMC (collectively, the "**Obligors**") hereby represents and warrants as follows to Holder, and acknowledges and agrees that Holder is relying upon such representations and warranties in connection with entering into of this Agreement:

 

*Corporate Organization and Authority*

1. Each Obligor is a corporation duly incorporated and validly existing under the laws of its jurisdiction
of incorporation and is up-to-date in respect of all filings required by law to maintain its existence; in particular, BHMC is a corporation
incorporated under the laws of Nevada and Grantor is a corporation incorporated under the laws of Idaho.

2. Each Obligor is qualified to do business and is in good standing in all jurisdictions in which the nature
of its business as now being or as proposed to be conducted makes such qualification necessary and has all material governmental licenses,
authorizations, consents and approvals necessary to own its assets and carry on its business as now being or as proposed to be conducted.

3. Each Obligor has the requisite corporate power, capacity and authority to: (i) own its property and assets
and conduct its business; and (ii) enter into the Agreement and such other documents as may be necessary or appropriate to give effect
to the terms hereof, to perform its obligations hereunder and complete the transactions contemplated hereby.

4. The execution and delivery of the Agreement by each Obligor and the completion of the transactions contemplated
hereby, have been duly authorized by all necessary corporate action on the part of such Obligor. This Agreement has been duly and validly
executed and delivered by such Obligor, and constitutes a legal, valid and binding obligation of it, enforceable against it in accordance
with the terms thereof, except to the extent enforcement may be affected by bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar Applicable Laws affecting creditors' rights generally and subject to the qualification that equitable remedies,
injunctive relief and/or specific performance may be granted in the discretion of a court of competent jurisdiction.

5. BHMC
owns legally and beneficially all of the issued and outstanding stock of Grantor (the "**Capital Stock**") as set forth
in Section (5) of the Disclosure Letter free and clear of any Encumbrances <u>, other than as set forth in Section (5) of the Disclosure Letter</u>. The corporate
structure and organization chart of the Obligors set forth in Section (5) of the Disclosure Letter accurately reflects, as of the date
hereof <u>First Amendment Date</u>, the direct and indirect ownership of all of the Capital
Stock of Grantor. Other than as set forth in Section (5) of the Disclosure Letter, no Person has any agreement, option, right of first
refusal or right, title or interest or any right (including a right of conversion of Indebtedness) that is or will become an agreement,
option, right of first refusal or right, title or interest, in or to all or any part of the Capital Stock of Grantor. There are no shareholders'
agreement or shareholders' declaration in effect with respect to the Obligors or their respective shares or other equity interests.

6. Each Obligor is entering into and performing its obligations under this Agreement, on its own account
and not as trustee or a nominee of any other Person.

7. The
principal place of business and chief executive office of each Obligor as of the date hereof <u>First Amendment Date</u> is set out in Section (7) of the Disclosure Letter.

8. No Obligor has suffered an Insolvency
Event and the Obligors are not aware of any circumstance which, with notice or the passage of time, or both, would give rise to an Insolvency
Event with respect to it.

9. Each of the Obligors' corporate records are complete and accurate in all material respects, and
true and correct copies of same have been made available to Holder.

10. The financial books, records and accounts of each of the Obligors: (i) are complete and accurate in all
material respects; (ii) are stated in reasonable detail; and (iii) accurately and fairly reflect all the material transactions, acquisitions
and dispositions of each of the Obligors.

11. BHMC's audited consolidated
financial statements for the fiscal year ended December 31, 2023 <u>2024</u>,
including the consolidated balance sheets, statements of loss and comprehensive loss, cash flows and changes in shareholders' deficiency
and the notes thereon and the unaudited interim consolidated financial statements for the <u>nine</u> <u>t hree</u> months ended September 30 <u>March 31,</u> 2024 <u>2025</u> (collectively, the "**Current Financial Statements** "), have been prepared in accordance with US GAAP. The Current Financial
Statements fairly present in all material respects the financial condition and results of operations of Grantor and BHMC, on a consolidated
basis, as at the respective dates specified therein and for the periods then ended. The Obligors have not effected any material change
in its accounting methods, principles or practices since the date of the Current Financial Statements. The Obligors do not intend to correct
or restate, nor, to the knowledge of the Obligors, is there any basis for any correction or restatement of, any aspect of the Current
Financial Statements. Other than as set out in Section (11) of the Disclosure Letter, each Obligor is neither a party to, nor had a commitment
to become a party to, any material off balance sheet transactions, arrangements, obligations (including contingent obligations) or other
relationships of Grantor, BHMC or any subsidiary of the Obligors with unconsolidated entities. MNP LLP is the current auditor of BHMC
and is "independent" of the Obligors within the meaning of the Rules of Professional Conduct of the Chartered Professional
Accountants of Ontario. There has never been a "reportable event" (within the meaning of National Instrument 51-102 – *Continuous Disclosure Obligations* of the Canadian Securities Administrators) ()"**NI 51-102**") with the present
or any former auditor of the Obligors.

12. Since the end date of its Current Financial Statements, the
Obligors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have conducted its business only in the ordinary course of business and no Material Adverse Effect has
occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have not incurred any Indebtedness which is not shown or reflected in the most
recent interim financial statements provided to Holder or in Section (12) of the Disclosure Letter.

 

*Tax Matters*

13. (a) Taxes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All material Taxes due and payable by each of the Obligors (whether or not shown due on any Tax returns
and whether or not assessed (or reassessed) by the appropriate Governmental Authority) have been timely paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All Tax returns required by Applicable Law to be filed by or with respect to the Obligors have been properly
prepared and timely filed and all such Tax returns (including information provided therewith
or with respect thereto) are true, complete and correct in all material respects, and no material fact or facts have been omitted therefrom
which would make any such Tax returns misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As
of the date hereof <u>First Amendment Date</u>, no audit
or other proceeding by any Governmental Authority is pending or, to the knowledge of the Obligors, threatened with respect to any Taxes
due from or with respect to the Obligors, and no Governmental Authority has given written notice of any intention to assert any deficiency
or claim for additional Taxes against either of the Obligors. As of the date hereof <u>First Amendment Date</u>, there are no matters under discussion, audit or appeal or in dispute with any Governmental Authority relating
to Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other than as set out in Section (13) of the Disclosure Letter, no Governmental Authority of a jurisdiction
in which the Obligors do not file Tax returns has made any written claim that either of the Obligors are or may be subject to taxation
by such jurisdiction. To the knowledge of the Obligors, there is no basis for a claim that the Obligors is subject to Tax in a jurisdiction
in which the Obligors do not file Tax returns. As of the date hereof <u>First Amendment Date</u>, each of the Obligors only file Tax returns in the jurisdictions in which it is incorporated or organized and
in any jurisdiction in which it carries on any material business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As of the date hereof <u>First Amendment Date</u>, there are no reassessments of Taxes for the Obligors that have been issued and are under dispute, and the Obligors
have not received any communication from any Governmental Authority that an assessment or reassessment is proposed in respect of any Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the knowledge of the Obligors, each of the Obligors have withheld or collected any material Taxes that
are required by Applicable Law to be withheld or collected and have paid or remitted, on a timely basis, the full amount of any Taxes
that have been withheld or collected, and are due, to the applicable Governmental Authority.

 

*Non-Contravention*

15. Subject to Section (15) of the Disclosure Letter, none of the execution and delivery of the Agreement,
or the completion of the transactions contemplated hereby, by each Obligor, will (i) require that a consent be obtained or a notice be
provided under or result in or constitute a breach or default under any agreement, mortgage, bond or other instrument to which it is a
party or which is binding on it or its assets, (ii) violate the terms of its constating documents, (iii) require that a consent be obtained
or a notice be provided under or violate any Applicable Law or any Authorization or the material terms and conditions of any Other Rights,
or result in any modification, revocation, alteration or transfer of any Authorization or Other Right, (iv) result in the imposition of
any Encumbrance on the Project Assets, or (v) contravene any judgment, order, writ, injunction or decree of any Governmental Authority.

16. No Obligor is in breach of or default under, and no event has occurred that, with the passage of time
or notice, or both, would constitute or would reasonably be expected to constitute such a breach of or default under, any agreement, mortgage,
bond or other instrument to which it is a party or which is binding on it or its assets, other than a breach or default or event that
would not, individually or in the aggregate, have a Material Adverse Effect. To the knowledge of the Obligors, there is no breach or default
by any counterparty thereto or inability of any counterparty thereto to perform its obligations thereunder which has, individually or
in the aggregate, a Material Adverse Effect.

 

 

*Regulatory Compliance*

17. No
consents, approvals or permissions are required to be obtained by, nor any filings made with any Governmental Authority by any Obligor
in connection with the execution and delivery or the performance by it of this Agreement, or in respect of its obligations hereunder,
other than as set forth in Section (17) of the Disclosure Letter.

18. Each Obligor has conducted and is conducting its respective business in compliance
in all material respects with Applicable Laws.

19. No Obligor nor, to the knowledge of the Obligors, any director, officer, manager,
member, employee, consultant, representative or agent thereof, acting on its behalf has violated (i) the *Corruption of Foreign Public Officials Act* (Canada), the *Bribery Act* (United Kingdom), the *Foreign Corrupt Practices Act* (United States), and all
other anti-bribery, and anti-corruption Applicable Laws, whether within Canada, the United States or to the extent applicable to any Obligor,
elsewhere, including any regulations, guidelines or orders thereunder (collectively, the "**Anti-Bribery Laws** "); and
(ii) the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada) and all other anti-money laundering, anti-terrorist
financing, government sanction and "know your client" Applicable Laws, whether within Canada, the United States and, to the
extent applicable to any Obligor, elsewhere, including any regulations, guidelines or orders thereunder (collectively, the "**Anti-Money Laundering Laws** "). No Obligor nor, to the knowledge of Grantor and BHMC, any director, officer, employee, consultant, representative
or agent thereof acting on its behalf, has made a voluntary, directed, or involuntary disclosure to any Governmental Authority responsible
for enforcing Anti-Bribery Laws or Anti-Money Laundering Laws, with respect to any alleged non-compliance by any Obligor or such other
Persons (acting on behalf of an Obligor) with Anti-Bribery Laws or Anti-Money Laundering Laws. No Obligor has received any written notice,
request, or citation from any Governmental Authority alleging non-compliance by any Obligor or such other Persons (acting on behalf of
an Obligor) with any Anti-Bribery Laws or Anti-Money Laundering Laws.

20. The Obligors and their agents have complied at all times with Anti-Bribery Laws
with respect to the Mine and the development, construction or conduct of all operations or activities at the Mine. The operations in relation
to the Mine are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements
of Anti-Money Laundering Laws and no action, suit or proceeding by or before any court or Governmental Authority or any arbitrator involving
the Obligors with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the Obligors, threatened.

21. The Obligors have not, and, to the knowledge of the Obligors, no director, officer,
employee, consultant, representative or agent of the Obligors have, transacted business on behalf of the Obligors with any Restricted
Person.

22. BHMC is a "reporting issuer" (or the equivalent) in the provinces of
British Columbia and Ontario and is not included on a list of defaulting reporting issuers maintained by the securities regulators or
other securities regulatory authorities in any such provinces (collectively, the "**Securities Regulators** "). No order,
ruling or determination having the effect of suspending the sale or ceasing or suspending trading in any securities of BHMC has been issued
by any Governmental Authority and is continuing in effect and no proceedings for such purpose have been instituted or are, to the knowledge
of the Obligors, pending or threatened.

 

*Legal Proceedings*

23. Other than as set forth in Section (23) of the Disclosure Letter, there are no
actions, suits, proceedings, hearings, inquiries, investigations or claims commenced or, to the knowledge of the Obligors, threatened against
any Obligor or that involve the Mine, and which, individually or in the aggregate, (i) would prevent or limit, restrict or impair in any
material respect the ability of an Obligor to enter into this Agreement or would reasonably be expected to materially and adversely impair
the performance of its obligations under this Agreement or the development of the Mine, or (ii) that could reasonably be expected to result
in a Material Adverse Effect.

24. No Obligor is a party to or subject to any judgment, order, writ, injunction or
decree, involving the Mine, which (i) could reasonably be expected to materially and adversely impair the performance of its obligations
under this Agreement, or (ii) could reasonably be expected to result in a Material Adverse Effect. No action or proceeding has been instituted
or remains pending or, to the knowledge of the Obligors, has been threatened and not resolved, by or before any Governmental Authority
that (i) could reasonably be expected to materially and adversely impair the development of the Mine, or (ii) could reasonably be expected
to result in a Material Adverse Effect.

 

*Material Information*

25. All material information relating to the Mine and Project Assets and prepared by or on behalf of the current
management of the Obligors and that has been made available or delivered to Holder, including forecasts, projections, mine plans, budgets
and environmental audits, assessments, studies and tests, including any environmental and social impact assessment study reports, was
prepared in good faith and on the basis of assumptions that the management of the Obligors believe to be reasonable at the time of preparation,
subject to any material changes of which the Obligors have informed Holder in writing. To the knowledge of the management of the Obligors,
all material information relating to the Mine and the Project Assets prepared at the request of current management of the Obligors by
third parties and that has been made available or delivered to Holder including forecasts, projections, mine plans, budgets and environmental
audits, assessments, studies and tests, including any material environmental and social impact assessment study reports, was prepared
in good faith and does not contain materially incorrect information. The Obligors do not have knowledge of any change to the facts and
assumptions underlying the estimates in the technical report and preliminary economic assessment for underground milling and concentration
of lead, silver and zinc at the Mine dated December 29, 2021 <u>and</u> effective November 29, 2021,
as <u>amended and restated as of February 22, 2022 effective January 7, 2022 and as further</u> updated
and revised by Management's 9 plus 3 model dated October 30, 2024 titled "9 *^M3* Forecast_Consolidated *<u>Forecast Consolidated</u>* *Optimization incl AP catch up*" and delivered to Holder on November 15, 2024 (the "**PEA** "),
that would reasonably be expected to result in a material adverse change in any cost, price, reserves, resources or other relevant information
in the PEA **.** All material information regarding the Mine and the Project Assets, including drill results, technical reports and
studies, that are required to be disclosed by Applicable Laws, have been publicly disclosed by BHMC in compliance, in all material respects,
with Applicable Laws.

26. As
 of the date hereof <u>First Amendment Date</u>, all material information relating to the Mine mineralization prepared
 by or on behalf of the current management of the Obligors has been made available or delivered
 to Holder and, to the knowledge of the management of the Obligors, such information and the
 reports and information delivered to Holder have been prepared in a manner which is consistent
 with Good Practice Standards, the statements, assumptions and projections contained therein
 are fair and reasonable as and when produced and, to the knowledge of the management of the
 Obligors, have been arrived at after reasonable inquiry having been made in good faith by
 the Persons responsible therefor. The estimated mineral resources relating to the Real Property
 as of the date hereof <u>First Amendment Date</u> are as stated in the PEA. The Obligors are in compliance in all
 material respects with NI 43-101 in connection with the disclosure of scientific or technical
 information made by the Obligors concerning the Mine. The Obligors have duly filed with the
 applicable regulatory authorities in compliance in all material respects with Applicable
 Laws all reports required by NI 43-101 in connection with the Mine, and all such reports
 were prepared in accordance with the requirements of NI 43-101 in all material respects. <u>Except</u> <u>as set forth in Section</u> <u>(26) of the Disclosure Letter, as of the date hereof</u> <u>As of the First Amendment Date,</u> there are no outstanding unresolved comments of the <u>Canadian Securities</u> <u>TSX Venture</u> Exchange (the "**CSE**  **<u>TSX-V</u>**") or any Securities Regulator in respect of the technical disclosure relating to the Mine made
 in the documents which have been filed by or on behalf of the Obligors with the relevant
 Securities Regulators pursuant to the requirements of Applicable Laws, including all documents
 publicly available on BHMC's SEDAR+ profile.

27. The
Obligors are in compliance in all material respects with all timely and continuous disclosure obligations under Applicable Laws, including
NI 51-102, and the policies, rules and regulations of the CSE <u>TSX-V</u> and, without limiting the generality of the foregoing, except as disclosed to the Holder, there has been no "material change",
as defined in the *Securities Act* (Ontario) (actual, or, to the knowledge of the Obligors, proposed or prospective, whether financial
or otherwise) in the business, results of operations, prospects, assets, liabilities (contingent or otherwise) or capital or financial
condition of the Obligors on a consolidated basis which has not been publicly disclosed within the period required by NI 51-102, and
except as disclosed to Holder, the Obligors has not filed any confidential material change reports which remain confidential as of the date hereof <u>First Amendment Date</u>.

 

*Mine*

<u>28.</u> The PEA was prepared in a manner which is consistent with Good Practice Standards
and the statements, assumptions and projections contained therein were fair and reasonable as and when produced and, to the Obligors'
knowledge, were arrived at after reasonable inquiry, having been made in good faith by the Persons responsible therefor. The PEA contains
a reasonable estimate in all material respects of projected capital expenditures for the Real Property subject to fluctuations in exchange
rates, commodity prices and electricity rates and has been prepared in a manner which is consistent with Good Practice Standards.

<u>29.</u> Subject
to Section (29) of the Disclosure Letter, Grantor is the sole recorded and beneficial owner of the Real Property, free and clear of any
Encumbrances (other than Permitted Encumbrances). Section (29) of the Disclosure Letter sets out a full and complete list of all Permitted
Encumbrances not already described in paragraphs (a) through (n) of the definition thereof .
Except for any Permitted Encumbrance or as listed in Section (29) of the Disclosure Letter, no Person other than Holder has any agreement
to acquire, option, right of first refusal or right, title or interest or any right that is or will become an agreement to acquire, option,
right of first refusal or right, title or interest, in or to all or any material part of the Collateral or any Project Assets nor has
either of the Obligors granted, or agreed to grant, any Encumbrances, other than Permitted Encumbrances, on the Collateral or any Project
Asset.

<u>30.</u> The
Authorizations and Other Rights required for the development, construction or operation of the Mine, including commercial production of
the silver, lead and zinc from the Mine, whether obtained or issued by the date hereof <u>First Amendment Date</u> or not, are listed in Section (30) of the Disclosure Letter. The Obligors have complied in all material respects
with all conditions provided for in the Authorizations and Other Rights required to be complied with as of the date this representation
is made.

<u>31.</u> Other than as set forth in Section (31) of the Disclosure Letter, all Authorizations
and Other Rights required for the development, construction and operation of the Mine, including for greater certainty all environmental
and water permits, are in full force and effect and in good standing and none of the Obligors, and to the best of the knowledge and belief
of each of the Obligors, no other Person party thereto is, in default in any material respect under any such Authorization or Other Right.

<u>32.</u> No Authorization or Other Right relating to the Mine or the Real Property has been
challenged, withdrawn, cancelled, amended or refused or, to the best of the knowledge and belief of each of the Obligors, threatened to
be challenged, withdrawn, cancelled, amended or refused by any Governmental Authority or by any other Person.

<u>33.</u> Subject to Section (33) of the Disclosure Letter, operation of the Mine is and
has been in compliance in all material respects with all land use restrictions, zoning, regulations, ordinances, environmental laws and
other similar Applicable Laws thereto. Subject to Section (33) of the Disclosure Letter, during the past three (3) years, neither of the
Obligors nor any of its agents or employees has received any written notice from any Governmental Authority having jurisdiction over the
Mine alleging any violation of any Applicable Law, including, but not limited to, those relating to environmental laws, zoning, building,
use, personal disability and fire or safety, which has not been cured or remedied. To the knowledge of the Obligors, there are not any
threatened proceedings for the rezoning of the Real Property or any portion thereof.

<u>34.</u> Current management of the Obligors has arranged for the following environmental
studies relating to the Mine and the Real Property: (i) since September 2020, 30 site water sampling and broad spectrum lab testing on
a monthly basis and field parameter testing on a bi-weekly basis, and (ii) in May 2021, a multi-year water flow analysis program with
the University of Idaho's hydrogeology department, (iii) water chemistry analysis as part of planning for a proprietary in-mine
water treatment system, (iv) evaluation of the capabilities of the Environmental Protection Agency's Central Treatment Plant, in
the event that an Obligor may seek to purchase and/or operate it in the future. No other environmental investigation, study, audit, test
or other analysis has been conducted by or at the request of current management of the Obligors with respect to the Mine and the Real
Property.

<u>35.</u> Subject to Section (35) of the Disclosure Letter, there are no material environmental
liabilities of the Obligors or to the knowledge of the Obligors, in respect of the development, construction and operation of the Mine,
in each case, that have been incurred as at the date that this representation is made.

<u>36.</u> Subject to Section (36) of the Disclosure Letter, no release or threatened release
of any chemicals, materials or substances, whether solid, liquid or gas, defined as or included in the definition of "contaminant",
"pollutant", "hazardous substance", "hazardous waste", "hazardous material", or "toxic
substance" under any applicable environmental law has occurred or is occurring at or from the Mine for which environmental laws
require notice, further investigation or any form of responsive action.

<u>37.</u> Section (37) of the Disclosure Letter lists all underground and above ground storage
tanks located or previously located on the Real Property.

<u>38.</u> The Obligors have complied and will comply with all terms and conditions of the
EPA Settlement Agreement, including, without limitation, making timely payments and providing financial assurance on schedule.

<u>39.</u> Except
for <u>the</u> deferral arrangements disclosed in Section (39) of the Disclosure Letter, all payments
relating to water treatments costs with respect to the Mine, including all costs relating to the water treatment
facility known as the Central Treatment Plant, have been paid in full, and there are no water treatment costs or other amounts in connection
therewith owing to any Person, including, without limitation, the EPA and the Idaho Department of Environmental Quality ()"**IDEQ** ").

<u>40. [reserved]</u>

<u>40.</u> 41. Except
as disclosed in Section (39 <u>40</u>) of the Disclosure
Letter, each of the Obligors are in compliance with their obligations to the EPA and <u>the</u> IDEQ
with respect to the Obligors' responsibilities for meeting water discharge standards and for all water treatment costs in connection
with the Property and there are no further water treatment costs due and payable by the Obligors to the EPA and the IDEQ.

41. <u>42. The</u> <u>All</u> Real Property <u>comprises</u> <u>owned or leased by the Obligors is described in Schedule "F" and</u> all
 mining claims, concessions and other mining rights forming part of the Mine <u>or related thereto are described in Schedule "B".</u> 

42. 43. Grantor has good and marketable title to the Real Property
free and clear of any Encumbrances other than Permitted Encumbrances and its rights in and to the Real Property will be valid and in
full force and effect in all material respects, and the Obligors will have complied in all material respects with all of their respective
obligations in respect thereof, including payment of any annual fees and production penalties, under Applicable Laws. No third party
holds any mining or real property rights that conflict in any material respect with Grantor's rights in and to the Real Property.

<u>40.</u> 44. Except as set out in Section (44 <u>43</u>)
of the Disclosure Letter, all mining concession, patent or maintenance fees and recording fees, and all other material exploration permit,
authorization, lease, licensing and mining claim payments, rentals, taxes, assessments, renewal fees and other governmental charges,
owing in respect of the Mine and the Real Property or any part thereof, have been paid in full.

<u>41.</u> 45. Grantor owns or has the right
to use or the benefit of all of the Other Rights and Project Assets and the Other Rights and Project Assets they own are free and clear
of any Encumbrances, other than Permitted Encumbrances.

<u>42.</u> 46. Subject
only to the rights of any Governmental Authority set out in Section (43 <u>45</u>) of the Disclosure Letter and except for Permitted Encumbrances,
no Person is entitled to or holds any material rent, option, back-in right, earn-in right, right of first refusal, royalty, stream, participation,
production or similar interests, or other payment in the nature of rent or royalty, on or for the Mine, including <u>in</u> any Real Property <u>or Products</u>.

<u>43.</u> <u>47.</u> To the knowledge of the Obligors, there is no (i) expropriatory act or series of expropriatory acts, including eminent domain, confiscation,
nationalization, requisition, deprivation, sequestration and/or similar acts, by law, order, executive or administrative action or otherwise
of any Governmental Authority or any corporation or other entity controlled by any Governmental Authority the result of which expropriatory
act or series of expropriatory acts is that all or substantially all of the rights, privileges and benefits pertaining to, associated
with, threatened against or affecting all or any part of the Mine (collectively, an "**Expropriation Event**") and (ii)
circumstances, notices, discussions, or negotiations which could reasonably be expected to result in such an Expropriation Event.

 

*Community*

<u>44.</u> 48. Except
as set out in Section (47 <u>47</u>) of the Disclosure
Letter, to the best knowledge of the Obligors, no indigenous or community groups (and no Persons on their behalf) have asserted any interest or rights
or commenced or threatened any claims or proceedings affecting the Mine or the Obligors that could result in a Material Adverse Effect.

<u>45.</u> 49. Any relocation
or resettlement of any persons, communities or settlements, including any indigenous persons, communities or settlements, in connection
with the exploration, development or operation of the Mine has been conducted in material compliance with all Applicable Laws and Authorizations.

<u>46.</u> 50. Except as set out in Section (50 <u>49</u>)
of the Disclosure Letter, and to the best of the knowledge and belief of each of the Obligors (i) no indigenous or community groups (and
no Governmental Authority on behalf of any such groups) have asserted any interest or rights or commenced or threatened any claims or
proceedings affecting the Real Property, the Mine or any of the Obligors which have a Material Adverse Effect, and (ii) neither the Real
Property nor any part of the Mine is located on any land or in territory to which indigenous or local community groups own or are entitled
to communal, collective rights or any other rights under Applicable Law.

<u>47.</u> <u>51.</u> The Obligors have
complied with all previous consultation processes with local communities in accordance with Applicable Law.

 

*Other*

<u>48.</u> <u>The execution, delivery and performance of this Agreement by each Obligor and the completion of the transactions contemplated hereby is exempt from the formal valuation requirement and the minority approval requirement of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions.</u> 

<u>49.</u> Except as set out in Section (52 <u>54</u>)
of the Disclosure Letter, no Obligor is party to any contract that would give rise to a valid claim against an Obligor and/or any Sprott
Entity for a brokerage commission, finder's fee or like payment in connection with the transactions contemplated by this Agreement
or the other Transaction Documents.

<u>50.</u> Section
(53 <u>55</u>) of the Disclosure Letter, lists all bank
accounts of each of BHMC and Grantor and the depositary bank at which such accounts are maintained.

<u>51.</u> The Obligors are in material compliance with all Applicable
Laws respecting employment and employment practices, terms and conditions of employment, pay equity and wages; there is not currently
any labour disruption, strike, or conflict involving or threatened against any Obligor or directly affecting the Mine. None of the Obligors
are party to a collective bargaining agreement.

**SCHEDULE E**

**REPRESENTATIONS AND WARRANTIES OF HOLDER**

The Holder hereby represents and warrants as follows to each of the Obligors, and acknowledges and agrees that the Obligors are relying upon such representations and warranties in connection with entering into of this Agreement:

(a) it is a partnership validly existing under the laws of the State
of Delaware and is up-to-date in respect of all filings required by law to maintain its existence.

(b) it has the requisite corporate power, capacity and authority
to enter into the Agreement and to perform its obligations hereunder.

(c) the entering into of this Agreement and the exercise of its
rights and performance of obligations hereunder do not and will not (i) conflict with or result in a default under any material agreement,
mortgage, bond or instrument to which it is a party or which is binding on its assets, (ii) conflict with its constating or constitutive
documents; or (iii) conflict with or violate any Applicable Law, in each case, in any material respect.

(d) no corporate or other approvals of any Person are required to
be obtained by it in connection with the execution and delivery or performance by it of this Agreement or the transactions contemplated
hereby, except for any such approval as has been obtained prior to the execution and delivery by it of this Agreement.

(e) this Agreement has been duly and validly executed and delivered
by the Holder, and constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with the terms thereof,
except to the extent enforcement may be affected by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar
Applicable Laws affecting creditors' rights generally and subject to the qualification that equitable remedies, injunctive relief
and/or specific performance may be granted in the discretion of a court of competent jurisdiction.

(f) it has not suffered an Insolvency Event and is not now aware
of any circumstance which, with notice or the passage of time, or both, would give rise to an Insolvency Event with respect to it.

**SCHEDULE F**

**LEGAL DESCRIPTION OF REAL PROPERTY**

**<u>SCHEDULE F-1</u>**

**<u>SURFACE AND MINERAL PARCELS</u>**

PARCEL 1:

Being a tract of land situated in the Northeast ¼ of the Southeast ¼ of Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho more particularly described as follows:

Beginning at the East ¼ corner of said Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho marked by a concrete monument and also the point of beginning, thence

South 87°28'34" West 165.92 feet; thence

South 30°34'59" West, 220.96 feet; thence

Along a curve right, radius = 40 feet, the long chord bears South 66°18'09" West, 75.71 feet; thence

North 78°22'26" West, 36.16 feet; thence

South 10°52'21" West, 204.04 feet; thence

North 75°18'39" West, 252.91 feet; thence

South 17°22'44" West, 1124.08 feet; thence

North 87°41'35" East, 1007.62 feet; thence

North 00°12'22" West, 1389.14 feet to the point of beginning.

PARCEL 2:

Being a tract of land lying in the Northeast ¼ and the Southeast ¼ of Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho and more particularly described as follows:

Beginning at a point from whence the East ¼ corner of Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho bears South 10°03'11" East, 409.83 feet distant; thence

South 21°46'03" West, 150.17 feet; thence

North 65°43'21" West, 407.49 feet; thence

South 01°10'02" West, 94.54 feet; thence

South 27°17'34" West, 90.00 feet; thence

South 39°32'35" East, 342.19 feet; thence

South 17°00'49" West, 108.69 feet; thence

South 09°45'56" East, 92.08 feet; thence

Along a curve right, radius = 40 feet, the long chord bears North 68°36'01" East, 43.86 feet; Thence

North 30°34'41" East, 331.46 feet; thence

Along a curve right, radius = 100 feet, the long chord bears North 48°38'04" East, 62.13 feet; thence

Along a curve left, radius = 161 feet, the long chord bears North 16°29'47" East, 198.94 feet; thence

North 31°27'01" West, 84.16 feet to the point of beginning and sometimes referred to as Lot 2, Mine Short Plat No. 1 as shown on the official recorded plat thereof recorded as Instrument No. 350327, records of Shoshone County, State of Idaho.

PARCEL 3:

Being a tract of land situated in the Northeast ¼ of the Southeast ¼ of Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho more particularly described as follows:

Beginning at a point whence the East ¼ corner of Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho bears North 59°22'09" East, 395.37 feet distant; thence

Along a curve left, radius = 40 feet, the long chord bears South 15°24'18" West, 27.50 feet; thence

North 78°22'26" West, 36.16 feet; thence

South 10°52'21" West, 204.04 feet; thence

North 75°18'39" West, 252.91 feet; thence

North 02°48'24" West, 383.22 feet; thence

North 31°43'07" East, 271.88 feet; thence

South 39°32'35" East, 342.19 feet; thence

South 17°00'49" West, 108.69 feet; thence

South 09°45'56" East, 92.08 feet to the point of beginning and sometimes referred to as Lot 3 Mine Plant Short Plat No. 1.

PARCEL 4:

Saxon, M.S. 2067 Patented Mining Claim situated in Yreka Mining District in Section 11 & 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 553, records of Shoshone County, State of Idaho.

PARCEL 5:

Link, M.S. 2123 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 601, records of Shoshone County, State of Idaho.

PARCEL 6:

Spur, M.S. 2124 Patented Mining Claim situated in Yreka Mining District in Sections 11 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 48, Deeds, at page 479, records of Shoshone County, State of Idaho.

PARCEL 7:

Spear, M.S. 2496 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 43, Deeds, at page 49, records of Shoshone County, State of Idaho.

PARCEL 8:

Marion, M.S. 2583 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 47, Deeds, at page 196, records of Shoshone County, State of Idaho.

PARCEL 9:

Ben Herr, Kruger and Philippine, M.S. 2599 Patented Mining Claims situated in Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 47, Deeds, at page 27, records of Shoshone County, State of Idaho.

PARCEL 10:

Hough, M.S. 2611 Patented Mining Claim situated in Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 99, records of Shoshone County, State of Idaho.

PARCEL 11:

California, M.S. 2627 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 45, Deeds, at page 503, records of Shoshone County, State of Idaho.

PARCEL 12:

Check, M.S. 2840 Patented Mining Claim situated in Yreka Mining District in Sections 1 and 12, Township 48, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 54, Deeds, at page 465, records of Shoshone County, State of Idaho.

PARCEL 13:

That portion of Florence, M.S. 2862 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho and more particularly described in those certain deeds recorded November 30, 1966 as Instrument Nos. 208505 and 208506, records of Shoshone County, State of Idaho. Patent recorded in Book 55, Deeds, at page 585, records of Shoshone County, State of Idaho.

PARCEL 14:

Billy, M.S. 3111 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 96, Deeds, at page 398, records of Shoshone County, State of Idaho.

PARCEL 15:

Lucky, M.S. 3470 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., and in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 91, Deeds, at page 283, records of Shoshone County, State of Idaho.

PARCEL 16:

Moat, M.S. 3503 Patented Mining Claim situated in Yreka Mining District in Sections 17, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 96, Deeds, at page 356, records of Shoshone County, State of Idaho.

PARCEL 17:

Bunker Hill, M.S. 579 Patented Mining Claim situated in Yreka Mining District in Sections 12 & 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 101, records of Shoshone County, State of Idaho.

PARCEL 18:

Sullivan, M.S. 580 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 190, records of Shoshone County, State of Idaho.

PARCEL 19:

Important Fraction, M.S. 581 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 285, records of Shoshone County, State of Idaho.

PARCEL 20:

Phil Sheridan, M.S. 604 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 281, records of Shoshone County, State of Idaho.

PARCEL 21:

Reed Fraction, M.S. 607 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 246, records of Shoshone County, State of Idaho.

PARCEL 22:

Bunker Hill Millsite, M.S. 608 Patented Millsite Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 4, Deeds, at page 181, records of Shoshone County, State of Idaho.

PARCEL 23:

Small Hopes, M.S. 609, Amended Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 325, records of Shoshone County, State of Idaho.

PARCEL 24:

Bottom Dollar Fraction, M.S. 629 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 252, records of Shoshone County, State of Idaho.

PARCEL 25:

Chestnut Fraction, M.S. 632 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 339, records of Shoshone County, State of Idaho.

PARCEL 26:

Emma & Last Chance Millsite, M.S. 703 Patented Millsite claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 4, Deeds, at page 179, records of Shoshone County, State of Idaho.

PARCEL 27:

Ontario, M.S. 755 Patented Mining Claim situated in Yreka Mining District in Sections 11 & 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 382, records of Shoshone County, State of Idaho.

PARCEL 28:

Carbonate, M.S. 764 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 325, records of Shoshone County, State of Idaho.

PARCEL 29:

Silver Casket, M.S. 790 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 15, Deeds, at page 25, records of Shoshone County, State of Idaho.

PARCEL 30:

Turkey Buzzard, M.S. 836 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in book 6, Deeds, at page 243, records of Shoshone County, State of Idaho.

PARCEL 31:

Snowslide Fraction, M.S. 837 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 249, records of Shoshone County, State of Idaho.

PARCEL 32:

Silver, M.S. 1085 Patented Mining Claim situated in Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 479, records of Shoshone County, State of Idaho.

PARCEL 33:

Johnnesburg, M.S. 1192 Patented Mining Claim situated in Yreka Mining District in Sections 12 & 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 232, records of Shoshone County, State of Idaho.

PARCEL 34:

Puritan, M.S. 1328 Amended Patented Mining Claim situated in Yreka Mining District in Section

12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 196, records of Shoshone County, State of Idaho.

PARCEL 35:

No. 5, M.S. 1357 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 18, Deeds, at page 234, records of Shoshone County, State of Idaho.

PARCEL 36:

Omaha, M.S. 1409 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents at page 190, records of Shoshone County, State of Idaho.

PARCEL 37:

Legal Tender, M.S. 1639 Amended Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 304, records of Shoshone County, State of Idaho.

PARCEL 38:

Triangle Fraction, M.S. 2065 Patented Mining Claim situated in Yreka Mining District in Section

13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 604, records of Shoshone County, State of Idaho.

PARCEL 39:

A parcel of land situated in the Northwest Quarter of Section 6, Township 48 North, Range 3 East, B.M., Shoshone County, Idaho, and more particularly described as follows:

Using the Bunker Hill Triangulation System Meridian and coordinates and beginning at Corner No. 1, a point identical with the West Quarter Corner of said Section 6 (N9667.57, E687.41), and running thence

North 0°42'20" East, 372.46 feet along the West boundary line of said Section 6 to Corner No. 2; thence

South 20°36' East, 59.71 feet to Corner No. 3, a point identical with Corner No. 4 of the Washington Water Power Company (WWP Co.) tract as described in Document No. 302109, recorded November 2, 1982, records of Shoshone County, Idaho from The Bunker Hill Company to Bunker Limited Partnership, Parcel 28 of Exhibit "A", pages 12 and 13; thence

South 69°24' West, 12.87 feet to Corner No. 4, identical with Corner No. 3 of said WWP Co. tract; thence

South 14°20' East, 118.05 feet to Corner No. 5, identical with Corner No. 2 of said WWP Co. tract; thence

South 2°23'30" West, 187.00 feet to Corner No. 6, identical with Corner No. 1 of said WWP Co. tract; thence

South 80°00' East, 53.98 feet along the Southerly boundary line of said WWP Co. tract to its point of intersection with the South boundary line of the Northwest Quarter of said Section 6; thence

South 88°55'25" West, 88.05 feet along said boundary line of said Section 6 Northwest Quarter to Corner No. 1 and place of beginning.

PARCEL 40:

Blue Bird and Maple, M.S. 1229 Patented Mining Claims situated in Yreka Mining District in Sections 11, 12, 13 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Deeds, at page 580, records of Shoshone County, State of Idaho.

EXCEPT: Any portion of M.S. 1229 conveyed to Idaho Forest Industries by deed recorded March 4, 1991 as Instrument No.; 346474, records of Shoshone County, State of Idaho.

PARCEL 41:

Butternut and Homestake, M.S. 1916 Patented Mining Claims situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 434, records of Shoshone County, State of Idaho.

EXCEPT: Any portion of M.S. 1916 conveyed to Idaho Forest Industries by deed recorded March 4, 1991 as Instrument No. 346474, records of Shoshone County, State of Idaho.

PARCEL 42:

Hickory and Spruce Fraction, M.S. 2432 Patented Mining Claims situated in Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 253, records of Shoshone County, State of Idaho.

PARCEL 43:

Tyler, M.S. 546 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 34, Deeds, at page 382, records of Shoshone County, State of Idaho.

PARCEL 44:

Emma, M.S. 550 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded as Instrument No. 209775, records of Shoshone County, State of Idaho.

PARCEL 45:

Last Chance, M.S. 551 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 1, Deeds, at page 433, records of Shoshone County, State of Idaho.

PARCEL 46:

Republican Fraction, M.S. 959 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Parent recorded in Book A, Patents, at page 316, records of Shoshone County, State of Idaho.

PARCEL 47:

Hornet, M.S. 1325 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 607, records of Shoshone County, State of Idaho.

PARCEL 48:

Sampson, M.S. 1328 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 196, records of Shoshone County, State of Idaho.

PARCEL 49:

Stemwinder, M.S. 1830 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 437, records of Shoshone County, State of Idaho.

PARCEL 50:

Utah, M.S. 1882 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 415, records of Shoshone County, State of Idaho.

PARCEL 51:

Hawk, Idaho and Washington, M.S. 2072 Patented Mining Claims situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 35, Deeds, at page 459, records of Shoshone County, State of Idaho.

PARCEL 52:

Helen Marr, M.S. 2452 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 415, records of Shoshone County, State of Idaho.

PARCEL 53:

Brady, M.S. 2584 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 43, Deeds, at page 135, records of Shoshone County, State of Idaho.

PARCEL 54:

Boer and Grant, M.S. 2599 Patented Mining Claims situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 45, Deeds, at page 27, records of Shoshone County, State of Idaho.

EXCEPT: That portion of Grant, M.S. 2599 which is in conflict with the Kirby Fraction, M.S. 2654 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho.

PARCEL 55:

Lackawanna, M.S. 614 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 260, records of Shoshone County, State of Idaho.

PARCEL 56:

East and Sullivan Extension, M.S. 1228 Patented Mining Claims situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Deeds, at page 572, records of Shoshone County, State of Idaho.

PARCEL 57:

Real property in the County of Shoshone, State of Idaho, described as follows:

Being a tract of land situated in the Southeast ¼ of the Northeast ¼ of Section 1, Township 48 North, Range 2 East, B.M., more particularly described as follows:

Beginning at a point on the southerly right of way of McKinley Avenue whence the East ¼ corner of Section 1 bears South 53° 22'13" East, a distance of 1318.27 feet; thence

South 23°04'59" West, a distance of 487.64 feet; thence

South 61°03'11" East, a distance of 644.85 feet; thence

North 31°43'07" East, a distance of 271.88 feet; thence

North 27°17'34" East, a distance of 90.00 feet; thence

North 01°10'02" East, a distance of 94.54 feet; thence

North 65°13'58" West, a distance of 207.15 feet; thence

North 66°45'00" West, a distance of 416.56 feet; thence

North 23°04'50" East, a distance of 104.13 feet to a point on the southerly right of way of McKinley Avenue; thence

North 74°36'24" West, a distance of 30.27 feet, to the point of beginning. Sometimes referred to as the Rock House parcel.

**<u>SCHEDULE F-2</u>**

**<u>MINERAL RIGHTS</u>**

PARCEL 1:

Reeves, M.S. 1412 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 8, Deeds, at page 66.

PARCEL 2:

Packard, M.S. 1413 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 193.

PARCEL 3:

Quaker, M.S. 1414 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 388.

PARCEL 4:

Danish, M.S. 1503 Amended Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 north, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded as Instrument No. 209774, records of Shoshone County, State of Idaho.

PARCEL 5:

Alferd (shown of record as Alfred) and Maggie, M.S. 1628 Patented Mining Claims situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 247.

PARCEL 6:

Princess, M.S. 1633 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 301.

PARCEL 7:

Royal Knight and Silver King, M.S. 1639 Amended Patented Mining Claims situated in Yreka Mining District in Sections 2 and 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 304.

PARCEL 8:

Phillippine, M.S. 1663 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 322.

PARCEL 9:

Harrison, M.S. 1664 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 307.

PARCEL 10:

Ninety-Six (96), M.S. 1715 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 349.

PARCEL 11:

Lydia Fraction, Mabel, Manila, O.K., O.K. Western, Sunny and Whippoorwill, M.S. 1723 Patented Mining Claim situated in Yreka Mining District in Sections 2 and 3, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 28, Deeds, at page 446.

PARCEL 12:

William Lambert Fraction, M.S. 1945 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 1, Deeds, at page 580.

PARCEL 13:

Band, M.S. 2507 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 251.

PARCEL 14:

Maine, M.S. 2626 Patented Mining Claim situated in Yreka Mining District in Sections 2 & 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 45, Deeds, at page 180.

PARCEL 15:

Venture, M.S. 3164 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 62, Patents, at page 72.

PARCEL 16:

Goth, L-2, L-3 M. S. 3214 Patented Mining Claims Patent Mining Claim situated in Yreka Mining District in Sections 2 and 9, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 64, Deeds, at page 284.

PARCEL 17:

Castle, M.S. 3503 Patented Mining Claim situated in Yreka Mining District in Section 17, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 96, Deeds, at page 356.

PARCEL 18:

Silver King Millsite, M.S. 3563 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 123, Deeds, at page 166.

PARCEL 19:

Tyler, M.S. 546 Amended Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 34, Deeds, at page 546

PARCEL 20:

Emma, M.S. 550 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded as Instrument No. 209775, records of Shoshone County, State of Idaho.

PARCEL 21:

Last Chance, M. S. 551 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 1, Deeds, at page 433

PARCEL 22:

Sierra Nevada, M.S. 554 Patented Mining Claim situated in Yreka Mining District in Sections 11 & 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 1, Deeds, at page 358.

PARCEL 23:

Viola, M.S. 562 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 619.

PARCEL 24:

Oakland, M.S. 569 Patented Mining Claim situated in Yreka Mining District in Sections 11 & 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 235.

PARCEL 25:

Jackass, M.S. 586 Amended Patented Mining Claim situated in Yreka Mining District in Sections 12 & 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 75.

PARCEL 26:

Lackawana, M.S. 614 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Patents, at page 260.

PARCEL 27:

Skookum, M.S. 615 Patented Mining Claim situated in Yreka Mining District in Sections 11 & 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book X, Deeds, at page 313

PARCEL 28:

Rolling Stone, M.S. 619 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., and in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 484.

PARCEL 29:

Fairview, M.S. 621 Patented Mining Claim situated in Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 301.

PARCEL 30:

San Carlos, M.S. 750 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 535.

PARCEL 31:

Ontario Fraction, M.S. 755 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 382.

PARCEL 32:

Sold Again Fraction, M.S. 933 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 9, Deeds, at page 207.

PARCEL 33:

Republican Fraction, M.S. 959 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 301.

PARCEL 34:

Likely, M.S. 1298 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book B, Patents, at page 25.

PARCEL 35:

Apex, Rambler and Tip Top, M.S. 1041 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 139.

PARCEL 36:

Butte, Cariboo, Good Luck, Jersey Fraction and Lilly May, M.S. 1220 Patented Mining Claim situated in Yreka Mining District in Sections 11 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 24, Deeds, at page 23.

PARCEL 37:

Mabundaland, Mashonaland, Matabelaland, Stopping and Zululand, M.S. 1227 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 481.

PARCEL 38:

Alla, Bonanza Fraction, East, Ironhill, Lacrosse, Miners Delight, No Name, Ollie McMillin, Schofield, Sullivan Extension and Summit, M.S. 1228 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., and in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 301.

PARCEL 39:

Allie, Blue Bird, Bought Again, Josie, Maple, Offset, Rookery and Susie, M.S. 1229 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Deeds, at page 580.

PARCEL 40:

Hornet M.S. 1325 Amended Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 607.

PARCEL 41:

King, M.S. 1325 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 295

PARCEL 42:

Sampson, M.S. 1328 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 196.

PARCEL 43:

Comstock, Daisy, Dandy, Jessie, Julia, Justice, Ophir and Walla Walla, M.S. 1345 Patented Mining Claim situated in Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Deeds, at page 584.

PARCEL 44:

Lucky Chance, M.S. 1349 Patented Mining Claim situated in Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 15, Deeds, at page 494.

PARCEL 45:

Excelsior, M.S. 1356 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 157.

PARCEL 46:

No. 1, No. 2, No. 3 and No. 4, M.S. 1357 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 18, Deeds, at page 234.

PARCEL 47:

Carter, Coxey, Deadwood, Debs, Hamilton, Hard Cash and Nevada, M.S. 1466 Patented Mining Claim situated in Yreka Mining District in Sections 11 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Patents, at page 577.

PARCEL 48:

Arizona, M. S. 1488 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 199.

PARCEL 49:

Wheelbarrow, M.S. 1526 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 442.

PARCEL 50:

New Era, M.S. 1527 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 478.

PARCEL 51:

Hamilton Fraction, M.S. 1619 Patented Mining Claim situated in Yreka Mining District in Sections 11 & 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 289.

PARCEL 52:

Berniece, Mountain King, Mountain Queen, Southern Beauty and Waverly, M.S. 1620 Patented Mining Claim situated in Yreka Mining District in Section 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 292.

PARCEL 53:

Good Enough, M.S. 1628 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 247.

PARCEL 54:

McLelland, M.S. 1681 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 622.

PARCEL 55:

Stemwinder, M.S. 1830 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 35, Deeds, at page 437.

PARCEL 56:

Utah, M.S. 1882 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 415.

PARCEL 57:

Butternut and Homestake, M.S. 1916 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 434.

PARCEL 58:

Overlap, M.S. 2052 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 532.

PARCEL 59:

Bee, Combination, Hawk, Idaho, Iowa, Oregon, Scorpion Fraction and Washington, M.S. 2072 Patented Mining Claim situated in Yreka Mining District in Sections 1 & 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 33, Deeds, at page 459.

PARCEL 60:

Eighty-Five (85), Iowa No. 2, K-10, K-11, K-12, K-13, K-16, K-17, K-18, K-19, K-20, K-21, K-22, K-23, K-28, K-29, K-30, K-31, K-32, K-39, Minnesota, Missouri No. 2, Ninety-One (91) and Ninety-two (92), M.S. 2077 Patented Mining Claim situated in Yreka Mining District in Sections 14, 15 and 22, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 34, Patents, at page 425.

PARCEL 61:

Chain, M.S. 2078 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 432.

PARCEL 62:

K-1, K-2, K-3, K-4, K-5, K-6, K-7, K-8, K-9, K-14, K-15, K-24, K-25, K-26, K-27, K-33, K-34, K-35, K-36, K-37, K-38, Kansas, Missouri and Texas, M.S. 2080 Patented Mining Claim situated in Yreka Mining District in Sections 14 and 23, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 34, Patents, at page 440.

PARCEL 63:

Bear, Black, Brown, Dewey, Ito, Oyama, S-1, S-2, S-3, S-4, S-5, S-6, S-7, S-8, S-9, S-10, S-11, S-12, S-13, Sampson, Sarnia and Star, M. S. 2081 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., and Sections 18 and 19, Township 48 North, Range 3 East, B.M., , Shoshone County, State of Idaho. Patent recorded in Book 34, Patents, at page 456.

PARCEL 64:

Sims, M.S. 2186 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book B, Patents, at page 23.

PARCEL 65:

Lincoln, M.S. 2187 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 40, Deeds, at page 126.

PARCEL 66:

Brooklyn, New Jersey and Schute Fraction, M.S. 2201 Patented Mining Claim situated in Yreka Mining District in Section 10, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 52.

PARCEL 67:

Cheyenne, M.S. 2249 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 42, Deeds, at page 505.

PARCEL 68:

Buckeye, M.S. 2250 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho.

PARCEL 69:

Timothy Fraction, M.S. 2274 Patented Mining Claim situated in Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 43, Deeds, at page 36.

PARCEL 70:

Confidence and Flagstaff, M.S. 2328 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., and in Section 7, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book B, Patents, at page 27.

PARCEL 71:

Norman, M.S. 2368 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 410.

PARCEL 72:

Grant, M.S. 2369 Patented Mining Claim situated in Yreka Mining District in Sections 11 & 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 408.

PARCEL 73:

Cypress, M.S. 2429 Patented Mining Claim situated in Yreka Mining District in Sections 12 & 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 255.

PARCEL 74:

Hickory and Spruce Fraction, M.S. 2432 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 253.

PARCEL 75:

Helen Marr and Hemlock, M.S. 2452 Patented Mining Claim situated in Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 415.

PARCEL 76:

Spokane, M.S. 2509 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 305.

PARCEL 77:

Heart, Jack, Key, Queen and Teddy, M.S. 2511 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 45, Deeds, at page 21.

PARCEL 78:

Ace, Club, Diamond, Nellie, Roman and Spade, M.S. 2583 Patented Mining Claim situated in Yreka Mining District in Sections 11 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 47, Deeds, at page 196.

PARCEL 79:

Brady, M.S. 2584 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 43, Deeds, at page 135.

PARCEL 80:

A, B, C, D, E, F, Drew, Edna, Emily Grace, Foster, K-40, Lilly, Medium, Missing Link, No. 1, No. 2, Peak, Penfield, Sliver, Snowline, Yreka No. 10, Yreka No. 11, Yreka, No. 12, Yreka No. 13, Yreka No. 14, Yreka No. 15, Yreka No. 16, Yreka No. 17, Yreka no. 18, Yreka No. 19, Yreka No. 20, Yreka no. 21, Yreka No. 22, Yreka No. 23, Yreka No. 24, Yreka No. 25 and Yreka No. 26, M.S. 2587 Patented Mining Claim situated in Yreka Mining District in Sections 13, 24 and 25, Township 48 North, Range 2 East, B.M., and in Sections 19 and 30, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 57, Deeds, at page 597 and in Book 57, Deeds, page 85.

PARCEL 81:

Boer and Grant, M.S. 2599 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 45, Deeds, at page 27.

PARCEL 82:

Asset, Childs, Eli, Evans, Gun, Nick, Ox, Ruth, Sherman, Simmons, Taft and Yale, M.S. 2611 Patented Mining Claim situated in Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, B.M., and in Sections 18 & 19, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 99.

PARCEL 83:

African, Gus, Roy and Trump, M.S. 2624 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 43, Deeds, at page 561.

PARCEL 84:

Kirby Fraction, McClellan, Miles and Pitt, M.S. 2654 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 47, Deeds, at page 632.

PARCEL 85:

Bonanza King Millsite, M.S. 2868 Patented Mining Claim situated in Yreka Mining District in Section 8, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 61, Deeds, at page 112.

PARCEL 86:

Flagstaff No. 2, Flagstaff No. 3, Flagstaff No. 4, Scelinda No. 1, Scelinda No. 2, Scelinda No. 3, Scelinda No. 4, Scelinda No. 5, Scelinda No. 7 and Scelinda No. 8, M.S. 2921 Patented Mining Claim situated in Yreka Mining District in Sections 1 and 12, Township 48 North, Range 2 East, B.M., and in Section 7, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 59, Deeds, at page 120.

PARCEL 87:

Ethel, Katherine, Manchester, McRooney, Stuart No. 2, Stuard No. 3, Sullivan and Switzerland, M.S. 2966 Patented Mining Claim situated in Yreka Mining District in Sections 10 and 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 482.

PARCEL 88:

Hoover No. 1, Hoover No. 2, Hoover No. 3, Hoover No. 4 and Hoover No. 5, M.S. 2975 Patented Mining Claim situated in Yreka Mining District in Sections 13, 14, 23 & 24, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 490.

PARCEL 89:

Adath, Al-kyris, Anna Laura, Atlas, Atlas No. 1, Fraction, Gay, Panorama, Red Deer and Setzer, M.S. 2976 Patented Mining Claim situated in Yreka Mining District in Sections 22 and 23, Township 48 North, Range 2 East, B.M., and in Section 7, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 493.

PARCEL 90:

Lesley, Lesley No. 2, Lesley No. 3, Little Ore Grande, North Wellington, Ore Grande No. 1, Ore Grande No. 2, Ore Grande No. 3, Ore Grande No. 4, Ore Grande no. 5 and Wellington M.S. 2977 Patented Mining Claim situated in Yreka Mining District in Sections 23 and 26, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 496.

PARCEL 91:

Marko, V.M. No. 1 and V.M. No. 2, M.S. 3051 Patented Mining Claim situated in Yreka Mining District in Sections 7 and 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 59, Deeds, at page 78.

PARCEL 92:

Army and Navy, M.S. 3096 Patented Mining Claim situated in Yreka Mining District in Section 22, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 60, Deeds, at page 223.

PARCEL 93:

Oracle, Orbit, Oreano, Ore Shoot, Orient, Oriental Orphan and Orpheum, M.S. 3097 Patented Mining Claim situated in Yreka Mining District in Section 23, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 60, Deeds, at page 255.

PARCEL 94:

East Midland, Midland, Midland No. 1, Midland No. 3, Midland No. 4, Midland No. 5, Midland No. 6, Midland No. 7, Midland No. 8 and North Midland, M.S. 3108 Patented Mining Claim situated in Yreka Mining District in Sections 13 & 24, Township 48 North, Range 2 East, B.M., and in Section 19, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 60, Deeds, at page 319.

PARCEL 95:

Monte Carlo No. 1, Monte Carlo No. 2, Monte Carlo No. 3, Monte Carlo No. 4 and Monte Carlo No. 5, M.S. 3177 Patented Mining Claim situated in Yreka Mining District in Sections 7 and 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 63, Deeds, at page 183.

PARCEL 96:

Long John, M.S. 3179 Patented Mining Claim situated in Yreka Mining District in Section 7, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 63, Deeds, at page 611.

PARCEL 97:

L-1, M.S. 3214 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 64, Deeds, at page 284.

PARCEL 98:

Pete, Prominade, Sam and Zeke, M.S. 3389 Patented Mining Claim situated in Yreka Mining District in Section 10, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 77, Deeds, at page 173.

PARCEL 99:

Battleship Oregon, Charly T., Lucia, Marblehead, Margaret, Nancy B., Olympia and Phil, M.S. 3390 Patented Mining Claims situated in Yreka Mining District in Sections 11 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 77, Deeds, at page 338.

PARCEL 100:

Beta, M.S. 3471 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded as Instrument No. 168414, records of Shoshone County, State of Idaho.

PARCEL 101:

Spokane Central No. 1, Spokane Central No. 2, Spokane Central No. 3, Spokane Central No. 3 Fr., Spokane Central No. 4 and Spokane Central No. 5, M.S. 3472 North Fork Coeur d'Alene Patented Mining Claim situated in Yreka Mining District in Sections 19, 20 and 29, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patents recorded as Instrument No. 179430 and as Instrument No. 219606, records of Shoshone County, State of Idaho.

PARCEL 102:

Anaconda, Apex, Apex no. 2, Apex No. 3, Blue Bird, Blue Grouse, Bob White, Butte, Butte Fraction, Cougar, Galena, Huckleberry No. 2, Leopard, Lynx, MacBenn, Martin, Pheasant, Robbin and Sonora, M.S. 3361 Patented Mining Claims situated in Yreka Mining District in Sections 1 and 2, Township 47 North, Range 2 East, B.M., and in Section 35, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 76, Deeds, at page 626.

PARCEL 103:

A 1/6 interest only in the Baby, Keystone, Van and Woodrat, M.S. 2856 Patented Mining Claims situated in Yreka Mining District in Sections 2 & 3, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 52.

PARCEL 104:

Evening Star, Evening Star Fraction, Maryland, Monmouth, Oregon, Oregon No. 2 and Silver Chord, M.S. 2274 Patented Mining Claims situated in Yreka Mining District in Section 15, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 43, Deeds, at page 36.

PARCEL 105:

Spring, M.S. 3298 Patented Mining Claims situated in Yreka Mining District in Section 15, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 73, Deeds, at page 394.

PARCEL 106:

Milo Millsite, M.S. 2869 Patented Mining Claims situated in Yreka Mining District in Sections 8 and 17, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 61, Deeds, at page 111.

PARCEL 107:

Black Diamond, Carbonate, Enterprise, Enterprise Extension, Gelatin, Giant and Rolling Stone, M.S. 3423 Patented Mining Claims situated in Yreka Mining District in Sections 3 and 10, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho.

PARCEL 108:

Chief No. 2 and Sugar, M.S. 2862 Patented Mining Claims situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 55, Deeds, at page 585.

**<u>SCHEDULE F-3</u>**

**<u>ADDITIONAL PARCELS</u>**

Tax Parcel No. D0000-002-0300, Tax Parcel No. D0000-002-0550, Tax Parcel No. <br> D-0000-002-0700, D-0000-002-0975, D0000-002-1400, D-0000-002-1500, D-0000-002-1900, <br> D-0000-002-2100, D-0000-002-4725, D-0000-002-4800, D-0000-002-7300,

The SENE, NESE, Lot 1 (NENE), SENW, lying East of County Road and the West Half of the NE ¼ Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho EXCEPT: Those portions of the subject property conveyed to Shoshone School Districts No.s 30 and 391 by deeds dated June 1, 1938 and recorded September 19, 1938 in Book 70, Deeds, at page 130; dated August 15, 1950 and recorded November 20, 1950 in Book 84, Deeds, at page 563 and recorded January 27, 1975 as Instrument No. 255179.

Tax Parcel No. 48N02E3675

SWNW Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho

Tax Parcel No. 49N02E341900

South ½ of the Northeast ¼ and the Southeast ¼ of the Northwest ¼ of Section 34, Township 49 North, Range 2 East, B.M., Shoshone County, State of Idaho

Tax Parcel No. 49N02E345000

That portion of Section 34, Township 49 North, Range 2 East, B.M., Shoshone County, State of Idaho lying South of the Coeur d'Alene River and North of the U.S. I-90 Right of way.

EXCEPT: County Airport

ALSO EXCEPT: NWSW and SWNW Section 34, Township 49 North, Range 2 East, B.M., Shoshone County, State ofldaho<u>of Idaho</u>.

Tax Parcel No. 48N03E106700

Being a tract of land lying in the Southeast Quarter of the Southwest Quarter, and in the Southwest Quarter of the Southeast Quarter, Section 10, Township 48 North, Range 3 East, Boise Meridian, Shoshone County, Idaho, and being more particularly described as follows: Using the Bunker Hill triangulation survey meridian and beginning at corner No. 1, a drill steel monument with a copper cap, 2 ins. X 2 ins., marked corner 1-SU, from whence the Southwest corner of said Southeast Quarter of the Southwest Quarter, a concrete monument marked W 1/16 cor., bears S.43°58.2'W., 518.15 ft. distant, and from whence, also, cor. No. 1 survey No. 2274 Monmouth lode bears S.34°4l.<u>341.3</u>'E., 457.52 ft. dist.; thence

N.34°51.2'E., 349.44 ft. dist. To cor. No. 2; thence

N.89°58'W., 560 ft. dist., to cor. No. 3, which corner point falls on a steep, unstable, slope and from which point a witness corner, a drill steel monument with a copper cap marked W.C. cor. 3-SU, bears N.35°24.4'W., 33.14 ft dist.; thence

N.O°03'W., 660.00 ft. dist., to cor. No. 4, a drill steel with copper cap marked cor. 4-SU; thence S.89°58'E., 1,454.12 ft. dist., to cor. No. 5, a drill steel monument with copper cap marked cor. 5-SU, on the westerly right-of-way boundary of the Big Creek road; thence

On and along said right-of-way boundary, S.38°34.1 'W., 552.72 ft. dist., to cor. No. 6, identical with a concrete monument with brass cap marked P.C. 45+41.10; thence

On a 2°00' curve to the left, the long chord of which bears S.35°38'W., 297.96 ft. dist., to cor. No. 7, identical with highway boundary P.T. 48+35.09 back (48+36.54 ahead) the monument of which has been obliterated; thence

Continuing on said right-of-way boundary S.32°39.5'W., 419.26 ft. dist., to cor. No. 8, a drill steel with copper cap marked cor. 8-SU; thence

N.57°20.5'W., 115.00 ft. dist., to cor. No. 9, a drill steel with copper cap marked cor. 9-SU; thence

S.32°39.5'W., 120.00 ft. dist., to cor. No. 10, a drill steel with copper cap marked cor. 1O-SU; thence

N. 57°20.5'W., 222.41 ft. dist., to cor. No. 1, the place of beginning.

Tax Parcel No. D-0000-006-3960

Being a tract of land situated in the NE ¼ of Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, more particularly described as follows;

Beginning at the SE corner of Lot 2 whence the West ¼ Corner of Section 6 bears South 11°44'32" East 553.78 feet distant; thence

North 14°20'30" East, 106.64 feet; thence

South 70°17'45" West, 301.02 feet; thence

South 14°14'25" West, 90.00 feet; thence along a curve right, radius= 10SS.37, the long chord bears South 69°06-13" East, 129.05 feet; thence

South 65°42'23" East, 173.96 feet to the point of beginning.

AND

Being a tract of land situated in the NE ¼ of Section 1, Township 48 North, Range 2 East, B.M. and in Section 6. Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho more particularly described as follows:

Beginning at the SE corner of Lot 1 whence, the West ¼ corner of Section 6 bears South 32°54'10" West, 504.22 feet distant; thence

North 15° East, 149.49 feet; thence

North 30° West, 73.01 feet: thence

North 76°06'48" West, 275.55 feet; thence

South 70°18'02" West, 95.30 feet; thence

South 14°20'30" West, 126.64 feet; thence

South 65°42'23" East, 57.45 feet; thence along a curve left, radius= 316.92, the long chord bears South 70°56'51" East., 47.03 feet; thence

South 74°35'32" East, 300.59 feet to the point of beginning.

Tax Parcel No. F00000020900

The Southwest Quarter of the Northwest Quarter, and the Southeast Quarter of the Northeast Quarter and the Northeast Quarter of the Southeast Quarter, and Government Lot 1 or the Northeast Quarter of the Northeast Quarter, and the Southeast Quarter of the Northwest Quarter, lying East of County Road, and the West half of the Northeast Quarter, except ground sold to School District No. 391, as disclosed by Quitclaim Deed recorded January 27, 1975 as Instrument No. 255179, Records of Shoshone County, Idaho, all in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho.

EXCEPT property in Deed dated August 15, 1950 from the Bunker Hill Company to School District, recorded November 20, 1950 in Book 84 of Deeds, at Page 563, Records of Shoshone County, Idaho

ALSO EXCEPT property in Deed dated June 1, 1938, from Bunker Hill Company to School District No. 30, recorded September 19, 1938, in Book 70 of Deeds, at Page 130, Records of Shoshone County, Idaho.

Patent for M.S. 2551 excludes the conflict with the NE ¼ SE ¼.

Non Plant 5 in Section 2, Township 48 North, Range 2 East, Shoshone County, State of Idaho.

**<u>SCHEDULE F-4</u>**

**<u>UNPATENTED MINING CLAIMS</u>**

<u>PARCEL 1:</u>

<u>BHM 1 Mill Site Claim, situated in the Yreka Mining District in Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709778, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523680, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 2:</u>

<u>BHM 2 Mill Site Claim, situated in the Yreka Mining District in Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709779, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523681, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 3:</u>

<u>BHM 3 Mill Site Claim, situated in the Yreka Mining District in Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709780, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523682, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 4:</u>

<u>BHM 4 Mill Site Claim, situated in the Yreka Mining District in Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709781, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523683, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 5:</u>

<u>BHM 5 Mill Site Claim, situated in the Yreka Mining District in Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709782, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523684, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 6:</u>

<u>BHM 6 Mill Site Claim, situated in the Yreka Mining District in Sections 1, Township 48 North, Range 2 East, and Section 6, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709783, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523685, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 7:</u> 

<u>BHM 7 Mill Site Claim, situated in the Yreka Mining District in Sections 1 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709784, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523686, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 8:</u> 

<u>BHM 8 Mill Site Claim, situated in the Yreka Mining District in Sections 1 and 12, Township 48 North, Range 2 East, and Sections 6 and 7, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709785, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523687, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 9:</u> 

<u>NBH 1 Lode Claim, situated in the Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715514, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523967, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 10:</u> 

<u>NBH 2 Lode Claim, situated in the Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715515, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523968, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 11:</u> 

<u>NBH 3 Lode Claim, situated in the Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715516, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523969, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 12:</u> 

<u>NBH 4 Lode Claim, situated in the Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715517, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523970, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 13:</u>

<u>NBH 5 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715518, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523974, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 14:</u>

<u>NBH 6 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715519, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523975, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 15:</u>

<u>NBH 7 Lode Claim, situated in the Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715520, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523976, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 16:</u>

<u>NBH 8 Lode Claim, situated in the Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715521, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523977, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 17:</u>

<u>NBH 9 Lode Claim, situated in the Yreka Mining District in Sections 1 and 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715522, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523978, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 18:</u>

<u>NBH 10 Lode Claim, situated in the Yreka Mining District in Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715523, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523979, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 19:</u>

<u>NBH 11 Lode Claim, situated in the Yreka Mining District in Sections 1 and 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715524, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523980, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 20:</u>

<u>NBH 12 Lode Claim, situated in the Yreka Mining District in Sections 1, 2 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715525, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523981, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 21:</u>

<u>NBH 13 Lode Claim, situated in the Yreka Mining District in Sections 1, 2 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715526, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523982, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 22:</u>

<u>NBH 14 Lode Claim, situated in the Yreka Mining District in Sections 1 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715527, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523983, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 23:</u>

<u>NBH 15 Lode Claim, situated in the Yreka Mining District in Sections 1, 2, 11 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715528, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523984, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 24:</u>

<u>NBH 16 Lode Claim, situated in the Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715529, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523985, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 25:</u>

<u>NBH 17 Lode Claim, situated in the Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, and Sections 7 and 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715530, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523988, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 26:</u>

<u>NBH 18 Lode Claim, situated in the Yreka Mining District in Sections 7 and 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715531, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523989, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 27:</u>

<u>NBH 19 Lode Claim, situated in the Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, and Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715532, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523990, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 28:</u>

<u>NBH 20 Lode Claim, situated in the Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715533, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523991, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 29:</u>

<u>NBH 21 Lode Claim, situated in the Yreka Mining District in Sections 7 and 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715534, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523992, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 30:</u>

<u>NBH 22 Lode Claim, situated in the Yreka Mining District in Section 17 and 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715535, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523993, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 31:</u>

<u>NBH 23 Lode Claim, situated in the Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715536, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523994, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 32:</u>

<u>NBH 24 Lode Claim, situated in the Yreka Mining District in Sections 17 and 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715537, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523995, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 33:</u>

<u>NBH 25 Lode Claim, situated in the Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715538, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523996, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 34:</u>

<u>NBH 26 Lode Claim, situated in the Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715539, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524000, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 35:</u>

<u>NBH 27 Lode Claim, situated in the Yreka Mining District in Sections 18 and 19, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715540, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524001, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 36:</u>

<u>NBH 28 Lode Claim, situated in the Yreka Mining District in Sections 18 and 19, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715541, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524002, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 37:</u>

<u>NBH 29 Lode Claim, situated in the Yreka Mining District in Sections 2 and 35, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715542, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524003, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 38:</u>

<u>NBH 30 Lode Claim, situated in the Yreka Mining District in Section 35, Township 48 North, Range 2 East, and Section 2, Township 47 North, Range 2 East B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715543, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524004, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 39:</u>

<u>NBH 31 Lode Claim, situated in the Yreka Mining District in Section 35, Township 48 North, Range 2 East, and Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715544, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524005, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 40:</u>

<u>NBH 32 Lode Claim, situated in the Yreka Mining District in Section 35, Township 48 North, Range 2 East, and Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715545, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524006, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 41:</u>

<u>NBH 33 Lode Claim, situated in the Yreka Mining District in Section 35, Township 48 North, Range 2 East, and Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715546, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524009, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 42:</u>

<u>NBH 34 Lode Claim, situated in the Yreka Mining District in Section 35, Township 48 North, Range 2 East, and Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715547, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524010, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 43:</u>

<u>NBH 35 Lode Claim, situated in the Yreka Mining District in Section 35, Township 48 North, Range 2 East, and Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715548, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524011, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 44:</u> 

<u>NBH 36 Lode Claim, situated in the Yreka Mining District in Section 35, Township 48 North, Range 2 East, and Section 2, Township 47, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715549, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524012, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 45:</u> 

<u>NBH 37 Lode Claim, situated in the Yreka Mining District in Section 35 and 36, Township 48 North, Range 2 East, and Sections 1 and 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715550, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524013, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 46:</u> 

<u>NBH 38 Lode Claim, situated in the Yreka Mining District in Section 36, Township 48 North, Range 2 East, and Section 1, Township 47 North, Range 2 East B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715551, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524014, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 47:</u> 

<u>NBH 39 Lode Claim, situated in the Yreka Mining District in Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715552, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524015, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 48:</u> 

<u>NBH 40 Lode Claim, situated in the Yreka Mining District in Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715553, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524016, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 49:</u> 

<u>NBH 41 Lode Claim, situated in the Yreka Mining District in Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715554, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524017, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 50:</u>

<u>NBH 42 Lode Claim, situated in the Yreka Mining District in Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715555, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524018, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 51:</u>

<u>NBH 43 Lode Claim, situated in the Yreka Mining District in Section 1 and 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715556, Lead File Number ID106715514, located on November 21, 2024, and more particularly described in that certain location notice recorded as Instrument No.524019, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 52:</u>

<u>NBH 44 Lode Claim, situated in the Yreka Mining District in Section 1, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715557, Lead File Number ID106715514, located on November 21, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524020, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 53:</u>

<u>NBH 45 Lode Claim, situated in the Yreka Mining District in Section 1, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715558, Lead File Number ID106715514, located on November 21, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524021, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 54:</u>

<u>NBH 46 Lode Claim, situated in the Yreka Mining District in Section 3, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715559, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524022, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 55:</u>

<u>NBH 47 Lode Claim, situated in the Yreka Mining District in Sections 2 and 3, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715560, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524024, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 56:</u>

<u>NBH 48 Lode Claim, situated in the Yreka Mining District in Section 3, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715561, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524025, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 57:</u>

<u>NBH 49 Lode Claim, situated in the Yreka Mining District in Sections 2 and 3, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715562, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524028, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 58:</u>

<u>NBH 50 Lode Claim, situated in the Yreka Mining District in Sections 1 and 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715563, Lead File Number ID106715514, located on November 21, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524029, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 59:</u>

<u>NBH 51 Lode Claim, situated in the Yreka Mining District in Section 1, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715564, Lead File Number ID106715514, located on November 21, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524030, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 60:</u>

<u>NBH 52 Lode Claim, situated in the Yreka Mining District in Section 1, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715565, Lead File Number ID106715514, located on November 21, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524034, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 61:</u>

<u>NBH 53 Lode Claim, situated in the Yreka Mining District in Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715566, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524036, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 62:</u>

<u>NBH 54 Lode Claim, situated in the Yreka Mining District in Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715567, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524037, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 63:</u>

<u>NBH 55 Lode Claim, situated in the Yreka Mining District in Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715568, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524038, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 64:</u>

<u>NBH 56 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715569, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524039, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 65:</u>

<u>NBH 57 Lode Claim, situated in the Yreka Mining District in Sections 1 and 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715570, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524040, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 66:</u>

<u>NBH 58 Lode Claim, situated in the Yreka Mining District in Section 1, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715571, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524041, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 67:</u>

<u>NBH 59 Lode Claim, situated in the Yreka Mining District in Sections 1 and 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715572, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524042, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 68:</u>

<u>NBH 60 Lode Claim, situated in the Yreka Mining District in Section 1, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715573, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524043, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 69:</u> 

<u>NBH 61 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715574, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524044, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 70:</u> 

<u>NBH 62 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715575, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524045, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 71:</u> 

<u>NBH 63 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715576, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524046, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 72:</u> 

<u>NBH 64 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715577, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524047, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 73:</u> 

<u>NBH 65 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715578, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524048, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 74:</u> 

<u>NBH 66 Lode Claim, situated in the Yreka Mining District in Section 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715579, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524049, records of Shoshone County, State of Idaho, incorporated herein by reference.</u>

<u>PARCEL 75:</u> 

<u>NBH 67 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715580, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524050, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 76:</u> 

<u>NBH 68 Lode Claim, situated in the Yreka Mining District in Sections 1, 2, 11 and 12, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715581, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524051, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 77:</u> 

<u>NBH 69 Lode Claim, situated in the Yreka Mining District in Sections 1 and 12, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715582, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524052, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

<u>PARCEL 78:</u> 

<u>NBH 70 Lode Claim, situated in the Yreka Mining District in Sections 1 and 12, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715583, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524053, records of Shoshone County, State of Idaho, incorporated herein by reference.</u> 

**<u>SCHEDULE F-5</u>**

**<u>LEASEHOLD INTEREST WITH OPTION TO PURCHASE (SURFACE ONLY)</u>**

<u>This Exhibit F-5 includes the Grantor's real property interest in the Leases acquired from C & E Tree Farm, L.L.C., an Idaho limited liability company, as set forth in that certain Commercial Lease Agreement dated March 3, 2023, and the Option Agreement to Purchase Real Estate dated March 3, 2023, incorporated herein by reference, which Leases describe the real property subject to the leasehold interest and option interest as more particularly described below.</u> 

**<u>PARCEL 1:</u>**

<u>Combination, Iowa, Oregon and Scorpion Fraction, M.S. 2072 Patented Mining Claims situated in Yreka Mining District in Sections 1 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 35, Deeds, at page 459, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>Spokane, M.S. 2509 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 305, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>Scelinda No. 1, Scelinda No. 2, Scelinda No. 3, Scelinda No. 4, Scelinda No. 7 and Scelinda No. 8, M.S. 2921 Patented Mining Claims situated in Yreka Mining District in Sections 1 and 12, Township 48 North, Range 2 East, B.M. and in Section 7, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 59, Deeds, at page 120, records of Shoshone County, State of Idaho.</u> 

<u>EXCEPT:</u> 

<u>That portion of Scelinda No. 2 mining claim more particularly described as follows:</u> 

<u>Beginning at Corner No. 2 of the Iowa, M. S. 2072 Patented Mining Claim; thence</u> 

<u>North 12°22' East on and along the West line of Scelinda No. 2, M.S. 2921, a distance of 334.4 feet; thence</u> 

<u>South 74°50' East, 200 feet; thence</u> 

<u>South 12°22' West, 382.1 feet to a point on the North line of Iowa, M.S. 2072 Patented Mining Claim; thence</u> 

<u>North 61°35' West on and along said North Line, a distance of 207.86 feet to the point of beginning.</u> 

<u>ALSO EXCEPT:</u> 

<u>A tract of land situated in the Southwest 1/4 of the Southeast 1/4 of Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho and being a portion of Scelinda No. 1 and Scelinda No. 3, M.S. 2921 Patented Mining Claims situated in Yreka Mining District and more particularly described as follows:</u>

<u>Using City of Kellogg Survey System coordinates and meridian and commencing at Bunker Hill Triangulation Station No. 5 (N7427.28, W1377.45;) thence</u>

<u>South 8°37' West, 101.95 feet to the true point of beginning from whence the South 1/4 corner of Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho bears South 46°45.6' West, 780.37 feet; thence</u>

<u>Due West, 67.5 feet to the Southwest corner; thence</u>

<u>Due North 200.0 feet to the Northwest corner; thence</u>

<u>Due East, 200.0 feet to the Northeast corner; thence</u>

<u>Due South 200.0 feet to the Southeast corner; thence</u>

<u>Due West, 132.5 feet to the true point of beginning.</u>

<u>ALSO EXCEPT:</u>

<u>That portion of Scelinda No. 8 lying East of the West line of Flagstaff No. 3, M.S. 2921 Patented mining Claim situated in Yreka Mining District in Sections 1 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho and in Section 7, Township 48</u>

<u>North, Range 3 East, B.M., Shoshone County, State of Idaho.</u>

<u>ALSO EXCEPT:</u>

<u>A parcel of land situated within the SW 1/4 of the SE 1/ 4 of Section 1, T. 48 N., R. 2 E., B.M. and more particularly described as follows:</u>

<u>Commencing at Bunker Hill Company triangulation Station No. 5 whose coordinates are N7427.28, W 1377.45; thence</u>

<u>S. 8° 37' W. 101.95 feet distant to the true point of beginning, a drill steel pin from whence the S 1/4 corner of Section 1, T. 48 N., R. 2 E., B.M. bears S. 46°45.6' W. 780.37 feet distant; thence</u>

<u>S. 4° 37 .1' W. 50.04 feet to the southeast corner a drill steel pin; thence</u>

<u>West 35.00 feet to a point; thence</u>

<u>N. 4° 37.1' E. 50.04 feet to a point; thence</u>

<u>East 35.00 feet to the point of beginning.</u>

<u>ALSO EXCEPT:</u>

<u>A parcel of land situated within the SW 1/4 of the SE 1/ 4 of Section 1, T. 48 N., R. 2 E., B.M., and more particularly described as follows:</u>

<u>Commencing at Bunker Hill Company triangulation Sta. No. 5 whose coordinates are N 7427.28 W 1377.45; Thence</u>

<u>S 4° 0' W 260 feet distant to the Northeast corner of said tract and true point of beginning from whence the S 1/4 corner of Sec. 1, T. 48 N., R 2 E., B.M. bears S 56°23-1/ 2' W 679.22 feet distant; Thence</u>

<u>S 4° 0' E 75.0 feet to a point; Thence.</u>

<u>S 86° 0' W 40 feet: to a point; Thence</u>

<u>N 4° 0' W 75.0 feet to a point; Thence</u>

<u>N 86° 0' E 40.0 feet to the true point of beginning, and containing 0. 069 acres more or less.</u>

<u>ALSO EXCEPT:</u>

<u>A tract of land situated in the Southwest Quarter of the Southeast Quarter of Section 1, Township 48 North, Range 2 East, B.M., more particularly described as follows:</u>

<u>Beginning at 1/ 2 inch rebar with yellow plastic cap marked "PLS 10898" found marking the Southwest corner of that tract of land described in that Assignment of Lease recorded March 12, 1996 under Recording No. 371367, Shoshone County Clerk and Recorder, from which the South Quarter Corner of said Section 1 bears South 38°1'14" West 732.41 feet; thence</u>

<u>Along the South line of said tract of land, South 89°58'48" East 35.01 feet to 7/8 inch drill steel monument found marking the Southeast corner of said tract of land; thence</u>

<u>South 04°40'21" West 49.96 feet to a found 7/8 inch drill steel monument; thence South 00°03'41" West 49.95 feet to a found 7/8 inch drill steel monument; thence</u>

<u>South 14°27'22" East 8.92 feet to a 5/8 inch rebar with no identification found marking the Northeast corner of that tract of land described in that Easement recorded October 28, 1982 under Recording No. 302022, Shoshone County Clerk & Recorder; thence along the North line of said tract, South 86°19'38" West 39.83 feet to a 5/8 inch rebar with no identification found marking the Northwest corner of said tract; thence</u>

<u>North 03°25'27" East 111.13 feet to the Point of Beginning.</u>

**<u>PARCEL 2:</u>**

<u>Sierra Nevada, M.S. 554 Patented Mining Claim situated in Yreka Mining District, Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "I" Misc., page 358, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Viola, M.S. 562 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A" Patents at page 619, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Oakland, M.S. 569 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 235, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Skookum, M.S. 615 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "X", Deeds at page 313, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>San Carlos, M.S. 750 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 535, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Ontario Fraction, M.S. 755 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 382, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Sold Again Fraction, M.S. 933 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 9, Deeds, at page 207, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Apex, Rambler and Tip Top, M.S. 1041 Patented Mining Claims situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 139, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Butte, Cariboo, Good Luck, Jersey Fraction and Lilly May, M.S. 1220 Patented Mining Claims situated in Yreka Mining District in Sections 11 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 24, Deeds, at page 23, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>Likely, M.S. 1298 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "B", Patents at page 25, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>King, M.S. 1325 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 607, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>Excelsior, M.S. 1356 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 157, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>No. 1, No. 2, No. 3 and No. 4, M.S. 1357 Patented Mining Claims situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 18, Deeds, at page 234, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>Coxey, Deadwood, Debs and Hardcash, M.S. 1466 Patented Mining Claims situated in Yreka Mining District in Sections 11, 13 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Deeds at page 577, records of Shoshone County, State of Idaho.</u> 

<u>EXCEPT: That portion of M.S. 1466 conveyed to Mission Mountain Interest, Ltd. Co. by deed recorded February 7, 1994 as Instrument No. 360678, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>Arizona, M.S. 1488 Patented Mining Claim, situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 199, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>Wheelbarrow, M.S. 1526 AM Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 442, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>New Era, M.S. 1527 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A" Patents at page 478, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>Hamilton Fraction, M.S. 1619 Patented Mining Claim situated in Yreka Mining District in Sections 11 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A" Patents at page 289, records of Shoshone County, State of Idaho.</u> 

<u>EXCEPT: That portion of M.S. 1619 conveyed to Mission Mountain Interest, Ltd. Co. by deed recorded February 7, 1994 as Instrument No. 360678, records of Shoshone County, State of Idaho.</u>

<u>AND</u> 

<u>McLelland, M.S. 1681 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A" Patents at page 622, records of Shoshone County, State of Idaho.</u> 

<u>EXCEPT:</u> 

<u>All that portion of the McLelland Patented Mining Claim; M.S. 1681 that lies northeasterly of the No. 1 Patented Mining Claim, M.S. 1357, situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A" Patents, page 622.</u> 

<u>AND</u> 

<u>Overlap, M.S. 2052 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A" Patents at page 532, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>Bee, M.S. 2072 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 35, Deeds, at page 459, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>Chain, M.S. 2078 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 432, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>Sims, M.S. 2186 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "B", Patents at page 23, records of Shoshone County, State of Idaho.</u>

<u>AND</u> 

<u>Lincoln, M.S. 2187 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 40, Deeds, at page 126, records of Shoshone County, State of Idaho.</u>

<u>AND</u> 

<u>Brooklyn, New Jersey and Schute Fraction, M.S. 2201 Patented Mining Claims situated in Yreka Mining District in Section 10, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 52, records of Shoshone County, State of Idaho.</u>

<u>AND</u> 

<u>Cheyenne, M.S. 2249 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 42, Deeds, at page 505, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>Norman, M.S. 2368 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 410, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>Grant, M.S. 2369 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 408, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>Cypress, M.S. 2429 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 255, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>Heart, Jack, Key, Queen and Teddy, M.S. 2511 Patented Mining Claims situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 45, Deeds, at page 21, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>Ace, Club, Diamond, Nellie, Roman and Spade, M.S. 2583 Patented Mining Claims situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 47, Deeds, at page 196, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>That portion of the Grant, M.S. 2599 Patented Mining Claim which is in conflict with the Kirby Fraction, M.S. 2654 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patents recorded in Book 45, Deeds, at page 27, and in Book 47, Deeds, at page 632, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>Kirby Fraction, McClellan, Miles and Pitt, M.S. 2654 Patented Mining Claims situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 47, Deeds, at page 632, records of Shoshone County, State of Idaho.</u> 

<u>EXCEPT: That portion of M.S. 2654 conveyed to Weststar Communications I. by deed recorded May 12, 1993 as Instrument No. 356978, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>Ethel, Katherine, Manchester, McRooney, Stuard No. 2, Stuard No. 3, Sullivan and Switzerland, M.S. 2966 Patented Mining Claims situated in Yreka Mining District in Sections 10 and 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 482, records of Shoshone County, State of Idaho.</u> 

<u>AND</u> 

<u>Pete, Prominade, Sam and Zeke, M.S. 3389 Patented Mining Claims situated in Yreka Mining District in Section 10, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 77, Deeds, at page 173, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Battleship Oregon, Charley T., Lucia, Marblehead, Margaret, Nancy B., Olympia and Phil, M.S. 3390 Patented Mining Claims situated in Yreka Mining District in Sections 11 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 77, Deeds, at page 338, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Jackass, M.S. 586 Am Patented Mining Claim situated in Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 78, records of Shoshone County, State of Idaho.</u>

<u>EXCEPT: That portion of Jackass, M.S. 586 AM situated in Yreka Mining District lying within the following boundaries:</u>

<u>Beginning at the Northeast corner of said tract whence the 1/4 corner common to Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho bears South 88°40' East, 1280.00 feet distant; thence</u>

<u>South 12° West, 120.00 feet to the Southeast corner; thence</u>

<u>North 78° West, 100.00 feet to the Southwest corner; thence</u>

<u>North 12° East, 120.00 feet to the Northwest corner; thence</u>

<u>South 78° East, 100.00 feet to the Northeast corner and place of beginning.</u>

<u>AND</u>

<u>Allie, Bought Again, Josie, Offset, Rookery and Susie, M.S. 1229 Patented Mining Claims situated in Yreka Mining District in Sections 11, 12, 13 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Deeds, at page 580, records of Shoshone County, State of Idaho.</u>

<u>EXCEPT: That portion of M.S. 1229 conveyed to Idaho Forest Industries by deed recorded March 4, 1991 as Instrument No. 346474, records of Shoshone County, State of Idaho.</u>

<u>ALSO EXCEPT: That portion of Bought Again, M.S. 1229 lying within the following boundaries:</u>

<u>Beginning at the Northeast corner of said tract whence the 1/4 corner common to Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho bears South 88°40' East, 1280.00 feet distant; thence</u>

<u>South 12° West, 120.00 feet to the Southeast corner; thence</u>

<u>North 78° West, 100.00 feet to the Southwest corner; thence</u>

<u>North 12° East, 120.00 feet to the Northwest corner; thence</u>

<u>South 78° East, 100.00 feet to the Northeast corner and place of beginning.</u>

<u>ALSO EXCEPT:</u>

<u>The surface rights to the Allie Patented Mining Claim, M.S. 1229 situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Deeds, page 580.</u>

<u>AND</u>

<u>Ito, M.S. 2081 Patented Mining Claim situated in Yreka Mining District in Sections 13 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 34, Deeds, at page 456, records of Shoshone County, State of Idaho.</u>

<u>EXCEPT: That portion of M.S. 1229 conveyed to Idaho Forest Industries by deed recorded March 4, 1991 as Instrument No. 346474, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Hemlock, M.S. 2452 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds at page 415, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>African, Roy and Trump, M.S. 2624 Patented Mining Claims situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 43, Deeds, at page 561, records of Shoshone County, State of Idaho.</u>

<u>EXCEPT: That portion of M.S. 2624 conveyed to Idaho Forest Industries March 4, 1991 as Instrument No. 246474, records of Shoshone County, State of Idaho.</u>

<u>AND</u>

<u>Beta, M.S. 3471 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded as Instrument No. 166414, records of Shoshone County, State of Idaho.</u>

<u>EXCEPT: That portion of M.S. 3471 conveyed to Idaho Forest Industries by deed recorded March 4, 1991 as Instrument No. 346474, records of Shoshone County, State of Idaho.</u>

## Exhibit 10.40

**Exhibit 10.40**

**EXCHANGE agreement**

**THIS EXCHANGE AGREEMENT** (this "**Agreement**") dated as of June 5, 2025 among Bunker Hill Mining Corp., a corporation incorporated under the laws of Nevada (together with its successors and assigns, the "**Company**"), Silver Valley Metals Corp., a corporation incorporated under the laws of Idaho (together with its successors and assigns, "**Silver Valley**"), **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** (together with its successors and assigns, "**Sprott ●**") and **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** (together with its successors and assigns, "**Sprott ●**" and together with Sprott ●, "**Sprott**").

**WHEREAS**:

A. the Company, Silver Valley and Sprott, as agent for itself and Sprott ●, entered into a metals purchase agreement (the "**Metals Purchase Agreement**") dated as of June 23, 2023 pursuant to which, among other things, Sprott advanced an upfront deposit of US$46 million to Silver Valley on account of future purchases of silver determined by reference to an agreed amount of lead, silver and zinc produced at the Bunker Hill Mine (the "**Project** ");

&nbsp;&nbsp;&nbsp;&nbsp;B. concurrently
 with the execution and delivery of this Agreement, the Company, Silver Valley, Sprott and
 certain other parties have entered into a recapitalization agreement dated the date hereof
 (the "**Recapitalization Agreement**") pursuant to which the parties thereto
 agreed to enter into the Recapitalization Transactions (as defined in the Recapitalization
 Agreement), including, among other things, to exchange the Metals Purchase Agreement in consideration
 for: (i) the issuance, on a private placement basis, of two (2) senior secured Series 3 convertible
 debentures (the "**Series 3 Convertible Debentures**") to **[Redacted – Affiliates of Sprott Private Resource Streaming & Royalty Corp.]** in the aggregate
 principal amount of US$4 million; (ii) the grant, pursuant to royalty agreement no. 3 ()"**Royalty Agreement No. 3**") between the Company, Silver Valley and Sprott, as agent, grantee
 and royalty holder, on behalf of itself and **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]**, of an additional 1.65% life-of-mine gross revenue
 royalty on both the primary and secondary claims comprising the Project; and (iii) the issuance
 of an aggregate of 200,000,000 shares of common stock of the Company (the "**Sprott Tranche II Shares**") to Sprott, or as directed by Sprott, at a deemed price of US$0.105
 per Sprott Tranche II Share (the "**Sprott Share Issuance** "); and

&nbsp;&nbsp;&nbsp;&nbsp;C. the
 Company wishes to issue to Sprott, or as directed by Sprott, and Sprott wishes to accept
 in partial consideration for the exchange of the Metals Purchase Agreement, the issuance
 of the Sprott Tranche II Shares in accordance with the terms and conditions set forth in
 this Agreement.

**NOW THEREFORE THIS AGREEMENT WITNESSES** that in partial consideration of the exchange of the Metals Purchase Agreement, the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1. **Issuance of Sprott Tranche II Shares**. The Company hereby agrees to issue the Sprott Tranche II Shares, and Sprott hereby agrees to accept the Sprott Tranche II Shares at a deemed price of US$0.105 per Sprott Tranche II Share in partial consideration for the exchange of the Metals Purchase Agreement, in accordance with the registration details set out in Schedule "A" attached hereto or as Sprott may otherwise direct in writing prior to the date hereof.

2. **Hold Period**. Sprott acknowledges and agrees that the Sprott Tranche II Shares will be subject to (a) restrictions on resale and transfer for a period of four (4) months and one (1) day following the date of issuance thereof in accordance with applicable Canadian securities laws and the policies of the TSX Venture Exchange (the "**Exchange**") and (b) restrictions on resale and transfer in accordance with applicable U.S. securities laws. Sprott further acknowledges and agrees that the Sprott Tranche II Shares may be subject to additional resale restrictions based upon its jurisdiction of residence and the jurisdiction of residence of any proposed transferee of the Sprott Tranche II Shares, and it is the responsibility of Sprott to find out what these restrictions are and comply with same before selling, transferring or otherwise disposing of the Sprott Tranche II Shares. Sprott hereby acknowledges and agrees that the certificate or direct registration system advice representing the Sprott Tranche II Shares will bear such legends as is required with respect to any such restrictions on resale and transfer.

3. **Representations and Warranties of the Company**. The Company hereby represents and warrants to Sprott on the date hereof that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company is a corporation duly incorporated and validly existing under the laws of Nevada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 execution, delivery and performance of this Agreement has been duly authorized by all necessary
 corporate action on the part of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Company is not a party to, bound by, or subject to any agreement, indenture, mortgage, lease,
 instrument, order, judgment, decree, or any provision of its constating documents, which
 would be violated, contravened or infringed by the execution and delivery of this Agreement
 by the Company or the performance of its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Sprott Tranche II Shares being issued to Sprott in accordance with the provisions hereof
 will have been duly allotted and reserved for issuance and upon issuance and delivery, will
 be validly issued and outstanding as fully paid and non-assessable securities of the Company;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no
 order preventing, ceasing or suspending trading in any securities of the Company or prohibiting
 the issue and sale of securities by the Company has been issued and no proceedings for either
 of such purposes have been instituted or, to the best of the knowledge of the Company, are
 pending, contemplated or threatened.

4. **Representations, Warranties, Acknowledgements and Covenants of Sprott**. Sprott hereby represents, warrants, acknowledges and covenants to the Company on the date hereof that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Sprott
 has not sold, assigned, charged, hypothecated, encumbered or otherwise transferred or disposed
 of its interest in the Metals Purchase Agreement (or any part thereof) or any rights therein
 or thereto, to any other person or party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sprott
 has the requisite capacity, power and authority to execute and deliver this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 required by applicable securities legislation, regulations, rules, policies or orders or
 by any securities commission, the Exchange or other regulatory authority, Sprott will execute,
 deliver, file and otherwise assist the Company in filing such reports and documents as the
 Company may reasonably request to determine the availability of exemptions from the prospectus
 requirements with respect to the issue of the Sprott Tranche II Shares to Sprott;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Sprott
 agrees that it is solely responsible for obtaining such legal, tax and other advice as it
 considers appropriate in connection with the execution, delivery and performance of this
 Agreement and the transactions contemplated hereunder and acknowledges that it has been afforded
 sufficient time to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Sprott
 is an "accredited investor" as that term is defined in National Instrument 45-106
 – *Prospectus Exemptions*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Sprott
 acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there
 are restrictions on the ability to resell the Sprott Tranche II Shares and complying with
 such restrictions is Sprott's responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Company has advised Sprott that the Company is relying on an exemption from the requirements
 to provide Sprott with a prospectus and to sell securities through a person registered to
 sell securities under applicable securities laws and, as a consequence of acquiring the Sprott
 Tranche II Shares pursuant to this exemption, certain protections, rights and remedies provided
 by applicable securities laws, including statutory rights of rescission or damages, will
 not be available to Sprott; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Sprott
 is an "accredited investor" as that term is defined Rule 501(a) of Regulation
 D under the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act** "),
 and is a "qualified institutional buyer" as that term is defined in Rule 144A
 under the U.S. Securities Act;.

5. **Notices**. Any notice, direction or other document required or permitted to be given pursuant to this Agreement shall, unless otherwise specifically provided, be given in writing and may be mailed, postage prepaid by registered mail, sent by facsimile transmission, email or personally served upon the appropriate party at the following addresses:

---

| | |
|:---|:---|
| (a) | if to Sprott at: |
|  | **[Contact information redacted]** |
|  | Email: **[Redacted]** |
|  | Attention: **[Redacted]** |
| (b) | if to the Company or Silver Valley, addressed to such party, at: |
|  | Bunker Hill Mining Corp. |
|  | 300-1055 West Hastings Street |
|  | Vancouver, British Columbia V6E 2E9 |
|  | Email: **[Redacted]** |
|  | Attention: Gerbrand van Heerden, Chief Financial Officer & Corporate Secretary |

---

6. **Amendments**. The parties agree that no amendment to this Agreement shall be binding upon the parties unless it is in writing and executed by the parties.

7. **Severability and Limitation**. The invalidity, illegality or unenforceability of any provision of this Agreement shall not affect the validity, legality or enforceability of any other provision hereof.

8. **Entire Agreement**. The Recapitalization Agreement and this Agreement constitute the entire agreement between the parties hereto with respect to the matters described herein and supersede all previous communications, representations, understandings and agreements between the parties with respect to the subject matter hereof, whether verbal or written.

9. **Assignment and Enurement**. This Agreement and any rights herein or hereto shall not be assigned or otherwise transferred by any party without the consent of the other party. This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

10. **Further Actions**. Each of the parties upon the request of the other party shall do, execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered all such further documents acts, deeds, assignments, transfers, conveyances, powers of attorney and assurances as may reasonably be necessary or desirable to complete the transactions contemplated herein.

11. **Governing Law**. This Agreement will be governed by and construed in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein and the parties irrevocably hereby attorn to the jurisdiction of the courts of the Province of British Columbia and all courts competent to hear appeals therefrom.

12. **Counterparts and Delivery**. This Agreement may be executed and delivered in two or more counterparts and by email or other electronic means. Each such counterpart and email copy or other electronic copy shall be deemed an original and together shall form one and the same instrument, bearing the date set forth on the face page hereof notwithstanding the date of execution.

13. **Time of the Essence**. Time is of the essence of this Agreement.

**[*Signature page follows*.]**

**IN WITNESS WHEREOF** each of the parties hereto has duly executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **BUNKER HILL MINING CORP.** | **BUNKER HILL MINING CORP.** |
| By: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

---

| | |
|:---|:---|
| **SILVER VALLEY METALS CORP.** | **SILVER VALLEY METALS CORP.** |
| By: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

[Signature Page to US$21 Million Exchange Agreement]

**IN WITNESS WHEREOF** each of the parties hereto has duly executed this Agreement as of the date first written above.

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| By: |
| Name: |
| Title:<br>|

---

[Signature Page to US$21 Million Exchange Agreement]

**Schedule "A"<br> Sprott Tranche II Shares**

---

| | | |
|:---|:---|:---|
| **Issuance** | **Registered Holder** | **Number of Common Stock** |
| 1 | **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** | 86854506 |
| 2 | **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** | 7175094 |
| 3 | **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** | 1893127 |
| 4 | **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** | 102037667 |
| 5 | **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** | 2039606 |

---

## Exhibit 10.41

**Exhibit 10.41**

**UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE OCTOBER 6, 2025.**

**NEITHER THIS DEBENTURE NOR THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAW, AND NO INTEREST HEREIN OR THEREIN MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, IN WHICH CASE THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO DEBTOR AN OPINION OF COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO DEBTOR, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.**

**SERIES 3 SECURED CONVERTIBLE DEBENTURE**

---

| | |
|:---|:---|
| **US$[●]**<br>| **June 5, 2025** |
| **No. [●]** |  |

---

**RECITALS:**

A. The
 Debentureholder and **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** (collectively, the "**Purchasers** ")
 advanced a deposit in the aggregate amount of US$46 million to the Guarantor in consideration
 of the sale and delivery of a certain amount of refined silver determined by reference to
 payable metals derived from the Property pursuant to the metals purchase agreement (the "**Stream Agreement**") dated as of June 23, 2023 between the Debentureholder, as agent for
 the Purchasers, and the Obligors;

B. The
 Purchasers have not received any deliveries of refined silver pursuant to the Stream Agreement;

C. The
 Obligors, the Purchasers, the other Sprott Entities (as defined therein) and others entered
 into a recapitalization agreement (the "**Recapitalization Agreement**") dated
 as of the date hereof pursuant to which the parties agreed to enter into the Recapitalization
 Transactions (as defined therein) including to exchange, in part, the Stream Agreement for
 the issuance of the Series 3 Convertible Debentures.

**1.** **PROMISE TO PAY** 

In consideration of the exchange, in part, of the Stream Agreement, and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), BUNKER HILL MINING CORP. ("**Debtor**") hereby promises to pay to the order of **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** (together with its successors and assigns, "**Debentureholder**"), at the address listed in Section 15 (*Notice*), or such other place and/or Person as Debentureholder may by notice in writing to Debtor direct, the principal amount of [●] dollars (US$[●]) in lawful money of the United States of America (the "**Principal Amount**") in the manner hereinafter provided, together with interest and other monies in the same currency which may from time to time be owing hereunder or pursuant hereto. Subject to the provisions of this series 3 secured convertible debenture no. [●] (the "**Debenture**"), the unpaid Principal Amount together with all accrued and unpaid interest and all other monies owing hereunder, shall become due and payable on June 5, 2030 (the "**Maturity Date**"). All capitalized terms not defined in the recitals or body of this Debenture, are defined in <u>Exhibit "A"</u> appended to this Debenture.

SILVER VALLEY METALS CORP. ("**Guarantor**") is a wholly owned direct Subsidiary of Debtor and Guarantor will receive substantial direct and indirect benefits from the Recapitalization Transactions. In consideration of the exchange, in part of the Stream Agreement, and for other good and valuable consideration, Guarantor hereby covenants and agrees to guarantee the Obligations and perform and comply its other Obligations.

**2.** **THE DEBENTURE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Interest Rate.** Subject to Section 2(b), the Principal Amount shall bear interest from the date
 hereof to the date of repayment in full at the rate of FIVE per cent (5.0%) per annum, calculated
 and payable quarterly in arrears as set out in this Section 2(a). Interest on the Principal
 Amount shall accrue from day to day in the same currency as principal, both before and after
 maturity, default or judgment, and shall be calculated based on the actual number of days
 elapsed and on the basis of a year of three hundred sixty (360) days. Interest on the balance
 from time to time outstanding of the Principal Amount shall be calculated and payable on
 each Quarter End following the date hereof and on Maturity Date (or such earlier date as
 such amounts may become due in accordance with the provisions hereof), calculated and compounded
 quarterly not in advance, computed from the date hereof or the date of the last payment of
 interest to the next Quarter End or the Maturity Date, as applicable, on the basis of the
 actual number of days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Default Interest.** Debtor shall pay to Debentureholder interest on overdue amounts (including
 overdue interest), both before and after maturity, default or judgment, and on the Principal
 Amount upon the occurrence and during the continuance of an Event of Default, in each case,
 at a rate per annum equal to ELEVEN per cent (11%) per annum, calculated daily and on the
 basis of the actual number of days elapsed, and a year of three hundred sixty (360) days
 and compounded monthly, and payable upon demand by Debentureholder.

**3.** **PRINCIPAL PAYMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Maturity Date.** Any remaining balance of the Principal Amount, together with all accrued and unpaid
 interest thereon and all other monies owing hereunder, shall be due and payable in full on
 the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Application of Prepayments.** All mandatory and voluntary prepayments and other payments of principal
 and interest hereunder received by Debentureholder shall be applied first as against interest
 outstanding and secondly against the principal sum.

**4.** **PREPAYMENT** 

Subject to the exercise by Debentureholder of its conversion privileges in Section 10.3 at any time prior to prepayment, Debtor may redeem or prepay this Debenture, in whole or in part, and in cash only, prior to the Maturity Date, on not less than twenty (20) Business Days prior written notice and provided that Debtor redeems or prepays the other outstanding Series 3 Convertible Debentures at the same time in a *pro rata* principal amount. Should Debtor prepay this Debenture in accordance with this Section 4, it shall do so at a price equal to the sum of (i) the Principal Amount repaid, plus (ii) all accrued and unpaid interest on the Principal Amount repaid, plus (iii) the Prepayment Interest Premium, and plus (iv) all other amounts then owing and due hereunder. Each Obligor acknowledges and agrees that any such prepayment prior to the Maturity Date (other than a prepayment upon the exercise by Debentureholder of its conversion privileges in Section 10.3) is subject to the Prepayment Interest Premium and that such amount represents a reasonable estimate of fair compensation payable to Debentureholder for the losses suffered by early prepayment and such amount is in the nature of liquidated damages and not a penalty. Debtor may exercise its conversion privileges under Section 10.1 in respect of accrued and unpaid interest upon an early prepayment.

**5.** **PAYMENT GENERALLY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 amounts payable by Debtor or Guarantor hereunder shall be paid to the Administrative Agent
 on behalf of Debentureholder in United States Dollars, in immediately available funds by
 (i) wire transfer at such account or financial institution as the Administrative Agent may
 from time to time notify Debtor, or (ii) bank draft delivered to the Administrative Agent
 at its address as set forth in Section 15 hereof. Any payments received after 12:00 p.m.
 (Vancouver time) will be considered for all purposes as having been made on the next following
 Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the due date of any payment under this Debenture would otherwise fall on a day that is not
 a Business Day, such payment shall be due on the next succeeding Business Day, together with
 interest that has accrued to the Business Day on which such payment was due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Debentureholder
 will maintain in accordance with its usual practice one or more accounts evidencing the Principal
 Amount owing by Debtor to Debentureholder hereunder. Such account(s) will be *prima facie* evidence of the obligations recorded therein, provided that any failure by Debentureholder
 to maintain any account or any error therein shall not affect the obligation of Debtor or
 Guarantor to repay the Obligations to the Debentureholder in accordance with this Debenture.

**6.** **TAXES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any
 and all payments by or on account of any obligation of Debtor or Guarantor hereunder or any
 other Credit Document shall be made free and clear of and without deduction or withholding
 for any Indemnified Taxes; provided that if Debtor or Guarantor shall be required to deduct
 or withhold any Indemnified Taxes from such payments, then (i) the sum payable shall be increased
 as necessary so that, after making all required deductions or withholdings (including deductions
 or withholdings applicable to additional sums payable under this Section 6), Debentureholder
 receives an amount equal to the sum it would have received had no such deduction or withholding
 been made, (ii) Debtor or Guarantor, as applicable, shall make such deduction or withholding,
 and (iii) Debtor or Guarantor, as applicable, shall pay to the relevant Governmental Authority
 in accordance with Applicable Law the full amount deducted or withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 limiting the provisions of Section 6(a), each Obligor shall timely pay any Other Taxes to
 the relevant Governmental Authority in accordance with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Obligors shall (within three (3) Business Days of demand by Debentureholder) pay to Debentureholder
 an amount equal to the loss, liability or cost which Debentureholder determines will be or
 has been (directly or indirectly) suffered for or on account of Indemnified Taxes (including
 Other Taxes) by Debentureholder in respect of any Credit Document together with any penalties,
 interest and reasonable expenses arising therefrom or with respect thereto, whether or not
 such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the
 relevant Governmental Authority. A certificate as to the amount of such loss, liability or
 cost delivered to an Obligor by Debentureholder shall be conclusive absent manifest error.
 If Debentureholder subsequently recovers all or part of the payment made under this Section
 6(c) paid by an Obligor, it shall promptly repay an equal amount to such Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As
 soon as practicable after any payment of Indemnified Taxes or Other Taxes by an Obligor to
 a Governmental Authority, such Obligor shall deliver to Debentureholder the original or a
 certified copy of a receipt issued by such Governmental Authority evidencing such payment,
 a copy of the return reporting such payment or other evidence of such payment reasonably
 satisfactory to Debentureholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 Section 6 shall survive termination of this Debenture.

**7.** **INTEREST CALCULATIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as otherwise specifically provided herein, where in this Debenture a rate of interest is
 calculated on the basis of a year (the "**deemed year**") which contains fewer
 days than the actual number of days in the calendar year of calculation, such rate of interest
 shall be expressed as a yearly rate for purposes of the *Interest Act* (Canada) by multiplying
 such rate of interest by the actual number of days in the calendar year of calculation, whether
 three hundred sixty-five (365) or three hundred sixty-six (366), as the case may be, and
 dividing it by the number of days in the deemed year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 anything in this Debenture to the contrary, in the event that any provision of this Debenture
 would oblige any Obligor to make any payment of interest or other amount payable to Debentureholder
 hereunder in an amount or calculated at a rate which would be prohibited by law or would
 result in a receipt by Debentureholder of interest at a criminal or prohibited rate (as such
 terms are construed under the *Criminal Code* (Canada) or any other Applicable Law),
 notwithstanding such provision, such amount or rate shall be deemed to have been adjusted *nunc pro tunc* to the maximum amount or rate of interest, as the case may be, as would
 not be so prohibited by law or so result in a receipt by Debentureholder of interest at a
 criminal or prohibited rate, such adjustment to be effected, to the extent necessary, firstly,
 by reducing the amount or rate of interest pursuant to Section 2(a) of this Debenture; and
 thereafter, by reducing any fees, commissions, premiums and other amounts which would constitute
 interest for the purposes of Section 347 of the *Criminal Code* (Canada), as amended
 from time to time, or any other Applicable Law. Any amount or rate of interest referred to
 in this Debenture shall be determined in accordance with generally accepted actuarial practices
 and principles over the term hereof and, in the event of a dispute, a certificate of a fellow
 of the Canadian Institute of Actuaries appointed by Debentureholder shall be conclusive for
 the purposes of such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 determining whether or not the interest paid or payable under this Debenture exceeds the
 maximum amount permitted by Section 7(b), each Obligor and Debentureholder shall, to the
 maximum extent permitted under the *Criminal Code* (Canada) or any other Applicable
 Law, characterize any non-principal payments as an expense, fee or premium or other payment
 rather than as interest, as may be necessary to reduce the amount otherwise characterized
 as interest pursuant to such Applicable Law, exclude voluntary prepayments and the effects
 thereof and amortize, prorate, allocate and spread the total amount of interest rateably
 over the longer of the contemplated term or the actual duration that any Obligations remain
 outstanding.

**8.** **GUARANTEE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Guarantor
 hereby unconditionally and irrevocably guarantees to Debentureholder the due and punctual
 payment and performance of the Obligations and agrees on written demand of Debentureholder,
 following the occurrence of an Event of Default, to perform or discharge the Obligations
 which have not been fully performed or discharged at the times and in the manner provided
 for in this Debenture (the "**Guarantee** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 prejudice to the rights of Debentureholder against Debtor, Guarantor unconditionally and
 irrevocably agrees that, as between Debentureholder and itself, it will be liable as principal
 debtor in respect of the performance of the Obligations and not merely as surety and, accordingly,
 Guarantor shall be fully liable forthwith on demand by Debentureholder, following the occurrence
 and during the continuance of an Event of Default, to perform or discharge the Obligations
 irrespective of the validity, effectiveness or enforceability of the Obligations against
 Debtor or any other fact or circumstances which would or might otherwise constitute a legal
 or equitable discharge of or defence to a guarantor or surety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As
 a separate and independent obligation, if any of the Obligations are not duly and punctually
 paid by Debtor and performed by Guarantors under Section 8(a) for any reason whatsoever Guarantor
 unconditionally and irrevocably agrees to indemnify and save Debentureholder harmless from
 and against any losses which Debentureholder may suffer or incur from the failure of Debtor
 to duly perform such Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Guarantee of the Obligations is a continuing guarantee and shall remain in effect until all
 of the Obligations existing or arising or which may arise under or by virtue of the Obligations
 shall have been paid, performed or discharged in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Guarantor
 waives any rights it may have as surety under any Applicable Law which may at any time be
 inconsistent with any of the provisions hereof or which it may have of first requiring Debentureholder
 to proceed against or claim performance or payment from Debtor or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Debentureholder
 without notice to Guarantor and without discharging, prejudicing or affecting the obligations
 of Guarantor hereunder, may (i) grant time, indulgences, concessions, releases and discharges
 or any financial accommodation to Debtor, (ii) take, hold, fail to take or hold, vary, deal
 with, realize, enforce, release or determine not to enforce, perfect or release any other
 guarantee, indemnity or security for all or any of the Obligations, or (iii) effect compositions
 from, and otherwise deal with, Debtor and all other Persons as Debentureholder may see fit
 and generally may otherwise do or omit to do any act or thing which, but for this provision,
 might operate to discharge, prejudice or affect the obligations of Guarantor hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Guarantor
 agrees that the liability of Guarantor under this Guarantee is absolute and unconditional
 irrespective of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 lack of validity or enforceability of any terms of any of the Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 contest by Debtor or any other Person as to the amount of the Obligations, the validity or
 enforceability of any terms of the Credit Documents or the perfection or priority of any
 Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 defence, counter claim or right of set-off available to Debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 release, compounding or other variance of the liability of Debtor or any other Person liable
 in any manner under or in respect of the Obligations or the extinguishment of all or any
 part of the Obligations by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any
 change in the time or times for, or place or manner or terms of payment or performance of
 the Obligations or any consent, waiver, renewal, alteration, extension, compromise, arrangement,
 concession, release, discharge or other indulgences which Debentureholder may grant to Debtor
 or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any
 amendment or supplement to, or alteration or renewal of, or restatement, replacement, refinancing
 or modification or variation of (including any increase in the amounts available thereunder
 or the inclusion of an additional borrower thereunder), or other action or inaction under,
 the Credit Documents or any other related document or instrument, or the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any
 discontinuance, termination or other variation of any terms or conditions of any transaction
 with, Debtor or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any
 change in the ownership, control, name, objects, businesses, assets, capital structure or
 constitution of Debtor, Guarantor or any reorganization (whether by way of reconstruction,
 consolidation, amalgamation, merger, transfer, sale, lease or otherwise) of Debtor, Guarantor
 or their respective businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any
 dealings with the security which Debentureholder holds or may hold pursuant to the terms
 and conditions of the Credit Documents, including the taking, giving up or exchange of securities,
 their variation or realization, the accepting of compositions and the granting of releases
 and discharges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any
 limitation of status or power, disability, incapacity or other circumstance relating to Debtor,
 Guarantor, or any other Person, including any Insolvency Event involving or affecting Debtor,
 Guarantor, or any other Person or any action taken with respect to this Guarantee by any
 trustee or receiver, or by any court, in any such proceeding, whether or not Guarantor shall
 have notice or knowledge of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any
 impossibility, impracticability, frustration of purpose, force majeure or illegality of any
 Credit Document, or the occurrence of any change in the laws, rules, regulations or ordinances
 of any jurisdiction or by any present or future action of (A) any Governmental Authority
 that amends, varies, reduces or otherwise affects, or purports to amend, vary, reduce or
 otherwise affect, any of the Obligations or the obligations of Guarantor under this Guarantee,
 or (B) any court order that amends, varies, reduces or otherwise affects any of the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any
 taking or failure to take security, any loss of, or loss of value of, any security, or any
 invalidity, non-perfection or unenforceability of any security held by Debentureholder, or
 any exercise or enforcement of, or failure to exercise or enforce, security, or irregularity
 or defect in the manner or procedure by which Debentureholder realizes on such security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any
 application of any sums received to the Obligations, or any part thereof, and any change
 in such application; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any
 other circumstances which might otherwise constitute a defence available to, or a discharge
 of, Guarantor, Debtor or any other Person in respect of the Obligations or this Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Subject
 only to Sections 8(a) and (b) requiring demand, Guarantor hereby waives notice of the acceptance
 of this Guarantee and of presentment, demand and protest and notices of non-payment and dishonour
 and any other demands and notices required by any Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) From
 the date or dates upon which any demand is made against Guarantor under this Section 8 until
 the Obligations have been performed and discharged in full, Guarantor shall not (i) claim
 any set-off or counterclaim against Debtor, (ii) make or enforce any claim or right (including
 a right of subrogation or contribution) against Debtor to prove in competition with Debentureholder
 in the event of an Insolvency Event of Debtor or in respect of any outstanding liability
 of Debtor hereunder, or (iii) in competition with Debentureholder claim the benefit of any
 security or guarantee now or hereafter held by Debentureholder for any money or liabilities
 due or incurred by Debtor to Debentureholder or any share therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Debentureholder
 shall not be obligated before taking any steps to enforce this Guarantee (i) to take any
 steps or proceedings or other action whatsoever or obtain any judgment against Debtor or
 any other Person in any court or tribunal, (ii) to make or file any claim in an Insolvency
 Event in respect of Debtor or any other Person, (iii) to exercise any diligence against Debtor,
 or (iv) resort to any other means of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Nothing
 herein contained shall restrict or adversely affect or be construed to restrict or adversely
 affect any right which Debentureholder may have to set-off any Obligations owed by Guarantor
 under this Guarantee to Debentureholder against any obligations owed by Debentureholder to
 Guarantor, regardless of the place of payment or currency of such Obligations.

**9.** **CONDITIONS TO fUNDING and security** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 general and continuing collateral security for the due and punctual payment of the Principal
 Amount, interest and all other monies payable hereunder and due and punctual payment and
 performance of all other PF Obligations, each Obligor has granted to the Security Agent on
 behalf of Debentureholder and the other Sprott Entities a continuing and first-ranking security
 interest and charge over all of their property and assets (subject only to Permitted Liens)
 pursuant to the Security. The Obligors, the Security Agent and Debentureholder confirm and
 agree that all Convertible Debentures (including this Debenture) constitute a "Project
 Finance Document" for the purposes of the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Obligors shall grant to the Security Agent for the benefit of the Debentureholder and the
 other Sprott Entities to secure the PF Obligations, charges, mortgages, pledges and security
 interests (collectively, in this paragraph "**security interests**") in any
 and all of their respective property and assets that are acquired after the date of this
 Debenture or are otherwise not subject to first ranking valid and enforceable perfected security
 interests granted under the Security Documents (superior to and prior to the rights of all
 third Persons other than holders of Permitted Liens with priority by virtue of applicable
 law), in each case, upon the request from time to time by the Administrative Agent and pursuant
 to security documents in form and substance satisfactory to the Administrative Agent. Any
 such additional security documents or instruments related thereto shall duly registered and
 recorded or filed in such manner and in such places as are required by applicable law to
 establish, perfect, preserve and protect the security interests granted thereunder in any
 and all property and assets of the Obligors in favour of the Security Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 obligation of Debentureholder to accept this Debenture upon the issuance thereof is subject
 to the Obligors satisfying and/or delivering, or causing to be satisfied and/or delivered,
 the conditions precedent set out in the Recapitalization Agreement.

**10.** **REPAYMENT BY ISSUANCE OF COMMON SHARES** 

**10.1** **Debtor's Privileges** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On
 each Quarter End after September 30, 2027 and subject to the prior approval of the Stock
 Exchange, Debtor shall have the option to pay the accrued and unpaid interest due on such
 Quarter End, in whole but not in part, through the issuance of common shares in the capital
 of Debtor (the "**Common Shares**") at the Debtor Interest Conversion Price
 provided that Debtor elects to pay accrued and unpaid interest due on such Quarter End under
 all Convertible Debentures through the issuance of Common Shares. If Debtor intends to exercise
 its conversion rights hereunder at any time it shall give Debentureholder not less than five
 (5) Business Days prior notice of such intention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to the prior approval of the Stock Exchange, Debtor shall also have the option, in connection
 with any prepayment of the Principal Amount under Section 4, to pay interest, in whole but
 not in part, accrued as of the date of prepayment, through the issuance of Common Shares
 at the Debtor Interest Conversion Price. If Debtor intends to exercise its conversion rights
 hereunder at any time it shall give Debentureholder prompt (and in any event, at least five
 (5) Business Days prior to the date upon which such accrued but unpaid interest would otherwise
 be due and payable hereunder) written notice of such intention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With
 respect to any Common Shares which may be issued upon Debtor's option in accordance
 with this Section 10.1, as required from time to time under the Applicable Securities Legislation
 which governs Debtor or any hold period imposed by a regulatory authority, Debentureholder
 agrees to be bound by any applicable hold period. The certificates evidencing the Common
 Shares shall contain the following legend:

**"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY BEFORE OCTOBER 6, 2025."**

**"THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAW, AND NO INTEREST HEREIN MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, IN WHICH CASE THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO BUNKER HILL MINING CORP. (THE "COMPANY") AN OPINION OF COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding
 any other provision of this Debenture at any time when an Event of Default has occurred and
 is continuing, the Debtor shall pay in cash any and all accrued and unpaid interest owing
 hereunder on each Quarter End, upon a prepayment or at any other time when due and the Debtor
 shall not have the option to pay any such interest through the issuance of Common Shares.

**10.2** **Manner of Debtor's Exercise of Right to Pay Interest with Common Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the prior approval of the Stock Exchange, if Debtor wishes to pay the accrued and unpaid
 interest under this Debenture through the issuance of Common Shares pursuant to Section 10.1,
 it shall deliver to Debentureholder, at least five (5) Business Days prior to the Debtor
 Interest Conversion Date, the Debtor Interest Conversion Form set forth in <u>Exhibit "B"</u> hereto (the "**Debtor Interest Conversion Form** "), duly executed by the Obligors,
 irrevocably exercising Debtor's right to pay the accrued and unpaid interest set out
 in the Debtor Interest Conversion Form through the issuance of Common Shares and specifying
 the applicable Debtor Interest Conversion Date (being a Quarter End or, in the case of Section
 10.1(b), such other date upon which accrued but unpaid interest otherwise becomes due and
 payable hereunder) upon which such right will be exercised in accordance with the provisions
 hereof. Upon delivery of the Debtor Interest Conversion Form, Debentureholder or its nominee,
 participant or assignee shall be entitled to be entered in the books of Debtor as at the
 Debtor Interest Conversion Date as the holder of the number of Common Shares received in
 lieu of the cash payment of the accrued and unpaid interest in accordance with the provisions
 hereof and, as soon as practicable thereafter and in any event within three (3) Business
 Days, Debtor shall deliver or cause to be delivered to Debentureholder or, subject as aforesaid,
 its nominee, participant or assignee, a certificate for such Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 the purposes hereof and subject to the prior approval of the Stock Exchange, the "**Debtor Interest Conversion Date**" shall be the date specified in the Debtor Interest Conversion
 Form delivered by Debtor to Debentureholder in accordance with Section 10.2(a) as the effective
 date upon which Debtor intends to exercise its conversion privilege in accordance with Section
 10.1(a) or (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Debentureholder
 shall keep records of payments and conversions and such records shall be *prima facia* evidence of such payments and conversions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Common
 Shares issued in lieu of cash payments of interest owing under this Debenture in accordance
 with the terms hereof shall be entitled to all rights and privileges accorded to holders
 of record of Common Shares on and after the Debtor Interest Conversion Date, from which date
 they will for all purposes be and be deemed to be issued and outstanding as fully paid and
 non-assessable Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 Debtor elects to pay the accrued and unpaid interest under this Debenture through the issuance
 of Common Shares pursuant to Section 10.1, Debtor shall take all such actions and issue,
 execute and deliver, as applicable, all such certificates, documents and instruments as shall
 be required to validly issue as fully paid and non-assessable such Common Shares in accordance
 with the terms hereof and entitle Debentureholder (or its nominee, participant or assignee)
 to all rights and privileges accorded to holders of record of Common Shares on and after
 the Debtor Interest Conversion Date.

**10.3** **Debentureholder's Privilege** 

Debentureholder may, at its option from the date hereof until the earlier of the date of (i) repayment in full of the Principal Amount, and (ii) the Maturity Date (such date is hereinafter referred to as the "**Debenture Repayment Date**"), elect to receive Common Shares, in lieu of cash payment of all or part of the outstanding Principal Amount at the Debentureholder Conversion Price. If Debentureholder does not elect to receive Common Shares in lieu of cash payment of all the outstanding Principal Amount on or before the Debenture Repayment Date, Debtor shall repay the outstanding Principal Amount, and all accrued and unpaid interest thereon and any other amounts owing hereunder, in cash (subject to Debtor's right to pay accrued and unpaid interest by issuing Common Shares in accordance with Section 10.1), on the Debenture Repayment Date. For greater certainty, no Prepayment Interest Premium on any part of the Principal Amount will be owing in the event of any such election by Debentureholder to receive Common Shares in lieu of cash payment of the Principal Amount, in whole or in part, or any such repayment in cash of the outstanding Principal Amount on the Maturity Date.

**10.4** **Manner of Debentureholder's Exercise of Right to Receive Common Shares in Lieu of Cash** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 Debentureholder wishes to exercise the optional conversion privilege contained in Section
 10.3 of this Debenture, Debentureholder shall deliver to Debtor at least ten (10) Business
 Days prior to the Debentureholder Conversion Date a duly completed written notice substantially
 in the form of <u>Exhibit "C"</u> attached hereto (the "**Debentureholder Conversion Form** "), duly executed by Debentureholder, exercising its right to convert
 all or any part of the outstanding Principal Amount into Common Shares on the specified Debentureholder
 Conversion Date and otherwise in accordance with the provisions hereof. Upon the delivery
 of the Debentureholder Conversion Form, Debentureholder or its nominee, participant or assignee
 shall be entitled to be entered into the books of Debtor as at the specified Debentureholder
 Conversion Date as the holder of the number of Common Shares received in lieu of the cash
 payment of the Principal Amount to be converted and shall be entitled to be paid in cash
 on the specified Debentureholder Conversion Date all accrued and unpaid interest on the Principal
 Amount to be converted and any payment of interest contemplated to be made through the issuance
 of any securities of the Debtor, will be subject to the prior approval of the Stock Exchange.
 As soon as practicable after the applicable Debentureholder Conversion Date and in any event
 within three (3) Business Days, Debtor shall deliver to Debentureholder or its nominee, participant
 or assignee a certificate for such Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 (i) Debentureholder exercising its right to convert all outstanding Principal Amount, (ii)
 Debentureholder receiving payment of all accrued and unpaid interest thereon and other amounts
 owing to it hereunder, and (iii) receipt by Debentureholder or its nominee, participant or
 assignee of certificates representing the Common Shares issuable upon such conversion, satisfactory
 to Debentureholder, Debentureholder shall surrender this Debenture to Debtor at the address
 listed in Section 15 against receipt of an acknowledgement from the Obligors, satisfactory
 to Debentureholder, that any contingent obligations stated to survive termination, continue
 in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 Debentureholder Conversion Form given pursuant to Section 10.4(a) shall be deemed to constitute
 a contract between Debentureholder and Debtor whereby Debentureholder or its nominee, participant
 or assignee subscribes for the number of Common Shares which Debentureholder shall be entitled
 to receive on such conversion. Upon (i) surrender of this Debenture in accordance with Section
 10.4(b), and (ii) receipt of certificates representing the Common Shares issuable upon conversion
 of all outstanding Principal Amount hereunder and payment to Debentureholder of accrued and
 unpaid interest thereon and all other amounts owing hereunder, Debentureholder releases Debtor
 from all liability under this Debenture with respect to the Principal Amount and any accrued
 but unpaid interest. For greater certainty, any such release excludes any contingent obligations
 stated to survive termination of the Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With
 respect to any Common Shares which may be issued upon conversion in accordance with Section
 10.3, as required from time to time under the securities legislation which governs Debtor
 or any hold period imposed by a regulatory authority, each of Debentureholder agrees to be
 bound by any applicable hold period. The certificates evidencing the Common Shares shall
 contain the following legend:

**"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY BEFORE OCTOBER 6, 2025."**

**"THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAW, AND NO INTEREST HEREIN MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, IN WHICH CASE THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO BUNKER HILL MINING CORP. (THE "COMPANY") AN OPINION OF COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS."**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For
 the purposes hereof, the "**Debentureholder Conversion Date**" shall be deemed
 to be the date specified in the applicable Debentureholder Conversion Form delivered by Debentureholder
 to Debtor in accordance with Section 10.4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Debentureholder
 shall keep records of payments and conversions and such records shall *be prima facia* evidence of such payments and conversions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Common
 Shares issued upon conversion of this Debenture in accordance with the terms hereof shall
 be entitled to all rights and privileges accorded to holders of record of Common Shares on
 and after the applicable Debentureholder Conversion Date, from which date they will for all
 purposes be and be deemed to be issued and outstanding as fully paid and non-assessable Common
 Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If
 Debentureholder elects to receive Common Shares in lieu of cash payment of the Principal
 Amount pursuant to Section 10.3, Debtor shall take all such actions and issue, execute and
 deliver, as applicable, all such certificates, documents and instruments as shall be required
 to validly issue as fully paid and non-assessable such Common Shares in accordance with the
 terms hereof and entitle Debentureholder (or its nominee. participant or assignee) to all
 rights and privileges accorded to holders of record of Common Shares on and after the applicable
 Debentureholder Conversion Date.

**10.5** **No Requirement to Issue Fractional Shares** 

Debtor shall not issue fractional Common Shares upon the exercise of Debtor's interest privileges under Section 10.1 or Debentureholder's privilege under Section 10.3. If any fractional interest in a Common Share would, except for the provisions of this Section 10.5, be deliverable upon conversion, any such fractional interest shall be rounded down to the nearest whole number of Common Shares.

**10.6** **Conversion Adjustment** 

The Debentureholder Conversion Price in effect at any time is subject to adjustment from time to time in the events and in the manner provided as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  **<u>Common Share Reorganization.</u>** If and whenever at any time after the date hereof and prior
 to the Maturity Date, Debtor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issues
 Common Shares or securities exchangeable for or convertible into Common Shares to the holders
 of the Common Shares as a stock dividend or rights to holders of the Common Shares to acquire
 additional Common Shares pursuant to a rights offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) makes
 a distribution on its outstanding Common Shares payable in Common Shares or securities exchangeable
 for or convertible into Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subdivides
 or re-divides its outstanding Common Shares into a greater number of shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) consolidates
 its outstanding Common Shares into a smaller number of shares,

(any of such events being called a "**Common Share Reorganization**"), then the Debentureholder Conversion Price will be adjusted effective immediately after the effective date or record date for the happening of a Common Share Reorganization, as the case may be, at which the holders of Common Shares are determined for the purpose of the Common Share Reorganization by multiplying the Debentureholder Conversion Price in effect immediately prior to such effective date or record date by a fraction, the numerator of which is the number of Common Shares outstanding on such effective date or record date before giving effect to such Common Share Reorganization and the denominator of which is the number of Common Shares outstanding immediately after giving effect to such Common Share Reorganization (including, in the case where rights to acquire Common Shares or securities exchangeable for or convertible into Common Shares are distributed, the number of Common Shares that would have been outstanding had all such rights been exercised to acquired Common Shares or securities been exchanged for or converted into Common Shares on such effective date or record date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>Capital Reorganization.</u>** If and whenever at any time after the date hereof and prior to the
 Maturity Date there is a reclassification of the Common Shares outstanding at any time or
 a change of the Common Shares into other shares or into other securities (other than a Common
 Share Reorganization), or a consolidation, amalgamation, arrangement or merger of Debtor
 with or into any other corporation or other entity (other than a consolidation, amalgamation,
 arrangement or merger which does not result in any reclassification of the outstanding Common
 Shares or a change of the Common Shares into other shares), or a transfer of the undertaking
 or assets of Debtor as an entirety or substantially as an entirety to another corporation
 or other entity (any of such events being called a "**Capital Reorganization** "),
 Debentureholder, upon the exercise of any conversion privilege contained in the Debenture
 after the effective date of such Capital Reorganization, will be entitled to receive in lieu
 of the number of Common Shares to which Debentureholder was theretofore entitled upon such
 conversion, the aggregate number of shares, other securities or other property which Debentureholder
 would have been entitled to receive as a result of such Capital Reorganization if, on the
 effective date thereof, Debentureholder had been the registered holder of the number of Common
 Shares to which Debentureholder was theretofore entitled upon conversion of this Debenture.
 If determined appropriate by action of the directors of Debtor, appropriate adjustments will
 be made as a result of any such Capital Reorganization in the application of the provisions
 set forth herein with respect to the rights and interests thereafter of Debentureholder to
 the end that the provisions set forth herein will thereafter correspondingly be made applicable
 as nearly as may reasonably be practicable in relation to any shares, other securities or
 other property thereafter deliverable upon the exercise of a conversion privilege. Any such
 adjustment must be made by and set forth in an amendment to this Debenture approved by action
 of the directors of Debtor and will for all purposes be conclusively deemed to be an appropriate
 adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  **<u>Stock Exchange Approval.</u>** Any adjustment in the Debentureholder Conversion Price as a result
 of a Common Share Reorganization referred to in paragraphs 10.6(a)(i) or 10.6(a)(ii) or as
 a result of a Capital Reorganization will require the prior approval of the Stock Exchange.

**10.7** **Rules Regarding Calculation of Adjustment of Debentureholder Conversion Price** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 10.6(c) and the policies of the Stock Exchange in effect from time to time and,
 if applicable, the prior approval of the Stock Exchange:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)  **<u>Cumulative.</u>** The adjustments provided for in Section 10.6 are cumulative and will, in the case of adjustments
 to the Debentureholder Conversion Price, be computed to the nearest one-tenth of one cent
 and will be made successively whenever an event referred to therein occurs, subject to the
 following provisions of this Section 10.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)  **<u>Minimum 1% Change.</u>** No adjustment in the Debentureholder Conversion Price is required to be
 made unless such adjustment would result in a change of at least one per cent (1%) in the
 prevailing Debentureholder Conversion Price; provided however that any adjustments which,
 except for the provisions of this Section 10.7, would otherwise have been required to be
 made, will be carried forward and taken into account in any subsequent adjustments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)  **<u>Discretion of the Board.</u>** In case Debtor or Guarantor after the date hereof takes any action
 affecting the Common Shares, other than actions described in Section 10.6, which in the opinion
 of the board of directors of Debtor would materially affect the rights of Debentureholder
 hereunder, the Debentureholder Conversion Price will be adjusted in such manner, if any,
 and at such time, by action of the directors of Debtor, but subject in all cases to any necessary
 regulatory approval. Failure to take any action by the directors of Debtor so as to provide
 for an adjustment on or prior to the effective date of any action by Debtor affecting the
 Common Shares will be conclusive evidence that the board of directors of Debtor has determined
 that it is equitable to make no adjustment in the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>Disputes.</u>** If at any time a dispute arises with respect to adjustments provided for in Section 10.6,
 such dispute will be conclusively determined by a firm of independent chartered accountants
 as may be selected by Debentureholder and approved by Obligors acting reasonably, and any
 such determination will be binding upon the Obligors and Debentureholder. The Debentureholder
 and the Obligors recognize and agree that any such disputed adjustment to the Debentureholder
 Conversion Price is subject to applicable policies of the Stock Exchange in effect from time
 to time, and, if applicable, the prior approval of the Stock Exchange. The Obligors will
 provide such firm of independent chartered accountants with access to all necessary records
 of the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  **<u>Notice of Event Requiring Adjustment.</u>** Debtor will from time to time, as soon as is reasonably
 practicable after the occurrence of any event which requires an adjustment or readjustment
 as provided in Section 10.6, give written notice to Debentureholder specifying the event
 requiring such adjustment or readjustment and the results thereof, including the resulting
 Debentureholder Conversion Price, and setting forth in reasonable detail the method of calculation
 and the facts upon which such calculation is based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  **<u>Notice of Intention to Fix Record Date.</u>** Debtor covenants to and in favour of Debentureholder
 that so long as any Principal Amount hereunder remains outstanding, it will give written
 notice to Debentureholder of its intention to fix a record date for any event referred to
 in Section 10.6 (other than a subdivision or consolidation of Common Shares) which may give
 rise to an adjustment in the Debentureholder Conversion Price and, in each case, such notice
 must specify the particulars of such event, the record date and the effective date for such
 event; provided that Debtor is only required to specify in such notice such particulars of
 such event as have been fixed and determined on the date on which such notice is given. Such
 notice must be given not less than five (5) Business Days, in each case, prior to such applicable
 record date or effective date.

**11.** **REPRESENTATIONS AND WARRANTIES** 

**11.1** **Obligors' Representations and Warranties** 

Each Obligor hereby represents and warrants to Debentureholder as of the date of this Debenture (unless otherwise specified in <u>Exhibit "D"</u>) and so long as any Obligations remain outstanding, as set out in <u>Exhibit "D"</u> and acknowledges that Debentureholder is relying upon such representations and warranties in entering into the transactions that give rise to the Principal Amount, which representations and warranties shall survive the execution and delivery of this Debenture.

**11.2** **Knowledge of Obligors** 

Where any representation or warranty contained in <u>Exhibit "D"</u> is expressly qualified by reference to the "knowledge" of Obligors, it shall be deemed to refer to the actual knowledge of Richard Williams, as Executive Chairman of Debtor, Sam Ash, as Chief Executive Officer of Debtor and President of Guarantor and Gerbrand van Heerden, as Chief Financial Officer of Debtor, and all information which ought to have been known by each of them after conducting a reasonable inquiry into the matters in question, whether or not any such inquiry was actually made.

**11.3** **Accredited Investor** 

Debentureholder hereby represents and warrants to the Obligors that Debentureholder is an accredited investor, within the meaning of National Instrument 45-106 – Prospectus Exemptions.

**12.** **COVENANTS** 

Each Obligor covenants and agrees with Debentureholder that, unless compliance has been waived in writing by Debentureholder and so long as any Obligations remain outstanding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Punctual Payment of Obligations.** Each Obligor shall make payment of, and perform, all of its Obligations
 when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Reserve Common Shares**. Debtor covenants to reserve and keep available, at all times, such number
 of Common Shares as may be reasonably required to satisfy the conversion rights under this
 Debenture, in whole or in part, into Common Shares pursuant to Section 10. All Common Shares
 which shall so be issuable shall be duly and validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **No Material Change in Conducting of Business.** Each Obligor shall, and it shall cause each
 of its Subsidiaries to, carry out and perform all operations and activities in a commercially
 prudent manner and in accordance with all Applicable Laws, all applicable Authorizations
 and Other Rights and Good Practice Standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Compliance with Laws and Contracts.** Each Obligor will, and shall cause each of its Subsidiaries
 to, obtain and maintain in force (or where appropriate, promptly renew) all Authorizations
 reasonably necessary for carrying out its business and operations generally, including those
 Authorizations required under each Transaction Document, and at all times comply with all
 Applicable Laws and regulations relating to it and its business other than (except in the
 case of Anti-Bribery Laws and Anti-Money Laundering Laws) where such noncompliance would
 not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Maintenance of Accounting Methods and Financial Records**. Each Obligor will, and shall cause each
 of its Subsidiaries to, maintain a system of accounting which is established and administered
 in accordance with US GAAP consistently applied, keep adequate records and books of account
 in which accurate and complete entries shall be made in accordance with such accounting principles
 reflecting all transactions required to be reflected by such accounting principles, keep
 accurate and complete records of any property owned by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Books; Records; Inspections.** Each Obligor will keep, and shall cause each of its Subsidiaries
 to keep, true, complete and accurate Books and Records of all of its operations and activities
 in a manner consistent with customary and prudent commercial practice. Subject to the confidentiality
 provisions of this Debenture, each Obligor shall, and shall cause each of its Subsidiaries
 to, on written request by Debentureholder, provide copies to Debentureholder, and permit
 Debentureholder and its authorized representatives to perform audits or other reviews and
 examinations from time to time and at Debentureholder's sole expense, of Debtor's
 and each Subsidiaries' (including Guarantor), Books and Records that are available
 to the shareholders of Debtor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Maintenance of Legal Existence.** Each Obligor shall, and shall cause each of its Subsidiaries to,
 preserve and maintain its corporate existence in good standing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Notice to Debentureholder of an Event of Default**. Upon either Obligor becoming aware of the
 occurrence of either an Event of Default or Pending Event of Default, Debtor shall promptly
 deliver to Debentureholder a notice specifying the nature and date of occurrence of such
 Event of Default or Pending Event of Default, the Obligors' assessment of the duration
 and effect thereof and the action which the Obligors propose to take with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Payment of Taxes/Claims.** Each Obligor will timely file all Tax returns as and when required pursuant
 to Applicable Law and pay and discharge or cause to be paid and discharged, promptly when
 due, all Taxes imposed upon them or in respect of the Project or any of the Project Assets
 or upon the income or profits therefrom as well as all claims of any kind (including claims
 for labour, materials, supplies and rent) which, if unpaid, might become a Lien upon any
 of its property or assets (other than Taxes the amount, applicability or validity of which
 are being contested in good faith by appropriate proceedings diligently conducted), withhold
 and collect all Taxes required to be withheld and collected by them and remit such Taxes
 to the appropriate Governmental Authority at the time and in the manner required by Applicable
 Law, and pay and discharge immediately upon knowledge by an Obligor of the existence of any
 Lien unless such Lien is a Permitted Lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **No Amalgamation, Merger, Wind-Up, Change in Control, Etc.** Neither Obligor shall consolidate,
 amalgamate with, or merge with or into, or transfer all or substantially all its assets to,
 or reorganize, reincorporate or reconstitute into or as another entity without the prior
 written consent of Debentureholder not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Maintain Listing**. Each Obligor shall take all steps necessary to ensure that the Common Shares
 and any Common Shares issued to Debentureholder pursuant to this Debenture, are listed and
 posted for trading on any stock exchange which Debtor's Common Shares are posted and
 listed for trading on (subject, in the case of any Common Shares issued to Debentureholder
 pursuant to the terms hereof, to any applicable hold periods, not to exceed six (6) months
 plus one (1) day), and will use commercially reasonable efforts to maintain such listing
 and posting for trading of such Common Shares on the Stock Exchange, and will use commercially
 reasonable efforts to maintain Debtor's status as a "reporting issuer"
 not in default of the requirements of the Applicable Securities Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Reporting**.
 The Obligors shall deliver the following to Debentureholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) monthly,
 quarterly and annual customary operational, exploration and financial reports, to be provided
 within ten (10) Business Days of completion, provided that monthly reports are only to be
 provided if, as and when prepared by or on behalf of either Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promptly
 upon preparation thereof, reasonably detailed environmental reports, reports on safety and
 community matters, operational budgets, annual production forecast, and life of mine operating
 plans (and notice of any material change to the life of mine operating plan promptly following
 such change);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) annual
 reserve and resource reports prepared in accordance with NI 43-101;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) annual
 reports detailing reconciliation of resource model, mine grade control and process facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any
 other material engineering or economic studies (as and when prepared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) within
 five (5) Business Days of the end of each six month period ending June 30 and December 31
 of each calendar year, a list of the Mining Rights underlying the Property or any changes
 from the prior list delivered in accordance with this Section 12(l)(vi);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) copies
 of all material contracts, studies or reports relating to the Property, the Mine or the Products
 that may be reasonably requested by Debentureholder and promptly following the receipt thereof
 copies of any notice of default, termination or enforcement action under any such contract
 or occurrence of any other material event in respect of the Property or Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) notice
 of any other material event concerning the Project, the Property, either Obligor including
 any force majeure, labour or civil disruption, actual or threatened legal action, actual
 or threatened withdrawal of any permit or third-party approval, any material human rights,
 community, health and safety, other social, animal welfare, conservation, other environmental,
 or corporate governance controversies or initiatives or any change in law materially impacting
 the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) within
 ninety (90) days of the end of each fiscal year and to the extent prepared by management,
 Debtor shall deliver to Debentureholder its unaudited, unconsolidated financial statements
 and to the extent prepared and delivered to any third party, its audited unconsolidated financial
 statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) such
 other operational, exploration and financial information concerning the Obligors or the Project
 as Debentureholder shall reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **Further Assurances.** Each Obligor will, and will cause any Subsidiary to, execute and deliver
 to Debentureholder all such documents, instruments and agreements and do all such other acts
 and things as may be reasonably required, in the opinion of Debentureholder, to carry out
 the purpose of the Transaction Documents or any other document to which it is a party or
 to enable Debentureholder to exercise and enforce its rights under hereunder or thereunder.
 For greater certainty, Debtor will cause to be delivered all such certificates and legal
 opinions as may be required to remove the legends on this Debenture or the Common Shares
 issued hereunder upon the expiry of the applicable hold periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **Cash Balance.** Each Obligor shall maintain at all times a positive cash balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **Working Capital.** Each Obligor will maintain positive working capital as at the end of each financial
 quarter, as determined from Debtor's most recent annual and quarterly financial statements
 that are filed and available on SEDAR+ and/or EDGAR, where working capital is the current
 assets less the current liabilities (both as defined by US GAAP) of Debtor on a consolidated
 basis, but (i) excluding any non-cash liabilities included in the calculation of current
 liabilities, (ii) except for the fiscal quarter during which this Debenture matures and the
 immediately preceding fiscal quarter, excluding the principal due at maturity of the Convertible
 Debentures, (iii) except for the fiscal quarter during which the principal amount of the
 Indebtedness referred to in paragraph (j) of the definition of Permitted Indebtedness matures
 and the immediately preceding fiscal quarter, excluding such principal amount due at maturity
 of such Indebtedness, (iv) excluding royalty payments owing under the Royalty Agreements,
 in each case, in the ordinary course of business during the applicable twelve (12) month
 period, and (v) including the net proceeds of any debt or equity financing received between
 the relevant quarterly or annual filing date and the applicable reporting date or during
 the relevant Cure Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **Indebtedness.** The Obligors shall not create, incur, assume or permit to exist any Funded Debt other
 than Permitted Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **No Liens.** The Obligors shall not create, incur, assume or permit to exist any Lien on any
 property or asset now owned or hereafter acquired by the Obligors or any one of them except
 Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **No Dispositions**. The Obligors shall not Dispose of (whether in one or a series of transactions)
 any of the Property or any Project Assets, or enter into any agreement to do any of the foregoing,
 except for (i) the sale of inventory in the ordinary course of business, or (ii) the sale
 of equipment that is obsolete, surplus, worn out or no longer useful for the purposes of
 constructing and developing the Project. Without limiting the generality of the foregoing,
 Debtor shall not Dispose of any of the Equity Securities in the capital of Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **No Investments**. No Obligor shall make (i) any direct or indirect investment in or purchase
 or other acquisition of Equity Securities of any other Person, (ii) any loan or advance to,
 purchase of debt securities of, or arrangement for the purpose of providing credit to (excluding
 extensions of trade credit in the ordinary course of business in accordance with customary
 commercial terms) any other Person, or (iii) any capital contribution to (whether by means
 of a transfer of cash or other property or any payment for property or services for the account
 or use of) any other Person; except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) investments
 (including by subscription in Equity Securities of), loans, advances or capital contributions
 made by Debtor in or to Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) investments,
 advances or capital contributions in connection with a joint venture between Debtor and MineWater
 Finance LLC relating to the London mining district in Colorado, as publicly disclosed by
 Debtor on October 4, 2021, provided that, and only to the extent that, such investments,
 advances or capital contributions are set out in Debtor's board-approved Project Financial
 Plan (as defined in the Exclusivity Agreement) that has been approved by Debentureholder;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with
 the prior written consent of Debentureholder not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) **No Acquisitions.** No Obligor shall purchase or otherwise acquire regardless of how accomplished
 or effected, (i) any other Person (including any purchase or acquisition of such number of
 the issued and outstanding securities of, or such portion of equity interest in, such other
 Person so that such other Person becomes a Subsidiary of the purchaser or of any of its Affiliates)
 or of all or substantially all of the property of any other Person, or (ii) any division,
 business, operation or undertaking of any other Person or of all or substantially all of
 the property of any division, business, operation or undertaking of any other Person; except
 for the acquisition of the Property from Placer Mining Inc. or with the prior written consent
 of Debentureholder, such consent not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) **No Distributions.** No Obligor shall (i) retire, redeem, retract, purchase or otherwise acquire
 any Equity Securities of such Obligor, (ii) declare or pay any dividend, return of capital
 or other distribution (in cash, securities or other property, or otherwise) of, on or in
 respect of, any Equity Securities of such Obligor, (iii) make any payment or distribution
 (in cash, securities or other property, or otherwise) on or in respect of, its Equity Securities,
 (iv) pay, redeem, repurchase or otherwise acquire any Funded Debt, including any payment
 on account of principal, interest, bonus, premium, make-whole or otherwise; or (v) pay any
 management, consulting or similar fee or any bonus payment or comparable payment, or by way
 of gift or gratuity, to any Related Party of such Person or to any director or officer thereof,
 excluding, for greater certainty, (A) employment compensation in the ordinary course of business,
 and (B) where and to the extent the proceeds of any payment or distribution referred to in
 clauses (i) through (iv) above are used solely to (I) fund the payment of any PF Obligations
 or other Permitted Indebtedness, (II) fund the scheduled payment of the obligations owing
 to the EPA under the EPA Settlement Agreement and (III) pay the reasonable annual overhead
 expenses of Debtor and those that relate to the administration and management of the Guarantor,
 the Mining Rights, the Project and the Project Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **EPA Settlement.** Each Obligor shall provide all such bonds, letters of credit and other assurances,
 indemnifications, instruments and documents as may be required to complete the Obligors'
 financial assurance obligations under the EPA Settlement Agreement and shall take all such
 actions and steps and do all such things as may be required to cause the release of the Liens
 in favour of the EPA as soon as reasonably practicable. Each Obligor shall comply in all
 respects with its obligations under the EPA Settlement Agreement and in all material respects
 with all other agreements, Authorizations and Other Rights necessary for the construction,
 development and operation of the Project as contemplated by the current development or mine
 plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) **Project Maintenance**. Each Obligor shall all times do or cause to be done all things necessary
 to maintain the Project in good standing, including paying or causing to be paid all Taxes
 owing in respect of the Project Assets, performing or causing to be performed all required
 assessment work thereon, paying or causing to be paid all maintenance fees and other amounts
 owing in respect of the Project Assets, paying or causing to be paid all rents and other
 payments in respect of leased properties forming a part thereof and otherwise maintaining
 the Property and other Project Assets in accordance with Applicable Laws;

If an Obligor fails to perform any covenant or any other provision of any of the Credit Documents, Debentureholder may, in its discretion, perform any such covenant capable of being performed by it, and if any such covenant requires the payment of money Debentureholder may, in its discretion, make any such payments. All sums so expended by Debentureholder shall be payable on demand and, until paid, shall be added to, and be deemed to be included in the Obligations and shall bear interest at the same rate applicable to principal.

**13.** **DEFAULT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 occurrence of any one or more of the following events shall constitute an "**Event of Default**" under this Debenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Payment*.
 If Debtor fails to pay any Principal Amount when due hereunder or fails to pay interest or
 any other amount when due hereunder and, in the case of interest or such other amount, such
 failure remains outstanding and unremedied for two (2) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Representations and Warranties*. If any representation or warranty made in any of the Credit Documents
 by either Obligor, or if any certificate or opinion furnished to Debentureholder pursuant
 to the provisions hereof proves to have been materially incorrect, incomplete or misleading
 as of the time made or repeated or deemed to be made or repeated, and such inaccuracy is
 not remedied within the Cure Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Failure to Perform*. Other than as otherwise specified in Section 13(a), if an Obligor defaults
 in the performance of any of its covenants or obligations under any of the Credit Documents
 or Project Finance Documents and provided that such default is capable of being remedied,
 and such default is not remedied within the Cure Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Cross Default.* Either Obligor (i) fails to make any payment when such payment is due and payable
 to any Person in relation to any Indebtedness having a principal amount in excess of US$250,000
 (including any other Convertible Debenture, the Loan Agreement and any other Project Finance
 Document), and any applicable grace period in relation thereto has expired, or (ii) defaults
 in the observance or performance of any other agreement or condition in relation to any such
 Indebtedness or contained in any instrument or agreement evidencing, securing or relating
 thereto, or any other event occurs or condition exists, the effect of which default or other
 condition, if not remedied within any applicable grace period, would be to cause, or to permit
 the holder of such Indebtedness to declare such Indebtedness to become due prior to its stated
 maturity date;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Material Permits and Condemnation.* Any Governmental Authority directly or indirectly condemns,
 expropriates, nationalizes, seizes or appropriates any material portion of the Property or
 the Project Assets or any Required Authorization or Other Right necessary for the construction
 and operation of the Project that has been previously obtained by any Obligor is suspended,
 cancelled, revoked, forfeited, surrendered, refused renewal or terminated (whether in whole
 or in part) or otherwise is not, or ceases to be, in full force and effect at any time;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *Insolvency*.
 If either Obligor fails to pay its debts generally as they fall due or suspends making payments
 on all or any class of its debts or announces an intention to do so or begins negotiations
 with one or more creditors with a view to rescheduling any of its indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *Illegality*.
 If it becomes unlawful for any Obligor to perform any of its obligations under any of the
 Transaction Documents or any of its obligations under any Transaction Document cease to be
 valid, binding or enforceable or any Obligor repudiates or contests, in whole or in part,
 any obligations under any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) *Bankruptcy or Similar Proceedings*. Upon the occurrence of an Insolvency Event affecting any Obligor
 or any Subsidiary of Debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) *Material Adverse Effect*. If an event or series of events occur which has or with the passage of
 time or notice or both, would have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *Loss of Perfected Lien.* If any of the Liens created under the Security shall cease to be a
 valid and perfected first priority lien on any Collateral thereunder or any Project Assets
 intended to be Collateral thereunder, subject only to Permitted Liens which rank by law in
 priority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) *Surety Indemnities*. If either Obligor fails to make any payment as and when due and payable
 and owing to the Sureties or defaults in the observance or performance of any other agreement
 or condition in any Indemnity or any other agreement with a Surety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) *Judgment*.
 If one or more final judgments or decrees for the payment of (A) in the case of any judgment
 or decree in respect of obligations or other arrangements with Debentureholder or any of
 its Affiliates (including funds managed by any of its Affiliates), any money, or (B) in any
 other case, money in excess of US$500,000 in the aggregate for all such cases and no more
 than US$250,000 in any one year period, shall have been obtained or entered against an Obligor
 or any of its Subsidiaries provided such judgments or decrees shall not have been and remain
 vacated, discharged or stayed pending appeal within the applicable appeal period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) *Authorizations*.
 If any Authorization by a Governmental Authority necessary for the performance of any obligation
 of an Obligor or any Subsidiary of Debtor under any Credit Document ceases to be in full
 force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 the occurrence of an Event of Default under Section 13(a)(viii), the Obligations shall automatically
 and immediately become due and payable and upon the occurrence and during the continuance
 of any other Event of Default, Debentureholder may, by notice given to Debtor, declare all
 or part of Obligations to be due and payable either on demand or to be immediately due and
 payable without demand, in each case, all without presentment, protest or further notice
 of any kind, all of which are hereby expressly waived by the Obligors. The Obligations due
 and payable upon a declaration or automatic acceleration pursuant to this Section 13(b) will
 include the Prepayment Interest Premium. Each Obligor acknowledges and agrees that any such
 prepayment prior to the Maturity Date is subject to the Prepayment Interest Premium and that
 such amount represents a reasonable estimate of fair compensation payable to Debentureholder
 for the losses suffered by early prepayment and such amount is in the nature of liquidated
 damages and not a penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon
 any such declaration or automatic acceleration pursuant to Section 13(b), Debentureholder
 may, in its discretion, exercise any right or recourse and proceed by any action, suit, remedy
 or proceeding against the Obligors authorized or permitted by law for the recovery of the
 Obligations including bringing an action or instituting proceedings for damages or specific
 performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon
 the occurrence and during the continuance of an Event of Default, the Security Agent shall
 at the request of, or may with the consent of, the Majority Creditors (as defined in the
 Security Sharing Agreement) realize upon the Collateral and enforce the rights of the Security
 Agent and the Sprott Entities under the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 rights and remedies of Debentureholder and the Security Agent hereunder and under the Security
 are cumulative and are in addition to and not in substitution for any other rights or remedies
 available at law or in equity or otherwise. No single or partial exercise by Debentureholder
 or the Security Agent of any right or remedy precludes or otherwise affects the exercise
 of any other right or remedy to which Debentureholder or the Security Agent may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No
 failure on the part of Debentureholder or the Security Agent to exercise and no delay in
 exercising, and no course of dealing with respect to, any right, power or privilege under
 any Credit Document shall operate as a waiver thereof nor shall any single or partial exercise
 of any right, power or privilege under any Credit Document preclude any other or further
 exercise thereof or the exercise of any other right, power, or privilege. The remedies provided
 herein are cumulative and not exclusive of any remedies provided by law. Any waiver by Debentureholder
 of the strict compliance with any term any Credit Document will not be deemed to be a waiver
 of any subsequent Event of Default.

**14.** **DEFINITIONS AND INTERPRETATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Definitions.** For the purposes of this Debenture and the Exhibits hereto, capitalized words and phrases
 shall have the meanings set forth in <u>Exhibit "A"</u> and the meanings given
 to the defined terms set out in bold in the recitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Accounting Principles.** 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 the Credit Documents, such determination or calculation
 will, to the extent applicable and except as otherwise specified herein or as otherwise agreed
 in writing by the parties, be made in accordance with US GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Terms Generally.** Words importing the singular number include the plural and vice versa. Whenever
 the context may require, any pronoun shall include the corresponding masculine, feminine
 and neuter forms. All forms of "include" shall be deemed to be followed by the
 phrase "without limitation". The word "will" shall have the same
 meaning and effect as "shall". Unless the context requires otherwise (i) reference
 to any agreement or other document herein shall be construed as referring to such agreement
 or other document as from time to time amended (subject to any restrictions on such amendment
 set forth herein), (ii) reference to any Person shall be construed to include such Person's
 successors and assigns, (iii) "herein", "hereof" and "hereunder",
 and similar words shall be construed to refer to this Debenture in its entirety and not to
 any particular provision hereof, and (iv) all references to sections, schedules and exhibits
 shall be construed to refer to sections of, schedules to and exhibits to this Debenture,
 and all such schedules and exhibits shall form part of this Debenture. The term "Debenture"
 and any reference in this Debenture to this Debenture or any other agreement, document or
 other instrument includes, and is a reference to, this Debenture or such other agreement,
 document or other instrument as it may have been, or may from time to time be, amended, restated,
 replaced, modified, supplemented or novated and includes all schedules, exhibits, appendixes
 or attachments thereto or incorporated by reference therein. The terms "conversion",
 "convert", "convertible" used in this Debenture and the Exhibits
 hereto shall be interpreted and deemed to mean with respect to the conversion of interest
 into Common Shares, the payment of accrued and unpaid interest owing hereunder through the
 issuance of Common Shares, and (y) with respect to the conversion of the outstanding Principal
 Amount into Common Shares, the election by Debentureholder to receive payment of the Principal
 Amount through the issuance of Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Security**.
 It is hereby acknowledged and agreed that the Debentureholder is a Sprott Entity and that
 this Debenture has the benefit of all security delivered by the Obligors, or any one of them,
 in favour of the Security Agent or any other Sprott Entity as security for the PF Obligations,
 including the Security Documents.

**15.** **NOTICE** 

Any notice or written communication given pursuant to or in connection with this Debenture shall be in writing and shall be given by delivering the same personally or by prepaid courier, prepaid registered mail, or email, addressed to the party to be notified at the following address of such party or at such other address of which such party has given notice to the other party hereto:

for an Obligor,

Bunker Hill Mining Corp.<br> 300-1055 West Hastings Street<br> Vancouver, British Columbia, V6E 2E9

---

| | |
|:---|:---|
| Attention: | Gerbrand van Heerden, CFO & Corporate Secretary |
| Email: | **[Redacted]** |

---

for Debentureholder,

**[Contact information redacted]**

---

| | |
|:---|:---|
| Attention: | **[Redacted]** |
| Email: | **[Redacted]** |

---

Any such notice shall be conclusively deemed to have been given and received on the day of actual receipt by the addressee or, if given by prepaid registered or certified mail, on the fifth (5<sup>th</sup>) day following the mailing date (absent a general disruption in postal service). A party may change its address by notice given in accordance with this Section to the other parties.

**16.** **CONFIDENTIALITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 16(b), neither Debentureholder nor the Obligors shall, without the express written
 consent of the other (which consent shall not be unreasonably withheld), disclose any non-public
 information in respect of the terms of the Credit Documents or otherwise received under or
 in conjunction with the Credit Documents, and none of Debentureholder and the Obligors shall
 issue any press releases concerning the terms of any Credit Document without the consent
 of the other after such parties having first reviewed the terms of such press release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 the foregoing, Debentureholder and the Obligors may disclose non-public information in respect
 of the terms of the Credit Documents or otherwise received under or in conjunction with the
 Credit Documents in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 (A) its limited partners, investors, auditor, legal counsel, lenders, underwriters, investment
 bankers and technical consultants, and (B) Persons with which it is considering or intends
 to enter into a transaction which would be permitted hereunder without the consent of the
 other party under this Debenture for which such non-public information would reasonably be
 relevant (and to advisors and representatives of any such Person); provided that such disclosure
 is made on a need to know basis and that such Persons are advised of the confidential nature
 of the non-public information, undertake to maintain the confidentiality of it and are strictly
 limited in their use of the non-public information to those purposes necessary for such Persons
 to perform the services for which they were, or are proposed to be, retained or to consider
 or effect the applicable transaction, or to monitor their investments in the case of limited
 partners or investors, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where
 disclosure is necessary to comply with Applicable Laws, court order or regulatory request,
 provided that (A) such disclosure is limited to only that non-public information so required
 to be disclosed, and (B) the party required to disclose such information shall promptly notify
 the other party in writing to permit the other party, at its own expense, to have an opportunity
 to contest or seek to obtain an injunction or protective order or other remedy restricting
 the disclosure of such non-public information and, where applicable, that the party required
 to disclose such information has taken commercially reasonable efforts to avail itself of
 the full benefits of any laws, rules, regulations or contractual rights as to disclosure
 on a confidential basis to which it may be entitled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for
 the purposes of the preparation and conduct of any court proceeding commenced under Section
 20(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) where
 disclosure is required under Applicable Laws in connection with any initial public offering
 or subsequent public offering of securities of any Obligor or of Debentureholder or any Affiliate
 thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with
 the express written consent of the other party, such approval not to be unreasonably withheld,
 conditioned or delayed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to
 its Affiliates and those of its and its Affiliates' directors, officers, employees,
 advisors and representatives who need to have knowledge of the non-public information and
 each such Person to whom the non-public information is disclosed is directed to comply with
 these terms of confidentiality (or is bound by professional obligations to maintain confidentiality).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 party shall ensure that its Affiliates who receive any non-public information pursuant to
 this Debenture and its and such Affiliates' employees, directors, officers, advisors
 and representatives and those Persons listed in Section 16(b)(i) are made aware of this Section
 16 and comply with the provisions of this Section 16. Each party shall be liable to the other
 party for any improper use or disclosure of such terms or information by such Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For
 the purposes of this Section 16, the Obligors are one party and Debentureholder is the other
 party.

**17.** **EXPENSES** 

The Obligors will reimburse Debentureholder within thirty (30) days of Debentureholder providing a written invoice and supporting documentation in respect thereof, all of Debentureholder's reasonable out-of-pocket costs and expenses incurred in respect of the negotiation, registration, enforcement of, or the preservation of rights under the Credit Documents, including the reasonable fees and expenses of legal counsel for Debentureholder in connection therewith.

**18.** **INDEMNIFICATION** 

Each Obligor hereby indemnifies Debentureholder, its affiliates and their respective directors, officers and employees, from and against, any claim, damage, loss, liability, judgment, suit, cost or expense of any kind (including reasonable fees and expenses of counsel), arising directly out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 breach by an Obligor of any representation, warranty or covenant contained herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 enforcement by Debentureholder of any right or remedy hereunder.

**19.** **SUCCESSORS AND ASSIGNS, WAIVER AND ACKNOWLEDGEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither
 Obligor may transfer, assign or convey any of its obligations under the Credit Documents
 to any Person without the prior written consent of Debentureholder. Debentureholder may transfer,
 assign or convey the Credit Documents or any of its rights or obligations thereunder, in
 whole or in part, without the consent of the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 Debenture shall be binding upon each Obligor and its successors and permitted assigns and
 shall enure to the benefit of Debentureholder and its successors and assigns. Any reference
 herein to Debentureholder shall include its successors and assigns as if specifically named.
 This Debenture is a negotiable instrument. Presentment for payment, demand, protest, notice
 of protest, notice of dishonour and statutory days of grace respecting this Debenture are
 hereby waived.

**20.** **GOVERNING LAW AND JURISDICTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Debenture shall be governed by, and construed in accordance with, the laws of the Province
 of Ontario and the federal laws of Canada applicable therein (other than the conflict of
 laws rules).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Obligor agrees that any legal proceeding with respect to this Debenture or to enforce any
 judgment obtained against the Obligor may be brought by Debentureholder in the courts of
 the Province of Ontario, Canada or in the courts of any jurisdiction where an Obligor may
 have assets or carries on business, and each Obligor hereby irrevocably submits to the non-exclusive
 jurisdiction of each such court and acknowledges its competence. Each Obligor agrees that
 a final judgment against it in any such legal proceeding will be conclusive and may be enforced
 in any other jurisdiction by suit on the judgment (a certified or exemplified copy of which
 judgment will be conclusive evidence of the fact and of the amount of the Obligations hereunder)
 or by such other means provided by law.

**21.** **SEVERABILITY OF PROVISIONS** 

Any provision of this Debenture that is prohibited or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of that prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of that provision in any other jurisdiction.

**22.** **ENTIRE AGREEMENT** 

The Credit Documents constitute the entire agreement between the parties hereto with respect to the subject matter hereof and supersede any and all prior agreements or understandings, written or oral, with respect thereto. Except as otherwise provided in Section 10.6(b), this Debenture shall not be amended except by the written agreement between Debentureholder and each Obligor.

**23.** **SURVIVAL** 

The provisions of Sections 6 (*Taxes*), 16 (*Confidentiality*), 17 (*Expenses*), 18 (*Indemnification*) and 20 (*Governing Law and Jurisdiction*), shall in each case survive any termination of this Debenture and the payment in full of the Obligations.

**24.** **JUDGMENT CURRENCY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If,
 for the purpose of obtaining or enforcing judgment against the Obligors in any court in any
 jurisdiction, it becomes necessary to convert into a particular currency (such currency being
 hereinafter in this Section 24 referred to as the "**Judgment Currency** ")
 an amount due in another currency (such other currency being hereinafter in this Section
 24 referred to as the "**Indebtedness Currency**") under this Debenture, the
 conversion shall be made at the rate of exchange prevailing on the Business Day immediately
 preceding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 date of actual payment of the amount due, in the case of any proceeding in the courts of
 the Province of Ontario or in the courts of any other jurisdiction that will give effect
 to such conversion being made on such date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 date on which the judgment is given, in the case of any proceeding in the courts of any other
 jurisdiction (the date as of which such conversion is made pursuant to this Section 24(a)(ii)
 being hereinafter in this Section 24 referred to as the "**Judgment Conversion Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If,
 in the case of any proceeding in the court of any jurisdiction referred to in Section 24(a)(ii),
 there is a change in the rate of exchange prevailing between the Judgment Conversion Date
 and the date of actual payment of the amount due, the Obligors shall pay to Debentureholder
 such additional amount (if any, but in any event not a lesser amount) as may be necessary
 to ensure that the amount paid in the Judgment Currency, when converted at the rate of exchange
 prevailing on the date of payment, will produce the amount of the Indebtedness Currency which
 could have been purchased with the amount of Judgment Currency stipulated in the judgment
 or judicial order at the rate of exchange prevailing on the Judgment Conversion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 amount due from the Obligors under the provisions of Section 24(b) shall be due to Debentureholder
 as a separate debt and shall not be affected by judgment being obtained for any other amounts
 due under or in respect of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 term "**rate of exchange**" in this Section 24 means the daily rate of exchange
 for Canadian interbank transactions applied in converting the Indebtedness Currency into
 the Judgment Currency published by the Bank of Canada for the day in question.

**25.** **CURRENCY CONVERSIONS** 

Except as otherwise provided in this Debenture, to the extent that it may be necessary to convert Canadian dollars to US dollars for the purpose of making any payment or calculation in this Debenture, such conversion shall be made at the Bank of Canada daily average rate quoted for the exchange of Canadian dollars into US dollars or vice versa, on the Business Day prior to the date the conversion is to take place.

**26.** **TIME** 

Time is and will be of the essence of each and every provision of this Debenture.

**27.** **COUNTERPARTS** 

This Debenture and any schedules, certificates or other writing delivered in connection herewith, may be executed in any number of counterparts and by facsimile or electronic means, with the same effect as if all parties had all signed the same document, and all such counterparts and adopting instruments will be construed together and will constitute one and the same instrument. The execution of this Debenture and any other writing by any party hereto or thereto will not become effective until counterparts hereof or thereof, as the case may be, have been executed by all the parties hereto or thereto.

[*Signature pages immediately follow]*

 

**IN WITNESS WHEREOF** each Obligor and Debentureholder has executed this Debenture under the hands of its duly authorized officers in that behalf.

---

| | |
|:---|:---|
| **bunker hill mining corp.** | **bunker hill mining corp.** |
| Per: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

---

| | |
|:---|:---|
| **SILVER VALLEY METALS corp.** | **SILVER VALLEY METALS corp.** |
| Per: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

The undersigned agrees to be bound by Debentureholder's covenants contained herein.

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| Per: |
| Name: |
| Title: |

---

The undersigned agrees to be bound by the covenants of the Administrative Agent and the Security Agent contained herein.

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| Per: |
| Name: |
| Title: |

---

**EXHIBIT "A"<br> DEFINITIONS**

"**A&R Series 1 CDs**" means the six (6) amended and restated secured convertible debentures in the aggregate principal amount of US$6,000,000 dated as of the date hereof issued by the Debtor and Guarantor, to and in favour of **[Redacted – Affiliates of Sprott Private Resource Streaming & Royalty Corp.], [Redacted]** and **[Redacted]**, each as holder.

"**A&R Series 2 CDs**" means the three (3) amended and restated series 2 secured convertible debentures in the aggregate principal amount of US$15,000,000 dated as of the date hereof issued by the Debtor and the Guarantor to and in favour of **[Redacted – Affiliates of Sprott Private Resource Streaming & Royalty Corp.],** each as holder.

"**Administrative Agent**" means **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** an Ontario limited partnership, in its capacity as agent for Debentureholder hereunder, and any successor agent appointed from time to time by Debentureholder and their successors and permitted assigns.

"**Affiliate**" means any person which, directly or indirectly, controls, is controlled by or is under common control with another person; and, for the purposes of this definition, "control" (including, with correlative meanings, the terms "controlled by" or "under common control with") means the power to direct or cause the direction of the management and policies of any person, whether through the ownership of shares or by contract or otherwise, *provided that*, for the purposes of this Debenture, a Debentureholder shall not be deemed an Affiliate of any Obligor.

"**Anti-Bribery Laws**" has the meaning ascribed thereto in <u>Exhibit "C"</u>.

"**Anti-Money Laundering Laws**" has the meaning ascribed thereto in <u>Exhibit "C"</u>.

"**Applicable Law**" means any federal, provincial, state, local or municipal statute, law (including the common law), ordinance, rule having the force of law, regulation, by-law (zoning or otherwise) or order of any Governmental Authority or rule of any stock exchange or securities commission, applicable to a Person or any of its properties, assets, business or operations.

"**Applicable Securities Legislation**" means all applicable securities laws of each of the jurisdictions in which Debtor is a "reporting issuer" and the respective rules and regulations under such laws together with applicable published fee schedules, prescribed forms, policy statements, national or multilateral instruments, orders, blanket rulings and other applicable regulatory instruments of the securities regulatory authorities in any of such jurisdictions.

"**Authorization**" means any consent, registration, filing, agreement, certificate, license, approval, permit, authority or exemption from, by or with any Governmental Authority and all corporate, creditors' and shareholders' approvals or consents.

"**Books and Records**" means all records (whether or not recorded on computer or computer related media) in the possession or control of an Obligor relating in whole or in part to the business of an Obligor, including any business, financial, accounting or Tax records.

"**Business Day**" means any day, other than a Saturday, a Sunday, a statutory holiday or any day on which major banks are closed for business in Kellogg, Idaho or Toronto, Ontario.

"**Capital Reorganization**" has the meaning ascribed thereto in Section 10.6(b) of this Debenture.

"**CD Holders**" means the holders of the Convertible Debentures from time to time.

"**Cdn.$"** means the lawful currency of Canada.

"**Claim**" means any act, omission or state of facts and any complaint, litigation, demand, action, suit, proceeding, claim, assessment, judgment or settlement or compromise relating thereto.

"**Collateral**" means all property and assets (whether real, personal or other and including Equity Securities) of the Obligors in which charges, mortgages or security interests are granted or purported to be granted pursuant to the Security.

"**Common Shares**" has the meaning ascribed thereto in Section 10.1(a) of this Debenture.

"**Control**" means the right, directly or indirectly, to direct or cause the direction of the management of the business or affairs of a Person, whether by ownership of securities, by contract or otherwise; and "**Controls**", "**Controlling**", "**Controlled by**" and "**under common Control with**" have corresponding meanings.

"**Convertible Debentures**" means, collectively, (i) the A&R Series 1 CDs; (ii) the A&R Series 2 CDs; and (iii) the Series 3 Convertible Debentures.

"**Credit Documents**" means collectively, this Debenture, the Guarantee, the Security and any documents entered into from time to time in respect of any of the foregoing and "**Credit Document**" means each of them.

"**Cure Period**" means a period of fifteen (15) Business Days following the earlier of (a) delivery by Debentureholder to the Obligors of written notice of a breach or default, and (b) an Obligor becoming aware of such breach or default

"**Debenture**" has the meaning ascribed thereto in Section 1 hereof.

"**Debentureholder**" has the meaning ascribed thereto in Section 1 of this Debenture.

"**Debentureholder Conversion Date**" has the meaning ascribed thereto in Section 10.4(b) of this Debenture.

"**Debentureholder Conversion Form**" has the meaning ascribed thereto in Section 10.4(a) of this Debenture.

"**Debentureholder Conversion Price**" means US$0.105 per Common Share, as such price per Common Share may be adjusted from time to time in accordance with the terms of this Debenture.

"**Debtor**" has the meaning ascribed thereto in Section 1 of this Debenture.

"**Debtor Interest Conversion Date**" has the meaning ascribed thereto in Section 10.2(b) of this Debenture.

"**Debtor Interest Conversion Form**" has the meaning ascribed thereto in Section 10.2(a) of this Debenture.

"**Debtor Interest Conversion Price**" means the greater of the US Dollar Equivalent Amount of (a) NINETY per cent (90%) of the ten (10) day volume weighted average trading price in Canadian dollars of the Common Shares of Debtor on the Stock Exchange, ending as of the second Business Day prior to the Debtor Interest Conversion Date, and (b) the minimum price permitted by the Stock Exchange.

"**Debtor Relief Laws**" shall mean *Title 11* of the United States Code entitled "Bankruptcy", the *Bankruptcy and Insolvency Act* (Canada), the *Companies' Creditors Arrangement Act* (Canada) and the *Winding-Up and Restructuring Act* (Canada), and all other liquidation, administration, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, judicial management or similar debtor relief laws of the United States, Canada or other applicable jurisdictions from time to time in effect including any proceeding under corporate law or other law of any jurisdiction whereby a corporation seeks a stay or a compromise of the claims of its creditors against it, each as now and hereafter in effect, any successors to such statutes and any other applicable insolvency or other similar law of any jurisdiction.

"**Disclosure Letter**" means the letter of disclosure (including the schedules thereto) dated on the date hereof, executed by the Obligors and delivered to Debentureholder concurrently with this Debenture.

"**Disposition"** means, with respect to any asset (including any Property) of any Person, any direct or indirect sale, lease (where such Person is the lessor), assignment, cession, transfer, exchange, conveyance, release or gift of such asset, including by means of a sale and leaseback transaction, or any reorganization, consolidation, amalgamation or merger of such Person pursuant to which such asset becomes the property of any other Person; and "**Dispose**" and "**Disposed**" have meanings correlative thereto.

"**Effective Date**" means the date of this Debenture.

"**EPA**" means the United States Environmental Protection Agency.

"**EPA Settlement Agreement**" means the Consent Decree between the United States of America and Placer Mining Company, Inc., filed with the United States District Court District of Idaho on March 3, 2018 and approved on June 19, 2018 and the Settlement Agreement And Order On Consent For Response Action By Bunker Hill Mining Corp. between the EPA and Bunker Hill Mining Corp., dated as effective May 15, 2018 (EPA Region 10 CERCLA Docket No. 10-2017-0123), as amended by the First Amendment To The Settlement Agreement And Order On Consent For Response Action By Bunker Hill Mining Corp. between the EPA and Bunker Hill Mining Corp, dated as effective December 19, 2021.

"**Equity Securities**" means, with respect to any Person, any and all shares, interests, participations, rights in, or other equivalents (however designated and whether voting and non-voting) of, such Person's capital, whether outstanding on the date hereof or issued after the date hereof, including any interest in a partnership, limited partnership or other similar Person and any beneficial interest in a trust, and any and all rights, warrants, options or other rights exchangeable for or convertible into any of the foregoing.

"**Event of Default**" has the meaning ascribed thereto in Section 13 of this Debenture.

**"EXIM Term Loan"** has the meaning ascribed thereto in paragraph (h)(iii) of the definition of Permitted Indebtedness.

"**Excluded Taxes**" means, with respect to Debentureholder, income or franchise Taxes imposed on (or measured by) its taxable income or capital Taxes imposed on (or measured by) its taxable capital, in each case by Canada, or by the jurisdiction under the Applicable Law of which such recipient is organized or in which its principal lending office is located.

"**Exclusivity Agreement**" means the exclusivity agreement dated as of January 7, 2022 between **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** and the Obligors, as amended by the First Omnibus Amendment and the Second Omnibus Amendment and as the same may be further amended, amended and restated, modified and supplemented or replaced from time to time.

"**First Omnibus Amendment**" means the omnibus amendment agreement dated January 28, 2022 between the Obligors, and SPRSR, in its own capacity and as Security Agent.

"**Funded Debt**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 obligations of such Person for borrowed money and all obligations of such Person evidenced
 by bonds, debentures, notes, bills or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 obligations, contingent or otherwise, relative to the face amount of all letters of credit
 or letters of guarantee, whether or not drawn, and banker's acceptances issued for
 such Person's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 obligations of such Person under any lease that is required to be classified and accounted
 for as a capital or finance lease for financial accounting purposes or under any synthetic
 lease, tax retention, operating lease or other lease that, in each case, has substantially
 the same economic effect as a conditional sale, title retention agreement or similar arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all
 obligations of such Person in respect of the deferred purchase price of property or services
 (excluding accounts payable incurred in the ordinary course of business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all
 indebtedness of another Person secured by (or for which the holder of such obligations has
 an existing right, contingent or otherwise, to be secured by) any Lien, upon or in property
 owned by such Person, even if such Person has not assumed or become liable for the payment
 of such obligations or such obligations are limited in recourse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all
 obligations of such Person created or arising under any conditional sale or other title retention
 agreement with respect to property acquired by such Person (even if the rights and remedies
 of the seller or lender under such agreement in the event of default are limited to repossession
 or sale of such property); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all
 guarantees, indemnities and other obligations (contingent or otherwise) of such Person in
 respect of Indebtedness of another Person.

"**Good Practice Standards**" means, in relation to mining (including all relevant disciplines pertaining thereto, such as metallurgy, processing, engineering, environmental and governance matters, relations with community and indigenous peoples and other social matters), those policies, practices, methods and acts engaged in or approved by a Person which, in the conduct of its undertaking, exercises that degree of safe and efficient practice, diligence, prudence, and foresight reasonably and ordinarily exercised and most commonly accepted by reputable, skilled and experienced operators engaged in the mining industry in the United States.

"**Governmental Authority**" means any government whether federal, provincial, state or municipal and any governmental agency, governmental authority, governmental tribunal, court, governmental commission (including a securities commission) of any kind whatsoever, any subdivision, agency, commission, board or authority of any of the foregoing or any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the amount of any of the foregoing or any stock exchange or securities commission, having jurisdiction.

"**Guarantees**" and "**Guarantee**" have the meaning ascribed thereto in Section 8 of this Debenture.

"**Guarantor**" has the meaning ascribed thereto in Section 1 of this Debenture.

"**Indebtedness**" means, with respect to each Obligor, all and any indebtedness of such Obligor, whether absolute or contingent.

"**Indemnified Taxes**" means all Taxes other than Excluded Taxes.

"**Indemnities**" means, collectively, the indemnity agreements made by the Obligors in favour of the Sureties in respect of the surety or performance bonds to be provided to the EPA and referred to in paragraph (f) of the definition of Permitted Indebtedness, and "**Indemnity**" means any one of them.

"**Insolvency Event**" means, in respect of any Person, any one or more of the following events or circumstances whereby such Person (a) becomes insolvent or generally does not or becomes unable to pay its debts or meet its liabilities as the same become due, (b) admits in writing its inability to pay its debts generally or declares any general moratorium on its indebtedness or proposes a compromise or arrangement between it and any class of its creditors or makes a general assignment for the benefit of creditors, (c) institutes or has instituted against it any proceeding seeking (i) to adjudicate it as bankrupt or insolvent, (ii) liquidation, dissolution, winding-up, administration, reorganization, compromise, arrangement, adjustment, protection, moratorium, relief, stay of proceedings of creditors generally (or any class of creditors), or composition of it or its debts or any other relief under any Debtor Relief Law, or (iii) the entry of an order for relief or the appointment of or the taking of possession by, a receiver, receiver-manager, administrator, custodian, monitor, trustee or other similar official for the Person or any substantial part of its respective property and, in the case of any such proceeding instituted against it (but not instituted by it) either such petition, application or proceeding continues undismissed, or unstayed and in effect, for a period of forty-five (45) days after the institution thereof, such Person fails to diligently and actively oppose such proceeding, or any of the actions sought in such proceeding (including the entry of an order for relief against it or the appointment of a receiver, receiver-manager, administrator, custodian, monitor, trustee or other similar official for it or for any substantial part of its properties and assets) occurs, or such Person files an answer admitting the material allegations of a petition or motion filed against it in any such proceeding, (d) takes any action, corporate or otherwise, to approve, effect, consent to or authorize any of the actions described in the foregoing paragraphs (a) through (c) or otherwise acts in furtherance thereof or fails to act in a timely and appropriate manner in defense thereof, or (e) such Person's working capital is negative in its most recent annual financial statements and quarterly financial statements, where working capital is the current assets less the current liabilities (both as defined by US GAAP).

"**Legal Proceedings**" means any action, suit, proceeding, demand, assessment, judgment, litigation, hearing, Claim, grievance, arbitration or administrative proceeding or other proceeding or dispute resolution process and includes any appeal, settlement or compromise relating then or review and any application for same.

"**Lenders**" means, collectively, **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** and **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** as lenders under the Loan Agreement.

"**Lien**" means, (a) with respect to any asset, any mortgage, deed of trust, lien, pledge, hypothec (whether movable or immovable), hypothecation, encumbrance, charge, security interest, adverse claim, defect to title or right of set off in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease, title retention agreement or consignment agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to any asset, (c) any purchase option, call or similar right of a third party with respect to such asset, (d) any netting arrangement, defeasance arrangement or reciprocal fee arrangement, and (e) any other arrangement having the effect of providing security.

"**Loan Agreement**" means the amended and restated loan agreement dated as of the date hereof, between the Debtor, as borrower, the Guarantor, as guarantor, **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** as agent for the Lenders, and the Lenders.

"**Material Adverse Effect**" means any event, occurrence, change or effect that, when taken individually or together with all other events, occurrences, changes or effects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) materially
 limits, restricts or impairs, or is reasonably likely to materially limit, restrict or impair
 (i) the condition, financial or otherwise, earnings, operations, assets, business affairs
 or business prospects of an Obligor, (ii) the ability of an Obligor to perform its payment
 or other obligations under any Transaction Document, (iii) the development or operation of
 the Project substantially in accordance with the mine or development plan then in effect
 immediately prior to the occurrence of such event, occurrence, change or effect, or (iv)
 the legality, validity or enforceability of the Credit Documents, or the rights and remedies
 available to Debentureholder hereunder and thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) causes
 or is reasonably likely to cause any significant decrease to expected silver, lead or zinc
 production from the Property based on the mine or development plan then in effect immediately
 prior to the occurrence of such event, occurrence, change or effect;

provided that (x) changes to commodity prices and (y) events, occurrences, changes or effects affecting operators of mining and processing facilities in the US similar to those related to the Project generally, which do not have a disproportionate effect on the Obligors, shall not be a Material Adverse Effect or be taken into account in determining whether there has been or will be a Material Adverse Effect.

"**Maturity Date**" has the meaning ascribed thereto in Section 1 of this Debenture.

"**Mine**" means the Bunker Hill Mine located in the Coeur D'Alene Mining District in the cities of Kellogg and Wardner and in Shoshone County, Idaho, USA.

"**Mining Rights**" means any mining claims, mining leases, mineral claims, mining concessions, mineral concessions, exploration permits or licenses, mining licenses, forms of mineral tenure or other rights to Products or to access and work upon lands, such as ownership and ancillary rights, surface rights, leasing agreements, lands temporal occupation agreements or otherwise, for the purpose of exploring, exploiting or benefiting Products, under the terms of Applicable Laws, whether contractual, statutory or otherwise, or any interest therein whether now owned or hereafter acquired. "Mining Rights" includes any amendments, relocations, adjustments, resurvey, additional locations, consolidation, derived rights or conversions of, or any renewal, replacement, amendment or other modification or extensions of any of the foregoing.

"**Mortgage**" means the mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixture filing dated as of January 28, 2022 between Guarantor and the Security Agent; as amended by as amended by a first amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated June 17, 2022, a second amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated August 8, 2024, a third amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated December 19, 2024, a fourth amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated the date hereof and as the same may be further amended, amended and restated, modified, supplemented or replaced from time to time.

"**Obligations**" means all indebtedness, liabilities and other obligations of Obligors to Debentureholder hereunder and under the other Credit Documents.

"**Obligors**" means, collectively, Debtor and Guarantor and "**Obligor**" means any one of them.

"**Other Rights**" means all licenses, approvals, authorizations, consents, rights (including surface rights, access rights and rights of way), privileges, concessions or franchises held by the Obligors or required to be obtained from any Person (other than a Governmental Authority), for the construction, development and operation of the Mine, as such construction, development and operation is contemplated by the current or then applicable development or mine plan, as the case may be.

**"Other Taxes"** means all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Credit Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Debenture or any other Credit Document;

"**Pending Event of Default**" means an event which, but for the requirement for the giving of notice, lapse of time, or both, or, but for the satisfaction of any other condition subsequent to that event, would constitute an "**Event of Default**".

"**Permitted Indebtedness**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 existing Indebtedness (other than Funded Debt) incurred prior to the date hereof in the normal
 course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 Funded Debt set out in Section (14) of the Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 Indebtedness of each Obligor under the Series 3 Convertible Debentures, including but not
 limited to Indebtedness outstanding under this Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all
 Indebtedness of each Obligor owing to the EPA under the EPA Settlement Agreement with respect
 to the Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) unsecured
 Indebtedness comprised of amounts owed to trade creditors and accruals in the ordinary course
 of business, which are either not overdue or, if disputed and in that case whether or not
 overdue, are being contested in good faith by any Obligor by appropriate proceedings diligently
 conducted, and provided always that the failure to pay such Indebtedness would not involve
 and material risk of loss of any material part of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) obligations
 in respect of surety or performance bonds and/or letters of credit required to be provided
 to the EPA as set out in Section (14) of the Disclosure Letter or otherwise with the prior
 written consent of Debentureholder, such consent not to be unreasonably withheld or delayed,
 obligations in respect of surety or performance bonds and/or letters of credit required to
 be provided to the EPA in respect of Financial Assurance (under and as defined in the EPA
 Settlement Agreement) of up to US$17,000,000, which obligations, in the case of surety or
 performance bonds, are permitted to be partially secured by letters of credit (in amounts
 satisfactory to the Security Agent) and otherwise secured by security ranking subordinate
 to the Security and subject to a subordination agreement with Debentureholder (or another
 Sprott Entity, as Security Agent), in form and substance satisfactory to Debentureholder
 (or the Security Agent), and which obligations, in the case of letters of credit, are permitted
 to be fully secured by cash collateral that is not subject to the Security (and the Security
 Agent will execute and deliver a no interest letter in respect of the Security with respect
 to such cash collateral, in form and substance satisfactory to the Security Agent, acting
 reasonably);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Indebtedness
 in respect of capital or finance leases or purchase money Liens permitted by paragraph (l)
 of the definition of "Permitted Liens";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) subject
 to the prior written consent of Debentureholder, such consent not to be unreasonably withheld
 or delayed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 reclamation bonds relating to the Mine required in connection with the construction, development
 or operation of the Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) offtake
 financing on terms and conditions satisfactory to the Sprott Entities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Indebtedness
 of up to US$150,000,000 pursuant to a term loan facility owing to EXIM Bank where the proceeds
 are used only for the construction and development of the Mine or other general corporate
 purposes of the Obligors (the **"EXIM Term Loan**") and provided that, if
 secured, the EXIM Term Loan will rank pari passu with the PF Obligations and such security
 will rank pari passu with the Security and EXIM Bank and the Security Agent will enter into
 an intercreditor agreement in form and substance satisfactory to the Security Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subordinated
 Intercompany Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Indebtedness
 owing under the Loan Agreement, the A&R Series 1 CDs and the A&R Series 2 CDs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any
 other Indebtedness consented to by Debentureholder from time to time.

"**Permitted Liens**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) liens
 for taxes, assessments or governmental charges of any Governmental Authority not at the time
 due or delinquent or, if due or delinquent, the validity of which is being contested at the
 time in good faith by appropriate proceedings, and a reserve has been established by the
 Obligors or the applicable Subsidiary in its Books and Records in accordance with US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) deemed
 liens and trusts arising by operation of law in connection with workers' compensation,
 employment insurance and other social security legislation, in each case, which secure obligations
 not at the time due or delinquent or, if due or delinquent, the validity of which is being
 contested at the time in good faith by appropriate proceedings, and a reserve has been established
 by the Obligors or the applicable Subsidiary in its Books and Records in accordance with
 US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) liens
 under or pursuant to any judgment rendered, or claim filed, against any Obligor or a Subsidiary,
 which such Obligor or such Subsidiary shall be contesting at the time in good faith by appropriate
 proceedings, and a reserve has been established in its Books and Records in accordance with
 US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) liens
 and charges incidental to construction or current operations which have not at such time
 been filed pursuant to law or which relate to obligations not due or delinquent or the validity
 of which are being contested in good faith by appropriate proceedings and as to which a reserve
 has been established by the Obligors in its Books and Records in accordance with US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) easements,
 rights of way, servitudes or other similar rights in land (including, without in any way
 limiting the generality of the foregoing, rights of way and servitudes for railways, sewers,
 drains, gas and oil and other pipelines, gas and water mains, electric light and power and
 telecommunication, telephone or telegraph or cable television conduits, poles, wires and
 cables) granted to or reserved or taken by other persons which individually or in the aggregate
 do not materially detract from the value of the land concerned or materially impair its use
 in the operation of the business of an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 right reserved to or vested in any municipality or governmental or other public authority
 by the terms of any lease, licence, franchise, grant or permit acquired by an Obligor or
 a Subsidiary or by any statutory provision, to terminate any such lease, licence, franchise,
 grant or permit, or to require annual or other payments as a condition to the continuance
 thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Lien resulting from the deposit of cash or securities (i) in connection with performance
 of bids, contracts, leases, tenders or expropriation proceedings, or (ii) to secure workers'
 compensation, surety or appeal bonds, performance bonds, letters of credit, costs of litigation
 when required by law and public and statutory obligations, or (iii) in connection with the
 discharge of liens or claims incidental to construction and mechanics', warehouseman's,
 carriers' and other similar liens arising in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) security
 given by an Obligor or a Subsidiary to a public utility or any municipality or governmental
 or other public authority when required by such utility or municipality or other authority
 in connection with the operations of the Obligor or such Subsidiary, all in the ordinary
 course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) title
 defects or irregularities which are of a minor nature and in the aggregate will not materially
 impact the use of the subject property for the purpose for which it is held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) applicable
 municipal and other governmental restrictions affecting the use of land or the nature of
 any structures which may be erected thereon, provided such restrictions have been complied
 with and will not materially impair the use of the subject property for the purpose for which
 it is held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the
 reservation in any original grants from the Crown of any land or interests therein and statutory
 exceptions and reservations to title;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens
 securing capital or finance leases or purchase money Liens relating solely to the acquisition
 of equipment necessary for the development, construction or operation of the Project, provided
 that such Liens extend only to the property clearly and individually identified as acquired
 or financed thereby (including the proceeds of such property) and do not extend to any other
 assets of an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any
 operating lease entered into in the ordinary course of business; provided that the same is
 not a sale-leaseback;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the
 Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Liens
 in respect of Permitted Indebtedness that is permitted hereunder to be secured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any
 other Liens of the Obligors as existing on the date hereof as disclosed in Section (29) of
 the Disclosure Letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) all
 other Liens permitted in writing by Debentureholder.

"**Person**" shall be broadly interpreted and includes an individual, body corporate, partnership, joint venture, trust, association, unincorporated organization, any Governmental Authority or any other entity recognized by law.

"**PF Obligations**" means, collectively, all indebtedness, liabilities and other obligations, present or future, direct or indirect, absolute or contingent, matured or unmatured, at any time or from time to time due or accruing due and owing by or otherwise payable by an Obligor to the Sprott Entities, or any of them, under, in connection with or pursuant to the Project Finance Documents (including the Obligations and all such indebtedness, liabilities and obligations that accrue after the commencing by or against any Obligor of any insolvency or similar proceeding).

"**Prepayment Interest Premium**" means, as of the date of prepayment or repayment in accordance with Section 4 or Section 13, as applicable, an amount equal to twelve (12) months interest on the Principal Amount calculated in accordance with Section 2(a) less the amount of interest received by Debentureholder on the Principal Amount (including, for certainty, interest received in Common Shares) prior to the date of prepayment.

"**Principal Amount**" has the meaning ascribed thereto in Section 1 of this Debenture less any payments on account of principal or reduction of principal by way of conversion, made from time to time.

"**Products**" means any and all metals, minerals and products or by**-**products thereof, of whatever kind and nature and in whatever form or state, in, under or upon the surface or subsurface of the Property (including ore, metals, precious metals, base metals, uranium, industrial minerals, concentrates, gems, diamonds, commercially valuable rock, aggregate, clays and other minerals that are mined, excavated, extracted, recovered or otherwise produced from the Property and any ore, concentrates and other products resulting from the milling, processing or other beneficiation of such metals, minerals, products and by-products).

"**Project**" means the construction and development of the Mine, including the acquisition of the Mine and the settlement of liabilities owing to the EPA, when due.

"**Project Assets**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Property and all other Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Products and the Other Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 mining, processing, development, production, maintenance, administration, water, electrical
 and conveyor facilities, railway infrastructure and rolling stock, storage facilities, stockpiling
 facilities, shipping infrastructure, utilities, and related ancillary infrastructure, other
 buildings, structures, improvements, fixtures and other real and personal property, including
 equipment, re-commissioned, constructed, operated or otherwise used by or on behalf of Obligor
 to extract, beneficiate, market, transport and sell Products derived from the Property or
 to develop, operate or administer the Mine, whether or not located within the physical boundaries
 of the Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 rights (including Authorizations, surface, access and water rights), privileges, concessions
 or franchises owned, controlled, leased or operated by or on behalf of an Obligor at any
 time and not included within the definition of "Property" which are required
 for the development and construction of the Mine and operation thereof.

"**Project Finance Documents"** means collectively, the A&R Series 1 CDs, A&R Series 2 CDs, the Series 3 Convertible Debentures (including this Debenture), the Exclusivity Agreement, the ROFR Agreement, the Loan Agreement, the Recapitalization Agreement, the Security Documents, the Guarantee and all other guarantees, agreements, instruments and documents from time to time delivered to or in favour of any Sprott Entity in connection with any of the foregoing agreements and includes any agreement designated from time to time by the Obligors and SPRSR as a "Project Finance Document" for purposes of the Security.

"**Project Mining Claims**" means the Mining Rights described in <u>Exhibit "E"</u> and all other Mining Rights now or hereafter owned, held, under option or under application by the Guarantor or any Affiliate thereof forming part of or related to the Mine.

"**Property**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Project Mining Claims and any other Mining Rights, rights or interests forming part thereof
 from time to time whether now owned or hereafter acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 other real property interests, mineral claims, mineral leases, mining concessions, exploration
 licenses, land (surface and access rights) and similar rights, concessions and interests
 now or hereafter owned, held, under option or under application by an Obligor or any Affiliate
 thereof forming part of the Mine or related to the Mine, whether created privately or by
 action of any Governmental Authority, including but not limited to those interests described
 in Schedule "F" to Royalty Agreement No. 3; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 present or future renewals, extensions, modifications, divisions, substitutions, amalgamations,
 successions, derivations, severances, conversions, demise to lease, renaming or variation
 of any of the Project Mining Claims, Mining Rights or other rights and interests referenced
 in paragraph (a) of this definition.

"**Quarter End**" means the last day of each of March, June, September and December of each calendar year.

"**Real Property**" means the Property and all other real property interests, land (surface and access rights) and similar rights and interests forming part of the Mine or related to the Mine, now or hereafter owned, held, under option or under application by an Obligor, whether created privately or by action of any Governmental Authority.

"**Recapitalization Agreement**" has the meaning ascribed thereto in recital B of this Debenture.

"**Related Party**" means, with respect to any Obligor, any director, officer, employee, shareholder, partner or Affiliate of any Obligor or any other Person not dealing at arm's length with such Obligor (within the meaning of the *Income Tax Act* (Canada)).

"**Required Authorizations**" means any and all Authorizations required to be obtained by any Obligor for the construction, development and operation of the Mine, as such construction, development and operation is contemplated by the current or then applicable development or mine plan, as the case may be.

"**Restricted Person**" means any Person that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 named, identified, described in or on or included in or on any of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 lists maintained by the Office of the Superintendent of Financial Institutions (Canada) with
 respect to terrorism financing, including the lists made under subsection 83.05(1) of the
 Criminal Code, under the Regulations Implementing the United Nations Resolutions on the Suppression
 of Terrorism and under the United Nations Al-Qaida and Taliban Regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Denied Persons List, the Entity List or the Unverified List, compiled by the Bureau of Industry
 and Security, U.S. Department of Commerce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 List of Statutorily Debarred Parties compiled by the U.S. Department of State;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Specially Designated Nationals Blocked Persons List compiled by the U.S. Office of Foreign
 Assets Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 annex to, or is otherwise subject to the provisions of, U.S. Executive Order No. 13324; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any
 publicly available lists maintained under Applicable Laws relating to anti-terrorism or anti-money
 laundering matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is
 subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 United Nations Act (Canada), the Special Economic Measures Act (Canada) and the Freezing
 of Assets of Corrupt Foreign Officials Act (Canada);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 International Emergency Economic Powers Act, 50 U.S.C.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Trading with the Enemy Act, 50 U.S.C. App. 1.1 et seq.; or any other enabling legislation
 or executive order relating thereto, including the Uniting and Strengthening America by Providing
 Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of
 Pub. L. 107 56; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) trade
 restrictions under any Applicable Laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is
 a Person or entity who is an Affiliate of a Person or entity listed above.

"**ROFR Agreement**" means the ROFR agreement dated as of January 7, 2022 between **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** and the Obligors, as amended by the First Omnibus Amendment and the Second Omnibus Amendment and as the same may be further amended, amended and restated, modified and supplemented or replaced from time to time.

"**Royalty Agreement No. 1**" means the royalty agreement dated as of June 23, 2023, and received in lieu of the principal amount owing under the Royalty Convertible Debenture, as amended by the first amendment to royalty agreement dated as of December 12, 2024 and the second amendment to royalty agreement dated as of the date hereof.,

"**Royalty Agreement No. 2**" means the additional royalty agreement dated as of December 12, 2024, between the Guarantor, as royalty grantor, the Debtor, as guarantor, and **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** as agent for the Lenders, as amended by the royalty agreement no. 2 amendment dated as of the date hereof.

"**Royalty Agreement No. 3**" means royalty agreement no. 3 dated as of the date hereof and granted by the Guarantor in favour of **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** as agent for itself and **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.].**

"**Royalty Agreements**" means, collectively, Royalty Agreement No. 1, Royalty Agreement No. 2, and Royalty Agreement No. 3.

"**Royalty Convertible Debenture**" means the secured royalty convertible debenture in the principal amount of US$8,000,000 dated as of January 7, 2022 (as amended by the First Omnibus Amendment, the Second Omnibus Amendment and the Third Omnibus Amendment), and as assigned to the **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** by the transfer agreement dated October 7, 2022 between SPRSR and the **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** as amended by the amending agreement dated June 21, 2023.

"**Second Omnibus Amendment**" means the omnibus amendment agreement dated June 17, 2022 between the Obligors and SPRSR, in its own capacity and as Security Agent.

"**Security**" means, collectively, (a) any one or more guarantees made from time to time by an Obligor in favour of the Sprott Entities or any of them, in respect of any Obligations, including the Guarantee; and (b) the Security Documents.

"**Security Agent**" means **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** an Ontario limited partnership, in its capacity as security agent for the benefit of the Sprott Entities under the Security, and any successor agent appointed pursuant to the Security Sharing Agreement, and their successors and permitted assigns

"**Security Documents**" means, collectively, (a) the pledge agreement dated as of January 7, 2022 between the Debtor, as pledgor, and the Security Agent, as amended by the First Omnibus Amendment, the Second Omnibus Amendment, and as it may be further amended, amended and restated, modified or supplemented from time to time, (b) the security agreement dated as of January 28, 2022 among the Obligors, as debtors, and the Security Agent, as amended by the Second Omnibus Amendment, and as it may be further amended, amended and restated, modified or supplemented from time to time, (c) the Mortgage, (d) the deposit account control agreement dated as of July 14, 2023 among TD Bank, N.A., as depositary bank, the Guarantor and the Security Agent; (e) the deposit account control agreement dated as of November 20, 2024 among TD Bank, N.A., the Debtor and the Security Agent, (f) the intercompany subordination and postponement agreement dated as of June 23, 2023 among the Obligors and the Security Agent; and (g) all other assignments, deeds of trust, mortgages, account control agreements, pledges and other security agreements pursuant to which an Obligor grants to the Security Agent for the benefit of the Sprott Entities, mortgages, charges, pledges, liens or security interests in all or some of its present and after acquired property as security for the PF Obligations.

"**Security Sharing Agreement**" means the security sharing agreement dated January 28, 2022 between the Security Agent, the holder of the Royalty Convertible Debenture, each CD Holder (including Debentureholder) and other Sprott Entities party thereto from time to time, as creditors, and acknowledged and agreed by the Obligors, as amended by the Second Omnibus Amendment.

"**Series 1 CD Holders**" means the holders from time to time of the A&R Series 1 CDs.

"**Series 2 CD Holders**" means the holders from time to time of the A&R Series 2 CDs.

"**Series 3 CD Holders"** means the holders from time to time of the series 3 Convertible Debentures.

"**Series 3 Convertible Debentures**" means the two series 3 secured convertible debentures (including this Debenture) in the aggregate principal amount of US$25,000,000 issued on the date hereof by the Debtor and Guarantor and convertible at the option of the holder into Common Shares.

**"Sprott Entities**" means, collectively, the Administrative Agent, the Security Agent, the Lenders, the Series 1 CD Holders, the Series 2 CD Holders, the Series 3 CD Holders (including the Debentureholder), any Affiliate of Sprott Inc. and any fund managed or sub-managed by an Affiliate of Sprott Inc. which in each case is party to a Project Finance Document together with any successor, assign or transferee thereof that is party from time to time to any Project Finance Document and "**Sprott Entity**" means any one of them.

"**SPRSR**" means **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.].**

"**Stock Exchange**" means the TSX-V or any stock exchanges upon which the Common Shares are listed from time to time.

"**Stream Agreement"** has the meaning ascribed thereto in recital A of this Debenture.

"**Subordinated Intercompany Debt**" means unsecured loans made by Debtor to Guarantor, provided that such Indebtedness shall be subordinated pursuant to a subordination agreement in favour of (among others) the Sprott Entities pursuant to which, among other things, Debtor agrees (a) to subordinate and postpone the Indebtedness to the PF Obligations, (b) that no Liens have been or will be taken, (c) that no remedies will be exercised while any PF Obligations remain outstanding, and (d) that in connection with any Insolvency Event, Debtor will not vote its claim in respect thereof in any manner that would prejudice the Sprott Entities' rights and remedies under this Debenture or any of the Security.

"**Subsidiary**" means each Person directly or indirectly Controlled by Debtor.

"**Sureties**" means, collectively, Northbridge General Insurance Corporation, Trisura Guarantee Insurance Company, Trisura Insurance Company and any other issuer of surety or performance bonds to be provided to the EPA and referred to in paragraph (h) of the definition of Permitted Indebtedness, and "**Surety**" means any one of them.

"**Taxes**" means all present or future taxes, rates, levies, royalties, imposts, duties, deductions, assessments, withholdings, dues, fees and other charges of any nature, including any interest, fines, penalties or other liabilities with respect thereto, imposed, levied, collected, withheld or assessed by any Governmental Authority (of any jurisdiction), and whether disputed or not, including sales or value-added taxes, goods and services taxes, stamp taxes and royalties.

"**Third Omnibus Amendment**" means the third omnibus amendment agreement dated December 5, 2022, between (among others) the Obligors and SPRSR, in its own capacity and as Security Agent.

"**Transaction Documents**" means, collectively, the Credit Documents, the other Project Finance Documents and the Royalty Agreements.

"**TSX-V**" means the Toronto Venture Exchange.

"**US Dollar Equivalent Amount**" means, with respect to the calculation of the Debtor Interest Conversion Price, the amount obtained in US dollars when (i) the ten (10) day volume weighted average of the trading price in Canadian dollars referred to in paragraph (a) of the definition of "Debtor Interest Conversion Price" or (ii) the minimum price permitted by the Stock Exchange referred to in paragraph (b) of the definition of "Debtor Interest Conversion Price", is converted into US dollars using the daily average rate for the exchange of Canadian dollars into US dollars of the Bank of Canada on the last of such ten (10) day period or on the date of notification to Debentureholder of such determination by the Stock Exchange, as applicable.

"**US GAAP"** means, in relation to any Person at any time, accounting principles generally accepted in the United States applied on a basis consistent with the most recent audited financial statements of such Person and, if applicable, its consolidated affiliates (except for changes disclosed in the notes to such financial statements).

**EXHIBIT "B"<br> DEBTOR INTEREST CONVERSION FORM**

---

| | |
|:---|:---|
| **TO:** | **[●] [or assignee]** |

---

All terms used herein but not defined shall have the meanings ascribed thereto in the Series 3 Secured Convertible Debenture dated as of [●], 2025 issued by Silver Valley Metals Corp. and Bunker Hill Mining Corp. to [●] (the "**Debenture**").

Pursuant to Section 10.1 of the Debenture, the undersigned, being the Debtor, hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Debtor irrevocably elects to pay the following amount of accrued and unpaid interest of US$_________________
 through the issuance of _______________ Common Shares in accordance with the terms of the
 Debenture, at the Debtor Interest Conversion Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 exchange rate used to calculate the number of Common Shares is _______ as per the Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Debtor Interest Conversion Date is __________________________<sup>1</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Common Shares will be entered into the books of Debtor in the name of Debentureholder (or
 the name of its nominee, participant, assignee as directed by Debentureholder prior to the
 Debtor Interest Conversion Date) and certificates evidencing the Common Shares will be registered
 in the same name.

**DATED** this _____ day of _________________________, 20__.

---

| |
|:---|
| **BUNKER HILL MINING CORP.** |
| By: |
| Name: |
| Title: |

---

<sup>1</sup> NTD: in the case of a quarterly interest payment, to be the applicable quarter end date and, in any other case, to be the date such accrued but unpaid interest would otherwise be due and payable.

**EXHIBIT "C"<br> DEBENTUREHOLDER CONVERSION FORM**

---

| | |
|:---|:---|
| TO: | Bunker Hill Mining Corp. (the "**Debtor**") |

---

REFERENCE IS MADE TO the Series 3 Secured Convertible Debenture no. ● dated [●], 2025 issued by Debtor in favour of the undersigned (the "**Debentureholder**") in the original principal amount of US$[●] (the "**Debenture**"). Capitalized terms used but not defined herein have the respective meanings ascribed to those terms in the Debenture.

THE UNDERSIGNED, being the registered Debentureholder of the Debenture hereby irrevocably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) elects
 to convert US$____________ being [ **all/part** ] of the Principal Amount outstanding under
 the Debenture into Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) directs
 you to enter the Common Shares into the books of Debtor in the name of __________________________________<sup>2</sup>
 and deliver certificates evidencing the Common Shares registered in the same name.

**DATED** this ____ day of ___________________, 20__.

By: 

Name: <br>

Title: 

<sup>2</sup> Insert full name of Debentureholder or its nominee, participant or assignee

**EXHIBIT "D"<br> OBLIGORS' REPRESENTATIONS AND WARRANTIES**

Each of Debtor and Guarantor (each an "**Obligor**" and collectively, the "**Obligors**") hereby represents and warrants as follows to Debentureholder, and acknowledges and agrees that Debentureholder is relying upon such representations and warranties in connection with entering into of this Debenture:

*Corporate Organization and Authority* 

 

1. Each
 Obligor is a corporation duly incorporated and validly existing under the laws of its jurisdiction
 of incorporation and is up-to-date in respect of all filings required by law to maintain
 its existence; in particular, the Debtor is a corporation incorporated under the laws of
 Nevada and Guarantor is a corporation incorporated under the laws of Idaho.

2. Each
 Obligor is qualified to do business and is in good standing in all jurisdictions in which
 the nature of its business as now being or as proposed to be conducted makes such qualification
 necessary and has all material governmental licenses, authorizations, consents and approvals
 necessary to own its assets and carry on its business as now being or as proposed to be conducted.

3. Each
 Obligor has the requisite corporate power, capacity and authority to: (i) own its property
 and assets and conduct its business; and (ii) enter into the Debenture, each other Transaction
 Document to which it is a party and such other documents as may be necessary or appropriate
 to give effect to the terms thereof to which it is a party, to perform its obligations hereunder
 and thereunder and complete the transactions contemplated hereby and thereby.

4. The
 execution and delivery of the Debenture and the other Transaction Documents by each Obligor
 thereto and the completion of the transactions contemplated hereby and thereby, including
 the reservation of the Common Shares issuable in accordance with the Debenture, have been
 duly authorized by all necessary corporate action on the part of such Obligor. This Debenture
 and the other Transaction Documents to which each Obligor is a party have been duly and validly
 executed and delivered by such Obligor, and constitutes a legal, valid and binding obligation
 of it, enforceable against it in accordance with the terms thereof, except to the extent
 enforcement may be affected by bankruptcy, insolvency, fraudulent transfer, reorganization,
 moratorium and similar Applicable Laws affecting creditors' rights generally and subject
 to the qualification that equitable remedies, injunctive relief and/or specific performance
 may be granted in the discretion of a court of competent jurisdiction.

5. Debtor
 owns legally and beneficially all of the issued and outstanding stock of the Guarantor (the
 "**Capital Stock**") as set forth in Section (5) of the Disclosure Letter
 free and clear of any Lien. The corporate structure and organization chart of the Obligors
 set forth in Section (5) of the Disclosure Letter accurately reflects, as of the date hereof,
 the direct and indirect ownership of all of the Capital Stock of the Guarantor. Other than
 as set forth in Section (5) of the Disclosure Letter, no Person has any agreement, option,
 right of first refusal or right, title or interest or any right (including a right of conversion
 of Indebtedness) that is or will become an agreement, option, right of first refusal or right,
 title or interest, in or to all or any part of the Capital Stock of the Guarantor. There
 are no shareholders' agreement or shareholders' declaration in effect with respect
 to the Obligors or their respective shares or other equity interests.

6. Each
 Obligor is entering into and performing its obligations under this Debenture and each of
 the other Transaction Documents to which it is a party, on its own account and not as trustee
 or a nominee of any other Person.

7. The
 principal place of business and chief executive office of each Obligor as of the date hereof
 is set out in Section (7) of the Disclosure Letter.

8. No
 Obligor has suffered an Insolvency Event and no Event of Default has occurred that is continuing
 and the Obligors are not aware of any circumstance which, with notice or the passage of time,
 or both, would give rise to an Insolvency Event or an Event of Default with respect to it.

9. Each
 of the Obligors' corporate records are complete and accurate in all material respects,
 and true and correct copies of same have been made available to the Debentureholder.

10. The
 financial books, records and accounts of each of the Obligors: (i) are complete and accurate
 in all material respects; (ii) are stated in reasonable detail; and (iii) accurately and
 fairly reflect all the material transactions, acquisitions and dispositions of each of the
 Obligors.

11. Debtor's
 audited consolidated financial statements for the fiscal year ended December 31, 2024 including
 the consolidated balance sheets, statements of loss and comprehensive loss, cash flows and
 changes in shareholders' deficiency and the notes thereon and the unaudited interim
 consolidated financial statements for the three months ended March 31, 2025 (collectively,
 the "**Current Financial Statements** "), have been prepared in accordance
 with US GAAP. The Current Financial Statements fairly present in all material respects the
 financial condition and results of operations of Guarantor and the Debtor, on a consolidated
 basis, as at the respective dates specified therein and for the periods then ended. The Obligors
 have not effected any material change in its accounting methods, principles or practices
 since the date of the Current Financial Statements. The Obligors do not intend to correct
 or restate, nor, to the knowledge of the Obligors, is there any basis for any correction
 or restatement of, any aspect of the Current Financial Statements. Other than as set out
 in Section (11) of the Disclosure Letter, each Obligor is neither a party to, nor had a commitment
 to become a party to, any material off balance sheet transactions, arrangements, obligations
 (including contingent obligations) or other relationships of Guarantor, the Debtor or any
 subsidiary of the Obligors with unconsolidated entities. MNP LLP is the current auditor of
 Debtor and is "independent" of the Obligors within the meaning of the Rules of
 Professional Conduct of the Chartered Professional Accountants of Ontario. There has never
 been a "reportable event" (within the meaning of National Instrument 51-102 –
 Continuous Disclosure Obligations of the Canadian Securities Administrators ()"**NI 51-102** ")) with the present or any former auditor of the Obligors.

12. Since
 the end date of its Current Financial Statements, the Obligors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have
 conducted its business only in the ordinary course of business and no Material Adverse Effect
 has occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have
 not incurred any Indebtedness which is not shown or reflected in the most recent interim
 financial statements provided to the Debentureholder or in Section (12) of the Disclosure
 Letter.

*Tax Matters*

 

13. (a) Taxes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All
 material Taxes due and payable by each of the Obligors (whether or not shown due on any Tax
 returns and whether or not assessed (or reassessed) by the appropriate Governmental Authority)
 have been timely paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All
 Tax returns required by Applicable Law to be filed by or with respect to the Obligors have
 been properly prepared and timely filed and all such Tax returns (including information provided
 therewith or with respect thereto) are true, complete and correct in all material respects,
 and no material fact or facts have been omitted therefrom which would make any such Tax returns
 misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As
 of the date hereof, no audit or other proceeding by any Governmental Authority is pending
 or, to the knowledge of the Obligors, threatened with respect to any Taxes due from or with
 respect to the Obligors, and no Governmental Authority has given written notice of any intention
 to assert any deficiency or claim for additional Taxes against either of the Obligors. As
 of the date hereof, there are no matters under discussion, audit or appeal or in dispute
 with any Governmental Authority relating to Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other
 than as set out in Section (13) of the Disclosure Letter, no Governmental Authority of a
 jurisdiction in which the Obligors do not file Tax returns has made any written claim that
 either of the Obligors are or may be subject to taxation by such jurisdiction. To the knowledge
 of the Obligors, there is no basis for a claim that the Obligors is subject to Tax in a jurisdiction
 in which the Obligors do not file Tax returns. As of the date hereof, each of the Obligors
 only file Tax returns in the jurisdictions in which it is incorporated or organized and in
 any jurisdiction in which it carries on any material business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As
 of the date hereof, there are no reassessments of Taxes for the Obligors that have been issued
 and are under dispute, and the Obligors have not received any communication from any Governmental
 Authority that an assessment or reassessment is proposed in respect of any Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To
 the knowledge of the Obligors, each of the Obligors have withheld or collected any material
 Taxes that are required by Applicable Law to be withheld or collected and have paid or remitted,
 on a timely basis, the full amount of any Taxes that have been withheld or collected, and
 are due, to the applicable Governmental Authority.

14. Section
 (14) of the Disclosure Letter sets out a full and complete list of all existing Funded Debt
 of the Obligors.

*Non-Contravention* 

 

15. Subject
 to Section (15) of the Disclosure Letter, none of the execution and delivery of the Debenture
 or the other Transaction Documents, the reservation and issuance of the Common Shares in
 accordance with the Debenture or the completion of the transactions contemplated hereby or
 thereby, by each Obligor thereto, will (i) require that a consent be obtained or a notice
 be provided under or result in or constitute a breach or default under any agreement, mortgage,
 bond or other instrument to which it is a party or which is binding on it or its assets,
 (ii) violate the terms of its constating documents, (iii) require that a consent be obtained
 or a notice be provided under or violate any Applicable Law or any Required Authorization
 or the material terms and conditions of any Other Rights, or result in any modification,
 revocation, alteration or transfer of any Required Authorization or Other Right, (iv) result
 in the imposition of any Lien on the Project Assets, or (v) contravene any judgment, order,
 writ, injunction or decree of any Governmental Authority.

16. No
 Obligor is in breach of or default under, and no event has occurred that, with the passage
 of time or notice, or both, would constitute or would reasonably be expected to constitute
 such a breach of or default under, any agreement, mortgage, bond or other instrument to which
 it is a party or which is binding on it or its assets, other than a breach or default or
 event that would not, individually or in the aggregate, have a Material Adverse Effect. To
 the knowledge of the Obligors, there is no breach or default by any counterparty thereto
 or inability of any counterparty thereto to perform its obligations thereunder which has,
 individually or in the aggregate, a Material Adverse Effect.

*Regulatory Compliance* 

 

17. No
 consents, approvals or permissions are required to be obtained by, nor any filings made with
 any Governmental Authority by any Obligor in connection with the execution and delivery or
 the performance by it of this Debenture and the other Transaction Documents to which it is
 a party, or in respect of its obligations hereunder or thereunder, other than as set forth
 in Section (17) of the Disclosure Letter.

18. Each
 Obligor has conducted and is conducting its respective business in compliance in all material
 respects with Applicable Laws.

19. No
 Obligor nor, to the knowledge of the Obligors, any director, officer, manager, member, employee,
 consultant, representative or agent thereof, acting on its behalf has violated (i) the *Corruption of Foreign Public Officials Act* (Canada), the *Bribery Act* (United Kingdom), the *Foreign Corrupt Practices Act* (United States), and all other anti-bribery, and anti-corruption
 Applicable Laws, whether within Canada, the United States or to the extent applicable to
 any Obligor, elsewhere, including any regulations, guidelines or orders thereunder (collectively,
 the "**Anti-Bribery Laws** "); and (ii) the Proceeds of Crime (Money Laundering)
 and Terrorist Financing Act (Canada) and all other anti-money laundering, anti-terrorist
 financing, government sanction and "know your client" Applicable Laws, whether
 within Canada, the United States and, to the extent applicable to any Obligor, elsewhere,
 including any regulations, guidelines or orders thereunder (collectively, the "**Anti-Money Laundering Laws** "). No Obligor nor, to the knowledge of Guarantor and the Debtor,
 any director, officer, employee, consultant, representative or agent thereof acting on its
 behalf, has made a voluntary, directed, or involuntary disclosure to any Governmental Authority
 responsible for enforcing Anti-Bribery Laws or Anti-Money Laundering Laws, with respect to
 any alleged non-compliance by any Obligor or such other Persons (acting on behalf of an Obligor)
 with Anti-Bribery Laws or Anti-Money Laundering Laws. No Obligor has received any written
 notice, request, or citation from any Governmental Authority alleging non-compliance by any
 Obligor or such other Persons (acting on behalf of an Obligor) with any Anti-Bribery Laws
 or Anti-Money Laundering Laws.

20. The
 Obligors and their agents have complied at all times with Anti-Bribery Laws with respect
 to the Project and the development, construction or conduct of all operations or activities
 at the Project. The operations in relation to the Project are and have been conducted at
 all times in compliance with applicable financial record-keeping and reporting requirements
 of Anti-Money Laundering Laws and no action, suit or proceeding by or before any court or
 Governmental Authority or any arbitrator involving the Obligors with respect to the Anti-Money
 Laundering Laws is pending or, to the best knowledge of the Obligors, threatened.

21. The
 Obligors have not, and, to the knowledge of the Obligors, no director, officer, employee,
 consultant, representative or agent of the Obligors have, transacted business on behalf of
 the Obligors with any Restricted Person.

22. Debtor
 is a "reporting issuer" (or the equivalent) in the provinces of British Columbia,
 Alberta and Ontario and is not included on a list of defaulting reporting issuers maintained
 by the securities regulators or other securities regulatory authorities in any such provinces
 (collectively, the "**Securities Regulators** "). No order, ruling or determination
 having the effect of suspending the sale or ceasing or suspending trading in any securities
 of Debtor has been issued by any Governmental Authority and is continuing in effect and no
 proceedings for such purpose have been instituted or are, to the knowledge of the Obligors,
 pending or threatened.

*Legal Proceedings*

 

23. Other
 than as set forth in Section (23) of the Disclosure Letter, there are no actions, suits,
 proceedings, hearings, inquiries, investigations or claims commenced or, to the knowledge
 of the Obligors, threatened against any Obligor or that involve the Project, and which, individually
 or in the aggregate, (i) would prevent or limit, restrict or impair in any material respect
 the ability of an Obligor to enter into this Debenture or the other Transaction Documents
 to which it is a party or would reasonably be expected to materially and adversely impair
 the performance of its obligations under this Debenture or the other Transaction Documents
 or the development of the Project, or (ii) that could reasonably be expected to result in
 a Material Adverse Effect.

24. No
 Obligor is a party to or subject to any judgment, order, writ, injunction or decree, involving
 the Project, which (i) could reasonably be expected to materially and adversely impair the
 performance of its obligations under this Debenture or the other Transaction Documents, or
 (ii) could reasonably be expected to result in a Material Adverse Effect. No action or proceeding
 has been instituted or remains pending or, to the knowledge of the Obligors, has been threatened
 and not resolved, by or before any Governmental Authority that (i) could reasonably be expected
 to materially and adversely impair the development of the Project, or (ii) could reasonably
 be expected to result in a Material Adverse Effect.

*Material Information* 

 

25. All
 material information relating to the Project and Project Assets and prepared by or on behalf
 of the current management of the Obligors and that has been made available or delivered to
 Debentureholder, including forecasts, projections, mine plans, budgets and environmental
 audits, assessments, studies and tests, including any environmental and social impact assessment
 study reports, was prepared in good faith and on the basis of assumptions that the management
 of the Obligors believe to be reasonable at the time of preparation, subject to any material
 changes of which the Obligors have informed Debentureholder in writing. To the knowledge
 of the management of the Obligors, all material information relating to the Project and the
 Project Assets prepared at the request of current management of the Obligors by third parties
 and that has been made available or delivered to Debentureholder including forecasts, projections,
 mine plans, budgets and environmental audits, assessments, studies and tests, including any
 material environmental and social impact assessment study reports, was prepared in good faith
 and does not contain materially incorrect information. The Obligors do not have knowledge
 of any change to the facts and assumptions underlying the estimates in the technical report
 and preliminary economic assessment for underground milling and concentration of lead, silver
 and zinc at the Mine dated December 29, 2021 and effective November 29, 2021, as amended
 and restated as of February 22, 2022 effective January 7, 2022 and as further updated and
 revised by Management's 9 plus 3 model dated October 30, 2024 titled "*9^M3 Forecast Consolidated Optimization incl AP catch up*" and delivered to the Administrative
 Agent on November 15, 2024 ()"**PEA**") that would reasonably be expected to
 result in a material adverse change in any cost, price, reserves, resources or other relevant
 information in the PEA. All material information regarding the Project and the Project Assets,
 including drill results, technical reports and studies, that are required to be disclosed
 by Applicable Laws, have been publicly disclosed by Debtor in compliance, in all material
 respects, with Applicable Laws.

26. As
 of the date hereof, all material information relating to the Project mineralization prepared
 by or on behalf of the current management of the Obligors has been made available or delivered
 to Debentureholder and, to the knowledge of the management of the Obligors, such information
 and the reports and information delivered to Debentureholder have been prepared in a manner
 which is consistent with Good Practice Standards, the statements, assumptions and projections
 contained therein are fair and reasonable as and when produced and, to the knowledge of the
 management of the Obligors, have been arrived at after reasonable inquiry having been made
 in good faith by the Persons responsible therefor. The estimated mineral resources relating
 to the Property as of the date hereof are as stated in the PEA. The Obligors are in compliance
 in all material respects with NI 43-101 in connection with the disclosure of scientific or
 technical information made by the Obligors concerning the Project. The Obligors have duly
 filed with the applicable regulatory authorities in compliance in all material respects with
 Applicable Laws all reports required by NI 43-101 in connection with the Project, and all
 such reports were prepared in accordance with the requirements of NI 43-101 in all material
 respects. As of the date hereof, there are no outstanding unresolved comments of the TSX
 Venture Exchange (the "**TSX-V**") or any Securities Regulator in respect
 of the technical disclosure relating to the Project made in the documents which have been
 filed by or on behalf of the Obligors with the relevant Securities Regulators pursuant to
 the requirements of Applicable Laws, including all documents publicly available on Debtor's
 SEDAR+ profile.

27. The
 Obligors are in compliance in all material respects with all timely and continuous disclosure
 obligations under Applicable Laws, including NI 51-102, and the policies, rules and regulations
 of the TSX-V and, without limiting the generality of the foregoing, except as disclosed to
 the Debentureholder, there has been no "material change", as defined in the *Securities Act* (Ontario) (actual, or, to the knowledge of the Obligors, proposed or prospective,
 whether financial or otherwise) in the business, results of operations, prospects, assets,
 liabilities (contingent or otherwise) or capital or financial condition of the Obligors on
 a consolidated basis which has not been publicly disclosed within the period required by
 NI 51-102, and except as disclosed to the Debentureholder, no Obligor has filed any confidential
 material change reports which remain confidential as of the date hereof.

*Project* 

 

28. The
 PEA was prepared in a manner which is consistent with Good Practice Standards and the statements,
 assumptions and projections contained therein were fair and reasonable as and when produced
 and, to the Obligors' knowledge, were arrived at after reasonable inquiry, having been
 made in good faith by the Persons responsible therefor. The PEA contains a reasonable estimate
 in all material respects of projected capital expenditures for the Real Property subject
 to fluctuations in exchange rates, commodity prices and electricity rates and has been prepared
 in a manner which is consistent with Good Practice Standards.

29. Subject
 to Section (29) of the Disclosure Letter, the Guarantor is the sole recorded and beneficial
 owner of the Real Property, free and clear of any Lien (other than Permitted Liens). Section
 (29) of the Disclosure Letter sets out a full and complete list of all Permitted Liens. Except
 for any Permitted Liens or as listed in Section (29) of the Disclosure Letter, no Person
 other than the Debentureholder has any agreement to acquire, option, right of first refusal
 or right, title or interest or any right that is or will become an agreement to acquire,
 option, right of first refusal or right, title or interest, in or to all or any material
 part of the Collateral or any Project Assets nor has either of the Obligors granted, or agreed
 to grant, any Lien, other than Permitted Liens, on the Collateral or any Project Asset.

30. The
 Required Authorizations and Other Rights required for the development, construction or operation
 of the Project, including commercial production of the silver, lead and zinc from the Project,
 whether obtained or issued by the date hereof or not, are listed in Section (30) of the Disclosure
 Letter. The Obligors have complied in all material respects with all conditions provided
 for in the Required Authorizations and Other Rights required to be complied with as of the
 date this representation is made.

31. Other
 than as set forth in Section (31) of the Disclosure Letter, all Authorizations and Other
 Rights required for the development, construction and operation of the Project, including
 for greater certainty all environmental and water permits, are in full force and effect and
 in good standing and none of the Obligors, and to the best of the knowledge and belief of
 each of the Obligors, no other Person party thereto is, in default in any material respect
 under any such Authorization or Other Right.

32. No
 Authorization or Other Right relating to the Project or the Real Property has been challenged,
 withdrawn, cancelled, amended or refused or, to the best of the knowledge and belief of each
 of the Obligors, threatened to be challenged, withdrawn, cancelled, amended or refused by
 any Governmental Authority or by any other Person.

33. Subject
 to Section (33) of the Disclosure Letter, operation of the Project is and has been in compliance
 in all material respects with all land use restrictions, zoning, regulations, ordinances,
 environmental laws and other similar Applicable Laws thereto. Subject to Section (33) of
 the Disclosure Letter, during the past three (3) years, neither of the Obligors nor any of
 its agents or employees has received any written notice from any Governmental Authority having
 jurisdiction over the Project alleging any violation of any Applicable Law, including, but
 not limited to, those relating to environmental laws, zoning, building, use, personal disability
 and fire or safety, which has not been cured or remedied. To the knowledge of the Obligors,
 there are not any threatened proceedings for the rezoning of the Real Property or any portion
 thereof.

34. Current
 management of the Obligors has arranged for the following environmental studies relating
 to the Project and the Real Property: (i) since September 2020, 30 site water sampling and
 broad spectrum lab testing on a monthly basis and field parameter testing on a bi-weekly
 basis, and (ii) in May 2021, a multi-year water flow analysis program with the University
 of Idaho's hydrogeology department, (iii) water chemistry analysis as part of planning for
 a proprietary in-mine water treatment system, (iv) evaluation of the capabilities of the
 Environmental Protection Agency's Central Treatment Plant, in the event that an Obligor
 may seek to purchase and/or operate it in the future. No other environmental investigation,
 study, audit, test or other analysis has been conducted by or at the request of current management
 of the Obligors with respect to the Project and Real Property.

35. Subject
 to Section (35) of the Disclosure Letter, there are no material environmental liabilities
 of the Obligors or to the knowledge of the Obligors, in respect of the development, construction
 and operation of the Project, in each case, that have been incurred as at the date that this
 representation is made.

36. Subject
 to Section (36) of the Disclosure Letter, no release or threatened release of any chemicals,
 materials or substances, whether solid, liquid or gas, defined as or included in the definition
 of "contaminant", "pollutant", "hazardous substance",
 "hazardous waste", "hazardous material", or "toxic substance"
 under any applicable environmental law has occurred or is occurring at or from the Project
 for which environmental laws require notice, further investigation or any form of responsive
 action.

37. Section
 (37) of the Disclosure Letter lists all underground and above ground storage tanks located
 or previously located on the Real Property.

38. The
 Obligors have complied and will comply with all terms and conditions of the EPA Settlement
 Agreement, including, without limitation, making timely payments and providing financial
 assurance on schedule.

39. Except
 for the deferral arrangements disclosed in Section (39) of the Disclosure Letter, all payments
 relating to water treatments costs with respect to the Project, including all costs relating
 to the water treatment facility known as the Central Treatment Plant, have been paid in full,
 and there are no water treatment costs or other amounts in connection therewith owing to
 any Person, including, without limitation, the EPA and the Idaho Department of Environmental
 Quality ()"**IDEQ** ").

40. Except
 as disclosed in Section (40) of the Disclosure Letter, each of the Obligors are in compliance
 with their obligations to the EPA and the IDEQ with respect to the Obligors' responsibilities
 for meeting water discharge standards and for all water treatment costs in connection with
 the Property and there are no further water treatment costs due and payable by the Obligors
 to the EPA and the IDEQ.

41. All
 Real Property owned or leased by the Obligors is described in Schedule "F" to
 Royalty Agreement No. 3 and all mining claims, concessions and other mining rights forming
 part of the Mine or related thereto are described in Exhibit "E".

42. Guarantor
 has good and marketable title to the Real Property free and clear of any Liens other than
 Permitted Liens and its rights in and to the Real Property will be valid and in full force
 and effect in all material respects, and the Obligors will have complied in all material
 respects with all of their respective obligations in respect thereof, including payment of
 any annual fees and production penalties, under Applicable Laws. No third party holds any
 mining or real property rights that conflict in any material respect with the Guarantor's
 rights in and to the Real Property.

43. Except
 as set out in Section (43) of the Disclosure Letter, all mining concession, patent or maintenance
 fees and recording fees, and all other material exploration permit, authorization, lease,
 licensing and mining claim payments, rentals, taxes, assessments, renewal fees and other
 governmental charges, owing in respect of the Project and the Real Property or any part thereof,
 have been paid in full.

44. Guarantor
 owns or has the right to use or the benefit of all of the Other Rights and Project Assets
 and the Other Rights and Project Assets they own are free and clear of any Liens, other than
 Permitted Liens.

45. Subject
 only to the rights of any Governmental Authority set out in Section (45) of the Disclosure
 Letter and except for Permitted Liens, no Person is entitled to or holds any material rent,
 option, back-in right, earn-in right, right of first refusal, royalty, stream, participation,
 production or similar interests, or other payment in the nature of rent or royalty, on or
 for the Project, including in any Real Property or any Products.

46. To
 the knowledge of the Obligors, there is no (i) expropriatory act or series of expropriatory
 acts, including eminent domain, confiscation, nationalization, requisition, deprivation,
 sequestration and/or similar acts, by law, order, executive or administrative action or otherwise
 of any Governmental Authority or any corporation or other entity controlled by any Governmental
 Authority the result of which expropriatory act or series of expropriatory acts is that all
 or substantially all of the rights, privileges and benefits pertaining to, associated with,
 threatened against or affecting all or any part of the Mine (collectively, an "Expropriation
 Event") and (ii) circumstances, notices, discussions, or negotiations which could reasonably
 be expected to result in such an Expropriation Event.

*Community*

 

47. Except
 as set out in Section (47) of the Disclosure Letter, to the best knowledge of the Obligors,
 no indigenous or community groups (and no Persons on their behalf) have asserted any interest
 or rights or commenced or threatened any claims or proceedings affecting the Project or the
 Obligors that could result in a Material Adverse Effect.

48. Any
 relocation or resettlement of any persons, communities or settlements, including any indigenous
 persons, communities or settlements, in connection with the exploration, development or operation
 of the Project has been conducted in material compliance with all Applicable Laws and Authorizations.

49. Except
 as set out in Section (49) of the Disclosure Letter, and to the best of the knowledge and
 belief of each of the Obligors (i) no indigenous or community groups (and no Governmental
 Authority on behalf of any such groups) have asserted any interest or rights or commenced
 or threatened any claims or proceedings affecting the Real Property, the Project or any of
 the Obligors which have a Material Adverse Effect, and (ii) neither the Real Property nor
 any part of the Project is located on any land or in territory to which indigenous or local
 community groups own or are entitled to communal, collective rights or any other rights under
 Applicable Law.

50. The
 Obligors have complied with all previous consultation processes with local communities in
 accordance with Applicable Law.

*Common Shares*

 

51. The
 Common Shares are listed and posted for trading on the TSX-V and Debtor is a "reporting
 issuer" not in default of the requirements of the Applicable Securities Legislation.

52. The
 Common Shares, when issued in compliance with the provisions of the Debenture will be validly
 issued, fully paid and non-assessable and free of any liens or encumbrances and issued in
 compliance with all Applicable Securities Legislation.

*Other*

 

53. The
 execution, delivery and performance of this Agreement and the other Transaction Documents
 by each Obligor thereto and the completion of the transactions contemplated hereby and thereby
 is exempt from the formal valuation requirement and the minority approval requirement of
 Multilateral Instrument 61-101 *Protection of Minority Security Holders in Special Transactions*.

54. Except
 as set out in Section (54) of the Disclosure Letter, no Obligor is party to any contract
 that would give rise to a valid claim against an Obligor and/or any Sprott Entity for a brokerage
 commission, finder's fee or like payment in connection with the transactions contemplated
 by this Debenture or the other Transaction Documents.

55. Section
 (55) of the Disclosure Letter, lists all bank accounts of each of Debtor and Guarantor and
 the depositary bank at which such accounts are maintained.

56. The
 Obligors are in material compliance with all Applicable Laws respecting employment and employment
 practices, terms and conditions of employment, pay equity and wages; there is not currently
 any labour disruption, strike, or conflict involving or threatened against any Obligor or
 directly affecting the Mine. None of the Obligors are party to a collective bargaining agreement.

**EXHIBIT "E"<br> PROJECT MINING CLAIMS**

**Primary Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Ace | 2583 | 12 | 48 North | 2 East |
| African | 2624 | 13 | 48 North | 2 East |
| Alla | 1228 | 13 | 48 North | 2 East |
| Allie | 1229 | 13 | 48 North | 2 East |
| Apex | 3361 | 2 | 47 North | 2 East |
| Arizona | 1488 | 12 | 48 North | 2 East |
| Band | 2507 | 2 | 48 North | 2 East |
| Bear | 2081 | 13 | 48 North | 2 East |
| Bee | 2072 | 12 | 48 North | 2 East |
| Berniece | 1620 | 14 | 48 North | 2 East |
| Beta | 3471 | 13 | 48 North | 2 East |
| Blue Bird | 3361 | 2 | 47 North | 2 East |
| Boer | 2599 | 12 | 48 North | 2 East |
| Bonanza Fraction | 1228 | 13 | 48 North | 2 East |
| Bought Again | 1229 | 13 | 48 North | 2 East |
| Brady | 2584 | 12 | 48 North | 2 East |
| Buckeye | 2250 | 13 | 48 North | 2 East |
| Butte | 3361 | 2 | 47 North | 2 East |
| Butternut | 1916 | 13 | 48 North | 2 East |
| Cariboo | 1220 | 11 | 48 North | 2 East |
| Carter | 1466 | 14 | 48 North | 2 East |
| Chain | 2078 | 12 | 48 North | 2 East |
| Cheyenne | 2249 | 12 | 48 North | 2 East |
| Chief No. 2 | 2862 | 11 | 48 North | 2 East |
| Club | 2583 | 12 | 48 North | 2 East |
| Combination | 2072 | 12 | 48 North | 2 East |
| Confidence | 2328 | 12 | 48 North | 2 East |
| Coxey | 1466 | 14 | 48 North | 2 East |
| Cypress | 2429 | 12 | 48 North | 2 East |
| Deadwood | 1466 | 11 | 48 North | 2 East |
| Debs | 1466 | 11 | 48 North | 2 East |
| Dewey | 2081 | 13 | 48 North | 2 East |
| Diamond | 2583 | 12 | 48 North | 2 East |
| Drew | 2587 | 13 | 48 North | 2 East |
| East | 1228 | 13 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Emily Grace | 2587 | 13 | 48 North | 2 East |
| Emma | 550 | 12 | 48 North | 2 East |
| Ethel | 2966 | 11 | 48 North | 2 East |
| Evans | 2611 | 12 | 48 North | 2 East |
| Excelsior | 1356 | 11 | 48 North | 2 East |
| F | 2587 | 24 | 48 North | 2 East |
| Flagstaff | 2328 | 12 | 48 North | 2 East |
| Flagstaff No. 2 | 2921 | 12 | 48 North | 2 East |
| Flagstaff No. 4 | 2921 | 12 | 48 North | 2 East |
| Foster | 2587 | 13 | 48 North | 2 East |
| Good Luck | 1220 | 11 | 48 North | 2 East |
| Goth | 3214 | 2 | 48 North | 2 East |
| Grant | 2369 | 11, 12 | 48 North | 2 East |
| Grant | 2599 | 12 | 48 North | 2 East |
| Gun | 2611 | 18 | 48 North | 3 East |
| Gus | 2624 | 13 | 48 North | 2 East |
| Hamilton | 1466 | 14 | 48 North | 2 East |
| Hamilton Fraction | 1619 | 11 | 48 North | 2 East |
| Hard Cash | 1466 | 11 | 48 North | 2 East |
| Harrison | 1664 | 11 | 48 North | 2 East |
| Hawk | 2072 | 12 | 48 North | 2 East |
| Heart | 2511 | 12 | 48 North | 2 East |
| Helen Marr | 2452 | 12 | 48 North | 2 East |
| Hemlock | 2452 | 13 | 48 North | 2 East |
| Hickory | 2432 | 13 | 48 North | 2 East |
| Homestake | 1916 | 13 | 48 North | 2 East |
| Hornet | 1325 | 12 | 48 North | 2 East |
| Idaho | 2072 | 12 | 48 North | 2 East |
| Iowa | 2072 | 12 | 48 North | 2 East |
| Ironhill | 1228 | 13 | 48 North | 2 East |
| Ito | 2081 | 13 | 48 North | 2 East |
| Jack | 2511 | 12 | 48 North | 2 East |
| Jersey Fraction | 1220 | 12 | 48 North | 2 East |
| Josie | 1229 | 13 | 48 North | 2 East |
| K-24 | 2080 | 14 | 48 North | 2 East |
| K-4 | 2080 | 14 | 48 North | 2 East |
| K-40 | 2587 | 24 | 48 North | 2 East |
| Katherine | 2966 | 11 | 48 North | 2 East |
| Key | 2511 | 12 | 48 North | 2 East |
| King | 1325 | 12 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Kirby Fraction | 2654 | 12 | 48 North | 2 East |
| Lackawana | 614 | 13 | 48 North | 2 East |
| Lacrosse | 1228 | 13 | 48 North | 2 East |
| Last Chance | 551 | 12 | 48 North | 2 East |
| Likely | 1298 | 12 | 48 North | 2 East |
| Lilly | 2587 | 12 | 48 North | 2 East |
| Lincoln | 2187 | 12 | 48 North | 2 East |
| Lucia | 3390 | 14 | 48 North | 2 East |
| Lucky Chance | 1349 | 18 | 48 North | 3 East |
| Maine | 2626 | 11 | 48 North | 2 East |
| Manchester | 2966 | 11 | 48 North | 2 East |
| Maple | 1229 | 13 | 48 North | 2 East |
| Marblehead | 3390 | 10 | 48 North | 2 East |
| Margaret | 3390 | 14 | 48 North | 2 East |
| Mashonaland | 1227 | 13 | 48 North | 2 East |
| Matabelaland | 1227 | 13 | 48 North | 2 East |
| McClellan | 2654 | 12 | 48 North | 2 East |
| McClelland | 1681 | 11 | 48 North | 2 East |
| Miles | 2654 | 12 | 48 North | 2 East |
| Miners Delight | 1228 | 13 | 48 North | 2 East |
| Missouri | 2080 | 14 | 48 North | 2 East |
| Mountain King | 1620 | 14 | 48 North | 2 East |
| Mountain Queen | 1620 | 14 | 48 North | 2 East |
| Nancy B. | 3390 | 11 | 48 North | 2 East |
| Nellie | 2583 | 11 | 48 North | 2 East |
| Nevada | 1466 | 14 | 48 North | 2 East |
| New Era | 1527 | 12 | 48 North | 2 East |
| 96 | 1715 | 11 | 48 North | 2 East |
| No. 1 | 1357 | 11 | 48 North | 2 East |
| No. 2 | 1357 | 11 | 48 North | 2 East |
| No. 3 | 1357 | 11 | 48 North | 2 East |
| No. 4 | 1357 | 11 | 48 North | 2 East |
| No Name | 1228 | 13 | 48 North | 2 East |
| Norman | 2368 | 11 | 48 North | 2 East |
| Oakland | 569 | 11 | 48 North | 2 East |
| Offset | 1229 | 13 | 48 North | 2 East |
| Ollie McMillin | 1228 | 13 | 48 North | 2 East |
| Ontario Fraction | 755 | 11 | 48 North | 2 East |
| Oregon | 2274 | 15 | 48 North | 3 East |
| Overlap | 2052 | 12 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Oyama | 2081 | 13 | 48 North | 2 East |
| Olympia | 3390 | 10 | 48 North | 2 East |
| Packard | 1413 | 2 | 48 North | 2 East |
| Phil | 3390 | 14 | 48 North | 2 East |
| Phillippine | 1663 | 2 | 48 North | 2 East |
| Pitt | 2654 | 12 | 48 North | 2 East |
| Princess | 1633 | 11 | 48 North | 2 East |
| Quaker | 1414 | 2 | 48 North | 2 East |
| Queen | 2511 | 12 | 48 North | 2 East |
| Rambler | 1041 | 11 | 48 North | 2 East |
| Republican Fraction | 959 | 12 | 48 North | 2 East |
| Roman | 2583 | 11 | 48 North | 2 East |
| Rookery | 1229 | 13 | 48 North | 2 East |
| Roy | 2624 | 13 | 48 North | 2 East |
| Royal Knight | 1639 | 11 | 48 North | 2 East |
| S-11 | 2081 | 13 | 48 North | 2 East |
| S-12 | 2081 | 13 | 48 North | 2 East |
| S-13 | 2081 | 13 | 48 North | 2 East |
| Sampson | 1328 | 12 | 48 North | 2 East |
| Sampson | 2081 | 13 | 48 North | 2 East |
| San Carlos | 750 | 12 | 48 North | 2 East |
| Sarnia | 2081 | 13 | 48 North | 2 East |
| Scelinda No. 1 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 2 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 3 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 4 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 5 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 7 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 8 | 2921 | 1 | 48 North | 2 East |
| Schofield | 1228 | 13 | 48 North | 2 East |
| Skookum | 615 | 12 | 48 North | 2 East |
| Scorpion Fraction | 2072 | 12 | 48 North | 2 East |
| Sierra Nevada | 554 | 12 | 48 North | 2 East |
| Silver | 2587 | 13 | 48 North | 2 East |
| Silver King | 1639 | 11 | 48 North | 2 East |
| Sims | 2186 | 12 | 48 North | 2 East |
| Sold Again Fraction | 933 | 12 | 48 North | 2 East |
| Southern Beauty | 1620 | 14 | 48 North | 2 East |
| Spade | 2583 | 12 | 48 North | 2 East |
| Spokane | 2509 | 12 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Spruce Fraction | 2432 | 13 | 48 North | 2 East |
| Stemwinder | 1830 | 12 | 48 North | 2 East |
| Stopping | 1227 | 13 | 48 North | 2 East |
| Stuart No. 2 | 2966 | 11 | 48 North | 2 East |
| Stuart No. 3 | 2966 | 11 | 48 North | 2 East |
| Sugar | 2862 | 11 | 48 North | 2 East |
| Sullivan | 2966 | 11 | 48 North | 2 East |
| Summit | 1228 | 13 | 48 North | 2 East |
| Susie | 1229 | 13 | 48 North | 2 East |
| Taft | 2611 | 18 | 48 North | 3 East |
| Teddy | 2511 | 12 | 48 North | 2 East |
| Timothy Fraction | 2274 | 18 | 48 North | 3 East |
| Tip Top | 1041 | 11 | 48 North | 2 East |
| Trump | 2624 | 13 | 48 North | 2 East |
| Tyler | 546 | 12 | 48 North | 2 East |
| Utah | 1882 | 12 | 48 North | 2 East |
| Viola | 562 | 12 | 48 North | 2 East |
| Washington | 2072 | 12 | 48 North | 2 East |
| Waverly | 1620 | 14 | 48 North | 2 East |
| Wheelbarrow | 1526 | 12 | 48 North | 2 East |
| William Lambert Fraction | 1945 | 2 | 48 North | 2 East |
| Yale | 2611 | 13 | 48 North | 2 East |
| Zululand | 1227 | 13 | 48 North | 2 East |

---

This Primary Claims set contains all resource material included in the 2021 PEA Mineral Resource Estimate, as well as those areas listed in the historic 1991 reserves. Due to the inconsistent orientation and nature of the mineralization underlying the above parcels, the Primary Royalty rate will be applied to all extracted and processed mineralized material lying under and within Primary Claims' area, up to 90 degrees nadir along the Primary Claims' boundaries.

In order to accommodate the down-dip potential on structures included within the 2021 PEA Mineral Resource Estimate and historic 1991 historic reserves report, all material processed interstitial to existing development, along strike but within the Primary Claims' boundary restrictions listed in the above paragraph, and continuously down-dip to the termination of the structure, the following zones will constitute Primary Claims and be assigned a 1.85% royalty rate: Shea, Tallon, Ike/Truman, Emery, J, Mac, Francis/FW Francis. These names are taken to be the names used during past production and denote discrete mineralized structures. This rule is added to the overlying royalty rate's material restrictions to reflect a more typical "Apex Law" situation for tabular mineralized zones and applies only to those structures listed above. Splays and associated structures that connect geologically to those listed above will receive the Primary Royalty rate of the main structure.

**GGS Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Adath | 2976 | 22 | 48 North | 2 East |
| Alykris | 2976 | 22 | 48 North | 2 East |
| Anna Laura | 2976 | 22 | 48 North | 2 East |
| Atlas | 2976 | 22 | 48 North | 2 East |
| Atlas No. 1 | 2976 | 22 | 48 North | 2 East |
| B | 2587 | 24 | 48 North | 2 East |
| Battleship Oregon | 3390 | 14 | 48 North | 2 East |
| Black | 2081 | 13 | 48 North | 2 East |
| Brown | 2081 | 13 | 48 North | 2 East |
| Charly T. | 3390 | 14 | 48 North | 2 East |
| E | 2587 | 24 | 48 North | 2 East |
| Edna | 2587 | 13 | 48 North | 2 East |
| 85 | 2077 | 15 | 48 North | 2 East |
| Fraction | 2976 | 22 | 48 North | 2 East |
| Gay | 2976 | 22 | 48 North | 2 East |
| Hoover No. 1 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 2 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 3 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 4 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 5 | 2975 | 13 | 48 North | 2 East |
| Iowa No. 2 | 2077 | 15 | 48 North | 2 East |
| K-1 | 2080 | 14 | 48 North | 2 East |
| K-10 | 2077 | 15 | 48 North | 2 East |
| K-11 | 2077 | 15 | 48 North | 2 East |
| K-12 | 2077 | 15 | 48 North | 2 East |
| K-13 | 2077 | 15 | 48 North | 2 East |
| K-14 | 2080 | 14 | 48 North | 2 East |
| K-15 | 2080 | 14 | 48 North | 2 East |
| K-16 | 2077 | 14 | 48 North | 2 East |
| K-17 | 2077 | 15 | 48 North | 2 East |
| K-2 | 2080 | 14 | 48 North | 2 East |
| K-25 | 2080 | 14 | 48 North | 2 East |
| K-26 | 2080 | 14 | 48 North | 2 East |
| K-27 | 2080 | 14 | 48 North | 2 East |
| K-28 | 2077 | 15 | 48 North | 2 East |
| K-3 | 2080 | 14 | 48 North | 2 East |
| K-30 | 2077 | 14 | 48 North | 2 East |
| K-31 | 2077 | 14 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| K-32 | 2077 | 22 | 48 North | 2 East |
| K-33 | 2080 | 23 | 48 North | 2 East |
| K-34 | 2080 | 23 | 48 North | 2 East |
| K-35 | 2080 | 23 | 48 North | 2 East |
| K-36 | 2080 | 23 | 48 North | 2 East |
| K-37 | 2080 | 23 | 48 North | 2 East |
| K-38 | 2080 | 23 | 48 North | 2 East |
| K-5 | 2080 | 14 | 48 North | 2 East |
| K-7 | 2080 | 14 | 48 North | 2 East |
| K-8 | 2080 | 14 | 48 North | 2 East |
| K-9 | 2080 | 14 | 48 North | 2 East |
| Kansas | 2080 | 14 | 48 North | 2 East |
| Lilly May | 1220 | 12 | 48 North | 2 East |
| Little Ore Grande | 2977 | 23 | 48 North | 2 East |
| Mabundaland | 1227 | 13 | 48 North | 2 East |
| Medium | 2587 | 13 | 48 North | 2 East |
| Missouri No. 2 | 2077 | 15 | 48 North | 2 East |
| 91 | 2077 | 15 | 48 North | 2 East |
| 92 | 2077 | 15 | 48 North | 2 East |
| No. 1 | 2587 | 24 | 48 North | 2 East |
| No. 2 | 2587 | 24 | 48 North | 2 East |
| North Midland | 3108 | 24 | 48 North | 2 East |
| Orbit | 3097 | 23 | 48 North | 2 East |
| Ore Grande No. 1 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 2 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 3 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 4 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 5 | 2977 | 23 | 48 North | 2 East |
| Ore Shoot | 3097 | 23 | 48 North | 2 East |
| Oreano | 3097 | 23 | 48 North | 2 East |
| Orient | 3097 | 23 | 48 North | 2 East |
| Oriental Orphan | 3097 | 23 | 48 North | 2 East |
| Orpheum | 3097 | 23 | 48 North | 2 East |
| Panorama | 2976 | 23 | 48 North | 2 East |
| Penfield | 2587 | 13 | 48 North | 2 East |
| Red Deer | 2976 | 22 | 48 North | 2 East |
| S-10 | 2081 | 13 | 48 North | 2 East |
| Setzer | 2976 | 22 | 48 North | 2 East |
| Texas | 2080 | 14 | 48 North | 2 East |

---

The GGS Royalty rate will apply to all GGS Claims either partly or wholly-covered by the ground geophysical survey announced on June 16, 2021

**Residual Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| A | 2587 | 24 | 48 North | 2 East |
| Alfred | 1628 | 2 | 48 North | 2 East |
| Anaconda | 3361 | 2 | 47 North | 2 East |
| Apex No. 2 | 3361 | 1 | 47 North | 2 East |
| Apex No. 3 | 3361 | 1 | 47 North | 2 East |
| Army | 3096 | 22 | 48 North | 2 East |
| Asset | 2611 | 12 | 48 North | 2 East |
| Baby (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Black Diamond | 3423 | 10 | 48 North | 3 East |
| Blue Grouse | 3361 | 2 | 47 North | 2 East |
| Bob White | 3361 | 2 | 47 North | 2 East |
| Bonanza King Millsite | 2868 | 8 | 48 North | 3 East |
| Brooklyn | 2201 | 10 | 48 North | 2 East |
| Butte Fraction | 3361 | 2 | 47 North | 2 East |
| C | 2587 | 24 | 48 North | 2 East |
| Carbonate | 3423 | 3 | 48 North | 3 East |
| Castle | 3503 | 17 | 48 North | 2 East |
| Childs | 2611 | 12 | 48 North | 2 East |
| Comstock | 1345 | 18 | 48 North | 3 East |
| Cougar | 3361 | 2 | 47 North | 2 East |
| D | 2587 | 24 | 48 North | 2 East |
| Daisy | 1345 | 18 | 48 North | 3 East |
| Dandy | 1345 | 18 | 48 North | 3 East |
| Danish | 1503 | 2 | 48 North | 2 East |
| East Midland | 3108 | 19 | 48 North | 3 East |
| Eli | 2611 | 18 | 48 North | 3 East |
| Enterprise | 3423 | 3 | 48 North | 3 East |
| Enterprise Extension | 3423 | 10 | 48 North | 3 East |
| Evening Star | 2274 | 15 | 48 North | 3 East |
| Evening Star Fraction | 2274 | 15 | 48 North | 3 East |
| Fairview | 621 | 18 | 48 North | 3 East |
| Flagstaff No. 3 | 2921 | 12 | 48 North | 2 East |
| Galena | 3361 | 1 | 47 North | 2 East |
| Gelatin | 3423 | 10 | 48 North | 3 East |
| Giant | 3423 | 3 | 48 North | 3 East |
| Good Enough | 1628 | 2 | 48 North | 2 East |
| Huckleberry No. 2 | 3361 | 2 | 47 North | 2 East |
| Jackass | 586 | 13 | 48 North | 2 East |
| Jessie | 1345 | 18 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Julia | 1345 | 18 | 48 North | 3 East |
| Justice | 1345 | 18 | 48 North | 3 East |
| K-18 | 2077 | 15 | 48 North | 2 East |
| K-19 | 2077 | 15 | 48 North | 2 East |
| K-20 | 2077 | 15 | 48 North | 2 East |
| K-21 | 2077 | 14 | 48 North | 2 East |
| K-22 | 2077 | 14 | 48 North | 2 East |
| K-23 | 2077 | 15 | 48 North | 2 East |
| K-29 | 2077 | 15 | 48 North | 2 East |
| K-39 | 2077 | 15 | 48 North | 2 East |
| K-6 | 2080 | 14 | 48 North | 2 East |
| Keystone (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| L-1 | 3214 | 2 | 48 North | 2 East |
| L-2 | 3214 | 9 | 48 North | 2 East |
| L-3 | 3214 | 9 | 48 North | 2 East |
| Leopard | 3361 | 2 | 47 North | 2 East |
| Lesley | 2977 | 23 | 48 North | 2 East |
| Lesley No. 2 | 2977 | 23 | 48 North | 2 East |
| Lesley No. 3 | 2977 | 23 | 48 North | 2 East |
| Long John | 3179 | 7 | 48 North | 3 East |
| Lydia Fraction | 1723 | 2 | 48 North | 2 East |
| Lynx | 3361 | 35 | 47 North | 2 East |
| Mabel | 1723 | 2 | 48 North | 2 East |
| MacBenn | 3361 | 2 | 47 North | 2 East |
| Maggie | 1628 | 2 | 48 North | 2 East |
| Manila | 1723 | 2 | 48 North | 2 East |
| Marin | 3361 | 2 | 47 North | 2 East |
| Marko | 3051 | 7 | 48 North | 3 East |
| Maryland | 2274 | 15 | 48 North | 3 East |
| McRooney | 2966 | 11 | 48 North | 2 East |
| Midland | 3108 | 19 | 48 North | 3 East |
| Midland No. 1 | 3108 | 24 | 48 North | 2 East |
| Midland No. 3 | 3108 | 24 | 48 North | 2 East |
| Midland No. 4 | 3108 | 24 | 48 North | 2 East |
| Midland No. 5 | 3108 | 24 | 48 North | 2 East |
| Midland No. 6 | 3108 | 24 | 48 North | 2 East |
| Midland No. 7 | 3108 | 24 | 48 North | 2 East |
| Midland No. 8 | 3108 | 24 | 48 North | 2 East |
| Milo Millsite | 2869 | 8, 17 | 48 North | 3 East |
| Minnesota | 2077 | 15 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Missing Link | 2587 | 24 | 48 North | 2 East |
| Monmouth | 2274 | 15 | 48 North | 3 East |
| Monte Carlo No. 1 | 3177 | 18 | 48 North | 3 East |
| Monte Carlo No. 2 | 3177 | 18 | 48 North | 3 East |
| Monte Carlo No. 3 | 3177 | 7, 18 | 48 North | 3 East |
| Monte Carlo No. 4 | 3177 | 7, 18 | 48 North | 3 East |
| Monte Carlo No. 5 | 3177 | 18 | 48 North | 3 East |
| Navy | 3096 | 22 | 48 North | 2 East |
| New Jersey | 2201 | 10 | 48 North | 2 East |
| Nick | 2611 | 18 | 48 North | 3 East |
| North Wellington | 2977 | 23 | 48 North | 2 East |
| O.K. | 1723 | 2 | 48 North | 2 East |
| O.K. Western | 1723 | 2 | 48 North | 2 East |
| Ophir | 1345 | 18 | 48 North | 3 East |
| Oracle | 3097 | 23 | 48 North | 2 East |
| Oregon | 2072 | 12 | 48 North | 2 East |
| Oregon No. 2 | 2274 | 15 | 48 North | 3 East |
| Ox | 2611 | 18 | 48 North | 3 East |
| Peak | 2587 | 24 | 48 North | 2 East |
| Pete | 3389 | 10 | 48 North | 2 East |
| Pheasant | 3361 | 2 | 47 North | 2 East |
| Prominade | 3389 | 10 | 48 North | 2 East |
| Reeves | 1412 | 2 | 48 North | 2 East |
| Robbin | 3361 | 2 | 47 North | 2 East |
| Rolling Stone | 619 | 18 | 48 North | 3 East |
| Rolling Stone | 3423 | 10 | 48 North | 3 East |
| Ruth | 2611 | 18 | 48 North | 3 East |
| S-9 | 2081 | 19 | 48 North | 3 East |
| Sam | 3389 | 10 | 48 North | 2 East |
| Schute Fraction | 2201 | 10 | 48 North | 2 East |
| Sherman | 2611 | 12 | 48 North | 2 East |
| Silver Chord | 2274 | 15 | 48 North | 3 East |
| Silver King Millsite | 3563 | 2 | 48 North | 2 East |
| Simmons | 2611 | 12 | 48 North | 2 East |
| Snowline | 2587 | 25 | 48 North | 2 East |
| Sonora | 3361 | 2 | 47 North | 2 East |
| Spokane Central No. 1 | 3472 | 19 | 48 North | 3 East |
| Spokane Central No. 2 | 3472 | 20 | 48 North | 3 East |
| Spokane Central No. 3 | 3472 | 20 | 48 North | 3 East |
| Spokane Central No. 4 | 3472 | 20 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Spokane Central No. 5 | 3472 | 20 | 48 North | 3 East |
| Spring | 3298 | 15 | 48 North | 3 East |
| Star | 2081 | 13 | 48 North | 2 East |
| Sullivan Extension | 1228 | 13 | 48 North | 2 East |
| Sunny | 1723 | 2 | 48 North | 2 East |
| Switzerland | 2966 | 11 | 48 North | 2 East |
| V.M. No. 1 | 3051 | 7 | 48 North | 3 East |
| V.M. No. 2 | 3051 | 7 | 48 North | 3 East |
| Van (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Venture | 3164 | 2 | 48 North | 2 East |
| Walla Walla | 1345 | 18 | 48 North | 3 East |
| Wellington | 2977 | 23 | 48 North | 2 East |
| Whippoorwill | 1723 | 2 | 48 North | 2 East |
| Woodrat (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Yreka No. 10 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 11 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 12 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 13 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 14 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 15 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 16 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 17 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 18 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 19 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 20 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 21 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 22 | 2587 | 24 | 48 North | 2 East |
| Yreka No. 23 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 24 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 25 | 2587 | 24 | 48 North | 2 East |
| Yreka No. 26 | 2587 | 19 | 48 North | 3 East |
| Zeke | 3389 | 10 | 48 North | 2 East |
| S-1 | 2081 | 18, 19 | 48 North | 3 East |
| S-2 | 2081 | 18 | 48 North | 3 East |
| S-3 | 2081 | 18, 19 | 48 North | 3 East |
| S-4 | 2081 | 19 | 48 North | 3 East |
| S-5 | 2081 | 19 | 48 North | 3 East |
| S-6 | 2081 | 19 | 48 North | 3 East |
| S-7 | 2081 | 19 | 48 North | 3 East |
| S-8 | 2081 | 18, 19 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Butte | 1220 | 11 | 48 North | 2 East |
| Apex | 1041 | 11 | 48 North | 2 East |
| Blue Bird | 1229 | 13 | 48 North | 2 East |
| Saxon | 2067 | 11 | 48 North | 2 East |
| Link | 2123 | 12 | 48 North | 2 East |
| Spur | 2124 | 12 | 48 North | 2 East |
| Spear | 2496 | 12 | 48 North | 2 East |
| Marion | 2583 | 11 | 48 North | 2 East |
| Ben Herr | 2599 | 12 | 48 North | 2 East |
| Kruger | 2599 | 12 | 48 North | 2 East |
| Philippine | 2599 | 12 | 48 North | 2 East |
| Hough | 2611 | 12 | 48 North | 2 East |
| California | 2627 | 11 | 48 North | 2 East |
| Check | 2840 | 1 | 48 North | 2 East |
| Florence | 2862 | 11 | 48 North | 2 East |
| Billy | 3111 | 11 | 48 North | 2 East |
| Lucky | 3470 | 13 | 48 North | 2 East |
| Moat | 3503 | 17 | 48 North | 3 East |
| Bunker Hill | 579 | 12 | 48 North | 2 East |
| Sullivan | 580 | 13 | 48 North | 2 East |
| Important Fraction | 581 | 13 | 48 North | 2 East |
| Phil Sheridan | 604 | 13 | 48 North | 2 East |
| Reed Fraction | 607 | 13 | 48 North | 2 East |
| Bunker Hill Millsite | 608 | 13 | 48 North | 2 East |
| Small Hopes | 609 | 13 | 48 North | 2 East |
| Bottom Dollar Fraction | 629 | 13 | 48 North | 2 East |
| Chestnut Fraction | 632 | 13 | 48 North | 2 East |
| Emma | 703 | 12 | 48 North | 2 East |
| Last Chance Millsite | 703 | 12 | 48 North | 2 East |
| Ontario | 755 | 11 | 48 North | 2 East |
| Carbonate | 764 | 11 | 48 North | 2 East |
| Silver Casket | 790 | 11 | 48 North | 2 East |
| Turkey Buzzard | 836 | 13 | 48 North | 2 East |
| Snowslide Fraction | 837 | 13 | 48 North | 2 East |
| Silver | 1085 | 12 | 48 North | 2 East |
| Johnnesburg | 1192 | 12 | 48 North | 2 East |
| Puritan | 1328 | 12 | 48 North | 2 East |
| No. 5 | 1357 | 11 | 48 North | 2 East |
| Omaha | 1409 | 12 | 48 North | 2 East |
| Legal Tender | 1639 | 11 | 48 North | 2 East |
| Triangle Fraction | 2065 | 13 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **BLM <br> Serial #** | **Section** | **Township** | **Range** |
| BHM 1 | ID106709778 | 1 | 48 North | 2 East |
| BHM 2 | ID106709779 | 1 | 48 North | 2 East |
| BHM 3 | ID106709780 | 1 | 48 North | 2 East |
| BHM 4 | ID106709781 | 1 | 48 North | 2 East |
| BHM 5 | ID106709782 | 1 | 48 North | 2 East |
| BHM 6 | ID106709783 | 1 | 48 North | 2 East |
| BHM 7 | ID106709784 | 1 | 48 North | 2 East |
| BHM 8 | ID106709785 | 1 | 48 North | 2 East |
| NBH 1 | ID106715514 | 11 | 48 North | 2 East |
| NBH 2 | ID106715515 | 11 | 48 North | 2 East |
| NBH 3 | ID106715516 | 11 | 48 North | 2 East |
| NBH 4 | ID106715517 | 11 | 48 North | 2 East |
| NBH 5 | ID106715518 | 11 | 48 North | 2 East |
| NBH 6 | ID106715519 | 11 | 48 North | 2 East |
| NBH 7 | ID106715520 | 11 | 48 North | 2 East |
| NBH 8 | ID106715521 | 11 | 48 North | 2 East |
| NBH 9 | ID106715522 | 1 | 48 North | 2 East |
| NBH 10 | ID106715523 | 1 | 48 North | 2 East |
| NBH 11 | ID106715524 | 1 | 48 North | 2 East |
| NBH 12 | ID106715525 | 1 | 48 North | 2 East |
| NBH 13 | ID106715526 | 1 | 48 North | 2 East |
| NBH 14 | ID106715527 | 1 | 48 North | 2 East |
| NBH 15 | ID106715528 | 1 | 48 North | 2 East |
| NBH 16 | ID106715529 | 12 | 48 North | 2 East |
| NBH 17 | ID106715530 | 12 | 48 North | 2 East |
| NBH 18 | ID106715531 | 7 | 48 North | 3 East |
| NBH 19 | ID106715532 | 12 | 48 North | 2 East |
| NBH 20 | ID106715533 | 18 | 48 North | 3 East |
| NBH 21 | ID106715534 | 7 | 48 North | 3 East |
| NBH 22 | ID106715535 | 17 | 48 North | 3 East |
| NBH 23 | ID106715536 | 18 | 48 North | 3 East |
| NBH 24 | ID106715537 | 17 | 48 North | 3 East |
| NBH 25 | ID106715538 | 18 | 48 North | 3 East |
| NBH 26 | ID106715539 | 18 | 48 North | 3 East |
| NBH 27 | ID106715540 | 18 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **BLM <br> Serial #** | **Section** | **Township** | **Range** |
| NBH 28 | ID106715541 | 18 | 48 North | 3 East |
| NBH 29 | ID106715542 | 35 | 48 North | 2 East |
| NBH 30 | ID106715543 | 35 | 48 North | 2 East |
| NBH 31 | ID106715544 | 35 | 48 North | 2 East |
| NBH 32 | ID106715545 | 35 | 48 North | 2 East |
| NBH 33 | ID106715546 | 35 | 48 North | 2 East |
| NBH 34 | ID106715547 | 35 | 48 North | 2 East |
| NBH 35 | ID106715548 | 35 | 48 North | 2 East |
| NBH 36 | ID106715549 | 35 | 48 North | 2 East |
| NBH 37 | ID106715550 | 35 | 48 North | 2 East |
| NBH 38 | ID106715551 | 36 | 48 North | 2 East |
| NBH 39 | ID106715552 | 2 | 47 North | 2 East |
| NBH 40 | ID106715553 | 2 | 47 North | 2 East |
| NBH 41 | ID106715554 | 2 | 47 North | 2 East |
| NBH 42 | ID106715555 | 2 | 47 North | 2 East |
| NBH 43 | ID106715556 | 1 | 47 North | 2 East |
| NBH 44 | ID106715557 | 1 | 47 North | 2 East |
| NBH 45 | ID106715558 | 1 | 47 North | 2 East |
| NBH 46 | ID106715559 | 3 | 47 North | 2 East |
| NBH 47 | ID106715560 | 2 | 47 North | 2 East |
| NBH 48 | ID106715561 | 3 | 47 North | 2 East |
| NBH 49 | ID106715562 | 2 | 47 North | 2 East |
| NBH 50 | ID106715563 | 1 | 47 North | 2 East |
| NBH 51 | ID106715564 | 1 | 47 North | 2 East |
| NBH 52 | ID106715565 | 1 | 47 North | 2 East |
| NBH 53 | ID106715566 | 2 | 47 North | 2 East |
| NBH 54 | ID106715567 | 2 | 47 North | 2 East |
| NBH 55 | ID106715568 | 2 | 47 North | 2 East |
| NBH 56 | ID106715569 | 2 | 47 North | 2 East |
| NBH 57 | ID106715570 | 1 | 47 North | 2 East |
| NBH 58 | ID106715571 | 1 | 47 North | 2 East |
| NBH 59 | ID106715572 | 1 | 47 North | 2 East |
| NBH 60 | ID106715573 | 1 | 47 North | 2 East |
| NBH 61 | ID106715574 | 2 | 47 North | 2 East |
| NBH 62 | ID106715575 | 2 | 47 North | 2 East |
| NBH 63 | ID106715576 | 2 | 47 North | 2 East |
| NBH 64 | ID106715577 | 2 | 47 North | 2 East |
| NBH 65 | ID106715578 | 2 | 47 North | 2 East |
| NBH 66 | ID106715579 | 11 | 47 North | 2 East |
| NBH 67 | ID106715580 | 2 | 47 North | 2 East |
| NBH 68 | ID106715581 | 1 | 47 North | 2 East |
| NBH 69 | ID106715582 | 1 | 47 North | 2 East |
| NBH 70 | ID106715583 | 1 | 47 North | 2 East |

---

## Exhibit 10.42

**Exhibit 10.42**

RECORDING REQUESTED BY AND<br> WHEN RECORDED RETURN TO:

Michael Carr

Perkins Coie LLP

1111 West Jefferson Street, Suite 500

Boise, ID 83702

(Space Above For Recorder's Use)

**royalty agreement NO. 3**

THIS AGREEMENT dated as of June 5, 2025 between **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]**, a limited partnership formed and existing under the laws of Delaware, as agent, grantee and royalty holder on behalf of the Sprott Parties, whose address is 300 Delaware Avenue, Suite 270, Wilmington, New Castle County, Delaware, SILVER VALLEY METALS CORP., a corporation incorporated under the laws of Idaho, as grantor, whose address is 1 Mine Road., Kellogg, Idaho 83837, and BUNKER HILL MINING CORP., a corporation incorporated under the laws of Nevada, as parent and guarantor, whose address is 300-1055 West Hastings Street, Vancouver, British Columbia V6E 2E9.

**RECITALS**:

**A.** Holder
 and **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** (collectively,
 the **"Purchasers"**) advanced a
 deposit in the aggregate amount of US$46 million to the Grantor in consideration of the sale
 and delivery of a certain amount of refined silver determined by reference to payable metals
 derived from the Property pursuant to the metals purchase agreement (the **"Stream Agreement"**) dated as of June 23, 2023 between
 Holder, as agent for the Purchasers, and the Obligors;

**B.** The
 Purchasers have not received any deliveries of refined silver pursuant to the Stream Agreement;

**C**. The
 Obligors, the Purchasers and the other Sprott Entities (as defined therein) entered into
 a recapitalization agreement (the **"Recapitalization Agreement"**) dated as of the date hereof pursuant
 to which the parties agreed to enter into the Recapitalization Transactions (as defined therein)
 including the termination of the Stream Agreement and the grant of the Royalty on the terms
 and conditions of this Agreement; and

**D.** The
 Obligors and Holder have agreed to grant the Royalty in exchange, in part. for the Stream
 Agreement, on the terms and conditions of this Agreement;

**E.** The
 Parties acknowledge and agree that (i) the terms of this Agreement are in addition to the
 terms of Royalty Agreement No. 1 and Royalty Agreement No. 2, (ii) Royalty Agreement No.
 1 and Royalty Agreement No. 2 remain in full force and effect from and after the date of
 this Agreement, and (iii) the rights, duties and obligations set forth in Royalty Agreement
 No. 1 and Royalty Agreement No. 2 are independent of the rights, duties and obligations contained
 in this Agreement;

**NOW THEREFORE** in consideration of the exchange, in part, of the Stream Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties, the Parties mutually agree as follows:

---

| | |
|:---|:---|
| **1** | **DEFINITIONS** |

---

1.1 **Definitions**.
 For the purposes of this Agreement including the recitals and Schedules hereto, the following
 capitalized words and phrases shall have the following meanings, and grammatical variations
 of such terms shall have corresponding meanings:

"**Abandonment**"**,** "**Abandoning**" **and** "**Abandoned**" have the meaning set out in Section 4.10.

"**Additional Amounts**" has the meaning set out in Section 2.9(a).

"**Affiliate**" means, in relation to any Person, any other Person who is, directly or indirectly, through one or more intermediaries, controlling, controlled by or under common control with such first mentioned Person. For the purposes of this Agreement, including this definition and the definition of "**subsidiary**" and "**Ultimate Parent Company**", "**control**" (including, with correlative meanings, the terms "**controlled by**" and "**under common control with**"), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities, by contract, voting trust or otherwise.

"**Agreement**" means this royalty agreement no.3, including all schedules thereto, and all instruments supplementing, amending, restating or confirming this Agreement.

"**Applicable Law**" or "**Law**" means any international, federal, state, provincial, territorial, local or municipal law, regulation, ordinance, code, order or other requirement or rule of law or the rules, policies, orders, regulations, judgments, rulings, decrees, injunctions, franchises, permits, licenses, authorization, approvals or other directions or requirements of any Governmental Authority or stock exchange, including any judicial or administrative interpretation thereof, applicable to a Person or any of its properties, assets, business or operations.

"**Arbitration Rules**" means the International Arbitration Rules of the International Centre for Dispute Resolution.

"**Authorization**" means any authorization, approval, consent, concession, exemption, license, lease, grant, permit, franchise, right, privilege or no-action letter from any Governmental Authority having jurisdiction with respect to any specified Person, property, transaction or event, or with respect to any of such Person's property or business and affairs (including any zoning approval, mining permit, development permit or building permit) or from any Person in connection with any easements, contractual rights or other matters.

"**Base Rate**" means the rate of interest per annum last quoted by The Wall Street Journal as the "Prime Rate" in the United States. Each change in the Base Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

"**BHMC**" means Bunker Hill Mining Corp., a corporation incorporated under the laws of Nevada, and its successors and assigns.

"**Bunker Hill Entities**" means, collectively, BHMC, Grantor and any other direct or indirect subsidiaries of BHMC, and any successor to any of them and "**Bunker Hill Entity**" means any one of them.

"**Business Day**" means any day other than a Saturday, Sunday or any day on which banks in (a) Toronto, Ontario; (b) Vancouver, British Columbia; or (c) Boise, Idaho are generally not open for business.

"**Commercial Production Date**" means the date on which the board of directors of BHMC has issued a public press release announcing that commercial production at the Mine has occurred.

"**Debtor Relief Laws**" means any of the *Bankruptcy and Insolvency Act* (Canada), the *Companies' Creditors Arrangement Act* (Canada), the *Winding-Up and Restructuring Act* (Canada) and the *Bankruptcy Code* of the United States, each as now and hereafter in effect, and any proceeding under applicable corporate law seeking a compromise or arrangement of any debts of the corporation, or a stay of proceedings to enforce any of the claims of the corporation's creditors, and all other liquidation, administration, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of Canada, the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally**.**

**"Disclosure Letter**" means the letter of disclosure (including the schedules thereto) dated as of the date hereof, executed by the Obligors and delivered to Holder concurrently with this Agreement.

"**Dispute**" has the meaning ascribed to such term in Section 11.1.

"**Encumbrance**" means any and all mortgages, charges, assignments, hypothecs, deeds of trust, pledges, security interests, royalty interests, liens, rights of reservation, right of reclamation and other encumbrances and adverse claims of every nature and kind that, in each case, secures payment of any Indebtedness, liability, performance or obligation of any Person, whether registered or unregistered and whether arising under law or otherwise and whether perfected or otherwise.

"**EPA Settlement Agreement**" means the Consent Decree between the United States of America and Placer Mining Company, Inc., filed with the United States District Court District of Idaho on March 3, 2018 and approved on June 19, 2018 and the Settlement Agreement And Order On Consent For Response Action By Bunker Hill Mining Corp. between the EPA and Bunker Hill Mining Corp, dated as effective May 15, 2018 (EPA Region 10 CERCLA Docket No. 10-2017-0123), as amended by the First Amendment To The Settlement Agreement And Order On Consent For Response Action By Bunker Hill Mining Corp. between the EPA and Bunker Hill Mining Corp., dated as effective December 19, 2021, and any other amendments thereto.

"**Excluded Taxes**" means, (a) with respect to Holder, income or franchise Taxes imposed on (or measured by) its taxable income or capital Taxes imposed on (or measured by) its taxable capital, in each case by Canada, or by the jurisdiction under the Applicable Law of which such recipient is organized or in which its principal office is located, or (b) any Additional Amounts that would not be payable under Section 2.9(a) by virtue of the proviso at the end of that Section.

"**GGS Claims**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Mining Rights and other rights and interests identified in Schedule "B" under
 the heading "GGS Claims" and any other Mining Rights, rights or interests forming
 part thereof from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 present or future renewals, extensions, modifications, divisions, substitutions, amalgamations,
 successions, derivations, severances, conversions, demise to lease, renaming or variation
 of any of the Mining Rights or other rights and interests referenced in paragraph (a) of
 this definition.

"**GGS Royalty**" has the meaning ascribed to such term in Section 2.2(b).

"**Good Practice Standards**" means, in relation to mining (including all relevant disciplines pertaining thereto, such as metallurgy, processing, engineering, environmental and governance matters, relations with community and indigenous peoples and other social matters), those policies, practices, methods and acts engaged in or approved by a Person which, in the conduct of its undertaking, exercises that degree of safe and efficient practice, diligence, prudence, and foresight reasonably and ordinarily exercised and most commonly accepted by reputable, skilled and experienced operators engaged in the mining industry in the United States.

"**Governmental Authority**" means any international, state, provincial, federal, regional, territorial, municipal or local government, agency, department, ministry, authority, board, tribunal, commission, or official, including any such entity with power to tax, or exercise regulatory or administrative functions, or any court, arbitrator (public or private), stock exchange or securities commission or any rule-making entity having or purporting to have jurisdiction in the relevant circumstances, or any Person acting or purporting to act under the authority of any of the foregoing.

"**Grantor**" means Silver Valley Metals Corp., a corporation incorporated under the laws of Idaho, and its successors and permitted assigns.

"**Gross Revenue**" means, with respect to any Sale of Products in any calendar quarter, the aggregate of the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with
 respect to silver contained in Products Sold, an amount equal to the applicable Quarterly
 Production of silver, multiplied by the applicable Quarterly Average Silver Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 respect to zinc contained in Products Sold, an amount equal to the applicable Quarterly Production
 of zinc, multiplied by the applicable Quarterly Average Zinc Price, and divided by 2,204.62;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with
 respect to lead contained in Products Sold, an amount equal to the applicable Quarterly Production
 of lead, multiplied by the applicable Quarterly Average Lead Price, and divided by 2,204.62;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) with
 respect to any other marketable metal contained in Products Sold, an amount equal to the
 applicable Quarterly Production of such other metal, multiplied by the Quarterly Average
 Other Metal Price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if
 there is an Insurable Loss of Products, then the Gross Revenue will be equal to the sum of
 the insurance proceeds in respect of such Loss and any Gross Revenue from the Sale of such
 Products, determined under this Section.

"**Holder**" means **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** as agent for the Sprott Parties and any successor agent appointed by the Sprott Parties from time to time, and its successors and permitted assigns.

"**Indebtedness**" of any Person means, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 obligations of such Person for borrowed money and all obligations of such Person evidenced
 by bonds, debentures, notes, bills or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 obligations, contingent or otherwise, relative to the face amount of all letters of credit
 or letters of guarantee, whether or not drawn, and banker's acceptances issued for
 such Person's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 obligations of such Person under any lease that is required to be classified and accounted
 for as a capital or financed lease for financial accounting purposes or under any synthetic
 lease, tax retention, operating lease or other lease that, in each case, has substantially
 the same economic effect as a conditional sale, title retention agreement or similar arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all
 obligations of such Person in respect of the deferred purchase price of property or services
 (excluding accounts payable incurred in the ordinary course of business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all
 indebtedness of another Person secured by (or for which Holder of such obligations has an
 existing right, contingent or otherwise, to be secured by) any Encumbrance, upon or in property
 owned by such Person, even if such Person has not assumed or become liable for the payment
 of such obligations or such obligations are limited in recourse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all
 obligations of such Person created or arising under any conditional sale or other title retention
 agreement with respect to property acquired by such Person (even if the rights and remedies
 of the seller or lender under such agreement in the event of default are limited to repossession
 or sale of such property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all
 guarantees, indemnities and other obligations (contingent or otherwise) of such Person in
 respect of Indebtedness of another Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all
 obligations of such Person to purchase, redeem, retire, defease or otherwise acquire for
 value any equity, ownership or profit interests in such Person within ten (10) years from
 the date of issuance thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 net liability of such Person on account of currency or interest rate swap transactions, commodity
 hedging or swap transactions or any other hedging transactions.

"**Insolvency Event**" means, in respect of any Person, any one or more of the following events or circumstances whereby such Person (i) becomes insolvent or generally not able to pay its debts as they become due, (ii) admits in writing its inability to pay its debts generally or makes a general assignment for the benefit of creditors, (iii) institutes or has instituted against it any proceeding seeking (x) to adjudicate it a bankrupt or insolvent, (y) liquidation, winding up, administration, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any Debtor Relief Law, or (z) the entry of an order for relief or the appointment of a receiver, receiver-manager, administrator, custodian, monitor, trustee or other similar official for it or for any substantial part of its property, and in the case of any such proceeding instituted against it (but not instituted by it), either the proceeding remains undismissed or unstayed for a period of thirty (30) days, such Person fails to diligently and actively oppose such proceeding, or any of the actions sought in such proceeding (including the entry of an order for relief against it or the appointment of a receiver, receiver-manager, administrator, custodian, monitor, trustee or other similar official for it or for any substantial part of its properties and assets) occurs, (iv) passes a resolution or takes any other corporate action to authorize any of the above actions, or (v) suffers anything analogous or having a similar effect to an event or circumstance described in (i) to (iv) above.

"**Insurable Loss**" means an insurable loss of or damage to Products, whether or not occurring on or off the Real Property and whether the Products are in the possession of any Bunker Hill Entity or otherwise.

"**LBMA**" means the London Bullion Market Association.

**"LME**" means the London Metal Exchange.

"**Losses**" means any and all damages, claims, losses, lost profits, liabilities, fines, injuries, costs, penalties and expenses (including reasonable legal fees).

"**Material Adverse Effect**" means any event, occurrence, change or effect that, when taken individually or together with all other events, occurrences, changes or effects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) materially
 limits, restricts or impairs, or is reasonably likely to materially limit, restrict or impair
 (A) the condition, financial or otherwise, earnings, operations, assets, business affairs
 or business prospects of an Obligor; (B) the ability of an Obligor to perform its payment
 or other obligations under this Agreement; (C) the development or operation of the Mine substantially
 in accordance with the mine or development plan then in effect immediately prior to the occurrence
 of such event, occurrence, change or effect, (D) the legality, validity or enforceability
 of this Agreement, or the rights and remedies available to Holder hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) causes
 or is reasonably likely to cause any significant decrease to expected silver, lead or zinc
 production from the Property based on the mine or development plan then in effect immediately
 prior to the occurrence of such event, occurrence, change or effect;

provided that (x) changes to commodity prices and (y) events, occurrences, changes or effects affecting operators of mining and processing facilities in the US similar to those related to the Mine generally, which do not have a disproportionate effect on the Obligors, shall not be a Material Adverse Effect or be taken into account in determining whether there has been or will be a Material Adverse Effect.

"**Materials**" has the meaning set out in Section 4.5.

"**Mine**" means the Bunker Hill Mine located in the Coeur D'Alene Mining District, in the cities of Kellogg and Wardner and in Shoshone County, Idaho, USA, which is comprised of and covers, *inter alia,* the Property.

"**Mining Rights**" means any mining claims, mining leases, mineral claims, mining concessions, mineral concessions, exploration permits or licenses, mining licenses, forms of mineral tenure or other rights to Products or to access and work upon lands, such as ownership and ancillary rights, surface rights, leasing agreements, lands temporal occupation agreements or otherwise, for the purpose of exploring, exploiting or benefiting Products, under the terms of Applicable Laws, whether contractual, statutory or otherwise, or any interest therein whether now owned or hereafter acquired. "Mining Rights" includes any amendments, relocations, adjustments, resurvey, additional locations, consolidation, derived rights or conversions of, or any renewal, replacement, amendment or other modification or extensions of any of the foregoing.

"**NI 43-101**" means National Instrument 43-101 - Standards of Disclosure for Mineral Projects, as implemented and in effect in any Canadian jurisdiction at the applicable time.

**"Obligors**" means, collectively, Grantor and BHMC and **"Obligor"** means any one of them.

"**Offtake Agreement**" means (i) the lead concentrate offtake agreement dated as of November 20, 2023 between Teck Metals Ltd. and the Grantor, as amended by the amendment agreement dated as of the date hereof; (ii) the zinc concentrate offtake agreement dated as of November 10, 2023 between Teck Metals Ltd. and the Grantor, as amended by the amendment agreement dated as of the date hereof; and (iii) any other agreement entered into by Grantor (or any other Bunker Hill Entity) with any Processor (including spot sales) (x) for the Sale of Products to such Person, or (y) for the smelting, refining or other beneficiation of Products by such Person for the benefit of Grantor.

"**Offtake Sales Documents**" means such documents as are prepared or produced in connection with Sale of Products to a Processor, including the provisional and final settlement sheets, provisional and final invoices, metals return statements, credit notes, bills of lading, and any and all certificates and other documentation prepared or produced for or by the relevant Processor, including certificates for final shipped moisture content and final analyses and assays evidencing the amount of Products, including the quantity of silver, lead, zinc and any other metal contained therein, delivered to the Processor.

"**Other Rights**" means all licenses, approvals, authorizations, consents, rights (including surface rights, access rights and rights of way), privileges, concessions or franchises held by the Bunker Hill Entities or required to be obtained from any Person (other than a Governmental Authority), for the construction, development and operation of the Mine, as such construction, development and operation is contemplated by the current or then applicable development or mine plan, as the case may be.

"**Parties**" means Holder, Grantor and BHMC collectively and "**Party**" means any of the Parties individually.

"**Payable**" means, in respect of Products Sold by a Person, Products that are credited or paid for by the Processor or otherwise result in a return to the Person, whether provisional or final.

"**Permitted Encumbrances**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 Encumbrance imposed by law that was incurred in the ordinary course of business, including,
 without limitation, construction, builders', materialmen's, warehousemen's
 and mechanics' liens and other similar Encumbrances arising in the ordinary course
 of business, in each case for sums not yet due or being contested in good faith by appropriate
 proceedings and for which appropriate reserves in accordance with US GAAP have been established
 to the extent required by US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Encumbrance arising by operation of Applicable Law securing Taxes, assessments, royalties,
 rents and other governmental charges, the payment of which are not yet due or are being contested
 in good faith by appropriate proceedings and for which appropriate reserves in accordance
 with US GAAP have been established to the extent required by US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) deemed
 liens and trusts arising by operation of law in connection with workers' compensation,
 employment insurance and other social security legislation, in each case, which secure obligations
 the payment of which are not yet due or are being contested in good faith by appropriate
 proceedings and for which appropriate reserves in accordance with US GAAP have been established
 to the extent required by US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 reservations, or exceptions contained in the original grants of land or by applicable statute
 or the terms of any lease in respect of any Real Property, or comprising the Real Property
 which do not materially detract from the value of, or materially impair the use of, the Real
 Property for the purpose of conducting and carrying out mining operations thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) liens
 as a result of any judgment or order rendered or claim filed against Grantor which is being
 contested in good faith by proper legal proceedings (and as to which any enforcement proceedings
 shall have been suspended by operation of law or stayed pending an appeal or other proceeding)
 and for which appropriate reserves in accordance with US GAAP have been established to the
 extent required by US GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) minor
 discrepancies in the legal description or acreage of or associated with the Real Property
 or any adjoining properties which would be disclosed in an up to date survey and any pre-existing
 registered easements and pre-existing registered restrictions or pre-existing covenants that
 run with the land, in either case which do not materially detract from the value of, or materially
 impair the use of, the Real Property for the purpose of conducting and carrying out mining
 operations thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) rights
 of way for, or reservations of rights of others for, sewers, water lines, gas lines, electric
 lines, telegraph and telephone lines, and other similar utilities, or zoning by-laws, ordinances,
 surface access rights or other restrictions as to the use of the mining licenses comprising
 the Project Assets, which do not in the aggregate materially detract from the use of such
 mining licenses for the purpose of conducting and carrying out mining operations thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 right reserved to or vested in any municipality or governmental or other public authority
 by the terms of any lease, licence, franchise, grant or permit acquired by the Grantor or
 by any statutory provision, to terminate any such lease, licence, franchise, grant or permit,
 or to require annual or other payments as a condition to the continuance thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 Encumbrance in favour of issuers of surety bonds pertaining to the Mine issued in the ordinary
 course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a
 right of title retention or purchase money security interests, provided that any such purchase
 money security interest is limited to the specific asset that has been acquired and which
 has given rise to the purchase money security interest, in connection with the acquisition
 by Grantor of goods in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) security
 given by the Grantor to a public utility or any municipality or governmental or other public
 authority when required by such utility or municipality or other authority in connection
 with the operations of the Grantor, all in the ordinary course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) applicable
 municipal and other governmental restrictions affecting the use of land or the nature of
 any structures which may be erected thereon, provided such restrictions have been complied
 with and will not materially impair the use of the subject property for the purpose for which
 it is held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any
 Encumbrance on Project Assets granted to a provider of Permitted Secured Debt, provided that
 with respect to such Encumbrance, such provider of Permitted Secured Debt shall have entered
 into the letter agreement with Holder referred to in Section 4.1(d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the
 Encumbrances set forth in Schedule "C"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any
 Encumbrance created with Holder's prior written consent.

"**Permitted Secured Debt**" means any of the following Indebtedness or obligations which in each case is secured by Encumbrances on the Project Assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 Indebtedness owing to the United States Environmental Protection Agency (the "**EPA** ")
 in respect of the Mine in respect of the EPA Settlement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obligations
 in respect of surety or performance bonds and/or letters of credit required to be provided
 to the EPA as set out in Section (14) of the Disclosure Letter or with the prior written
 consent of Holder, such consent not to be unreasonably withheld or delayed, obligations in
 respect of surety or performance bonds required to be provided to the EPA in respect of Financial
 Assurance (under and as defined in the EPA Settlement Agreement) of up to US$17,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject
 to the prior written consent of Holder, such consent not to be unreasonably withheld or delayed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 reclamation bonds relating to the Mine required in connection with the construction, development
 or operation of the Mine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Indebtedness
 of up to US$150,000,000 pursuant to a term loan facility owing to EXIM Bank where the proceeds
 are used only for the construction and development of the Mine or other general corporate
 purposes of the Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at
 any time following three (3) years after the occurrence of the Commercial Production Date,
 Indebtedness incurred on commercially reasonable terms for the purpose of financing (i) the
 exploration or exploitation of the Project Assets or (ii) the business and operations of
 the Obligors (or either of them), provided however that the Grantor has given prior written
 notice to Holder of such secured Indebtedness and provides reasonable details of any such
 Indebtedness upon request of Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) secured
 Indebtedness incurred pursuant to capital or finance leases or purchase money Indebtedness
 relating solely to the acquisition of equipment necessary for the development, construction
 or operation of the Project, provided that the Encumbrances securing such Indebtedness extend
 only to the property clearly and individually identified as acquired or financed thereby
 (including the proceeds of such property) and do not extend to any other assets of an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) secured
 Indebtedness set forth in Section (12) of the Disclosure Letter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 other secured Indebtedness consented to by Holder from time to time.

"**Person**" means and includes any individual, corporation, partnership, firm, joint venture, syndicate, association, trust, governmental agency or board or commission or authority and any other form of entity or organization.

"**Primary Claims**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Mining Rights and other rights and interests identified in Schedule "B" under
 the heading "Primary Claims" and any other Mining Rights, rights or interests
 forming part thereof from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 present or future renewals, extensions, modifications, divisions, substitutions, amalgamations,
 successions, derivations, severances, conversions, demise to lease, renaming or variation
 of any of the Mining Rights or other rights and interests referenced in paragraph (a) of
 this definition.

"**Primary Royalty**" has the meaning ascribed to such term in Section 2.2(a).

"**Processor**" means any third party smelter, refiner, processor or offtaker other than Grantor or its Affiliates.

"**Products**" means any and all metals, minerals and products or by-products thereof, including the Materials, of whatever kind and nature and in whatever form or state, in, under or upon the surface or subsurface of the Property (including ore, metals, precious metals, base metals, uranium, industrial minerals, concentrates, gems, diamonds, commercially valuable rock, and other minerals that are mined, excavated, extracted, recovered or otherwise produced from the Property and any ore, concentrates and other products resulting from the milling, processing or other beneficiation of such metals, minerals, products and by-products).

"**Project Assets**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Property and all other Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Products and the Other Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 mining, processing, development, production, maintenance, administration, water, electrical
 and conveyor facilities, railway infrastructure and rolling stock, storage facilities, stockpiling
 facilities, shipping infrastructure, utilities, and related ancillary infrastructure, other
 buildings, structures, improvements, fixtures and other real and personal property, including
 equipment, re-commissioned, constructed, operated or otherwise used by or on behalf of Grantor
 to extract, beneficiate, market, transport and sell Products derived from the Property or
 to develop, operate or administer the Mine, whether or not located within the physical boundaries
 of the Real Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 rights (including Authorizations, surface, access and water rights), privileges, concessions
 or franchises owned, controlled, leased or operated by or on behalf of Grantor at any time
 and not included within the definition of "Real Property" which are required
 for the development and construction of the Mine and operation thereof.

"**Property**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Mining Rights and other rights and interests described in Schedule "B" under
 the heading "Description of Mining Rights" and any other Mining Rights, rights
 or interests forming part thereof from time to time whether now owned or hereafter acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 other real property interests, mineral claims, mineral leases, mining concessions, exploration
 licenses, land (surface and access rights) and similar rights, concessions and interests
 now or hereafter owned, held, under option or under application by an Obligor or any Affiliate
 thereof forming part of the Mine or related to the Mine, whether created privately or by
 action of any Governmental Authority, including but not limited to those interests described
 in Schedule "F"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 present or future renewals, extensions, modifications, divisions, substitutions, amalgamations,
 successions, derivations, severances, conversions, demise to lease, renaming or variation
 of any of the Mining Rights or other rights and interests referenced in paragraph (a) or
 (b) of this definition.

"**Property Transferee**" has the meaning set out in Section 10.3.

"**Quarterly Average Lead Price**" means, for any given calendar quarter, the quarterly average of the daily per tonne cash settlement price as quoted in US dollars by the LME for lead for such quarter, calculated by dividing the sum of all quotations during such quarter by the number of such quotations; provided that, if for any reason the LME is no longer in operation or if the price of lead is not calculated on behalf of or confirmed, acknowledged by, or quoted by the LME, the Quarterly Average Lead Price shall be determined in the manner endorsed by the LME, failing which the Quarterly Average Lead Price will be determined by reference to the price of lead on a commodity exchange mutually acceptable to Grantor and Holder, acting reasonably.

"**Quarterly Average Other Metal Price**" means, with respect to any metal other than Refined Silver, zinc or lead, for any given calendar quarter, the quarterly average of the daily price of the applicable measure for such metal as quoted on a commodity exchange mutually acceptable to Grantor and Holder, acting reasonably.

"**Quarterly Average Silver Price**" means, for any given calendar quarter, the quarterly average of the daily per ounce LBMA Silver Price as quoted in US dollars by the LBMA for Refined Silver for such quarter, calculated by dividing the sum of all quotations during such quarter by the number of such quotations; provided that, if for any reason the LBMA is no longer in operation or if the price of Refined Silver is not calculated on behalf of or confirmed, acknowledged by, or quoted by the LBMA, the Quarterly Average Silver Price shall be determined in the manner endorsed by the LBMA, failing which the Quarterly Average Silver Price will be determined by reference to the price of Refined Silver on a commodity exchange mutually acceptable to Grantor and Holder, acting reasonably.

"**Quarterly Average Zinc Price**" means, for any given calendar quarter, the quarterly average of the daily per tonne cash settlement price as quoted in US dollars by the LME for zinc for such quarter, calculated by dividing the sum of all quotations during such quarter by the number of such quotations; provided that, if for any reason the LME is no longer in operation or if the price of zinc is not calculated on behalf of or confirmed, acknowledged by, or quoted by the LME, the Quarterly Average Zinc Price shall be determined in the manner endorsed by the LME, failing which the Quarterly Average Zinc Price will be determined by reference to the price of zinc on a commodity exchange mutually acceptable to Grantor and Holder, acting reasonably.

"**Quarterly Production**" means with respect to the amount of silver, zinc, lead or other Product produced in any calendar quarter, the aggregate of the gross number of (i) ounces of silver, (ii) pounds of zinc, (iii) pounds of lead, plus (iv) other measure that is the market norm for any other Product, in each case beneficiated by the Grantor or credited by a Processor during that calendar quarter, as evidenced by (if applicable) a metals return statement received from the Processor with respect to such Product, provided that if delivery and payment are not made in the same calendar quarter, the Products shall be deemed to be part of the Quarterly Production in the calendar quarter in which payment or credit occurs.

"**Real Property**" means the Property, including but not limited to all interests in and rights to property described in Schedule "B" and Schedule "F", and all other real property interests, land (surface and access rights) and similar rights and interests forming part of the Mine or related to the Mine, now or hereafter owned, held, under option or under application by an Obligor, whether created privately or by action of any Governmental Authority.

"**Refined Silver**" means marketable metal bearing material in the form of silver bars or coins that is refined by an accredited refiner that is on the LBMA's Good Delivery List to a minimum 999 parts per 1,000 fine silver and that otherwise meets the LBMA's Good Delivery Rules.

"**Residual Claims**" means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Mining Rights and other rights and interests identified in Schedule "B" under
 the heading "Residual Claims" and any other Mining Rights, rights or interests
 forming part thereof from time to time whether now owned or hereafter acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 and all other Mining Rights, rights or interests from time to time forming part of the Property
 and not constituting Primary Claims or GGS Claims, whether now owned or hereafter acquired;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 present or future renewals, extensions, modifications, divisions, substitutions, amalgamations,
 successions, derivations, severances, conversions, demise to lease, renaming or variation
 of any of the Mining Rights or other rights and interests referenced in paragraph (a) or
 (b) of this definition,

but for greater certainty excludes any Primary Claims or GGS Claims.

"**Residual Royalty**" has the meaning ascribed to such term in Section 2.2(c).

"**Royalty**" means, collectively, the Primary Royalty, the GGS Royalty and the Residual Royalty.

"**Royalty Agreement No. 1**" means that certain Royalty Agreement dated June 23, 2023 between BHMC, the Grantor, and **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]**, as grantee and royalty holder as amended by the first amendment to royalty agreement dated as of December 12, 2024, and the second amendment to royalty agreement dated as of the date hereof and as it may be further amended, amended and restated, modified or supplemented from time to time.

"**Royalty Agreement No. 2**" means that certain Additional Royalty Agreement dated as of December 12, 2024 between BHMC, the Grantor, and **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]**, as grantee and royalty holder as amended by the first amendment to royalty agreement dated as of the date hereof and as it may be further amended, amended and restated, modified or supplemented from time to time.

"**Royalty Registration**" has the meaning set out in Section 6.2.

"**Sale**" or "**Sold**" means the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfer
 of Products from Grantor (or any other Bunker Hill Entity) to a buyer (and includes a transfer
 of Products transported off the Real Property that such Bunker Hill Entity elects to have
 credited to or held for its account by a Processor), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Insurable Loss prior to any transfer or deemed transfer of title to Products.

"**Sprott Parties**" means, collectively, **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** and **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** and their respective successors and assigns.

**"subsidiary**" means a Person that is controlled directly or indirectly by another Person and includes a subsidiary of that subsidiary.

"**Subsidiary Disposition**" has the meaning set out in Section 10.4.

"**Subsidiary Transferee**" has the meaning set out in Section 10.4(a).

"**Taxes**" means all present or future taxes, rates, levies, royalties, imposts, duties, deductions, assessments, withholdings, dues, fees and other charges of any nature, including any interest, fines, penalties or other liabilities with respect thereto, imposed, levied, collected, withheld or assessed by any Governmental Authority (of any jurisdiction), and whether disputed or not, including sales or value-added taxes, goods and services taxes, stamp taxes and royalties.

"**Transfer**" means to sell, assign, transfer, convey, lease, license or otherwise dispose.

"**Ultimate Parent Company**" in relation to a Person, means the Person which is not itself subject to control, but which has control of that first Person, either directly or through a chain of Persons each of which has control over the next Person in the chain.

"**US GAAP**" means in relation to any Person at any time, accounting principles generally accepted in the United States applied on a basis consistent with the most recent audited financial statements of such Person and, if applicable, its consolidated affiliates (except for changes disclosed in the notes to such financial statements).

1.2 **Joint and Several Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 obligations designated as being obligations of Grantor or BHMC or either one of them, including
 all representations and warranties, covenants and payment obligations of Grantor and BHMC,
 are joint and several obligations of each of them and each Obligor will, as a separate and
 independent obligation, perform each such obligation as primary obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Obligor irrevocably waives any claim, remedy or other right which it may now have or hereafter
 acquire against the other that arises from the existence, payment, performance or enforcement
 of their respective obligations under this Agreement, including any right of subrogation,
 reimbursement, exoneration, indemnification or any right to participate in any claim or remedy
 of Holder against Grantor or BHMC, as applicable, or its property and assets, whether or
 not such claim, remedy or other right is reduced to judgment or is liquidated, unliquidated,
 fixed, contingent, matured, unmatured, deposited, undisputed, secured or unsecured and whether
 or not such claim, remedy or other right arises in equity or under contract, statute or common
 law.

1.3 **Schedules** 

The following schedules are attached to and incorporated in this Agreement by this reference:

Schedule "A" – Maps of Property

Schedule "B" – Description of Mining Rights

Schedule "C" – Permitted Encumbrances

Schedule "D" – Representations and Warranties of Grantor and BHMC

Schedule "E" – Representations and Warranties of Holder

Schedule "F" – Legal Description of Real Property

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| | |
|:---|:---|
| **2** | **Royalties** |

---

2.1 **Grant of Gross Revenue Royalty**. In consideration of the exchange, in part, of the Stream Agreement
 and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged
 and agreed, Grantor hereby creates, grants, bargains, conveys, transfers, and reserves for
 the benefit of Holder, its successors and permitted assigns, the Royalty in all Products,
 and grants and covenants to pay to Holder, the Royalty on all Products that are Sold on and
 subject to the terms of this Agreement. The Royalty shall be a non-administrative, non-executive
 and non-working royalty.

2.2 **Royalty Rates**. The amount of the Royalty payable by Grantor to Holder pursuant to this Agreement
 equals the aggregate amount of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 1.65%
 of Gross Revenues of all Products that are mined, produced, extracted, processed or otherwise
 recovered from the Primary Claims forming part of the Property (the "**Primary Royalty** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 1.65%
 of Gross Revenues of all Products that are mined, produced, extracted, processed or otherwise
 recovered from the GGS Claims forming part of the Property (the "**GGS Royalty** ");
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 1.65%
 of Gross Revenues of all Products that are mined, produced, extracted, processed or otherwise
 recovered from the Residual Claims forming part of the Property (the "**Residual Royalty** "),

in each case, to the extent Payable.

2.3 **Calculation of Royalty**. In no event shall any cost of mining, milling, leaching, smelting, refitting,
 concentrating or any other processing costs, or any cost associated with transportation,
 insurance, storage, selling, marketing, brokerage, Taxes or royalties, incurred, payable
 or paid by any Bunker Hill Entity be deducted from the calculation of Gross Revenue.

2.4 **Real Property Interest in the Property**. The Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 the Royalty is a real property right and creates and constitutes the grant of a vested present
 interest in the Real Property and covenant that runs with the land and all successions thereof,
 overriding and prior to all other present or future interests in the Real Property to the
 extent permitted by law, whether created privately or through government action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holder
 shall have all of the rights and incidents of ownership of a non-participating royalty owner,
 which incidents are covenants running with the Real Property and include: (a) the ownership
 of the non-participating royalty interests which are interests in real property; (b) the
 right to receive, free of expenses, the Royalty payments; and (c) the obligation of Grantor,
 its successors or assigns, to make the Royalty payments, which obligation shall run with
 the land. Holder, however, shall not have or claim any incidents of the fee simple ownership
 in the Real Property, which incidents include: (i) the right to enter, explore, develop or
 mine the claims; (ii) the right to execute leases, operating agreements, or similar instruments
 with respect to the Real Property; (iii) the right to share in bonus payments made as the
 consideration for the execution of leases or other instruments; and (iv) except as expressly
 provided herein, the right to participate in any manner in the decisions concerning, or the
 conduct of, operations on the Real Property. Grantor shall have sole responsibility for compliance
 with Applicable Law respecting existing conditions and its operations and activities on or
 relating to the Real Property. Holder shall not otherwise be considered an owner, operator,
 or arranger with respect to any and all actions, claims, costs, damages, expenses (including
 attorneys' fees and legal costs), liabilities and responsibilities arising from or
 relating to activities or operations on or relating to the Real Property, including without
 limitation those under Applicable Law intended to protect or preserve the environment or
 reclaim the Real Property, to the extent raised against Holder based on this Agreement or
 Holder's ownership of and interest in the Royalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Holder's
 interest in Products on account of the Royalty shall become the property of Holder at the
 time of production of the Products and shall be held by Grantor in trust for Holder until
 the Royalty in respect of such Products are paid to Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Royalty will run with the title to the Real Property, bind the successors and permitted assigns
 of the Real Property and any disposition or transfer of the Real Property and all subsequent
 owners of and successors in title to the Real Property, or any interest therein, shall be
 subject to the Royalty.

2.5 **Royalty Application**. The Royalty shall apply to 100% of the interests of Grantor in the Property
 and all Products that are mined, produced, extracted, processed or otherwise recovered from
 the Property, in each case, to the extent Payable.

2.6 **Detailed Statement**. All Royalty payments shall be accompanied by detailed statements (including
 metals return statements, Processor preliminary/provisional reports and Processor final reports
 as soon as available) explaining the calculation thereof with any available settlement sheets
 from the Processor, and shall also include the following information: (i) settlement ounces,
 pounds or other quantities; (ii) the prices used for the calculation of the Royalty; (iii)
 any other pertinent information in sufficient detail to explain the calculation of the payment;
 and (iv) such other information as Holder may reasonably request.

2.7 **Royalty Payments**. Royalty payments will be due and payable quarterly on the tenth (10<sup>th</sup>)
 Business Day following the end of each calendar quarter commencing with the calendar quarter
 in which Grantor first receives, or is entitled to receive (prior to giving effect to any
 set off by the Processor), payment for the Sale of Product. Royalty payments will be paid
 in cash in US dollars by way of direct wire transfer to the account of Holder as Holder shall
 designate from time to time for this purpose.

2.8 **No Obligation**. Notwithstanding the terms of any other provisions herein, Grantor shall not
 be obligated to make any Royalty payment before Grantor has received or been credited with
 payment or other consideration for the sale or other disposition of, the Products upon which
 such Royalty payment is calculated, unless such failure to receive or be credited for payment
 in cash by Grantor or any of its Affiliates is due to intentional delay by Grantor or any
 of its Affiliates.

2.9 **No Tax Deduction**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 payments of any kind made in respect of this Agreement (in respect of the Royalty, interest
 or otherwise) shall be made in full without set-off or counterclaim, and free of and without
 deduction or withholding for any Taxes, provided that if an Obligor shall be required by
 law to deduct or withhold any Taxes from or in respect of any payment or sum payable to Holder,
 the payment or sum deliverable or payable shall be increased as may be necessary ()"**Additional Amounts**") so that after making all required deductions or withholdings (including
 deductions or withholdings applicable to additional sums payable under this Section 2.9),
 Holder receives an amount equal to the sum it would have received if no deduction or withholding
 had been made and the Obligors shall pay the full amount deducted to the relevant taxation
 or other authority in accordance with Applicable Law; <u>provided</u> that, no Additional
 Amounts with respect to any deduction or withholding for any U.S. federal Taxes imposed on
 amounts payable to Holder pursuant to a law in effect on the date on which such Holder first
 became a party hereto will be payable under this Section 2.9 to a Holder that acquired its
 interest in the Royalty pursuant to any assignment or transfer of the Royalty, in whole or
 in part, unless such Additional Amounts with respect to any such deduction or withholding
 for such Taxes would have been payable hereunder to such Holder's assignor or transferor
 immediately before such Holder became a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 Holder becomes liable for any Tax, other than Excluded Taxes, imposed on any deliveries or
 payments under this Agreement, Grantor and BHMC shall jointly and severally agree to indemnify
 Holder for such Tax, and the indemnity payment shall be increased as necessary so that after
 the imposition of any Tax on the indemnity payment (including Tax in respect of any such
 increase in the indemnity payment), Holder shall receive the full amount of Taxes for which
 it is liable, whether or not such Taxes were correctly or legally imposed or asserted by
 the relevant Governmental Authority. A certificate as to the amount of such payment or liability
 delivered to Grantor by Holder shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 Holder determines, in its sole discretion, that it has received a refund of any Taxes as
 to which it has been indemnified by Grantor or with respect to which Grantor has paid Additional
 Amounts pursuant to this Section or that, because of the payment of such Taxes, it has benefited
 from a reduction in Excluded Taxes otherwise payable by it, it shall pay to Grantor an amount
 equal to such refund or reduction (but only to the extent of indemnity payments made, or
 Additional Amounts paid, by Grantor under this Section with respect to the Taxes giving rise
 to such refund or reduction), net of all reasonable out-of-pocket expenses of Holder, as
 the case may be, and without interest. Upon the reasonable request of Holder, Grantor shall
 repay the amount paid over to Grantor (plus any penalties, interest or other charges imposed
 by the relevant Governmental Authority) to Holder if Holder is required to repay such refund
 or reduction to such Governmental Authority. This paragraph shall not be construed to require
 Holder to make available its tax returns (or any other information relating to its Taxes
 that it deems confidential) to Grantor or any other person, to arrange its affairs in any
 particular manner or to claim any available refund or reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 Holder is entitled to an exemption from or reduction of Taxes under the law of the jurisdiction
 in which Grantor is resident for tax purposes, or any treaty to which such jurisdiction is
 a party, with respect to any payments made in respect of this Agreement, Holder shall, at
 the request of Grantor, deliver to Grantor, at the time or times prescribed by Applicable
 Law or reasonably requested by Grantor, such properly completed and executed documentation
 prescribed by Applicable Law (if any) as will permit such payments to be made without withholding
 or at a reduced rate of withholding Taxes. In addition, Holder, if requested by Grantor,
 shall deliver such other documentation prescribed by Applicable Law (if any) or reasonably
 requested by Grantor as will enable Grantor to determine whether or not Holder is subject
 to withholding or information reporting requirements. Notwithstanding the foregoing, Holder
 shall not be required to deliver any documentation pursuant to this Section that Holder is
 not legally able to deliver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Following
 the execution and delivery of this Agreement, each of the Parties will co-operate reasonably
 with the other Parties in implementing any proposed adjustments to the structure or terms
 of this Agreement to facilitate tax planning, provided that such adjustments have no material
 adverse impact on the non-proposing Party and that the costs of such adjustments shall be
 paid for by the proposing Party.

2.10 **Hedging Transactions, Futures, Options and Other Trading**. No profits or losses resulting from
 any commodity futures trading, forward sale and/or purchase contracts, spot-deferred contracts,
 option contracts or trading, metals trading, precious metal loans, fixed price offtake agreements
 or other exchange, swap, forward, cap, collar, option or other hedging or similar agreement
 or any combination thereof, or any other similar transactions, by Grantor shall be subject
 to the Royalty and all such transactions by Grantor, and any profits or losses associated
 therewith, shall be solely for the account of Grantor engaging in such transactions and shall
 not be included in the calculation of the Royalty.

2.11 **Default and Interest**. If any payment required to be made by a Party hereunder is not made when
 due, then all unpaid amounts shall bear interest at a rate equal to Base Rate plus 5% per
 annum, compounded monthly on the last day of each month until such payment and accrued interest
 is paid in full. The rate of interest payable on such late payments will change simultaneously
 with changes in the Base Rate from time to time.

---

| | |
|:---|:---|
| **3** | **PERPETUITY** |

---

The Royalty shall be perpetual as shall be permitted by Applicable Law. If a court of competent jurisdiction determines that any provision hereof violates a legal rule against perpetuities, then such provision shall automatically be revised and reformed as necessary in order for the Royalty to terminate on the end of the maximum time permitted under Applicable Law for the Royalty to be valid.

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| | |
|:---|:---|
| **4** | **Maintenance of Property and OPERATIONS** |

---

4.1 **Maintenance of Existence and Property**. Grantor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at
 all times do or cause to be done all things necessary to maintain its corporate or other
 entity existence and to obtain and, once obtained, maintain all Authorizations necessary
 to carry on its business and own its assets in the State of Idaho and each other jurisdiction
 in which it carries on business or in which its assets are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at
 all times do or cause to be done all things necessary to maintain the Real Property in good
 standing, including paying or causing to be paid all Taxes owing in respect of the Project
 Assets, performing or causing to be performed all required assessment work thereon, paying
 or causing to be paid all maintenance fees and other amounts owing in respect of the Project
 Assets, paying or causing to be paid all rents and other payments in respect of leased properties
 forming a part thereof and otherwise maintaining the Real Property in accordance with Applicable
 Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not
 cause or allow to be registered or otherwise permit to exist any Encumbrance on the Project
 Assets, other than a Permitted Encumbrance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) upon
 Grantor entering into any Permitted Secured Debt, shall cause the lender(s) or counterparties,
 as applicable, to deliver to Holder a letter addressed to Holder which acknowledges the intention
 and agreement between the Parties that the Royalty constitutes a real property interest in
 the Real Property and a covenant running with the land and burdening the Real Property.

4.2 **Management of Mining Operations**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the provisions of this Section 4, all decisions concerning methods, the extent, times,
 procedures and techniques of any exploration, construction, development and mining operations
 related to the Property and the Project Assets shall be made by Grantor in its sole and absolute
 discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Grantor
 shall ensure that all exploration, construction, development and mining operations and other
 activities in respect of the Property and the Project Assets will be performed in a commercially
 reasonable manner in compliance with Applicable Laws, Authorizations, Other Rights and in
 accordance with good mining, processing, engineering and environmental practices prevailing
 in the industry and on the same basis as if Grantor retained full economic interest in the
 Products. Grantor shall use all commercially reasonable and lawful efforts to obtain and,
 once obtained, maintain all Authorizations necessary to commence and continue development
 and mining operations on the Property. Grantor shall use all commercially reasonable efforts
 to ensure that all Products from the Property will be processed in a prompt and timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Grantors
 shall use all commercially reasonable and lawful efforts to maintain and apply for and obtain
 any and all available renewals and extensions of the Property, Authorizations, Other Rights
 and any and all other necessary rights in respect of the Mine and, other than as expressly
 permitted by this Agreement, not abandon any of the Mine or allow or permit any of the Property,
 Authorizations, Other Rights or such other necessary rights referred to above to terminate
 or lapse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Grantor
 shall comply, and shall cause all operations and activities conducted at, on or in respect
 of the Mine to comply, with all Applicable Laws, all Authorizations and the terms and conditions
 of Other Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Grantor
 shall timely and fully perform, pay and observe, or cause to be performed, observed and paid,
 any and all liabilities and obligations required by any Applicable Laws, Authorizations or
 the terms and conditions of Other Rights or by any Governmental Authority for the reclamation,
 restoration or closure of any Project Asset or land used in connection with Grantor's
 operations or activities at, on or in respect of the Mine or required under this Agreement.

4.3 **Offtake** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Grantor
 shall ensure that, when Products that contain any marketable metal are to be Sold or otherwise
 disposed of, all such Products are sold by Grantor to a Processor pursuant to an Offtake
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Grantor
 shall ensure that all Offtake Agreements entered into by Grantor (or any other Bunker Hill
 Entity) shall be on commercially reasonable arm's length terms and conditions for concentrates
 similar in make-up and quality to those derived from the Products, and shall include (i)
 industry standard reporting and payment settlement protocols, (ii) provisions that require
 the delivery of metals return statements, provisional and final settlement sheets and invoices
 and certificates for final shipped moisture content and analyses and assays evidencing the
 amount of Products, and (iii) provisions that require appropriate and separate sampling,
 assaying, weighing and moisture determination procedures so that Grantor and the applicable
 Processor can determine the grade or content of silver, lead, zinc and other metals in each
 delivery to a Processor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Grantor
 shall give Holder at least ten (10) Business Days prior written notice of the terms of any
 proposed amendment to any Offtake Agreement with any Related Party (or any new offtake agreement
 with a Related Party). If Holder, acting reasonably, believes that the proposed amended terms
 (or the proposed new agreement) do not comply with Section 4.3(b), Holder may, by written
 notice to Grantor within five (5) Business Days of receipt of notice of the proposed amendment
 (or new offtake agreement), request that Grantor refer the proposed amended terms (or the
 proposed new agreement) to Exen Consulting Services (or such other independent offtake consultant
 agreed by Grantor and Holder) (the **"Consultant**") to render an opinion
 on whether such terms comply with Section 4.3(b) within 14 days of such referral. If the
 Consultant determines that the proposed amendments (or the new offtake agreement) complies
 with Section 4.3(b), or, despite the commercially reasonable efforts of the Grantor, the
 Consultant fails to render an opinion within the timeline referred to above, the Grantor
 shall be entitled to proceed to execute the proposed amendments (or the new offtake agreement).
 If Grantor and Holder do not accept the opinion as a final determination of whether this
 Section 4.3(b) has been complied with then either one of them may refer the dispute for resolution
 pursuant to Article 11. For the purposes of this Section 4.3(c), "**Related Party** "
 shall mean any entity which, together with its Affiliates, holds more than 20% of the equity
 capital of the Grantor or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Grantor
 shall deliver all Products that include marketable metal to each Processor in such quantity,
 description and amounts and at such times and places as required under and in accordance
 with each Offtake Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Grantor
 shall promptly provide to Holder confirmation of the terms of any such Offtake Agreement
 and, within 15 days after the execution thereof by each of the parties thereto, Grantor shall
 provide to Holder a final signed copy of such Offtake Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Grantor
 shall take all commercially reasonable steps to enforce its rights and remedies under each
 Offtake Agreement with respect to any breaches of the terms thereof relating to the timing
 and amount of Processor settlements. Grantor shall notify Holder in writing when any dispute
 in respect of a material matter arising out of or in connection with any Offtake Agreement
 is commenced and shall provide Holder with timely updates of the status of any such dispute
 and the final decision and award of the court or arbitration panel with respect to such dispute,
 as the case may be.

4.4 **Temporary Stockpiling.** Grantor shall be entitled to stockpile, store or place ores or mined rock
 containing Products produced from the Property in any locations owned, leased or otherwise
 controlled by Grantor or any other Bunker Hill Entity or any Processor of such Products on
 or off the Real Property as reasonably required in connection with the Grantor's operation
 of the Mine and provided the same are appropriately secured from loss, theft, tampering and
 contamination.

4.5 **Tailings**.
 All tailings, residues, waste rock, spoiled leach materials, bulk samples, and other materials
 (collectively the "**Materials**") resulting from Grantor's operations
 and activities on the Real Property shall be the sole property of Grantor but shall remain
 subject to the Royalty should the Materials be processed or reprocessed, as the case may
 be, in the future and result in the production and sale or other disposition of Products.
 Notwithstanding the foregoing, Grantor shall have the right to dispose of Materials from
 the Property on or off of the Real Property and to commingle the same (as provided herein)
 with materials from other properties. In the event Materials from the Property are processed
 or reprocessed, as the case may be, and regardless of where such processing or reprocessing
 occurs, the Royalty payable thereon shall be determined on a pro rata basis as determined
 by using the best engineering and technical practices then available **.** 

4.6 **Commingling**.
 The Grantor and BHMC shall ensure that no Bunker Hill Entity or other Person processes other
 minerals through the Mine's processing plant, or commingles such other minerals with,
 Products mined, produced, extracted or otherwise recovered from the Property, unless (i)
 the applicable Bunker Hill Entity has adopted and employs reasonable practices and procedures
 for weighing, determining moisture content, sampling and assaying and determining recovery
 factors (a "**Commingling Plan** "), such Commingling Plan to ensure the division
 of other minerals and Products for the purpose of determining the quantum of Products; (ii)
 Holder shall not be disadvantaged as a result of the processing of other minerals in priority
 to, or concurrently with, the Products, or the Parties, acting reasonably, shall have entered
 into an agreement to compensate Holder for any such disadvantage providing for a commensurate
 royalty or stream interest in such other minerals or another form of compensation (a "**Compensation Agreement** "); (iii) Holder has approved the Commingling Plan and, if applicable,
 the Compensation Agreement, such approval not to be unreasonably withheld; (iv) the Grantor
 and BHMC shall keep all books, records, data, information required by the Commingling Plan
 for the same period of time as is required by the applicable taxation authorities for the
 retention of financial records; and (v) the Grantor and BHMC shall keep all samples required
 by the Commingling Plan in accordance with Good Practice Standards. The Grantor and BHMC
 agree to revisit the Commingling Plan and the Compensation Agreement if Holder determines
 that circumstances have changed, in order to ensure that the Commingling Plan continues to
 provide for the accurate measurement of Products and the Compensation Agreement reasonably
 compensates Holder for any disadvantage. For greater certainty, the foregoing does not apply
 to the handling of Products by a Processor in accordance with its standard operating procedures
 and good industry practices.

4.7 **Sampling, Assaying, Evaluating and Testing**. Grantor shall have the right to mine and remove small
 amounts of ores, minerals and mineral resources constituting Products as is reasonably necessary
 for sampling, assaying, metallurgical testing and evaluation of the minerals' potential
 of the Property and Holder shall not be entitled to a Royalty payment in respect of any of
 such Products.

4.8 **Tolling and Bulk Sample**. Grantor shall not process or toll treat Products at any processing plant
 other than the Mine's processing plant except (i) during such time as the Mine's
 processing plant is being commissioned, and (ii) so long as no minerals are commingled with
 Products mined, produced, extracted or otherwise recovered from the Property, except in accordance
 with Section 4.6. The Grantor and such other tolling processor shall enter into a toll mining
 contract with respect to such tolling and keep all books, records, data, information and
 samples, in each case, in accordance with good mining and processing practices prevailing
 in the mining industry in the United States. The Royalty shall be payable on all such toll
 treated Products, bulk samples and other production where Grantor receives any proceeds from
 any Processor or other purchaser.

4.9 **Expropriation**.
 In the event that the Real Property, or any interest thereof, is affected by an expropriation
 or notice or advice from any Governmental Authority of an intention to expropriate or a sale
 in lieu of expropriation, or any intention from any Governmental Authority to revoke, limit,
 suspend or refuse to renew any Mining Right, Grantor shall notify Holder in writing within
 five (5) Business Days after Grantor becomes aware of any such expropriation, notice or advice
 from any Governmental Authority. Unless Grantor, after having informed Holder of its intention
 to do so, contests forthwith upon receipt of such notice and in order to protect its own
 and Holder's interests in the Real Property, Holder shall have the right (on advance
 notice to Grantor and if required by Grantor, in conjunction with Grantor) to make representations
 before any Governmental Authority in order to protect Holder's interest in the Real
 Property. In the event that a Bunker Hill Entity or any Affiliate thereof receives directly
 or indirectly any payment, distribution or other valuable compensation as a consequence of
 or in respect of any act of expropriation relating to the Project Assets or the Bunker Hill
 Entities (to the extent of their interest in the Project Assets), Grantor and BHMC shall
 pay, or cause such other Bunker Hill Entity to pay, to Holder its proportionate share of
 such compensation (net of the reasonable fees and third party out-of-pocket expenses incurred
 by such Bunker Hill Entity in connection with the claim giving rise to the expropriation
 compensation) within 10 Business Days of receipt thereof.

4.10 **Abandonment**.
 At any time and from time to time, Grantor may elect to abandon, relinquish, allow to be
 forfeited or terminate or not renew its interest (collectively, the "**Abandonment** ")
 in all or any part or parts of the Real Property by giving notice to Holder of such election
 not less than ninety (90) days prior to the proposed date of Abandonment. The notice shall
 identify the portion of the Real Property which is proposed to be Abandoned. Upon expiry
 of such 90-day period, Grantor's obligations hereunder in respect of such Abandoned
 interest shall terminate and thereafter the term "Property" will apply to those
 interests comprising the Property which have not been Abandoned by Grantor. In such event,
 if requested by Holder, Grantor shall execute documents transferring to Holder title to any
 part or parts of the Property which Grantor is Abandoning for and in consideration of the
 sum of One Dollar (U.S$1.00); however, such documents shall not contain representations,
 warranties or indemnities from Grantor and Grantor must obtain all approvals and consents
 required under Applicable Law or by any third Person or Governmental Authority.

4.11 **Reacquired Interest**. In the event Grantor or any Affiliate or any successor or assignee of it surrenders,
 allows to lapse or otherwise terminates its interest in any portion or all the Property and
 within a period of five (5) years from the date of such surrender, lapse or other termination,
 reacquires a direct or indirect interest in respect of the area covered by the former property,
 then the Royalty shall apply to such interest so reacquired. Grantor shall give written notice
 to Holder within ten (10) days of any acquisition or reacquisition thereof.

4.12 **Insurance.** Grantor will obtain and maintain with reputable insurance companies insurance in good
 standing with respect to the Project Assets and the operations conducted on and in respect
 of the Project Assets against such casualties, losses and contingencies and of such types
 and in such amounts as is customary for comparable projects (including insurance against
 Insurable Loss of Products prior to their Sale with Holder as a named insured). Where Grantor
 or any other Bunker Hill Entity receives payment under an insurance policy in respect of
 the Project Assets as a result of an event that does or is reasonably likely to materially
 reduce the amount of silver, lead or zinc produced from the Property in any one or more years,
 the Grantor shall either (i) use the such amount of the insurance payment as is necessary
 to fully rebuild or repair the Project Assets or any part thereof damaged as a result of
 the foregoing event, or (ii) pay to Holder its proportionate share of such insurance payment
 (net of the reasonable fees and third party out-of-pocket expenses incurred by such Bunker
 Hill Entity in connection with the claim giving rise to the insurance payment) within 10
 Business Days of receipt thereof.

---

| | |
|:---|:---|
| **5** | **INDEMNIFICATION** |

---

5.1 **Responsibility for Property.** Grantor shall be responsible for all costs, fines, damages, judgments,
 penalties or responsibilities (environmental and otherwise) in connection with the Real Property,
 its ownership and use of the Property and the other Project Assets and for any and all work
 performed in and on the Real Property.

5.2 **Indemnity by Grantor and BHMC.** Each of Grantor and BHMC jointly and severally agree to indemnify
 and save harmless Holder, its Affiliates and the directors, officers, employees and agents
 thereof from any Losses suffered or incurred by any of them as a result of, in respect of,
 or arising as a consequent of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 breach or inaccuracy of any representation or warranty of Grantor or BHMC contained in this
 Agreement, including the representations and warranties set out in Schedule "D";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 breach, including breach due to non-performance, by Grantor or BHMC of any covenant or agreement
 to be performed by either of them contained in this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 claim brought by any third party against any of Holder, any of its Affiliates and any director,
 officer, employee or agent thereof in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 failure by any Bunker Hill Entity to timely and fully perform all reclamation, restoration,
 waste disposal or other environmental or closure obligations with respect to the Real Property
 required by law or regulation, the terms and conditions of applicable licenses or by any
 Governmental Authority or otherwise to prevent liability in respect of all activities on
 the Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 failure or omission by Grantor which results in a violation of or liability under any present
 or future Applicable Law, Authorization and other regulatory requirement, policy or guideline
 in respect of all activities on the Real Property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 claims by third parties against Holder in respect of property damage or injury or death to
 persons arising out of Grantor's activities on or with respect to the Real Property
 (but only to the extent that the gross negligence of any indemnified party or its authorized
 representatives did not cause or contribute to such property damage or injury or death).

5.3 **Survival.** This Section 5 shall survive termination of this Agreement.

---

| | |
|:---|:---|
| **6** | **registration; FURTHER ASSURANCES** |

---

6.1 **Real Property Interest**. The Parties intend that the Royalty will constitute a burden on and
 covenant that runs with the Real Property and an interest in the Mining Rights forming part
 of the Real Property and the Products (while contained in the Property) and all successions
 thereof or leases or tenures which may replace them, whether created privately or through
 governmental action, and including any leasehold interest.

6.2 **Registration of Agreement.** The Parties agree that this Agreement or a notice of this Agreement (and
 any other similar document or documents as Holder may reasonably request that will have the
 effect of giving notice of the existence of the Royalty to third Persons, protecting Holders
 right to receive the Royalty, and securing payment of the Royalty and the covenants and obligations
 of Grantor under this Agreement) will be registered and recorded against the Real Property
 including the Mining Rights comprising the Property and any surface rights or other rights
 and interests relating thereto (the "**Royalty Registration** "), as applicable,
 with the appropriate public registry. The Royalty Registration shall rank in priority to
 any other royalties, streams of any nature or kind or similar interests in respect of the
 Real Property granted to other Persons, which shall be subordinate to the Royalty.

6.3 **Further Assurances**. Each of Grantor and BHMC covenants and agrees that it shall co-operate with
 the registration of the Royalty Registration and provide any required written consent or
 signature to any documents, deeds, conveyances and other instruments of further assurance
 which may be reasonably necessary or advisable to accomplish such registration in order to
 ensure that any successor or assignee or other acquiror of the Real Property, or any interest
 therein, shall have public notice of the terms of this Agreement and in order to assist Holder
 in its efforts to register a restriction on title of the Real Property restricting the sale,
 assignment, transfer, conveyance, lease, license, charge, pledge, hypothecation or other
 disposition of the Real Property, in whole or in part, without compliance with the terms
 of this Agreement.

6.4 **Costs and Fees**. All costs and expenses incurred by Holder associated with the transactions
 contemplated herein, including costs and expenses related to the documentation or for the
 registration of the Royalty Registration or any modification of the Royalty Registration
 that may be required from time to time, will be for the account of Grantor.

6.5 **Additional Mining Rights**. Grantor shall promptly notify Holder in writing of any additional Mining
 Rights in respect of the Primary Claims, the GGS Claims or the Residual Claims or any renewal,
 replacements, substitutions or modifications of any such Mining Rights, or any new or complementing
 Mining Rights derived from the current Mining Rights which form part of the Property (that
 is, such Mining Rights pertain to the Primary Claims, the GGS Claims or the Residual Claims)
 or any extension, replacements, substitutions or modifications of contractual rights included
 in the Property from time to time, including as a result of conversion of Mining Rights included
 in the Property. Grantor shall promptly notify Holder in writing of the acquisition of any
 Real Property that is not described in Schedule "F" or any Mining Rights that
 are not described in Schedule "B".

6.6 **Insolvency.** The obligations of Grantor under this Agreement will not be discharged, prejudiced or
 affected by the occurrence of an Insolvency Event affecting any Bunker Hill Entity. Holder
 will not be required to commence or exhaust its remedies or exercise its rights against any
 Bunker Hill Entity before exercising its rights or remedies against any other Bunker Hill
 Entity.

---

| | |
|:---|:---|
| **7** | **REPORTING, RECORDS AND AUDITS** |

---

7.1 **Reporting.** Grantor recognizes Holder needs to have a complete understanding of the Property. Regular
 information to be provided by Grantor to Holder shall include, but not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sufficient
 documentation to determine the Royalty, including refining invoices, weights, assays and
 other Offtake Sales Documents, including all documentation prepared by or sent to the Processor
 and, as applicable, any umpire, in connection with every shipment of Products to a Processor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) monthly,
 quarterly and annual customary operational, exploration and financial reports, to be provided
 within ten (10) Business Days of completion, provided that monthly reports are only to be
 provided if, as and when prepared by or on behalf of an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly
 upon preparation thereof, reasonably detailed environmental reports, reports on safety and
 community matters, operational budgets, annual production forecast, and life of mine operating
 plans (and notice of any material change to the life of mine operating plan promptly following
 such change);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) annual
 reserve and resource reports prepared in accordance with NI 43-101 (as and when prepared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) annual
 reports detailing reconciliation of resource model, mine grade control and process facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 other material engineering or economic studies (as and when prepared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) within
 five (5) Business Days of the end of each six month period ending June 30 and December 31
 of each calendar year, a list of the Mining Rights underlying the Property or any changes
 from the prior list delivered in accordance with this Section 7.1(g);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) copies
 of all material contracts, studies or reports relating to the Real Property, the Mine or
 the Products that may be reasonably requested by Holder and promptly following the receipt
 thereof copies of any notice of default, termination or enforcement action under any such
 contract or occurrence of any other material event in respect of the Real Property or Mine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notice
 of any other material event concerning the Mine, the Project Assets, Grantor or BHMC including
 any force majeure, labour or civil disruption, actual or threatened material legal action,
 actual or threatened withdrawal of any material permit or third-party approval, any material
 human rights, community, health and safety, other social, animal welfare, conservation, other
 environmental, or corporate governance controversies or initiatives or any change in law
 materially impacting the Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) within
 90 days of the end of each fiscal year and to the extent prepared by management, Grantor
 shall deliver to Holder its unaudited, unconsolidated financial statements and to the extent
 prepared and delivered to any lender or other third party, its audited unconsolidated financial
 statements.

To the extent any of the foregoing information is published publicly on Grantor's SEDAR+ profile or website, such publication shall constitute provision of such information to Holder.

7.2 **Records and Audits** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Grantor
 agrees to keep accurate records showing the amount of recovered Products produced by it from
 the Property. All Products produced from the Property shall be kept separate and distinct
 from minerals and/or mineral products produced by Grantor from properties other than the
 Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holder
 shall have the right, upon reasonable advance written notice to Grantor and/or BHMC, no more
 than once per calendar year, to inspect and perform audits of all books, records, financial
 data, technical data, information and materials relevant to the production and stockpiling
 of Products, the calculation and payment of the Royalty (subject to Section 7.3(b)), and/or
 ensuring compliance with the obligations, covenants, conditions and agreements contained
 herein; provided that such inspections shall not unreasonably interfere with Grantor's
 or BHMC's activities with respect to the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All
 books and records used by Grantor to calculate royalties due hereunder shall be kept in accordance
 with US GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 any such audit or inspection reveals the Royalty payments for any calendar year are underpaid
 by more than five percent (5%) or there has been a material breach of any obligation, covenant,
 condition or agreement contained herein, Grantor shall reimburse Holder for its costs incurred
 in such audit or inspection and the annual limitation on audit rights shall be suspended
 until a period of two years passes without any audit discrepancy or following the remedy
 of any such breach, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject
 at all times to applicable work place rules and the supervision of Grantor, Holder and any
 Proposed Transferee of Holder shall be entitled to enter the mine workings and structures
 on the Real Property at reasonable times upon reasonable advance notice for inspection thereof,
 but Holder shall so enter at its own risk and shall indemnify and hold Grantor and its Affiliates
 harmless against and from any and all loss, costs, damage, liability and expense (including
 but not limited to reasonable attorneys' fees and costs) by reason of injury or loss
 of life to Holder, such Proposed Transferee or their respective agents or representatives
 or damage to or destruction of any property of Holder, such Proposed Transferee or their
 respective agents or representatives while on the Real Property on or in such mine workings
 and structures, unless such injury, loss of life, damage, or destruction is a result, in
 whole or in part, of the negligence of Grantor.

7.3 **Questions relating to Royalty Payments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) After
 receipt of each Royalty payment and Offtake Sales Documents delivered pursuant to Section
 7.1(a) with respect thereto, Holder shall have the ability to question the accuracy of such
 Offtake Sales Documents or the accuracy of Grantor's calculation of such Royalty payment
 from the information derived from such Offtake Sales Documents by notice to Grantor in writing.
 The notice will specify the items and/or amounts in question. Grantor and BHMC shall forthwith
 provide background information and documentation relating to the questioned amounts and work
 in good faith to resolve Holder's questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holder
 must raise any questions relating to the accuracy of the information provided by Processor
 in such Offtake Sales Documents that is not derived from information provided by Grantor,
 within 60 days of the delivery of the Offtake Sales Documents prepared by the Processor and
 delivered pursuant to Section 7.1(a). If such questions are not resolved within such 60 day
 period, then the matter will be referred to independent external experts chosen by the Parties,
 whose assessment will be final and determinative of the accuracy of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the Parties are unable to resolve any other questions relating to the accuracy of such Offtake
 Sales Documents or the calculation of the amount of Royalty payments to be credited or paid
 to Holder from time to time, then either Grantor or Holder may refer the matter to independent
 external experts chosen by the Parties, whose assessment will be final and determinative
 of the amount of the Royalty payments to be credited or paid to Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 such auditors' assessment reveals that the amount of Royalty Payments hereunder was
 lesser by more than five percent (5%) than the Royalty Payments that were actually payable,
 Grantor and/or BHMC shall reimburse Holder for its reasonable costs incurred in such auditors'
 inspection; otherwise, the said reasonable costs shall be for the account of Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 Section 7.3 will not limit or restrict Holder's inspection or audit rights under Section
 7.2 or Holder's rights to dispute the amount of Royalty payments under Section 7.2
 except with respect to the accuracy of the information provided by Processor in Offtake Sales
 Documents delivered pursuant to Section 7.1(a) that is not derived from information provided
 by Grantor.

7.4 **Technical Reports** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 Grantor or any of its Affiliates prepares a technical report under NI 43-101 (or similar
 report) in respect of the Property, upon the reasonable written request of Holder, Grantor
 shall use commercially reasonable efforts to cause the author(s) of such report to provide,
 (i) a copy of such report to be addressed to Holder or any of its Affiliates, (ii) the relevant
 certificates and consents of the author(s) required in connection with the filing of and
 reference to such report to be provided to Holder or any of its Affiliates, and (iii) such
 other consents in connection with the use of or reliance upon such report by Holder or any
 of its Affiliates from time to time in its public disclosure as may be required by Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 the foregoing, if Holder or any of its Affiliates is required by applicable laws to prepare
 a technical report under NI 43-101 (or similar report) in respect of the Property and chooses
 to prepare its own technical report (or similar report), Grantor shall cooperate with and
 allow Holder and its authorized representatives to access technical information required
 to be reported under NI 43-101 pertaining to the Property and complete site visits at the
 Real Property so as to enable Holder or its Affiliates, as the case may be, to prepare the
 technical report (or similar report) in accordance with NI 43-101 (or any other applicable
 Canadian and/or US securities laws and/or stock exchange rules and policies governing the
 disclosure obligations of Holder or any of its Affiliates).

7.5 **Mineral Resource or Mineral Reserve Estimates**. Each time Grantor establishes a mineral resource
 or a mineral reserve estimate on any part of the Property or establishes a new mineral resource
 or a new mineral reserve estimate which is a material change to the prior mineral resource
 or mineral reserve estimate, Grantor shall provide Holder with such estimate as soon as practicable.

---

| | |
|:---|:---|
| **8** | **REPRESENTATIONS AND WARRANTIES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Grantor
 and BHMC, each acknowledging that Holder is
 entering into this Agreement in reliance thereon, hereby makes, on and as of the date of
 this Agreement , except as otherwise specified
 in Schedule " D", the representations
 and warranties to Holder set forth in Schedule " D".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holder , acknowledging that Grantor and BHMC are entering into this Agreement in reliance thereon,
 hereby makes, on and as of the date of this Agreement , except as otherwise specified in Schedule " E", the representations and warranties to Grantor and BHMC set forth in Schedule " E".

---

| | |
|:---|:---|
| **9** | **CONFIDENTIALITY** |

---

9.1 **Confidential Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Party (a "**Receiving Party**") agrees that it shall maintain as confidential,
 and shall not disclose, and shall cause its employees, officers, directors, advisors, agents
 and representatives to maintain as confidential and not to disclose, the terms contained
 in this Agreement and all information (whether written, oral or in electronic format) received
 from the Party disclosing such information (the "**Disclosing Party**") or
 reviewed by it as a result of or in connection with this Agreement (collectively, the "**Confidential Information** "), provided that a Receiving Party may disclose Confidential Information
 in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 its limited partners, investors, auditor, legal counsel, lenders, underwriters, investment
 bankers and technical consultants, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 Persons with which it is considering or intends to enter into a transaction which would be
 permitted under Section 10 without the consent of the Disclosing Party under this Agreement
 (such Persons referred to in this clause (ii), the "**Proposed Transferees** ")
 for which such Confidential Information would reasonably be relevant (and to advisors and
 representatives of any such Person),

provided that such disclosure is made on a need to know basis and that such Persons are advised of the confidential nature of the Confidential Information, undertake (in the case of Proposed Transferees, such undertaking to be in writing in favour of the Disclosing Party and consistent with the provisions of this Section 9.1) to maintain the confidentiality of it and are strictly limited in their use of the Confidential Information to those purposes necessary for such Persons to perform the services for which they were, or are proposed to be, retained by the Receiving Party or to consider or effect the applicable transaction, or to monitor their investments in the case of limited partners or investors, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) except
 in the case of Sections 9.1(c) and 9.2, where disclosure is necessary to comply with Applicable
 Laws, court order or regulatory request, provided that (x) such disclosure is limited to
 only that Confidential Information so required to be disclosed, and (y) the party required
 to disclose such Confidential Information shall promptly notify the other party in writing
 to permit the other party, at its own expense, to have an opportunity to contest or seek
 to obtain an injunction or protective order or other remedy restricting the disclosure of
 such Confidential Information and, where applicable, that the party requiring to disclose
 such Confidential Information has taken commercially reasonable efforts to avail itself of
 the full benefits of any laws, rules, regulations or contractual rights as to disclosure
 on a confidential basis to which it may be entitled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for
 the purposes of the preparation and conduct of any arbitration or court proceeding commenced
 under Section 11 or any determination hereunder presided over by an independent external
 expert referred to in Section 7.3(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) where
 disclosure is required under Applicable Laws in connection with any initial public offering
 or subsequent public offering of securities of any Bunker Hill Entity or of Holder or any
 Affiliate thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) where
 such information is already available to the public other than by a breach of the confidentiality
 terms of this Agreement or is known by the Receiving Party prior to the entry into of this
 Agreement or obtained independently of this Agreement and the disclosure of such information
 would not breach any other confidentiality obligations to which the Receiving Party is subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) disclosure
 of information in accordance with Section 9.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) with
 the express written consent of the Disclosing Party, such approval not to be unreasonably
 withheld, conditioned or delayed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to
 its Affiliates and those of its and its Affiliates' directors, officers, employees,
 advisors and representatives who need to have knowledge of the Confidential Information and
 each such Person to whom the Confidential Information is disclosed is directed to comply
 with these terms of confidentiality (or is bound by professional obligations to maintain
 confidentiality).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Party shall ensure that its Affiliates who receive Confidential Information pursuant to this
 Agreement and its and such Affiliates' employees, directors, officers, advisors and
 representatives and those Persons listed in Section 9.1(a)(i) are made aware of this Section
 9.1 and comply with the provisions of this Section 9.1. Each Receiving Party shall be liable
 to the Disclosing Party for any improper use or disclosure of such terms or information by
 such Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 in compliance with Applicable Laws or any Royalty Registration a Party is required to file
 this Agreement publicly, including on SEDAR+ or the applicable land registry, such Party
 shall notify the other Party of such requirement at least two Business Days prior to such
 filing, and the Parties shall consult with each other with respect to any proposed redactions
 to this Agreement in compliance with Applicable Laws before it is so filed. No Party shall
 publicly file this Agreement, including on SEDAR+ or any applicable land registry, without
 reasonable prior consultation with the other Party, provided that such reasonable prior consultation
 shall not prohibit a Party from publicly filing this Agreement, including on SEDAR+ or applicable
 land registry, redacted only to the extent such Party considers it permitted pursuant to
 Applicable Laws.

9.2 **Press Release** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Parties shall jointly plan and co-ordinate, and shall cause their respective Affiliates to
 jointly plan and coordinate, any public notices, press releases, and any other publicity
 concerning the entering into of this Agreement. None of the Parties or their Affiliates shall
 issue any such press release or make any public disclosure concerning the Mine, in the case
 of Holder, or this Agreement, in the case of the Bunker Hill Entities, before receiving the
 prior consent of the other Parties. Nothing in this Section 9.2 prohibits any Party or its
 Affiliates from making such public disclosure that is, in such Party's reasonable judgment,
 required to meet timely disclosure obligations of any such Party or its Affiliates under
 Applicable Law and such disclosing Party has first used its commercially reasonable efforts
 to consult with the other Party with respect to the timing and content thereof. To the extent
 reasonably practicable, a copy of such disclosure shall be provided to the other Party at
 such time as it is made publicly available. The foregoing provisions of this Section 9.2(a)
 do not apply to the public disclosure referred to in Section 9.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Holder
 and its Affiliates may reproduce in their public disclosure the reserve and resource disclosure
 relating to the Mine that has already been publicly released by the Bunker Hill Entities.
 The Bunker Hill Entities shall provide to Holder periodically upon request and Holder and
 its Affiliates shall be entitled to include in their public disclosure (i) information about
 the Mine of the type disclosed by Holder's Affiliates in respect of other similar royalty
 or stream interests, including mineral reserves and mineral resources, and (ii) information
 regarding Royalty payments to be made. In addition, Holder's Affiliates shall be entitled
 to include in their public disclosure information relating to Royalty payments made and the
 calculation thereof, but, for greater certainty, shall not be entitled to disclose details
 of Offtake Agreements and Processors.

9.3 **Parties.** For the purposes of this Section 9, the Bunker Hill Entities are one Party and Holder
 is a second Party.

---

| | |
|:---|:---|
| **10** | **SUCCESSORS AND ASSIGNS** |

---

10.1 **Binding Effect**. This Agreement shall enure to the benefit of and shall be binding on and enforceable
 by the Parties hereto and, where the context so permits, their respective successors and
 permitted assigns.

10.2 **Assignment of Royalty**. Holder may Transfer, pledge, hypothecate or otherwise convey this Agreement
 or all or any of its rights in the Royalty without any prior consent, provided such transferee
 or counterparty to such transaction agrees to be bound by the terms hereof and by all of
 the liabilities and obligations of Holder hereunder in the same manner and to the same extent
 as though such transferee was an original party hereto in the first instance, and upon delivery
 to BHMC and Grantor of such agreement to be bound, Holder shall be released from its obligations
 under this Agreement.

10.3 **Assignment of Property**. Neither BHMC, Grantor nor any of the other BHMC Subsidiaries may Transfer
 any of its interest in and to the Real Property in any manner whatsoever, nor assign, transfer
 or otherwise convey any of its interest in and to this Agreement, without Holder's
 prior written consent, not to be unreasonably withheld, and in each case complying with the
 following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 shall be a condition of such Transfer that BHMC, Grantor and/or the other BHMC Subsidiaries,
 as applicable, Transfer all (but not less than all) of its interest in the Real Property
 and this Agreement and the transferee or other counterparty to such transaction (the "**Property Transferee**") (A) first execute and deliver to Holder an instrument in writing pursuant
 to which such Property Transferee (i) agrees to be bound by the terms of this Agreement and
 by all of the liabilities and obligations of the transferor hereunder in the same manner
 and to the same extent as though the Property Transferee was an original party hereto in
 the first instance, without in any way derogating from clause (b) below, and (ii) consents
 and agrees to the continuation or reregistration of any restrictions registered pursuant
 to Section 6.2, and (B) ensure that all of its shareholders and each of their Ultimate Parent
 Company agree to be jointly and severally liable for the Property Transferee's obligations
 under this Agreement in form and substance acceptable to Holder, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 such Transfer shall not relieve or discharge Grantor from any of its liabilities or obligations
 hereunder existing up to and including the date of such Transfer, and Holder may continue
 to look to Grantor for the performance thereof, it being understood that for any obligations
 or liabilities arising as of the date of the execution of the agreements provided for in
 Section 10.3(a), Grantor will have no further obligations or liabilities for the payment
 of the Royalty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 Transfer which does not comply with the terms of this Agreement shall be null and void and
 of no force or effect.

10.4 **Subsidiary Disposition**. BHMC may not, directly or indirectly, Transfer any interest in the shares
 in the capital of Grantor in any manner whatsoever (each such transaction, a "**Subsidiary Disposition** "), without Holder's prior written consent, not to be unreasonably
 withheld, and in each case complying with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 shall be a condition of such Subsidiary Disposition that the transferee or other counterparty
 to such transaction (in each case, the "**Subsidiary Transferee**") ensure
 that each of the Subsidiary Transferees and each of their Ultimate Parent Company agree to
 be jointly and severally liable for the Property Transferee's obligations under this
 Agreement in form and substance acceptable to Holder, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Subsidiary Disposition which does not comply with the terms of this Agreement shall be null
 and void and of no force or effect.

10.5 **Exceptions.** Nothing in Section 10.3 restricts in any manner an amalgamation, merger or other form
 of corporate reorganization which is a *bona fide* business transaction that has the
 effect in law of the amalgamated or surviving corporation possessing, directly or indirectly,
 substantially all the property, rights and interests and being subject to substantially all
 the debts, liabilities and obligations of the transferring party.

---

| | |
|:---|:---|
| **11** | **Cooperation and Dispute Resolution** |

---

11.1 **Consultation and Negotiation.** Subject to Section 11.3, any dispute, claim, question, controversy or
 disagreement arising out of or relating to this Agreement or the breach, termination or validity
 hereof (each a "**Dispute**") which has not been resolved by the Parties within
 the time frames specified herein (or where no time frames are specified, within 30 days of
 the delivery of written notice by either Party of such Dispute) shall be referred to the
 chief executive officer, general counsel or other individual of similar seniority and authority
 of each applicable Party for prompt resolution. For the purposes of this Section the Bunker
 Hill Entities are one Party and Holder is a second Party.

11.2 **Dispute Resolution.** Subject to Section 11.3, any such Dispute, which cannot be resolved by such
 individuals within 30 days after it has been so referred to them hereunder, including the
 determination of the scope or applicability of this Agreement to arbitrate, shall be settled
 by binding arbitration administered by the International Center for Dispute Resolution, and
 any Party may so refer such dispute, controversy or claim to binding arbitration. Such referral
 to binding arbitration shall be to one qualified arbitrator in accordance with the Arbitration
 Rules, which Arbitration Rules shall govern such arbitration proceeding. The place of arbitration
 shall be Toronto, Ontario, and the language of arbitration shall be English. The determination
 of such arbitrator shall be final and binding upon the Parties and the costs of such arbitration
 shall be as determined by the arbitrator. Judgment on the award may be entered in any court
 having jurisdiction. The Parties covenant and agree that they shall conduct all aspects of
 such arbitration having regard at all times to expediting the final resolution of such arbitration.
 This Section 11 shall not preclude the Parties from seeking provisional remedies in aid of
 arbitration from a court of competent jurisdiction.

11.3 **Exceptions.** The provisions of this Agreement providing for the resolution of Disputes shall not operate
 to prevent recourse to any court by Holder with respect to injunctions, receiving orders
 and orders regarding the detention, preservation and inspection of property, including, of
 the Real Property or any part(s) thereof, or whenever enforcement of an arbitration award
 reasonably requires access to any remedy which an arbitrator has no power to award or enforce.
 Each Bunker Hill Entity expressly attorns to such proceedings and waives any objections on
 the basis of jurisdiction, including *forum non conveniens*.

---

| | |
|:---|:---|
| **12** | **GENERAL** |

---

12.1 **Interpretation** 

Unless the context otherwise requires, in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 headings to the Sections, subsections or clauses of this Agreement are inserted for convenience
 only and are not intended to affect the construction or interpretation hereof. The terms
 "this Agreement", "hereof", "hereunder" and similar expressions
 refer to this Agreement and not to any particular Section or other portion hereof and include
 any agreement or instrument supplemental or ancillary hereto. Unless otherwise specified,
 any reference herein to a Section or Schedule refer to the specified Section of or Schedule
 to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Words
 importing the singular number only shall include the plural and vice versa and words importing
 the masculine gender shall include the feminine and neuter genders and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 words "include", "includes" and "including" mean "include",
 "includes" or "including", in each case, "without limitation".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A
 reference to an agreement or document (including a reference to this Agreement) is to the
 agreement or document as amended, varied, supplemented, novated or replaced except to the
 extent prohibited by this Agreement or that other agreement or document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A
 reference to writing includes a facsimile or electronic mail transmission and any means of
 reproducing words in a tangible and permanently visible form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless
 otherwise specified, time periods within or following which any payment is to be made or
 act is to be done shall be calculated by excluding the day on which the period commences
 and including the day on which the period ends and by extending the period to the next Business
 Day following if the last day of the period is not a Business Day. If any payment is required
 to be made or other action is required to be taken pursuant to this Agreement on a day which
 is not a Business Day, then such payment or action shall be made or taken on the next Business
 Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If
 any provision of this Agreement is or becomes illegal, invalid or unenforceable, in whole
 or in part, the remaining provisions will nevertheless be and remain valid and subsisting
 and the said remaining provisions will be construed as if this Agreement had been executed
 without the illegal, invalid or unenforceable portion.

12.2 **Currency** 

All dollar amounts expressed herein, unless otherwise specified, refer to lawful currency of the United States of America.

12.3 **Entire Agreement** 

This Agreement including the Schedules together with the agreements and documents to be delivered pursuant hereto are the full expression of the Parties' intentions and rights and the entire agreement between them and supersede, all prior agreements, understandings, negotiations and discussions whether oral or written of the Parties. No amendment, waiver or termination of this Agreement shall be binding unless executed in writing by the Party to be bound thereby. No waiver of any other provisions of this Agreement shall be deemed to or shall constitute a waiver of any other provisions nor shall such waiver constitute a continuing waiver unless otherwise expressly provided.

12.4 **Further Assurances** 

The Parties will promptly execute or cause to be executed all documents, deeds, conveyances and other instruments of further assurance which may be reasonably necessary or advisable to carry out fully the intent of this Agreement.

12.5 **Manner of Payment** 

All cash payments to be made to any Party may be made by wire transfer to a bank account the details of which are provided by the receiving Party to the sending party or by certified cheque or draft delivered to such Party at its address for notice purposes as provided herein.

12.6 **Governing Law** 

This Agreement will be governed by and interpreted in accordance with the laws of the State of Idaho.

12.7 **Time of the Essence** 

Time is of the essence in the performance of each obligation under this Agreement.

12.8 **Counterparts** 

This Agreement may be executed in any number of counterparts and all such counterparts, taken together, will be deemed to constitute one and the same instrument. In addition, execution of this Agreement by either of the Parties may be evidenced by way of email transmission of such Party's signature (which signature may be by separate counterpart) or a photocopy of such email transmission, and such emailed signature, or photocopy of such emailed signature, shall be deemed to constitute the original signature of such Party to this Agreement.

12.9 **Notice** 

All notices and other communications under this Agreement will be in writing and may be delivered personally or transmitted by email as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 Holder:

**[Contact information redacted]**

Attention: **[Redacted]**

Email: **[Redacted]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 the BHMC and Grantor:

Bunker Hill Mining Corp.

300-1055 West Hastings Street

Vancouver, British Columbia

V6E 2E9

Canada

Attention: Gerbrand Van Heerden

Email: **[Redacted]**

Silver Valley Metals Corp.

1 Mine Road

Kellogg, Idaho 83837

Attention: Sam Ash, President

Email: **[Redacted]**

or to such addresses as each Party may from time to time specify by notice. Any notice will be deemed to have been given and received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 personally delivered, then on the day of personal service to the recipient Party, provided
 that if such date is a day other than a Business Day such notice will be deemed to have been
 given and received on the first Business Day following the date of personal service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 sent by email transmission and successfully transmitted prior to 5:00 pm on a Business Day
 (recipient Party time), then on that Business Day, and if transmitted after 5:00 pm on the
 first Business Day immediately following the date of transmission.

12.10 **No Joint Venture, Mining Partnership, Commercial Partnership**.

This Agreement shall not be construed to create, expressly or by implication, a joint venture, mining partnership, commercial partnership, or other partnership relationship between the parties.

***[Remainder of page left intentionally blank.]***

 ****

**IN WITNESS WHEREOF** this Agreement has been executed as of the date first above given.

---

| |
|:---|
| **[Redacted– Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| By: |
| Name: |
| Title: |

---

STATE OF CONNECTICUT) ) ss. <br> County of __________________)

This record was acknowledged before me on ____________, 2025 by [●] as Manager (type of authority) of **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** on behalf of the partnership.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

---

| |
|:---|
| NOTARY PUBLIC FOR CONNECTICUT |
| Residing at ______________________________________ |
| My Commission Expires _____________________________ |

---

---

| | |
|:---|:---|
| <br> **SILVER VALLEY METALS CORP.** | <br> **SILVER VALLEY METALS CORP.** |
| By: | */s/ Sam Ash* |
| Name: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sam Ash<br>|
| Title: | President, Chief Executive Officer |

---

---

| | |
|:---|:---|
| <br> **BUNKER HILL MINING CORP.** | <br> **BUNKER HILL MINING CORP.** |
| By: | */s/ Sam Ash* |
| Name: | Sam Ash<br>|
| Title: | President, Chief Executive Officer |

---

STATE OF IDAHO) ) ss. <br> County of __________________)

This record was acknowledged before me on _____________ by _____________________ as _____________________ (type of authority) of SILVER VALLEY METALS CORP. on behalf of the corporation.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

---

| |
|:---|
| NOTARY PUBLIC FOR IDAHO |
| Residing at ______________________________________ |
| My Commission Expires ____________________________ |

---

STATE OF IDAHO) ) ss. <br> County of __________________)

This record was acknowledged before me on _____________ by _____________________ as _____________________ (type of authority) of BUNKER HILL MINING CORP. on behalf of the corporation.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

---

| |
|:---|
| NOTARY PUBLIC FOR IDAHO |
| Residing at ______________________________________ |
| My Commission Expires ____________________________ |

---

**SCHEDULE A<br> MAPS OF PROPERTY**

![](ex10-42_001.jpg)

![](ex10-42_002.jpg)

**SCHEDULE B<br> DESCRIPTION OF MINING RIGHTS**

**Primary Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Ace | 2583 | 12 | 48 North | 2 East |
| African | 2624 | 13 | 48 North | 2 East |
| Alla | 1228 | 13 | 48 North | 2 East |
| Allie | 1229 | 13 | 48 North | 2 East |
| Apex | 3361 | 2 | 47 North | 2 East |
| Arizona | 1488 | 12 | 48 North | 2 East |
| Band | 2507 | 2 | 48 North | 2 East |
| Bear | 2081 | 13 | 48 North | 2 East |
| Bee | 2072 | 12 | 48 North | 2 East |
| Berniece | 1620 | 14 | 48 North | 2 East |
| Beta | 3471 | 13 | 48 North | 2 East |
| Blue Bird | 3361 | 2 | 47 North | 2 East |
| Boer | 2599 | 12 | 48 North | 2 East |
| Bonanza Fraction | 1228 | 13 | 48 North | 2 East |
| Bought Again | 1229 | 13 | 48 North | 2 East |
| Brady | 2584 | 12 | 48 North | 2 East |
| Buckeye | 2250 | 13 | 48 North | 2 East |
| Butte | 3361 | 2 | 47 North | 2 East |
| Butternut | 1916 | 13 | 48 North | 2 East |
| Cariboo | 1220 | 11 | 48 North | 2 East |
| Carter | 1466 | 14 | 48 North | 2 East |
| Chain | 2078 | 12 | 48 North | 2 East |
| Cheyenne | 2249 | 12 | 48 North | 2 East |
| Chief No. 2 | 2862 | 11 | 48 North | 2 East |
| Club | 2583 | 12 | 48 North | 2 East |
| Combination | 2072 | 12 | 48 North | 2 East |
| Confidence | 2328 | 12 | 48 North | 2 East |
| Coxey | 1466 | 14 | 48 North | 2 East |
| Cypress | 2429 | 12 | 48 North | 2 East |
| Deadwood | 1466 | 11 | 48 North | 2 East |
| Debs | 1466 | 11 | 48 North | 2 East |
| Dewey | 2081 | 13 | 48 North | 2 East |
| Diamond | 2583 | 12 | 48 North | 2 East |
| Drew | 2587 | 13 | 48 North | 2 East |
| East | 1228 | 13 | 48 North | 2 East |
| Emily Grace | 2587 | 13 | 48 North | 2 East |
| Emma | 550 | 12 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Ethel | 2966 | 11 | 48 North | 2 East |
| Evans | 2611 | 12 | 48 North | 2 East |
| Excelsior | 1356 | 11 | 48 North | 2 East |
| F | 2587 | 24 | 48 North | 2 East |
| Flagstaff | 2328 | 12 | 48 North | 2 East |
| Flagstaff No. 2 | 2921 | 12 | 48 North | 2 East |
| Flagstaff No. 4 | 2921 | 12 | 48 North | 2 East |
| Foster | 2587 | 13 | 48 North | 2 East |
| Good Luck | 1220 | 11 | 48 North | 2 East |
| Goth | 3214 | 2 | 48 North | 2 East |
| Grant | 2369 | 11, 12 | 48 North | 2 East |
| Grant | 2599 | 12 | 48 North | 2 East |
| Gun | 2611 | 18 | 48 North | 3 East |
| Gus | 2624 | 13 | 48 North | 2 East |
| Hamilton | 1466 | 14 | 48 North | 2 East |
| Hamilton Fraction | 1619 | 11 | 48 North | 2 East |
| Hard Cash | 1466 | 11 | 48 North | 2 East |
| Harrison | 1664 | 11 | 48 North | 2 East |
| Hawk | 2072 | 12 | 48 North | 2 East |
| Heart | 2511 | 12 | 48 North | 2 East |
| Helen Marr | 2452 | 12 | 48 North | 2 East |
| Hemlock | 2452 | 13 | 48 North | 2 East |
| Hickory | 2432 | 13 | 48 North | 2 East |
| Homestake | 1916 | 13 | 48 North | 2 East |
| Hornet | 1325 | 12 | 48 North | 2 East |
| Idaho | 2072 | 12 | 48 North | 2 East |
| Iowa | 2072 | 12 | 48 North | 2 East |
| Ironhill | 1228 | 13 | 48 North | 2 East |
| Ito | 2081 | 13 | 48 North | 2 East |
| Jack | 2511 | 12 | 48 North | 2 East |
| Jersey Fraction | 1220 | 12 | 48 North | 2 East |
| Josie | 1229 | 13 | 48 North | 2 East |
| K-24 | 2080 | 14 | 48 North | 2 East |
| K-4 | 2080 | 14 | 48 North | 2 East |
| K-40 | 2587 | 24 | 48 North | 2 East |
| Katherine | 2966 | 11 | 48 North | 2 East |
| Key | 2511 | 12 | 48 North | 2 East |
| King | 1325 | 12 | 48 North | 2 East |
| Kirby Fraction | 2654 | 12 | 48 North | 2 East |
| Lackawana | 614 | 13 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Lacrosse | 1228 | 13 | 48 North | 2 East |
| Last Chance | 551 | 12 | 48 North | 2 East |
| Likely | 1298 | 12 | 48 North | 2 East |
| Lilly | 2587 | 12 | 48 North | 2 East |
| Lincoln | 2187 | 12 | 48 North | 2 East |
| Lucia | 3390 | 14 | 48 North | 2 East |
| Lucky Chance | 1349 | 18 | 48 North | 3 East |
| Maine | 2626 | 11 | 48 North | 2 East |
| Manchester | 2966 | 11 | 48 North | 2 East |
| Maple | 1229 | 13 | 48 North | 2 East |
| Marblehead | 3390 | 10 | 48 North | 2 East |
| Margaret | 3390 | 14 | 48 North | 2 East |
| Mashonaland | 1227 | 13 | 48 North | 2 East |
| Matabelaland | 1227 | 13 | 48 North | 2 East |
| McClellan | 2654 | 12 | 48 North | 2 East |
| McClelland | 1681 | 11 | 48 North | 2 East |
| Miles | 2654 | 12 | 48 North | 2 East |
| Miners Delight | 1228 | 13 | 48 North | 2 East |
| Missouri | 2080 | 14 | 48 North | 2 East |
| Mountain King | 1620 | 14 | 48 North | 2 East |
| Mountain Queen | 1620 | 14 | 48 North | 2 East |
| Nancy B. | 3390 | 11 | 48 North | 2 East |
| Nellie | 2583 | 11 | 48 North | 2 East |
| Nevada | 1466 | 14 | 48 North | 2 East |
| New Era | 1527 | 12 | 48 North | 2 East |
| 96 | 1715 | 11 | 48 North | 2 East |
| No. 1 | 1357 | 11 | 48 North | 2 East |
| No. 2 | 1357 | 11 | 48 North | 2 East |
| No. 3 | 1357 | 11 | 48 North | 2 East |
| No. 4 | 1357 | 11 | 48 North | 2 East |
| No Name | 1228 | 13 | 48 North | 2 East |
| Norman | 2368 | 11 | 48 North | 2 East |
| Oakland | 569 | 11 | 48 North | 2 East |
| Offset | 1229 | 13 | 48 North | 2 East |
| Ollie McMillin | 1228 | 13 | 48 North | 2 East |
| Ontario Fraction | 755 | 11 | 48 North | 2 East |
| Oregon | 2274 | 15 | 48 North | 3 East |
| Overlap | 2052 | 12 | 48 North | 2 East |
| Oyama | 2081 | 13 | 48 North | 2 East |
| Olympia | 3390 | 10 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Packard | 1413 | 2 | 48 North | 2 East |
| Phil | 3390 | 14 | 48 North | 2 East |
| Phillippine | 1663 | 2 | 48 North | 2 East |
| Pitt | 2654 | 12 | 48 North | 2 East |
| Princess | 1633 | 11 | 48 North | 2 East |
| Quaker | 1414 | 2 | 48 North | 2 East |
| Queen | 2511 | 12 | 48 North | 2 East |
| Rambler | 1041 | 11 | 48 North | 2 East |
| Republican Fraction | 959 | 12 | 48 North | 2 East |
| Roman | 2583 | 11 | 48 North | 2 East |
| Rookery | 1229 | 13 | 48 North | 2 East |
| Roy | 2624 | 13 | 48 North | 2 East |
| Royal Knight | 1639 | 11 | 48 North | 2 East |
| S-11 | 2081 | 13 | 48 North | 2 East |
| S-12 | 2081 | 13 | 48 North | 2 East |
| S-13 | 2081 | 13 | 48 North | 2 East |
| Sampson | 1328 | 12 | 48 North | 2 East |
| Sampson | 2081 | 13 | 48 North | 2 East |
| San Carlos | 750 | 12 | 48 North | 2 East |
| Sarnia | 2081 | 13 | 48 North | 2 East |
| Scelinda No. 1 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 2 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 3 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 4 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 5 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 7 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 8 | 2921 | 1 | 48 North | 2 East |
| Schofield | 1228 | 13 | 48 North | 2 East |
| Skookum | 615 | 12 | 48 North | 2 East |
| Scorpion Fraction | 2072 | 12 | 48 North | 2 East |
| Sierra Nevada | 554 | 12 | 48 North | 2 East |
| Silver | 2587 | 13 | 48 North | 2 East |
| Silver King | 1639 | 11 | 48 North | 2 East |
| Sims | 2186 | 12 | 48 North | 2 East |
| Sold Again Fraction | 933 | 12 | 48 North | 2 East |
| Southern Beauty | 1620 | 14 | 48 North | 2 East |
| Spade | 2583 | 12 | 48 North | 2 East |
| Spokane | 2509 | 12 | 48 North | 2 East |
| Spruce Fraction | 2432 | 13 | 48 North | 2 East |
| Stemwinder | 1830 | 12 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Stopping | 1227 | 13 | 48 North | 2 East |
| Stuart No. 2 | 2966 | 11 | 48 North | 2 East |
| Stuart No. 3 | 2966 | 11 | 48 North | 2 East |
| Sugar | 2862 | 11 | 48 North | 2 East |
| Sullivan | 2966 | 11 | 48 North | 2 East |
| Summit | 1228 | 13 | 48 North | 2 East |
| Susie | 1229 | 13 | 48 North | 2 East |
| Taft | 2611 | 18 | 48 North | 3 East |
| Teddy | 2511 | 12 | 48 North | 2 East |
| Timothy Fraction | 2274 | 18 | 48 North | 3 East |
| Tip Top | 1041 | 11 | 48 North | 2 East |
| Trump | 2624 | 13 | 48 North | 2 East |
| Tyler | 546 | 12 | 48 North | 2 East |
| Utah | 1882 | 12 | 48 North | 2 East |
| Viola | 562 | 12 | 48 North | 2 East |
| Washington | 2072 | 12 | 48 North | 2 East |
| Waverly | 1620 | 14 | 48 North | 2 East |
| Wheelbarrow | 1526 | 12 | 48 North | 2 East |
| William Lambert Fraction | 1945 | 2 | 48 North | 2 East |
| Yale | 2611 | 13 | 48 North | 2 East |
| Zululand | 1227 | 13 | 48 North | 2 East |

---

This Primary Claims set contains all resource material included in the 2021 PEA Mineral Resource Estimate, as well as those areas listed in the historic 1991 reserves. Due to the inconsistent orientation and nature of the mineralization underlying the above parcels, the Primary Royalty rate will be applied to all extracted and processed mineralized material lying under and within Primary Claims' area, up to 90 degrees nadir along the Primary Claims' boundaries.

In order to accommodate the down-dip potential on structures included within the 2021 PEA Mineral Resource Estimate and historic 1991 historic reserves report, all material processed interstitial to existing development, along strike but within the Primary Claims' boundary restrictions listed in the above paragraph, and continuously down-dip to the termination of the structure, the following zones will constitute Primary Claims and be assigned a 1.85% royalty rate: Shea, Tallon, Ike/Truman, Emery, J, Mac, Francis/FW Francis. These names are taken to be the names used during past production and denote discrete mineralized structures. This rule is added to the overlying royalty rate's material restrictions to reflect a more typical "Apex Law" situation for tabular mineralized zones and applies only to those structures listed above. Splays and associated structures that connect geologically to those listed above will receive the Primary Royalty rate of the main structure.

**GGS Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Adath | 2976 | 22 | 48 North | 2 East |
| Alykris | 2976 | 22 | 48 North | 2 East |
| Anna Laura | 2976 | 22 | 48 North | 2 East |
| Atlas | 2976 | 22 | 48 North | 2 East |
| Atlas No. 1 | 2976 | 22 | 48 North | 2 East |
| B | 2587 | 24 | 48 North | 2 East |
| Battleship Oregon | 3390 | 14 | 48 North | 2 East |
| Black | 2081 | 13 | 48 North | 2 East |
| Brown | 2081 | 13 | 48 North | 2 East |
| Charly T. | 3390 | 14 | 48 North | 2 East |
| E | 2587 | 24 | 48 North | 2 East |
| Edna | 2587 | 13 | 48 North | 2 East |
| 85 | 2077 | 15 | 48 North | 2 East |
| Fraction | 2976 | 22 | 48 North | 2 East |
| Gay | 2976 | 22 | 48 North | 2 East |
| Hoover No. 1 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 2 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 3 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 4 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 5 | 2975 | 13 | 48 North | 2 East |
| Iowa No. 2 | 2077 | 15 | 48 North | 2 East |
| K-1 | 2080 | 14 | 48 North | 2 East |
| K-10 | 2077 | 15 | 48 North | 2 East |
| K-11 | 2077 | 15 | 48 North | 2 East |
| K-12 | 2077 | 15 | 48 North | 2 East |
| K-13 | 2077 | 15 | 48 North | 2 East |
| K-14 | 2080 | 14 | 48 North | 2 East |
| K-15 | 2080 | 14 | 48 North | 2 East |
| K-16 | 2077 | 14 | 48 North | 2 East |
| K-17 | 2077 | 15 | 48 North | 2 East |
| K-2 | 2080 | 14 | 48 North | 2 East |
| K-25 | 2080 | 14 | 48 North | 2 East |
| K-26 | 2080 | 14 | 48 North | 2 East |
| K-27 | 2080 | 14 | 48 North | 2 East |
| K-28 | 2077 | 15 | 48 North | 2 East |
| K-3 | 2080 | 14 | 48 North | 2 East |
| K-30 | 2077 | 14 | 48 North | 2 East |
| K-31 | 2077 | 14 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| K-32 | 2077 | 22 | 48 North | 2 East |
| K-33 | 2080 | 23 | 48 North | 2 East |
| K-34 | 2080 | 23 | 48 North | 2 East |
| K-35 | 2080 | 23 | 48 North | 2 East |
| K-36 | 2080 | 23 | 48 North | 2 East |
| K-37 | 2080 | 23 | 48 North | 2 East |
| K-38 | 2080 | 23 | 48 North | 2 East |
| K-5 | 2080 | 14 | 48 North | 2 East |
| K-7 | 2080 | 14 | 48 North | 2 East |
| K-8 | 2080 | 14 | 48 North | 2 East |
| K-9 | 2080 | 14 | 48 North | 2 East |
| Kansas | 2080 | 14 | 48 North | 2 East |
| Lilly May | 1220 | 12 | 48 North | 2 East |
| Little Ore Grande | 2977 | 23 | 48 North | 2 East |
| Mabundaland | 1227 | 13 | 48 North | 2 East |
| Medium | 2587 | 13 | 48 North | 2 East |
| Missouri No. 2 | 2077 | 15 | 48 North | 2 East |
| 91 | 2077 | 15 | 48 North | 2 East |
| 92 | 2077 | 15 | 48 North | 2 East |
| No. 1 | 2587 | 24 | 48 North | 2 East |
| No. 2 | 2587 | 24 | 48 North | 2 East |
| North Midland | 3108 | 24 | 48 North | 2 East |
| Orbit | 3097 | 23 | 48 North | 2 East |
| Ore Grande No. 1 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 2 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 3 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 4 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 5 | 2977 | 23 | 48 North | 2 East |
| Ore Shoot | 3097 | 23 | 48 North | 2 East |
| Oreano | 3097 | 23 | 48 North | 2 East |
| Orient | 3097 | 23 | 48 North | 2 East |
| Oriental Orphan | 3097 | 23 | 48 North | 2 East |
| Orpheum | 3097 | 23 | 48 North | 2 East |
| Panorama | 2976 | 23 | 48 North | 2 East |
| Penfield | 2587 | 13 | 48 North | 2 East |
| Red Deer | 2976 | 22 | 48 North | 2 East |
| S-10 | 2081 | 13 | 48 North | 2 East |
| Setzer | 2976 | 22 | 48 North | 2 East |
| Texas | 2080 | 14 | 48 North | 2 East |

---

The GGS Royalty rate will apply to all GGS Claims either partly or wholly-covered by the ground geophysical survey announced on June 16, 2021

**Residual Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| A | 2587 | 24 | 48 North | 2 East |
| Alfred | 1628 | 2 | 48 North | 2 East |
| Anaconda | 3361 | 2 | 47 North | 2 East |
| Apex No. 2 | 3361 | 1 | 47 North | 2 East |
| Apex No. 3 | 3361 | 1 | 47 North | 2 East |
| Army | 3096 | 22 | 48 North | 2 East |
| Asset | 2611 | 12 | 48 North | 2 East |
| Baby (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Black Diamond | 3423 | 10 | 48 North | 3 East |
| Blue Grouse | 3361 | 2 | 47 North | 2 East |
| Bob White | 3361 | 2 | 47 North | 2 East |
| Bonanza King Millsite | 2868 | 8 | 48 North | 3 East |
| Brooklyn | 2201 | 10 | 48 North | 2 East |
| Butte Fraction | 3361 | 2 | 47 North | 2 East |
| C | 2587 | 24 | 48 North | 2 East |
| Carbonate | 3423 | 3 | 48 North | 3 East |
| Castle | 3503 | 17 | 48 North | 2 East |
| Childs | 2611 | 12 | 48 North | 2 East |
| Comstock | 1345 | 18 | 48 North | 3 East |
| Cougar | 3361 | 2 | 47 North | 2 East |
| D | 2587 | 24 | 48 North | 2 East |
| Daisy | 1345 | 18 | 48 North | 3 East |
| Dandy | 1345 | 18 | 48 North | 3 East |
| Danish | 1503 | 2 | 48 North | 2 East |
| East Midland | 3108 | 19 | 48 North | 3 East |
| Eli | 2611 | 18 | 48 North | 3 East |
| Enterprise | 3423 | 3 | 48 North | 3 East |
| Enterprise Extension | 3423 | 10 | 48 North | 3 East |
| Evening Star | 2274 | 15 | 48 North | 3 East |
| Evening Star Fraction | 2274 | 15 | 48 North | 3 East |
| Fairview | 621 | 18 | 48 North | 3 East |
| Flagstaff No. 3 | 2921 | 12 | 48 North | 2 East |
| Galena | 3361 | 1 | 47 North | 2 East |
| Gelatin | 3423 | 10 | 48 North | 3 East |
| Giant | 3423 | 3 | 48 North | 3 East |
| Good Enough | 1628 | 2 | 48 North | 2 East |
| Huckleberry No. 2 | 3361 | 2 | 47 North | 2 East |
| Jackass | 586 | 13 | 48 North | 2 East |
| Jessie | 1345 | 18 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Julia | 1345 | 18 | 48 North | 3 East |
| Justice | 1345 | 18 | 48 North | 3 East |
| K-18 | 2077 | 15 | 48 North | 2 East |
| K-19 | 2077 | 15 | 48 North | 2 East |
| K-20 | 2077 | 15 | 48 North | 2 East |
| K-21 | 2077 | 14 | 48 North | 2 East |
| K-22 | 2077 | 14 | 48 North | 2 East |
| K-23 | 2077 | 15 | 48 North | 2 East |
| K-29 | 2077 | 15 | 48 North | 2 East |
| K-39 | 2077 | 15 | 48 North | 2 East |
| K-6 | 2080 | 14 | 48 North | 2 East |
| Keystone (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| L-1 | 3214 | 2 | 48 North | 2 East |
| L-2 | 3214 | 9 | 48 North | 2 East |
| L-3 | 3214 | 9 | 48 North | 2 East |
| Leopard | 3361 | 2 | 47 North | 2 East |
| Lesley | 2977 | 23 | 48 North | 2 East |
| Lesley No. 2 | 2977 | 23 | 48 North | 2 East |
| Lesley No. 3 | 2977 | 23 | 48 North | 2 East |
| Long John | 3179 | 7 | 48 North | 3 East |
| Lydia Fraction | 1723 | 2 | 48 North | 2 East |
| Lynx | 3361 | 35 | 47 North | 2 East |
| Mabel | 1723 | 2 | 48 North | 2 East |
| MacBenn | 3361 | 2 | 47 North | 2 East |
| Maggie | 1628 | 2 | 48 North | 2 East |
| Manila | 1723 | 2 | 48 North | 2 East |
| Marin | 3361 | 2 | 47 North | 2 East |
| Marko | 3051 | 7 | 48 North | 3 East |
| Maryland | 2274 | 15 | 48 North | 3 East |
| McRooney | 2966 | 11 | 48 North | 2 East |
| Midland | 3108 | 19 | 48 North | 3 East |
| Midland No. 1 | 3108 | 24 | 48 North | 2 East |
| Midland No. 3 | 3108 | 24 | 48 North | 2 East |
| Midland No. 4 | 3108 | 24 | 48 North | 2 East |
| Midland No. 5 | 3108 | 24 | 48 North | 2 East |
| Midland No. 6 | 3108 | 24 | 48 North | 2 East |
| Midland No. 7 | 3108 | 24 | 48 North | 2 East |
| Midland No. 8 | 3108 | 24 | 48 North | 2 East |
| Milo Millsite | 2869 | 8, 17 | 48 North | 3 East |
| Minnesota | 2077 | 15 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Missing Link | 2587 | 24 | 48 North | 2 East |
| Monmouth | 2274 | 15 | 48 North | 3 East |
| Monte Carlo No. 1 | 3177 | 18 | 48 North | 3 East |
| Monte Carlo No. 2 | 3177 | 18 | 48 North | 3 East |
| Monte Carlo No. 3 | 3177 | 7, 18 | 48 North | 3 East |
| Monte Carlo No. 4 | 3177 | 7, 18 | 48 North | 3 East |
| Monte Carlo No. 5 | 3177 | 18 | 48 North | 3 East |
| Navy | 3096 | 22 | 48 North | 2 East |
| New Jersey | 2201 | 10 | 48 North | 2 East |
| Nick | 2611 | 18 | 48 North | 3 East |
| North Wellington | 2977 | 23 | 48 North | 2 East |
| O.K. | 1723 | 2 | 48 North | 2 East |
| O.K. Western | 1723 | 2 | 48 North | 2 East |
| Ophir | 1345 | 18 | 48 North | 3 East |
| Oracle | 3097 | 23 | 48 North | 2 East |
| Oregon | 2072 | 12 | 48 North | 2 East |
| Oregon No. 2 | 2274 | 15 | 48 North | 3 East |
| Ox | 2611 | 18 | 48 North | 3 East |
| Peak | 2587 | 24 | 48 North | 2 East |
| Pete | 3389 | 10 | 48 North | 2 East |
| Pheasant | 3361 | 2 | 47 North | 2 East |
| Prominade | 3389 | 10 | 48 North | 2 East |
| Reeves | 1412 | 2 | 48 North | 2 East |
| Robbin | 3361 | 2 | 47 North | 2 East |
| Rolling Stone | 619 | 18 | 48 North | 3 East |
| Rolling Stone | 3423 | 10 | 48 North | 3 East |
| Ruth | 2611 | 18 | 48 North | 3 East |
| S-9 | 2081 | 19 | 48 North | 3 East |
| Sam | 3389 | 10 | 48 North | 2 East |
| Schute Fraction | 2201 | 10 | 48 North | 2 East |
| Sherman | 2611 | 12 | 48 North | 2 East |
| Silver Chord | 2274 | 15 | 48 North | 3 East |
| Silver King Millsite | 3563 | 2 | 48 North | 2 East |
| Simmons | 2611 | 12 | 48 North | 2 East |
| Snowline | 2587 | 25 | 48 North | 2 East |
| Sonora | 3361 | 2 | 47 North | 2 East |
| Spokane Central No. 1 | 3472 | 19 | 48 North | 3 East |
| Spokane Central No. 2 | 3472 | 20 | 48 North | 3 East |
| Spokane Central No. 3 | 3472 | 20 | 48 North | 3 East |
| Spokane Central No. 4 | 3472 | 20 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Spokane Central No. 5 | 3472 | 20 | 48 North | 3 East |
| Spring | 3298 | 15 | 48 North | 3 East |
| Star | 2081 | 13 | 48 North | 2 East |
| Sullivan Extension | 1228 | 13 | 48 North | 2 East |
| Sunny | 1723 | 2 | 48 North | 2 East |
| Switzerland | 2966 | 11 | 48 North | 2 East |
| V.M. No. 1 | 3051 | 7 | 48 North | 3 East |
| V.M. No. 2 | 3051 | 7 | 48 North | 3 East |
| Van (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Venture | 3164 | 2 | 48 North | 2 East |
| Walla Walla | 1345 | 18 | 48 North | 3 East |
| Wellington | 2977 | 23 | 48 North | 2 East |
| Whippoorwill | 1723 | 2 | 48 North | 2 East |
| Woodrat (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Yreka No. 10 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 11 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 12 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 13 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 14 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 15 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 16 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 17 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 18 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 19 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 20 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 21 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 22 | 2587 | 24 | 48 North | 2 East |
| Yreka No. 23 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 24 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 25 | 2587 | 24 | 48 North | 2 East |
| Yreka No. 26 | 2587 | 19 | 48 North | 3 East |
| Zeke | 3389 | 10 | 48 North | 2 East |
| S-1 | 2081 | 18, 19 | 48 North | 3 East |
| S-2 | 2081 | 18 | 48 North | 3 East |
| S-3 | 2081 | 18, 19 | 48 North | 3 East |
| S-4 | 2081 | 19 | 48 North | 3 East |
| S-5 | 2081 | 19 | 48 North | 3 East |
| S-6 | 2081 | 19 | 48 North | 3 East |
| S-7 | 2081 | 19 | 48 North | 3 East |
| S-8 | 2081 | 18, 19 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Butte | 1220 | 11 | 48 North | 2 East |
| Apex | 1041 | 11 | 48 North | 2 East |
| Blue Bird | 1229 | 13 | 48 North | 2 East |
| Saxon | 2067 | 11 | 48 North | 2 East |
| Link | 2123 | 12 | 48 North | 2 East |
| Spur | 2124 | 12 | 48 North | 2 East |
| Spear | 2496 | 12 | 48 North | 2 East |
| Marion | 2583 | 11 | 48 North | 2 East |
| Ben Herr | 2599 | 12 | 48 North | 2 East |
| Kruger | 2599 | 12 | 48 North | 2 East |
| Philippine | 2599 | 12 | 48 North | 2 East |
| Hough | 2611 | 12 | 48 North | 2 East |
| California | 2627 | 11 | 48 North | 2 East |
| Check | 2840 | 1 | 48 North | 2 East |
| Florence | 2862 | 11 | 48 North | 2 East |
| Billy | 3111 | 11 | 48 North | 2 East |
| Lucky | 3470 | 13 | 48 North | 2 East |
| Moat | 3503 | 17 | 48 North | 3 East |
| Bunker Hill | 579 | 12 | 48 North | 2 East |
| Sullivan | 580 | 13 | 48 North | 2 East |
| Important Fraction | 581 | 13 | 48 North | 2 East |
| Phil Sheridan | 604 | 13 | 48 North | 2 East |
| Reed Fraction | 607 | 13 | 48 North | 2 East |
| Bunker Hill Millsite | 608 | 13 | 48 North | 2 East |
| Small Hopes | 609 | 13 | 48 North | 2 East |
| Bottom Dollar Fraction | 629 | 13 | 48 North | 2 East |
| Chestnut Fraction | 632 | 13 | 48 North | 2 East |
| Emma | 703 | 12 | 48 North | 2 East |
| Last Chance Millsite | 703 | 12 | 48 North | 2 East |
| Ontario | 755 | 11 | 48 North | 2 East |
| Carbonate | 764 | 11 | 48 North | 2 East |
| Silver Casket | 790 | 11 | 48 North | 2 East |
| Turkey Buzzard | 836 | 13 | 48 North | 2 East |
| Snowslide Fraction | 837 | 13 | 48 North | 2 East |
| Silver | 1085 | 12 | 48 North | 2 East |
| Johnnesburg | 1192 | 12 | 48 North | 2 East |
| Puritan | 1328 | 12 | 48 North | 2 East |
| No. 5 | 1357 | 11 | 48 North | 2 East |
| Omaha | 1409 | 12 | 48 North | 2 East |
| Legal Tender | 1639 | 11 | 48 North | 2 East |
| Triangle Fraction | 2065 | 13 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **BLM <br> Serial #** | **Section** | **Township** | **Range** |
| BHM 1 | ID106709778 | 1 | 48 North | 2 East |
| BHM 2 | ID106709779 | 1 | 48 North | 2 East |
| BHM 3 | ID106709780 | 1 | 48 North | 2 East |
| BHM 4 | ID106709781 | 1 | 48 North | 2 East |
| BHM 5 | ID106709782 | 1 | 48 North | 2 East |
| BHM 6 | ID106709783 | 1 | 48 North | 2 East |
| BHM 7 | ID106709784 | 1 | 48 North | 2 East |
| BHM 8 | ID106709785 | 1 | 48 North | 2 East |
| NBH 1 | ID106715514 | 11 | 48 North | 2 East |
| NBH 2 | ID106715515 | 11 | 48 North | 2 East |
| NBH 3 | ID106715516 | 11 | 48 North | 2 East |
| NBH 4 | ID106715517 | 11 | 48 North | 2 East |
| NBH 5 | ID106715518 | 11 | 48 North | 2 East |
| NBH 6 | ID106715519 | 11 | 48 North | 2 East |
| NBH 7 | ID106715520 | 11 | 48 North | 2 East |
| NBH 8 | ID106715521 | 11 | 48 North | 2 East |
| NBH 9 | ID106715522 | 1 | 48 North | 2 East |
| NBH 10 | ID106715523 | 1 | 48 North | 2 East |
| NBH 11 | ID106715524 | 1 | 48 North | 2 East |
| NBH 12 | ID106715525 | 1 | 48 North | 2 East |
| NBH 13 | ID106715526 | 1 | 48 North | 2 East |
| NBH 14 | ID106715527 | 1 | 48 North | 2 East |
| NBH 15 | ID106715528 | 1 | 48 North | 2 East |
| NBH 16 | ID106715529 | 12 | 48 North | 2 East |
| NBH 17 | ID106715530 | 12 | 48 North | 2 East |
| NBH 18 | ID106715531 | 7 | 48 North | 3 East |
| NBH 19 | ID106715532 | 12 | 48 North | 2 East |
| NBH 20 | ID106715533 | 18 | 48 North | 3 East |
| NBH 21 | ID106715534 | 7 | 48 North | 3 East |
| NBH 22 | ID106715535 | 17 | 48 North | 3 East |
| NBH 23 | ID106715536 | 18 | 48 North | 3 East |
| NBH 24 | ID106715537 | 17 | 48 North | 3 East |
| NBH 25 | ID106715538 | 18 | 48 North | 3 East |
| NBH 26 | ID106715539 | 18 | 48 North | 3 East |
| NBH 27 | ID106715540 | 18 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **BLM <br> Serial #** | **Section** | **Township** | **Range** |
| NBH 28 | ID106715541 | 18 | 48 North | 3 East |
| NBH 29 | ID106715542 | 35 | 48 North | 2 East |
| NBH 30 | ID106715543 | 35 | 48 North | 2 East |
| NBH 31 | ID106715544 | 35 | 48 North | 2 East |
| NBH 32 | ID106715545 | 35 | 48 North | 2 East |
| NBH 33 | ID106715546 | 35 | 48 North | 2 East |
| NBH 34 | ID106715547 | 35 | 48 North | 2 East |
| NBH 35 | ID106715548 | 35 | 48 North | 2 East |
| NBH 36 | ID106715549 | 35 | 48 North | 2 East |
| NBH 37 | ID106715550 | 35 | 48 North | 2 East |
| NBH 38 | ID106715551 | 36 | 48 North | 2 East |
| NBH 39 | ID106715552 | 2 | 47 North | 2 East |
| NBH 40 | ID106715553 | 2 | 47 North | 2 East |
| NBH 41 | ID106715554 | 2 | 47 North | 2 East |
| NBH 42 | ID106715555 | 2 | 47 North | 2 East |
| NBH 43 | ID106715556 | 1 | 47 North | 2 East |
| NBH 44 | ID106715557 | 1 | 47 North | 2 East |
| NBH 45 | ID106715558 | 1 | 47 North | 2 East |
| NBH 46 | ID106715559 | 3 | 47 North | 2 East |
| NBH 47 | ID106715560 | 2 | 47 North | 2 East |
| NBH 48 | ID106715561 | 3 | 47 North | 2 East |
| NBH 49 | ID106715562 | 2 | 47 North | 2 East |
| NBH 50 | ID106715563 | 1 | 47 North | 2 East |
| NBH 51 | ID106715564 | 1 | 47 North | 2 East |
| NBH 52 | ID106715565 | 1 | 47 North | 2 East |
| NBH 53 | ID106715566 | 2 | 47 North | 2 East |
| NBH 54 | ID106715567 | 2 | 47 North | 2 East |
| NBH 55 | ID106715568 | 2 | 47 North | 2 East |
| NBH 56 | ID106715569 | 2 | 47 North | 2 East |
| NBH 57 | ID106715570 | 1 | 47 North | 2 East |
| NBH 58 | ID106715571 | 1 | 47 North | 2 East |
| NBH 59 | ID106715572 | 1 | 47 North | 2 East |
| NBH 60 | ID106715573 | 1 | 47 North | 2 East |
| NBH 61 | ID106715574 | 2 | 47 North | 2 East |
| NBH 62 | ID106715575 | 2 | 47 North | 2 East |
| NBH 63 | ID106715576 | 2 | 47 North | 2 East |
| NBH 64 | ID106715577 | 2 | 47 North | 2 East |
| NBH 65 | ID106715578 | 2 | 47 North | 2 East |
| NBH 66 | ID106715579 | 11 | 47 North | 2 East |
| NBH 67 | ID106715580 | 2 | 47 North | 2 East |
| NBH 68 | ID106715581 | 1 | 47 North | 2 East |
| NBH 69 | ID106715582 | 1 | 47 North | 2 East |
| NBH 70 | ID106715583 | 1 | 47 North | 2 East |

---

**SCHEDULE C<br> PERMITTED ENCUMBRANCES**

1. Encumbrances
 disclosed in Section (29) of the Disclosure Letter

2. The
 Encumbrance disclosed in Section (13) of the Disclosure Letter

3. The
 pledge agreement dated as of August 8, 2024 made by and between BHMC and Monetary Metals
 Bond III LLC (the **"Note Purchaser** ")

4. The
 security agreement dated as of August 8, 2024 made by and between the Mine Owner and the
 Note Purchaser

5. The
 mortgage, assignment of production, assignment of leases and rents, security agreement, financing
 statement and fixture filing dated August 8, 2024 granted by Mine Owner, as mortgagor, and
 Note Purchaser, as mortgagee

6. The
 pledge agreement dated as of the date hereof between BHMC and Teck Metals Ltd.

7. The
 security agreement dated as of the dated hereof made by and between the Mine Owner and Teck
 Metals Ltd.

8. The
 mortgage, assignment of production, assignment of leases and rents, security agreement, financing
 statement and fixture filing dated the date hereof granted by (or to be granted by thereafter)
 Mine Owner, as mortgagor, and Teck Metals Ltd., as mortgagee

**SCHEDULE D<br> REPRESENTATIONS AND WARRANTIES OF GRANTOR AND BHMC**

Each of Grantor and BHMC (collectively, the "**Obligors**") hereby represents and warrants as follows to Holder, and acknowledges and agrees that Holder is relying upon such representations and warranties in connection with entering into of this Agreement:

*Corporate Organization and Authority* 

 ****

1. Each
 Obligor is a corporation duly incorporated and validly existing under the laws of its jurisdiction
 of incorporation and is up-to-date in respect of all filings required by law to maintain
 its existence; in particular, BHMC is a corporation incorporated under the laws of Nevada
 and Grantor is a corporation incorporated under the laws of Idaho.

2. Each
 Obligor is qualified to do business and is in good standing in all jurisdictions in which
 the nature of its business as now being or as proposed to be conducted makes such qualification
 necessary and has all material governmental licenses, authorizations, consents and approvals
 necessary to own its assets and carry on its business as now being or as proposed to be conducted.

3. Each
 Obligor has the requisite corporate power, capacity and authority to: (i) own its property
 and assets and conduct its business; and (ii) enter into the Agreement and such other documents
 as may be necessary or appropriate to give effect to the terms hereof, to perform its obligations
 hereunder and complete the transactions contemplated hereby.

4. The
 execution and delivery of the Agreement by each Obligor and the completion of the transactions
 contemplated hereby, have been duly authorized by all necessary corporate action on the part
 of such Obligor. This Agreement has been duly and validly executed and delivered by such
 Obligor, and constitutes a legal, valid and binding obligation of it, enforceable against
 it in accordance with the terms thereof, except to the extent enforcement may be affected
 by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar Applicable
 Laws affecting creditors' rights generally and subject to the qualification that equitable
 remedies, injunctive relief and/or specific performance may be granted in the discretion
 of a court of competent jurisdiction.

5. BHMC
 owns legally and beneficially all of the issued and outstanding stock of Grantor (the "**Capital Stock**") as set forth in Section (5) of the Disclosure Letter free and clear of
 any Encumbrances, other than as set forth in Section (5) of the Disclosure Letter. The corporate
 structure and organization chart of the Obligors set forth in Section (5) of the Disclosure
 Letter accurately reflects, as of the date hereof, the direct and indirect ownership of all
 of the Capital Stock of Grantor. Other than as set forth in Section (5) of the Disclosure
 Letter, no Person has any agreement, option, right of first refusal or right, title or interest
 or any right (including a right of conversion of Indebtedness) that is or will become an
 agreement, option, right of first refusal or right, title or interest, in or to all or any
 part of the Capital Stock of Grantor. There are no shareholders' agreement or shareholders'
 declaration in effect with respect to the Obligors or their respective shares or other equity
 interests.

6. Each
 Obligor is entering into and performing its obligations under this Agreement, on its own
 account and not as trustee or a nominee of any other Person.

7. The
 principal place of business and chief executive office of each Obligor as of the date hereof
 is set out in Section (7) of the Disclosure Letter.

8. No
 Obligor has suffered an Insolvency Event and the Obligors are not aware of any circumstance
 which, with notice or the passage of time, or both, would give rise to an Insolvency Event
 with respect to it.

9. Each
 of the Obligors' corporate records are complete and accurate in all material respects,
 and true and correct copies of same have been made available to Holder.

10. The
 financial books, records and accounts of each of the Obligors: (i) are complete and accurate
 in all material respects; (ii) are stated in reasonable detail; and (iii) accurately and
 fairly reflect all the material transactions, acquisitions and dispositions of each of the
 Obligors.

11. BHMC's
 audited consolidated financial statements for the fiscal year ended December 31, 2024, including
 the consolidated balance sheets, statements of loss and comprehensive loss, cash flows and
 changes in shareholders' deficiency and the notes thereon and the unaudited interim
 consolidated financial statements for the three months ended March 31, 2025 (collectively,
 the "**Current Financial Statements** "), have been prepared in accordance
 with US GAAP. The Current Financial Statements fairly present in all material respects the
 financial condition and results of operations of Grantor and BHMC, on a consolidated basis,
 as at the respective dates specified therein and for the periods then ended. The Obligors
 have not effected any material change in its accounting methods, principles or practices
 since the date of the Current Financial Statements. The Obligors do not intend to correct
 or restate, nor, to the knowledge of the Obligors, is there any basis for any correction
 or restatement of, any aspect of the Current Financial Statements. Other than as set out
 in Section (11) of the Disclosure Letter, each Obligor is neither a party to, nor had a commitment
 to become a party to, any material off balance sheet transactions, arrangements, obligations
 (including contingent obligations) or other relationships of Grantor, BHMC or any subsidiary
 of the Obligors with unconsolidated entities. MNP LLP is the current auditor of BHMC and
 is "independent" of the Obligors within the meaning of the Rules of Professional
 Conduct of the Chartered Professional Accountants of Ontario. There has never been a "reportable
 event" (within the meaning of National Instrument 51-102 – *Continuous Disclosure Obligations* of the Canadian Securities Administrators) ()"**NI 51-102** ")
 with the present or any former auditor of the Obligors.

12. Since
 the end date of its Current Financial Statements, the Obligors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have
 conducted its business only in the ordinary course of business and no Material Adverse Effect
 has occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have
 not incurred any Indebtedness which is not shown or reflected in the most recent interim
 financial statements provided to Holder or in Section (12) of the Disclosure Letter.

*Tax Matters*

 

13. (a) Taxes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All
 material Taxes due and payable by each of the Obligors (whether or not shown due on any Tax
 returns and whether or not assessed (or reassessed) by the appropriate Governmental Authority)
 have been timely paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All
 Tax returns required by Applicable Law to be filed by or with respect to the Obligors have
 been properly prepared and timely filed and all such Tax returns (including information provided
 therewith or with respect thereto) are true, complete and correct in all material respects,
 and no material fact or facts have been omitted therefrom which would make any such Tax returns
 misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As
 of the date hereof, no audit or other proceeding by any Governmental Authority is pending
 or, to the knowledge of the Obligors, threatened with respect to any Taxes due from or with
 respect to the Obligors, and no Governmental Authority has given written notice of any intention
 to assert any deficiency or claim for additional Taxes against either of the Obligors. As
 of the date hereof, there are no matters under discussion, audit or appeal or in dispute
 with any Governmental Authority relating to Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other
 than as set out in Section (13) of the Disclosure Letter, no Governmental Authority of a
 jurisdiction in which the Obligors do not file Tax returns has made any written claim that
 either of the Obligors are or may be subject to taxation by such jurisdiction. To the knowledge
 of the Obligors, there is no basis for a claim that the Obligors is subject to Tax in a jurisdiction
 in which the Obligors do not file Tax returns. As of the date hereof, each of the Obligors
 only file Tax returns in the jurisdictions in which it is incorporated or organized and in
 any jurisdiction in which it carries on any material business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As
 of the date hereof, there are no reassessments of Taxes for the Obligors that have been issued
 and are under dispute, and the Obligors have not received any communication from any Governmental
 Authority that an assessment or reassessment is proposed in respect of any Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To
 the knowledge of the Obligors, each of the Obligors have withheld or collected any material
 Taxes that are required by Applicable Law to be withheld or collected and have paid or remitted,
 on a timely basis, the full amount of any Taxes that have been withheld or collected, and
 are due, to the applicable Governmental Authority.

*Non-Contravention* 

 

15. Subject
 to Section (15) of the Disclosure Letter, none of the execution and delivery of the Agreement,
 or the completion of the transactions contemplated hereby, by each Obligor, will (i) require
 that a consent be obtained or a notice be provided under or result in or constitute a breach
 or default under any agreement, mortgage, bond or other instrument to which it is a party
 or which is binding on it or its assets, (ii) violate the terms of its constating documents,
 (iii) require that a consent be obtained or a notice be provided under or violate any Applicable
 Law or any Authorization or the material terms and conditions of any Other Rights, or result
 in any modification, revocation, alteration or transfer of any Authorization or Other Right,
 (iv) result in the imposition of any Encumbrance on the Project Assets, or (v) contravene
 any judgment, order, writ, injunction or decree of any Governmental Authority.

16. No
 Obligor is in breach of or default under, and no event has occurred that, with the passage
 of time or notice, or both, would constitute or would reasonably be expected to constitute
 such a breach of or default under, any agreement, mortgage, bond or other instrument to which
 it is a party or which is binding on it or its assets, other than a breach or default or
 event that would not, individually or in the aggregate, have a Material Adverse Effect. To
 the knowledge of the Obligors, there is no breach or default by any counterparty thereto
 or inability of any counterparty thereto to perform its obligations thereunder which has,
 individually or in the aggregate, a Material Adverse Effect.

*Regulatory Compliance* 

 

17. No
 consents, approvals or permissions are required to be obtained by, nor any filings made with
 any Governmental Authority by any Obligor in connection with the execution and delivery or
 the performance by it of this Agreement, or in respect of its obligations hereunder, other
 than as set forth in Section (17) of the Disclosure Letter.

18. Each
 Obligor has conducted and is conducting its respective business in compliance in all material
 respects with Applicable Laws.

19. No
 Obligor nor, to the knowledge of the Obligors, any director, officer, manager, member, employee,
 consultant, representative or agent thereof, acting on its behalf has violated (i) the *Corruption of Foreign Public Officials Act* (Canada), the *Bribery Act* (United Kingdom), the *Foreign Corrupt Practices Act* (United States), and all other anti-bribery, and anti-corruption
 Applicable Laws, whether within Canada, the United States or to the extent applicable to
 any Obligor, elsewhere, including any regulations, guidelines or orders thereunder (collectively,
 the "**Anti-Bribery Laws** "); and (ii) the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada) and all other anti-money laundering, anti-terrorist
 financing, government sanction and "know your client" Applicable Laws, whether
 within Canada, the United States and, to the extent applicable to any Obligor, elsewhere,
 including any regulations, guidelines or orders thereunder (collectively, the "**Anti-Money Laundering Laws** "). No Obligor nor, to the knowledge of Grantor and BHMC, any director,
 officer, employee, consultant, representative or agent thereof acting on its behalf, has
 made a voluntary, directed, or involuntary disclosure to any Governmental Authority responsible
 for enforcing Anti-Bribery Laws or Anti-Money Laundering Laws, with respect to any alleged
 non-compliance by any Obligor or such other Persons (acting on behalf of an Obligor) with
 Anti-Bribery Laws or Anti-Money Laundering Laws. No Obligor has received any written notice,
 request, or citation from any Governmental Authority alleging non-compliance by any Obligor
 or such other Persons (acting on behalf of an Obligor) with any Anti-Bribery Laws or Anti-Money
 Laundering Laws.

20. The
 Obligors and their agents have complied at all times with Anti-Bribery Laws with respect
 to the Mine and the development, construction or conduct of all operations or activities
 at the Mine. The operations in relation to the Mine are and have been conducted at all times
 in compliance with applicable financial record-keeping and reporting requirements of Anti-Money
 Laundering Laws and no action, suit or proceeding by or before any court or Governmental
 Authority or any arbitrator involving the Obligors with respect to the Anti-Money Laundering
 Laws is pending or, to the best knowledge of the Obligors, threatened.

21. The
 Obligors have not, and, to the knowledge of the Obligors, no director, officer, employee,
 consultant, representative or agent of the Obligors have, transacted business on behalf of
 the Obligors with any Restricted Person.

22. BHMC
 is a "reporting issuer" (or the equivalent) in the provinces of British Columbia
 and Ontario and is not included on a list of defaulting reporting issuers maintained by the
 securities regulators or other securities regulatory authorities in any such provinces (collectively,
 the "**Securities Regulators** "). No order, ruling or determination having
 the effect of suspending the sale or ceasing or suspending trading in any securities of BHMC
 has been issued by any Governmental Authority and is continuing in effect and no proceedings
 for such purpose have been instituted or are, to the knowledge of the Obligors, pending or
 threatened.

*Legal Proceedings*

 

23. Other
 than as set forth in Section (23) of the Disclosure Letter, there are no actions, suits,
 proceedings, hearings, inquiries, investigations or claims commenced or, to the knowledge
 of the Obligors, threatened against any Obligor or that involve the Mine, and which, individually
 or in the aggregate, (i) would prevent or limit, restrict or impair in any material respect
 the ability of an Obligor to enter into this Agreement or would reasonably be expected to
 materially and adversely impair the performance of its obligations under this Agreement or
 the development of the Mine, or (ii) that could reasonably be expected to result in a Material
 Adverse Effect.

24. No
 Obligor is a party to or subject to any judgment, order, writ, injunction or decree, involving
 the Mine, which (i) could reasonably be expected to materially and adversely impair the performance
 of its obligations under this Agreement, or (ii) could reasonably be expected to result in
 a Material Adverse Effect. No action or proceeding has been instituted or remains pending
 or, to the knowledge of the Obligors, has been threatened and not resolved, by or before
 any Governmental Authority that (i) could reasonably be expected to materially and adversely
 impair the development of the Mine, or (ii) could reasonably be expected to result in a Material
 Adverse Effect.

*Material Information* 

 

25. All
 material information relating to the Mine and Project Assets and prepared by or on behalf
 of the current management of the Obligors and that has been made available or delivered to
 Holder, including forecasts, projections, mine plans, budgets and environmental audits, assessments,
 studies and tests, including any environmental and social impact assessment study reports,
 was prepared in good faith and on the basis of assumptions that the management of the Obligors
 believe to be reasonable at the time of preparation, subject to any material changes of which
 the Obligors have informed Holder in writing. To the knowledge of the management of the Obligors,
 all material information relating to the Mine and the Project Assets prepared at the request
 of current management of the Obligors by third parties and that has been made available or
 delivered to Holder including forecasts, projections, mine plans, budgets and environmental
 audits, assessments, studies and tests, including any material environmental and social impact
 assessment study reports, was prepared in good faith and does not contain materially incorrect
 information. The Obligors do not have knowledge of any change to the facts and assumptions
 underlying the estimates in the technical report and preliminary economic assessment for
 underground milling and concentration of lead, silver and zinc at the Mine dated December
 29, 2021 and effective November 29, 2021, as amended and restated as of February 22, 2022
 effective January 7, 2022 and as further updated and revised by Management's 9 plus
 3 model dated October 30, 2024 titled "*9^M3 Forecast Consolidated Optimization incl AP catch up*" and delivered to Holder on November 15, 2024 (the "**PEA** "),
 that would reasonably be expected to result in a material adverse change in any cost, price,
 reserves, resources or other relevant information in the PEA **.** All material information
 regarding the Mine and the Project Assets, including drill results, technical reports and
 studies, that are required to be disclosed by Applicable Laws, have been publicly disclosed
 by BHMC in compliance, in all material respects, with Applicable Laws.

26. As
 of the date hereof, all material information relating to the Mine mineralization prepared
 by or on behalf of the current management of the Obligors has been made available or delivered
 to Holder and, to the knowledge of the management of the Obligors, such information and the
 reports and information delivered to Holder have been prepared in a manner which is consistent
 with Good Practice Standards, the statements, assumptions and projections contained therein
 are fair and reasonable as and when produced and, to the knowledge of the management of the
 Obligors, have been arrived at after reasonable inquiry having been made in good faith by
 the Persons responsible therefor. The estimated mineral resources relating to the Real Property
 as of the date hereof are as stated in the PEA. The Obligors are in compliance in all material
 respects with NI 43-101 in connection with the disclosure of scientific or technical information
 made by the Obligors concerning the Mine. The Obligors have duly filed with the applicable
 regulatory authorities in compliance in all material respects with Applicable Laws all reports
 required by NI 43-101 in connection with the Mine, and all such reports were prepared in
 accordance with the requirements of NI 43-101 in all material respects. As of the date hereof,
 there are no outstanding unresolved comments of the TSX Venture Exchange (the "**TSX-V** ")
 or any Securities Regulator in respect of the technical disclosure relating to the Mine made
 in the documents which have been filed by or on behalf of the Obligors with the relevant
 Securities Regulators pursuant to the requirements of Applicable Laws, including all documents
 publicly available on BHMC's SEDAR+ profile.

27. The
 Obligors are in compliance in all material respects with all timely and continuous disclosure
 obligations under Applicable Laws, including NI 51-102, and the policies, rules and regulations
 of the TSX-V and, without limiting the generality of the foregoing, except as disclosed to
 the Holder, there has been no "material change", as defined in the *Securities Act* (Ontario) (actual, or, to the knowledge of the Obligors, proposed or prospective,
 whether financial or otherwise) in the business, results of operations, prospects, assets,
 liabilities (contingent or otherwise) or capital or financial condition of the Obligors on
 a consolidated basis which has not been publicly disclosed within the period required by
 NI 51-102, and except as disclosed to Holder, the Obligors has not filed any confidential
 material change reports which remain confidential as of the date hereof.

*Mine* 

 

28. The
 PEA was prepared in a manner which is consistent with Good Practice Standards and the statements,
 assumptions and projections contained therein were fair and reasonable as and when produced
 and, to the Obligors' knowledge, were arrived at after reasonable inquiry, having been
 made in good faith by the Persons responsible therefor. The PEA contains a reasonable estimate
 in all material respects of projected capital expenditures for the Real Property subject
 to fluctuations in exchange rates, commodity prices and electricity rates and has been prepared
 in a manner which is consistent with Good Practice Standards.

29. Subject
 to Section (29) of the Disclosure Letter, Grantor is the sole recorded and beneficial owner
 of the Real Property, free and clear of any Encumbrances (other than Permitted Encumbrances).
 Section (29) of the Disclosure Letter sets out a full and complete list of all Permitted
 Encumbrances. Except for any Permitted Encumbrance or as listed in Section (29) of the Disclosure
 Letter, no Person other than Holder has any agreement to acquire, option, right of first
 refusal or right, title or interest or any right that is or will become an agreement to acquire,
 option, right of first refusal or right, title or interest, in or to all or any material
 part of the Collateral or any Project Assets nor has either of the Obligors granted, or agreed
 to grant, any Encumbrances, other than Permitted Encumbrances, on the Collateral or any Project
 Asset.

30. The
 Authorizations and Other Rights required for the development, construction or operation of
 the Mine, including commercial production of the silver, lead and zinc from the Mine, whether
 obtained or issued by the date hereof or not, are listed in Section (30) of the Disclosure
 Letter. The Obligors have complied in all material respects with all conditions provided
 for in the Authorizations and Other Rights required to be complied with as of the date this
 representation is made.

31. Other
 than as set forth in Section (31) of the Disclosure Letter, all Authorizations and Other
 Rights required for the development, construction and operation of the Mine, including for
 greater certainty all environmental and water permits, are in full force and effect and in
 good standing and none of the Obligors, and to the best of the knowledge and belief of each
 of the Obligors, no other Person party thereto is, in default in any material respect under
 any such Authorization or Other Right.

32. No
 Authorization or Other Right relating to the Mine or the Real Property has been challenged,
 withdrawn, cancelled, amended or refused or, to the best of the knowledge and belief of each
 of the Obligors, threatened to be challenged, withdrawn, cancelled, amended or refused by
 any Governmental Authority or by any other Person.

33. Subject
 to Section (33) of the Disclosure Letter, operation of the Mine is and has been in compliance
 in all material respects with all land use restrictions, zoning, regulations, ordinances,
 environmental laws and other similar Applicable Laws thereto. Subject to Section (33) of
 the Disclosure Letter, during the past three (3) years, neither of the Obligors nor any of
 its agents or employees has received any written notice from any Governmental Authority having
 jurisdiction over the Mine alleging any violation of any Applicable Law, including, but not
 limited to, those relating to environmental laws, zoning, building, use, personal disability
 and fire or safety, which has not been cured or remedied. To the knowledge of the Obligors,
 there are not any threatened proceedings for the rezoning of the Real Property or any portion
 thereof.

34. Current
 management of the Obligors has arranged for the following environmental studies relating
 to the Mine and the Real Property: (i) since September 2020, 30 site water sampling and broad
 spectrum lab testing on a monthly basis and field parameter testing on a bi-weekly basis,
 and (ii) in May 2021, a multi-year water flow analysis program with the University of Idaho's
 hydrogeology department, (iii) water chemistry analysis as part of planning for a proprietary
 in-mine water treatment system, (iv) evaluation of the capabilities of the Environmental
 Protection Agency's Central Treatment Plant, in the event that an Obligor may seek
 to purchase and/or operate it in the future. No other environmental investigation, study,
 audit, test or other analysis has been conducted by or at the request of current management
 of the Obligors with respect to the Mine and the Real Property.

35. Subject
 to Section (35) of the Disclosure Letter, there are no material environmental liabilities
 of the Obligors or to the knowledge of the Obligors, in respect of the development, construction
 and operation of the Mine, in each case, that have been incurred as at the date that this
 representation is made.

36. Subject
 to Section (36) of the Disclosure Letter, no release or threatened release of any chemicals,
 materials or substances, whether solid, liquid or gas, defined as or included in the definition
 of "contaminant", "pollutant", "hazardous substance",
 "hazardous waste", "hazardous material", or "toxic substance"
 under any applicable environmental law has occurred or is occurring at or from the Mine for
 which environmental laws require notice, further investigation or any form of responsive
 action.

37. Section
 (37) of the Disclosure Letter lists all underground and above ground storage tanks located
 or previously located on the Real Property.

38. The
 Obligors have complied and will comply with all terms and conditions of the EPA Settlement
 Agreement, including, without limitation, making timely payments and providing financial
 assurance on schedule.

39. Except
 for the deferral arrangements disclosed in Section (39) of the Disclosure Letter, all payments
 relating to water treatments costs with respect to the Mine, including all costs relating
 to the water treatment facility known as the Central Treatment Plant, have been paid in full,
 and there are no water treatment costs or other amounts in connection therewith owing to
 any Person, including, without limitation, the EPA and the Idaho Department of Environmental
 Quality ()"**IDEQ** ").

40. Except
 as disclosed in Section (40) of the Disclosure Letter, each of the Obligors are in compliance
 with their obligations to the EPA and the IDEQ with respect to the Obligors' responsibilities
 for meeting water discharge standards and for all water treatment costs in connection with
 the Property and there are no further water treatment costs due and payable by the Obligors
 to the EPA and the IDEQ.

41. All
 Real Property owned or leased by the Obligors is described in Schedule "F" and
 all mining claims, concessions and other mining rights forming part of the Mine or related
 thereto are described in Schedule "B".

42. Grantor
 has good and marketable title to the Real Property free and clear of any Encumbrances other
 than Permitted Encumbrances and its rights in and to the Real Property will be valid and
 in full force and effect in all material respects, and the Obligors will have complied in
 all material respects with all of their respective obligations in respect thereof, including
 payment of any annual fees and production penalties, under Applicable Laws. No third party
 holds any mining or real property rights that conflict in any material respect with Grantor's
 rights in and to the Real Property.

43. Except
 as set out in Section (43) of the Disclosure Letter, all mining concession, patent or maintenance
 fees and recording fees, and all other material exploration permit, authorization, lease,
 licensing and mining claim payments, rentals, taxes, assessments, renewal fees and other
 governmental charges, owing in respect of the Mine and the Real Property or any part thereof,
 have been paid in full.

44. Grantor
 owns or has the right to use or the benefit of all of the Other Rights and Project Assets
 and the Other Rights and Project Assets they own are free and clear of any Encumbrances,
 other than Permitted Encumbrances.

45. Subject
 only to the rights of any Governmental Authority set out in Section (425) of the Disclosure
 Letter and except for Permitted Encumbrances, no Person is entitled to or holds any material
 rent, option, back-in right, earn-in right, right of first refusal, royalty, stream, participation,
 production or similar interests, or other payment in the nature of rent or royalty, on or
 for the Mine, including in any Real Property or Products.

46. To
 the knowledge of the Obligors, there is no (i) expropriatory act or series of expropriatory
 acts, including eminent domain, confiscation, nationalization, requisition, deprivation,
 sequestration and/or similar acts, by law, order, executive or administrative action or otherwise
 of any Governmental Authority or any corporation or other entity controlled by any Governmental
 Authority the result of which expropriatory act or series of expropriatory acts is that all
 or substantially all of the rights, privileges and benefits pertaining to, associated with,
 threatened against or affecting all or any part of the Mine (collectively, an "**Expropriation Event**") and (ii) circumstances, notices, discussions, or negotiations which could
 reasonably be expected to result in such an Expropriation Event.

*Community*

 

47. Except
 as set out in Section (46) of the Disclosure Letter, to the best knowledge of the Obligors,
 no indigenous or community groups (and no Persons on their behalf) have asserted any interest
 or rights or commenced or threatened any claims or proceedings affecting the Mine or the
 Obligors that could result in a Material Adverse Effect.

48. Any
 relocation or resettlement of any persons, communities or settlements, including any indigenous
 persons, communities or settlements, in connection with the exploration, development or operation
 of the Mine has been conducted in material compliance with all Applicable Laws and Authorizations.

49. Except
 as set out in Section (49) of the Disclosure Letter, and to the best of the knowledge and
 belief of each of the Obligors (i) no indigenous or community groups (and no Governmental
 Authority on behalf of any such groups) have asserted any interest or rights or commenced
 or threatened any claims or proceedings affecting the Real Property, the Mine or any of the
 Obligors which have a Material Adverse Effect, and (ii) neither the Real Property nor any
 part of the Mine is located on any land or in territory to which indigenous or local community
 groups own or are entitled to communal, collective rights or any other rights under Applicable
 Law.

50. The
 Obligors have complied with all previous consultation processes with local communities in
 accordance with Applicable Law.

*Other*

 

51. The
 execution, delivery and performance of this Agreement by each Obligor and the completion
 of the transactions contemplated hereby is exempt from the formal valuation requirement and
 the minority approval requirement of Multilateral Instrument 61-101 Protection of Minority
 Security Holders in Special Transactions.

52. Except
 as set out in Section (54) of the Disclosure Letter, no Obligor is party to any contract
 that would give rise to a valid claim against an Obligor and/or any Sprott Entity for a brokerage
 commission, finder's fee or like payment in connection with the transactions contemplated
 by this Agreement or the other Transaction Documents.

53. Section
 (55) of the Disclosure Letter, lists all bank accounts of each of BHMC and Grantor and the
 depositary bank at which such accounts are maintained.

54. The
 Obligors are in material compliance with all Applicable Laws respecting employment and employment
 practices, terms and conditions of employment, pay equity and wages; there is not currently
 any labour disruption, strike, or conflict involving or threatened against any Obligor or
 directly affecting the Mine. None of the Obligors are party to a collective bargaining agreement.

**SCHEDULE E<br> REPRESENTATIONS AND WARRANTIES OF HOLDER**

Holder hereby represents and warrants as follows to each of the Obligors, and acknowledges and agrees that the Obligors are relying upon such representations and warranties in connection with entering into of this Agreement:

(a) it
 is a partnership validly existing under the laws of the State of Delaware and is up-to-date
 in respect of all filings required by law to maintain its existence.

(b) it
 has the requisite corporate power, capacity and authority to enter into the Agreement and
 to perform its obligations hereunder.

(c) the
 entering into of this Agreement and the exercise of its rights and performance of obligations
 hereunder do not and will not (i) conflict with or result in a default under any material
 agreement, mortgage, bond or instrument to which it is a party or which is binding on its
 assets, (ii) conflict with its constating or constitutive documents; or (iii) conflict with
 or violate any Applicable Law, in each case, in any material respect.

(d) no
 corporate or other approvals of any Person are required to be obtained by it in connection
 with the execution and delivery or performance by it of this Agreement or the transactions
 contemplated hereby, except for any such approval as has been obtained prior to the execution
 and delivery by it of this Agreement.

(e) this
 Agreement has been duly and validly executed and delivered by Holder, and constitutes a legal,
 valid and binding obligation of it, enforceable against it in accordance with the terms thereof,
 except to the extent enforcement may be affected by bankruptcy, insolvency, fraudulent transfer,
 reorganization, moratorium and similar Applicable Laws affecting creditors' rights
 generally and subject to the qualification that equitable remedies, injunctive relief and/or
 specific performance may be granted in the discretion of a court of competent jurisdiction.

(f) it
 has not suffered an Insolvency Event and is not now aware of any circumstance which, with
 notice or the passage of time, or both, would give rise to an Insolvency Event with respect
 to it.

**SCHEDULE F<br> LEGAL DESCRIPTION OF REAL PROPERTY**

**<u>SCHEDULE F-1</u>**

**<u>SURFACE AND MINERAL PARCELS</u>**

PARCEL 1:

Being a tract of land situated in the Northeast ¼ of the Southeast ¼ of Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho more particularly described as follows:

Beginning at the East ¼ corner of said Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho marked by a concrete monument and also the point of beginning, thence

South 87°28'34" West 165.92 feet; thence

South 30°34'59" West, 220.96 feet; thence

Along a curve right, radius = 40 feet, the long chord bears South 66°18'09" West, 75.71 feet; thence

North 78°22'26" West, 36.16 feet; thence

South 10°52'21" West, 204.04 feet; thence

North 75°18'39" West, 252.91 feet; thence

South 17°22'44" West, 1124.08 feet; thence

North 87°41'35" East, 1007.62 feet; thence

North 00°12'22" West, 1389.14 feet to the point of beginning.

PARCEL 2:

Being a tract of land lying in the Northeast ¼ and the Southeast ¼ of Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho and more particularly described as follows:

Beginning at a point from whence the East ¼ corner of Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho bears South 10°03'11" East, 409.83 feet distant; thence

South 21°46'03" West, 150.17 feet; thence

North 65°43'21" West, 407.49 feet; thence

South 01°10'02" West, 94.54 feet; thence

South 27°17'34" West, 90.00 feet; thence

South 39°32'35" East, 342.19 feet; thence

South 17°00'49" West, 108.69 feet; thence

South 09°45'56" East, 92.08 feet; thence

Along a curve right, radius = 40 feet, the long chord bears North 68°36'01" East, 43.86 feet;

Thence

North 30°34'41" East, 331.46 feet; thence

Along a curve right, radius = 100 feet, the long chord bears North 48°38'04" East, 62.13 feet; thence

Along a curve left, radius = 161 feet, the long chord bears North 16°29'47" East, 198.94 feet; thence

North 31°27'01" West, 84.16 feet to the point of beginning and sometimes referred to as Lot 2, Mine Short Plat No. 1 as shown on the official recorded plat thereof recorded as Instrument No. 350327, records of Shoshone County, State of Idaho.

PARCEL 3:

Being a tract of land situated in the Northeast ¼ of the Southeast ¼ of Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho more particularly described as follows:

Beginning at a point whence the East ¼ corner of Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho bears North 59°22'09" East, 395.37 feet distant; thence

Along a curve left, radius = 40 feet, the long chord bears South 15°24'18" West, 27.50 feet; thence

North 78°22'26" West, 36.16 feet; thence

South 10°52'21" West, 204.04 feet; thence

North 75°18'39" West, 252.91 feet; thence

North 02°48'24" West, 383.22 feet; thence

North 31°43'07" East, 271.88 feet; thence

South 39°32'35" East, 342.19 feet; thence

South 17°00'49" West, 108.69 feet; thence

South 09°45'56" East, 92.08 feet to the point of beginning and sometimes referred to as Lot 3 Mine Plant Short Plat No. 1.

PARCEL 4:

Saxon, M.S. 2067 Patented Mining Claim situated in Yreka Mining District in Section 11 & 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 553, records of Shoshone County, State of Idaho.

PARCEL 5:

Link, M.S. 2123 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 601, records of Shoshone County, State of Idaho.

PARCEL 6:

Spur, M.S. 2124 Patented Mining Claim situated in Yreka Mining District in Sections 11 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 48, Deeds, at page 479, records of Shoshone County, State of Idaho.

PARCEL 7:

Spear, M.S. 2496 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 43, Deeds, at page 49, records of Shoshone County, State of Idaho.

PARCEL 8:

Marion, M.S. 2583 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 47, Deeds, at page 196, records of Shoshone County, State of Idaho.

PARCEL 9:

Ben Herr, Kruger and Philippine, M.S. 2599 Patented Mining Claims situated in Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 47, Deeds, at page 27, records of Shoshone County, State of Idaho.

PARCEL 10:

Hough, M.S. 2611 Patented Mining Claim situated in Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 99, records of Shoshone County, State of Idaho.

PARCEL 11:

California, M.S. 2627 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 45, Deeds, at page 503, records of Shoshone County, State of Idaho.

PARCEL 12:

Check, M.S. 2840 Patented Mining Claim situated in Yreka Mining District in Sections 1 and 12, Township 48, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 54, Deeds, at page 465, records of Shoshone County, State of Idaho.

PARCEL 13:

That portion of Florence, M.S. 2862 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho and more particularly described in those certain deeds recorded November 30, 1966 as Instrument Nos. 208505 and 208506, records of Shoshone County, State of Idaho. Patent recorded in Book 55, Deeds, at page 585, records of Shoshone County, State of Idaho.

PARCEL 14:

Billy, M.S. 3111 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 96, Deeds, at page 398, records of Shoshone County, State of Idaho.

PARCEL 15:

Lucky, M.S. 3470 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., and in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 91, Deeds, at page 283, records of Shoshone County, State of Idaho.

PARCEL 16:

Moat, M.S. 3503 Patented Mining Claim situated in Yreka Mining District in Sections 17, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 96, Deeds, at page 356, records of Shoshone County, State of Idaho.

PARCEL 17:

Bunker Hill, M.S. 579 Patented Mining Claim situated in Yreka Mining District in Sections 12 & 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 101, records of Shoshone County, State of Idaho.

PARCEL 18:

Sullivan, M.S. 580 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 190, records of Shoshone County, State of Idaho.

PARCEL 19:

Important Fraction, M.S. 581 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 285, records of Shoshone County, State of Idaho.

PARCEL 20:

Phil Sheridan, M.S. 604 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 281, records of Shoshone County, State of Idaho.

PARCEL 21:

Reed Fraction, M.S. 607 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 246, records of Shoshone County, State of Idaho.

PARCEL 22:

Bunker Hill Millsite, M.S. 608 Patented Millsite Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 4, Deeds, at page 181, records of Shoshone County, State of Idaho.

PARCEL 23:

Small Hopes, M.S. 609, Amended Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 325, records of Shoshone County, State of Idaho.

PARCEL 24:

Bottom Dollar Fraction, M.S. 629 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 252, records of Shoshone County, State of Idaho.

PARCEL 25:

Chestnut Fraction, M.S. 632 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 339, records of Shoshone County, State of Idaho.

PARCEL 26:

Emma & Last Chance Millsite, M.S. 703 Patented Millsite claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 4, Deeds, at page 179, records of Shoshone County, State of Idaho.

PARCEL 27:

Ontario, M.S. 755 Patented Mining Claim situated in Yreka Mining District in Sections 11 & 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 382, records of Shoshone County, State of Idaho.

PARCEL 28:

Carbonate, M.S. 764 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 325, records of Shoshone County, State of Idaho.

PARCEL 29:

Silver Casket, M.S. 790 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 15, Deeds, at page 25, records of Shoshone County, State of Idaho.

PARCEL 30:

Turkey Buzzard, M.S. 836 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in book 6, Deeds, at page 243, records of Shoshone County, State of Idaho.

PARCEL 31:

Snowslide Fraction, M.S. 837 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 249, records of Shoshone County, State of Idaho.

PARCEL 32:

Silver, M.S. 1085 Patented Mining Claim situated in Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 479, records of Shoshone County, State of Idaho.

PARCEL 33:

Johnnesburg, M.S. 1192 Patented Mining Claim situated in Yreka Mining District in Sections 12 & 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 232, records of Shoshone County, State of Idaho.

PARCEL 34:

Puritan, M.S. 1328 Amended Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 196, records of Shoshone County, State of Idaho.

PARCEL 35:

No. 5, M.S. 1357 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 18, Deeds, at page 234, records of Shoshone County, State of Idaho.

PARCEL 36:

Omaha, M.S. 1409 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents at page 190, records of Shoshone County, State of Idaho.

PARCEL 37:

Legal Tender, M.S. 1639 Amended Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 304, records of Shoshone County, State of Idaho.

PARCEL 38:

Triangle Fraction, M.S. 2065 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 604, records of Shoshone County, State of Idaho.

PARCEL 39:

A parcel of land situated in the Northwest Quarter of Section 6, Township 48 North, Range 3 East, B.M., Shoshone County, Idaho, and more particularly described as follows:

Using the Bunker Hill Triangulation System Meridian and coordinates and beginning at Corner No. 1, a point identical with the West Quarter Corner of said Section 6 (N9667.57, E687.41), and running thence

North 0°42'20" East, 372.46 feet along the West boundary line of said Section 6 to Corner No. 2; thence

South 20°36' East, 59.71 feet to Corner No. 3, a point identical with Corner No. 4 of the Washington Water Power Company (WWP Co.) tract as described in Document No. 302109, recorded November 2, 1982, records of Shoshone County, Idaho from The Bunker Hill Company to Bunker Limited Partnership, Parcel 28 of Exhibit "A", pages 12 and 13; thence

South 69°24' West, 12.87 feet to Corner No. 4, identical with Corner No. 3 of said WWP Co. tract; thence

South 14°20' East, 118.05 feet to Corner No. 5, identical with Corner No. 2 of said WWP Co. tract; thence

South 2°23'30" West, 187.00 feet to Corner No. 6, identical with Corner No. 1 of said WWP Co. tract; thence

South 80°00' East, 53.98 feet along the Southerly boundary line of said WWP Co. tract to its point of intersection with the South boundary line of the Northwest Quarter of said Section 6; thence

South 88°55'25" West, 88.05 feet along said boundary line of said Section 6 Northwest Quarter to Corner No. 1 and place of beginning.

PARCEL 40:

Blue Bird and Maple, M.S. 1229 Patented Mining Claims situated in Yreka Mining District in Sections 11, 12, 13 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Deeds, at page 580, records of Shoshone County, State of Idaho.

EXCEPT: Any portion of M.S. 1229 conveyed to Idaho Forest Industries by deed recorded March 4, 1991 as Instrument No.; 346474, records of Shoshone County, State of Idaho.

PARCEL 41:

Butternut and Homestake, M.S. 1916 Patented Mining Claims situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 434, records of Shoshone County, State of Idaho.

EXCEPT: Any portion of M.S. 1916 conveyed to Idaho Forest Industries by deed recorded March 4, 1991 as Instrument No. 346474, records of Shoshone County, State of Idaho.

PARCEL 42:

Hickory and Spruce Fraction, M.S. 2432 Patented Mining Claims situated in Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 253, records of Shoshone County, State of Idaho.

PARCEL 43:

Tyler, M.S. 546 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 34, Deeds, at page 382, records of Shoshone County, State of Idaho.

PARCEL 44:

Emma, M.S. 550 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded as Instrument No. 209775, records of Shoshone County, State of Idaho.

PARCEL 45:

Last Chance, M.S. 551 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 1, Deeds, at page 433, records of Shoshone County, State of Idaho.

PARCEL 46:

Republican Fraction, M.S. 959 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Parent recorded in Book A, Patents, at page 316, records of Shoshone County, State of Idaho.

PARCEL 47:

Hornet, M.S. 1325 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 607, records of Shoshone County, State of Idaho.

PARCEL 48:

Sampson, M.S. 1328 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 196, records of Shoshone County, State of Idaho.

PARCEL 49:

Stemwinder, M.S. 1830 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 437, records of Shoshone County, State of Idaho.

PARCEL 50:

Utah, M.S. 1882 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 415, records of Shoshone County, State of Idaho.

PARCEL 51:

Hawk, Idaho and Washington, M.S. 2072 Patented Mining Claims situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 35, Deeds, at page 459, records of Shoshone County, State of Idaho.

PARCEL 52:

Helen Marr, M.S. 2452 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 415, records of Shoshone County, State of Idaho.

PARCEL 53:

Brady, M.S. 2584 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 43, Deeds, at page 135, records of Shoshone County, State of Idaho.

PARCEL 54:

Boer and Grant, M.S. 2599 Patented Mining Claims situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 45, Deeds, at page 27, records of Shoshone County, State of Idaho.

EXCEPT: That portion of Grant, M.S. 2599 which is in conflict with the Kirby Fraction, M.S. 2654 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho.

PARCEL 55:

Lackawanna, M.S. 614 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 260, records of Shoshone County, State of Idaho.

PARCEL 56:

East and Sullivan Extension, M.S. 1228 Patented Mining Claims situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Deeds, at page 572, records of Shoshone County, State of Idaho.

PARCEL 57:

Real property in the County of Shoshone, State of Idaho, described as follows:

Being a tract of land situated in the Southeast ¼ of the Northeast ¼ of Section 1, Township 48 North, Range 2 East, B.M., more particularly described as follows:

Beginning at a point on the southerly right of way of McKinley Avenue whence the East ¼ corner of Section 1 bears South 53° 22'13" East, a distance of 1318.27 feet; thence

South 23°04'59" West, a distance of 487.64 feet; thence

South 61°03'11" East, a distance of 644.85 feet; thence

North 31°43'07" East, a distance of 271.88 feet; thence

North 27°17'34" East, a distance of 90.00 feet; thence

North 01°10'02" East, a distance of 94.54 feet; thence

North 65°13'58" West, a distance of 207.15 feet; thence

North 66°45'00" West, a distance of 416.56 feet; thence

North 23°04'50" East, a distance of 104.13 feet to a point on the southerly right of way of McKinley Avenue; thence

North 74°36'24" West, a distance of 30.27 feet, to the point of beginning. Sometimes referred to as the Rock House parcel.

**<u>SCHEDULE F-2</u>**

**<u>MINERAL RIGHTS</u>**

PARCEL 1:

Reeves, M.S. 1412 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 8, Deeds, at page 66.

PARCEL 2:

Packard, M.S. 1413 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 193.

PARCEL 3:

Quaker, M.S. 1414 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 388.

PARCEL 4:

Danish, M.S. 1503 Amended Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 north, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded as Instrument No. 209774, records of Shoshone County, State of Idaho.

PARCEL 5:

Alferd (shown of record as Alfred) and Maggie, M.S. 1628 Patented Mining Claims situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 247.

PARCEL 6:

Princess, M.S. 1633 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 301.

PARCEL 7:

Royal Knight and Silver King, M.S. 1639 Amended Patented Mining Claims situated in Yreka Mining District in Sections 2 and 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 304.

PARCEL 8:

Phillippine, M.S. 1663 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 322.

PARCEL 9:

Harrison, M.S. 1664 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 307.

PARCEL 10:

Ninety-Six (96), M.S. 1715 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 349.

PARCEL 11:

Lydia Fraction, Mabel, Manila, O.K., O.K. Western, Sunny and Whippoorwill, M.S. 1723 Patented Mining Claim situated in Yreka Mining District in Sections 2 and 3, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 28, Deeds, at page 446.

PARCEL 12:

William Lambert Fraction, M.S. 1945 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 1, Deeds, at page 580.

PARCEL 13:

Band, M.S. 2507 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 251.

PARCEL 14:

Maine, M.S. 2626 Patented Mining Claim situated in Yreka Mining District in Sections 2 & 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 45, Deeds, at page 180.

PARCEL 15:

Venture, M.S. 3164 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 62, Patents, at page 72.

PARCEL 16:

Goth, L-2, L-3 M. S. 3214 Patented Mining Claims Patent Mining Claim situated in Yreka Mining District in Sections 2 and 9, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 64, Deeds, at page 284.

PARCEL 17:

Castle, M.S. 3503 Patented Mining Claim situated in Yreka Mining District in Section 17, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 96, Deeds, at page 356.

PARCEL 18:

Silver King Millsite, M.S. 3563 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 123, Deeds, at page 166.

PARCEL 19:

Tyler, M.S. 546 Amended Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 34, Deeds, at page 546

PARCEL 20:

Emma, M.S. 550 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded as Instrument No. 209775, records of Shoshone County, State of Idaho.

PARCEL 21:

Last Chance, M. S. 551 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 1, Deeds, at page 433

PARCEL 22:

Sierra Nevada, M.S. 554 Patented Mining Claim situated in Yreka Mining District in Sections 11 & 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 1, Deeds, at page 358.

PARCEL 23:

Viola, M.S. 562 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 619.

PARCEL 24:

Oakland, M.S. 569 Patented Mining Claim situated in Yreka Mining District in Sections 11 & 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 235.

PARCEL 25:

Jackass, M.S. 586 Amended Patented Mining Claim situated in Yreka Mining District in Sections 12 & 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 75.

PARCEL 26:

Lackawana, M.S. 614 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Patents, at page 260.

PARCEL 27:

Skookum, M.S. 615 Patented Mining Claim situated in Yreka Mining District in Sections 11 & 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book X, Deeds, at page 313

PARCEL 28:

Rolling Stone, M.S. 619 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., and in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 484.

PARCEL 29:

Fairview, M.S. 621 Patented Mining Claim situated in Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 301.

PARCEL 30:

San Carlos, M.S. 750 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 535.

PARCEL 31:

Ontario Fraction, M.S. 755 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 382.

PARCEL 32:

Sold Again Fraction, M.S. 933 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 9, Deeds, at page 207.

PARCEL 33:

Republican Fraction, M.S. 959 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 301.

PARCEL 34:

Likely, M.S. 1298 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book B, Patents, at page 25.

PARCEL 35:

Apex, Rambler and Tip Top, M.S. 1041 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 139.

PARCEL 36:

Butte, Cariboo, Good Luck, Jersey Fraction and Lilly May, M.S. 1220 Patented Mining Claim situated in Yreka Mining District in Sections 11 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 24, Deeds, at page 23.

PARCEL 37:

Mabundaland, Mashonaland, Matabelaland, Stopping and Zululand, M.S. 1227 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 481.

PARCEL 38:

Alla, Bonanza Fraction, East, Ironhill, Lacrosse, Miners Delight, No Name, Ollie McMillin, Schofield, Sullivan Extension and Summit, M.S. 1228 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., and in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 301.

PARCEL 39:

Allie, Blue Bird, Bought Again, Josie, Maple, Offset, Rookery and Susie, M.S. 1229 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Deeds, at page 580.

PARCEL 40:

Hornet M.S. 1325 Amended Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 607.

PARCEL 41:

King, M.S. 1325 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 295

PARCEL 42:

Sampson, M.S. 1328 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 196.

PARCEL 43:

Comstock, Daisy, Dandy, Jessie, Julia, Justice, Ophir and Walla Walla, M.S. 1345 Patented Mining Claim situated in Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Deeds, at page 584.

PARCEL 44:

Lucky Chance, M.S. 1349 Patented Mining Claim situated in Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 15, Deeds, at page 494.

PARCEL 45:

Excelsior, M.S. 1356 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 157.

PARCEL 46:

No. 1, No. 2, No. 3 and No. 4, M.S. 1357 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 18, Deeds, at page 234.

PARCEL 47:

Carter, Coxey, Deadwood, Debs, Hamilton, Hard Cash and Nevada, M.S. 1466 Patented Mining Claim situated in Yreka Mining District in Sections 11 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Patents, at page 577.

PARCEL 48:

Arizona, M. S. 1488 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 199.

PARCEL 49:

Wheelbarrow, M.S. 1526 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 442.

PARCEL 50:

New Era, M.S. 1527 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 478.

PARCEL 51:

Hamilton Fraction, M.S. 1619 Patented Mining Claim situated in Yreka Mining District in Sections 11 & 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 289.

PARCEL 52:

Berniece, Mountain King, Mountain Queen, Southern Beauty and Waverly, M.S. 1620 Patented Mining Claim situated in Yreka Mining District in Section 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 292.

PARCEL 53:

Good Enough, M.S. 1628 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 247.

PARCEL 54:

McLelland, M.S. 1681 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 622.

PARCEL 55:

Stemwinder, M.S. 1830 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 35, Deeds, at page 437.

PARCEL 56:

Utah, M.S. 1882 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 415.

PARCEL 57:

Butternut and Homestake, M.S. 1916 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 434.

PARCEL 58:

Overlap, M.S. 2052 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book A, Patents, at page 532.

PARCEL 59:

Bee, Combination, Hawk, Idaho, Iowa, Oregon, Scorpion Fraction and Washington, M.S. 2072 Patented Mining Claim situated in Yreka Mining District in Sections 1 & 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 33, Deeds, at page 459.

PARCEL 60:

Eighty-Five (85), Iowa No. 2, K-10, K-11, K-12, K-13, K-16, K-17, K-18, K-19, K-20, K-21, K-22, K-23, K-28, K-29, K-30, K-31, K-32, K-39, Minnesota, Missouri No. 2, Ninety-One (91) and Ninety-two (92), M.S. 2077 Patented Mining Claim situated in Yreka Mining District in Sections 14, 15 and 22, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 34, Patents, at page 425.

PARCEL 61:

Chain, M.S. 2078 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 432.

PARCEL 62:

K-1, K-2, K-3, K-4, K-5, K-6, K-7, K-8, K-9, K-14, K-15, K-24, K-25, K-26, K-27, K-33, K-34, K-35, K-36, K-37, K-38, Kansas, Missouri and Texas, M.S. 2080 Patented Mining Claim situated in Yreka Mining District in Sections 14 and 23, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 34, Patents, at page 440.

PARCEL 63:

Bear, Black, Brown, Dewey, Ito, Oyama, S-1, S-2, S-3, S-4, S-5, S-6, S-7, S-8, S-9, S-10, S-11, S-12, S-13, Sampson, Sarnia and Star, M. S. 2081 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., and Sections 18 and 19, Township 48 North, Range 3 East, B.M., , Shoshone County, State of Idaho. Patent recorded in Book 34, Patents, at page 456.

PARCEL 64:

Sims, M.S. 2186 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book B, Patents, at page 23.

PARCEL 65:

Lincoln, M.S. 2187 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 40, Deeds, at page 126.

PARCEL 66:

Brooklyn, New Jersey and Schute Fraction, M.S. 2201 Patented Mining Claim situated in Yreka Mining District in Section 10, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 52.

PARCEL 67:

Cheyenne, M.S. 2249 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 42, Deeds, at page 505.

PARCEL 68:

Buckeye, M.S. 2250 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho.

PARCEL 69:

Timothy Fraction, M.S. 2274 Patented Mining Claim situated in Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 43, Deeds, at page 36.

PARCEL 70:

Confidence and Flagstaff, M.S. 2328 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., and in Section 7, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book B, Patents, at page 27.

PARCEL 71:

Norman, M.S. 2368 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 410.

PARCEL 72:

Grant, M.S. 2369 Patented Mining Claim situated in Yreka Mining District in Sections 11 & 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 408.

PARCEL 73:

Cypress, M.S. 2429 Patented Mining Claim situated in Yreka Mining District in Sections 12 & 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 255.

PARCEL 74:

Hickory and Spruce Fraction, M.S. 2432 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 253.

PARCEL 75:

Helen Marr and Hemlock, M.S. 2452 Patented Mining Claim situated in Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 415.

PARCEL 76:

Spokane, M.S. 2509 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 305.

PARCEL 77:

Heart, Jack, Key, Queen and Teddy, M.S. 2511 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 45, Deeds, at page 21.

PARCEL 78:

Ace, Club, Diamond, Nellie, Roman and Spade, M.S. 2583 Patented Mining Claim situated in Yreka Mining District in Sections 11 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 47, Deeds, at page 196.

PARCEL 79:

Brady, M.S. 2584 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 43, Deeds, at page 135.

PARCEL 80:

A, B, C, D, E, F, Drew, Edna, Emily Grace, Foster, K-40, Lilly, Medium, Missing Link, No. 1, No. 2, Peak, Penfield, Sliver, Snowline, Yreka No. 10, Yreka No. 11, Yreka, No. 12, Yreka No. 13, Yreka No. 14, Yreka No. 15, Yreka No. 16, Yreka No. 17, Yreka no. 18, Yreka No. 19, Yreka No. 20, Yreka no. 21, Yreka No. 22, Yreka No. 23, Yreka No. 24, Yreka No. 25 and Yreka No. 26, M.S. 2587 Patented Mining Claim situated in Yreka Mining District in Sections 13, 24 and 25, Township 48 North, Range 2 East, B.M., and in Sections 19 and 30, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 57, Deeds, at page 597 and in Book 57, Deeds, page 85.

PARCEL 81:

Boer and Grant, M.S. 2599 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 45, Deeds, at page 27.

PARCEL 82:

Asset, Childs, Eli, Evans, Gun, Nick, Ox, Ruth, Sherman, Simmons, Taft and Yale, M.S. 2611 Patented Mining Claim situated in Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, B.M., and in Sections 18 & 19, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 99.

PARCEL 83:

African, Gus, Roy and Trump, M.S. 2624 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 43, Deeds, at page 561.

PARCEL 84:

Kirby Fraction, McClellan, Miles and Pitt, M.S. 2654 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 47, Deeds, at page 632.

PARCEL 85:

Bonanza King Millsite, M.S. 2868 Patented Mining Claim situated in Yreka Mining District in Section 8, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 61, Deeds, at page 112.

PARCEL 86:

Flagstaff No. 2, Flagstaff No. 3, Flagstaff No. 4, Scelinda No. 1, Scelinda No. 2, Scelinda No. 3, Scelinda No. 4, Scelinda No. 5, Scelinda No. 7 and Scelinda No. 8, M.S. 2921 Patented Mining Claim situated in Yreka Mining District in Sections 1 and 12, Township 48 North, Range 2 East, B.M., and in Section 7, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 59, Deeds, at page 120.

PARCEL 87:

Ethel, Katherine, Manchester, McRooney, Stuart No. 2, Stuard No. 3, Sullivan and Switzerland, M.S. 2966 Patented Mining Claim situated in Yreka Mining District in Sections 10 and 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 482.

PARCEL 88:

Hoover No. 1, Hoover No. 2, Hoover No. 3, Hoover No. 4 and Hoover No. 5, M.S. 2975 Patented Mining Claim situated in Yreka Mining District in Sections 13, 14, 23 & 24, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 490.

PARCEL 89:

Adath, Al-kyris, Anna Laura, Atlas, Atlas No. 1, Fraction, Gay, Panorama, Red Deer and Setzer, M.S. 2976 Patented Mining Claim situated in Yreka Mining District in Sections 22 and 23, Township 48 North, Range 2 East, B.M., and in Section 7, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 493.

PARCEL 90:

Lesley, Lesley No. 2, Lesley No. 3, Little Ore Grande, North Wellington, Ore Grande No. 1, Ore Grande No. 2, Ore Grande No. 3, Ore Grande No. 4, Ore Grande no. 5 and Wellington M.S. 2977 Patented Mining Claim situated in Yreka Mining District in Sections 23 and 26, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 496.

PARCEL 91:

Marko, V.M. No. 1 and V.M. No. 2, M.S. 3051 Patented Mining Claim situated in Yreka Mining District in Sections 7 and 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 59, Deeds, at page 78.

PARCEL 92:

Army and Navy, M.S. 3096 Patented Mining Claim situated in Yreka Mining District in Section 22, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 60, Deeds, at page 223.

PARCEL 93:

Oracle, Orbit, Oreano, Ore Shoot, Orient, Oriental Orphan and Orpheum, M.S. 3097 Patented Mining Claim situated in Yreka Mining District in Section 23, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 60, Deeds, at page 255.

PARCEL 94:

East Midland, Midland, Midland No. 1, Midland No. 3, Midland No. 4, Midland No. 5, Midland No. 6, Midland No. 7, Midland No. 8 and North Midland, M.S. 3108 Patented Mining Claim situated in Yreka Mining District in Sections 13 & 24, Township 48 North, Range 2 East, B.M., and in Section 19, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 60, Deeds, at page 319.

PARCEL 95:

Monte Carlo No. 1, Monte Carlo No. 2, Monte Carlo No. 3, Monte Carlo No. 4 and Monte Carlo No. 5, M.S. 3177 Patented Mining Claim situated in Yreka Mining District in Sections 7 and 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 63, Deeds, at page 183.

PARCEL 96:

Long John, M.S. 3179 Patented Mining Claim situated in Yreka Mining District in Section 7, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 63, Deeds, at page 611.

PARCEL 97:

L-1, M.S. 3214 Patented Mining Claim situated in Yreka Mining District in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 64, Deeds, at page 284.

PARCEL 98:

Pete, Prominade, Sam and Zeke, M.S. 3389 Patented Mining Claim situated in Yreka Mining District in Section 10, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 77, Deeds, at page 173.

PARCEL 99:

Battleship Oregon, Charly T., Lucia, Marblehead, Margaret, Nancy B., Olympia and Phil, M.S. 3390 Patented Mining Claims situated in Yreka Mining District in Sections 11 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 77, Deeds, at page 338.

PARCEL 100:

Beta, M.S. 3471 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded as Instrument No. 168414, records of Shoshone County, State of Idaho.

PARCEL 101:

Spokane Central No. 1, Spokane Central No. 2, Spokane Central No. 3, Spokane Central No. 3 Fr., Spokane Central No. 4 and Spokane Central No. 5, M.S. 3472 North Fork Coeur d'Alene Patented Mining Claim situated in Yreka Mining District in Sections 19, 20 and 29, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patents recorded as Instrument No. 179430 and as Instrument No. 219606, records of Shoshone County, State of Idaho.

PARCEL 102:

Anaconda, Apex, Apex no. 2, Apex No. 3, Blue Bird, Blue Grouse, Bob White, Butte, Butte Fraction, Cougar, Galena, Huckleberry No. 2, Leopard, Lynx, MacBenn, Martin, Pheasant, Robbin and Sonora, M.S. 3361 Patented Mining Claims situated in Yreka Mining District in Sections 1 and 2, Township 47 North, Range 2 East, B.M., and in Section 35, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 76, Deeds, at page 626.

PARCEL 103:

A 1/6 interest only in the Baby, Keystone, Van and Woodrat, M.S. 2856 Patented Mining Claims situated in Yreka Mining District in Sections 2 & 3, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 52.

PARCEL 104:

Evening Star, Evening Star Fraction, Maryland, Monmouth, Oregon, Oregon No. 2 and Silver Chord, M.S. 2274 Patented Mining Claims situated in Yreka Mining District in Section 15, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 43, Deeds, at page 36.

PARCEL 105:

Spring, M.S. 3298 Patented Mining Claims situated in Yreka Mining District in Section 15, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 73, Deeds, at page 394.

PARCEL 106:

Milo Millsite, M.S. 2869 Patented Mining Claims situated in Yreka Mining District in Sections 8 and 17, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 61, Deeds, at page 111.

PARCEL 107:

Black Diamond, Carbonate, Enterprise, Enterprise Extension, Gelatin, Giant and Rolling Stone, M.S. 3423 Patented Mining Claims situated in Yreka Mining District in Sections 3 and 10, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho.

PARCEL 108:

Chief No. 2 and Sugar, M.S. 2862 Patented Mining Claims situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 55, Deeds, at page 585.

**<u>SCHEDULE F-3</u>**

**<u>ADDITIONAL PARCELS</u>**

Tax Parcel No. D0000-002-0300, Tax Parcel No. D0000-002-0550, Tax Parcel No. D-0000-002-0700, D-0000-002-0975, D0000-002-1400, D-0000-002-1500, D-0000-002-1900, D-0000-002-2100, D-0000-002-4725, D-0000-002-4800, D-0000-002-7300, The SENE, NESE, Lot 1 (NENE), SENW, lying East of County Road and the West Half of the NE ¼ Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho

EXCEPT: Those portions of the subject property conveyed to Shoshone School Districts No.s 30 and 391 by deeds dated June 1, 1938 and recorded September 19, 1938 in Book 70, Deeds, at page 130; dated August 15, 1950 and recorded November 20, 1950 in Book 84, Deeds, at page 563 and recorded January 27, 1975 as Instrument No. 255179.

Tax Parcel No. 48N02E3675

SWNW Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho

Tax Parcel No. 49N02E341900

South ½ of the Northeast ¼ and the Southeast ¼ of the Northwest ¼ of Section 34, Township 49 North, Range 2 East, B.M., Shoshone County, State of Idaho

Tax Parcel No. 49N02E345000

That portion of Section 34, Township 49 North, Range 2 East, B.M., Shoshone County, State of Idaho lying South of the Coeur d'Alene River and North of the U.S. I-90 Right of way.

EXCEPT: County Airport

ALSO EXCEPT: NWSW and SWNW Section 34, Township 49 North, Range 2 East, B.M., Shoshone County, State of Idaho.

Tax Parcel No. 48N03E106700

Being a tract of land lying in the Southeast Quarter of the Southwest Quarter, and in the Southwest Quarter of the Southeast Quarter, Section 10, Township 48 North, Range 3 East, Boise Meridian, Shoshone County, Idaho, and being more particularly described as follows:

Using the Bunker Hill triangulation survey meridian and beginning at corner No. 1, a drill steel monument with a copper cap, 2 ins. X 2 ins., marked corner 1-SU, from whence the Southwest corner of said Southeast Quarter of the Southwest Quarter, a concrete monument marked W 1/16 cor., bears S.43°58.2'W., 518.15 ft. distant, and from whence, also, cor. No. 1 survey No. 2274 Monmouth lode bears S.34°41.3'E., 457.52 ft. dist.; thence

N.34°51.2'E., 349.44 ft. dist. To cor. No. 2; thence

N.89°58'W., 560 ft. dist., to cor. No. 3, which corner point falls on a steep, unstable, slope and from which point a witness corner, a drill steel monument with a copper cap marked W.C. cor. 3-SU, bears N.35°24.4'W., 33.14 ft dist.; thence

N.O°03'W., 660.00 ft. dist., to cor. No. 4, a drill steel with copper cap marked cor. 4-SU; thence

S.89°58'E., 1,454.12 ft. dist., to cor. No. 5, a drill steel monument with copper cap marked cor. 5-SU, on the westerly right-of-way boundary of the Big Creek road; thence

On and along said right-of-way boundary, S.38°34.1 'W., 552.72 ft. dist., to cor. No. 6, identical with a concrete monument with brass cap marked P.C. 45+41.10; thence

On a 2°00' curve to the left, the long chord of which bears S.35°38'W., 297.96 ft. dist., to cor. No. 7, identical with highway boundary P.T. 48+35.09 back (48+36.54 ahead) the monument of which has been obliterated; thence

Continuing on said right-of-way boundary S.32°39.5'W., 419.26 ft. dist., to cor. No. 8, a drill steel with copper cap marked cor. 8-SU; thence

N.57°20.5'W., 115.00 ft. dist., to cor. No. 9, a drill steel with copper cap marked cor. 9-SU; thence

S.32°39.5'W., 120.00 ft. dist., to cor. No. 10, a drill steel with copper cap marked cor. 1O-SU; thence

N. 57°20.5'W., 222.41 ft. dist., to cor. No. 1, the place of beginning.

Tax Parcel No. D-0000-006-3960

Being a tract of land situated in the NE ¼ of Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, more particularly described as follows;

Beginning at the SE corner of Lot 2 whence the West ¼ Corner of Section 6 bears South 11°44'32" East 553.78 feet distant; thence

North 14°20'30" East, 106.64 feet; thence

South 70°17'45" West, 301.02 feet; thence

South 14°14'25" West, 90.00 feet; thence along a curve right, radius= 10SS.37, the long chord bears South 69°06-13" East, 129.05 feet; thence

South 65°42'23" East, 173.96 feet to the point of beginning.

AND

Being a tract of land situated in the NE ¼ of Section 1, Township 48 North, Range 2 East, B.M. and in Section 6. Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho more particularly described as follows:

Beginning at the SE corner of Lot 1 whence, the West ¼ corner of Section 6 bears South 32°54'10" West, 504.22 feet distant; thence

North 15° East, 149.49 feet; thence

North 30° West, 73.01 feet: thence

North 76°06'48" West, 275.55 feet; thence

South 70°18'02" West, 95.30 feet; thence

South 14°20'30" West, 126.64 feet; thence

South 65°42'23" East, 57.45 feet; thence along a curve left, radius= 316.92, the long chord bears South 70°56'51" East., 47.03 feet; thence

South 74°35'32" East, 300.59 feet to the point of beginning.

Tax Parcel No. F00000020900

The Southwest Quarter of the Northwest Quarter, and the Southeast Quarter of the Northeast Quarter and the Northeast Quarter of the Southeast Quarter, and Government Lot 1 or the Northeast Quarter of the Northeast Quarter, and the Southeast Quarter of the Northwest Quarter, lying East of County Road, and the West half of the Northeast Quarter, except ground sold to School District No. 391, as disclosed by Quitclaim Deed recorded January 27, 1975 as Instrument No. 255179, Records of Shoshone County, Idaho, all in Section 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho.

EXCEPT property in Deed dated August 15, 1950 from the Bunker Hill Company to School District, recorded November 20, 1950 in Book 84 of Deeds, at Page 563, Records of Shoshone County, Idaho

ALSO EXCEPT property in Deed dated June 1, 1938, from Bunker Hill Company to School District No. 30, recorded September 19, 1938, in Book 70 of Deeds, at Page 130, Records of Shoshone County, Idaho.

Patent for M.S. 2551 excludes the conflict with the NE ¼ SE ¼ Non Plant 5 in Section 2, Township 48 North, Range 2 East, Shoshone County, State of Idaho.

**<u>SCHEDULE F-4</u>**

**UNPATENTED MINING CLAIMS**

PARCEL 1:

BHM 1 Mill Site Claim, situated in the Yreka Mining District in Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709778, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523680, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 2:

BHM 2 Mill Site Claim, situated in the Yreka Mining District in Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709779, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523681, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 3:

BHM 3 Mill Site Claim, situated in the Yreka Mining District in Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709780, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523682, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 4:

BHM 4 Mill Site Claim, situated in the Yreka Mining District in Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709781, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523683, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 5:

BHM 5 Mill Site Claim, situated in the Yreka Mining District in Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709782, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523684, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 6:

BHM 6 Mill Site Claim, situated in the Yreka Mining District in Sections 1, Township 48 North, Range 2 East, and Section 6, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709783, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523685, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 7:

BHM 7 Mill Site Claim, situated in the Yreka Mining District in Sections 1 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709784, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523686, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 8:

BHM 8 Mill Site Claim, situated in the Yreka Mining District in Sections 1 and 12, Township 48 North, Range 2 East, and Sections 6 and 7, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106709785, Lead File Number ID106709778 located on November 19, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523687, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 9:

NBH 1 Lode Claim, situated in the Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715514, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523967, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 10:

NBH 2 Lode Claim, situated in the Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715515, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523968, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 11:

NBH 3 Lode Claim, situated in the Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715516, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523969, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 12:

NBH 4 Lode Claim, situated in the Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715517, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523970, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 13:

NBH 5 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715518, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523974, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 14:

NBH 6 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715519, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523975, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 15:

NBH 7 Lode Claim, situated in the Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715520, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523976, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 16:

NBH 8 Lode Claim, situated in the Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715521, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523977, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 17:

NBH 9 Lode Claim, situated in the Yreka Mining District in Sections 1 and 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715522, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523978, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 18:

NBH 10 Lode Claim, situated in the Yreka Mining District in Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715523, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523979, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 19:

NBH 11 Lode Claim, situated in the Yreka Mining District in Sections 1 and 2, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715524, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523980, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 20:

NBH 12 Lode Claim, situated in the Yreka Mining District in Sections 1, 2 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715525, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523981, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 21:

NBH 13 Lode Claim, situated in the Yreka Mining District in Sections 1, 2 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715526, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523982, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 22:

NBH 14 Lode Claim, situated in the Yreka Mining District in Sections 1 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715527, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523983, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 23:

NBH 15 Lode Claim, situated in the Yreka Mining District in Sections 1, 2, 11 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715528, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523984, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 24:

NBH 16 Lode Claim, situated in the Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715529, Lead File Number ID106715514, located on November 15, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523985, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 25:

NBH 17 Lode Claim, situated in the Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, and Sections 7 and 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715530, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523988, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 26:

NBH 18 Lode Claim, situated in the Yreka Mining District in Sections 7 and 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715531, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523989, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 27:

NBH 19 Lode Claim, situated in the Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, and Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715532, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523990, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 28:

NBH 20 Lode Claim, situated in the Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715533, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523991, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 29:

NBH 21 Lode Claim, situated in the Yreka Mining District in Sections 7 and 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715534, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523992, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 30:

NBH 22 Lode Claim, situated in the Yreka Mining District in Section 17 and 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715535, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523993, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 31:

NBH 23 Lode Claim, situated in the Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715536, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523994, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 32:

NBH 24 Lode Claim, situated in the Yreka Mining District in Sections 17 and 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715537, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523995, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 33:

NBH 25 Lode Claim, situated in the Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715538, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 523996, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 34:

NBH 26 Lode Claim, situated in the Yreka Mining District in Section 18, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715539, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524000, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 35:

NBH 27 Lode Claim, situated in the Yreka Mining District in Sections 18 and 19, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715540, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524001, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 36:

NBH 28 Lode Claim, situated in the Yreka Mining District in Sections 18 and 19, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715541, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524002, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 37:

NBH 29 Lode Claim, situated in the Yreka Mining District in Sections 2 and 35, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715542, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524003, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 38:

NBH 30 Lode Claim, situated in the Yreka Mining District in Section 35, Township 48 North, Range 2 East, and Section 2, Township 47 North, Range 2 East B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715543, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524004, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 39:

NBH 31 Lode Claim, situated in the Yreka Mining District in Section 35, Township 48 North, Range 2 East, and Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715544, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524005, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 40:

NBH 32 Lode Claim, situated in the Yreka Mining District in Section 35, Township 48 North, Range 2 East, and Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715545, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524006, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 41:

NBH 33 Lode Claim, situated in the Yreka Mining District in Section 35, Township 48 North, Range 2 East, and Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715546, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524009, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 42:

NBH 34 Lode Claim, situated in the Yreka Mining District in Section 35, Township 48 North, Range 2 East, and Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715547, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524010, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 43:

NBH 35 Lode Claim, situated in the Yreka Mining District in Section 35, Township 48 North, Range 2 East, and Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715548, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524011, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 44:

NBH 36 Lode Claim, situated in the Yreka Mining District in Section 35, Township 48 North, Range 2 East, and Section 2, Township 47, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715549, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524012, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 45:

NBH 37 Lode Claim, situated in the Yreka Mining District in Section 35 and 36, Township 48 North, Range 2 East, and Sections 1 and 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715550, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524013, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 46:

NBH 38 Lode Claim, situated in the Yreka Mining District in Section 36, Township 48 North, Range 2 East, and Section 1, Township 47 North, Range 2 East B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715551, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524014, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 47:

NBH 39 Lode Claim, situated in the Yreka Mining District in Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715552, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524015, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 48:

NBH 40 Lode Claim, situated in the Yreka Mining District in Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715553, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524016, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 49:

NBH 41 Lode Claim, situated in the Yreka Mining District in Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715554, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524017, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 50:

NBH 42 Lode Claim, situated in the Yreka Mining District in Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715555, Lead File Number ID106715514, located on November 17, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524018, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 51:

NBH 43 Lode Claim, situated in the Yreka Mining District in Section 1 and 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715556, Lead File Number ID106715514, located on November 21, 2024, and more particularly described in that certain location notice recorded as Instrument No.524019, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 52:

NBH 44 Lode Claim, situated in the Yreka Mining District in Section 1, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715557, Lead File Number ID106715514, located on November 21, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524020, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 53:

NBH 45 Lode Claim, situated in the Yreka Mining District in Section 1, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715558, Lead File Number ID106715514, located on November 21, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524021, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 54:

NBH 46 Lode Claim, situated in the Yreka Mining District in Section 3, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715559, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524022, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 55:

NBH 47 Lode Claim, situated in the Yreka Mining District in Sections 2 and 3, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715560, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524024, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 56:

NBH 48 Lode Claim, situated in the Yreka Mining District in Section 3, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715561, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524025, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 57:

NBH 49 Lode Claim, situated in the Yreka Mining District in Sections 2 and 3, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715562, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524028, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 58:

NBH 50 Lode Claim, situated in the Yreka Mining District in Sections 1 and 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715563, Lead File Number ID106715514, located on November 21, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524029, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 59:

NBH 51 Lode Claim, situated in the Yreka Mining District in Section 1, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715564, Lead File Number ID106715514, located on November 21, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524030, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 60:

NBH 52 Lode Claim, situated in the Yreka Mining District in Section 1, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715565, Lead File Number ID106715514, located on November 21, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524034, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 61:

NBH 53 Lode Claim, situated in the Yreka Mining District in Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715566, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524036, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 62:

NBH 54 Lode Claim, situated in the Yreka Mining District in Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715567, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524037, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 63:

NBH 55 Lode Claim, situated in the Yreka Mining District in Section 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715568, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524038, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 64:

NBH 56 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715569, Lead File Number ID106715514, located on November 16, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524039, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 65:

NBH 57 Lode Claim, situated in the Yreka Mining District in Sections 1 and 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715570, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524040, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 66:

NBH 58 Lode Claim, situated in the Yreka Mining District in Section 1, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715571, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524041, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 67:

NBH 59 Lode Claim, situated in the Yreka Mining District in Sections 1 and 2, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715572, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524042, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 68:

NBH 60 Lode Claim, situated in the Yreka Mining District in Section 1, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715573, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524043, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 69:

NBH 61 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715574, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524044, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 70:

NBH 62 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715575, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524045, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 71:

NBH 63 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715576, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524046, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 72:

NBH 64 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715577, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524047, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 73:

NBH 65 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715578, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524048, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 74:

NBH 66 Lode Claim, situated in the Yreka Mining District in Section 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715579, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524049, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 75:

NBH 67 Lode Claim, situated in the Yreka Mining District in Sections 2 and 11, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715580, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524050, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 76:

NBH 68 Lode Claim, situated in the Yreka Mining District in Sections 1, 2, 11 and 12, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715581, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524051, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 77:

NBH 69 Lode Claim, situated in the Yreka Mining District in Sections 1 and 12, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715582, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524052, records of Shoshone County, State of Idaho, incorporated herein by reference.

PARCEL 78:

NBH 70 Lode Claim, situated in the Yreka Mining District in Sections 1 and 12, Township 47 North, Range 2 East, B.M., Shoshone County, State of Idaho, Bureau of Land Management Serial Number ID106715583, Lead File Number ID106715514, located on November 18, 2024, and more particularly described in that certain location notice recorded as Instrument No. 524053, records of Shoshone County, State of Idaho, incorporated herein by reference.

**<u>SCHEDULE F-5</u>**

**LEASEHOLD INTEREST WITH OPTION TO PURCHASE (SURFACE ONLY)** 

This Exhibit F-5 includes the Grantor's real property interest in the Leases acquired from C & E Tree Farm, L.L.C., an Idaho limited liability company, as set forth in that certain Commercial Lease Agreement dated March 3, 2023, and the Option Agreement to Purchase Real Estate dated March 3, 2023, incorporated herein by reference, which Leases describe the real property subject to the leasehold interest and option interest as more particularly described below.

**PARCEL 1:**

Combination, Iowa, Oregon and Scorpion Fraction, M.S. 2072 Patented Mining Claims situated in Yreka Mining District in Sections 1 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 35, Deeds, at page 459, records of Shoshone County, State of Idaho.

AND

Spokane, M.S. 2509 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 305, records of Shoshone County, State of Idaho.

AND

Scelinda No. 1, Scelinda No. 2, Scelinda No. 3, Scelinda No. 4, Scelinda No. 7 and Scelinda No. 8, M.S. 2921 Patented Mining Claims situated in Yreka Mining District in Sections 1 and 12, Township 48 North, Range 2 East, B.M. and in Section 7, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 59, Deeds, at page 120, records of Shoshone County, State of Idaho.

EXCEPT:

That portion of Scelinda No. 2 mining claim more particularly described as follows:

Beginning at Corner No. 2 of the Iowa, M. S. 2072 Patented Mining Claim; thence

North 12°22' East on and along the West line of Scelinda No. 2, M.S. 2921, a distance of 334.4 feet; thence

South 74°50' East, 200 feet; thence

South 12°22' West, 382.1 feet to a point on the North line of Iowa, M.S. 2072 Patented Mining Claim; thence

North 61°35' West on and along said North Line, a distance of 207.86 feet to the point of beginning.

ALSO EXCEPT:

A tract of land situated in the Southwest 1/4 of the Southeast 1/4 of Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho and being a portion of Scelinda No. 1 and Scelinda No. 3, M.S. 2921 Patented Mining Claims situated in Yreka Mining District and more particularly described as follows:

Using City of Kellogg Survey System coordinates and meridian and commencing at Bunker Hill Triangulation Station No. 5 (N7427.28, W1377.45;) thence

South 8°37' West, 101.95 feet to the true point of beginning from whence the South 1/4 corner of Section 1, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho bears South 46°45.6' West, 780.37 feet; thence

Due West, 67.5 feet to the Southwest corner; thence

Due North 200.0 feet to the Northwest corner; thence

Due East, 200.0 feet to the Northeast corner; thence

Due South 200.0 feet to the Southeast corner; thence

Due West, 132.5 feet to the true point of beginning.

ALSO EXCEPT:

That portion of Scelinda No. 8 lying East of the West line of Flagstaff No. 3, M.S. 2921 Patented mining Claim situated in Yreka Mining District in Sections 1 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho and in Section 7, Township 48 North, Range 3 East, B.M., Shoshone County, State of Idaho.

ALSO EXCEPT:

A parcel of land situated within the SW 1/4 of the SE 1/ 4 of Section 1, T. 48 N., R. 2 E., B.M. and more particularly described as follows:

Commencing at Bunker Hill Company triangulation Station No. 5 whose coordinates are N7427.28, W 1377.45; thence

S. 8° 37' W. 101.95 feet distant to the true point of beginning, a drill steel pin from whence the S 1/4 corner of Section 1, T. 48 N., R. 2 E., B.M. bears S. 46°45.6' W. 780.37 feet distant; thence

S. 4° 37 .1' W. 50.04 feet to the southeast corner a drill steel pin; thence

West 35.00 feet to a point; thence

N. 4° 37.1' E. 50.04 feet to a point; thence

East 35.00 feet to the point of beginning.

ALSO EXCEPT:

A parcel of land situated within the SW 1/4 of the SE 1/ 4 of Section 1, T. 48 N., R. 2 E., B.M., and more particularly described as follows:

Commencing at Bunker Hill Company triangulation Sta. No. 5 whose coordinates are N 7427.28 W 1377.45; Thence

S 4° 0' W 260 feet distant to the Northeast corner of said tract and true point of beginning from whence the S 1/4 corner of Sec. 1, T. 48 N., R 2 E., B.M. bears S 56°23-1/ 2' W 679.22 feet distant; Thence

S 4° 0' E 75.0 feet to a point; Thence.

S 86° 0' W 40 feet: to a point; Thence

N 4° 0' W 75.0 feet to a point; Thence

N 86° 0' E 40.0 feet to the true point of beginning, and containing 0. 069 acres more or less.

ALSO EXCEPT:

A tract of land situated in the Southwest Quarter of the Southeast Quarter of Section 1, Township 48 North, Range 2 East, B.M., more particularly described as follows:

Beginning at 1/ 2 inch rebar with yellow plastic cap marked "PLS 10898" found marking the Southwest corner of that tract of land described in that Assignment of Lease recorded March 12, 1996 under Recording No. 371367, Shoshone County Clerk and Recorder, from which the South Quarter Corner of said Section 1 bears South 38°1'14" West 732.41 feet; thence

Along the South line of said tract of land, South 89°58'48" East 35.01 feet to 7/8 inch drill steel monument found marking the Southeast corner of said tract of land; thence

South 04°40'21" West 49.96 feet to a found 7/8 inch drill steel monument; thence

South 00°03'41" West 49.95 feet to a found 7/8 inch drill steel monument; thence

South 14°27'22" East 8.92 feet to a 5/8 inch rebar with no identification found marking the Northeast corner of that tract of land described in that Easement recorded October 28, 1982 under Recording No. 302022, Shoshone County Clerk & Recorder; thence along the North line of said tract, South 86°19'38" West 39.83 feet to a 5/8 inch rebar with no identification found marking the Northwest corner of said tract; thence

North 03°25'27" East 111.13 feet to the Point of Beginning.

**PARCEL 2:**

Sierra Nevada, M.S. 554 Patented Mining Claim situated in Yreka Mining District, Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "I" Misc., page 358, records of Shoshone County, State of Idaho.

AND

Viola, M.S. 562 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A" Patents at page 619, records of Shoshone County, State of Idaho.

AND

Oakland, M.S. 569 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 235, records of Shoshone County, State of Idaho.

AND

Skookum, M.S. 615 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "X", Deeds at page 313, records of Shoshone County, State of Idaho.

AND

San Carlos, M.S. 750 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 535, records of Shoshone County, State of Idaho.

AND

Ontario Fraction, M.S. 755 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 382, records of Shoshone County, State of Idaho.

AND

Sold Again Fraction, M.S. 933 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 9, Deeds, at page 207, records of Shoshone County, State of Idaho.

AND

Apex, Rambler and Tip Top, M.S. 1041 Patented Mining Claims situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 139, records of Shoshone County, State of Idaho.

AND

Butte, Cariboo, Good Luck, Jersey Fraction and Lilly May, M.S. 1220 Patented Mining Claims situated in Yreka Mining District in Sections 11 and 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 24, Deeds, at page 23, records of Shoshone County, State of Idaho.

AND

Likely, M.S. 1298 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "B", Patents at page 25, records of Shoshone County, State of Idaho.

AND

King, M.S. 1325 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 607, records of Shoshone County, State of Idaho.

AND

Excelsior, M.S. 1356 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 157, records of Shoshone County, State of Idaho.

AND

No. 1, No. 2, No. 3 and No. 4, M.S. 1357 Patented Mining Claims situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 18, Deeds, at page 234, records of Shoshone County, State of Idaho.

AND

Coxey, Deadwood, Debs and Hardcash, M.S. 1466 Patented Mining Claims situated in Yreka Mining District in Sections 11, 13 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Deeds at page 577, records of Shoshone County, State of Idaho.

EXCEPT: That portion of M.S. 1466 conveyed to Mission Mountain Interest, Ltd. Co. by deed recorded February 7, 1994 as Instrument No. 360678, records of Shoshone County, State of Idaho.

AND

Arizona, M.S. 1488 Patented Mining Claim, situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 199, records of Shoshone County, State of Idaho.

AND

Wheelbarrow, M.S. 1526 AM Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A", Patents at page 442, records of Shoshone County, State of Idaho.

AND

New Era, M.S. 1527 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A" Patents at page 478, records of Shoshone County, State of Idaho.

AND

Hamilton Fraction, M.S. 1619 Patented Mining Claim situated in Yreka Mining District in Sections 11 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A" Patents at page 289, records of Shoshone County, State of Idaho.

EXCEPT: That portion of M.S. 1619 conveyed to Mission Mountain Interest, Ltd. Co. by deed recorded February 7, 1994 as Instrument No. 360678, records of Shoshone County, State of Idaho.

AND

McLelland, M.S. 1681 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A" Patents at page 622, records of Shoshone County, State of Idaho.

EXCEPT: All that portion of the McLelland Patented Mining Claim; M.S. 1681 that lies northeasterly of the No. 1 Patented Mining Claim, M.S. 1357, situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A" Patents, page 622.

AND

Overlap, M.S. 2052 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "A" Patents at page 532, records of Shoshone County, State of Idaho.

AND

Bee, M.S. 2072 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 35, Deeds, at page 459, records of Shoshone County, State of Idaho.

AND

Chain, M.S. 2078 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 432, records of Shoshone County, State of Idaho.

AND

Sims, M.S. 2186 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book "B", Patents at page 23, records of Shoshone County, State of Idaho.

AND

Lincoln, M.S. 2187 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 40, Deeds, at page 126, records of Shoshone County, State of Idaho.

AND

Brooklyn, New Jersey and Schute Fraction, M.S. 2201 Patented Mining Claims situated in Yreka Mining District in Section 10, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 38, Deeds, at page 52, records of Shoshone County, State of Idaho.

AND

Cheyenne, M.S. 2249 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 42, Deeds, at page 505, records of Shoshone County, State of Idaho.

AND

Norman, M.S. 2368 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 410, records of Shoshone County, State of Idaho.

AND

Grant, M.S. 2369 Patented Mining Claim situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 408, records of Shoshone County, State of Idaho.

AND

Cypress, M.S. 2429 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds, at page 255, records of Shoshone County, State of Idaho.

AND

Heart, Jack, Key, Queen and Teddy, M.S. 2511 Patented Mining Claims situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 45, Deeds, at page 21, records of Shoshone County, State of Idaho.

AND

Ace, Club, Diamond, Nellie, Roman and Spade, M.S. 2583 Patented Mining Claims situated in Yreka Mining District in Section 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 47, Deeds, at page 196, records of Shoshone County, State of Idaho.

AND

That portion of the Grant, M.S. 2599 Patented Mining Claim which is in conflict with the Kirby Fraction, M.S. 2654 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patents recorded in Book 45, Deeds, at page 27, and in Book 47, Deeds, at page 632, records of Shoshone County, State of Idaho.

AND

Kirby Fraction, McClellan, Miles and Pitt, M.S. 2654 Patented Mining Claims situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 47, Deeds, at page 632, records of Shoshone County, State of Idaho.

EXCEPT: That portion of M.S. 2654 conveyed to Weststar Communications I. by deed recorded May 12, 1993 as Instrument No. 356978, records of Shoshone County, State of Idaho.

AND

Ethel, Katherine, Manchester, McRooney, Stuard No. 2, Stuard No. 3, Sullivan and Switzerland, M.S. 2966 Patented Mining Claims situated in Yreka Mining District in Sections 10 and 11, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 56, Deeds, at page 482, records of Shoshone County, State of Idaho.

AND

Pete, Prominade, Sam and Zeke, M.S. 3389 Patented Mining Claims situated in Yreka Mining District in Section 10, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 77, Deeds, at page 173, records of Shoshone County, State of Idaho.

AND

Battleship Oregon, Charley T., Lucia, Marblehead, Margaret, Nancy B., Olympia and Phil, M.S. 3390 Patented Mining Claims situated in Yreka Mining District in Sections 11 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 77, Deeds, at page 338, records of Shoshone County, State of Idaho.

AND

Jackass, M.S. 586 Am Patented Mining Claim situated in Yreka Mining District in Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 6, Deeds, at page 78, records of Shoshone County, State of Idaho.

EXCEPT: That portion of Jackass, M.S. 586 AM situated in Yreka Mining District lying within the following boundaries:

Beginning at the Northeast corner of said tract whence the 1/4 corner common to Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho bears South 88°40' East, 1280.00 feet distant; thence

South 12° West, 120.00 feet to the Southeast corner; thence

North 78° West, 100.00 feet to the Southwest corner; thence

North 12° East, 120.00 feet to the Northwest corner; thence

South 78° East, 100.00 feet to the Northeast corner and place of beginning.

AND

Allie, Bought Again, Josie, Offset, Rookery and Susie, M.S. 1229 Patented Mining Claims situated in Yreka Mining District in Sections 11, 12, 13 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Deeds, at page 580, records of Shoshone County, State of Idaho.

EXCEPT: That portion of M.S. 1229 conveyed to Idaho Forest Industries by deed recorded March 4, 1991 as Instrument No. 346474, records of Shoshone County, State of Idaho.

ALSO EXCEPT: That portion of Bought Again, M.S. 1229 lying within the following boundaries:

Beginning at the Northeast corner of said tract whence the 1/4 corner common to Sections 12 and 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho bears South 88°40' East, 1280.00 feet distant; thence

South 12° West, 120.00 feet to the Southeast corner; thence

North 78° West, 100.00 feet to the Southwest corner; thence

North 12° East, 120.00 feet to the Northwest corner; thence

South 78° East, 100.00 feet to the Northeast corner and place of beginning.

ALSO EXCEPT:

The surface rights to the Allie Patented Mining Claim, M.S. 1229 situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 20, Deeds, page 580.

AND

Ito, M.S. 2081 Patented Mining Claim situated in Yreka Mining District in Sections 13 and 14, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 34, Deeds, at page 456, records of Shoshone County, State of Idaho.

EXCEPT: That portion of M.S. 1229 conveyed to Idaho Forest Industries by deed recorded March 4, 1991 as Instrument No. 346474, records of Shoshone County, State of Idaho.

AND

Hemlock, M.S. 2452 Patented Mining Claim situated in Yreka Mining District in Section 12, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 41, Deeds at page 415, records of Shoshone County, State of Idaho.

AND

African, Roy and Trump, M.S. 2624 Patented Mining Claims situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded in Book 43, Deeds, at page 561, records of Shoshone County, State of Idaho.

EXCEPT: That portion of M.S. 2624 conveyed to Idaho Forest Industries March 4, 1991 as Instrument No. 246474, records of Shoshone County, State of Idaho.

AND

Beta, M.S. 3471 Patented Mining Claim situated in Yreka Mining District in Section 13, Township 48 North, Range 2 East, B.M., Shoshone County, State of Idaho. Patent recorded as Instrument No. 166414, records of Shoshone County, State of Idaho.

EXCEPT: That portion of M.S. 3471 conveyed to Idaho Forest Industries by deed recorded March 4, 1991 as Instrument No. 346474, records of Shoshone County, State of Idaho.

## Exhibit 10.43

**Exhibit 10.43**

**debt settlement agreement**

**THIS DEBT SETTLEMENT AGREEMENT** (this "**Agreement**") dated as of June 5, 2025 among Bunker Hill Mining Corp., a corporation incorporated under the laws of Nevada (together with its successors and assigns, the "**Borrower**"), Silver Valley Metals Corp., a corporation incorporated under the laws of Idaho (together with its successor and assigns, the "**Guarantor**" and, together with the Borrower, the "**Obligors**"), **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** and **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** (each, together with its successors and assigns, a "**Lender**" and, collectively, the "**Lenders**"), and **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** as agent for the Lenders (together with its successors and assigns, the "**Agent**" and, collectively with the Lenders, the "**Sprott Lender Parties**").

**WHEREAS**:

&nbsp;&nbsp;&nbsp;&nbsp;A. the
 Obligors and the Sprott Lender Parties entered into a loan agreement dated as of June 23, 2023 (as amended prior to the date hereof,
 the "**Existing Loan Agreement**") pursuant to which, among other things, the Lenders made available to the Borrower
 a term loan facility in the maximum principal amount of US$21 million;

B. pursuant
 to the Existing Loan Agreement, the Guarantor, as owner of the Bunker Hill Mine, issued to **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** as royalty holder (the "**Royalty Holder** "),
 an additional royalty ()"**Royalty 2**") pursuant to an additional royalty agreement (as amended, "**Royalty Agreement No. 2**") dated as of December 12, 2024 between the Obligors and the Royalty Holder, whereby the Primary Claims
 Percentage (as defined in Royalty Agreement No. 2) and the Secondary Claims Percentage (as defined in Royalty Agreement No. 2) of
 Royalty 2 increased based on the principal amount of the advances made under the Existing Loan Agreement;

C. pursuant
 to the Existing Loan Agreement, the Guarantor, as owner of the Bunker Hill Mine, is entitled to an option to reduce the Primary Claims
 Percentage of Royalty 2 by 0.25% and the Secondary Claims Percentage of Royalty 2 by 0.175% upon payment of US$5 million to the Royalty
 Holder (the "**Buy Back Option** ");

D. Pending
 the completion of the Recapitalization Transactions (defined below), the Lenders agreed to temporarily defer (the "**Deferral** ")
 the increase in the Primary Claim Percentages and Secondary Claim Percentages of Royalty 2 to which they were entitled under Royalty
 Agreement No. 2 upon the advance of the fourth advance under the Existing Loan Agreement in the principal amount of US$6 million;

E. concurrently
 with the execution and delivery of this Agreement, the Obligors, the Sprott Lender Parties and certain other parties have entered
 into a recapitalization agreement dated the date hereof (the "**Recapitalization Agreement**") pursuant to which the
 parties thereto agreed to enter into the Recapitalization Transactions (as defined in the Recapitalization Agreement), including,
 among other things, to, (i) amend and restate the Existing Loan Agreement (as may be further amended, restated, supplemented, modified
 or replacement from time to time, the "**A&R Loan Agreement**") to reduce the outstanding principal amount owing
 under the Existing Loan Agreement from US$21 million (the "**Outstanding Debt**") to US$15 million, and (ii) permanently
 effect the Deferral of the increase in Primary Claims Percentage of Royalty 2 and make certain amendments to prepayment terms in
 consideration for: (x) the Sprott Tranche I Shares (as defined below); (y) the elimination of the Buy Back Option; and (z) increase
 in the Secondary Claims Percentage of Royalty 2; and

F. in
 connection with the Recapitalization Transactions and in consideration of (i) the satisfaction of the aggregate principal amount
 of US$6 million, together with all accrued and unpaid interest thereon (the "**Settled Amount** "), of the Outstanding
 Debt, (ii) the elimination of the Buy Back Option, and (iii) increase in the Secondary Claims Percentage of Royalty 2, the Company
 wishes to issue to the Lenders, and the Lenders, wish to accept in full and complete settlement and satisfaction of the Settled Amount,
 the Sprott Tranche I Shares (as defined below) in accordance with the terms and conditions set forth in this Agreement.

**NOW THEREFORE THIS AGREEMENT WITNESSES** that in consideration of the settlement of the Settled Amount, the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1. **Debt Settlement.** The Borrower hereby agrees to issue an aggregate of 59,047,619 shares of common stock of the Company (the "**Sprott Tranche I Shares**") to the Lenders, and the Lenders hereby agree to accept the Sprott Tranche I Shares at a deemed price of US$0.105 per Sprott Tranche I Share in full and complete settlement and satisfaction of the Settled Amount, in accordance with the registration details set out in Schedule "A" attached hereto.

2. **Repayment**. The Sprott Lender Parties agree that upon the issuance of the Sprott Tranche I Shares as contemplated herein, the Settled Amount will have been repaid in full.

3. **Hold Period**. The Lenders acknowledge and agree that the Sprott Tranche I Shares will be subject to (a) restrictions on resale and transfer for a period of four (4) months and one (1) day following the date of issuance thereof in accordance with applicable Canadian securities laws and the policies of the TSX Venture Exchange (the "**Exchange**") and (b) restrictions on resale and transfer in accordance with applicable U.S. securities laws. The Lenders further acknowledge and agree that the Sprott Tranche I Shares may be subject to additional resale restrictions based upon its jurisdiction of residence and the jurisdiction of residence of any proposed transferee of the Sprott Tranche I Shares, and it is the responsibility of the Lenders to find out what these restrictions are and comply with same before selling, transferring or otherwise disposing of the Sprott Tranche I Shares. The Lenders hereby acknowledge and agree that the certificate or direct registration system advice representing the Sprott Tranche I Shares will bear such legends as is required with respect to any such restrictions on resale and transfer.

4. **Representations and Warranties of the Borrower**. The Borrower hereby represents and warrants to the Sprott Lender Parties on the date hereof that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Borrower is a corporation duly incorporated and validly existing under the laws of Nevada;

(b) the
 execution, delivery and performance of this Agreement has been duly authorized by all necessary corporate action on the part of the
 Borrower;

(c) the
 Borrower is not a party to, bound by, or subject to any agreement, indenture, mortgage, lease, instrument, order, judgment, decree,
 or any provision of its constating documents, which would be violated, contravened or infringed by the execution and delivery of
 this Agreement by the Borrower or the performance of its obligations under this Agreement;

(d) the
 Sprott Tranche I Shares being issued to the Lenders in accordance with the provisions hereof will have been duly allotted and reserved
 for issuance and upon issuance and delivery, will be validly issued and outstanding as fully paid and non-assessable securities of
 the Borrower; and

(e) no
 order preventing, ceasing or suspending trading in any securities of the Borrower or prohibiting the issue and sale of securities
 by the Borrower has been issued and no proceedings for either of such purposes have been instituted or, to the best of the knowledge
 of the Borrower, are pending, contemplated or threatened.

5. **Representations, Warranties, Acknowledgements and Covenants of the Lenders.** Each of the Lenders hereby severally, and not jointly, nor jointly and severally, represents, warrants, acknowledges and covenants to the Borrower on the date hereof that such Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has
 the requisite capacity, power and authority to execute and deliver this Agreement;

(b) is
 an "accredited investor" as that term is defined in National Instrument 45-106 – *Prospectus Exemptions*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 required by applicable securities legislation, regulations, rules, policies or orders or by any securities commission, the Exchange
 or other regulatory authority, will execute, deliver, file and otherwise assist the Company in filing such reports and other documents
 as the Company may reasonably request to determine the availability of exemptions from the prospectus requirements with respect to
 the issue of the Sprott Tranche I Shares;

(d) agrees
 that it is solely responsible for obtaining such legal, tax and other advice as it considers appropriate in connection with the execution,
 delivery and performance of this Agreement and the transactions contemplated hereunder and acknowledges that it has been afforded
 sufficient time to do so;

(e) acknowledges
 that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there
 are restrictions on the ability to resell the Sprott Tranche I Shares and complying with such restrictions is its responsibility;
 and

(ii) the
 Borrower has advised the Lender that the Borrower is relying on an exemption from the requirements to provide the Lenders with a
 prospectus and to sell securities through a person registered to sell securities under applicable securities laws and, as a consequence
 of acquiring the Sprott Tranche I Shares pursuant to this exemption, certain protections, rights and remedies provided by applicable
 securities laws, including statutory rights of rescission or damages, will not be available to the Lenders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) is
 an "accredited investor" as that term is defined Rule 501(a) of Regulation D under the U.S. Securities Act of 1933, as
 amended (the "**U.S. Securities Act** "), and is a "qualified institutional buyer" as that term is defined
 in Rule 144A under the U.S. Securities Act.

6. **Notices**. Any notice, direction or other document required or permitted to be given pursuant to this Agreement shall, unless otherwise specifically provided, be given in writing and may be mailed, postage prepaid by registered mail, sent by facsimile transmission, email or personally served upon the appropriate party at the following addresses:

---

| | |
|:---|:---|
| (a) | if to any Sprott Lender Party, addressed to such Sprott Lender Party, at: |
|  | **[Contact information redacted]** |
|  | Email: **[Redacted]** |
|  | Attention: **[Redacted]** |

---

---

| | |
|:---|:---|
| (b) | if to any Obligor, addressed to such Obligor, at: |
|  | Bunker Hill Mining Corp. |
|  | 300-1055 West Hastings Street |
|  | Vancouver, British Columbia V6E 2E9 |
|  | Email: **[Redacted]** |
|  | Attention: Gerbrand van Heerden, Chief Financial Officer & Corporate Secretary |

---

7. **Amendments**. The parties agree that no amendment to this Agreement shall be binding upon the parties unless it is in writing and executed by the parties.

8. **Severability and Limitation**. The invalidity, illegality or unenforceability of any provision of this Agreement shall not affect the validity, legality or enforceability of any other provision hereof.

9. **Entire Agreement**. The Recapitalization Agreement and this Agreement constitute the entire agreement between the parties hereto with respect to the matters described herein and supersede all previous communications, representations, understandings and agreements between the parties with respect to the subject matter hereof, whether verbal or written.

10. **Assignment and Enurement**. This Agreement and any rights herein or hereto shall not be assigned or otherwise transferred by any party without the consent of the other party. This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

11. **Further Actions**. Each of the parties upon the request of the other party shall do, execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered all such further documents acts, deeds, assignments, transfers, conveyances, powers of attorney and assurances as may reasonably be necessary or desirable to complete the transactions contemplated herein.

12. **Governing Law**. This Agreement will be governed by and construed in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein and the parties irrevocably hereby attorn to the jurisdiction of the courts of the Province of British Columbia and all courts competent to hear appeals therefrom.

13. **Counterparts and Delivery**. This Agreement may be executed and delivered in two or more counterparts and by email or other electronic means. Each such counterpart and email copy or other electronic copy shall be deemed an original and together shall form one and the same instrument, bearing the date set forth on the face page hereof notwithstanding the date of execution.

14. **Time of the Essence**. Time is of the essence of this Agreement.

**[*Signature page follows*.]**

**IN WITNESS WHEREOF** each Obligor and each Sprott Lender Party has duly executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **BORROWER:** | **BORROWER:** |
| **BUNKER HILL MINING CORP.** | **BUNKER HILL MINING CORP.** |
| By: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

---

| | |
|:---|:---|
| **guarantor:** | **guarantor:** |
| **SILVER VALLEY METALS CORP.** | **SILVER VALLEY METALS CORP.** |
| By: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

[Signature Page to US$6 Million Debt Settlement Agreement]

**IN WITNESS WHEREOF** each Obligor and each Sprott Lender Party has duly executed this Agreement as of the date first written above.

---

| |
|:---|
| **LENDER:** |
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **LENDER:** |
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **AGENT:** |
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| By: |
| Name: |
| Title: |

---

[Signature Page to US$6 Million Debt Settlement Agreement]

**Schedule "A"**

**Sprott Tranche I Shares** 

---

| | | |
|:---|:---|:---|
| **Issuance** | **Registered Holder** | **Number of Common Stock** |
| 1 | **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** | 25642758 |
| 2 | **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** | 2118361 |
| 3 | **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** | 558923 |
| 4 | **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** | 30125407 |
| 5 | **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** | 602170 |

---

## Exhibit 10.44

**Exhibit 10.44**

**debt settlement agreement**

**THIS DEBT SETTLEMENT AGREEMENT** (this "**Agreement**") dated as of June 5, 2025 among Bunker Hill Mining Corp., a corporation incorporated under the laws of Nevada (together with its successors and assigns, the "**Company**"), Silver Valley Metals Corp., a corporation incorporated under the laws of Idaho (together with its successor and assigns, the "**Mine Owner**" and, together with the Company, the "**Obligors**"), [Redacted – Affiliates of Sprott Private Resource Streaming & Royalty Corp.] (each, together with its successors and assigns, a "**Sprott Party**" and, collectively, the "**Sprott Parties**").

**WHEREAS**:

&nbsp;&nbsp;&nbsp;&nbsp;A. the
 Company, as debtor, and the Mine Owner, as guarantor, issued on January 28, 2022 six convertible
 debentures in the aggregate principal amount of US$6,000,000 (the "**Series 1 Convertible Debentures**") to and in favour of each Sprott Party, Ninepoint Alternative Credit
 Opportunities Fund and Ninepoint Credit Income Opportunities Fund (each, a "**Series 1 Debentureholder** ");

&nbsp;&nbsp;&nbsp;&nbsp;B. the
 Company, as debtor, and the Mine Owner, as guarantor, issued on June 17, 2022 three convertible
 debentures in the aggregate principal amount of US$15,000,000 (the "**Series 2 Convertible Debentures**") to and in favour of each Sprott Party (each, a "**Series 2 Debentureholder** ");

&nbsp;&nbsp;&nbsp;&nbsp;C. as
 at the date hereof, the Company is indebted to the Sprott Parties in the aggregate amounts
 of: (i) US$93,750 for accrued and unpaid interest owing under the Series 1 Convertible Debentures
 for the period beginning on January 1, 2025 and ending on March 31, 2025; and (ii) US$393,750
 for accrued and unpaid interest owing under the Series 2 Convertible Debentures for the period
 beginning on January 1, 2025 and ending on March 31, 2025 (collectively, the "**Outstanding Debt** "); and

&nbsp;&nbsp;&nbsp;&nbsp;D. in
 full settlement and satisfaction of the Outstanding Debt in the aggregate amount of US$487,500
 (the "**Settled Amount** "), the Company wishes to issue to the Sprott Parties,
 or as directed by the Sprott Parties, and the Sprott Parties wish to accept in full and complete
 settlement and satisfaction of the Settled Amount, 4,642,857 shares of common stock of the
 Company (the "**Shares**") in accordance with the terms and conditions set
 forth in this Agreement.

**NOW THEREFORE THIS AGREEMENT WITNESSES** that in consideration of the settlement of the Settled Amount, the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1. **Debt Settlement.** Subject to the approval of the TSX Venture Exchange (the "**Exchange**") of the transactions contemplated herein, the Company hereby agrees to issue the Shares to [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], or as otherwise directed by the Sprott Parties, and the Sprott Parties hereby agree to accept the Shares at a deemed price of US$0.105 per Share in full and complete settlement and satisfaction of the Settled Amount.

2. **Repayment**. The Sprott Parties agree that upon the issuance and delivery of the Shares as contemplated herein, the Settled Amount will have been repaid in full.

3. **Hold Period**. The Sprott Parties acknowledge and agree that the Shares will be subject to (a) restrictions on resale and transfer for a period of four (4) months and one (1) day following the date of issuance thereof in accordance with applicable Canadian securities laws and the policies of the Exchange and (b) restrictions on resale and transfer in accordance with applicable U.S. securities laws. The Sprott Parties further acknowledge and agree that the Shares may be subject to additional resale restrictions based upon its jurisdiction of residence and the jurisdiction of residence of any proposed transferee of the Shares, and it is the responsibility of the Sprott Parties to find out what these restrictions are and comply with same before selling, transferring or otherwise disposing of the Shares. The Sprott Parties hereby acknowledge and agree that the certificate or direct registration system advice representing the Shares will bear such legends as is required with respect to any such restrictions on resale and transfer.

4. **Representations and Warranties of the Company**. The Company hereby represents and warrants to the Sprott Parties that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company is a corporation duly incorporated and validly existing under the laws of Nevada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as
 at the date on which the Shares are issued, the execution, delivery and performance of this
 Agreement, including the issuance of the Shares, will have been duly authorized by all necessary
 corporate action on the part of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Company is not a party to, bound by, or subject to any agreement, indenture, mortgage, lease,
 instrument, order, judgment, decree, or any provision of its constating documents, which
 would be violated, contravened or infringed by the execution and delivery of this Agreement
 by the Company or the performance of its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Shares, when issued and delivered in accordance with the terms and conditions of this Agreement,
 will be validly issued and outstanding as fully paid and non-assessable securities of the
 Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no
 order preventing, ceasing or suspending trading in any securities of the Company or prohibiting
 the issue and sale of securities by the Company has been issued and no proceedings for either
 of such purposes have been instituted or, to the best of the knowledge of the Company, are
 pending, contemplated or threatened.

5. **Representations, Warranties, Acknowledgements and Covenants of the Sprott Parties.** Each of the Sprott Parties hereby severally, and not jointly, nor jointly and severally, represents, warrants, acknowledges and covenants to the Company on the date hereof that such Sprott Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has
 the requisite capacity, power and authority to execute and deliver this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is
 an "accredited investor" as that term is defined in National Instrument 45-106
 – *Prospectus Exemptions*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 required by applicable securities legislation, regulations, rules, policies or orders or
 by any securities commission, the Exchange or other regulatory authority, will execute, deliver,
 file and otherwise assist the Company in filing such reports and other documents as the Company
 may reasonably request to determine the availability of exemptions from the prospectus requirements
 with respect to the issue of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) agrees
 that it is solely responsible for obtaining such legal, tax and other advice as it considers
 appropriate in connection with the execution, delivery and performance of this Agreement
 and the transactions contemplated hereunder and acknowledges that it has been afforded sufficient
 time to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) acknowledges
 that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there
 are restrictions on the ability to resell the Shares and complying with such restrictions
 is its responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Company has advised the Sprott Parties that the Company is relying on an exemption from the
 requirements to provide the Sprott Parties with a prospectus and to sell securities through
 a person registered to sell securities under applicable securities laws and, as a consequence
 of acquiring the Shares pursuant to this exemption, certain protections, rights and remedies
 provided by applicable securities laws, including statutory rights of rescission or damages,
 will not be available to the Sprott Parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) is
 an "accredited investor" as that term is defined Rule 501(a) of Regulation D
 under the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act** "),
 and is a "qualified institutional buyer" as that term is defined in Rule 144A
 under the U.S. Securities Act.

6. **Notices**. Any notice, direction or other document required or permitted to be given pursuant to this Agreement shall, unless otherwise specifically provided, be given in writing and may be mailed, postage prepaid by registered mail, sent by facsimile transmission, email or personally served upon the appropriate party at the following addresses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 to any Sprott Party, addressed to such Sprott Party, at:

**[Contact information redacted]**

Email: **[Redacted]**

Attention: **[Redacted]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 to any Obligor, addressed to such Obligor, at:

Bunker Hill Mining Corp.

300-1055 West Hastings Street

Vancouver, British Columbia V6E 2E9

Email: **[Redacted]**

Attention: Gerbrand van Heerden, Chief Financial Officer & Corporate Secretary

7. **Amendments**. The parties agree that no amendment to this Agreement shall be binding upon the parties unless it is in writing and executed by the parties.

8. **Severability and Limitation**. The invalidity, illegality or unenforceability of any provision of this Agreement shall not affect the validity, legality or enforceability of any other provision hereof.

9. **Entire Agreement**. The Recapitalization Agreement, the Series 1 Convertible Debentures, the Series 2 Convertible Debentures and this Agreement constitute the entire agreement between the parties hereto with respect to the matters described herein and supersede all previous communications, representations, understandings and agreements between the parties with respect to the subject matter hereof, whether verbal or written.

10. **Assignment and Enurement**. This Agreement and any rights herein or hereto shall not be assigned or otherwise transferred by any party without the consent of the other party. This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

11. **Further Actions**. Each of the parties upon the request of the other party shall do, execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered all such further documents acts, deeds, assignments, transfers, conveyances, powers of attorney and assurances as may reasonably be necessary or desirable to complete the transactions contemplated herein.

12. **Governing Law**. This Agreement will be governed by and construed in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein and the parties irrevocably hereby attorn to the jurisdiction of the courts of the Province of British Columbia and all courts competent to hear appeals therefrom.

13. **Counterparts and Delivery**. This Agreement may be executed and delivered in two or more counterparts and by email or other electronic means. Each such counterpart and email copy or other electronic copy shall be deemed an original and together shall form one and the same instrument, bearing the date set forth on the face page hereof notwithstanding the date of execution.

14. **Time of the Essence**. Time is of the essence of this Agreement.

**[*Signature page follows*.]**

**IN WITNESS WHEREOF** each Obligor and each Sprott Party has duly executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **BORROWER:** | **BORROWER:** |
| **BUNKER HILL MINING CORP.** | **BUNKER HILL MINING CORP.** |
| By: | /s/ Sam Ash |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

---

| | |
|:---|:---|
| **guarantor:** | **guarantor:** |
| **SILVER VALLEY METALS CORP.** | **SILVER VALLEY METALS CORP.** |
| By: | /s/ Sam Ash |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

[Signature Page to Convertible Debenture Interest Settlement Agreement]

**IN WITNESS WHEREOF** each Obligor and each Sprott Party has duly executed this Agreement as of the date first written above.

---

| |
|:---|
| **SPROTT PARTY:** |
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **SPROTT PARTY:** |
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **SPROTT PARTY:** |
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| By: |
| Name: |
| Title: |

---

## Exhibit 10.45

**Exhibit 10.45**

Execution Version

**FIRST AMENDMENT TO SECURED PROMISSORY**

**NOTE PURCHASE AGREEMENT**

This Amendment to the Secured Promissory Note Purchase Agreement is dated as of November 11, 2024 among Monetary Metals Bond III LLC, a Delaware limited liability company, or its permitted assigns (the "**Purchaser**"), Silver Valley Metals Corp. (with its business address at 1 Mine Road, Kellogg, ID 83837), an Idaho corporation (the "**Borrower**") and Bunker Hill Mining Corp. (the "**Parent**"), amending that certain Secured Promissory Note Purchase Agreement dated as of August 8, 2024 (as amended to the date hereof, the "**Note Purchase Agreement**") among the Purchaser, the Parent and the Borrower.

WHEREAS:

**A.** The
 parties hereto have agreed to amend certain provisions of the Note Purchase Agreement as
 hereinafter set forth;

**B.** Each
 of the Borrower and Parent wish to confirm to the Purchaser that the Collateral continues
 to apply to the Obligations (as such terms are defined in the Security Agreement); and

**C.** The
 parties wish to set out the terms and conditions of this Agreement.

NOW THEREFORE THIS AGREEMENT WITNESSES that, in consideration of the covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby conclusively acknowledged by each of the parties hereto, the parties hereto covenant and agree as follows:

**1.** **Interpretation** 

1.1 In this Agreement and the recitals hereto, unless something in the subject matter or context is inconsistent therewith,

"**Agreement**" means this agreement, as amended, modified, supplemented or restated from time to time.

"**Effective Date**" means the date upon which each of the conditions precedent set forth in Section ‎4 below have been satisfied or waived in writing by the Purchaser.

1.2 Capitalized terms used herein without express definition shall have the same meanings herein as are ascribed thereto in the Note Purchase Agreement.

1.3 The division of this Agreement into Sections and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement. Unless the context otherwise requires, references herein to "Sections" are to Sections of this Agreement. The terms "this Agreement", "hereof", "hereunder" and similar expressions refer to this Agreement and not to any particular Section or other portion hereof and include any agreements supplemental hereto. This Agreement constitutes a Transaction Document for all purposes under the Note Purchase Agreement.

1.4 This Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving effect to any conflicts of law principles that would result in the application of the laws of any other nation or state.

**2.** **Amendment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Section 3.3(b) of the Note Purchase Agreement is hereby amended by deleting the reference to "November 8, 2024" therein in its entirety and replacing such reference with "January 31, 2025".

**3.** **Representations and Warranties** 

3.1 The Borrower and the Parent hereby represents and warrants as follows to the Purchaser and acknowledges and confirms that the Purchaser is relying upon such representations and warranties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  ***Capacity, Power and Authority*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It
 is duly formed, amalgamated or incorporated, as the case may be, and is validly subsisting
 under the laws of its jurisdiction of formation, amalgamation or incorporation, as the case
 may be, and has all the requisite capacity, power and authority to carry on its business
 as presently conducted and to own its property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It
 has the requisite capacity, power and authority to execute and deliver this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  ***Authorization; Enforceability*** 

It has taken or caused to be taken all necessary action to authorize, and has duly executed and delivered, this Agreement, and this Agreement is a legal, valid and binding obligation of it enforceable against it in accordance with its terms, subject to applicable bankruptcy, reorganization, winding up, insolvency, moratorium or other laws of general application affecting the enforcement of creditors' rights generally and to the equitable and statutory powers of the courts having jurisdiction with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  ***Compliance with Other Instruments*** 

The execution, delivery and performance by it of this Agreement and the consummation of the transactions contemplated herein do not conflict with, result in any breach or violation of, or constitute a default under the terms, conditions or provisions of its articles, by-laws or other constating documents or any unanimous shareholder agreement relating to it, or of any law, regulation, judgment, decree or order binding on or applicable to it or to which its property is subject or of any material agreement, lease, licence, permit or other instrument to which it or any of its Subsidiaries is a party or is otherwise bound or by which any of them benefits or to which any of their property is subject and do not require the consent or approval of any Governmental Authority or any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  ***No Default*** 

No Default or Event of Default has occurred or is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  ***Note Purchase Agreement Representations and Warranties*** 

Each of the representations and warranties of the Borrower and Parent set forth in Section 5 of the Note Purchase Agreement, as applicable, is true and correct as of the date hereof other than any such representations and warranties which expressly speak of an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date.

The representations and warranties set out in this Agreement shall survive the execution and delivery of this Agreement, notwithstanding any investigations or examinations which may be made by or on behalf of the Purchaser or Purchaser's counsel. Such representations and warranties shall survive until the Note Purchase Agreement has been terminated.

4. Condition Precedent

4.1 The amendment to the Note Purchase Agreement contained in Section 2 shall be effective upon, and shall be subject to, the Borrower and the Parent executing and delivering this Agreement, including the confirmation of Note Purchase Agreement and other Transaction Documents set forth herein, to the Purchaser.

4.2 The foregoing condition precedent is inserted for the sole benefit of the Purchaser and may be waived by the Purchaser in whole or in part (with or without terms or conditions).

**5.** **Confirmation of Note Purchase Agreement and other Transaction Documents** 

5.1 The Note Purchase Agreement and the other Transaction Documents to which the Borrower or the Parent is a party and all covenants, terms and provisions thereof, except as expressly amended and supplemented by this Agreement, shall be and continue to be in full force and effect and the Note Purchase Agreement, as amended by this Agreement, and each of the other Transaction Documents to which the Borrower or the Parent is a party is hereby ratified and confirmed by the Borrower or the Parent, as applicable, and shall, from and after the date hereof, continue in full force and effect as herein amended and supplemented, with such amendments and supplements being effective from and as of the date hereof (upon satisfaction of the condition precedent set forth in Section 4 hereof).

5.2 Each of the Borrower and Parent hereby confirms and agrees that each of the Security Documents to which it is a party is and shall remain in full force and effect in all respects notwithstanding this Agreement and the amendments contained therein and shall continue to exist and apply to all of the Obligations (as such term is defined in the Security Agreement) of the Borrower and the Parent, including, without limitation, the Obligations (as such term is defined in the Security Agreement) of the Borrower under, pursuant or relating to the Note Purchase Agreement, as amended by this Agreement.

5.3 The confirmations in this Section 5 are in addition to and shall not limit, derogate from or otherwise affect any provisions of the Note Purchase Agreement or any Collateral (as such term is defined in the Security Agreement), as the case may be.

**6.** **Further Assurances** 

Each of the Borrower, the Parent and the Purchaser shall promptly cure any default by them in the execution and delivery of this Agreement, the other Transaction Documents or any of the agreements provided for hereunder to which it is a party. The Borrower and the Parent at the Borrower's expense, shall promptly execute and deliver to the Purchaser, upon request by the Purchaser, all such other and further deeds, agreements, opinions, certificates, instruments, affidavits, registration materials and other documents as may reasonably be required by the Purchaser in order to give full effect to the intent of and effect compliance by the Borrower and the Parent with the covenants and agreements of the Borrower and the Parent hereunder.

**7.** **Enurement** 

This Agreement shall enure to the benefit of and shall be binding upon the parties hereto and their respective successors and permitted assigns in accordance with the Note Purchase Agreement.

**8.** **Counterparts** 

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which taken together shall be deemed to constitute one and the same instrument, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. Delivery of an executed counterpart of a signature page of this Agreement by facsimile transmission or by sending a scanned copy by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

**[The remainder of this page has been intentionally left blank]**

IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date and year first above written.

---

| | |
|:---|:---|
| **<u>BORROWER:</u>** | **<u>BORROWER:</u>** |
| **BUNKER HILL MINING COMPANY** | **BUNKER HILL MINING COMPANY** |
| By: | /s/ Sam Ash |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer and Director |
| By: | /s/ Gerbrand van Heerden |
| Name: | Gerbrand van Heerden |
| Title: | Chief Financial Officer and Corporate Secretary |

---

---

| | |
|:---|:---|
| **<u>PARENT</u>:** | **<u>PARENT</u>:** |
| **SILVER VALLEY METALS CORP.** | **SILVER VALLEY METALS CORP.** |
| By: | /s/ Sam Ash |
| Name: | Sam Ash |
| Title: | President |
| By: | /s/ Gerbrand van Heerden |
| Name: | Gerbrand van Heerden |
| Title: | Treasurer |

---

Amendment to Note Purchase Agreement

---

| | |
|:---|:---|
| **<u>PURCHASER</u>:** | **<u>PURCHASER</u>:** |
| **MONETARY METALS BOND III LLC** | **MONETARY METALS BOND III LLC** |
| By: | /s/ Saad Zein |
| Name: | Saad Zein |
| Title: | Chief Portfolio Officer |
| By: |  |
| Name: |  |
| Title |  |

---

Amendment to Note Purchase Agreement

## Exhibit 10.46

**Exhibit 10.46**

**[REDACTED COPY]**

**SECOND AMENDMENT TO SECURED PROMISSORY**

**NOTE PURCHASE AGREEMENT**

This Second Amendment to Secured Promissory Note Purchase Agreement (this "**Agreement**") is dated as of June 5, 2025, by and among Silver Valley Metals Corp., an Idaho corporation, having its business address at 1 Mine Road, Kellogg, ID 83837, as borrower (the "**Borrower**" or "**Silver Valley**"), Bunker Hill Mining Corp., an Idaho corporation, as parent (the "**Parent**" or "**Bunker Hill**"), and Monetary Metals Bond III LLC, a Delaware limited liability company, as purchaser (together with its successors and assigns, the "**Purchaser**").

WHEREAS, on August 8, 2024, the Purchaser made a loan (the "**Loan**") to the Borrower in the aggregate principal amount equal to the U.S. dollar equivalent of up to 1,200,000 troy ounces of silver, pursuant to that certain Secured Promissory Note Purchase Agreement, dated as of August 8, 2024, by and among the Borrower, the Parent, and the Purchaser, as amended by that certain First Amendment to Secured Promissory Note Purchase Agreement, dated as of November 11, 2024 (as amended, restated, supplemented or otherwise modified from time to time in accordance with its provisions, the "**Note Purchase Agreement**"), which the Loan is evidenced by that certain Secured Promissory Note, dated as of August 8, 2024, made by the Borrower to the Purchaser (as amended, restated, supplemented or otherwise modified from time to time in accordance with its provisions, the "**Note**");

WHEREAS, the Borrower has requested, and the Purchaser has agreed, to amend the Note Purchase Agreement on the terms and subject to the conditions set forth herein;

WHEREAS, pursuant to Section 9.7 of the Note Purchase Agreement, the amendments requested by the Borrower must be contained in a written agreement signed by the Borrower and the Purchaser; and

WHEREAS, the Borrower and Parent wish to confirm to the Purchaser that the Collateral continues to apply to the Obligations (as such terms are defined in the Security Agreement).

NOW THEREFORE, in consideration of the covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby conclusively acknowledged by each of the parties hereto, the parties hereto covenant and agree as follows:

**1.** **Interpretation** 

1.1 Capitalized terms used and not otherwise defined in this Agreement shall have the respective meanings given them in the Note Purchase Agreement, as amended hereby.

1.2 The division of this Agreement into Sections and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement. Unless the context otherwise requires, references herein to "Sections" are to Sections of this Agreement. The terms "this Agreement", "hereof", "hereunder" and similar expressions refer to this Agreement and not to any particular Section or other portion hereof and include any agreements supplemental hereto. This Agreement constitutes a Transaction Document for all purposes under the Note Purchase Agreement.

1.3 This Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving effect to any conflicts of law principles that would result in the application of the laws of any other nation or state.

**2.** **Amendments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The
Note Purchase Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 definition of "Guarantee" now appearing in Section 1 of the Note Purchase Agreement
 is hereby amended in its entirety to read as follows:

"***Guarantee***" means the Guarantee, dated as of August 8, 2024, issued by the Parent for the benefit of the Purchaser, as may be amended, restated, supplemented or otherwise modified from time to time in accordance with its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 definition of "Intercompany Subordination and Postponement Agreement" now appearing
 in Section 1 of the Note Purchase Agreement is hereby amended in its entirety to read as
 follows:

"***Intercompany Subordination and Postponement Agreement***" means the Intercompany Subordination and Postponement Agreement, dated as of August 8, 2024, between the Parent, the Borrower and the Purchaser, as may be amended, restated, supplemented or otherwise modified from time to time in accordance with its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 definition of "Intercreditor Agreement" now appearing in Section 1 of the Note
 Purchase Agreement is hereby amended in its entirety to read as follows:

"***Intercreditor Agreement***" means the Intercreditor and Subordination Agreement, dated as of August 8, 2024, as amended and restated by that certain Amended and Restated Intercreditor and Subordination Agreement, dated as of June 5, 2025, by and among the Purchaser, Sprott Private Resource Streaming and Royalty (US Collector), LP, Sprott Private Resource Streaming and Royalty (Collector), LP, Teck Metals Ltd., MineWater Finance LLC, MineWater LLC, MW HH LLC, the Borrower and the Parent and all other documents, agreements, exhibits, schedules or instruments contemplated thereby or executed in connection therewith, each as may be amended, restated, supplemented or otherwise modified from time to time in accordance with its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 definition of "Mortgage, Assignment of Production, Assignment of Leases and Rents,
 Security Agreement, Financing Statement and Fixture Filing" now appearing in Section
 1 of the Note Purchase Agreement is hereby amended in its entirety to read as follows:

"***Mortgage***" means the Mortgage, Assignment of Production, Assignment of Leases and Rents, Security Agreement, Financing Statement and Fixture Filing, dated as of August 8, 2024, by and between the Purchaser and Borrower, as may be amended, restated, supplemented or otherwise modified from time to time in accordance with its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 definition of "Permitted Debt" now appearing in Section 1 of the Note Purchase
 Agreement is hereby amended by adding immediately at the start of subsection (vii) therein,
 the following:

"(vii) obligations in respect of surety or performance bonds and/or letters of credit required to be provided to the EPA as set out in <u>Schedule 1</u> of the Disclosure Letter or"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 definition of "Security Agreement" now appearing in Section 1 of the Note Purchase
 Agreement is hereby amended in its entirety to read as follows:

"***Security Agreement***" means the Security Agreement dated as of August 8, 2024, made by and among the Purchaser, the Parent and the Borrower, as may be amended, restated, supplemented or otherwise modified from time to time in accordance with its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 definition of "Security Documents" now appearing in Section 1 of the Note Purchase
 Agreement is hereby amended in its entirety to read as follows:

"***Security Documents***" means the (i) Share Pledge Agreement; (ii) Security Agreement; (iii) Mortgage; and (iv) Intercompany Subordination and Postponement Agreement; and in all cases, all other documents, agreements, exhibits, schedules or instruments contemplated thereby or executed in connection therewith, each as may be amended, restated, supplemented or otherwise modified from time to time in accordance with its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 definition of "Share Pledge Agreement" now appearing in Section 1 of the Note
 Purchase Agreement is hereby amended in its entirety to read as follows:

"***Share Pledge Agreement***" means the Pledge Agreement, dated as of August 8, 2024, made by and between the Purchaser and the Parent, as may be amended, restated, supplemented or otherwise modified from time to time in accordance with its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 definition of "Transaction Documents" now appearing in Section 1 of the Note
 Purchase Agreement is hereby amended in its entirety to read as follows:

"***Transaction Documents***" means collectively, this Agreement, the Note, the Security Documents, the Guarantee, the Intercreditor Agreement, and all other agreements, documents, certificates, and instruments executed and delivered by the Parent, the Borrower, and each Subsidiary of the Borrower that is or becomes a party to a Transaction Document as well as any third party that is a party thereto, in accordance herewith or therewith, each as may be amended, restated, supplemented or otherwise modified from time to time in accordance with its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Section
 1 of the Note Purchase Agreement is hereby amended by adding, as new definitions thereto
 in the appropriate alphabetical order, the following:

"***Applicable Law***" means any federal, provincial, state, local or municipal statute, law (including the common law), ordinance, rule having the force of law, regulation, by-law (zoning or otherwise) or order of any Governmental Authority or rule of any stock exchange or securities commission, applicable to a Person or any of its properties, assets, business or operations.

"***Good Practice Standards***" means, in relation to mining (including all relevant disciplines pertaining thereto, such as metallurgy, processing, engineering, environmental and governance matters, relations with community and indigenous peoples and other social matters), those policies, practices, methods and acts engaged in or approved by a Person which, in the conduct of its undertaking, exercises that degree of safe and efficient practice, diligence, prudence, and foresight reasonably and ordinarily exercised and most commonly accepted by reputable, skilled and experienced operators engaged in the mining industry in the United States.

"***Governmental Authority***" means any government whether federal, provincial, state or municipal and any governmental agency, governmental authority, governmental tribunal, court, governmental commission (including a securities commission) of any kind whatsoever, any subdivision, agency, commission, board or authority of any of the foregoing or any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the amount of any of the foregoing or any stock exchange or securities commission, having jurisdiction.

"***NI 43-101***" means National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators, or any successor instrument, rule or policy.

"***Obligors***" means both the Purchaser and Borrower.

"***PEA***" means the technical report and preliminary economic assessment for underground milling and concentration of lead, silver and zinc at the Mine dated December 29, 2021 and effective November 29, 2021, as amended and restated as of February 22, 2022 effective January 7, 2022 and as further updated and revised by Management's 9 plus 3 model dated October 30, 2024 titled "*9^M3 Forecast Consolidated Optimization incl AP catch up*" and delivered to the Administrative Agent on November 15, 2024.

"***Person***" shall be broadly interpreted and includes an individual, body corporate, partnership, joint venture, trust, association, unincorporated organization, any Governmental Authority or any other entity recognized by law.

"***Second Amendment Date***" means June 5, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Section
 2 of the Note Purchase Agreement is hereby amended by deleting the words "(the "Note")"
 from such Section and substituting in lieu thereof the words "(as may be amended, restated,
 supplemented or otherwise modified from time to time in accordance with its provisions, the
 "  ***Note*** ")."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Section
 3.3(b) of the Note Purchase Agreement is hereby amended by deleting the words "January
 31, 2025" from such Section and substituting in lieu thereof the words "June
 30, 2025."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Section
 5.12 of the Note Purchase Agreement is hereby amended in its entirety to read:

<u>Disclosure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Obligors have provided the Purchaser with all material information relating to the Project
 and prepared by or on behalf of the current management of the Obligors and that has been
 made available or delivered to any other party to the Intercreditor Agreement, including
 forecasts, projections, mine plans, budgets and environmental audits, assessments, studies
 and tests, including any environmental and social impact assessment study reports, and all
 such information was prepared in good faith and on the basis of assumptions that the management
 of the Obligors believe to be reasonable at the time of preparation, subject to any material
 changes of which the Obligors have informed the Purchaser in writing and includes, but is
 not limited to, all information requested by the Purchaser in connection with its decision
 to purchase the Note and undertake the transactions contemplated herein, and as of the date
 of that certain Monetary Metals Bond III, LLC Preliminary Private Placement Memorandum, dated
 as of July 19, 2024 (in each case, excluding, for the purposes of this representation and
 warranty, any pricing information omitted in this offering document and any information derived
 from such pricing information), and of that certain Monetary Metals Bond III, LLC Final Private
 Placement Memorandum, dated on or about the week of August 6, 2024 and that certain Monetary
 Metals Bond III, LLC Final Private Placement Memorandum, dated on or about the week of November
 4, 2024 (together with all Posted Information (as defined therein), the "**MM Bond III PPM** "), the MM Bond III PPM (as may be amended or supplemented as of any such
 time), does not and will not contain any untrue statement of a material fact and does not
 and will not omit to state a material fact necessary in order to make the statements therein,
 in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None
 of the representations or warranties made by the Obligors herein as of the date of such representations
 and warranties, and the statements contained in any other information, certificates, exhibits
 or reports, furnished by or on behalf of the Obligors to the Purchaser in connection herewith,
 when taken as a whole, contain any untrue statement of a material fact or omit any material
 fact required to be stated therein or necessary to make the statements made therein, in the
 light of the circumstances under which they are made, not materially misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 the knowledge of the management of the Obligors, all material information relating to the
 Project prepared at the request of current management of the Obligors by third parties and
 that has been made available or delivered to the Purchaser including forecasts, projections,
 mine plans, budgets and environmental audits, assessments, studies and tests, including any
 material environmental and social impact assessment study reports, was prepared in good faith
 and does not contain materially incorrect information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Obligors do not have knowledge of any change to the facts and assumptions underlying the
 estimates in the PEA that would reasonably be expected to result in a material adverse change
 in any cost, price, reserves, resources or other relevant information in the PEA. All material
 information regarding the Project, including drill results, technical reports and studies,
 that are required to be disclosed by Applicable Laws, have been publicly disclosed by the
 Obligors in compliance, in all material respects, with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) As
 of the date hereof, all material information relating to the Project mineralization prepared
 by or on behalf of the current management of the Obligors has been made available or delivered
 to the Purchaser and, to the knowledge of the management of the Obligors, such information
 and the reports and information delivered to the Purchaser have been prepared in a manner
 which is consistent with Good Practice Standards, the statements, assumptions and projections
 contained therein are fair and reasonable as and when produced and, to the knowledge of the
 management of the Obligors, have been arrived at after reasonable inquiry having been made
 in good faith by the Persons responsible therefor. The estimated mineral resources relating
 to the Property as of the date hereof are as stated in the PEA. The Obligors are in compliance
 in all material respects with NI 43-101 in connection with the disclosure of scientific or
 technical information made by the Obligors concerning the Project. The Obligors have duly
 filed with the applicable regulatory authorities in compliance in all material respects with
 Applicable Laws all reports required by NI 43-101 in connection with the Project, and all
 such reports were prepared in accordance with the requirements of NI 43-101 in all material
 respects. As of the date hereof, there are no outstanding unresolved comments of the TSX
 Venture Exchange (the "**TSX-V**") or any securities regulator in the provinces
 of British Columbia, Alberta and Ontario in respect of the technical disclosure relating
 to the Project made in the documents which have been filed by or on behalf of the Obligors
 with the relevant securities regulators pursuant to the requirements of Applicable Laws,
 including all documents publicly available on the Parent's SEDAR+ profile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Obligors are in compliance in all material respects with all timely and continuous disclosure
 obligations under Applicable Laws, including National Instrument 51-102 – *Continuous Disclosure Obligations* of the Canadian Securities Administrators, and the policies, rules
 and regulations of the TSX-V and, without limiting the generality of the foregoing, except
 as disclosed to the Purchaser, there has been no "material change", as defined
 in the *Securities Act* (Ontario) (actual, or, to the knowledge of the Obligors, proposed
 or prospective, whether financial or otherwise) in the business, results of operations, prospects,
 assets, liabilities (contingent or otherwise) or capital or financial condition of the Obligors
 on a consolidated basis which has not been publicly disclosed within the period required
 by National Instrument 51-102 – *Continuous Disclosure Obligations* of the Canadian
 Securities Administrators, and except as disclosed to the Purchaser, the Obligors have not
 filed any confidential material change reports which remain confidential as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Section
 9.9(e) of the Note Purchase Agreement is hereby amended by adding, immediately after the
 end of subsection (b) therein, the following:

"(b) in connection with any additional tranches issued after the first tranche and on or before December 31, 2024, such number of warrants that is equal to two times the number of Ounces of Silver advanced by the Purchaser under such tranche; and"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Section
 9.9(e) of the Note Purchase Agreement is hereby amended by adding, immediately after the
 end of subsection (b) therein, the following:

"(c) in connection with any additional tranches following the Second Amendment Date, such number of warrants that the parties will agree upon prior to the issuance thereof and subject to the prior approval of the TSXV Venture Exchange."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Schedule
 1 of the Note Purchase Agreement is hereby deleted in its entirety and replaced with Schedule
 1 attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Schedule
 5.3 of the Note Purchase Agreement is hereby deleted in its entirety and replaced with Schedule
 5.3 attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Schedule
 5.7 of the Note Purchase Agreement is hereby deleted in its entirety and replaced with Schedule
 5.7 attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Schedule
 5.15 of the Note Purchase Agreement is hereby deleted in its entirety and replaced with Schedule
 5.15 attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Annex
 A of the Note Purchase Agreement is hereby deleted in its entirety and replaced with Annex
 A attached hereto.

**3.** **Representations and Warranties** 

3.1 Each of the Borrower and the Parent hereby represents and warrants as follows to the Purchaser and acknowledges and confirms that the Purchaser is relying upon such representations and warranties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  ***Capacity, Power and Authority*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It
 is duly formed, amalgamated or incorporated, as the case may be, and is validly subsisting
 under the laws of its jurisdiction of formation, amalgamation or incorporation, as the case
 may be, and has all the requisite capacity, power and authority to carry on its business
 as presently conducted and to own its property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It
 has the requisite capacity, power and authority to execute, deliver, and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  ***Authorization; Enforceability*** 

It has taken or caused to be taken all necessary action to authorize, and has duly executed and delivered, this Agreement, and this Agreement is a legal, valid and binding obligation of it enforceable against it in accordance with its terms, subject to applicable bankruptcy, reorganization, winding up, insolvency, moratorium or other laws of general application affecting the enforcement of creditors' rights generally and to the equitable and statutory powers of the courts having jurisdiction with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  ***Compliance with Other Instruments*** 

The execution, delivery and performance by it of this Agreement and the consummation of the transactions contemplated herein do not conflict with, result in any breach or violation of, or constitute a default under the terms, conditions or provisions of its articles, by-laws or other constating documents or any shareholder agreement relating to it, or of any law, regulation, judgment, decree or order binding on or applicable to it or to which its property is subject or of any material agreement, lease, licence, permit or other instrument to which it or any of its Subsidiaries is a party or is otherwise bound or by which any of them benefits or to which any of their property is subject and do not require the consent or approval of any Governmental Authority or any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  ***No Default*** 

No Default or Event of Default has occurred or is continuing, or will result from, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  ***Representations and Warranties*** 

Each of the representations and warranties made by it herein or in or pursuant to the Transaction Documents is true and correct on and as of the Effective Date (as defined herein) as if made on and as of such date (except that any representation or warranty which by its terms is made as of an earlier date shall be true and correct as of such earlier date).

The representations and warranties set out in this Agreement shall survive the execution and delivery of this Agreement, notwithstanding any investigations or examinations which may be made by or on behalf of the Purchaser or Purchaser's counsel. Such representations and warranties shall survive until the Note Purchase Agreement has been terminated.

**4.** **Conditions Precedent** 

4.1 This Agreement shall become effective upon the date (the "**Effective Date**") on which the Purchaser shall have received all of this Agreement, duly executed and delivered by the parties hereto.

**5.** **Confirmation of Note Purchase Agreement and other Transaction Documents** 

5.1 The Note Purchase Agreement and the other Transaction Documents to which the Borrower or the Parent is a party and all covenants, terms and provisions thereof, except as expressly amended and supplemented by this Agreement, shall be and continue to be in full force and effect and the Note Purchase Agreement, as amended by this Agreement, and each of the other Transaction Documents to which the Borrower or the Parent is a party is hereby ratified and confirmed by the Borrower or the Parent, as applicable, and shall, from and after the date hereof, continue in full force and effect as herein amended and supplemented, with such amendments and supplements being effective from and as of the date hereof (upon satisfaction of the condition precedent set forth in <u>Section 4</u> hereof).

5.2 Each of the Borrower and the Parent hereby confirms and agrees that each of the Security Documents to which it is a party is and shall remain in full force and effect in all respects notwithstanding this Agreement and the amendments contained therein and shall continue to exist and apply to all of the Obligations (as such term is defined in the Security Agreement) of the Borrower and the Parent, including, without limitation, the Obligations of the Borrower under, pursuant or relating to the Note Purchase Agreement, as amended by this Agreement.

5.3 The confirmations in this <u>Section 5</u> are in addition to and shall not limit, derogate from or otherwise affect any provisions of the Note Purchase Agreement or any Collateral, as the case may be.

**6.** **Further Assurances** 

Each of the Borrower, the Parent and the Purchaser shall promptly cure any default by them in the execution and delivery of this Agreement, the other Transaction Documents or any of the agreements provided for hereunder to which it is a party. The Borrower and the Parent at the Borrower's expense, shall promptly execute and deliver to the Purchaser, upon request by the Purchaser, all such other and further deeds, agreements, opinions, certificates, instruments, affidavits, registration materials and other documents as may reasonably be required by the Purchaser in order to give full effect to the intent of and effect compliance by the Borrower and the Parent with the covenants and agreements of the Borrower and the Parent hereunder.

**7.** **Successors and Assigns** 

This Agreement shall inure to the benefit of and shall be binding upon the parties hereto and their respective successors and permitted assigns in accordance with the Note Purchase Agreement.

**8.** **Counterparts** 

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which taken together shall be deemed to constitute one and the same instrument, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. Delivery of an executed counterpart of a signature page of this Agreement by facsimile transmission or by sending a scanned copy by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

**9.** **Costs and Expenses** 

The Borrower agrees to pay or reimburse the Purchaser for all of its reasonable out-of-pocket costs and expenses incurred in connection with this Agreement, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Purchaser.

**[The remainder of this page has been intentionally left blank]**

IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date and year first above written.

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| | |
|:---|:---|
| **BORROWER:** | **BORROWER:** |
| **SILVER VALLEY METALS CORP.** | **SILVER VALLEY METALS CORP.** |
| By: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President |
| By: | */s/ Gerbrand van Heerden* |
| Name: | Gerbrand van Heerden |
| Title: | Treasurer |
| **PARENT:** | **PARENT:** |
| **BUNKER HILL MINING CORP.** | **BUNKER HILL MINING CORP.** |
| By: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President & Chief Executive Officer and Director |
| By: | */s/ Gerbrand van Heerden* |
| Name: | Gerbrand van Heerden |
| Title: | Chief Financial Officer and Corporate Secretary |

---

[Signatures Continue on Next Page]

[*Signature Page to Second Amendment to Secured Promissory Note Purchase Agreement*]

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| | |
|:---|:---|
| **PURCHASER:** | **PURCHASER:** |
| **MONETARY METALS BOND III LLC** | **MONETARY METALS BOND III LLC** |
| By: | */s/ Keith Weiner* |
| Name: | Keith Weiner |
| Title: | Chief Executive Officer, Founder |

---

[End of Signatures]

[*Signature Page to Second Amendment to Secured Promissory Note Purchase Agreement*]

**<u>SCHEDULE 1</u>**

**[Schedule Redacted - PERMITTED DEBT; PERMITTED LIENS]**

**<u>SCHEDULE 5.3</u>**

**[Schedule Redacted - LITIGATION; LABOR DISPUTES AND ACTS OF GOD]**

**<u>SCHEDULE 5.7</u>**

**[Schedule Redacted – CAPITALIZATION]**

**<u>SCHEDULE 5.15</u>**

**[Schedule Redacted – INSURANCE]**

**<u>ANNEX A</u>**

**DESCRIPTION OF THE PROJECT**

The construction and development of the Bunker Hill Mine located in Coeur D'Alene Mining District, in the cities of Kellogg and Wardner and in Shoshone County, Idaho USA (which includes the project mining claims listed below) (the "**Mine**"), including the acquisition of the Mine and the settlement of liabilities owing to the EPA, when due.

**<u>Project Mining Claims</u>**

**Primary Claims**

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Ace | 2583 | 12 | 48 North | 2 East |
| African | 2624 | 13 | 48 North | 2 East |
| Alla | 1228 | 13 | 48 North | 2 East |
| Allie | 1229 | 13 | 48 North | 2 East |
| Apex | 3361 | 2 | 47 North | 2 East |
| Arizona | 1488 | 12 | 48 North | 2 East |
| Band | 2507 | 2 | 48 North | 2 East |
| Bear | 2081 | 13 | 48 North | 2 East |
| Bee | 2072 | 12 | 48 North | 2 East |
| Berniece | 1620 | 14 | 48 North | 2 East |
| Beta | 3471 | 13 | 48 North | 2 East |
| Blue Bird | 3361 | 2 | 47 North | 2 East |
| Boer | 2599 | 12 | 48 North | 2 East |
| Bonanza Fraction | 1228 | 13 | 48 North | 2 East |
| Bought Again | 1229 | 13 | 48 North | 2 East |
| Brady | 2584 | 12 | 48 North | 2 East |
| Buckeye | 2250 | 13 | 48 North | 2 East |
| Butte | 3361 | 2 | 47 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Butternut | 1916 | 13 | 48 North | 2 East |
| Cariboo | 1220 | 11 | 48 North | 2 East |
| Carter | 1466 | 14 | 48 North | 2 East |
| Chain | 2078 | 12 | 48 North | 2 East |
| Cheyenne | 2249 | 12 | 48 North | 2 East |
| Chief No. 2 | 2862 | 11 | 48 North | 2 East |
| Club | 2583 | 12 | 48 North | 2 East |
| Combination | 2072 | 12 | 48 North | 2 East |
| Confidence | 2328 | 12 | 48 North | 2 East |
| Coxey | 1466 | 14 | 48 North | 2 East |
| Cypress | 2429 | 12 | 48 North | 2 East |
| Deadwood | 1466 | 11 | 48 North | 2 East |
| Debs | 1466 | 11 | 48 North | 2 East |
| Dewey | 2081 | 13 | 48 North | 2 East |
| Diamond | 2583 | 12 | 48 North | 2 East |
| Drew | 2587 | 13 | 48 North | 2 East |
| East | 1228 | 13 | 48 North | 2 East |
| Emily Grace | 2587 | 13 | 48 North | 2 East |
| Emma | 550 | 12 | 48 North | 2 East |
| Ethel | 2966 | 11 | 48 North | 2 East |
| Evans | 2611 | 12 | 48 North | 2 East |
| Excelsior | 1356 | 11 | 48 North | 2 East |
| F | 2587 | 24 | 48 North | 2 East |
| Flagstaff | 2328 | 12 | 48 North | 2 East |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Flagstaff No. 2 | 2921 | 12 | 48 North | 2 East |
| Flagstaff No. 4 | 2921 | 12 | 48 North | 2 East |
| Foster | 2587 | 13 | 48 North | 2 East |
| Good Luck | 1220 | 11 | 48 North | 2 East |
| Goth | 3214 | 2 | 48 North | 2 East |
| Grant | 2369 | 11, 12 | 48 North | 2 East |
| Grant | 2599 | 12 | 48 North | 2 East |
| Gun | 2611 | 18 | 48 North | 3 East |
| Gus | 2624 | 13 | 48 North | 2 East |
| Hamilton | 1466 | 14 | 48 North | 2 East |
| Hamilton Fraction | 1619 | 11 | 48 North | 2 East |
| Hard Cash | 1466 | 11 | 48 North | 2 East |
| Harrison | 1664 | 11 | 48 North | 2 East |
| Hawk | 2072 | 12 | 48 North | 2 East |
| Heart | 2511 | 12 | 48 North | 2 East |
| Helen Marr | 2452 | 12 | 48 North | 2 East |
| Hemlock | 2452 | 13 | 48 North | 2 East |
| Hickory | 2432 | 13 | 48 North | 2 East |
| Homestake | 1916 | 13 | 48 North | 2 East |
| Hornet | 1325 | 12 | 48 North | 2 East |
| Idaho | 2072 | 12 | 48 North | 2 East |
| Iowa | 2072 | 12 | 48 North | 2 East |
| Ironhill | 1228 | 13 | 48 North | 2 East |
| Ito | 2081 | 13 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Jack | 2511 | 12 | 48 North | 2 East |
| Jersey Fraction | 1220 | 12 | 48 North | 2 East |
| Josie | 1229 | 13 | 48 North | 2 East |
| K-24 | 2080 | 14 | 48 North | 2 East |
| K-4 | 2080 | 14 | 48 North | 2 East |
| K-40 | 2587 | 24 | 48 North | 2 East |
| Katherine | 2966 | 11 | 48 North | 2 East |
| Key | 2511 | 12 | 48 North | 2 East |
| King | 1325 | 12 | 48 North | 2 East |
| Kirby Fraction | 2654 | 12 | 48 North | 2 East |
| Lackawana | 614 | 13 | 48 North | 2 East |
| Lacrosse | 1228 | 13 | 48 North | 2 East |
| Last Chance | 551 | 12 | 48 North | 2 East |
| Likely | 1298 | 12 | 48 North | 2 East |
| Lilly | 2587 | 12 | 48 North | 2 East |
| Lincoln | 2187 | 12 | 48 North | 2 East |
| Lucia | 3390 | 14 | 48 North | 2 East |
| Lucky Chance | 1349 | 18 | 48 North | 3 East |
| Maine | 2626 | 11 | 48 North | 2 East |
| Manchester | 2966 | 11 | 48 North | 2 East |
| Maple | 1229 | 13 | 48 North | 2 East |
| Marblehead | 3390 | 10 | 48 North | 2 East |
| Margaret | 3390 | 14 | 48 North | 2 East |
| Mashonaland | 1227 | 13 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Matabelaland | 1227 | 13 | 48 North | 2 East |
| McClellan | 2654 | 12 | 48 North | 2 East |
| McClelland | 1681 | 11 | 48 North | 2 East |
| Miles | 2654 | 12 | 48 North | 2 East |
| Miners Delight | 1228 | 13 | 48 North | 2 East |
| Missouri | 2080 | 14 | 48 North | 2 East |
| Mountain King | 1620 | 14 | 48 North | 2 East |
| Mountain Queen | 1620 | 14 | 48 North | 2 East |
| Nancy B. | 3390 | 11 | 48 North | 2 East |
| Nellie | 2583 | 11 | 48 North | 2 East |
| Nevada | 1466 | 14 | 48 North | 2 East |
| New Era | 1527 | 12 | 48 North | 2 East |
| 96 | 1715 | 11 | 48 North | 2 East |
| No. 1 | 1357 | 11 | 48 North | 2 East |
| No. 2 | 1357 | 11 | 48 North | 2 East |
| No. 3 | 1357 | 11 | 48 North | 2 East |
| No. 4 | 1357 | 11 | 48 North | 2 East |
| No Name | 1228 | 13 | 48 North | 2 East |
| Norman | 2368 | 11 | 48 North | 2 East |
| Oakland | 569 | 11 | 48 North | 2 East |
| Offset | 1229 | 13 | 48 North | 2 East |
| Ollie McMillin | 1228 | 13 | 48 North | 2 East |
| Ontario Fraction | 755 | 11 | 48 North | 2 East |
| Oregon | 2274 | 15 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Overlap | 2052 | 12 | 48 North | 2 East |
| Oyama | 2081 | 13 | 48 North | 2 East |
| Olympia | 3390 | 10 | 48 North | 2 East |
| Packard | 1413 | 2 | 48 North | 2 East |
| Phil | 3390 | 14 | 48 North | 2 East |
| Phillippine | 1663 | 2 | 48 North | 2 East |
| Pitt | 2654 | 12 | 48 North | 2 East |
| Princess | 1633 | 11 | 48 North | 2 East |
| Quaker | 1414 | 2 | 48 North | 2 East |
| Queen | 2511 | 12 | 48 North | 2 East |
| Rambler | 1041 | 11 | 48 North | 2 East |
| Republican Fraction | 959 | 12 | 48 North | 2 East |
| Roman | 2583 | 11 | 48 North | 2 East |
| Rookery | 1229 | 13 | 48 North | 2 East |
| Roy | 2624 | 13 | 48 North | 2 East |
| Royal Knight | 1639 | 11 | 48 North | 2 East |
| S-11 | 2081 | 13 | 48 North | 2 East |
| S-12 | 2081 | 13 | 48 North | 2 East |
| S-13 | 2081 | 13 | 48 North | 2 East |
| Sampson | 1328 | 12 | 48 North | 2 East |
| Sampson | 2081 | 13 | 48 North | 2 East |
| San Carlos | 750 | 12 | 48 North | 2 East |
| Sarnia | 2081 | 13 | 48 North | 2 East |
| Scelinda No. 1 | 2921 | 1 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Scelinda No. 2 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 3 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 4 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 5 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 7 | 2921 | 1 | 48 North | 2 East |
| Scelinda No. 8 | 2921 | 1 | 48 North | 2 East |
| Schofield | 1228 | 13 | 48 North | 2 East |
| Skookum | 615 | 12 | 48 North | 2 East |
| Scorpion Fraction | 2072 | 12 | 48 North | 2 East |
| Sierra Nevada | 554 | 12 | 48 North | 2 East |
| Silver | 2587 | 13 | 48 North | 2 East |
| Silver King | 1639 | 11 | 48 North | 2 East |
| Sims | 2186 | 12 | 48 North | 2 East |
| Sold Again Fraction | 933 | 12 | 48 North | 2 East |
| Southern Beauty | 1620 | 14 | 48 North | 2 East |
| Spade | 2583 | 12 | 48 North | 2 East |
| Spokane | 2509 | 12 | 48 North | 2 East |
| Spruce Fraction | 2432 | 13 | 48 North | 2 East |
| Stemwinder | 1830 | 12 | 48 North | 2 East |
| Stopping | 1227 | 13 | 48 North | 2 East |
| Stuart No. 2 | 2966 | 11 | 48 North | 2 East |
| Stuart No. 3 | 2966 | 11 | 48 North | 2 East |
| Sugar | 2862 | 11 | 48 North | 2 East |
| Sullivan | 2966 | 11 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Summit | 1228 | 13 | 48 North | 2 East |
| Susie | 1229 | 13 | 48 North | 2 East |
| Taft | 2611 | 18 | 48 North | 3 East |
| Teddy | 2511 | 12 | 48 North | 2 East |
| Timothy Fraction | 2274 | 18 | 48 North | 3 East |
| Tip Top | 1041 | 11 | 48 North | 2 East |
| Trump | 2624 | 13 | 48 North | 2 East |
| Tyler | 546 | 12 | 48 North | 2 East |
| Utah | 1882 | 12 | 48 North | 2 East |
| Viola | 562 | 12 | 48 North | 2 East |
| Washington | 2072 | 12 | 48 North | 2 East |
| Waverly | 1620 | 14 | 48 North | 2 East |
| Wheelbarrow | 1526 | 12 | 48 North | 2 East |
| William Lambert Fraction | 1945 | 2 | 48 North | 2 East |
| Yale | 2611 | 13 | 48 North | 2 East |
| Zululand | 1227 | 13 | 48 North | 2 East |

---

This Primary Claims set contains all resource material included in the 2021 PEA Mineral Resource Estimate, as well as those areas listed in the historic 1991 reserves. Due to the inconsistent orientation and nature of the mineralization underlying the above parcels, the Primary Royalty rate will be applied to all extracted and processed mineralized material lying under and within Primary Claims' area, up to 90 degrees nadir along the Primary Claims' boundaries.

In order to accommodate the down-dip potential on structures included within the 2021 PEA Mineral Resource Estimate and historic 1991 historic reserves report, all material processed interstitial to existing development, along strike but within the Primary Claims' boundary restrictions listed in the above paragraph, and continuously down-dip to the termination of the structure, the following zones will constitute Primary Claims and be assigned a 1.85% royalty rate: Shea, Tallon, Ike/Truman, Emery, J, Mac, Francis/FW Francis. These names are taken to be the names used during past production and denote discrete mineralized structures. This rule is added to the overlying royalty rate's material restrictions to reflect a more typical "Apex Law" situation for tabular mineralized zones and applies only to those structures listed above. Splays and associated structures that connect geologically to those listed above will receive the Primary Royalty rate of the main structure.

**GGS Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Adath | 2976 | 22 | 48 North | 2 East |
| Alykris | 2976 | 22 | 48 North | 2 East |
| Anna Laura | 2976 | 22 | 48 North | 2 East |
| Atlas | 2976 | 22 | 48 North | 2 East |
| Atlas No. 1 | 2976 | 22 | 48 North | 2 East |
| B | 2587 | 24 | 48 North | 2 East |
| Battleship Oregon | 3390 | 14 | 48 North | 2 East |
| Black | 2081 | 13 | 48 North | 2 East |
| Brown | 2081 | 13 | 48 North | 2 East |
| Charly T. | 3390 | 14 | 48 North | 2 East |
| E | 2587 | 24 | 48 North | 2 East |
| Edna | 2587 | 13 | 48 North | 2 East |
| 85 | 2077 | 15 | 48 North | 2 East |
| Fraction | 2976 | 22 | 48 North | 2 East |
| Gay | 2976 | 22 | 48 North | 2 East |
| Hoover No. 1 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 2 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 3 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 4 | 2975 | 13 | 48 North | 2 East |
| Hoover No. 5 | 2975 | 13 | 48 North | 2 East |
| Iowa No. 2 | 2077 | 15 | 48 North | 2 East |
| K-1 | 2080 | 14 | 48 North | 2 East |
| K-10 | 2077 | 15 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| K-11 | 2077 | 15 | 48 North | 2 East |
| K-12 | 2077 | 15 | 48 North | 2 East |
| K-13 | 2077 | 15 | 48 North | 2 East |
| K-14 | 2080 | 14 | 48 North | 2 East |
| K-15 | 2080 | 14 | 48 North | 2 East |
| K-16 | 2077 | 14 | 48 North | 2 East |
| K-17 | 2077 | 15 | 48 North | 2 East |
| K-2 | 2080 | 14 | 48 North | 2 East |
| K-25 | 2080 | 14 | 48 North | 2 East |
| K-26 | 2080 | 14 | 48 North | 2 East |
| K-27 | 2080 | 14 | 48 North | 2 East |
| K-28 | 2077 | 15 | 48 North | 2 East |
| K-3 | 2080 | 14 | 48 North | 2 East |
| K-30 | 2077 | 14 | 48 North | 2 East |
| K-31 | 2077 | 14 | 48 North | 2 East |
| K-32 | 2077 | 22 | 48 North | 2 East |
| K-33 | 2080 | 23 | 48 North | 2 East |
| K-34 | 2080 | 23 | 48 North | 2 East |
| K-35 | 2080 | 23 | 48 North | 2 East |
| K-36 | 2080 | 23 | 48 North | 2 East |
| K-37 | 2080 | 23 | 48 North | 2 East |
| K-38 | 2080 | 23 | 48 North | 2 East |
| K-5 | 2080 | 14 | 48 North | 2 East |
| K-7 | 2080 | 14 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| K-8 | 2080 | 14 | 48 North | 2 East |
| K-9 | 2080 | 14 | 48 North | 2 East |
| Kansas | 2080 | 14 | 48 North | 2 East |
| Lilly May | 1220 | 12 | 48 North | 2 East |
| Little Ore Grande | 2977 | 23 | 48 North | 2 East |
| Mabundaland | 1227 | 13 | 48 North | 2 East |
| Medium | 2587 | 13 | 48 North | 2 East |
| Missouri No. 2 | 2077 | 15 | 48 North | 2 East |
| 91 | 2077 | 15 | 48 North | 2 East |
| 92 | 2077 | 15 | 48 North | 2 East |
| No. 1 | 2587 | 24 | 48 North | 2 East |
| No. 2 | 2587 | 24 | 48 North | 2 East |
| North Midland | 3108 | 24 | 48 North | 2 East |
| Orbit | 3097 | 23 | 48 North | 2 East |
| Ore Grande No. 1 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 2 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 3 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 4 | 2977 | 23 | 48 North | 2 East |
| Ore Grande No. 5 | 2977 | 23 | 48 North | 2 East |
| Ore Shoot | 3097 | 23 | 48 North | 2 East |
| Oreano | 3097 | 23 | 48 North | 2 East |
| Orient | 3097 | 23 | 48 North | 2 East |
| Oriental Orphan | 3097 | 23 | 48 North | 2 East |
| Orpheum | 3097 | 23 | 48 North | 2 East |
| Panorama | 2976 | 23 | 48 North | 2 East |
| Penfield | 2587 | 13 | 48 North | 2 East |
| Red Deer | 2976 | 22 | 48 North | 2 East |
| S-10 | 2081 | 13 | 48 North | 2 East |
| Setzer | 2976 | 22 | 48 North | 2 East |
| Texas | 2080 | 14 | 48 North | 2 East |

---

The GGS Royalty rate will apply to all GGS Claims either partly or wholly-covered by the ground geophysical survey announced on June 16, 2021

**Residual Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| A | 2587 | 24 | 48 North | 2 East |
| Alfred | 1628 | 2 | 48 North | 2 East |
| Anaconda | 3361 | 2 | 47 North | 2 East |
| Apex No. 2 | 3361 | 1 | 47 North | 2 East |
| Apex No. 3 | 3361 | 1 | 47 North | 2 East |
| Army | 3096 | 22 | 48 North | 2 East |
| Asset | 2611 | 12 | 48 North | 2 East |
| Baby (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Black Diamond | 3423 | 10 | 48 North | 3 East |
| Blue Grouse | 3361 | 2 | 47 North | 2 East |
| Bob White | 3361 | 2 | 47 North | 2 East |
| Bonanza King Millsite | 2868 | 8 | 48 North | 3 East |
| Brooklyn | 2201 | 10 | 48 North | 2 East |
| Butte Fraction | 3361 | 2 | 47 North | 2 East |
| C | 2587 | 24 | 48 North | 2 East |
| Carbonate | 3423 | 3 | 48 North | 3 East |
| Castle | 3503 | 17 | 48 North | 2 East |
| Childs | 2611 | 12 | 48 North | 2 East |
| Comstock | 1345 | 18 | 48 North | 3 East |
| Cougar | 3361 | 2 | 47 North | 2 East |
| D | 2587 | 24 | 48 North | 2 East |
| Daisy | 1345 | 18 | 48 North | 3 East |
| Dandy | 1345 | 18 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Danish | 1503 | 2 | 48 North | 2 East |
| East Midland | 3108 | 19 | 48 North | 3 East |
| Eli | 2611 | 18 | 48 North | 3 East |
| Enterprise | 3423 | 3 | 48 North | 3 East |
| Enterprise Extension | 3423 | 10 | 48 North | 3 East |
| Evening Star | 2274 | 15 | 48 North | 3 East |
| Evening Star Fraction | 2274 | 15 | 48 North | 3 East |
| Fairview | 621 | 18 | 48 North | 3 East |
| Flagstaff No. 3 | 2921 | 12 | 48 North | 2 East |
| Galena | 3361 | 1 | 47 North | 2 East |
| Gelatin | 3423 | 10 | 48 North | 3 East |
| Giant | 3423 | 3 | 48 North | 3 East |
| Good Enough | 1628 | 2 | 48 North | 2 East |
| Huckleberry No. 2 | 3361 | 2 | 47 North | 2 East |
| Jackass | 586 | 13 | 48 North | 2 East |
| Jessie | 1345 | 18 | 48 North | 3 East |
| Julia | 1345 | 18 | 48 North | 3 East |
| Justice | 1345 | 18 | 48 North | 3 East |
| K-18 | 2077 | 15 | 48 North | 2 East |
| K-19 | 2077 | 15 | 48 North | 2 East |
| K-20 | 2077 | 15 | 48 North | 2 East |
| K-21 | 2077 | 14 | 48 North | 2 East |
| K-22 | 2077 | 14 | 48 North | 2 East |
| K-23 | 2077 | 15 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| K-29 | 2077 | 15 | 48 North | 2 East |
| K-39 | 2077 | 15 | 48 North | 2 East |
| K-6 | 2080 | 14 | 48 North | 2 East |
| Keystone (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| L-1 | 3214 | 2 | 48 North | 2 East |
| L-2 | 3214 | 9 | 48 North | 2 East |
| L-3 | 3214 | 9 | 48 North | 2 East |
| Leopard | 3361 | 2 | 47 North | 2 East |
| Lesley | 2977 | 23 | 48 North | 2 East |
| Lesley No. 2 | 2977 | 23 | 48 North | 2 East |
| Lesley No. 3 | 2977 | 23 | 48 North | 2 East |
| Long John | 3179 | 7 | 48 North | 3 East |
| Lydia Fraction | 1723 | 2 | 48 North | 2 East |
| Lynx | 3361 | 35 | 47 North | 2 East |
| Mabel | 1723 | 2 | 48 North | 2 East |
| MacBenn | 3361 | 2 | 47 North | 2 East |
| Maggie | 1628 | 2 | 48 North | 2 East |
| Manila | 1723 | 2 | 48 North | 2 East |
| Marin | 3361 | 2 | 47 North | 2 East |
| Marko | 3051 | 7 | 48 North | 3 East |
| Maryland | 2274 | 15 | 48 North | 3 East |
| McRooney | 2966 | 11 | 48 North | 2 East |
| Midland | 3108 | 19 | 48 North | 3 East |
| Midland No. 1 | 3108 | 24 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Midland No. 3 | 3108 | 24 | 48 North | 2 East |
| Midland No. 4 | 3108 | 24 | 48 North | 2 East |
| Midland No. 5 | 3108 | 24 | 48 North | 2 East |
| Midland No. 6 | 3108 | 24 | 48 North | 2 East |
| Midland No. 7 | 3108 | 24 | 48 North | 2 East |
| Midland No. 8 | 3108 | 24 | 48 North | 2 East |
| Milo Millsite | 2869 | 8, 17 | 48 North | 3 East |
| Minnesota | 2077 | 15 | 48 North | 2 East |
| Missing Link | 2587 | 24 | 48 North | 2 East |
| Monmouth | 2274 | 15 | 48 North | 3 East |
| Monte Carlo No. 1 | 3177 | 18 | 48 North | 3 East |
| Monte Carlo No. 2 | 3177 | 18 | 48 North | 3 East |
| Monte Carlo No. 3 | 3177 | 7, 18 | 48 North | 3 East |
| Monte Carlo No. 4 | 3177 | 7, 18 | 48 North | 3 East |
| Monte Carlo No. 5 | 3177 | 18 | 48 North | 3 East |
| Navy | 3096 | 22 | 48 North | 2 East |
| New Jersey | 2201 | 10 | 48 North | 2 East |
| Nick | 2611 | 18 | 48 North | 3 East |
| North Wellington | 2977 | 23 | 48 North | 2 East |
| O.K. | 1723 | 2 | 48 North | 2 East |
| O.K. Western | 1723 | 2 | 48 North | 2 East |
| Ophir | 1345 | 18 | 48 North | 3 East |
| Oracle | 3097 | 23 | 48 North | 2 East |
| Oregon | 2072 | 12 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Oregon No. 2 | 2274 | 15 | 48 North | 3 East |
| Ox | 2611 | 18 | 48 North | 3 East |
| Peak | 2587 | 24 | 48 North | 2 East |
| Pete | 3389 | 10 | 48 North | 2 East |
| Pheasant | 3361 | 2 | 47 North | 2 East |
| Prominade | 3389 | 10 | 48 North | 2 East |
| Reeves | 1412 | 2 | 48 North | 2 East |
| Robbin | 3361 | 2 | 47 North | 2 East |
| Rolling Stone | 619 | 18 | 48 North | 3 East |
| Rolling Stone | 3423 | 10 | 48 North | 3 East |
| Ruth | 2611 | 18 | 48 North | 3 East |
| S-9 | 2081 | 19 | 48 North | 3 East |
| Sam | 3389 | 10 | 48 North | 2 East |
| Schute Fraction | 2201 | 10 | 48 North | 2 East |
| Sherman | 2611 | 12 | 48 North | 2 East |
| Silver Chord | 2274 | 15 | 48 North | 3 East |
| Silver King Millsite | 3563 | 2 | 48 North | 2 East |
| Simmons | 2611 | 12 | 48 North | 2 East |
| Snowline | 2587 | 25 | 48 North | 2 East |
| Sonora | 3361 | 2 | 47 North | 2 East |
| Spokane Central No. 1 | 3472 | 19 | 48 North | 3 East |
| Spokane Central No. 2 | 3472 | 20 | 48 North | 3 East |
| Spokane Central No. 3 | 3472 | 20 | 48 North | 3 East |
| Spokane Central No. 4 | 3472 | 20 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Spokane Central No. 5 | 3472 | 20 | 48 North | 3 East |
| Spring | 3298 | 15 | 48 North | 3 East |
| Star | 2081 | 13 | 48 North | 2 East |
| Sullivan Extension | 1228 | 13 | 48 North | 2 East |
| Sunny | 1723 | 2 | 48 North | 2 East |
| Switzerland | 2966 | 11 | 48 North | 2 East |
| V.M. No. 1 | 3051 | 7 | 48 North | 3 East |
| V.M. No. 2 | 3051 | 7 | 48 North | 3 East |
| Van (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Venture | 3164 | 2 | 48 North | 2 East |
| Walla Walla | 1345 | 18 | 48 North | 3 East |
| Wellington | 2977 | 23 | 48 North | 2 East |
| Whippoorwill | 1723 | 2 | 48 North | 2 East |
| Woodrat (1/6th interest) | 2856 | 3 | 47 North | 2 East |
| Yreka No. 10 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 11 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 12 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 13 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 14 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 15 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 16 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 17 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 18 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 19 | 2587 | 30 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Yreka No. 20 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 21 | 2587 | 30 | 48 North | 3 East |
| Yreka No. 22 | 2587 | 24 | 48 North | 2 East |
| Yreka No. 23 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 24 | 2587 | 19 | 48 North | 3 East |
| Yreka No. 25 | 2587 | 24 | 48 North | 2 East |
| Yreka No. 26 | 2587 | 19 | 48 North | 3 East |
| Zeke | 3389 | 10 | 48 North | 2 East |
| S-1 | 2081 | 18, 19 | 48 North | 3 East |
| S-2 | 2081 | 18 | 48 North | 3 East |
| S-3 | 2081 | 18, 19 | 48 North | 3 East |
| S-4 | 2081 | 19 | 48 North | 3 East |
| S-5 | 2081 | 19 | 48 North | 3 East |
| S-6 | 2081 | 19 | 48 North | 3 East |
| S-7 | 2081 | 19 | 48 North | 3 East |
| S-8 | 2081 | 18, 19 | 48 North | 3 East |
| Butte | 1220 | 11 | 48 North | 2 East |
| Apex | 1041 | 11 | 48 North | 2 East |
| Blue Bird | 1229 | 13 | 48 North | 2 East |
| Saxon | 2067 | 11 | 48 North | 2 East |
| Link | 2123 | 12 | 48 North | 2 East |
| Spur | 2124 | 12 | 48 North | 2 East |
| Spear | 2496 | 12 | 48 North | 2 East |
| Marion | 2583 | 11 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Ben Herr | 2599 | 12 | 48 North | 2 East |
| Kruger | 2599 | 12 | 48 North | 2 East |
| Philippine | 2599 | 12 | 48 North | 2 East |
| Hough | 2611 | 12 | 48 North | 2 East |
| California | 2627 | 11 | 48 North | 2 East |
| Check | 2840 | 1 | 48 North | 2 East |
| Florence | 2862 | 11 | 48 North | 2 East |
| Billy | 3111 | 11 | 48 North | 2 East |
| Lucky | 3470 | 13 | 48 North | 2 East |
| Moat | 3503 | 17 | 48 North | 3 East |
| Bunker Hill | 579 | 12 | 48 North | 2 East |
| Sullivan | 580 | 13 | 48 North | 2 East |
| Important Fraction | 581 | 13 | 48 North | 2 East |
| Phil Sheridan | 604 | 13 | 48 North | 2 East |
| Reed Fraction | 607 | 13 | 48 North | 2 East |
| Bunker Hill Millsite | 608 | 13 | 48 North | 2 East |
| Small Hopes | 609 | 13 | 48 North | 2 East |
| Bottom Dollar Fraction | 629 | 13 | 48 North | 2 East |
| Chestnut Fraction | 632 | 13 | 48 North | 2 East |
| Emma | 703 | 12 | 48 North | 2 East |
| Last Chance Millsite | 703 | 12 | 48 North | 2 East |
| Ontario | 755 | 11 | 48 North | 2 East |
| Carbonate | 764 | 11 | 48 North | 2 East |
| Silver Casket | 790 | 11 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **M.S. #** | **Section** | **Township** | **Range** |
| Turkey Buzzard | 836 | 13 | 48 North | 2 East |
| Snowslide Fraction | 837 | 13 | 48 North | 2 East |
| Silver | 1085 | 12 | 48 North | 2 East |
| Johnnesburg | 1192 | 12 | 48 North | 2 East |
| Puritan | 1328 | 12 | 48 North | 2 East |
| No. 5 | 1357 | 11 | 48 North | 2 East |
| Omaha | 1409 | 12 | 48 North | 2 East |
| Legal Tender | 1639 | 11 | 48 North | 2 East |
| Triangle Fraction | 2065 | 13 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **BLM <br> Serial #** | **Section** | **Township** | **Range** |
| BHM 1 | ID106709778 | 1 | 48 North | 2 East |
| BHM 2 | ID106709779 | 1 | 48 North | 2 East |
| BHM 3 | ID106709780 | 1 | 48 North | 2 East |
| BHM 4 | ID106709781 | 1 | 48 North | 2 East |
| BHM 5 | ID106709782 | 1 | 48 North | 2 East |
| BHM 6 | ID106709783 | 1 | 48 North | 2 East |
| BHM 7 | ID106709784 | 1 | 48 North | 2 East |
| BHM 8 | ID106709785 | 1 | 48 North | 2 East |
| NBH 1 | ID106715514 | 11 | 48 North | 2 East |
| NBH 2 | ID106715515 | 11 | 48 North | 2 East |
| NBH 3 | ID106715516 | 11 | 48 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **BLM <br> Serial #** | **Section** | **Township** | **Range** |
| NBH 4 | ID106715517 | 11 | 48 North | 2 East |
| NBH 5 | ID106715518 | 11 | 48 North | 2 East |
| NBH 6 | ID106715519 | 11 | 48 North | 2 East |
| NBH 7 | ID106715520 | 11 | 48 North | 2 East |
| NBH 8 | ID106715521 | 11 | 48 North | 2 East |
| NBH 9 | ID106715522 | 1 | 48 North | 2 East |
| NBH 10 | ID106715523 | 1 | 48 North | 2 East |
| NBH 11 | ID106715524 | 1 | 48 North | 2 East |
| NBH 12 | ID106715525 | 1 | 48 North | 2 East |
| NBH 13 | ID106715526 | 1 | 48 North | 2 East |
| NBH 14 | ID106715527 | 1 | 48 North | 2 East |
| NBH 15 | ID106715528 | 1 | 48 North | 2 East |
| NBH 16 | ID106715529 | 12 | 48 North | 2 East |
| NBH 17 | ID106715530 | 12 | 48 North | 2 East |
| NBH 18 | ID106715531 | 7 | 48 North | 3 East |
| NBH 19 | ID106715532 | 12 | 48 North | 2 East |
| NBH 20 | ID106715533 | 18 | 48 North | 3 East |
| NBH 21 | ID106715534 | 7 | 48 North | 3 East |
| NBH 22 | ID106715535 | 17 | 48 North | 3 East |
| NBH 23 | ID106715536 | 18 | 48 North | 3 East |
| NBH 24 | ID106715537 | 17 | 48 North | 3 East |
| NBH 25 | ID106715538 | 18 | 48 North | 3 East |
| NBH 26 | ID106715539 | 18 | 48 North | 3 East |
| NBH 27 | ID106715540 | 18 | 48 North | 3 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **BLM <br> Serial #** | **Section** | **Township** | **Range** |
| NBH 28 | ID106715541 | 18 | 48 North | 3 East |
| NBH 29 | ID106715542 | 35 | 48 North | 2 East |
| NBH 30 | ID106715543 | 35 | 48 North | 2 East |
| NBH 31 | ID106715544 | 35 | 48 North | 2 East |
| NBH 32 | ID106715545 | 35 | 48 North | 2 East |
| NBH 33 | ID106715546 | 35 | 48 North | 2 East |
| NBH 34 | ID106715547 | 35 | 48 North | 2 East |
| NBH 35 | ID106715548 | 35 | 48 North | 2 East |
| NBH 36 | ID106715549 | 35 | 48 North | 2 East |
| NBH 37 | ID106715550 | 35 | 48 North | 2 East |
| NBH 38 | ID106715551 | 36 | 48 North | 2 East |
| NBH 39 | ID106715552 | 2 | 47 North | 2 East |
| NBH 40 | ID106715553 | 2 | 47 North | 2 East |
| NBH 41 | ID106715554 | 2 | 47 North | 2 East |
| NBH 42 | ID106715555 | 2 | 47 North | 2 East |
| NBH 43 | ID106715556 | 1 | 47 North | 2 East |
| NBH 44 | ID106715557 | 1 | 47 North | 2 East |
| NBH 45 | ID106715558 | 1 | 47 North | 2 East |
| NBH 46 | ID106715559 | 3 | 47 North | 2 East |
| NBH 47 | ID106715560 | 2 | 47 North | 2 East |
| NBH 48 | ID106715561 | 3 | 47 North | 2 East |
| NBH 49 | ID106715562 | 2 | 47 North | 2 East |
| NBH 50 | ID106715563 | 1 | 47 North | 2 East |
| NBH 51 | ID106715564 | 1 | 47 North | 2 East |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Claim Name** | **BLM <br> Serial #** | **Section** | **Township** | **Range** |
| NBH 52 | ID106715565 | 1 | 47 North | 2 East |
| NBH 53 | ID106715566 | 2 | 47 North | 2 East |
| NBH 54 | ID106715567 | 2 | 47 North | 2 East |
| NBH 55 | ID106715568 | 2 | 47 North | 2 East |
| NBH 56 | ID106715569 | 2 | 47 North | 2 East |
| NBH 57 | ID106715570 | 1 | 47 North | 2 East |
| NBH 58 | ID106715571 | 1 | 47 North | 2 East |
| NBH 59 | ID106715572 | 1 | 47 North | 2 East |
| NBH 60 | ID106715573 | 1 | 47 North | 2 East |
| NBH 61 | ID106715574 | 2 | 47 North | 2 East |
| NBH 62 | ID106715575 | 2 | 47 North | 2 East |
| NBH 63 | ID106715576 | 2 | 47 North | 2 East |
| NBH 64 | ID106715577 | 2 | 47 North | 2 East |
| NBH 65 | ID106715578 | 2 | 47 North | 2 East |
| NBH 66 | ID106715579 | 11 | 47 North | 2 East |
| NBH 67 | ID106715580 | 2 | 47 North | 2 East |
| NBH 68 | ID106715581 | 1 | 47 North | 2 East |
| NBH 69 | ID106715582 | 1 | 47 North | 2 East |
| NBH 70 | ID106715583 | 1 | 47 North | 2 East |

---

<sub> </sub>

## Exhibit 10.47

**Exhibit 10.47**

**[REDACTED COPY]**

**FIRST AMENDMENT TO SECURED PROMISSORY NOTE**

This First Amendment to Secured Promissory Note (this "**Agreement**") is dated as of June 5, 2025, by and among Silver Valley Metals Corp., an Idaho corporation, having its business address at 1 Mine Road, Kellogg, ID 83837, as borrower (the "**Borrower**"), Monetary Metals Bond III LLC, a Delaware limited liability company, as holder (together with its successors and assigns, the "**Holder**"), and Monetary Metals & Co., a Delaware corporation, as calculation agent (in such capacity, the "**Agent**").

WHEREAS, on August 8, 2024, the Holder made a loan (the "**Loan**") to the Borrower in the aggregate principal amount equal to the U.S. dollar equivalent of up to 1,200,000 troy ounces of silver, pursuant to that certain Secured Promissory Note Purchase Agreement, dated as of August 8, 2024, by and among the Borrower, Bunker Hill Mining Corp., as parent (the "**Parent**"), and the Holder, as amended by that certain First Amendment to Secured Promissory Note Purchase Agreement, dated as of November 11, 2024 (as amended, restated, supplemented or otherwise modified from time to time in accordance with its provisions, the "**Note Purchase Agreement**"), which the Loan is evidenced by that certain Secured Promissory Note, dated as of August 8, 2024, made by the Borrower to the Holder (as amended, restated, supplemented or otherwise modified from time to time in accordance with its provisions, the "**Note**");

WHEREAS, the Borrower has requested, and the Holder has agreed, to amend the Note on the terms and subject to the conditions set forth herein;

WHEREAS, pursuant to Section 12 of the Note, the amendments requested by the Borrower must be contained in a written agreement signed by the Borrower and the Holder; and

WHEREAS, the Borrower wishes to confirm to the Holder that the Collateral continues to apply to the Obligations (as such terms are defined in the Note).

NOW THEREFORE, in consideration of the covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby conclusively acknowledged by each of the parties hereto, the parties hereto covenant and agree as follows:

**1.** **Interpretation** 

1.1 Capitalized terms used and not otherwise defined in this Agreement shall have the respective meanings given them in the Note, as amended hereby.

1.2 The division of this Agreement into Sections and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement. Unless the context otherwise requires, references herein to "Sections" are to Sections of this Agreement. The terms "this Agreement", "hereof", "hereunder" and similar expressions refer to this Agreement and not to any particular Section or other portion hereof and include any agreements supplemental hereto. This Agreement constitutes a Transaction Document for all purposes under the Note.

1.3 This Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving effect to any conflicts of law principles that would result in the application of the laws of any other nation or state.

**2.** **Amendments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Note is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section
 1.1 of the Note is hereby amended by inserting the following new definitions in the appropriate
 alphabetical order:

"***Intercreditor Agreement***" means the Intercreditor and Subordination Agreement, dated as of August 8, 2024, as amended and restated by that certain Amended and Restated Intercreditor and Subordination Agreement, dated as of June 5, 2025, by and among the Holder, the Borrower, Sprott Private Resource Streaming and Royalty (US Collector), LP, Sprott Private Resource Streaming and Royalty (Collector), LP, Teck Metals Ltd., MineWater Finance LLC, MineWater LLC, and MW HH LLC, as may be amended, restated, supplemented or otherwise modified from time to time in accordance with its provisions.

"***SP Facility***" means that certain uncommitted revolving standby prepayment facility of up to $10 million provided by Teck Resources Limited to Borrower pursuant to that certain Standby Prepayment Facility Agreement, dated as of June 5, 2025.

**"Sprott Royalty Agreements**" has the meaning given to that term in the Intercreditor Agreement.

"***Sprott Streaming & Royalty Payments***" means an amount equal to 11.85% of Gross Revenues of all Products (as each such capitalized term is defined in the Sprott Royalty Agreements), whether or not paid or payable to Sprott Private Resource Streaming and Royalty (US Collector), LP, Sprott Private Resource Streaming and Royalty Annex (US Collector), LP or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 definition of "Cash Flow" now appearing in Section 1.6 of the Note is hereby
 amended in its entirety to read as follows:

"***Cash Flow***" means, for any period, calculated as of the conclusion of each immediately preceding Financial Month, the sum (without duplication) of **[Calculation Redacted].** For purposes of this definition, "***Financial Month***" means each month of the calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 definition of "Interest Rate" now appearing in Section 1.13 of the Note is hereby
 amended by deleting the reference to "15%" therein and replacing the same with
 "13.5%".

(d) Section
 2 of the Note is hereby amended by deleting the words "This Note is issued pursuant
 to, and is subject to, the terms of that certain Secured Promissory Note Purchase Agreement
 (as the same may be amended, restated, supplemented, or otherwise modified from time to time
 in accordance with its terms, the "Agreement"), dated as of the date hereof,
 by and between the Borrower and the Holder." from such Section and substituting in
 lieu thereof the words "This Note is issued pursuant to, and is subject to, the terms
 of that certain Secured Promissory Note Purchase Agreement, dated as of the date hereof,
 by and among the Borrower, the Parent, and the Holder, as amended by that certain First Amendment
 to Secured Promissory Note Purchase Agreement, dated as of November 11, 2024, as amended
 by that certain Second Amendment to Secured Promissory Note Purchase Agreement, dated as
 of June 5, 2025 (as may be amended, restated, supplemented or otherwise modified from time
 to time in accordance with its terms, the "  ***Agreement*** ")."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Section
 5 of the Note is hereby amended by deleting the words "(as defined in the Agreement)"
 after the words "Intercreditor Agreement" in the first sentence.

(f) Section
 8 of the Note is hereby amended by adding, immediately at the start of such section, the
 words "Subject to the terms of the Intercreditor Agreement,".

**3.** **Representations and Warranties** 

3.1 The Borrower hereby represents and warrants as follows to the Holder and the Agent and acknowledges and confirms that the Holder and the Agent are relying upon such representations and warranties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  ***Capacity, Power and Authority*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Borrower is duly formed, amalgamated or incorporated, as the case may be, and is validly
 subsisting under the laws of its jurisdiction of formation, amalgamation or incorporation,
 as the case may be, and has all the requisite capacity, power and authority to carry on its
 business as presently conducted and to own its property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Borrower has the requisite capacity, power and authority to execute, deliver, and perform
 this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  ***Authorization; Enforceability*** 

The Borrower has taken or caused to be taken all necessary action to authorize, and has duly executed and delivered, this Agreement, and this Agreement is a legal, valid and binding obligation of it enforceable against it in accordance with its terms, subject to applicable bankruptcy, reorganization, winding up, insolvency, moratorium or other laws of general application affecting the enforcement of creditors' rights generally and to the equitable and statutory powers of the courts having jurisdiction with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  ***Compliance with Other Instruments*** 

The execution, delivery and performance by the Borrower of this Agreement and the consummation of the transactions contemplated herein do not conflict with, result in any breach or violation of, or constitute a default under the terms, conditions or provisions of its articles, by-laws or other constating documents or any shareholder agreement relating to it, or of any law, regulation, judgment, decree or order binding on or applicable to it or to which its property is subject or of any material agreement, lease, licence, permit or other instrument to which it or any of its Subsidiaries is a party or is otherwise bound or by which any of them benefits or to which any of their property is subject and do not require the consent or approval of any Governmental Authority or any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)***  ***No Default*** 

No default or Event of Default has occurred or is continuing, or will result from, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)***  ***Representations and Warranties*** 

Each of the representations and warranties made by the Borrower herein or in or pursuant to the Transaction Documents is true and correct on and as of the Effective Date (as defined herein) as if made on and as of such date (except that any representation or warranty which by its terms is made as of an earlier date shall be true and correct as of such earlier date).

The representations and warranties set out in this Agreement shall survive the execution and delivery of this Agreement, notwithstanding any investigations or examinations which may be made by or on behalf of the Holder or Holder's counsel. Such representations and warranties shall survive until the Note has been terminated.

**4.** **Conditions Precedent** 

4.1 This Agreement shall become effective upon the date (the "**Effective Date**") on which the Holder shall have received this Agreement, duly executed and delivered by the parties hereto.

**5.** **Confirmation of Note and other Transaction Documents** 

5.1 The Note and the other Transaction Documents to which the Borrower or the Parent is a party and all covenants, terms and provisions thereof, except as expressly amended and supplemented by this Agreement, shall be and continue to be in full force and effect and the Note, as amended by this Agreement, and each of the other Transaction Documents to which the Borrower or the Parent is a party is hereby ratified and confirmed by the Borrower or the Parent, as applicable, and shall, from and after the date hereof, continue in full force and effect as herein amended and supplemented, with such amendments and supplements being effective from and as of the date hereof (upon satisfaction of the condition precedent set forth in <u>Section 4</u> hereof).

5.2 Each of the Borrower and the Parent hereby confirms and agrees that each of the Security Documents to which it is a party is and shall remain in full force and effect in all respects notwithstanding this Agreement and the amendments contained therein and shall continue to exist and apply to all of the Obligations of the Borrower and the Parent, including, without limitation, the Obligations of the Borrower under, pursuant or relating to the Note, as amended by this Agreement.

5.3 The confirmations in this <u>Section 5</u> are in addition to and shall not limit, derogate from or otherwise affect any provisions of the Note or any Collateral, as the case may be.

**6.** **Further Assurances** 

Each of the Borrower, the Parent and the Holder shall promptly cure any default by them in the execution and delivery of this Agreement, the other Transaction Documents or any of the agreements provided for hereunder to which it is a party. The Borrower and the Parent at the Borrower's expense, shall promptly execute and deliver to the Holder, upon request by the Holder, all such other and further deeds, agreements, opinions, certificates, instruments, affidavits, registration materials and other documents as may reasonably be required by the Holder in order to give full effect to the intent of and effect compliance by the Borrower and the Parent with the covenants and agreements of the Borrower and the Parent hereunder.

**7.** **Successors and Assigns** 

This Agreement shall inure to the benefit of and shall be binding upon the parties hereto and their respective successors and permitted assigns in accordance with the Note.

**8.** **Counterparts** 

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which taken together shall be deemed to constitute one and the same instrument, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. Delivery of an executed counterpart of a signature page of this Agreement by facsimile transmission or by sending a scanned copy by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

**9.** **Costs and Expenses** 

The Borrower agrees to pay or reimburse the Holder for all of its reasonable out-of-pocket costs and expenses incurred in connection with this Agreement, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Holder.

**[The remainder of this page has been intentionally left blank]**

IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date and year first above written.

---

| | |
|:---|:---|
| **<u>BORROWER</u>:** | **<u>BORROWER</u>:** |
| **SILVER VALLEY METALS CORP.** | **SILVER VALLEY METALS CORP.** |
| By: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President |

---

---

| | |
|:---|:---|
| By: | */s/ Gerbrand van Heerden* |
| Name: | Gerbrand van Heerden |
| Title: | Treasurer |

---

---

| | |
|:---|:---|
| **<u>HOLDER</u>:** | **<u>HOLDER</u>:** |
| **MONETARY METALS BOND III LLC** | **MONETARY METALS BOND III LLC** |
| By: | */s/ Keith Weiner* |
| Name: | Keith Weiner |
| Title: | Chief Executive Officer, Founder |

---

[Signatures Continue on Next Page]

---

| | |
|:---|:---|
| ***Acknowledged & Consented to by***: | ***Acknowledged & Consented to by***: |
| **BUNKER HILL MINING CORP.,** | **BUNKER HILL MINING CORP.,** |
| **as Parent** | **as Parent** |
| By: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President & Chief Executive Officer and Director |

---

---

| | |
|:---|:---|
| By: | */s/ Gerbrand van Heerden* |
| Name: | Gerbrand van Heerden |
| Title: | Chief Financial Officer and Corporate Secretary |

---

---

| | |
|:---|:---|
| **MONETARY METALS & CO.,** | **MONETARY METALS & CO.,** |
| **as Calculation Agent** | **as Calculation Agent** |
| By: | */s/ Keith Weiner* |
| Name: | Keith Weiner |
| Title: | Chief Executive Officer, Founder |

---

[End of Signatures]

*[Signature Page to First Amendment to Secured Promissory Note]*

## Exhibit 10.48

**Exhibit 10.48**

**AMENDED AND RESTATED INTERCREDITOR AND SUBORDINATION AGREEMENT**

This Agreement is dated as of June 5, 2025:

**AMONG**

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** |
| in its capacity as Sprott Agent for and on behalf of the Sprott Entities and as Sprott Royalty Holder |
| - and - |
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** |
| in its capacity as Sprott Security Agent for the Sprott Entities |
| - and – |
| **MONETARY METALS BOND III LLC** |
| in its capacity as the Note Purchaser under the Note Purchase Agreement |
| - and – |
| **TECK METALS LTD.** |
| In its capacity as Lender under the Standby Prepayment Facility Agreement |
| - and – |
| **MINEWATER FINANCE LLC,** |
| **MINEWATER LLC, and** |
| **MW HH LLC**, |
| collectively in their capacity as Subordinated Creditor under the Subordinated Indemnity |
| - and – |
| **BUNKER HILL MINING CORP.,** and |
| **SILVER VALLEY METALS CORP.**, |
| each in its capacity as an Obligor |

---

**RECITALS**

A. The
 Obligors have issued the Sprott Convertible Debentures to the Sprott CD Holders in the aggregate principal amount of US$25,000,000;

B. The
 Obligors and the Sprott Royalty Holder have entered into the Sprott Royalty Agreements pursuant to which the Mine Owner has agreed
 to pay to the Sprott Royalty Holder perpetual gross revenue royalties in all minerals recovered from the Royalty Property;

C. The
 Obligors and the Sprott Lenders have entered into the Sprott Loan Agreement pursuant to which the Sprott Lenders have made available
 to BHMC a term loan facility;

D. The
 Obligors and the Note Purchaser have entered into the Note Purchase Agreement pursuant to which the Note Purchaser purchased the
 Note from the Mine Owner and pursuant to which, as of the date of this Agreement, an amount equal to the U.S. Dollar equivalent of
 1,098,400 ounces of silver has been advanced;

E. The
 Obligors and Teck have entered into the Standby Prepayment Facility Agreement pursuant to which Teck has agreed to make available
 a prepayment credit facility to BHMC and Mine Owner;

F. The
 Obligors have entered into the Subordinated Indemnity with the Subordinated Creditor pursuant to which the Obligors have agreed to
 indemnify the Subordinated Creditor with respect to any and all losses that the Subordinated Creditor may sustain or incur in connection
 with the Land Collateral Package (as defined in the Subordinated Indemnity) granted as security for certain surety bonds;

G. The
 Obligors, the Sprott Agent (for and on behalf of the Sprott Royalty Holder, the Sprott CD Holders and the Sprott Lenders), the Sprott
 Security Agent and the Note Purchaser (collectively, the "**Original Creditors**") and the Subordinated Creditor entered
 into the Initial Intercreditor Agreement to set forth certain agreements among the Original Creditors in respect of the ranking of
 their respective Security Interests over the Collateral, the enforcement of their rights thereunder, the sharing of proceeds of the
 Collateral and certain other matters; and

H. The
 Obligors, the Original Creditors and Teck have agreed to amend and restated the Initial Intercreditor Agreement to remove references
 to the Sprott Stream Agreement (as defined in the Initial Intercreditor Agreement), reflect the other Recapitalization Transactions
 and provide Teck with super priority ranking Security Interests over certain Collateral, upon and subject to the terms and conditions
 of this Agreement.

In consideration of the foregoing and the mutual covenants and obligations set out herein, the Parties hereto hereby agree as follows:

**Article 1<br> Definitions**

---

| | |
|:---|:---|
| **Section 1.1** | **Defined Terms** |

---

For the purposes of this Agreement (including the recitals), unless the context otherwise requires, each of the following terms shall have the following meanings:

---

| |
|:---|
| "**Affiliate**" means any Person which, directly or indirectly, controls, is controlled by or is under common control with another Person; and, for the purposes of this definition, "control" (including, with correlative meanings, the terms "controlled by" or "under common control with") means the power to direct or cause the direction of the management and policies of any Person, whether through the ownership of shares or by contract or otherwise. |
| "**Agreement**" means this amended and restated intercreditor and subordination agreement. |
| "**Applicable Law**" means with respect to any Person or matter, any international, national, federal, state, provincial, territorial, regional, local or municipal statute, law, code, rule, treaty, regulation, order, decree, consent decree, injunction, directive, determination, or other requirement of any Governmental Authority or any rule of any stock exchange, in each case having the force of law and applicable to such Person or matter, and, where applicable, any interpretation thereof by a Governmental Authority having jurisdiction with respect thereto or charged with the administration or interpretation thereof. |
| "**Arbitration Rules**" means the Rules of Arbitration of the American Arbitration Association. |
| "**Bankruptcy Code**" means Title 11 of the United States Code, as amended from time to time, or any similar federal or state law for the relief of debtors. |
| "**BHMC**" means Bunker Hill Mining Corp., a corporation incorporated under the laws of Nevada, and its successors and permitted assigns. |
| "**Business Day**" means any day, other than a Saturday or Sunday or a day that is a statutory holiday, in any of: (a) Toronto, Ontario, Canada; (b) New York City, State of New York, and (c) Kellogg, State of Idaho; on which banks are generally open for the transaction of business in those jurisdictions. |
| "**Collateral**" means all property and assets (whether real, personal or other and including Equity Interests) of the Obligors in which charges, mortgages or Security Interests are granted or purported to be granted by any and all Security Documents. |
| "**Controlling Creditor**" means, (i) at any time prior to the date of the full and final discharge of the Sprott Obligations or the expiry of the Standstill Period, the Sprott Security Agent, and (ii) after the full and final discharge of the Sprott Obligations or the expiry of the Standstill Period, such Creditor as becomes the Controlling Creditor in accordance with Section 3.1(b)(i). |
| "**Creditor Proceeding**" means: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 dissolution, winding up, partial or total liquidation, appointment of a provisional liquidator, adjustment or readjustment of debt,
 reorganization, compromise, restructuring, arrangement with creditors, plan of arrangement, scheme of arrangement or compromise,
 proposal or similar proceedings under Insolvency Laws of or with respect to any Obligor or its property or liabilities, in each case
 under Insolvency Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 dissolution, winding up, partial or total liquidation, appointment of a provisional liquidator, adjustment or readjustment of debt,
 reorganization, compromise, arrangement or reconstruction with creditors, plan of arrangement, scheme of arrangement or compromise
 or similar proceedings under the arrangement provisions of any applicable corporate law (in any case which involves the alteration,
 amendment, conversion, compromise, satisfaction or discharge of obligations owing to any or all creditors) of or with respect to
 any Obligor or its property or liabilities;

(c) any
 bankruptcy, insolvency, receivership, restructuring, application, petition or assignment in bankruptcy, or assignment for the benefit
 of creditors under any Insolvency Laws of or with respect to any Obligor;

(d) any
 marshalling of assets and liabilities of any Obligor under any Insolvency Laws;

(e) any
 bulk sale of assets by any Obligor; or

(f) any
 proceedings in relation to any of the foregoing, whether any of the foregoing is voluntary
 or involuntary, partial or complete, and includes any such proceedings initiated or consented
 to by the applicable Obligor.

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| "**Creditors**" means, collectively, the Sprott Entities, the Note Purchaser, Teck and the Subordinated Creditor and "**Creditor**" means any one of them. |
| **"DACA"** means, collectively, (i) the deposit account control agreement dated as of July 14, 2023 among TD Bank, N.A., as depositary bank, the Mine Owner and the Sprott Security Agent; and (ii) the deposit account control agreement dated as of November 20, 2024 among TD Bank, N.A., as depositary bank, BHMC and the Sprott Security Agent; |
| "**Default**" means, as the context requires, (i) the occurrence of an event that, with notice, lapse of time, or both, would constitute (A) an "Event of Default" under and as defined in any Sprott Convertible Debenture, (B) an "Event of Default" under and as defined in the Sprott Loan Agreement, (C) the occurrence of an "Event of Default" under and as defined in the Note Purchase Agreement; (D) an "Event of Default" under and as defined in the Standby Prepayment Facility Agreement, or (E) the occurrence of a breach or default under the Subordinated Indemnity. |
| **"DIP Lender**" means any Senior Creditor that has agreed to provide debtor-in-possession financing in accordance with Section 2.14. |
| **"DIP Obligations"** means all indebtedness, liabilities and other obligations, present and future, direct or indirect, absolute or contingent, matured or unmatured due and owing or otherwise payable by an Obligor to the DIP Lender under debtor-in-possession financing provided in accordance with Section 2.14. For the avoidance of doubt, the DIP Obligations shall not include the Obligations. |
| **"Distribution**" means, with respect to any indebtedness, obligation, or security, including the Subordinated Obligations (i) any payment or distribution by any Person of cash, securities, or other property, by set-off or otherwise, on account of such indebtedness, obligation, or security, or (ii) any redemption, purchase, or other acquisition of such indebtedness, obligation, or security by any Person. |

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| "**Enforcement Notice**" means a written notice given by a Creditor to the other Creditors, with a copy to the Sprott Security Agent, of the first-mentioned Creditor's intention to initiate a Remedial Action. |
| "**Equity Interests**" means, with respect to any Person, any and all shares, interests, participations, rights in, or other equivalents (however designated and whether voting and non-voting) of, such Person's capital, whether outstanding on the date hereof or issued after the date hereof, including any interest in a partnership, limited partnership or other similar Person and any beneficial interest in a trust, and any and all rights, warrants, options or other rights exchangeable for or convertible into any of the foregoing |
| "**Event of Default**" means, as the context requires, either (i) any Senior Event of Default, or (ii) a Subordinated Default. |
| "**Foreclosure**" means any action or proceeding (including a credit bid) whereby, in full and final satisfaction of the obligations owing by an Obligor to a Creditor (or, in the case of a credit bid, satisfaction of obligations in the amount of the bid), such Creditor acquires legal and/or beneficial title to Collateral free and clear of the Security Interest of the other Creditors. |
| "**Governmental Authority**" means any international, federal, state, provincial, territorial, municipal, local or other government, agency, department, ministry, authority, board, tribunal, commission or official, including any such entity with power to tax, or exercise regulatory or administrative functions, or any court, arbitrator (public or private), stock exchange or securities commission. |
| **"Initial Intercreditor Agreement**" means the intercreditor and subordination agreement dated as of August 8, 2024 among the Sprott Agent, the Sprott Security Agent, the Note Purchaser, the Subordinated Creditor and the Obligors. |
| "**Insolvency Laws**" means the Bankruptcy Code, the *Bankruptcy and Insolvency Act* (Canada), the *Companies Creditors Arrangement Act* (Canada), the *Winding-up and Restructuring Act* (Canada), or any other bankruptcy, insolvency, liquidation, restructuring, compromise or arrangements of debts, or analogous laws in any jurisdiction applicable to any Obligor or any of its properties or liabilities, and including, without limitation, any statute or law pursuant to which proceedings may be commenced seeking to impose a stay of proceedings against creditors, seeking to approve or impose a proposal or plan of compromise or arrangement or restructuring of claims of creditors, or imposing other limitations or restrictions on creditors' rights. |
| "**Insolvency Proceeding**" means any proceeding in respect of bankruptcy, insolvency, winding up, receivership, dissolution, or assignment for the benefit of creditors, for each of the foregoing events whether under the Bankruptcy Code or any other Insolvency Law. |
| **"Mine"** means the Bunker Hill Mine located in Coeur D'Alene Mining District in the cities of Kellogg and Wardner and in Shoshone County, Idaho, USA, which is comprised of and covers, *inter alia*, the Royalty Property and the other Project Assets (as defined in the Sprott Loan Agreement). |
| "**Mine Owner**" means Silver Valley Metals Corp., a corporation incorporated under the laws of Idaho, and its successors and permitted assigns. |

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| "**Non-Controlling Creditor**" means, at any time, any Creditor who is not at that time the Controlling Creditor. |
| "**Note**" means the secured promissory note dated as of August 8, 2024 issued by the Mine Owner in favour of the Note Purchaser, as amended by the first amendment to secured promissory note dated as of the date hereof. |
| "**Note Purchase Agreement**" means the secured promissory note purchase agreement dated August 8, 2024 between the Note Purchaser, as purchaser, the Mine Owner, as borrower, and BHMC, as parent, as amended by a first amendment to secured promissory note purchase agreement dated as of November 11, 2024 and as further amended by a second amendment to secured promissory note purchase agreement dated as of the date hereof, pursuant to which an aggregate principal amount of the U.S. Dollar equivalent of up to 1,200,000 ounces of silver may be advanced to the Mine Owner. |
| "**Note Purchase Documents**" means, collectively, (i) the Note Purchase Agreement. (ii) the Note, and (iii) the Note Purchase Security Documents. |
| "**Note Purchase Obligations**" means all indebtedness, liabilities and other obligations, present and future, direct or indirect, absolute or contingent, matured or unmatured due and owing or otherwise payable by an Obligor to Note Purchaser under the Note Purchase Agreement and the Note. |
| "**Note Purchase Security Documents**" means (i) the pledge agreement dated as of August 8, 2024 made by and between BHMC and the Note Purchaser; (ii) the security agreement dated as of August 8, 2024 made by and between the Mine Owner and the Note Purchaser, (iii) the mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixture filing dated August 8, 2024 granted by Mine Owner, as mortgagor, and Note Purchaser, as mortgagee, as amended by a first amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixture filing dated on or about the date hereof; (iv) the Note; (v) the guarantee dated as of August 8, 2024 made by BHMC in favour of the Note Purchaser; and (vi) all other assignments, deeds of trust, mortgages, account control agreements, pledges and other security agreements pursuant to which an Obligor grants to the Note Purchaser Security Interests in all or some of its present and after acquired property as security for the Note Purchase Obligations. |
| **"Note Purchaser**" means Monetary Metals Bond III LLC, a Delaware limited liability company, and its successors and permitted assigns. |
| "**Obligations**" means, collectively, the Sprott Obligations, the Note Purchase Obligations, the Teck Obligations and the Subordinated Obligations. |
| "**Obligors**" means, collectively, BHMC and Mine Owner and "**Obligor**" means any one of the Obligors. |

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| "**Paid in Full**" means that, (i) with respect to the Sprott Obligations, all of the Sprott Obligations (other than indemnification obligations expressed to survive termination of any Sprott Project Finance Document and in respect of which no underlying claim has been asserted) have been irrevocably paid, performed, or discharged in full (with all Sprott Obligations consisting of monetary or payment obligations having been irrevocably paid in full in cash), (ii) with respect to the Teck Obligations, all of the Teck Obligations (other than indemnification obligations expressed to survive termination of any Teck Document and in respect of which no underlying claim has been asserted) have been irrevocably paid, performed, or discharged in full (with all Teck Obligations consisting of monetary or payment obligations having been irrevocably paid in full in cash) and the "SP Facility" (as defined in the Standby Prepayment Facility Agreement) has been terminated by Teck, (iii) with respect to the Note Purchase Obligations, all of the Note Purchase Obligations (other than indemnification obligations expressed to survive termination of any Note Purchase Document and in respect of which no underlying claim has been asserted) have been irrevocably paid, performed, or discharged in full (with all Note Purchase Obligations consisting of monetary or payment obligations having been irrevocably paid in full in cash); and (iv) with respect to the Subordinated Obligations, all of the Subordinated Obligations (other than indemnification obligations expressed to survive termination of any Subordinated Indemnity Document and in respect of which no underlying claim has been asserted) have been irrevocably paid, performed, or discharged in full (with all Subordinated bligations consisting of monetary or payment obligations having been irrevocably paid in full in cash) |
| "**Parties**" means, collectively, the Sprott Agent, the Sprott Security Agent, Teck, the Note Purchaser, the Subordinated Creditor and the Obligors. |
| "**Permitted Subordinated Payments**" means a payment by the Obligors of the financing cooperation fee equal to US$20,000 per month commencing September 27, 2022 under the Subordinated Indemnity, which amount is payable quarterly in arrears and in kind by way of the issuance of ordinary shares in the capital of BHMC. |
| "**Person**" means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited liability partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, and Governmental Authorities. |
| "**Real and Personal Property Security Legislation**" means with respect to any applicable jurisdiction, the real and personal property security or other similar legislation in effect therein from time to time or any other legislation that governs the granting of Security Interests by companies, corporations, or other Persons in any applicable jurisdiction. |
| "**Recapitalization Agreement**" means the recapitalization agreement dated as of the date hereof between, among others, the Obligors, the Sprott Security Agent, the Sprott Agent, the Sprott Royalty Holder, the Sprott Lenders, the Sprott CD Holders, the Note Purchaser and Teck Resources Limited, as investor. |
| "**Recapitalization Transactions**" has the meaning given thereto under the Recapitalization Agreement. |
| "**Remedial Action**" means the exercise by the Sprott Security Agent, Teck or the Note Purchaser, as applicable (or any agent, trustee, receiver or other Person acting on behalf of any such Person) of any rights or remedies against the Collateral, including any exercise of the right to take possession or control of any Collateral, any right of set off or recoupment (except as otherwise provided in Section 2.17) and any enforcement, collection, execution, levy, power of sale or foreclosure action or proceeding taken against any or all Collateral, the exercise of voting rights relating to any capital stock comprising part of the Collateral, the appointment of any receiver or liquidator, the initiation of any Insolvency Proceeding, or the commencement of any other legal proceedings or other actions with respect to all or any portion of the Collateral to facilitate the foregoing actions. |

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| "**Royalty Property**" has the meaning given to the term "Property" in the Sprott Royalty Agreements. |
| "**Sales Process**" has the meaning specified in Section 3.2(a)(ii). |
| "**Security Documents**" means collectively the Sprott Security Documents, the Note Purchase Security Documents, the Teck Security Documents and the Subordinated Security Documents. |
| "**Security Interest**" means any security by way of an assignment, mortgage, charge, pledge, lien (statutory or other), encumbrance, title retention agreement (including a capital lease), deposit arrangement or other security interest whatsoever, howsoever created or arising, whether absolute or contingent, fixed or floating, perfected or not. |
| "**Senior Creditors**" means, collectively, (i) the Sprott Agent, the Sprott Security Agent and the other Sprott Entities, (ii) the Note Purchaser and (iii) Teck. |
| **"Senior Event of Default**" mean, as the context requires, any of the following: (i) the occurrence of an "Event of Default" under and as defined in any Sprott Convertible Debenture, (ii) the occurrence of an "Event of Default" under and as defined in the Sprott Loan Agreement, (iii) the occurrence of an "Event of Default" under and as defined in the Note Purchase Agreement, or (iv) the occurrence of an "Event of Default" under and as defined in the Standby Prepayment Facility Agreement. |
| "**Senior Obligations**" means, collectively, the Sprott Obligations, the Note Purchase Obligations and the Teck Obligations. |
| "**Senior Restricted Amendment**" has the meaning specified in Section 2.10(a). |
| "**Sprott Administrative Agent**" means **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** in its capacity as administrative agent under certain Sprott Convertible Debentures and its successors and permitted assigns. |
| **"Sprott Agent**" means **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]**, as agent for the Sprott Entities under the Sprott Project Finance Documents and any successor or agent appointed. |
| "**Sprott CD Holders**" means the holders of the Sprott Convertible Debentures from time to time. |
| "**Sprott Continuing Obligations**" means, collectively, all indebtedness, liabilities and other obligations, present and future, direct or indirect, absolute or contingent, matured or unmatured at any time or from time to time due or accruing due and owing or otherwise payable by an Obligor to the Sprott Royalty Holder under in connection with or pursuant to the Sprott Royalty Agreements. |

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| **"Sprott Convertible Debentures**" means, collectively, (i) the six (6) secured convertible debentures in the aggregate principal amount of US$6,000,000 issued on January 28, 2022 by the Obligors to the holders thereof and convertible at the option of the holders into common shares in the capital of BHMC, as amended by a second omnibus amendment dated June 17, 2022, a third omnibus amendment dated December 5, 2022, a fourth omnibus amendment dated June 23, 2023, a fifth omnibus amendment dated August 8, 2024, as amended and restated by the six (6) amended and restated series 1 secured convertible debentures in the aggregate principal amount of US$6,000,000 dated the date hereof and as further amended from time to time to the extent not prohibited hereunder; (ii) the three (3) series 2 secured convertible debentures in the aggregate principal amount of US$15,000,000 issued by Obligors on June 17, 2022 to the holders thereof and convertible at the option of the holders into common shares in the capital of BHMC, as amended by a third omnibus amendment dated December 5, 2022, a fourth omnibus amendment dated June 23, 2023, a fifth omnibus amendment dated August 8, 2024, as amended and restated by the three (3) amended and restated series 2 secured convertible debentures in the aggregate principal amount of US$15,000,000 dated the date hereof and as further amended from time to time to the extent not prohibited hereunder; and (iii) the two (2) series 2 secured convertible debentures in the aggregate principal amount of US$4,000,000 issued by Obligors on the date hereof to the holders thereof and convertible at the option of the holders into common shares in the capital of BHMC, as amended from time to time to the extent not prohibited hereunder. |
| **"Sprott Entities"** means, collectively, the Sprott Agent, the Sprott Administrative Agent, the Sprott Security Agent, the Sprott CD Holders, the Sprott Royalty Holder, the Sprott Lenders, any Affiliate of Sprott Inc. and any fund managed or sub-managed by an Affiliate of Sprott Inc., which in each case is party to a Sprott Project Finance Document together with any successor, assign or transferee thereof that is party from time to time to any Sprott Project Finance Document and "**Sprott Entity**" means any one of them. |
| **"Sprott Guarantees**" means, collectively, any and all guarantees at any time and from time to time made by an Obligor in favour of a Sprott Entity, including the guarantee made by Mine Owner contained in the Sprott Convertible Debentures and the Sprott Loan Agreement. |
| **"Sprott Lenders**" means **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]**, as agent and lender under the Sprott Loan Agreement, and **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]**, as lender under the Sprott Loan Agreement, and their respective successors and assigns |
| **"Sprott Loan Agreement"** means the loan agreement dated as of June 23, 2023 between Bunker Hill Mining Corp., as borrower, Mine Owner, as guarantor, and the Sprott Lenders, as amended by a first amendment to loan agreement dated August 8, 2024 and as amended and restated by the amended and restated loan agreement dated as of the date hereof and as further amended from time to time to the extent not prohibited hereunder. |
| "**Sprott Obligations**" means, collectively, all indebtedness, liabilities and other obligations, present or future, direct or indirect, absolute or contingent, matured or unmatured, at any time or from time to time due or accruing due and owing by or otherwise payable by an Obligor to the Sprott Entities, or any of them, under, in connection with or pursuant to the Sprott Project Finance Documents (including all such indebtedness, liabilities and obligations that accrue after the commencing by or against any Obligor of any insolvency or similar proceeding). |
| "**Sprott Project Finance Documents**" means the Sprott Convertible Debentures, the Sprott ROFR Agreement, the Sprott Loan Agreement, the Sprott Guarantees, the Sprott Security Documents and all other agreements, instruments and documents from time to time (both before and after the date of this Agreement) delivered to or in favour of any Sprott Entity in connection with any of the foregoing agreements and includes any agreement designated from time to time by the Obligors and the Sprott Security Agent as a "Project Finance Document" for purposes of the Sprott Security Documents. |

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| "**Sprott ROFR Agreement**" means the ROFR agreement dated as of January 7, 2022 between **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** and the Obligors, as amended by an omnibus amendment dated January 28, 2022, a second omnibus amendment dated June 17, 2022 and as further amended from time to time to the extent not prohibited hereunder. |
| "**Sprott Royalty**" means, collectively, the gross revenue royalties in all Products (as defined in the Sprott Royalty Agreements) in, under or upon the surface or subsurface of the Royalty Property created and granted to the Sprott Royalty Holder pursuant to the Sprott Royalty Agreements. |
| **"Sprott Royalty Agreements**" means, collectively (i) the royalty agreement dated as of June 23, 2023 between Royalty Holder, as grantee and royalty holder, the Mine Owner, as royalty grantor, and BHMC, as co-obligor, as amended by the first amendment to royalty agreement dated as of December 12, 2024 and the second amendment to royalty agreement dated as of the date hereof; (ii) the additional royalty agreement dated as of December 12, 2024 between Royalty Holder, as grantee and royalty holder, the Mine Owner, as royalty grantor, and BHMC, as co-obligor, as amended by the first amendment to royalty agreement dated as of the date hereof; and (iii)) the royalty agreement dated as of the date hereof between Royalty Holder, as agent, grantee and royalty holder for itself and **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]**, the Mine Owner, as royalty grantor, and BHMC, as co-obligor. |
| "**Sprott Royalty Holder**" means **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** and its successors and permitted assigns. |
| "**Sprott Security Agent**" means **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]**, in its capacity as security agent for the Sprott Entities under the Sprott Security Documents, and their successors and permitted assigns. |
| "**Sprott Security Documents"** means, collectively, (i) the pledge agreement dated as of January 7, 2022 between BHMC, as pledgor, and the Sprott Security Agent, as amended by an omnibus amendment dated January 28, 2022, a second omnibus amendment dated June 17, 2022 and as further amended from time to time to the extent not prohibited hereunder; (ii) the security agreement dated as of January 28, 2022 among the Obligors, as debtors, and the Sprott Security Agent, as amended by an omnibus amendment dated January 28, 2022, a second omnibus amendment dated June 17, 2022 and as further amended from time to time to the extent not prohibited hereunder; (iii) the mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixture filing dated January 28, 2022 between Mine Owner, as mortgagor, and the Sprott Security Agent, as mortgagee, as amended by a first amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated June 17, 2022, a second amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated August 8, 2024, a third amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated December 19, 2024, a fourth amendment to mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixtures filing dated as of the date hereof and as further amended from time to time to the extent not prohibited hereunder; (iv) the DACA; (v) the intercompany subordination and postponement agreement dated as of June 23, 2023 among the Obligors and the Sprott Security Agent; and (vi) all other assignments, deeds of trust, mortgages, account control agreements, pledges and other security agreements pursuant to which an Obligor grants to the Sprott Security Agent for the benefit of the Sprott Entities, Security Interests in all or some of its present and after acquired property as security for the Sprott Obligations. |

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| "**Standby Prepayment Facility Agreement**" means the standby prepayment facility agreement dated as of the date hereof between the Obligors and Teck, as amended from time to time to the extent not prohibited hereunder. |
| "**Standstill Period**" has the meaning set out in Section 3.1(b). |
| "**Subordinated Creditor**" means, collectively, MineWater Finance LLC, MineWater LLC and MW HH LLC, each a Colorado limited liability company, and each of their respective successors and permitted assigns. |
| "**Subordinated Default**" means any breach or default by the Obligors or any of them under the Subordinated Indemnity. |
| "**Subordinated Indemnity**" means the agreement re: financing cooperation dated as of September 27, 2022 between the Obligors and Subordinated Creditor. |
| "**Subordinated Indemnity Documents**" means, collectively the Subordinated Indemnity and the Subordinated Security Documents. |
| "**Subordinated Obligations**" means, collectively, all indebtedness, liabilities and other obligations, present or future, direct or indirect, absolute or contingent, matured or unmatured, at any time or from time to time due or accruing due and owing by or otherwise payable by an Obligor to the Subordinated Creditor, or any of them, under, in connection with or pursuant to the Subordinated Indemnity Documents (including all such indebtedness, liabilities and obligations that accrue after the commencing by or against any Obligor of any insolvency or similar proceeding). |
| "**Subordinated Security Documents**" means, collectively, (i) the mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixture filing dated January 28, 2022 made by Mine Owner, as mortgagor, in favour of the Subordinated Creditor, as mortgagee, (ii) the security agreement dated as of January 28, 2022 made by the Obligors, as debtor, in favour of the Subordinated Creditor, as secured party, and (iii) the pledge agreement dated as of January 7, 2022 made by BHMC, as pledgor, in favour of the Subordinated Creditor, as secured party. |
| "**Teck**" means Teck Metals Ltd., a corporation incorporated and existing under the Canada Business Corporations Act, and its successors and permitted assigns. |
| "**Teck Documents**" means, collectively, the Standby Prepayment Facility Agreement and the Teck Security Documents. |
| "**Teck Obligations**" means, collectively, all indebtedness, liabilities and other obligations, present or future, direct or indirect, absolute or contingent, matured or unmatured, at any time or from time to time due or accruing due and owing by or otherwise payable by an Obligor to Teck, or any of them, under, in connection with or pursuant to the Teck Documents (including all such indebtedness, liabilities and obligations that accrue after the commencing by or against any Obligor of any insolvency or similar proceeding). |
| **"Teck Offtake Agreements**" means, collectively, (i) the lead concentrate offtake agreement dated as of November 20, 2023 between Teck and the Grantor, as amended by the amendment agreement dated as of the date hereof, and (ii) the zinc concentrate offtake agreement dated as of November 10, 2023 between Teck and the Grantor, as amended by the amendment agreement dated as of the date hereof. |

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| **"Teck Priority Collateral"** means, so long as any Teck Obligations are outstanding, collectively, (i) all accounts receivable of the Obligors or either one of them; and (ii) all lead and zinc concentrate produced from the Mine and all proceeds thereof. |
| "**Teck Security Documents"** means, collectively, (i), the security agreement dated as of the date hereof among the Obligors, as debtors, and Teck, as secured party, as amended from time to time to the extent not prohibited hereunder; (ii) the pledge agreement dated as of the date hereof between BHMC, as pledgor, and Teck, as secured party, as amended to the extent not prohibited hereunder, (iii) the mortgage, assignment of production, assignment of leases and rents, security agreement, financing statement and fixture filing dated as of the date hereof between Mine Owner, as mortgagor, and Teck, as mortgagee, as amended to the extent not prohibited hereunder; (iv) the intercompany subordination and postponement agreement dated as of the date hereof among the Obligors and Teck; and (v) all other assignments, deeds of trust, mortgages, account control agreements, pledges and other security agreements pursuant to which an Obligor grants to Teck, Security Interests in all or some of its present and after acquired property as security for the Teck Obligations. |
| "**Termination Date**" means the earlier of: (i) the date by which each of the following has occurred: (A) all Senior Obligations have been Paid in Full, (B) the related Transaction Agreement has been terminated, and (C) all Subordinated Obligations (other than any unasserted claims that may arise under any indemnity, expense reimbursement or analogous provision) shall have been paid and performed in full, and (ii) the date on which all Creditor(s) to whom any Obligations remain outstanding on such date (other than any unasserted claims that may arise under any indemnity, expense reimbursement or analogous provision) agree in writing to terminate this Agreement. |
| "**Transaction Agreements**" means, collectively, the Sprott Convertible Debentures, the Sprott Loan Agreement, the Note Purchase Agreement, the Standby Prepayment Facility Agreement and the Subordinated Indemnity, and "**Transaction Agreement**" means any one of them. |
| "**Transaction Documents**" means, collectively, the Sprott Project Finance Documents, the Note Purchase Documents, the Teck Documents and the Subordinated Indemnity Documents, and "**Transaction Document**" means any one of them. |
| **"Trigger Event**" means any Event of Default or other event or circumstance subsisting under any Transaction Document (i) that pursuant to the provisions of such Transaction Document, accelerates or permits the acceleration of the Obligations thereunder, or terminates such Transaction Document or permits the termination thereof, and (ii) of which, unless such Event of Default or other event or circumstance constitutes a Creditor Proceeding, written notice of which shall have been given to an Obligor in accordance with Section 2.9. |
| "**UCC**" means the Uniform Commercial Code as in effect in the state of New York from time to time; provided, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, a Creditor's Security Interest on any Collateral is governed by the Uniform Commercial Code in effect in a jurisdiction other than the state of New York, the term "UCC" shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. |

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| **"Unrestricted Remedial Action**" means any of: (i) the provision of any notice of Default or Event of Default under any Transaction Document; (ii) termination of any Transaction Document in accordance with the terms thereof; (iii) the acceleration of any Obligations; (iv) the making of a demand or claim for damages with respect to any Obligations (including any guarantee thereof); (v) the filing of a proof of claim or similar instrument with respect to any Obligations after the occurrence of any Creditor Proceedings; (vi) the filing of any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims of a Creditor, including any claims secured by the Collateral, in connection with any Creditor Proceeding; (vii) the voting of a claim with respect to any Obligations after the occurrence of any Creditor Proceedings in a manner not inconsistent with the terms of this Agreement; (viii) the exercise of any rights or remedies, or the filing or any pleadings, objections, motions or agreements, which assert rights or interests available to unsecured creditors of any Obligor under any Creditor Proceeding, Insolvency Law or other Applicable Law so long as such actions would not reasonably be expected to otherwise impair or interfere with the rights of the Controlling Creditor under this Agreement or the Security Documents; (ix) the institution of a default rate of interest; (x) the taking of any action required to preserve the validity, efficacy or priority of the Obligations or any Security Interest in respect thereof, including the commencement or initiation of any action required to comply with statutory limitation periods (provided that such proceeding is then stayed); and (xi) the issuance of any statutory notices required in connection with any Security Document at any time after such statutory notices have been issued by the Controlling Creditor (or any agent, trustee or receiver appointed by it) in connection with any Security Document; <u>provided</u> that, in each case, such action does not (A) involve a Creditor Proceeding or the appointment of a trustee, liquidator, receiver or similar Person with respect to the Collateral, (B) involve any Remedial Action with respect to the Collateral or any sale, foreclosure, restriction or limitation on the Collateral or (C) consist of any other action that, at the time such other action is taken, would reasonably be expected to otherwise impair or interfere with the rights of the Controlling Creditor under this Agreement or the Security Documents (it being understood that in no event may any Non-Controlling Creditor exercise remedies as a "secured party" with respect to the Collateral in violation of this Agreement). |
| "**U.S. Dollars**" or "**US$**" means the lawful money of the United States of America. |

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| | |
|:---|:---|
| **Section 1.2** | **Terms Generally** |

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The definitions of terms in this Agreement shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation". The word "will" shall be construed to have the same meaning and effect as the word "shall". Unless the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement,
 instrument or other document as from time to time amended, restated, supplemented, modified, renewed or extended to the extent not
 prohibited hereunder;

(b) any
 reference herein to any Person shall be construed to include such Person's permitted successors and assigns;

(c) the
 words "herein", "hereof" and "hereunder," and words of similar import, shall be construed to
 refer to this Agreement in its entirety and not to any particular provision hereof;

(d) all
 references herein to Sections shall be construed to refer to Sections of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and
 all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

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| | |
|:---|:---|
| **Section 1.3** | **Amendment and Restatement** |

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Each Party hereby acknowledges, confirms and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Initial Intercreditor Agreement shall be and is amended and restated in its entirety by this Agreement;

(b) this
 Agreement incorporates amendments to the Initial Intercreditor Agreement and has been restated solely for the purposes of incorporating
 those amendments to the Initial Intercreditor Agreement that the parties have agreed upon;

(c) this
 Agreement will not discharge, result in a waiver of, or constitute a novation or termination of any obligation, covenant or agreement
 contained in the Initial Intercreditor Agreement, which shall continue and remain in full force and effect except to the extent modified
 by this Agreement; and

(d) on
 and after the date hereof, any reference to "this Agreement", "hereof", "hereunder" and words
 of like effect in the Initial Intercreditor Agreement and any reference to the Initial Intercreditor Agreement in any other Transaction
 Document will mean and be a reference to the Initial Intercreditor Agreement, as amended and restated by this Agreement.

**Article 2<br> RELATIONSHIP AMONG CREDITORS**

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| | |
|:---|:---|
| **Section 2.1** | **Acknowledgements and Consents** |

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Each Creditor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acknowledges
 and consents to the Obligors having entered into the Transaction Documents;

(b) acknowledges
 and consents to the Obligors having granted to the Sprott Security Agent, Security Interests in the Collateral pursuant to the Sprott
 Security Documents; and

(c) consents
 to the Obligors granting to the Note Purchaser, Security Interests in the Collateral pursuant to the Note Purchase Security Documents;

(d) consents
 to the Obligors granting to Teck, Security Interests in the Collateral pursuant to the Teck Security Documents;

(e) consents
 to the Obligors granting to the Subordinated Creditor, Security Interests in some of the Collateral pursuant to the Subordinated
 Security Documents; and

(f) acknowledges
 and agrees that (i) the Sprott Royalty constitutes a real property interest in the Royalty Property and a covenant running with the
 land and burdening the Royalty Property, and (ii) the Sprott Royalty cannot be vested out of the Royalty Property in any Creditor
 Proceeding except with the prior written consent of the Sprott Royalty Holder.

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| | |
|:---|:---|
| **Section 2.2** | **Priority of Security Interests** |

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Each Creditor agrees that notwithstanding (i) the date, time, method, manner or order of grant, attachment, registration or perfection of any Security Interests securing the Obligations granted on the Collateral, (ii) any provision of any Real and Personal Property Security Legislation, any Insolvency Law or any other Applicable Law or the Transaction Documents, (iii) any defect or deficiencies in, or failure to perfect or lapse in perfection of, or avoidance as a fraudulent conveyance, preference, transfer at undervalue or otherwise of, the Security Interests securing the Obligations, (iv) whether the Sprott Security Agent, the Note Purchaser, Teck or the Subordinated Creditor, in each case, either directly or through agents, holds possession of, or has control over, all or any part of the Collateral, or (v) any other circumstance whatsoever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Teck Obligations shall be secured by the Security Interests in the Teck Priority Collateral created under the Teck Security Documents
 on a first ranking and senior basis (subject to Section 3.3) and prior to the Security Interests in the Teck Priority Collateral
 securing the Sprott Obligations, Note Purchase Obligations and Subordinated Obligations (whether or not the Security Interests in
 the Teck Priority Collateral are subordinated to any Security Interest securing any other obligations);

(b) the
 Teck Obligations, the Sprott Obligations and the Note Purchase Obligations shall be and shall remain secured by Security Interests
 created in the Collateral (other than Teck Priority Collateral) under the Teck Security Documents, the Sprott Security Documents
 and Note Purchase Security Documents on a *pari passu* basis (subject to Section 3.3), and on a basis senior and prior in all
 respects to any Security Interests securing the Subordinated Obligations (whether or not the Security Interests securing the Teck
 Obligations, Sprott Obligations and/or the Note Purchase Obligations are subordinated to any Security Interest securing any other
 obligations);

(c) the
 Subordinated Obligations shall be and shall remain secured by Security Interests pursuant to the Subordinated Security Documents
 on a basis junior and subordinate in all respects to the Security Interests securing the Senior Obligations; and

(d) the
 Collateral and the proceeds thereof available for the payment of the Obligations due and payable at any time to the Creditors during
 the continuance of a Trigger Event and all payments received from the Obligors by the Creditors during the continuance of a Trigger
 Event (including by way of set off but subject in all cases to 2.8(a) and (d) and Section 2.17) shall be shared among each of the
 Creditors in accordance with Section 3.3.

Notwithstanding the foregoing but subject to Section 2.3, the Creditors acknowledge and agree that unless a Trigger Event shall have occurred and be continuing, funds constituting Collateral or proceeds thereof may be applied as the relevant Obligor shall direct, subject, however, to the Transaction Documents (including, for greater certainty, this Agreement).

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| | |
|:---|:---|
| **Section 2.3** | **Subordination** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 of the Obligors and the Subordinated Creditor hereby covenant and agree that all Subordinated Obligations are hereby unconditionally
 and irrevocably subordinated in all respects until all of the Senior Obligations are Paid in Full. Without limiting the generality
 of the foregoing, the subordination of the Subordinated Obligations contained herein shall be effective notwithstanding (i) the dates
 of any advances, prepayment deposits or availment of credit, or (ii) the rules of priority established under Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 the terms of the Subordinated Indemnity, each Obligor hereby agrees with the Senior Creditors that it may not make, and the Subordinated
 Creditor hereby agrees that it will not accept, any Distribution with respect to the Subordinated Obligations, except for (a) Permitted
 Subordinated Payments for so long as no Senior Event of Default has occurred and is continuing, and (b) payments made to it in accordance
 with the priorities set out in Section 3.3 upon and following the occurrence and during the continuance of a Senior Event of Default.

(c) The
 Subordinated Creditor and each Obligor each acknowledges that no Person has guaranteed the repayment of the Subordinated Obligations
 to the Subordinated Creditor, and the Subordinated Creditor has not been granted any security from the Obligor or any other Person
 to secure the Subordinated Obligations other than the Subordinated Security Documents. The Subordinated Creditor covenants in favour
 of the Senior Creditors that it will not take from any Obligor or any other Person any guarantee of, or additional security for,
 the payment or performance of obligations in respect of the Subordinated Obligations other than the Subordinated Security Documents.

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| | |
|:---|:---|
| **Section 2.4** | **Separate Classes and Grants of Security** |

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Each of the Obligors, the Sprott Security Agent and the Creditors acknowledges and agrees with respect to the Collateral that (i) the grants of Security Interests on the Collateral pursuant to the Teck Security Documents, Sprott Security Documents, Note Purchase Security Documents and the Subordinated Security Documents constitute separate and distinct grants of Security Interests and (ii) because of, among other things, their differing rights in the Collateral, the Teck Obligations, Sprott Obligations, the Note Purchase Obligations and the Subordinated Obligations are fundamentally different from one another and must be separately classified in any plan of reorganization proposed or adopted in an Insolvency Proceeding of an Obligor. To further effectuate the intent of the Parties as provided in the immediately preceding sentence, if it is determined by a court of competent jurisdiction that the claims of Teck, the Sprott Entities, the Note Purchaser and the Subordinated Creditor in respect of any Collateral, constitute only one secured claim (rather than separate classes of senior and junior secured claims), then Teck, the Sprott Entities and the Note Purchaser shall be entitled to receive, in addition to amounts distributed to them from, or in respect of, the Collateral in respect of principal, prepetition interest, deliveries of silver, damages and other claims, all amounts owing in respect of postpetition interest, deliveries of siliver, fees, costs, and other charges, irrespective of whether a claim for such amounts is allowed or allowable in such liquidation or Insolvency Proceeding, before any distribution from, or in respect of, any such Collateral is made in respect of the claims held by any Subordinated Creditor. The Subordinated Creditor hereby acknowledges and agrees to turn over to the Sprott Agent, Teck or the Note Purchaser amounts otherwise received or receivable by it to the extent necessary to effectuate the intent of the preceding sentence, regardless of whether such turnover has the effect of reducing the claim or recovery of the Subordinated Creditor.

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| | |
|:---|:---|
| **Section 2.5** | **Prohibition on Contesting Obligations and Security Interests** |

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Each of the Creditors agrees that it will not (and hereby waives any right to) contest or support any other Person in contesting, in any proceeding (including any Creditor Proceeding), the priority, validity, perfection or enforceability of any of the Obligations, the Transaction Documents, any Security Interest in the Collateral held by any Creditor securing any of the Obligations (provided that such Security Interest shall be subject to the terms of this Agreement), or the provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any Creditor to enforce this Agreement.

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| | |
|:---|:---|
| **Section 2.6** | **Limitation on Guarantees and Other Collateral** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Senior Creditors will each have cross guarantees from the Obligors (provided that BHMC and Mine Owner are joint and several co-borrowers
 under the Teck Obligations) and substantially the same security over all the real and personal property of the Obligors including
 all real and personal property comprising the Mine, all Equity Interests in the capital of the Mine Owner and all intercompany loans
 owing between the Obligors except for the DACA granted in favour of the Sprott Security Agent and the priority of Teck over the other
 Senior Creditors in respect of the Teck Priority Collateral.

(b) Each
 of the Senior Creditors agrees that it shall not acquire or hold any guarantees of any Senior Obligations, unless a corresponding
 guarantee is held by each of the Senior Creditors.

(c) Each
 of the Senior Creditors agrees that it shall not acquire or hold any Security Interest on any of the Collateral, other than pursuant
 to the Teck Security Documents, Sprott Security Documents and Note Purchase Security Documents, subject to clauses (d) below.

(d) Notwithstanding
 Section 2.6(a), (b) and (c), the refusal of any Senior Creditor to accept a guarantee or a Security Interest on any Collateral shall
 not prohibit the grant of such guarantee or the taking of a Security Interest on such Collateral by the other Senior Creditor.

(e) Any
 designation of a Creditor (or any agent on their behalf) as a loss payee under any of the insurance policies of the Obligors shall
 be treated as the grant of a Security Interest for purposes of this Section 2.6.

(f) If
 any Senior Creditor shall (nonetheless and in breach hereof, but subject to Section 2.6(d)) acquire any guarantee from an Obligor
 or a Security Interest on any Collateral securing any Senior Obligations which guarantee is not also granted to any other Senior
 Creditor or which Collateral is not also subject to the Security Interest of any other Senior Creditor under the respective Transaction
 Documents, then the Obligors shall cause to be granted an equivalent guarantee in favour of the other Senior Creditor, and the first
 Creditor shall be deemed to hold such Security Interest for the benefit of all Senior Creditors as security for the Obligations subject
 to Section 3.3 and the other provisions of this Agreement.

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| | |
|:---|:---|
| **Section 2.7** | **Copies of Transaction Documents** |

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The Obligors shall deliver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 Teck, concurrently with the execution and delivery of this Agreement, a certified copy of each Sprott Project Finance Document, each
 Note Purchase Document and each Subordinated Indemnity Document in effect as of the date hereof, and forthwith upon their execution,
 any material amendment, supplement or other modification to any Sprott Project Finance Document, Note Purchase Document or Subordinated
 Indemnity Document, or any new Sprott Project Finance Document, new Note Purchase Document or new Subordinated Indemnity Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 the Sprott Security Agent, concurrently with the execution and delivery of this Agreement, a certified copy of each Teck Document,
 each Note Purchase Document and each Subordinated Indemnity Document, in each case, in effect as of the date hereof and forthwith
 upon their execution, any material amendment, supplement or other modification to any Teck Document, Note Purchase Document or Subordinated
 Indemnity Document, or any new Teck Document, new Note Purchase Document or new Subordinated Indemnity Document;

(c) to
 the Note Purchaser, concurrently with the execution and delivery of this Agreement, a certified copy of each Teck Document, each
 Sprott Project Finance Document and each Subordinated Indemnity Document in effect as of the date hereof, and forthwith upon their
 execution, any material amendment, supplement or other modification to any Teck Document, Sprott Project Finance Document or Subordinated
 Indemnity Document, or any new Teck Document, new Sprott Project Finance Document or new Subordinated Indemnity Document; and

(d) to
 the Subordinated Creditor, concurrently with the execution and delivery of this Agreement, a certified copy of each Teck Document,
 each Sprott Project Finance Document and each Note Purchase Document in effect as of the date hereof, and forthwith upon their execution,
 any material amendment, supplement or other modification to any Teck Document, Sprott Project Finance Document or Note Purchase Document,
 or any new Teck Document, new Sprott Project Finance Document or new Note Purchase Document; provided that a failure by the Obligors
 to provide such documents to the respective Creditors shall not affect any of the provisions hereof or the priorities and other rights
 set forth herein. Upon the request therefor, each Creditor shall provide copies of each Transaction Document to which it is a party
 to any Creditor requesting the same.

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|:---|:---|
| **Section 2.8** | **Sharing of Payments and Other Proceeds** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No
 Senior Creditor shall, by virtue of this Agreement, be required to share with any other Creditor any payments, prepayments (whether
 voluntary or mandatory) or other amounts received from any Obligor in respect of any indebtedness, liability or obligation of such
 Obligor that (i) do not constitute Obligations or proceeds of Collateral, (ii) do not arise under any of the Transaction Documents,
 or (iii) are received in accordance with the applicable Transaction Agreement at a time other than after the occurrence and during
 the continuance of a Trigger Event (any such payment, an "**Unrestricted Payment** "). No Creditor is required to obtain
 consent from or give notice to any other Creditor with respect to any Unrestricted Payment received by the first Creditor.

(b) Without
 limiting the generality of clause (a) above but subject to Section 2.3, Section 2.10 and Section 2.15, unless a Trigger Event shall
 have occurred and be continuing, the Obligors may make payments to each Senior Creditor as required in accordance with the applicable
 Transaction Documents to which such Senior Creditor is a party.

(c) Subject
 to clause (d) below and Section 2.17, in the period after a Trigger Event shall have occurred and while it is continuing, but prior
 to a Remedial Action, all payments received by the Creditors from the Collateral (whether in respect of payments on the Transaction
 Documents or otherwise) shall be allocated among the Creditors pursuant to Section 3.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each
 Creditor hereby acknowledges that, notwithstanding anything contained herein to the contrary, at any time when interest payments
 (in the form of cash or silver as the case may be) contemplated in this clause (d), in each case that are due and payable at such
 time, have been received by Teck, the Note Purchaser and the applicable Sprott Entities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each
 of (A) the Note Purchaser shall be entitled to receive interest, in the form of cash or silver (other than default interest), in
 accordance with the Note Purchase Agreement; (B) the Sprott Lenders shall be entitled to receive interest (other than default interest)
 under the Sprott Loan Agreement, (C) the Sprott CD Holders shall be entitled to receive interest (other than default interest) under
 the Sprott Convertible Debentures, and (D) Teck shall be entitled to receive interest (other than default Interest) under the Standby
 Prepayment Facility Agreement which, in each case, need not be shared with any other Creditor; and

(ii) the
 interest payments referred to in this clause (d): (A) constitute operating expenses not subject to any restrictions under the Note
 Purchase Agreement, the Standby Prepayment Facility Agreement or the Sprott Project Finance Documents; and (B) shall not be subject
 to stoppage, interference, or contractual prohibition at any time by the Note Purchaser, the Sprott Lenders, the Sprott CD Holders,
 Teck or the Subordinated Creditor, as applicable, or otherwise pursuant to the Sprott Project Finance Documents, the Note Purchase
 Documents, the Teck Documents, the Subordinated Indemnity Documents or the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 proceeds of any Collateral arising from any Remedial Action shall be applied in accordance with Article 3.

(f) Nothing
 in clause (d) above shall limit or restrict the ability of BHMC to elect to pay any accrued interest under the Sprott Convertible
 Debentures or the Sprott Loan Agreement by way of issuance of common shares in the capital of BHMC.

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|:---|:---|
| **Section 2.9** | **Notices** |

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Each of the Creditors agrees to give to the other Creditors the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) copies
 of any written notice of the occurrence or existence of any Default or Event of Default sent to any Obligor, simultaneously with
 the sending of such notice to such Obligor;

(b) notice
 of (i) any acceleration of the Obligations owing to it, (ii) the termination of any applicable Transaction Documents or the institution
 of any claim for damages thereunder, or (iii) the exercise of any other contractual or legal remedies in respect thereof, promptly
 after the occurrence thereof; and

(c) notice
 of the grant of any guarantee or provision of any additional Security Document in its favour in respect of Obligations owing to it
 by any Person;

provided that the failure to give any of the foregoing notices shall not affect the validity of any notice of a Default or Event of Default sent to any Obligor or any such acceleration, termination or claim, or invalidate any such guarantee or security document, or create a cause of action against or cause a forfeiture of any rights of the party failing to give such notice to the other Creditors or create any claim or right on behalf of any third party.

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|:---|:---|
| **Section 2.10** | **Amendment to Transaction Documents** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Senior Creditor agrees that the Transaction Documents to which any other Senior Creditor is a party may be amended, modified, replaced
 or supplemented in accordance with their terms without its consent, unless such amendment, modification, replacement or supplement
 (each a "**Senior Restricted Amendment**") shall have the effect of (i) increasing the amount of Obligations owed
 to such Creditor (including an increase to the principal amount thereof or the interest rate applicable thereto but excluding advances
 of the revolving loan facility in the aggregate principal amount of US$10 million under the Standby Prepayment Facility Agreement
 and any waivers or amendments to the conditions of advance thereunder); (ii) amending the terms or broadening the scope of the guarantee
 or security (including any Sprott Security Document, Teck Security Document or Note Purchase Security Document) granted for the benefit
 of any Senior Creditor with respect to any of the Obligations (other than in accordance with Section 2.6); (iii) adding repayment
 or prepayment obligations to any Transaction Document or changing to an earlier date the interest payment dates or principal repayment
 or maturity dates thereunder; (iv) modifying the covenants under any Transaction Document in such a way as to increase in any material
 respect the risk of Default under the applicable document (including changing any financial covenants or Defaults or Events of Default
 that make the covenants thereunder more restrictive); (v) in the case of the Sprott Entities, designating any agreement as a "Project
 Finance Document" for purposes of the Sprott Security Documents and the obligations thereunder constituting Senior Obligations;
 or (vi) being contrary to the priorities and distribution of proceeds of the Senior Creditors hereunder. Any Senior Restricted Amendment
 by a Senior Creditor shall require the prior written consent of the other Senior Creditors.

(b) At
 any time and from time to time without the consent of or notice to the Subordinated Creditor, without incurring liability to the
 Subordinated Creditor, and without impairing or releasing the obligations of the Subordinated Creditor under this Agreement but subject
 to Section 2.9(a), (i) each Senior Creditor may change the manner or place of payment, or extend the time of payment of, or renew
 or alter any of the terms of the Senior Obligations (including any increase in the amount thereof), or amend in any manner any Sprott
 Project Finance Document, Teck Document or Note Purchase Document or (ii) any Sprott Entity and the Obligors may designate any agreement
 as a "Project Finance Document" for purposes of the Sprott Security Documents and the obligations thereunder constituting
 Senior Obligations.

(c) Until
 the Senior Obligations have been Paid in Full, and notwithstanding anything to the contrary contained in the Subordinated Indemnity
 Documents, the Obligors and the Subordinated Creditor shall not, without the prior written consent of the Senior Creditors, agree
 to any amendment, modification, or supplement to any Subordinated Indemnity Document if such amendment, modification, or supplement
 shall (i) have the effect of increasing the amount of Subordinated Obligations owed to such Subordinated Creditor or change to an
 earlier date the date on which any Subordinated Obligations are due, or (ii) add or change any terms in a manner materially adverse
 to an Obligor or any Senior Creditor (including, for the avoidance of doubt, any addition of any event that would constitute a breach
 or default under the Subordinated Indemnity Documents and any change that would increase the exposure or liability of the Obligors
 under the Subordinated Indemnity Documents).

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| | |
|:---|:---|
| **Section 2.11** | **Assignment** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 Creditor may assign or otherwise grant an interest in any of its right, title and interest in and to the Transaction Documents to
 which it is party (or any part thereof) in accordance with the terms thereof, provided that, subject to Section 2.11(b), any assignee
 obtaining any interest in any of the Transaction Documents (or any part thereof) shall, prior to obtaining such interest, execute
 and deliver in favour of each of the Parties hereto a joinder agreement, in form and substance acceptable to the non-assigning Creditors
 (acting reasonably), pursuant to which it agrees to be bound by the provisions of this Agreement as though it were an original party
 hereto.

(b) If
 a Creditor grants participations in the Transaction Documents to which it is a party or otherwise sells or issues interests in the
 Transaction Documents to which it is party (or any part thereof) to investors and retains legal title to such Transaction Documents,
 such participation, sale or issuance shall not trigger any obligation to deliver a joinder agreement with such investors so long
 as (i) the interest of such investors are subject to the terms and provisions of this Agreement, (ii) such Creditor provides evidence
 to the other Creditors (acting reasonably) that the interest of such investors are subject to the terms and provisions of this Agreement,
 and (iii) such Creditor acknowledges such sale or issuance shall not release such Creditor from its obligations under this Agreement.

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| | |
|:---|:---|
| **Section 2.12** | **Release of Collateral Generally** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Senior Creditor shall release its interest in the Collateral on the date on which the Obligations owing to it have been Paid in Full
 and the Subordinated Creditor shall release its interest in the Collateral on the date on which the Subordinated Obligations (other
 than any unasserted claims that may arise under any indemnity, expense reimbursement or analogous provision) have been paid and performed
 in full

(b) If,
 at any time, a sale, disposition or other transfer of Collateral is made by the Controlling Creditor in connection with any Remedial
 Action in accordance with the terms of this Agreement, then (whether or not any Creditor Proceeding is pending at the time) each
 other Creditor shall promptly consent to such sale or other disposition and promptly execute and deliver to the Controlling Creditor
 such consent to such sale or other disposition, termination statements, and releases as the Controlling Creditor shall reasonably
 request to effect the release of the Security Interests granted in favour of such Creditor under the Security Documents in such Collateral;
 provided that any proceeds of any Collateral realized therefrom shall be applied pursuant to Section 3.3.

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| | |
|:---|:---|
| **Section 2.13** | **Insolvency Events** |

---

As among the Creditors, the provisions of this Agreement shall be applicable both before and after the commencement of any Creditor Proceeding by or against any Obligor, and all references in this Agreement to any Obligor shall be deemed to apply to such Obligor as debtor-in-possession. All distributions of the proceeds of any of the Collateral shall continue to be made after the commencement of such Creditor Proceeding on the same basis that the Collateral was to be distributed prior to the date of such Creditor Proceeding.

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| | |
|:---|:---|
| **Section 2.14** | **DIP Financing** |

---

Each of the Creditors agrees that any Senior Creditor may consent to the use of cash collateral or provide debtor-in-possession financing to the Obligors or any one of them on such terms and conditions and in such amounts as such Senior Creditor, in its sole discretion, may decide (the **"DIP Lender**"), subject to this Section 2.14, and, in connection therewith, the Obligors may grant to the DIP Lender liens and Security Interests upon all of the property of the Obligors, which liens and Security Interests (i) shall secure payment of all DIP Obligations provided by the DIP Lender during such Insolvency Proceeding (but not any other Obligations of such DIP Lender), and (ii) shall be superior in priority to the Security Interests securing the Obligations in favor of each Creditor on the property of the Obligors but only to the extent of the DIP Obligations. Each Creditor agrees that it will not object to or oppose any such cash collateral usage or debtor-in-possession financing or any sale or other disposition of any property securing all of any part of the DIP Obligations free and clear of Security Interests, liens, or other claims of the Creditors under Section 363 of the Bankruptcy Code or any other provision of the Bankruptcy Code, if the Sprott Agent has consented to such sale or disposition. Each Creditor agrees not to assert any right it may have to "adequate protection" of its interest in any Collateral in any Insolvency Proceeding and agrees that it will not seek to have the automatic stay lifted with respect to any Collateral without the prior written consent of the DIP Lender; provided that, (x) the DIP Lender will not object to any request by any Creditor for adequate protection replacement liens on all prepetition and postpetition property of the Obligors upon which the DIP Lender is also granted adequate protection replacement liens, with such liens in favor of the Creditors (other than the DIP Lender) being subject in all respects to this Agreement; (y) other than such replacement liens, the Creditors will not seek any other form of adequate protection; and (z) the DIP Lender, in its capacity as such, agrees in favour of the Sprott Entities to the matters set out in Section 3.2(d). The Subordinated Creditor agrees that it will not provide, or offer to provide, any debtor-in-possession financing to an Obligor without the prior written consent of the Senior Creditors.

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| | |
|:---|:---|
| **Section 2.15** | **Prepayments under the Sprott Convertible Debentures, Sprott Loan Agreement and the Note Purchase Documents** |

---

So long as any amounts are outstanding under the Standby Prepayment Facility Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Sprott Agent, on behalf of the Sprott CD Holders, and the Obligors agree in favour of Teck that the Obligors shall not make, and
 the Sprott CD Holders shall not accept, any voluntary prepayment of any principal amount under the Sprott Convertible Debentures
 prior to the applicable maturity dates of the Convertible Debentures, except with the prior written approval of Teck in its sole
 and unfettered discretion; provided that nothing in this Section 2.15(a) shall limit the ability of the Sprott CD Holders to convert
 the amounts owing under the Sprott Convertible Debentures into common shares of BHMC in accordance with the terms of the applicable
 Sprott Convertible Debenture;

(b) the
 Sprott Agent, on behalf of the Sprott Lenders, and the Obligors agree in favour of Teck that the Obligors shall not make, and the
 Sprott Lenders shall not accept, any prepayment of any principal amount under Section 4(a) or 4(c) of the Sprott Loan Agreement prior
 to the applicable maturity date of the Sprott Loan Agreement, except with the prior written approval of Teck in its sole and unfettered
 discretion; and

(c) the
 Note Purchaser and the Obligors agree in favour of Teck that the Obligors shall not make, and the Note Purchaser shall not accept,
 any prepayments of any principal amount under the Note Purchase Documents prior to the applicable maturity date of the Note Purchase
 Documents, except with the prior written approval of Teck and the Sprott Agent in their sole and unfettered discretion.

For greater certainty, this Section 2.15 does not restrict any payment of (i) principal, interest and other amounts that may become payable under the Sprott Project Finance Documents as in effect on the date hereof that are due and payable on and after June 30, 2028, on the "Maturity Date" or upon an "Event of Default" or "Change of Control" (as each such capitalized and italicized term is defined in each applicable Sprott Project Finance Document), or (ii) any interest under the Sprott Project Finance Documents payable through the issuance of Common Shares.

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| | |
|:---|:---|
| **Section 2.16** | **Royalty Payments** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to this Section 2.16 and Section 3.3, the Sprott Royalty Holder agrees in favour of Teck that so long as any amounts are outstanding
 under the Standby Prepayment Facility Agreement, any payments of the Sprott Royalty (and all interest accrued thereon) shall be deferred
 until all such outstanding amounts under the Standby Prepayment Facility Agreement are repaid. Upon the repayment of all outstanding
 amounts under the Standby Prepayment Facility Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Obligors shall immediately repay all deferred Sprott Royalty payments and all interest accrued thereon; and

(ii) if
 there is insufficient cash available to repay all deferred Sprott Royalty payments and all accrued and unpaid interest thereon, then
 available cash shall be applied to deferred quarterly Sprott Royalty payments (and accrued and unpaid interest accrued thereon) in
 order of the deferred royalty payment that has been outstanding longest to most recent quarterly deferred royalty payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Sprott Royalty Holder hereby agrees in favour of the Obligors to waive any default in payment of the Sprott Royalty when due in accordance
 with the conditions in Section 2.16(a) provided, however, that no such payment of any Sprott Royalty (and accrued and unpaid interest
 thereon) shall be deferred for more than six (6) months from the applicable due date of such Sprott Royalty payment. Should the Obligors
 fail to pay any Sprott Royalty payment (and accrued and unpaid interest thereon) for more than six (6) months after the applicable
 due date thereof, whether any amounts are outstanding under the Standby Prepayment Facility Agreement or not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 Default shall be deemed to occur on the fifth Business Day following the end of such six month period under the applicable Sprott
 Royalty Agreement; and

(ii) the
 Sprott Royalty Holder shall be entitled to demand payment of all outstanding Sprott Royalty payments (and all accrued and unpaid
 interest payments thereon) and exercise any and all remedies, available at law or in equity, with respect to such Default, other
 than any Remedial Action,

The Sprott Agent acknowledges and agrees on behalf of the Sprott CD Holders and the Sprott Lenders that, with respect to the Sprott Project Finance Documents, and the Note Purchaser acknowledges and agrees that, with respect to the Note and the Note Purchase Documents, any such Default or failure to pay such outstanding Sprott Royalty payment shall not give rise to, by way of any cross-default provision or otherwise, an "Event of Default" thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Obligors shall give at least five (5) Business Days' notice to Teck and Sprott Royalty Holder of any proposed deferral of any
 payment of any Sprott Royalty. The Sprott Royalty Holder shall give written notice to Teck, as soon as reasonably practicable and
 in any event within five (5) Business Days of having actual knowledge thereof, of any failure by the Mine Owner to pay any Sprott
 Royalty in accordance with the terms of any Royalty Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For
 greater certainty, any payment of a Sprott Royalty under any Sprott Royalty Agreement that is not paid quarterly when due in accordance
 with such Sprott Royalty Agreement (without giving effect to the deferral provisions contained in this Section 2.16) shall bear interest
 calculated at the rate and compounded in accordance with such Sprott Royalty Agreement.

(e) Except
 for the deferral of payments of Sprott Royalty for a maximum of two calendar quarters in accordance with this Section 2.16, this
 Agreement shall not restrict or limit any right or action which the Sprott Royalty Holder has or may take under any Sprott Royalty
 Agreement.

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| | |
|:---|:---|
| **Section 2.17** | **Set Off under the Teck Offtake Agreements** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding
 any other provision of this Agreement or the other Transaction Documents, Teck may, at any time, set off any amount outstanding under
 the Standby Prepayment Facility Agreement against any amount which remain owing and outstanding by Teck to the Mine Owner under any
 of the Teck Offtake Agreements, including without limitation, amounts that are or will be payable by Teck for any and all "Concentrate"
 (as defined in the applicable Teck Offtake Agreement) actually delivered Teck which may or may not have become due.

(b) This
 Agreement shall not restrict or limit any right or action which Teck has or may take under any Teck Offtake Agreement.

**Article 3**

**ENFORCEMENT and DISTRIBUTION OF PROCEEDS**

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| | |
|:---|:---|
| **Section 3.1** | **Remedial Action** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nothing
 contained herein shall be construed as restricting the right of any Creditor to take any Unrestricted Remedial Action or otherwise
 exercise rights under its Transaction Documents in a manner that does not constitute a Remedial Action.

(b) Except
 for Unrestricted Remedial Actions, whether or not any Creditor Proceeding has been commenced by or against any Obligor, a Non-Controlling
 Creditor that is a Senior Creditor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) will
 not take (or cause to be taken by agent thereof) any Remedial Action with respect to any Security Interest held by such Creditor
 under the Security Documents or otherwise until expiry of a period (the "**Standstill Period**") of 180 days from
 and after the earlier of: (1) written notice by the Controlling Creditor that an Event of Default has occurred under a Sprott Project
 Finance Document or the initiation of any Remedial Action by or at the direction of the Sprott Security Agent, and (2) the date on
 which any Non-Controlling Creditor that is a Senior Creditor provides written notice to the Controlling Creditor that an Event of
 Default has occurred and is continuing under its respective Transaction Documents; provided that, if such Standstill Period commenced
 as a result of (2) above, such Standstill Period shall be reset if the Event of Default in respect of which such notice was given
 has been cured by the applicable Obligor or irrevocably waived by the applicable Creditor. Notwithstanding anything herein to the
 contrary, in no event shall any Non-Controlling Creditor be entitled to cause a Remedial Action to be commenced against the Obligors
 or with respect to the Collateral if, notwithstanding the expiration of the Standstill Period: (A) the Sprott Security Agent, at
 the instruction of the Controlling Creditor, shall have commenced and be diligently pursuing the exercise of its rights or remedies
 with respect to all, substantially all or any material portion of the Collateral (or is diligently attempting to vacate any stay
 or prohibition against such exercise), or (B) the Sprott Security Agent is stayed or otherwise precluded from pursuing such rights
 or remedies pursuant to Applicable Laws or Creditor Proceedings (including pursuant to any order made in connection therewith) (each
 of (A) and (B) referred to as an "**Enforcement Deferral** "); and the Standstill Period shall be extended day-for-day
 for any such period that an Enforcement Deferral is continuing. For the avoidance of doubt, upon the expiry of the Standstill Period
 (provided that an Enforcement Deferral is not then continuing), first the Note Purchaser, second Teck and third the Subordinated
 Creditor (in that order) may become the Controlling Creditor by giving written notice to the other Creditors, provided that at the
 time of giving such notice or within fifteen (15) Business Days thereafter, the other Creditor having priority in terms of order
 does not give notice to the other Creditors that it has elected to become the Controlling Creditor. Following such fifteen (15) Business
 Day period, the new Controlling Creditor (the Creditor with priority in order who has given notice of its election to be Controlling
 Creditor in accordance with the immediately preceding sentence) may take (or cause to be taken) any Remedial Action, provided that
 all proceeds of Collateral arising from the exercise of any such Remedial Action shall be applied in accordance with Section 3.3;

(ii) during
 the Standstill Period, will not contest, protest or object to any Remedial Action brought by the Controlling Creditor or Sprott Security
 Agent, or any other exercise by the Sprott Security Agent of any rights and remedies relating to the Collateral under any Transaction
 Document in accordance with the procedure set out in this Article 3; and

(iii) during
 the Standstill Period, will not contest, protest or object to the forbearance by the Controlling Creditor from bringing or pursuing
 any Remedial Action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whether
 or not any Creditor Proceeding has been commenced by or against any Obligor, and subject to Section 3.1(b), Section 3.1(d), Section
 3.1(e) and Section 3.2, the Controlling Creditor shall have the exclusive right to cause to be commenced, and if applicable, cause
 to be maintained, a Remedial Action in accordance with the procedures set out in this Article 3. In exercising any Remedial Action
 with respect to the Collateral, the Controlling Creditor will not cause to be taken any Remedial Action under any Transaction Document,
 this Agreement, any Security Document or Applicable Law unless and until (i) a Trigger Event has occurred and is continuing under
 any Transaction Document to which a Sprott Entity is party, (ii) the Controlling Creditor has delivered to each Non-Controlling Creditor
 that is a Senior Creditor an Enforcement Notice providing details of the Remedial Action that it intends to take, and (iii) unless
 the Controlling Creditor reasonably determines that immediate Remedial Action is necessary or advisable to prevent a material adverse
 effect on the value of the Collateral, at least 3 Business Days have elapsed since the delivery of the Enforcement Notice pursuant
 to the foregoing clause (ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Controlling Creditor agrees to (i) provide each Non-Controlling Creditor with such information with respect to any Remedial Action
 being taken at the instruction of the Controlling Creditor as reasonably requested by such Non-Controlling Creditor and (ii) to the
 extent practicable in the circumstances, consult with each Non-Controlling Creditor that is a Senior Creditor and provide each such
 Non-Controlling Creditor with a reasonable opportunity to exchange views before providing any instructions to the Sprott Security
 Agent, Teck or the Note Purchaser, as applicable, that may materially affect such Non-Controlling Creditor.

(e) Notwithstanding
 the foregoing, and in addition to the Unrestricted Remedial Actions, a Non-Controlling Creditor may:

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| | |
|:---|:---|
| (i) | seek remedies intended to ensure performance by the Obligors of their obligations under its respective Transaction Documents; |
| (ii) | file a claim or statement of interest with respect to the Obligations owed to it, in any Creditor Proceeding commenced by or against any Obligor; |
| (iii) | take any action (not adverse to the rights of the Controlling Creditor to exercise remedies in accordance herewith) in order to create, perfect, preserve or protect its Security Interest created under the Security Documents granted in its favour in the Collateral, in all cases in accordance with Section 2.6; |
| (iv) | file any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims of such Non-Controlling Creditor, including any claims secured by the Collateral, in each case in accordance with the terms of this Agreement; |
| (v) | vote on any plan of compromise or arrangement, proposal or reorganization, file any proof of claim, make other filings and make any arguments and motions that are, in each case, in accordance with the terms of this Agreement, with respect to the Obligations owing to it, and the Collateral; provided that any such actions are supportive of and consistent with similar actions taken by or at the instruction of the Controlling Creditor; |
| (vi) | exercise any of its rights or remedies under the applicable Transaction Documents after the termination of the Standstill Period; and |
| (vii) | exercise any rights or remedies available to, and file any pleadings, objections, motions or agreements which assert rights or interests available to, unsecured creditors of any Obligor arising under any Creditor Proceeding, Insolvency Laws or other Applicable Law, so long as such actions would not involve an action or a claim against Collateral or conflict with an express agreement of such Non-Controlling Creditor contained in this Agreement; |
| <u>provided</u> that, in each case, such action does not (a) involve a Creditor Proceeding or the appointment of a trustee, liquidator, receiver or similar Person with respect to the Collateral, (b) involve any Remedial Action with respect to the Collateral or any sale, foreclosure, restriction or limitation on the Collateral or (c) consist of any other action that, at the time such other action is taken, would reasonably be expected to otherwise impair or interfere with the rights of the Controlling Creditor under this Agreement or the Security Documents granted in favour of the Controlling Creditor (it being understood that in no event may a Non-Controlling Creditor exercise remedies as a "secured party" with respect to the Collateral in violation of this Agreement). | <u>provided</u> that, in each case, such action does not (a) involve a Creditor Proceeding or the appointment of a trustee, liquidator, receiver or similar Person with respect to the Collateral, (b) involve any Remedial Action with respect to the Collateral or any sale, foreclosure, restriction or limitation on the Collateral or (c) consist of any other action that, at the time such other action is taken, would reasonably be expected to otherwise impair or interfere with the rights of the Controlling Creditor under this Agreement or the Security Documents granted in favour of the Controlling Creditor (it being understood that in no event may a Non-Controlling Creditor exercise remedies as a "secured party" with respect to the Collateral in violation of this Agreement). |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding
 anything to the contrary contained in any agreement between the Subordinated Creditor and an Obligor or in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) until
 the Senior Obligations have been Paid in Full, only the Controlling Creditor shall have the right to restrict or permit, or approve
 or disapprove, the sale, transfer, release, or other disposition of the Collateral or take any action with respect to the Collateral
 or any other Remedial Action with respect to any Security Interests created under any Subordinated Security Documents without any
 consultation with or the consent of the Subordinated Creditor;

(ii) the
 Subordinated Creditor will not contest, protest or object to any Remedial Action brought by the Controlling Creditor or Sprott Security
 Agent, or any other exercise by the Sprott Security Agent of any rights and remedies relating to the Collateral under any Transaction
 Document in accordance with the procedure set out in this Article 3; and

(iii) the
 Subordinated Creditor will not contest, protest or object to the forbearance by the Controlling Creditor from bringing or pursuing
 any Remedial Action.

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| | |
|:---|:---|
| **Section 3.2** | **Royalty Survival Provisions** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) When
 exercising rights in respect of any Remedial Action, all Creditors acknowledge and will adhere to the following principles amongst
 themselves:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In
 the case of Foreclosure by a Creditor, the Mine will be transferred with the the Sprott Royalty Agreements and the Sprott Continuing
 Obligations remaining in place and being assumed by the transferee;

(ii) In
 the case of any other sale or transfer of Collateral, and so long as no Creditor Proceeding has been commenced by or against the
 Obligors, the Controlling Creditor will conduct a commercially reasonable process (a "**Sales Process**") in which
 prospective purchasers will be required to offer to acquire the Mine with the Sprott Continuing Obligations and related Sprott Royalty
 Agreements remaining in place and being assumed by the purchaser.

(iii) The
 transferee in any Foreclosure or purchaser in any Sales Process, as applicable, shall be required to execute documentation as is
 reasonably required by the Sprott Agent to reaffirm the Sprott Continuing Obligations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Creditor confirms and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 will not seek nor support or facilitate any Person (including a receiver, insolvency officer or similar Person) in seeking, and will
 vote against, any restructuring plan or proposal or any sale or disposition of Collateral that includes a conveyance of all or any
 substantial portion of the Collateral free and clear of the Sprott Continuing Obligations and the related Sprott Royalty Agreement
 without the express consent of the Sprott Agent; and

(ii) in
 a Creditor Proceeding, it will not seek or support, and will vote against, any restructuring plan or proposal or any sale or disposition
 of Collateral, and will not otherwise make or support any claim, that: (A) purports to eliminate or modify the Sprott Continuing
 Obligations or any relevant mining concessions or similar rights without the express written consent of the Sprott Agent; (B) contests,
 challenges or brings into question the validity or enforceability of the Sprott Obligations; (C) contests or challenges any DIP financing
 to be provided by any Senior Creditor or its Affiliates in accordance with Section 2.14; or (D) contests or challenges any restructuring
 plan or proposal supported by the Sprott Agent that is consistent with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 the foregoing, the Sprott Agent and the Sprott Security Agent shall have no obligation to (and no other Creditor shall) pursue the
 survival of the Sprott Continuing Obligations if it would be uneconomic for the Sprott Royalty Holder to do so, as determined in
 their sole discretion.

(d) Each
 Obligor (i) expressly acknowledges and agrees to be bound by the provision of this Section 3.2 (and that such provisions are an essential
 element of the agreement of the Creditors to provide financing to the Obligors), (ii) agrees to adhere to the principles set out
 herein in any realization proceedings in respect of the Collateral and in any plan or proceeding involving all or any Obligors, and
 (iii) agrees not to seek or support, and to oppose, any plan, proceeding or claim that is not consistent with the foregoing.

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| | |
|:---|:---|
| **Section 3.3** | **Division of Proceeds** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 proceeds of any sale, disposition or other realization or collection by the Sprott Security Agent or any Creditor(s) of or upon the
 Teck Priority Collateral shall be distributed (following payment of any outstanding DIP Obligations) in the following order of priorities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>First</u>,
 to pay the documented and reasonable expenses and related costs of the Controlling Creditor in connection with such sale, disposition
 or other realization and collection, until Paid in Full;

(ii) <u>Second</u> the balance to Teck to be applied against the Teck Obligations;

(iii) <u>Third</u> the balance if any, to the Senior Creditors to be applied against the outstanding Sprott Obligations and the outstanding Note Purchase
 Obligations,as applicable, *pro rata* in accordance with such remaining unsatisfied amounts;

(iv) <u>Fourth,</u> the balance, if any, to the Subordinated Creditor on account of Subordinated Obligations; and

(v) <u>Fifth</u>,
 the balance, if any, to the Obligors, or otherwise as required by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 proceeds of any sale, disposition or other realization (including upon Foreclosure) or collection by the Sprott Security Agent or
 any Creditor(s) of or upon the Collateral or the proceeds thereof (other than Teck Priority Collateral), shall be distributed (following
 payment of any outstanding DIP Obligations) in the following order of priorities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>First</u>,
 to pay the documented and reasonable expenses and related costs of the Controlling Creditor in connection with such sale, disposition
 or other realization and collection, until Paid in Full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Second</u> the balance, if any, to the Senior Creditors to be applied against the outstanding Teck Obligations, the outstanding Sprott Obligations
 and the outstanding Note Purchase Obligations, as applicable *pro rata* in accordance with such remaining unsatisfied amounts;

(iii) <u>Third,</u> the balance, if any, to the Subordinated Creditor on account of Subordinated Obligations; and

(iv) <u>Fourth,</u> the balance, if any, to the Obligors, or otherwise as required by Applicable Law.

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| | |
|:---|:---|
| **Section 3.4** | **Payments Over in Violation of Agreement** |

---

Whether or not any Creditor Proceeding has been commenced by or against any Obligor, any Collateral or proceeds thereof received by a Creditor (including by way of set off) in connection with any Remedial Action (or other action) in contravention of this Agreement (to the extent in excess of its entitlements hereunder) shall be segregated and held in trust for the benefit of the Creditors and forthwith paid over to the Controlling Creditor for the benefit of the Creditors in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct, to be distributed in accordance with Section 3.3.

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| | |
|:---|:---|
| **Section 3.5** | **Clawback** |

---

If any payment or other proceeds of the Collateral received by any Creditor for its own account under this Agreement shall be required pursuant to Applicable Law to be repaid or returned, in whole or in part, by such Creditor to the payor thereof, or to any trustee, agent or other representative of such payor, or such payment shall have been otherwise rescinded, in whole or in part, pursuant to Applicable Law, any Creditor that shall have received all or part of such proceeds shall promptly, upon the written demand of the Controlling Creditor (supported by a direction or certificate), or acting on an order or other demand occurring pursuant to Applicable Law, return to the Controlling Creditor (or as otherwise required by Applicable Law) all or the ratable part, as the case may be, of the portion of such proceeds so received by such other Creditors (and any interest thereon to the extent the same is required to be paid by the Creditor originally receiving such proceeds in respect of the return of such proceeds) in order to equitably adjust for the return of all or part of such proceeds. In addition, in the event that any such proceeds received by any Creditor is required to be returned or repaid or is otherwise rescinded under Applicable Law then an amount of the Obligations equal to the amount of such returned, repaid or rescinded payment shall, for the purposes of this Agreement, be deemed to be reinstated and the Parties hereto shall be restored to their original position as if such payment had not been made.

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| | |
|:---|:---|
| **Section 3.6** | **Insurance and Expropriation** |

---

Proceeds of insurance received by Creditor as loss payee thereof, and any compensation received by any Obligor for any expropriation and required to be paid over to any Creditor pursuant to the Transaction Documents, will be remitted to the Controlling Creditor (if paid to a Creditor) and applied by the Controlling Creditor in accordance with Section 3.3(b).

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| | |
|:---|:---|
| **Section 3.7** | **Judgment Creditors** |

---

If any Creditor becomes a judgment lien creditor in respect of Collateral as a result of its enforcement of its rights as an unsecured creditor, such judgment lien shall be subject to the terms of this Agreement for all purposes (including in relation to the Security Interests under the Security Documents and the Obligations) to the same extent as all other Security Interests securing the Obligations are subject to the terms of this Agreement.

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| | |
|:---|:---|
| **Section 3.8** | **No Marshalling** |

---

Each Creditor agrees that the Controlling Creditor shall not have any duty or obligation first to marshal or realize upon any type of Collateral, or to sell, dispose of or otherwise liquidate all or any portion of such Collateral, in any manner that would maximize the return to any Creditor notwithstanding that the order and timing of any such realization, sale, disposition or liquidation may affect the amount of proceeds actually received by such Creditor from such realization, sale, disposition or liquidation.

**Article 4<br> THE CREDITORS**

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| | |
|:---|:---|
| **Section 4.1** | **Accounting** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Creditor agrees to render to the Controlling Creditor, at any time upon reasonable request of the Controlling Creditor in connection
 with the exercise of its rights or the performance of its obligations hereunder, an accounting of the amounts of the Obligations
 owing and such other information with respect to the Obligations owing to such Creditor as the Controlling Creditor may reasonably
 request in order to give effect to the terms and conditions of this Agreement.

(b) In
 the event that any Creditor fails to provide any information requested to be provided by it to the Controlling Creditor pursuant
 to Section 4.1(a), then the Controlling Creditor may (but shall not be obligated to) (i) take such actions as, in the exercise of
 its good faith judgment, are required to be taken by it based on the most recent information or instructions received by it or (ii)
 in the case of any distributions to be made pursuant to Section 3.3, hold such Creditor's share or purported share in escrow
 (without obligation to pay interest thereon) until such Creditor provides the requested information.

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| | |
|:---|:---|
| **Section 4.2** | **Representations and Warranties** |

---

Each Creditor represents and warrants to the other Parties to this Agreement, as of the date hereof, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 has the power and capacity to execute and deliver this Agreement and to perform its obligations hereunder and has taken all necessary
 action to authorize such execution, delivery and performance;

(b) its
 obligations under this Agreement constitute its legal, valid and binding obligations, enforceable against it in accordance with its
 terms (subject to applicable Insolvency Laws and subject, as to enforceability, to equitable principles of general application (regardless
 of whether enforcement is sought in a proceeding in equity or at law)); and

(c) its
 execution and delivery of this Agreement and the performance of its obligations hereunder do not violate or conflict with any law
 applicable to it, any provision of its organizational documents, any order or judgment of any court or Governmental Authority applicable
 to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets, except in each case, for
 any violation or conflict as would not have a material and adverse effect on the performance of its obligations hereunder or thereunder.

**Article 5<br> OBLIGATIONS UNCONDITIONAL**

All rights, interests, agreements and obligations hereunder of the Creditors and the Sprott Security Agent shall remain in full force and effect regardless of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 lack of validity or enforceability of any Transaction Document and regardless of whether the Security Interests under the Security
 Documents are not perfected or are voidable for any reason;

(b) without
 limiting Section 2.10, any change in the time, manner or place of payment of, or in any other terms of, all or any of the Obligations,
 or any amendment or waiver or other modification, including any increase in the amount thereof or any refinancing, whether by course
 of conduct or otherwise, of the terms of any Transaction Document;

(c) any
 exchange, release, order of perfection or lack of perfection of any Security Interest under any Security Document on any Collateral
 or any other asset, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all
 or any of the Obligations including any guarantee thereof;

(d) the
 commencement of any Creditor Proceeding in respect of any Obligor; or

(e) any
 other circumstances which otherwise might constitute a defense available to, or a discharge of, either the Obligors in respect of
 any Obligations or of any Creditor in respect of this Agreement.

**Article 6<br> MISCELLANEOUS**

---

| | |
|:---|:---|
| **Section 6.1** | **Effectiveness; Continuing Nature of this Agreement; Severability** |

---

This Agreement shall become effective when executed and delivered by the Parties hereto. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Creditor Proceeding. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. All references to an Obligor shall include such Obligor as debtor and debtor in possession and any receiver, liquidator, sequestrator, trustee, custodian, administrator or other officer in any applicable jurisdiction having similar powers over any Obligor (as the case may be) in any Creditor Proceeding.

---

| | |
|:---|:---|
| **Section 6.2** | **Amendments; Waivers** |

---

No amendment, modification or waiver of any of the provisions of this Agreement shall be deemed to be made unless the same shall be in writing signed on behalf of each Creditor, or its respective authorized agent, and each waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the Parties making such waiver or the obligations of the other Parties to such party in any other respect or at any other time. The Obligors shall not have any right to consent to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent their rights, duties or obligations are directly and materially adversely affected thereby.

---

| | |
|:---|:---|
| **Section 6.3** | **Termination** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement shall remain in full force and effect until the Termination Date. If terminated on the date specified in clause (a) of
 the definition of the "Termination Date" or with respect to the rights, entitlements or obligations of any Creditor pursuant
 to Section 6.3(b), then this Agreement shall be reinstated if, at any time after the payment and performance in full of all the Obligations
 to a Creditor, any payment of any of such Obligations is rescinded or must otherwise be returned by such Creditor upon the occurrence
 of any Creditor Proceeding with respect to any Obligor or otherwise, all as though such payment had not been made.

(b) Each
 Creditor shall promptly notify the other Creditors as and when the Obligations owed to it are Paid In Full and it has no further
 obligations or commitments to the Obligors under its applicable Transaction Agreement(s). On and from the date that a Creditor provides
 notification under this Section 6.3(b), such Creditor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have
 no right to receive, and shall have no obligation to provide, any notice under this Agreement or any right to consent to any amendment
 hereto; and

(ii) have
 no right, entitlement or obligation under this Agreement.

---

| | |
|:---|:---|
| **Section 6.4** | **Governing Law and Jurisdiction** |

---

The Parties agree that this Agreement is conclusively deemed to be made under, and for all purposes to be governed by and construed in accordance with, the laws of New York.

---

| | |
|:---|:---|
| **Section 6.5** | **Disputes and Arbitration** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any
 dispute, controversy or claim among the Creditors arising out of or relating to this Agreement or the breach, termination or invalidity
 thereof which has not been resolved by the Creditors within the time frames specified herein (or where no time frames are specified,
 within 15 days of the delivery of written notice by any Creditor of such dispute, controversy or claim) shall be referred to the
 chief executive officer or other senior executive officer of each of the Creditors for prompt resolution. Any such dispute, controversy
 or claim which cannot be resolved by such senior executive officers within 15 days after it has been so referred to them hereunder,
 including the determination of the scope or applicability of this Agreement to arbitrate, shall be settled by arbitration, and any
 party may so refer such dispute, controversy or claim to arbitration. Such referral to arbitration shall be to a qualified single
 arbitrator pursuant to the Arbitration Rules, as may be amended from time to time, which rules shall govern such arbitration proceeding
 except to the extent modified by the rules for arbitration set out in Schedule "B". The costs of such arbitration shall
 be as determined by the arbitrator. Judgment on the award may be entered in any court having jurisdiction. The Creditors covenant
 and agree that they shall conduct all aspects of such arbitration having regard at all times to expediting the final resolution of
 such arbitration.

(b) Any
 dispute, controversy or claim between a Creditor on the one hand and an Obligor on the other hand arising out of or relating to this
 Agreement shall be resolved in accordance with the applicable dispute resolution provisions of the applicable Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 Section 6.5 shall not preclude the Creditors from seeking provisional remedies in aid of arbitration from a court of competent jurisdiction,
 for which purpose each Creditor irrevocably and unconditionally (i) submits to the non-exclusive jurisdiction of the courts of the
 State of New York or of the United States of America for the Southern District of New York, in each case, which are located in the
 County of New York in the Borough of Manhattan, (ii) waives any objection that it might otherwise be entitled to assert to the jurisdiction
 of such courts, and (iii) agrees not to assert that such courts are not a convenient forum for the determination of any such action
 or proceeding.

---

| | |
|:---|:---|
| **Section 6.6** | **Notices** |

---

Unless otherwise specifically provided herein, any notice hereunder shall be in writing and may be personally served or sent by electronic mail, or mail or courier service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof, five Business Days after depositing it in the mail with postage prepaid and properly addressed or if sent by electronic mail and successfully transmitted, then on the first Business Day following the date of transmission. For the purposes hereof, the addresses of the Parties hereto shall be as set forth on Schedule "A" hereto, or, as to each party, at such other address as may be designated by such party in a written notice to all of the other Parties.

---

| | |
|:---|:---|
| **Section 6.7** | **Further Assurances** |

---

The Creditors and the Obligors agree that each of them shall take such further action and shall execute and deliver such additional documents and instruments (in recordable form, if requested) as any Creditor or the Sprott Security Agent may reasonably request to effect the terms of this Agreement.

---

| | |
|:---|:---|
| **Section 6.8** | **Binding on Successors and Assigns** |

---

This Agreement shall be binding upon the Creditors, the Obligors, and their respective successors and permitted assigns. This Agreement and their obligations hereunder may not be assigned by any of the Obligors except with the prior written consent of each of the Creditors.

---

| | |
|:---|:---|
| **Section 6.9** | **Additional Obligors** |

---

The Obligors shall procure that any Person that becomes a guarantor pursuant to any of the Transaction Documents shall become party to this Agreement by executing and delivering a joinder agreement hereto (in form and substance reasonably satisfactory to the Senior Creditors) and such Person shall become an Obligor hereunder with the same force and effect as if originally named as an Obligor herein. The execution and delivery of any such instrument shall not require the consent of any other party hereto. The rights and obligations of each Obligor hereunder shall remain in full force and effect notwithstanding the addition of any new Obligor as a party to this Agreement.

---

| | |
|:---|:---|
| **Section 6.10** | **Headings** |

---

Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect.

---

| | |
|:---|:---|
| **Section 6.11** | **Counterparts** |

---

This Agreement may be executed in counterparts (and by different Parties hereto in different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement or any document or instrument delivered in connection herewith by pdf or other electronic means shall be effective as delivery of a manually executed counterpart of this Agreement or such other document or instrument, as applicable.

---

| | |
|:---|:---|
| **Section 6.12** | **Authorizations** |

---

By its signature, each Person executing this Agreement on behalf of a party hereto represents and warrants to the other Parties hereto that it is duly authorized to execute this Agreement.

---

| | |
|:---|:---|
| **Section 6.13** | **Paramountcy** |

---

Each of the Parties agrees that in the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of the Transaction Documents, the provisions of this Agreement shall govern.

---

| | |
|:---|:---|
| **Section 6.14** | **Provisions Solely to Define Relative Rights** |

---

The provisions of this Agreement are and are intended solely for the purpose of (i) defining the relative rights of the Creditors, and (ii) determining the Controlling Creditor and defining its rights and obligations hereunder. Neither the Obligors nor any other creditor thereof shall have any rights hereunder and the Obligors may not rely on the terms hereof, except with respect to Section 2.8(b) and Section 6.2. Nothing in this Agreement is intended to or shall impair the obligations of the Obligors, which are absolute and unconditional, to pay and perform the Obligations as and when the same shall become due and payable in accordance with their terms. If a Creditor enforces its rights or remedies in violation of the terms of this Agreement, the Obligors shall not be entitled to, and agree that they will not, use such violation as a defence to any Remedial Action or exercise of remedies under any Transaction Documents, nor shall the Obligors assert such violation as a counterclaim or basis for set-off or recoupment against any Creditor. Each Obligor, by its execution hereof or joinder hereto, agrees to be bound by, and shall act in accordance with, the terms, provisions and intent of this Agreement.

---

| | |
|:---|:---|
| **Section 6.15** | **Information Exchange** |

---

The Obligors hereby consent to the Creditors providing each other with such information, financial or otherwise, regarding the Obligors, their affairs and the respective Obligations as may be deemed advisable by the Creditors.

---

| | |
|:---|:---|
| **Section 6.16** | **Termination of Subordination Agreement** |

---

Each of the Sprott Security Agent on behalf of the Sprott Entities, the Subordinated Creditor and the Obligors agrees that the subordination agreement dated as of October 31, 2022 between the Sprott Security Agent, the Subordinated Creditor and the Obligors is hereby terminated and superseded by this Agreement.

 

*[signature pages immediately follow]*

 

 

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **[Redacted – Affiliate of Sprott Private Resource**<br> **Streaming & Royalty Corp.]** | **[Redacted – Affiliate of Sprott Private Resource**<br> **Streaming & Royalty Corp.]** |
| By: | **[Redacted – Personal Information]** |
| Name: | **[Redacted – Personal Information]**<br>|
| Title: | **[Redacted – Personal Information]** |

---

---

| | |
|:---|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** | **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| By: | **[Redacted – Personal Information]** |
| Name: | **[Redacted – Personal Information]**<br>|
| Title: | **[Redacted – Personal Information]** |

---

[*Signature Page to Intercreditor Agreement*]

---

| | |
|:---|:---|
| **MONETARY METALS BOND III LLC**, as<br> Note Purchaser** | **MONETARY METALS BOND III LLC**, as<br> Note Purchaser** |
| By: | */s/ Kieth Weiner* |
| Name: | Kieth Weiner<br>|
| Title: | CEO |

---

[*Signature Page to Intercreditor Agreement*]

---

| | |
|:---|:---|
| **TECK METALS LTD.**, as Lender under the<br> Standby Prepayment Facility Agreement** | **TECK METALS LTD.**, as Lender under the<br> Standby Prepayment Facility Agreement** |
| By: | **[Redacted – Personal Information]** |
| Name: | **[Redacted – Personal Information]**<br>|
| Title: | **[Redacted – Personal Information]** |

---

[*Signature Page to Intercreditor Agreement*]

---

| | |
|:---|:---|
| **MINEWATER FINANCE LLC, as Subordinated Creditor** | **MINEWATER FINANCE LLC, as Subordinated Creditor** |
| By: | **[Redacted – Personal Information]** |
| Name: | **[Redacted – Personal Information]** |
| Title: | **[Redacted – Personal Information]** |

---

---

| | |
|:---|:---|
| **MINEWATER LLC, as Subordinated Creditor** | **MINEWATER LLC, as Subordinated Creditor** |
| By: | **[Redacted – Personal Information]** |
| Name: | **[Redacted – Personal Information]** |
| Title: | **[Redacted – Personal Information]** |

---

---

| | |
|:---|:---|
| **MW HH LLC, as Subordinated Creditor** | **MW HH LLC, as Subordinated Creditor** |
| By: | **[Redacted – Personal Information]** |
| Name: | **[Redacted – Personal Information]** |
| Title: | **[Redacted – Personal Information]** |

---

[*Signature Page to Intercreditor Agreement*]

---

| | |
|:---|:---|
| **BUNKER HILL MINING CORP, as Obligor** | **BUNKER HILL MINING CORP, as Obligor** |
| By: | /s/ Sam Ash |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

---

| | |
|:---|:---|
| **SILVER VALLEY METALS CORP., as Obligor** | **SILVER VALLEY METALS CORP., as Obligor** |
| By: | /s/ Sam Ash |
|  | Name: Sam Ash<br> Title: President, Chief Executive Officer |

---

[*Signature Page to Intercreditor Agreement*]

**Schedule "A"<br> Notices**

**Sprott Agent:**

**[Contact information redacted]**

Attention: **[Redacted – Personal Information]**

Email: **[Redacted – Personal Information]**

**Sprott Security Agent:**

**[Contact information redacted]**

Attention: **[Redacted – Personal Information]**

Email: **[Redacted – Personal Information]**

**Note Purchaser:**

Monetary Metals Bond III LLC

4343 North Scottsdale Road, Suite 1500

Scottsdale AZ 85251

Attention: **[Redacted – Personal Information]**

Email: **[Redacted – Personal Information]**

-and to-

Global email: **[Redacted – Personal Information]**

**Lender:**

Teck Metals Ltd.

550 Burrard Street, Suite 3300<br> Vancouver, BC V6C 0B3

**Attention: [Redacted – Personal Information]**

Email: **[Redacted – Personal Information]**

With a copy to:

Teck Metals Ltd.

550 Burrard Street, Suite 3300<br> Vancouver, BC V6C 0B3

**Attention: [Redacted – Personal Information]**

Email: **[Redacted – Personal Information]**

**Subordinated Creditor:**

MineWater LLC

8200 South Quebec

Suite A3-187

Centennial CO 80112

**Attention: [Redacted – Personal Information]**

**Email: [Redacted – Personal Information]**

**The Obligors:**

Bunker Hill Mining Corp.

300-1055 West Hastings Street

Vancouver, British Columbia

V6E 2E9

Attention: Gerbrand Van Heerden

Email: **[Redacted – Personal Information]**

**Schedule " B"<br> Arbitration Provisions**

The following rules and procedures shall apply with respect to any matter to be arbitrated by the Creditors under the terms of this Agreement.

**1.**  **<u>Initiation of Arbitration Proceedings</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 any Creditor(s) (such initiating Creditor(s) being referred to as the "**Claimant**") to this Agreement wishes to
 have any matter under this Agreement arbitrated in accordance with the provisions of this Agreement, it shall give notice to all
 other Creditor(s) (the "**Respondent**") specifying particulars of the matter or matters in dispute and proposing
 the name of the person it wishes to be the single arbitrator (the "**Arbitrator** "). Within 5 days after receipt of
 such notice, the Respondent shall give notice to the Claimant advising whether the Respondent accepts the Arbitrator proposed by
 the Claimant. If such notice is not given within such 5 day period, the Respondent shall be deemed to have accepted the Arbitrator
 proposed by the Claimant. If the Creditors do not agree upon a single arbitrator within such 5 day period such arbitrator shall be
 chosen by the American Arbitration Association at the written request of any Creditor.

(b) The
 individual selected as Arbitrator shall be qualified by education and experience to decide the matter in dispute. The Arbitrator
 shall be at arm's length from all Creditors and shall not be a member of the audit or legal firm or firms who advise any Creditor
 or a person who is otherwise regularly retained by any Creditor. The Arbitrator shall provide all disclosure required by the Arbitration
 Rules.

(c) The
 costs charged by the Arbitrator selected shall be shared equally among the Creditors to the arbitration on an interim basis subject
 to a final allocation of the costs of the arbitration by the Arbitrator.

**2.**  **<u>Submission of Written Statements</u>** 

Within 20 days of the appointment of the Arbitrator, the Claimant shall send the Respondent a statement of claim setting out in sufficient detail the facts and any contentions of law on which it relies, and the relief that it claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Within
 15 days of the receipt of the statement of claim, the Respondent shall send the Claimant a statement of defence stating in sufficient
 detail which of the facts and contentions of law in the statement of claim it admits or denies, on what grounds, and on what other
 facts and contentions of law he relies.

(ii) Within
 ten days of receipt of the statement of defence, the Claimant may send the Respondent a statement of reply.

(iii) After
 submission of all the statements, the Arbitrator will give directions for the further conduct of the arbitration including, but not
 limited to, the scope of production of documents, the number of fact and expert witnesses to participate in the arbitration, the
 manner in which written or oral evidence and argument will be presented at the hearing and the length of the arbitration hearing.

**3.**  **<u>Meetings and Hearings</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 arbitration shall take place in New York, New York or in such other place as the Claimant and the Respondent shall agree upon in
 writing. The arbitration shall be conducted in English unless otherwise agreed by the Creditors and the Arbitrator. Subject to any
 adjournments which the Arbitrator allows, the final hearing will be continued on successive working days until it is concluded.

(b) All
 meetings and hearings will be in private unless the Creditors otherwise agree.

(c) Any
 Creditor may be represented at any meetings or hearings by legal counsel or such subject matter experts as a Creditor may decide.

**4.**  **<u>The Decision</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Arbitrator shall render a decision in writing and, unless the Creditors otherwise agree, will set out reasons for decision in the
 decision.

(b) The
 Arbitrator will send the decision to the Creditors as soon as practicable after the conclusion of the final hearing, but in any event
 no later than 60 days thereafter, unless that time period is extended for a fixed period by the Arbitrator on written notice to each
 Creditor because of illness or other cause beyond the Arbitrator's control.

(c) The
 Arbitrator shall determine the unsuccessful party's liability for costs on a substantial indemnity basis. Costs include the
 fees of the Arbitrator, legal costs and other expenses reasonably incurred in relation to the arbitration.

(d) Either
 of the Claimant or the Respondent may appeal the decision of the Arbitrator on a question of fact or a question of law or a mixed
 question of fact and law, as well as any Arbitrator award of costs other than with respect to the basis that such costs were awarded
 on a substantial indemnity basis. In the event either the Claimant or the Respondent initiates any court proceeding in respect of
 the decision of the Arbitrator or the matter arbitrated, such Creditor, if unsuccessful in the court proceeding, shall pay the other
 Creditor's costs of such proceedings on a substantial indemnity basis.

**5.**  **<u>Jurisdiction and Powers of the Arbitrator</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) By
 submitting to arbitration under these arbitration provisions contained in this Schedule B, the Creditors shall be taken to have conferred
 on the Arbitrator the following jurisdiction and powers, to be exercised at the Arbitrator's discretion subject only to these
 arbitration provisions contained in this Schedule B and the relevant law with the object of ensuring the just, expeditious, economical
 and final determination of the dispute referred to arbitration.

(b) Without
 limiting the jurisdiction of the Arbitrator at law, the Creditors agree that the Arbitrator shall have jurisdiction to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determine
 any question of law arising in the arbitration;

(ii) determine
 any question as to the Arbitrator's jurisdiction;

(iii) determine
 any question of good faith, dishonesty or fraud arising in the dispute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) order
 any Creditor to furnish further details of that Creditor's case, in fact or in law;

(v) proceed
 in the arbitration notwithstanding the failure or refusal of any Creditor to comply with these Rules or with the Arbitrator's
 orders or directions, or to attend any meeting or hearing, but only after giving that Creditor written notice that the Arbitrator
 intends to do so;

(vi) receive
 and take into account such written or oral evidence tendered by the Creditors as the Arbitrator determines is relevant, whether or
 not strictly admissible in law;

(vii) make
 one or more interim awards including any directions as to procedure to be followed on the arbitration;

(viii) hold
 meetings and hearings, and make a decision (including a final decision) in New York, New York or elsewhere with the concurrence of
 the Creditors thereto;

(ix) order
 the Creditors to produce to the Arbitrator, and to each other for inspection, and to supply copies of, any documents or other evidence
 or classes of documents in their possession or power which the Arbitrator determines to be relevant; and

(x) make
 interim orders to secure all or part of any amount in dispute in the arbitration.

**6.**  **<u>Confidentiality</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 arbitration, including its existence and any settlement discussions between the Creditors related to the subject matter of the arbitration
 shall be conducted on a private and confidential basis and any and all information exchanged and disclosed during the course of the
 arbitration shall be used only for the purposes of the arbitration. No Creditor shall communicate any information obtained or disclosed
 during the course of the arbitration to any third party except to those experts or consultants employed or retained by, or consulted
 about retention on behalf of, such Creditor in connection with the arbitration and solely to the extent necessary for assisting in
 the arbitration, and only after such persons have agreed to be bound by these confidentiality conditions. In the event that disclosure
 of any information related to the arbitration is required to comply with applicable laws or court order, the disclosing Creditor
 shall promptly notify the other Creditors of such disclosure, shall limit such disclosure limited to only that information so required
 to be disclosed and shall have availed itself of the full benefits of any laws, rules, regulations or contractual rights as to disclosure
 on a confidential basis to which it may be entitled.

(b) The
 award of the Arbitrator and any reasons for the decision of the Arbitrator shall also be kept confidential except (i) as may reasonably
 be necessary to obtain enforcement thereof; (ii) for any Creditor to comply with its disclosure obligations under applicable laws;
 (iii) to permit the Creditors to exercise properly their rights under the Arbitration Rules; and (iv) to the extent that disclosure
 is required to allow the Creditors to consult with their professional advisors.

## Exhibit 10.49

**Exhibit 10.49**

**BUNKER HILL MINING CORP.**

-and-

**[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]**

**INVESTOR RIGHTS AGREEMENT**

**June 5, 2025**

**Table of Contents**

---

| | |
|:---|:---|
| **Article 1 DEFINITIONS AND INTERPRETATION** | 1 |
| &nbsp;&nbsp;&nbsp;1.1 Definitions | 1 |
| &nbsp;&nbsp;&nbsp;1.2 Rules of Construction | 3 |
| &nbsp;&nbsp;&nbsp;1.3 Ownership Percentage | 4 |
| **Article 2 BOARD OF DIRECTORS** | 4 |
|  | 4 |
| &nbsp;&nbsp;&nbsp;2.1 Board Nominee | 4 |
| &nbsp;&nbsp;&nbsp;2.2 Management to Endorse and Vote | 6 |
| &nbsp;&nbsp;&nbsp;2.3 Rights and Privileges of Sprott Nominee | 7 |
| &nbsp;&nbsp;&nbsp;2.4 Right to Information | 7 |
| **Article 3 Representations and Warranties** | 7 |
| &nbsp;&nbsp;&nbsp;3.1 Representations and Warranties of the Corporation | 7 |
| &nbsp;&nbsp;&nbsp;3.2 Representations and Warranties of Sprott Streaming | 8 |
| **Article 4 GENERAL** | 9 |
| &nbsp;&nbsp;&nbsp;4.1 Notices | 8 |
| &nbsp;&nbsp;&nbsp;4.2 Further Assurances | 9 |
| &nbsp;&nbsp;&nbsp;4.3 Assignment | 9 |
| &nbsp;&nbsp;&nbsp;4.4 Injunctive Relief | 10 |
| &nbsp;&nbsp;&nbsp;4.5 Entire Agreement | 10 |
| &nbsp;&nbsp;&nbsp;4.6 Time of Essence | 10 |
| &nbsp;&nbsp;&nbsp;4.7 Governing Law | 10 |
| &nbsp;&nbsp;&nbsp;4.8 Severability | 10 |
| &nbsp;&nbsp;&nbsp;4.9 Waiver | 10 |
| &nbsp;&nbsp;&nbsp;4.10 Amendments | 10 |
| &nbsp;&nbsp;&nbsp;4.11 Binding Effect | 11 |
| &nbsp;&nbsp;&nbsp;4.12 Termination | 11 |
| &nbsp;&nbsp;&nbsp;4.13 No Partnership | 11 |
| &nbsp;&nbsp;&nbsp;4.14 Public Disclosure | 11 |
| &nbsp;&nbsp;&nbsp;4.15 Counterparts | 11 |

---

**<u>INVESTOR RIGHTS AGREEMENT</u>**

**THIS INVESTOR RIGHTS AGREEMENT** (this "**Agreement**") is made as of the 5<sup>th</sup> day of June, 2025 (the "**Effective Date**")

**BETWEEN:**

**BUNKER HILL MINING CORP**, a corporation incorporated under the laws of the State of Nevada

(the "**Corporation**")

**AND:**

**[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.],** a limited partnership formed under the laws of the State of Delaware, in its capacity as agent for and on behalf of the Sprott Entities

("**Sprott Streaming**" and together with the Corporation, each, a "**Party**" and collectively, the "**Parties**")

**WHEREAS:**

A. The
 Corporation and Sprott Streaming, *inter alios*, have entered into the Recapitalization Agreement pursuant to which, among other
 things, the Corporation has issued US$21 million worth of Shares to Sprott Streaming.

B. As
 of June 3, 2025, the Corporation has issued, in the aggregate, approximately 31,588,875 Shares to the Sprott Entities.

C. As
 a condition to the completion of the transactions contemplated in the Recapitalization Agreement, the Corporation has agreed to grant
 certain rights to Sprott Streaming, for and on behalf of the Sprott Entities, and Sprott Streaming has agreed to make certain covenants
 in favour of the Corporation, each on the terms and subject to the conditions set out in this Agreement.

**NOW THEREFORE**, in consideration of the respective covenants and agreements of the Parties contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged by each Party, the Parties agree as follows:

**ARTICLE 1** 

**DEFINITIONS AND INTERPRETATION**

**1.1** **Definitions** 

In this Agreement, capitalized terms used but not defined in this Agreement shall have the meanings given in the Recapitalization Agreement and, unless otherwise indicated, the following terms have the following meanings:

"**Affiliate**" means any Person Controlling, Controlled by, or under common Control with, another Person;

"**Applicable Laws**" means applicable laws, including international, national, provincial, state, municipal and local laws, treaties, statutes, ordinances, judgments, decrees, injunctions, writs, certificates and orders, by-laws, rules, regulations, ordinances, or other requirements of any Governmental Entity having the force of law;

"**Applicable Securities Laws**" means all applicable Canadian and United States securities laws and the respective rules and regulations under such laws together with applicable published instruments, notices and orders of the securities regulatory authorities;

"**Board**" means the board of directors of the Corporation;

"**Business Day**" means any day other than a Saturday, Sunday or any other day in which banks in the Province of British Columbia are authorized or required by Applicable Laws to be closed;

"**Control**" means: (a) in respect of a corporation, the ability of a Person or group of Persons acting in concert to influence the manner in which the business of such corporation is carried on, whether as a result of ownership of sufficient voting shares of such corporation to entitle that Person or group of Persons to elect a majority of the directors of such corporation or by contract or otherwise, (b) in respect of a partnership, trust, syndicate or other entity, the actual power or authority to manage and direct the affairs of, or ownership of more than 50% of the transferable beneficial interests in, such entity, or (c) any other relationship as, in fact, constitutes actual control of a Person;

"**Director**" means a member of the Board;

"**Director Eligibility Criteria**" has the meaning set out in Section 2.1(c);

"**Exchange**" means the TSX Venture Exchange, the NEO Exchange, the Toronto Stock Exchange or such other stock exchange(s) and quotation service(s), if any, as the Shares may be listed or quoted on, as applicable, from time to time;

"**Governmental Entity**" means any domestic or foreign: (a) federal, provincial, state, municipal, local or other government, (b) governmental or quasi-governmental authority of any nature, including any governmental ministry, agency, branch, department, court, commission, board, tribunal, bureau or instrumentality, (c) Exchange or securities regulatory authority, or (d) body exercising or entitled to exercise any administrative, executive, judicial, legislative, regulatory or taxing authority or power of any nature;

"**Nomination Notice**" has the meaning set out in Section 2.1(d);

"**Notice**" has the meaning set out in Section 4.1;

"**Ownership Percentage**" has the meaning set out in Section 1.3;

"**Person**" means any individual, sole proprietorship, partnership, firm, entity, joint venture, unincorporated association, unincorporated syndicate, unincorporated organization, trust, body corporate, Governmental Entity, and where the context requires, any of the foregoing when they are acting as trustee, executor, administrator or other legal representative;

"**Recapitalization Agreement**" means the recapitalization agreement dated the date hereof between the Corporation, Silver Valley Metals Corp., Teck Resources Limited, Sprott Streaming. [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], [Redacted] and [Redacted] and Monetary Metals Bond III LLC;

"**Shareholder**" means a holder of Shares;

"**Shares**" means the common shares in the capital of the Corporation;

"**Sprott Entities**" means Sprott Streaming, [Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.], any Affiliate of Sprott Inc. and any fund managed or sub-managed by an Affiliate of Sprott Inc.

"**Sprott Nominee**" means the Director who is nominated by Sprott Streaming by notice in writing to the Corporation and elected or appointed from time to time to the Board pursuant to the terms of this Agreement;

"**Sprott Observer**" means a Board observer who is nominated by Sprott Streaming by notice in writing to the Corporation from time to time pursuant to the terms of this Agreement;

"**Standstill Period**" means the period of time commencing on the Effective Date and ending on the earlier of: (a) the date that is 12 months following the Effective Date and (b) the date on which the Ownership Percentage ceases to be at least 10%;

"**Subject Securities**" means any securities of the Corporation convertible into or exercisable or exchangeable for Shares, including convertible debt securities and rights to purchase equity securities; and

"**Subsidiary**" means, with respect to a specified Person, another Person that is Controlled, directly or indirectly, by such specified Person, and includes a Subsidiary of that Person; provided that, for greater certainty, neither the Corporation nor any of its Subsidiaries is a Subsidiary of the Sprott Entities or any of its Subsidiaries for the purposes of this Agreement.

**1.2** **Rules of Construction** 

In this Agreement, unless otherwise expressly stated or the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 terms "Agreement", "this Agreement" and similar expressions refer to this Agreement in its entirety and not
 to any particular provision of this Agreement;

(b) references
 to an "Article" or "Section" followed by a number or letter refer to the specified Article or Section of
 this Agreement;

(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;

(d) the
 word "including" is deemed to mean "including without limitation" and all similar variations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 reference to this Agreement, or to any other contract, document or other instrument, includes, and is a reference to, this Agreement
 or such other contract, document or other instrument, as the same may have been, or may from time to time be, amended, restated,
 replaced, supplemented or novated, and includes any schedules or exhibits;

(f) any
 reference to a statute refers to such statute, and all rules and regulations made under such statute, as the same may have been amended,
 re-enacted or replaced;

(g) any
 time period within which a payment is to be made or any other action is to be taken under this Agreement shall be calculated excluding
 the day on which the period commences and including the day on which the period ends; and

(h) whenever
 any action is required to be taken or period of time is to expire on a day other than a Business Day, such action shall be taken
 or period shall expire on the next following Business Day.

**1.3** **Ownership Percentage** 

For purposes of this Agreement "**Ownership Percentage"** means, at a particular time, the percentage ownership interest of the Sprott Entities, taken as a whole, in the equity capital of the Corporation, which shall be calculated by dividing (i) the number of Shares held by the Sprott Entities by (ii) the total number of Shares issued and outstanding at such time. In (i), the number of Shares used in the calculation will include the exercise, exchange and/or conversion, by the Sprott Entities of any Subject Securities held by the Sprott Entities at such time. In (ii), the number of Shares used in the calculation will include the exercise, exchange, and/or conversion, of all of the securities of the Corporation then issued and outstanding.

**Article 2**

**BOARD OF DIRECTORS**

**2.1** **Board Nominee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 and for so long as the Sprott Entities have, in the aggregate, a 10% or greater Ownership Percentage, Sprott Streaming shall have
 the right but not the obligation to designate: (i) one Sprott Nominee for election to the Board; or (ii) one Sprott Observer. For
 greater clarity, Sprott Streaming shall no longer be entitled to designate a Sprott Nominee or a Sprott Observer after the date on
 which this Agreement has been terminated in accordance with Section 4.12.

(b) If
 requested by Sprott Streaming, the Corporation agrees to nominate and recommend for election, at each meeting of Shareholders at
 which Directors are to be elected, the Sprott Nominee designated by Sprott Streaming in accordance with Section 2.1(d).

(c) Sprott
 Streaming agrees that any Sprott Nominee and any replacement Sprott Nominee shall meet all qualification requirements under Applicable
 Laws and Exchange rules and have such skills and experience reasonably consistent with other individuals who hold directorships on
 mining companies listed on the Exchange, and such individual consents in writing to serve as a Director (the "**Director Eligibility Criteria** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Corporation shall provide Sprott Streaming with written Notice (the "**Nomination Notice** "), promptly, and in any
 event, not less than 90 days in advance of the date set for the meeting of Shareholders at which Directors are to be elected. The
 Nomination Notice shall include a request for the identification of any Sprott Nominee and the detailed information required to be
 included in an information circular with respect to the appointment of any Sprott Nominee. Sprott Streaming shall be required to,
 not later than 45 days in advance of the date set for a meeting of Shareholders of which Sprott Streaming is notified pursuant to
 this Section 2.1(d), provide the Corporation with written Notice of the identity and particulars requested in the Nomination Notice.
 If Sprott Streaming does not advise the Corporation of the identity of the Sprott Nominee at least 45 days prior to the date set
 for the meeting of Shareholders at which Directors are to be elected (for any reason other than failure by the Corporation to provide
 Sprott Streaming with the Nomination Notice within the period prescribed by this Section 2.1(d)), then Sprott Streaming will be deemed
 to have nominated the incumbent Sprott Nominee, or if there is no incumbent Sprott Nominee, no nominee.

(e) If
 at any time, there is no Sprott Nominee on the Board, Sprott Streaming may request the appointment of a Sprott Nominee, and the Board
 shall appoint such Sprott Nominee to the Board or (and/or the Corporation shall take all steps required under corporate law and Exchange
 rules to appoint or elect such Sprott Nominee), subject to Applicable Law, to serve on the Board until the next annual general meeting
 of Shareholders; provided that the Sprott Nominee (i) is identified by Sprott Streaming to the Corporation, and (ii) meets the Director
 Eligibility Criteria.

(f) If
 an incumbent Sprott Nominee ceases to serve as a Director, whether due to such Sprott Nominee's death, disability, resignation
 or removal, Sprott Streaming shall have the right, but not the obligation, to nominate a replacement Sprott Nominee and the Corporation
 shall cause the Board to appoint, as soon as practicable, such replacement Sprott Nominee in accordance with this Agreement to fill
 the vacancy caused by such death, disability, resignation or removal, provided that such Sprott Nominee satisfies the Director Eligibility
 Criteria and Sprott Streaming remains eligible to nominate such Sprott Nominee pursuant to Section 2.1(a).

(g) If
 Sprott Streaming ceases to have any right to appoint a Sprott Nominee pursuant to Section 2.1(a), Sprott Streaming shall use commercially
 reasonable efforts to, unless requested otherwise by the Corporation, cause the Sprott Nominee to forthwith resign from the Board.

(h) In
 the event that Sprott Streaming requests a Sprott Observer rather than a Sprott Nominee, the Corporation agrees that, following the
 designation of a Sprott Observer by Sprott Streaming, the Sprott Observer shall be entitled to: (i) receive notice of and to attend
 meetings of the Board or any committee of the Board; (ii) take part in discussions and deliberations of matters brought before the
 Board or any committee thereof; (iii) receive notices, consents, minutes, documents and other information and materials that are
 sent to members of the Board or any committee thereof (the "**Board Materials** "); and (iv) receive copies of any
 written resolutions proposed to be adopted by the Board or any committee thereof, including any resolution as approved, each at substantially
 the same time and in substantially the same manner as the members of the Board or any committee thereof, except that the Sprott Observer
 will not be entitled to vote on any matters brought before the Board or any committee thereof (including by way of a written resolution
 to be adopted by the Board). The Sprott Observer will not be entitled to any compensation from the Corporation; provided, however
 that the Sprott Observer will be reimbursed for all reasonable expenses on a basis that is consistent with the Corporation's
 policies for Director reimbursement. Prior to the Sprott Observer attending its first meeting of the Board, Sprott Streaming shall
 cause the Sprott Observer to sign a customary non-disclosure agreement provided by the Corporation, provided that any such non-disclosure
 agreement is reasonable in both form and in substance, and sign an acknowledgement agreeing to be bound by the Corporation's
 disclosure and insider trading policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding
 anything to the contrary in this Agreement, the Corporation may exclude the Sprott Observer from access to any Board Materials or
 from any meeting of the Board or any committee of the Board (or any portion of such meeting) if the Board concludes, acting reasonably,
 that: (i) such exclusion is necessary to preserve the solicitor-client or litigation privilege between the Corporation and/or its
 Affiliates and their respective counsel (provided that any such exclusion shall only apply to such portion of such Board Materials
 or meeting which would be required to preserve such privilege); (ii) such Board Materials or discussion relates to the Corporation's
 or its Affiliates' relationship, contractual or otherwise, with the Sprott Entities or any actual or potential transactions
 between or involving the Corporation or its Affiliates and the Sprott Entities (provided that any such exclusion shall only apply
 to such portion of such Board Materials or meeting which relate to the Corporation's or its Affiliates' relationship,
 contractual or otherwise, with the Sprott Entities or any actual or potential transactions involving the Sprott Entities); (iii)
 such exclusion is necessary to avoid a conflict of interest or disclosure that is restricted by any agreement to which the Corporation
 or any of its Affiliates is a party or otherwise bound (provided that any such exclusion shall only apply to such portion of such
 Board Materials or meeting which are required to avoid a conflict of interest or restricted disclosure); or (iv) such exclusion is
 necessary to comply with Applicable Laws (provided that any such exclusion shall only apply to such portion of such Board Materials
 or meeting which are required to comply with Applicable Laws).

(j) Nothing
 in this Agreement or in respect of the Sprott Observer's status as an observer on the Board shall result in any fiduciary or
 other duty or obligation being imposed on the Sprott Observer for the benefit of the Corporation or any other Person, except for
 the obligations expressly set forth herein. For greater certainty, should Sprott Streaming appoint a Sprott Nominee, such Sprott
 Nominee will owe the Corporation fiduciary and other duties or obligations.

**2.2** **Management to Endorse and Vote** 

The Corporation agrees that management of the Corporation shall, in respect of every meeting of Shareholders at which the election of Directors is to be considered, and at every reconvened meeting following an adjournment or postponement of such meeting, endorse and recommend the Sprott Nominee identified in the Corporation's proxy materials for election to the Board, so long as Sprott Streaming is entitled to appoint the Sprott Nominee and such Sprott Nominee satisfies the Director Eligibility Criteria, and shall vote any Shares in respect of which management is granted a discretionary proxy in favour of the election of such Sprott Nominee to the Board at every such meeting.

**2.3** **Rights and Privileges of Sprott Nominee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Sprott Nominee shall be eligible to serve on any committee of the Board provided that the Sprott Nominee satisfies the eligibility
 criteria for such committee as determined by the Board or an authorized committee thereof from time to time, Applicable Laws and
 Exchange rules. Notwithstanding the Sprott Nominee's eligibility, committee membership shall be in the sole discretion of the
 Board.

(b) The
 Sprott Nominee shall be entitled to the benefit of any directors' liability insurance or indemnity to which other Directors
 are entitled.

(c) The
 Sprott Nominee shall be reimbursed for all reasonable expenses related to their service on the Board on a basis that is consistent
 with the Corporation's policies for Director reimbursement. The Sprott Nominee shall be entitled to compensation consistent
 with the compensation received by other non-employee independent members of the Board, including any fees and equity awards.

**2.4** **Right to Information** 

During the term of this Agreement, the Corporation and its Subsidiaries shall from time to time provide Sprott Streaming with such reasonably requested information relating to the financial condition, business or corporate affairs of the Corporation, as soon as practicable following any such request, which information may include (without limitation) historical and pro-forma management-prepared financial reports (including income statements and statements of cash flow) and financial, construction and operational projections (including cash flow projections), and customary project control documents and information relating to the development of the Mine, for such period or periods as Sprott Streaming may reasonably request, and for greater certainty, the Sprott Nominee or Sprott Observer, as applicable, may also attend weekly meetings with the Board. Notwithstanding the foregoing, the Corporation will not be obligated to provide information (a) it deems in good faith to be a trade secret or similar confidential information, or (b) the disclosure of which would adversely affect the solicitor-client privilege between the Corporation and its counsel.

**Article 3**

**Representations and Warranties**

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

The Corporation represents and warrants to Sprott Streaming as follows and acknowledges and agrees that Sprott Streaming is relying on such representations and warranties to enter into this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Corporation is duly incorporated, validly existing and in good standing under the laws of the State of Nevada and has all requisite
 corporate power and authority to execute and deliver this Agreement;

(b) this
 Agreement has been duly executed and delivered by the Corporation; and

(c) assuming
 the due execution and delivery of this Agreement by Sprott Streaming, this Agreement constitutes the valid and binding agreement
 of the Corporation, enforceable against the Corporation in accordance with its terms, except as may be limited by bankruptcy, insolvency,
 fraudulent conveyance, reorganization, moratorium, and similar laws relating to or affecting creditors' rights generally and
 general equitable principles (whether considered in a proceeding in equity or at law), in each case now or hereafter in effect.

**3.2** **Representations and Warranties of Sprott Streaming** 

Sprott Streaming represents and warrants to the Corporation as follows and acknowledges and agrees that the Corporation is relying on such representations and warranties to enter into this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Sprott
 Streaming is validly existing and in good standing under the laws of the United States and has all requisite corporate power and
 authority to execute and deliver this Agreement;

(b) this
 Agreement has been duly executed and delivered by Sprott Streaming; and

(c) assuming
 the due execution and delivery of this Agreement by the Corporation, this Agreement constitutes the valid and binding agreement of
 Sprott Streaming, enforceable against Sprott Streaming in accordance with its terms, except as may be limited by bankruptcy, insolvency,
 fraudulent conveyance, reorganization, moratorium, and similar laws relating to or affecting creditors' rights generally and
 general equitable principles (whether considered in a proceeding in equity or at law), in each case now or hereafter in effect.

**Article 4**

**GENERAL**

**4.1** **Notices** 

All notices, demands or other communications (in any case, a "**Notice**") to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given when delivered personally to the recipient or by email addressed to the recipient. Each Notice shall be delivered, mailed or sent electronically to the Parties at the respective addresses or email addresses indicated below:

If to the Corporation:

Bunker Hill Mining Corp.

Suite 300-1055 West Hastings Street

Vancouver, BC V6E 2E9

Attention: Gerbrand Van Heerden

Email: **[Redacted]**

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

Blake, Cassels & Graydon LLP

Suite 3500 - 1133 Melville Street

Vancouver, BC V6E 4E5

Attention: Jamie Kariya

Email: **[Redacted]**

If to Sprott Streaming:

[Contact information redacted]

Attention: **[Redacted]**

Email: **[Redacted]**

Any such Notice so given or made shall be deemed to have been given or made and to have been received on the day of delivery if delivered, or on the day of emailing or sending by other means of recorded electronic communication, provided that such day in either event is a Business Day and the Notice is delivered, emailed or sent before 5:00 p.m. (Vancouver time) on such day. Otherwise, such Notice shall be deemed to have been given and made and to have been received on the next following Business Day. Any such Notice sent by mail shall be deemed to have been given and made and to have been received on the fifth Business Day following the mailing thereof; provided however that no such Notice shall be mailed during any actual or apprehended disruption of postal services. Any such Notice given or made in any other manner shall be deemed to have been given or made and to have been received only upon actual receipt.

**4.2** **Further Assurances** 

Each Party shall act in good faith in performing its obligations and exercising its rights under this Agreement, and shall promptly do, make, execute or 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 shall use reasonable commercial efforts and take all such steps as may be reasonably within its power to implement to their full extent the provisions of this Agreement.

**4.3** **Assignment** 

This Agreement is not assignable by any Party except: (a) with the prior written consent of the other Party, or (b) with respect to any assignment by Sprott Streaming to any Affiliate of Sprott Streaming, in which case no written consent of the Corporation shall be required, provided that Sprott Streaming gives prompt written Notice of such assignment to the Corporation and such Affiliate agrees to be bound by the terms of this Agreement and executes a written joinder to this Agreement.

**4.4** **Injunctive Relief** 

Each Party agrees that any breach of the terms of this Agreement may result in immediate and irreparable injury and damage to the other Party for which the other Party could not be adequately compensated by damages. Each Party therefore agrees that, in the event of any such breach or any anticipated or threatened breach, the other Party shall be entitled to equitable relief by way of temporary or permanent injunction, without having to prove damages or post any bond, in addition to any other remedies (including damages) to which such Party may be entitled at law or in equity.

**4.5** **Entire Agreement** 

The Recapitalization Agreement and this Agreement constitute the entire agreement between the Parties with respect to the subject matter of this Agreement, and supersede all prior agreements, understandings, negotiations and discussions, whether written or oral, with respect to the subject matter of this Agreement. There are no conditions, covenants, agreements, representations, warranties or other provisions, express or implied, collateral, statutory or otherwise, relating to the subject matter of this Agreement except as provided in this Agreement.

**4.6** **Time of Essence** 

Time shall be of the essence of this Agreement.

**4.7** **Governing Law** 

This Agreement is governed by and shall be interpreted and construed in accordance with the Applicable Laws of the Province of British Columbia and the federal laws of Canada applicable therein. Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the courts of the Province of British Columbia situated in the City of Vancouver and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

**4.8** **Severability** 

If any provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, all other provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to either Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that transactions contemplated by this Agreement are fulfilled to the extent possible.

**4.9** **Waiver** 

No waiver of any provision of this Agreement shall be binding unless it is in writing. No indulgence or forbearance by a Party shall constitute a waiver of such Party's right to insist on performance in full and in a timely manner of all covenants in this Agreement. Waiver of any provision shall not be deemed to waive the same provision after such waiver, or any other provision of this Agreement at any time.

**4.10** **Amendments** 

This Agreement may be amended or supplemented only by a written agreement signed by each of the Parties.

**4.11** **Binding Effect** 

This Agreement shall be binding upon the Parties, their heirs and legal personal representatives, and their respective permitted successors and permitted assigns.

**4.12** **Termination** 

This Agreement shall terminate and all rights and obligations hereunder shall cease immediately upon the earlier of: (i) the date the Parties hereto agree in writing to terminate this Agreement, or (ii) the Ownership Percentage ceases to be at least 10% for a continuous period of at least 30 days.

**4.13** **No Partnership** 

Nothing in this Agreement will be deemed to constitute a partnership, agency or similar relationship between the Parties. Except as provided herein or as the Parties may otherwise agree, each Party shall have the right to engage in and receive the full benefits from any independent business activities or operations, whether or not competitive with the business activities and operations carried on by the other Party, without consulting with, or incurring any obligation to, the other Party.

**4.14** **Public Disclosure** 

The Corporation shall provide prior notice to Sprott Streaming of any public disclosure that it proposes to make which references "Sprott" or includes the name of any Sprott Entity, together with a draft of such disclosure; provided that, except as required by Applicable Securities Laws, in no circumstance shall any public disclosure of the Corporation reference "Sprott" or include the name of any Sprott Entity without Sprott Streaming's prior written consent in its sole discretion and, with respect to any such public disclosure required by Applicable Securities Law, the Corporation shall consult in good faith with Sprott Streaming prior to any such public disclosure and use commercially reasonable efforts to reflect the comments of Sprott Streaming with respect thereto.

**4.15** **Counterparts** 

This Agreement may be executed by the Parties in any number of counterparts, each of which is deemed to be an original, and such counterparts together shall constitute one and the same instrument. Delivery of an executed signature page by email or other electronic means (including via DocuSign) shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

 

 

**IN WITNESS WHEREOF** the Parties have caused this Agreement to be duly executed as of the date first above written.

---

| | |
|:---|:---|
| **BUNKER HILL MINING CORP.** | **BUNKER HILL MINING CORP.** |
| By: | */s/ Sam Ash* |
| Name: | Sam Ash |
| Title: | President, Chief Executive Officer |

---

---

| |
|:---|
| **[Redacted – Affiliate of Sprott Private Resource Streaming & Royalty Corp.]** |
| By: |
| Name: |
| Title: |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the inclusion in the Registration Statement on Form S-1 of our auditor's report dated March 28, 2025, with respect to the consolidated financial statements of Bunker Hill Mining Corp. and its subsidiaries as at December 31, 2024 and 2023, and for each of the years in the two-year period ended December 31, 2024, as filed with the United States Securities and Exchange Commission.

We also consent to the reference to our firm under the heading "Interests of Named Experts and Counsel" in the Form S-1.

/s/ MNP LLP

Chartered Professional Accountants

Licensed Public Accountants

Mississauga, Canada

June 27, 2025

## Exhibit 23.3

**Exhibit 23.3**

**CONSENT**

This letter is provided in connection with the Company's Registration Statement on Form S-1 (the "Registration Statement").

The undersigned hereby consents to the use of our name in the Registration Statement in connection with reference to our involvement in the preparation of the following technical report summary (the "Technical Report Summary"):

S-K 1300 Technical Report Summary, Bunker Hill Mine Pre-Feasibility Study, Coeur D'Alene Mining District, Shoshone County, Idaho, USA, dated as of April 14, 2023 and effective as of August 29, 2022

and to references to the Technical Report Summary, or portions thereof, in the Registration Statement, and to the inclusion and incorporation by reference of the information derived from the Technical Report Summary in the Registration Statement.

---

| |
|:---|
| Yours truly, |
| */s/ Resource Development Associates Inc.* |
| June 27, 2025 |

---

## Exhibit 23.4

**Exhibit 23.4**

**CONSENT**

This letter is provided in connection with the Company's Registration Statement on Form S-1 (the "Registration Statement").

I, Robert H. Todd, hereby consent to the use of my name in the Registration Statement in connection with reference to my involvement in the preparation of the following technical report summary (the "Technical Report Summary"):

S-K 1300 Technical Report Summary, Bunker Hill Mine Pre-Feasibility Study, Coeur D'Alene Mining District, Shoshone County, Idaho, USA, dated as of April 14, 2023 and effective as of August 29, 2022

and to references to the Technical Report Summary, or portions thereof, in the Registration Statement, and to the inclusion and incorporation by reference of the information derived from the Technical Report Summary in the Registration Statement.

---

| |
|:---|
| Yours truly, |
| */s/ Robert H. Todd* |
| June 27, 2025 |

---

## Exhibit 23.5

**Exhibit 23.5**

**CONSENT**

This letter is provided in connection with the Company's Registration Statement on Form S-1 (the "Registration Statement").

I, Peter Kondos, hereby consent to the use of my name, in the Registration Statement, in connection with reference to my involvement in the preparation of the following technical report summary (the "Technical Report Summary"):

S-K 1300 Technical Report Summary, Bunker Hill Mine Pre-Feasibility Study, Coeur D'Alene Mining District, Shoshone County, Idaho, USA, dated as of April 14, 2023, and effective as of August 29, 2022

and to references to the Technical Report Summary, or portions thereof, in the Registration Statement, and to the inclusion and incorporation by reference of the information derived from the Technical Report Summary in the Registration Statement.

---

| |
|:---|
| Yours truly, |
| */s/ Peter Kondos* |
| June 27, 2025 |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107**

**Calculation of Filing Fee Tables**

**FORM S-1**

(Form Type)

**BUNKER HILL MINING CORP.**

(Exact Name of Registrant as Specified in its Charter)

Table 1: Newly Registered and Carry Forward Securities

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Security <br> Class <br> Title | Fee<br> Calculation<br> or Carry<br> Forward<br> Rule | Amount<br> Registered | Proposed<br> Maximum<br> Offering<br> Price Per<br> Unit (1) | Maximum<br> Aggregate<br> Offering <br> Price (1) | Fee <br> Rate | Amount of<br> Registration<br> Fee |
| Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities |
| Fees to Be <br> Paid | Shares of Common Stock, par value $0.0001 per share ("Common Stock") (2) | 457 (c) | 571944197 | $0.091 | $52046921.93 | 0.00015310 | $7968.38 |
| Fees to Be <br> Paid | Shares of Common Stock (3) | 457 (c) | 126107874 | $0.091 | $11475816.53 | 0.00015310 | $1756.95 |
| Carry Forward Securities |  |  |  |  |  |  |  |
| Carry <br> Forward <br> Securities |  |  |  |  |  |  |  |
|  | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts |  | $63522738.46 |  | $9725.33 |
|  | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid |  |  |  | $— |
|  | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  |  |  |
|  | Net Fee Due | Net Fee Due | Net Fee Due |  |  |  | $9725.33 |

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(1) Estimated
 solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended (the
 "Securities Act"). The proposed maximum offering price per unit and proposed maximum aggregate offering price are calculated
 using the average of the bid ($0.09) and asked ($0.092) prices of Common Stock on the OTCQB on June 25, 2025.

(2) Represents
 shares of Common Stock registered for resale hereunder.

(3) Represents
 shares of Common Stock issuable upon exercise of warrants and registered for resale hereunder.