# EDGAR Filing Document

**Accession Number:** 0001407583
**File Stem:** 0001493152-25-015925
**Filing Date:** 2025-9
**Character Count:** 513867
**Document Hash:** dc57e7e7244d6e7865001e43dc44bdcd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-015925.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0001493152-25-015925

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250929

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-150028
- **FILM NUMBER:** 251353256

**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'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **September 29, 2025**

**BUNKER HILL MINING CORP.**

(Exact Name of Registrant as Specified in Charter)

---

| | | |
|:---|:---|:---|
| **Nevada** | **333-150028** | **32-0196442** |
| (State or Other Jurisdiction | (Commission | (IRS Employer |
| of Incorporation) | File Number) | Identification No.) |

---

**1009 McKinley Avenue, Kellogg, Idaho 83837**

(Address of Principal Executive Offices) (Zip Code)

**(604) 417-7952**

(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))

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

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **none** |  |  |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

---

| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement.** |

---

*Subscription Agreements and Warrant Indenture*

 

On September 29, 2025, Bunker Hill Mining Corp., a Nevada corporation (the "**Company**"), closed the previously announced "bought deal" private placement of units of the Company (the "**Units**"). The Company issued (i) 206,250,000 Units at a price per Unit of C$0.12 (the "**CAD Offer Price**") for gross proceeds of C$24,750,000 (the "**CAD Offering**") (which includes the full exercise of the underwriters' over-allotment option) and (ii) 225,000,000 Units at a price per Unit of US$0.08711 (the "**USD Offer Price**") for gross proceeds of US$19,599,750 (the "**USD Offering**", and together with the CAD Offering, collectively, the "**Offering**").

Each Unit is comprised of one share of common stock of the Company (a "**Unit Share**") and one common stock purchase warrant (a "**Warrant**"). Each Warrant entitles the holder to purchase one share of common stock of the Company (a "**Warrant Share**") at a price of C$0.17 per Warrant Share at any time on or before September 29, 2030.

On September 29, 2025, the Company entered into a series of substantially similar subscription agreements (collectively, the "**Subscription Agreements**") pursuant to which such investors acquired Units at the CAD Offer Price or the USD Offer Price, as applicable. Teck Resources Limited subscribed for 223,786,706 Units at the USD Offer Price. One director and one executive officer of the Company subscribed for an aggregate 567,000 Units at the CAD Offer Price.

In connection with the issuance of the Warrants, on September 29, 2025, the Company entered into a warrant indenture (the "**Warrant Indenture**") with Computershare Trust Company of Canada, as warrant agent, to govern the issuance and management of the Warrants.

The Company intends to use the net proceeds from the Offering to support the construction, start-up, and ramp-up of the Bunker Hill Zinc-Silver-Lead Mine in the Silver Valley, Idaho.

The foregoing description of the Subscription Agreement, the Warrant Indenture, and the Warrants does not purport to be complete and is qualified in its entirety by the full text of the form of Subscription Agreement and the Warrant Indenture (including the form of Warrant attached as Schedule "A" thereto), which are filed as Exhibits 10.1 and 4.1, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

*Underwriting Agreement*

 

On September 29, 2025, the Company and Haywood Securities Inc. ("**Haywood**"), as lead underwriter and sole bookrunner, and BMO Nesbitt Burns Inc. (together with Haywood, collectively, the "**Underwriters**"), entered into an underwriting agreement (the "**Underwriting Agreement**"), pursuant to which the Underwriters conducted the Offering. Pursuant to the Underwriting Agreement, the Company paid to the Underwriters aggregate cash fees of C$1,455,480 and US$1,175,985 and issued to the Underwriters an aggregate of 25,325,428 non-transferable compensation options (the "**Compensation Options**"), representing (i) 6% of the gross proceeds from the Offering, other than the gross proceeds raised from certain sales pursuant to a president's list (the "**President's List Sales**"); and (ii) 3.0% of the gross proceeds raised from President's List Sales. Each Compensation Option is exercisable to acquire one share of common stock of the Company (a "**Compensation Option Share**") at the CAD Offer Price at any time on or before September 29, 2027, less any amount of cash fees and Compensation Options paid and issued to ZED Financial Partners ("ZED"), which acted as a finder in respect of the Offering.

The Underwriting Agreement contains customary representations, warranties and covenants of the parties. Pursuant to the Underwriting Agreement, the Company has agreed to certain restrictions on offering securities of the Company until January 27, 2026, and to prepare and file with the U.S. Securities and Exchange Commission by October 29, 2025, a registration statement covering the resale of all Unit Shares, Warrant Shares, and Compensation Option Shares. In addition, the Company has agreed to indemnify the Underwriters against certain liabilities, including in respect of claims arising out of the Underwriting Agreement, or to contribute to payments the Underwriters may be required to make due to any such liabilities.

The foregoing description of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by the full text of the Underwriting Agreement, which is filed as Exhibit 1.1 to this Current Report on Form 8-K and incorporated herein by reference.

\* \* \*

The Company paid ZED a cash fee of C$52,005, representing 3.333% of the gross proceeds of the CAD Offering from subscribers introduced by ZED to the Company (the "**Introduced Subscribers**"), and issued to certain principals of ZED an aggregate of 520,052 Compensation Options, representing 4.0% of the Units sold in the CAD Offering to the Introduced Subscribers.

The representations, warranties and covenants contained in the Subscription Agreements, the Warrant Indenture, and the Underwriting Agreement were made solely for purposes of such agreements and indenture and as of a specific date, were solely for the benefit of the parties to such agreements and indenture 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 the Company.

---

| | |
|:---|:---|
| **Item 3.02** | **Unregistered Sales of Equity Securities.** |

---

Reference is made to the disclosure set forth in Item 1.01 of this Current Report on Form 8-K, which disclosure is incorporated by reference into this Item 3.02.

All securities issued in the Offering are restricted securities under U.S. securities laws. The Company has relied on the exemptions from registration under Rule 506(b) of Regulation D under the U.S. Securities Act of 1933, as amended (the "**Securities Act**"), and in reliance on similar exemptions under applicable state laws, for purposes of the Offering.

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

---

On September 29, 2025, the Company issued a press release regarding the closing of the Offering. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

The information set forth in this Item 7.01, including the information set forth in Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Exhibits</u>.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1†† | [Underwriting Agreement, dated September 29, 2025, by and among Bunker Hill Mining Corp., Haywood Securities Inc., and BMO Nesbitt Burns Inc.](ex1-1.htm) |
| 4.1†† | [Warrant Indenture, dated September 29, 2025, between Bunker Hill Mining Corp. and Computershare Trust Company of Canada](ex4-1.htm) |
| 10.1†† | [Form of Subscription Agreement, dated September 29, 2025, between Bunker Hill Mining Corp. and the investors party thereto](ex10-1.htm) |
| 99.1 | [Press Release, dated as of September 29, 2025](ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| †† | Portions of this exhibit have been omitted in accordance with Item 601(b)(10) of Regulation S-K. The omitted information is not material, and the registrant treats such information as private and confidential. The registrant hereby agrees to furnish supplementally an unredacted copy of this exhibit to the Securities and Exchange Commission upon request. |

---

**SIGNATURE**

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

---

| | | |
|:---|:---|:---|
|  | **BUNKER HILL MINING CORP.** | **BUNKER HILL MINING CORP.** |
| Dated: September 29, 2025 | By: | */s/ Sam Ash* |
|  | Name: | Sam Ash |
|  | Title: | President and CEO |

---

## Exhibit 1.1

**EXHIBIT 1.1**

EXECUTION VERSION

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL, AND THE REGISTRANT TREATS SUCH INFORMATION AS PRIVATE AND CONFIDENTIAL. [\*\*\*] INDICATES THAT INFORMATION HAS BEEN REDACTED.

**UNDERWRITING AGREEMENT**

Effective as of September 29, 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** |

---

Haywood Securities Inc., as lead underwriter and sole bookrunner ("**Haywood**" or the "**Lead Underwriter**"), together with BMO Nesbitt Burns Inc. (collectively with Haywood, the "**Underwriters**") understand that Bunker Hill Mining Corp. (the "**Corporation**") proposes to issue and sell, to or at the direction of the Underwriters, an aggregate of 150,000,000 units of the Corporation (the "**CAD Units**") at a price of CDN$0.12 per CAD Unit (the "**CAD Issue Price**") and 225,000,000 units of the Corporation (the "**USD Units**" and together with the CAD Units, the "**Units**") at a price of US$0.08711 per USD Unit (the "**USD Issue Price**"), with each Unit consisting of one Common Share (as defined below) (a "**Unit Share**") and one Common Share purchase warrant (each, a "**Warrant**"). Each Warrant will entitle the holder to acquire one Common Share (a "**Warrant Share**") at a price of CDN$0.17 for a period of five 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 Underwriters, acting reasonably.

Upon and subject to the terms and conditions set forth herein, the Underwriters hereby severally, and not jointly, nor jointly and severally, agree to purchase from the Corporation and, by the acceptance of this Agreement (as defined herein), the Corporation agrees to sell to the Underwriters at the Closing Time (as defined herein) all, but not less than all, of the CAD Units at the CAD Issue Price for aggregate gross proceeds of CDN$18,000,000 and all, but not less than all, of the USD Units at the USD Issue Price for aggregate gross proceeds of US$19,599,750. The Offering will be completed on a "bought deal" private placement basis pursuant to exemptions from prospectus requirements of Applicable Securities Laws (as defined herein). Although the offer to purchase the Units is being made by the Underwriters, the Underwriters will endeavour to arrange for substituted purchasers (collectively, the "**Substituted Purchasers**") for the Units in the Selling Jurisdictions (as defined herein). To the extent that Substituted Purchasers purchase Units at the Closing (as defined herein), the Underwriters shall not be obligated to purchase the Units so purchased by such Substituted Purchasers.

The Underwriters have been granted an option (the "**Underwriters' Option**"), exercisable in whole or in part by the Lead Underwriter, on behalf of itself and the other Underwriter, at any time for a period of up to 48 hours prior to the Closing Date (as defined below), to purchase from the Corporation up to an additional 56,250,000 Units (the "**Additional Units**"). The purchase price for each Additional Unit shall be equal to the CAD 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 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 Underwriters' Option, are collectively referred to as the "**Offered Securities**". If the Lead Underwriter, on behalf of itself and the other Underwriter, elects to exercise the Underwriters' Option, the Lead Underwriter shall notify the Corporation in writing, which notice shall specify the number of Additional Units to be sold under the Offering pursuant to the Underwriters' Option.

The Corporation understands that although the offer to purchase the Units is being made by the Underwriters on a "bought deal" private placement basis, the Underwriters will endeavour to arrange for Substituted Purchasers for the Units in the Selling Jurisdictions, subject to acceptance by the Corporation, acting reasonably, of the Subscription Agreements. The Underwriters shall offer for sale and sell the Units pursuant to the Offering in accordance with the terms of this Agreement, on a private placement basis pursuant to exemptions from the prospectus requirements of Applicable Securities Laws. The Underwriters acknowledge that, subject to the conditions contained in Section 6 hereof being satisfied and subject to the rights of the Underwriters contained in Section 10 hereof, the Underwriters shall become obligated to purchase or cause to be purchased all of the Units. To the extent that Substituted Purchasers purchase Units at the Closing, the Underwriters shall not be obligated to purchase the Units so purchased by such Substituted Purchasers.

The Corporation and the Underwriters understand and agree that all offers and sales of Offered Securities will be made to U.S. Accredited Investors in reliance on the exemption from the registration requirements of the U.S. Securities Act provided by Rule 506(b) of Regulation D, and in accordance with the provisions of Schedule A hereof, it being understood and agreed that, except as contemplated herein, such sales do not trigger: (i) any obligation to prepare and file a prospectus, offering memorandum, registration statement or similar disclosure documents in the United States; or (ii) any registration or other obligation on the part of the Corporation, including, but not limited to, any continuing obligation in that jurisdiction. Offers and sales within the United States shall be made through an Underwriter's U.S. Affiliate (as defined in Schedule A hereto).

The Corporation agrees that the Underwriters shall be permitted to appoint, at their sole expense, other registered dealers or other dealers duly qualified in their respective jurisdictions, as their agents, to assist in the Offering in the Selling Jurisdictions and that Haywood, on behalf of the Underwriters, 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 Underwriters 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 5% of the Offering. The Corporation acknowledges and agrees that the Underwriters shall not be required to conduct a suitability review in respect of sales to the President's List Purchasers, and that the Underwriters 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 Underwriters from any and all losses or expenses relating to sales to President's List Purchasers.

In consideration of the Underwriters' services to be rendered in connection with the Offering, including assisting in preparing documentation relating to the Offered Securities and underwriting the distribution of the Offered Securities, subject to the paragraph below, the Corporation shall pay to the Underwriters 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 "**Underwriters' Fee**"). In addition, the Corporation shall issue to the Underwriters such number of Compensation Options (as defined below) as is equal to: (i) 6.0% of the aggregate number of Units issued under the Offering to Subscribers (excluding Units issued to any President's List Purchasers); and (ii) 3.0% of the aggregate number of Units issued under the Offering to President's List Purchasers. The Underwriters' Fee shall be payable at the Closing Time as provided for in Section 7, and the obligation of the Corporation to deliver the Compensation Options shall arise at the Closing Time.

The Corporation will also pay certain fees and expenses of the Underwriters (including fees and expenses of the Underwriters' Counsel) plus applicable taxes in connection with the Offering, as provided for in Section 8.

**1.** **Definitions** 

In this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Action** "
 has the meaning given to it in Section 11(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Additional Units**" has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**affiliate** ",
 "**distribution** ", "**material change** ", "**material fact** ", "**misrepresentation** ", and "**subsidiary** "
 have the respective meanings given to them in the *Securities Act* (Ontario);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Agreement** "
 means the agreement resulting from the acceptance by the Corporation of the offer made by
 the Underwriters 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;(e) "**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;(f) "**Business Day**" means any day, other than a Saturday or Sunday on which banking institutions
 in Toronto, Ontario, Vancouver, British Columbia and the City of New York, United States
 are open for commercial banking business during normal banking hours;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**CAD Issue Price**" has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**CAD Units**" has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Canadian Jurisdictions**" means each of the Selling Jurisdictions in Canada in which the Subscribers
 and the Underwriters are resident;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**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;(k) "**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;(l) "**Closing** "
 means the completion of the Offering pursuant to this Agreement and the Subscription Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Closing Date**" means September 29, 2025, or such other date as the Lead Underwriter and
 the Corporation may agree upon in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Closing Time**" means 8:00 a.m. (Toronto time) or such other time on the Closing Date as
 the Lead Underwriter and the Corporation may agree;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Common Share**" means a share of common stock of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Compensation Option Certificates**" means the certificates issued to the Underwriters representing
 the Compensation Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Compensation Option Shares**" means the Common Shares issuable pursuant to the due exercise of
 the Compensation Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Compensation Options**" means Common Share purchase options of the Corporation, exercisable by
 the holder thereof to acquire one Compensation Option Share at an exercise price equal to
 the CAD Issue Price for a period of 24 months following the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Corporation** "
 has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Corporation's Counsel**" means Blakes, Cassels & Graydon LLP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Cut-back Shares**" has the meaning given to it in Section 23(c);

&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 Underwriters;

&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 August 27, 2025 with respect to the annual meeting
 of stockholders of the Corporation held on September 18, 2025;

&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 and six months ended June 30, 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 5(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Effectiveness Deadline**" has the meaning given to it in Section 23(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Employment Laws**" has the meaning given to it in Section 4(aa);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Filing Deadline**" has the meaning given to it in Section 23(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Financial Statements**" means, together, the Annual Financial Statements and the Interim Financial
 Statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exercising,
 or entitled or purporting to exercise any administrative, executive, judicial, legislative,
 policy, regulatory or taxing authority or power;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Governmental Licences**" has the meaning given to it in Section 4(y);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**GST** "
 has the meaning given to it in Section 8;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**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;(ii) "**Indemnified Party**" and "**Indemnified Parties**" have the meaning given to it
 in Section 11(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Initial Registration Statement**" has the meaning given to it in Section 23(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Lead Underwriter**" has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Letter Agreement**" means the letter agreement between the Corporation and the Lead Underwriter
 dated September 5, 2025, as amended on September 12, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**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;(nn) "**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;(oo) "**Material Agreements**" means, collectively, the Subscription Agreements, the Warrant Indenture,
 Warrant Certificates, the Compensation Option Certificates, and this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**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;(qq) "**Money Laundering Laws**" has the meaning given to it in Section 4(tt);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**NI 14-101**" means National Instrument 14-101 – *Definitions*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**NI 45-102**" means National Instrument 45-102 – *Resale of Securities*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**notice** "
 has the meaning given to it in Section 20;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**Offered Securities**" has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**Offering** "
 has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**Personnel** "
 has the meaning given to it in Section 11(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**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 Underwriter, on its own behalf and on behalf of the
 other Underwriter, as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**Prospectus** "
 means (i) the prospectus included in any Registration Statement, as amended or supplemented
 by any prospectus supplement, with respect to the terms of the offering of any portion of
 the Registrable Securities covered by such Registration Statement and by all other amendments
 and supplements to the prospectus, including post-effective amendments and all material incorporated
 by reference in such prospectus, and (ii) any "free writing prospectus" as defined
 in Rule 405 under the U.S. Securities Act, relating to the terms of the offering of any portion
 of the Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**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;(aaa) "**Registrable Securities**" means the Unit Shares, the Warrant Shares and the Compensation Option
 Shares, as well as any securities issued or issuable with respect to such securities as a
 result of any stock split or subdivision, stock dividend, recapitalization, exchange or similar
 event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "**Registration Expenses**" means all registration and filing fee expenses incurred by the Corporation
 in effecting any registration pursuant to Section 23 of this Agreement, including (i) all
 registration, qualification, and filing fees, printing expenses, and any other fees and expenses
 associated with filings required to be made with the SEC, the Financial Industry Regulatory
 Authority (FINRA) or any other regulatory authority, (ii) all fees and expenses in connection
 with compliance with or clearing the Registrable Securities for sale under any securities
 or "Blue Sky" laws, (iii) all printing, duplicating, word processing, messenger,
 telephone, facsimile and delivery expenses, and (iv) all fees and disbursements of counsel
 for the Corporation and of all independent certified public accountants of the Corporation
 (including the expenses of any special audit and cold comfort letters required by or incident
 to such performance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**Registration Period**" has the meaning given to it in Section 23(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "**Registration Statement**" means any registration statement of the Corporation filed with, or to
 be filed with, the SEC under the U.S. Securities Act, that registers Registrable Securities,
 including the related Prospectus, amendments and supplements to such registration statement,
 including pre- and post-effective amendments, and all exhibits and all material incorporated
 by reference in such registration statement as may be necessary to comply with applicable
 securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "**Regulation D**" means Regulation D adopted by the SEC under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "**Reporting Jurisdictions**" has the meaning given to it in Section 4(qq);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "**SEC** "
 means the U.S. Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "**SEC Restrictions**" has the meaning given to it in Section 23(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**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;(jjj) "**SEDAR+** "
 means the System for Electronic Data Analysis and Retrieval + maintained by the Canadian
 Securities Administrators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) "**Selling Jurisdictions**" means each of the provinces and territories of Canada, the United
 States and such other jurisdictions as the Underwriters and the Corporation may agree;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) "**Sprott Investor Rights Agreement**" means the investor rights agreement dated June 5, 2025,
 between the Corporation and an affiliate of Sprott Private Resource Streaming & Royalty
 Corp.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm) "**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;(nnn) "**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 Underwriters, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo) "**Substituted Purchasers**" has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp) "**Suspension Event**" has the meaning given to it in Section 23(d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq) "**Teck Investor Rights Agreement**" means the investor rights agreement dated June 5, 2025,
 between the Corporation and Teck Resources Limited;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss) "**Underwriters** "
 has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt) "**Underwriters' Counsel**" means Bennett Jones LLP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuu) "**Underwriters' Fee**" has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvv) "**Underwriters' Option**" has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(www) "**Unit Share**" has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) "**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;(yyy) "**Units** "
 has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzz) "**U.S. Accredited Investor**" means an "accredited investor" meeting one or
 more of the criteria in Rule 501(a) of Regulation D;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaa) "**U.S. Exchange Act**" means the U.S. Securities Exchange Act of 1934, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbb) "**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;(cccc) "**U.S. Securities Act**" means the U.S. Securities Act of 1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddd) "**USD Issue Price**" has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeee) "**USD Units**" has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ffff) "**Warrant** "
 has the meaning given to it above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gggg) "**Warrant Certificate**" means a physical warrant certificate or advise under a direct registration
 system issued pursuant to the Warrant Indenture evidencing the Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhh) "**Warrant Indenture**" has the meaning given to it above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiii) "**Warrant Share**" has the meaning given to it above.

**2.** **Covenants of the Underwriters** 

Each of the Underwriters 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 Underwriter 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, except to the extent contemplated herein,
 (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 Underwriter 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 in the United States except that the Units, Unit Shares and Warrants may be offered and sold in the United States in transactions that are exempt from the registration requirements of the U.S. Securities Act in accordance with Rule 506(b) or Regulation D and exemptions under the applicable laws of any U.S. state. Accordingly, the Corporation and the Underwriters 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.

BMO Nesbitt Burns agrees to terminate its existing right of first refusal, as outlined in the agency agreement dated June 5, 2025, among, *inter alios*, the Corporation and BMO Nesbitt Burns Inc., and otherwise, in its entirety.

**3.** **Delivery of Subscription Agreements** 

The Lead Underwriter 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 Underwriter 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 Underwriter 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 Underwriter 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.** **Representations and Warranties of the Corporation** 

The Corporation represents and warrants to the Underwriters, and acknowledges that the Underwriters 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 2,500,000,000 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 926,994,336 Common Shares
 and no shares of preferred stock are issued and outstanding as of the date immediately prior
 to the date of this Agreement. Other than as disclosed in the Public Record or in connection
 with the Teck Investor Rights Agreement and the Sprott 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. The Corporation has received waivers
 and/or confirmations in writing from the counterparty to the Sprott Investor Rights Agreement
 that such party will not exercise any pre-emptive right, participation rights, or any equivalent
 right in connection with this Offering;

&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 4(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, the Compensation
 Options and the Compensation Option Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Offered Securities and the Compensation Options at the Closing Time, the Warrant Shares issuable
 upon the exercise of the Warrants in accordance with their terms at the time of issue of
 the Warrant Shares, and the Compensation Option Shares issuable upon the exercise of the
 Compensation Options in accordance with the terms of the Compensation Option Certificates
 at the time of issue of the Compensation Option Shares, shall be duly authorized and upon
 receipt of payment, validly issued, and with respect to the Unit Shares, Warrant Shares,
 and Compensation Option Shares, shall be fully paid and non-assessable Common Shares and
 the provisions of the Unit Shares, Warrant Shares and Compensation Option 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, Warrant Shares and Compensation Option 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) at
 all times prior to the expiry of the Compensation Options, a sufficient number of Compensation
 Option Shares shall be allocated and reserved for issuance upon due exercise of the Compensation
 Options in accordance with the terms of the Compensation Option Certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) 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;(n) the
 Material Agreements and the performance of the Corporation's obligations under the
 Material Agreements (including the valid issuance, creation, sale and delivery, as applicable,
 of the Unit Shares, the Warrants, the Warrant Shares, the Compensation Options and the Compensation
 Option Shares) 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;(o) 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 (including the issuance, creation, sale and delivery, as applicable,
 of the Unit Shares, the Warrants, the Warrant Shares, the Compensation Options and the Compensation
 Option Shares), 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;(p) 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;(q) 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;(r) 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;(s) 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;(t) 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;(u) except
 as disclosed in the Public Record or Schedule 4(u) 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;(v) 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;(w) except
 as disclosed in the Public Record or Schedule 4(w) 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;(x) 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;(y) 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;(z) 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;(aa) 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, state,
 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;(bb) except
 as disclosed in the Public Record or Section 4(bb) 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;(cc) 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;(dd) 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;(ee) except
 as disclosed in the Public Record or Schedule 4(ee) 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;(ff) except
 as disclosed in the Public Record or Schedule 4(ff) 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;(gg) except
 as disclosed in the Public Record or Schedule 4(gg) 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;(hh) 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;(ii) except
 as disclosed in the Public Record or Schedule 4(ii) 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;(jj) 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 4(jj) of the Disclosure Letter. Each of the
 aforementioned interests and rights is currently in good standing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) the
 minute books and corporate records of the Corporation and its subsidiary made available to
 Underwriters' Counsel in connection with the Underwriters' 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;(ll) 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;(mm) 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;(nn) other
 than as contemplated by this Agreement or as set forth in Schedule 4(nn) of the Disclosure
 Letter, there is no person acting at the request of the Corporation who is entitled to any
 brokerage or underwriting fee in connection with the sale of the Offered Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) except
 for the Teck Investor Rights Agreement and the Sprott 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, and the Unit Shares and the Warrant Shares
 and Compensation Option Shares, when issued and delivered against payment therefor as contemplated
 in the Material Agreements, will be free of any restriction on voting pursuant to the Corporation's
 constating documents or any agreement or any other instrument to which the Corporation is
 a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) 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;(qq) 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;(rr) 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;(ss) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) the
 Corporation acknowledges that the Underwriters 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 Underwriters from
 any claims that may arise in respect of any such agreement or information given or statements
 made by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) the
 Corporation acknowledges that the Lead Underwriter shall, in its sole discretion and without
 notice to or consent of the Corporation, be entitled to assign its underwriting commitment
 under this Agreement to any "affiliate" or "subsidiary" (as such
 terms are defined in Rule 405 under the U.S. Securities Act) of Haywood Securities Inc.;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) the
 Corporation makes no representation or warranty regarding any financial, operating or production
 projections, budgets or forward-looking information, except that such information has been
 prepared in good faith based on assumptions believed to be reasonable at the time made.

It is further agreed by the Corporation that all representations, warranties and covenants contained in this Agreement made by the Corporation to the Underwriters 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 Underwriters are acting for and on behalf of the Subscribers for this purpose).

**5.** **Covenants of the Corporation** 

The Corporation covenants with the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior
 to the Closing Time, the Corporation shall allow the Underwriters 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 Underwriters and Underwriters'
 Counsel to conduct all due diligence which the Underwriters 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 Underwriters' obligations as a registrant and,
 in this regard, without limiting the scope of the due diligence inquiries that the Underwriters
 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 Underwriters 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 Underwriter
 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 Underwriters, for review by the Underwriters and Underwriters'
 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; provided that failure
 to provide draft routine filings not relating to the Offering shall not constitute a breach
 if promptly provided upon request;

&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," or shall comply with
 the requirements of Rule 135c under the U.S. Securities Act;

&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 Underwriters 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 Underwriters 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 5(g) has occurred, the Corporation shall
 promptly inform the Lead Underwriters of the full particulars of the occurrence giving rise
 to the uncertainty and shall consult with the Lead Underwriters 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 Underwriters 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 Underwriters and Underwriters' 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 5(f) and
 5(g);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the
 Corporation will use the net proceeds from the Offering to advance the construction of the
 Material Project and move it to commercial production and for general working capital purposes;

&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 Underwriters 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;

&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 Underwriters 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) ensure
 that the Compensation Options shall be duly and validly created, authorized and issued and
 shall have the attributes corresponding to the description thereof set forth in this Agreement
 and the Compensation Option Certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) ensure
 that at all times prior to the expiry of the Compensation Options, sufficient Compensation
 Option Shares are allotted and reserved for issuance upon the due and proper exercise of
 the Compensation Options. The Compensation Option Shares, upon issuance in accordance with
 the terms of the Compensation Option Certificates, and when paid for, shall be duly issued
 as fully paid and non-assessable Common Shares and shall have the attributes corresponding
 to the description thereof set forth in this Agreement and the Compensation Option Certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) 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;(s) 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 Underwriter,
 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 Underwriter, such consent not to be unreasonably withheld, delayed or conditioned, 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.

**6.** **Conditions to the Subscribers' Obligation to Purchase** 

The obligations of the Underwriters under this Agreement and the obligations of the Subscribers under the Subscription Agreements shall be conditional upon the Underwriters receiving, and the Underwriters 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 Underwriters 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 Underwriter, 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 Underwriters, in form and substance reasonably satisfactory to the Lead Underwriter,
 to the effect that no registration is required under the U.S. Securities Act, in connection
 with the offer and sale of the Units), which opinions shall be given with respect to the
 following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as
 to the validity and good standing of the Corporation under the laws of Nevada, and as to
 the Corporation having the requisite corporate power and capacity to carry on its business
 as presently carried on and to own its properties and assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as
 to the validity and good standing of the subsidiary under the laws of Idaho, and as to the
 subsidiary having the requisite corporate power and capacity to carry on its business as
 presently carried on and to own its properties and assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Corporation is a "reporting issuer" not included on the list of issuers in default
 in the provinces of British Columbia, Alberta, and Ontario;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as
 to the authorized and issued capital of the Corporation and its subsidiary and with respect
 to the subsidiary, the ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) as
 to the corporate power and authority of the Corporation to execute, deliver and perform its
 obligations under the Material Agreements and to issue the Unit Shares, Warrants, Compensation
 Options, Warrant Shares and Compensation Option Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) each
 of the Material Agreements have been duly authorized, executed and delivered by the Corporation
 and constitute a valid and legally binding obligation of the Corporation enforceable against
 it in accordance with their respective terms, subject to customary bankruptcy and equitable
 principles qualifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the
 execution and delivery of the Material Agreements and the performance by the Corporation
 of its obligations hereunder and thereunder, and the sale or issuance of the Unit Shares,
 Warrants, Compensation Options, Warrant Shares and Compensation Option Shares do not violate
 any provision of the Articles of Incorporation or Bylaws, or any provision of any applicable
 federal or state law, rule or regulation known to us to be customarily applicable to transactions
 of this nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the
 Unit Shares upon receipt of the Corporation of payment in full therefor, have been duly authorized,
 and validly issued as fully paid and non-assessable Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the
 Warrants, upon receipt of the Corporation of payment in full therefor, have been duly and
 validly created, authorized and issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the
 Warrant Shares have been authorized and allotted for issuance and, upon the due exercise
 of the Warrants and in accordance with the provisions of the Warrant Indenture or Warrant
 Certificate (as applicable), and, when issued and delivered by Bunker Hill pursuant to the
 Warrant Indenture or Warrant Certificate (as applicable) against payment of the consideration
 set forth therein, will be validly issued as fully paid and non-assessable Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the
 Compensation Options upon receipt of the Corporation of payment in full therefor, have been
 duly and validly created, authorized and issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the
 Compensation Option Shares have been authorized and allotted for issuance and, upon the due
 exercise of the Compensation Options and in accordance with the provisions of the Compensation
 Option Certificates, the Compensation Option Shares will be validly issued as fully paid
 and non-assessable Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) no
 prospectus is required nor are any other documents, proceedings or approvals, permits, consents
 or authorizations of regulatory authorities required to be filed, taken or obtained (other
 than those which have been filed, taken or obtained) under Applicable Securities Laws to
 permit the issuance of (A) the Unit Shares and Warrants comprising the Units; (B) the Warrant
 Shares issuable upon exercise of the Warrants, provided that, in the case of the Warrant
 Shares, the Warrants are exercised in accordance with the terms of the Warrant Indenture
 or Warrant Certificate (as applicable); (C) the Compensation Options; and (D) the Compensation
 Option Shares issuable upon exercise of the Compensation Options, provided that, in the case
 of the Compensation Option Shares, the Compensation Options are exercised in accordance with
 the terms of the Compensation Option Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) The
 first trade by a Subscriber or Underwriter (as applicable) of the Unit Shares, the Warrants,
 the Warrant Shares, the Compensation Options and the Compensation Option Shares will be,
 as applicable, a distribution subject to the prospectus requirements of the Canadian Securities
 Laws unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) at
 the time of such trade, the Corporation is and has been a "reporting issuer"
 (within the meaning of Applicable Securities Laws) in a "jurisdiction of Canada"
 (as defined in National Instrument 14-101 – *Definitions* ()"**NI 14-101** "))
 for the four months immediately preceding the trade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) at
 the time of such trade, at least four months have elapsed from the "distribution date"
 (as defined in section 1.1 of National Instrument 45-102 – *Resale of Securities* ()"**NI 45-102** ")) of the Units;

&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
 certificates representing the Unit Shares, the Warrants, the Warrant Shares, the Compensation
 Options, and the Compensation Option Shares were issued within four months from the "distribution
 date", the certificates representing the Unit Shares, the Warrants, the Warrant Shares,
 the Compensation Options, and the Compensation Option Shares, as applicable, are endorsed
 with the legend required by subsection 2.5(2)3(i) of NI 45-102 (as applicable), or, if the
 circumstances in subsection 2.5(2)3.1 of NI 45-102 apply, the purchaser received written
 notice containing the legend restriction notation set out in subsection 2.5(2)3(i) of NI
 45-102;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the
 trade is not a "control distribution" (as defined in section 1.1 of NI 45-102);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) no
 unusual effort is made to prepare the market or to create a demand for the securities that
 are the subject of the trade (within the meaning of Canadian Securities Laws);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) no
 extraordinary commission or consideration is paid to a person or company in respect of the
 trade (within the meaning of Canadian Securities Laws); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) if
 the selling security holder is an "insider" or "officer" of the Corporation
 (within the meaning of Canadian Securities Laws), such selling security holder has no reasonable
 grounds to believe that the Corporation is in default of "securities legislation"
 (as defined in NI 14-101); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Computershare
 Investor Services Inc. has been duly appointed as the transfer agent and registrar for the
 Common Shares and Computershare Trust Company of Canada has been duly appointed by the Corporation
 as the warrant agent under the Warrant Indenture.

&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
 Underwriter, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 certificate of the Corporation dated the Closing Date, addressed to the Underwriters 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 Underwriter, 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 Underwriter may
 reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 certificate of the Corporation dated the Closing Date, addressed to the Underwriters 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 Underwriter, 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 taken all necessary corporate action and 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, the distribution
 of the Compensation Options, 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) evidence
 that the issuance of the Unit Shares, Warrants, Compensation Options, Warrant Shares and
 Compensation Option Shares and the listing of the Unit Shares, Warrant Shares and Compensation
 Option Shares have been conditionally accepted by the TSXV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Subscription Agreements, the Warrant Indenture and the Warrant Certificates (if any), in
 the form and substance satisfactory to the Underwriters and Underwriters' Counsel,
 acting reasonably, duly executed and delivered by the Corporation and in respect of the Warrant
 Indenture and Warrant Certificates, countersigned and/or authenticated by Computershare Trust
 Company of Canada, as warrant agent, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) executed
 Compensation Option Certificates, in the form and substance satisfactory to the Underwriters
 and Underwriters' counsel, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) executed
 lock-up agreements from each director and executive officer of the Corporation in favour
 of the Underwriters in a form satisfactory to the Lead Underwriter as required pursuant to
 Section 5(s) of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Lead Underwriter being satisfied, in its sole discretion, with the results of its due diligence
 review.

The foregoing conditions contained in this Section 6(a), (b), (c) and (d) are for the sole benefit of the Underwriters and may be waived in whole or in part by the Lead Underwriter, on its own behalf and on behalf of the other Underwriter, at any time and without limitation. If any of the foregoing conditions have not been met at each Closing Time, the Underwriters may terminate their obligations under this Agreement without prejudice to any other remedies it may have and the Underwriters shall have the right on behalf of the Subscribers to withdraw all Subscription Agreements delivered and not previously withdrawn by Subscribers.

**7.** **Deliveries and Underwriters' 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 Underwriter may agree (including via electronic exchange of documents). At the Closing Time, the Corporation shall deliver to the Underwriters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 opinions, certificates and agreements referred to in Section 6 and all other documents required
 to be provided by the Corporation to the Underwriters pursuant to this Agreement and the
 Subscription Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) physical
 certificates or direct registration statements representing the Unit Shares and the Warrants,
 in such name or names as the Lead Underwriter, on its own behalf and on behalf of the other
 Underwriter, 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 Underwriters of an amount equal to the aggregate
 purchase price for the Offered Securities sold pursuant to the Offering, less an amount equal
 to the Underwriters' Fee and the costs and expenses of the Underwriters provided for
 in Section 8;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Compensation Option Certificates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such
 further documentation as may be contemplated by this Agreement or as Underwriters'
 Counsel or the applicable regulatory authorities may reasonably require;

against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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;(g) 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
 Underwriters' Fee and the costs and expenses of the Underwriters provided for in Section
 8; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 Underwriters' receipt for the Underwriters' Fee and the Compensation Option Certificates.

**8.** **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 Underwriters incurred in connection with the offering of the Offered Securities, including without limitation the fees and disbursements of Underwriters' Counsel, up to a maximum of $100,000, exclusive of taxes, disbursements and U.S. counsel, and any advertising, printing, courier, telecommunications, data search, presentation, travel and other expenses incurred by the Underwriters, 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 Underwriters 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 Underwriters' Fee, the Corporation agrees to pay the amount of GST forthwith upon the request of the Lead Underwriter.

**9.** **Restriction on Offerings** 

During the period beginning on the Closing Date and ending on the date which is 120 days following the Closing Date, the Corporation will not, directly or indirectly, without the prior written consent of the Lead Underwriter, on behalf of the Underwriters, such consent not to be unreasonably withheld or delayed, issue, sell, offer, grant an option or right in respect of, or otherwise dispose of, or enter into any derivative transaction that has the effect of any of the foregoing (or agree to or announce any intention to do any of the foregoing) any additional Common Shares, or any warrants, options or other securities convertible into or exchangeable for Common Shares, other than issuances pursuant to (i) the exercise of the Warrants, Compensation Options and the Underwriters' Option; (ii) existing director or employee stock options, bonus or purchase plans or similar share or equity-linked compensation arrangements outstanding as of the date hereof as detailed in the Corporation's most recently filed proxy statement; (iii) the exercise of convertible securities, warrants or options outstanding prior to the date hereof, or upon the payment of interest under any convertible securities, loan agreements or other debt instruments; or (iv) in connection with any acquisition by the Corporation or its subsidiary outstanding prior to the date hereof or proximal to the Material Project.

**10.** **Rights of Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Underwriters (or either one of them) shall be entitled to terminate and cancel their (or
 its) obligations hereunder by written notice to that effect given to the Corporation on or
 before Closing if at any time prior to the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Proceedings**.
 Any inquiry, action, suit, investigation or other proceeding (whether formal or informal)
 is instituted, announced or threatened or any order is issued by any Governmental Authority,
 including, without limitation, the TSXV, or otherwise in respect of the Corporation or any
 of its directors or officers (other than an inquiry, investigation, proceeding or order based
 upon the activities or alleged activities of the Underwriters); or there is any change of
 law, or the interpretation or administration thereof; or any order to cease trading (including
 communicating with persons in order to obtain expressions of interest) in the securities
 of the Corporation is made by a Governmental Authority and that order is still in effect,
 which in the reasonable opinion of the Underwriters operates to prevent or restrict the trading
 in the Common Shares (including the Unit Shares and the Warrant Shares) or the distribution
 of the Offered Securities or which, in the reasonable opinion of either Underwriter, acting
 in good faith, could be expected to have a Material Adverse Effect on the market price or
 value of the Offered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Material Adverse Change Out**. There shall be any material change in the assets, business, affairs,
 financial condition, results of operations, capital, or prospects of the Corporation or the
 subsidiary on a consolidated basis, or there should be discovered any previously undisclosed
 material fact or circumstance or there should occur a change in any material fact relating
 to the Corporation and/or the subsidiary, which in any case, in the sole opinion of such
 Underwriter, acting reasonably, has or would be expected to have a Material Adverse Effect
 on the market price or value of any of the securities of the Corporation, including the Offered
 Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Disaster Out**. There should develop, occur or come into effect or existence any event, action,
 state, or condition or any action, law or regulation, inquiry, including, without limitation,
 accident, pandemic, any outbreak or escalation of war, hostilities or terrorism (including
 but not limited to any material escalation of the ongoing Israeli-Hamas conflict and/or of
 the Russian Federation's invasion of Ukraine after the date hereof), natural disaster,
 public protest or major financial, political or economic occurrence of national or international
 consequence, or any action, government, law, regulation, inquiry or other occurrence of any
 nature, which, in the reasonable opinion of the Underwriters, seriously adversely affects
 or involves, or may seriously adversely affect or involve, the financial markets in Canada
 or the United States or the business, operations or affairs of the Corporation or marketability
 of the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Breach**.
 The Corporation is in breach of any material term, condition or covenant of this Agreement,
 any of the representations or warranties given by the Corporation in this Agreement is false
 or becomes false, or the purchase and sale of the USD Units does not close under the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Mutual Agreement**. Both the Lead Underwriter and the Corporation mutually agree to terminate
 this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 rights of termination contained in this Section 10 (other than Section 10(a)(v)) may be exercised
 by any one Underwriter and are in addition to any other rights or remedies such Underwriter
 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
 Underwriter to the Corporation or on the part of the Corporation to such Underwriter, except
 in respect of any liability which may have arisen prior to or arise after such termination
 under Sections 8, 11, 12 and 13.

**11.** **Indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Corporation hereby agrees to indemnify and hold harmless the Underwriters, each of the associates
 and affiliates of the Underwriters and each of the officers, directors, employees, shareholders,
 partners, advisors and agents of the Underwriters and of each of the associates and affiliates
 of the Underwriters (such officers, directors, employees, shareholders, partners, advisors
 and agents are hereinafter collectively referred to as the "**Personnel** "
 and the Underwriters, the associates and affiliates of the Underwriters and the Personnel
 are collectively referred to as the "**Indemnified Persons**" and individually
 as an "**Indemnified Person**") from and against any and all expenses, costs,
 losses, claims, actions, payments, damages and liabilities (including the aggregate amount
 paid in settlement of any litigation, action, suit, proceeding, claim or investigation (each
 an "**Action**") and the reasonable fees and expenses of counsel that may
 be incurred in respect of receiving advice in connection with, or in investigating, defending
 or settling, any Action) of whatsoever nature or kind, joint or several, to which any Indemnified
 Person may become subject or otherwise involved in any capacity under statute or common law
 or otherwise by reason of, in connection with, or insofar as such expense, cost, loss, claim,
 action, payment, damage or liability is caused by, results from, arises out of or is based
 upon, directly or indirectly, the engagement of the Underwriters hereunder, the provision
 of services by the Underwriters hereunder or otherwise in connection with any matter referred
 to in, or related to, this Agreement; provided, however, that this indemnity shall not apply
 to the extent that a court of competent jurisdiction in a final judgment that has become
 non-appealable shall have determined that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Indemnified Person has been grossly negligent or dishonest, has been guilty of willful misconduct
 or has committed a fraudulent act in the course of rendering such services or has materially
 breached this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 expense, cost, loss, claim, action, payment, damage or liability in respect of which indemnification
 is claimed was directly caused or occasioned by the gross negligence, dishonesty, willful
 misconduct, fraud or material breach referred to in clause (i) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 for any reason (other than the occurrence of any of the events referred to in clause (i)
 above), the foregoing indemnification is unavailable to an Indemnified Person or, while available,
 is insufficient to hold such Indemnified Person harmless, then the Corporation shall contribute
 to the amount paid or payable by such Indemnified Person as a result of such expense, cost,
 loss, claim, action, payment, damage or liability in such proportion as is appropriate to
 reflect not only the relative benefits received by the Corporation on the one hand and the
 Indemnified Person on the other hand but also the relative degrees of fault of the Corporation
 and the Indemnified Person, as well as any other relevant equitable considerations, provided
 that in any event the Corporation shall contribute to the amount paid or payable by the Indemnified
 Person as a result of such expense, cost, loss, claim, action, payment, damage or liability
 any excess of such amount over the amount of the fees actually received by the Indemnified
 Person from the Corporation hereunder. Subject to the exceptions outlined in (i) and (ii)
 above, the Corporation hereby agrees that no Indemnified Person shall have any liability
 to the Corporation or any associate or affiliate thereof or to any of the officers, directors,
 holders of securities or creditors of the Corporation or of any associate or affiliate thereof
 in respect of any Action and hereby waives any right to contribution which the Corporation
 may have against any Indemnified Person from the Corporation. The Corporation hereby waives
 any right which the Corporation may have of first requiring any Indemnified Person to proceed
 or enforce any right, power, remedy or security or to claim payment from any other person
 before claiming under the indemnity provided under this Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 case any Action is brought against an Indemnified Person or an Indemnified Person has received
 notice of the commencement of any investigation in respect of which indemnity may be sought
 against the Corporation, the Indemnified Person will give the Corporation prompt written
 notice of any such Action of which the Indemnified Person has knowledge and the Corporation
 will undertake the investigation and defense thereof on behalf of the Indemnified Person,
 including the prompt employment of counsel acceptable to the Indemnified Persons affected
 and the payment of all expenses. The omission to so notify the Corporation shall not relieve
 the Corporation of any liability which the Corporation may have to any Indemnified Person
 hereunder provided that any such delay in or failure to give notice as herein required does
 not materially prejudice the defense of the Action and does not result in any material increase
 in the liability which the Corporation would otherwise have under the indemnity contained
 herein had the Indemnified Person not so delayed in giving, or failing to give, the notice
 herein required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No
 admission of liability nor settlement, compromise or termination of any Action shall be made
 without the Corporation's consent and the consent of the Indemnified Persons affected,
 such consents not to be unreasonably withheld, delayed or conditioned. Notwithstanding that
 the Corporation will undertake the investigation and defense of any Action, an Indemnified
 Person will have the right to employ separate counsel with respect to any Action and participate
 in the defense thereof, but the fees and expenses of such counsel will be at the expense
 of the Indemnified Person unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 payment of such expenses has been authorized in writing by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Corporation has not assumed the defense of the Action within a reasonable period of time
 after receiving notice of the Action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 named parties to any such Action include both the Corporation and the Indemnified Person
 and the Indemnified Person shall have been advised by counsel to the Indemnified Person in
 writing that there is a conflict of interest between the Corporation and the Indemnified
 Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there
 are one or more defenses available to the Indemnified Person which are different from or
 in addition to those available to the Corporation;

in which case such fees and expenses of such counsel to the Indemnified Person will be for the Corporation's account. The rights accorded to the Indemnified Persons hereunder shall be in addition to any rights an Indemnified Person may have at common law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Corporation hereby acknowledges that the Lead Underwriter acts as trustee for all of the
 other Indemnified Persons of the covenants and obligations of the Corporation contained in
 this Section 11 with respect to such Indemnified Persons and the Lead Underwriter hereby
 accepts such trust and agrees to hold such covenants and obligations on behalf of itself
 and the other Indemnified Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 indemnity and contribution obligations of the Corporation contained herein shall be in addition
 to, and not in substitution for, any liability which the Corporation may otherwise have,
 shall extend upon the same terms and conditions to all Indemnified Persons and shall be binding
 upon and enure to the benefit of the respective successors and assigns of the Corporation
 and of each of the Indemnified Persons, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 indemnity provided in this Section 11 shall not be limited to or otherwise affected by any
 other indemnity obtained from any other person in respect of any matter specified in this
 Agreement and shall continue in full force and effect until all possible liability arising
 out of the transactions contemplated by this Agreement has been extinguished by operation
 of law, provided, however, that no Indemnified Person shall be entitled to "double
 recovery" in respect of any Action.

**12.** **Obligations of the Underwriters to be Several** 

The sale of the Units in connection with the Offering shall be as to the following percentages:

---

| | |
|:---|:---|
| **Underwriter** | **Syndicate Position** |
| Haywood Securities Inc. | 90.0% |
| BMO Nesbitt Burns Inc. | 10.0% |

---

If any one of the Underwriters shall not complete the purchase and sale of its applicable percentage of the aggregate amount of the Units at the Closing Time for any reason whatsoever, the other Underwriter shall have the right, but shall not be obligated, to purchase the Units which would otherwise have been purchased by the Underwriter which fails to purchase. If, with respect to the Units, the non-defaulting Underwriter elects not to exercise such rights to assume the entire obligations of the defaulting Underwriter, then the Corporation shall have the right to terminate its obligations hereunder without liability except in respect of its indemnity and expense obligations in respect of the non-defaulting Underwriter. Nothing in this Section 12 shall oblige the Corporation to sell to the Underwriters less than all of the Units or shall relieve an Underwriter in default hereunder from liability to the Corporation.

**13.** **Action by Underwriters** 

All steps which must or may be taken by the Underwriters in connection with this Agreement, with the exception of the matters relating to termination contemplated by Section 10 or matters relating to indemnity and contribution contemplated by Section 11, may be taken by the Lead Underwriter, on behalf of itself and the other Underwriter, and the execution and delivery of this Agreement by the Corporation and the Underwriters shall constitute the Corporation's authority for accepting any notice, request, direction, certificate, consent or other communication from the Lead Underwriter and for delivering the Units to, or to the order of, the Lead Underwriter. The Lead Underwriter agrees to consult with the other Underwriter with respect to all material matters. The rights and obligations of the Underwriters under this Agreement shall be several and not joint nor joint and several.

**14.** **Advertisements** 

The Corporation acknowledges that the Underwriters shall have the right, subject always to Section 2(e), to place such advertisement or advertisements relating to the Offering contemplated herein as the Underwriters may consider desirable or appropriate and as may be permitted by applicable law, including Applicable Securities Laws. The Corporation and the Underwriters each agree that they will not make or publish any advertisement in any media whatsoever relating to, or otherwise publicize, the transaction provided for herein so as to result in any exemption from the prospectus and registration requirements of applicable securities legislation in any of the provinces and territories of Canada or the United States in which the Units shall be offered or sold not being available.

**15.** **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 Underwriters and shall survive delivery of and payment for the Offered Securities and the subsequent disposition of the Offered Securities by the Underwriters or the termination of the Underwriters' 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 Underwriters 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 Underwriters and shall survive in full force and effect for the benefit of the Corporation for a period of three years following the Closing Date.

**16.** **Entire Agreement** 

This Agreement constitutes the only agreement between the parties with respect to the Offering and shall supersede any and all prior negotiations and understandings, including, without limitation, the Letter Agreement; provided, however, that Section 17 of the Letter Agreement shall survive the execution of this Agreement. This Agreement may be amended or modified in any respect by written instrument only.

**17.** **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.

**18.** **Time** 

Time is of the essence in the performance of the parties' respective obligations under this Agreement.

**19.** **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.

**20.** **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 <br> Email: [\*\*\*]

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 <br> Email: [\*\*\*]

If to the Underwriters, addressed and sent to the Lead Underwriter:

Haywood Securities Inc.

181 Bay Street, Suite 2910

Toronto, Ontario M5J 2T3

Attention: Ryan Matthiesen, Managing Director <br> Email: [\*\*\*]

In case of any notice to the Underwriters, with a copy to:

Bennett Jones LLP

100 King Street West, Suite 3400

Toronto, Ontario M5X 1A4

Attention: Andrew Disipio <br> Email: [\*\*\*]

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 20. 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.

**21.** **Underwriters as Trustee** 

The Corporation acknowledges and agrees that it is the intention of the parties to this Agreement and the Corporation hereby constitutes the Underwriters 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 Underwriters 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.

**22.** **No Fiduciary Duty** 

The Corporation acknowledges and agrees that: (i) the purchase and sale of the Units pursuant to this Agreement, including the determination of the subscription price of the Units and any related discounts and commissions, is an arm's length commercial transaction between the Corporation, on the one hand, and the Underwriters, on the other hand; (ii) in connection with the Offering contemplated hereby and the process leading to such transaction, the Underwriters are and have been acting solely as principals and are not the agents or fiduciaries of the Corporation or its shareholders, creditors, employees or any other party; (iii) the Underwriters have not assumed and will not assume an advisory or fiduciary responsibility in favour of the Corporation with respect to the Offering or the process leading thereto (irrespective of whether the Underwriters have advised or are currently advising the Corporation on other matters) and the Underwriters do not have any obligations to the Corporation with respect to the Offering except the obligations expressly set forth in this Agreement; (iv) the Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Corporation; and (v) the Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the Offering and the Corporation has consulted its own legal, accounting, regulatory and tax advisors to the extent it deemed appropriate.

**23.** **Registration Statement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Corporation shall, as promptly as reasonably practicable and in any event no later than 30
 days after the Closing Date (the "**Filing Deadline** "), prepare and file
 with the SEC an initial Registration Statement (the "**Initial Registration Statement** ")
 covering the resale of all Registrable Securities. Before filing the Registration Statement,
 the Corporation shall furnish to the Underwriters and to Underwriters' Counsel a copy
 of the Registration Statement. The Underwriters and Underwriters' Counsel shall be
 afforded a reasonable opportunity to review solely those portions of the Registration Statement
 and Prospectus that relate to the plan of distribution and selling securityholder information
 concerning the Subscribers, and the Corporation shall consider in good faith any reasonable
 comments thereto. Such Registration Statement also shall cover, to the extent allowable under
 the U.S. Securities Act and the rules promulgated thereunder (including Rule 416), such indeterminate
 number of additional Common Shares resulting from stock splits, stock dividends or similar
 transactions with respect to the Registrable Securities. The Corporation shall use commercially
 reasonable efforts to address in each such document prior to being so filed with the SEC
 such comments as are reasonably proposed by the Underwriters or Underwriters' Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Corporation shall use commercially reasonable efforts to have the Initial Registration Statement
 and any amendment thereto declared effective by the SEC at the earliest possible date but
 no later than the earlier of (i) the 75<sup>th</sup> calendar day following the initial filing
 date of the Initial Registration Statement if the Corporation is notified by the SEC that
 the Initial Registration Statement will be "reviewed" and (ii) the fifth Business
 Day after the date the Corporation is notified (orally or in writing, whichever is earlier)
 by the SEC that the Initial Registration Statement will not be "reviewed" or
 will not be subject to further review (the "**Effectiveness Deadline** ").
 The Corporation shall notify the Underwriters by e-mail as promptly as practicable after
 the Registration Statement or any amendment thereto is declared effective or any Prospectus
 supplement is filed or the Registration Statement or Prospectus is otherwise supplemented.
 The Corporation shall use commercially reasonable efforts to keep a Registration Statement
 continuously effective pursuant to Rule 415 promulgated under the U.S. Securities Act and
 available for the resale of all of the Registrable Securities covered thereby at all times
 until the earliest to occur of the following events: (A) the date on which the Subscribers
 shall have resold all the Registrable Securities covered thereby; and (B) the date on which
 all Registrable Securities may be resold by the Subscribers without registration and without
 regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement
 for the Corporation to be in compliance with the current public information requirement under
 Rule 144 under the U.S. Securities Act or any other rule of similar effect (as set forth
 in a written opinion letter to such effect, addressed, delivered and acceptable to the Corporation's
 transfer agent or registrar) (the "**Registration Period** "). The Registration
 Statement (including any amendments or supplements thereto and prospectuses contained therein)
 shall not contain any untrue statement of a material fact or omit to state a material fact
 required to be stated therein, or necessary to make the statements therein, in light of the
 circumstances in which they were made, not misleading. Notwithstanding the foregoing, the
 Corporation may suspend the use of the Registration Statement and Prospectus for up to 60
 days in any 12-month period (and not more than 30 consecutive days) if the board of directors
 of the Corporation determines in good faith that continued use would (1) require disclosure
 of material non-public information that would be materially detrimental to the Corporation
 or (2) materially interfere with a pending material transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 at any time the SEC takes the position that the offering of some or all of the Registrable
 Securities in any Registration Statement is not eligible to be made on a delayed or continuous
 basis under the provisions of Rule 415 under the U.S. Securities Act (provided, however,
 the Corporation shall be obligated to use commercially reasonable efforts to advocate with
 the SEC for the registration of all of the Registrable Securities), the Corporation shall
 (i) promptly notify the Underwriters and (ii) make commercially reasonable efforts to persuade
 the SEC that the offering contemplated by such Registration Statement is a valid secondary
 offering and not an offering "by or on behalf of the issuer" as defined in Rule
 415. In the event that, despite the Corporation's commercially reasonable efforts and
 compliance with the terms of this Section 23(c), the SEC refuses to alter its position, the
 Corporation shall (A) remove from such Registration Statement such portion of the Registrable
 Securities (the "**Cut-back Shares**") and/or (B) agree to such restrictions
 and limitations on the registration and resale of the Registrable Securities as the SEC may
 require to assure the Corporation's compliance with the requirements of Rule 415 (collectively,
 the "**SEC Restrictions** "). Any Cut-back Shares pursuant to this Section
 23(c) shall be allocated among the Subscribers on a pro rata basis, unless the SEC Restrictions
 otherwise require or provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Corporation shall use commercially reasonable efforts to (i) prevent the issuance of any
 stop order or other suspension of effectiveness and, (ii) if such order is issued, obtain
 the withdrawal of any such order as soon as practicable. The Corporation shall advise the
 Underwriters promptly and shall confirm such advice in writing, in each case: (A) of the
 Corporation's receipt of notice of any request by the SEC or any other federal or state
 governmental authority for amendment of or a supplement to any Registration Statement or
 Prospectus or for any additional information; (B) of the Corporation's receipt of notice
 of the issuance by the SEC or any other federal or state governmental authority of any stop
 order suspending the effectiveness of any Registration Statement or prohibiting or suspending
 the use of any Prospectus or Prospectus supplement, or of the Corporation's receipt
 of any notification of the suspension of qualification of the Registrable Securities for
 offering or sale in any jurisdiction or the initiation or contemplated initiation of any
 proceeding for such purpose; and (C) of the Corporation becoming aware of the happening of
 any event, which makes any statement of a material fact made in any Registration Statement
 or any Prospectus untrue or which requires the making of any additions to or changes to the
 statements then made in any Registration Statement or any Prospectus in order to state a
 material fact required by the U.S. Securities Act to be stated therein or necessary in order
 to make the statements then made therein (in the case of any Prospectus, in light of the
 circumstances under which they were made) not misleading, or of the necessity to amend any
 Registration Statement or any Prospectus to comply with the U.S. Securities Act or any other
 law. The Corporation shall not be required to disclose to the Underwriters the substance
 of the specific reasons of any of the events set forth in each of clauses (A) to (C) of the
 immediately preceding sentence, (each, a "**Suspension Event** "), but rather,
 shall only be required to disclose that the event has occurred. If at any time the SEC, or
 any other federal or state governmental authority issues any stop order suspending the effectiveness
 of any Registration Statement or prohibiting or suspending the use of any Prospectus or Prospectus
 supplement, the Corporation shall use its commercially reasonable efforts to obtain the withdrawal
 of such order at the earliest practicable time. The Corporation shall furnish to the Underwriters,
 without charge, a copy of any correspondence from the SEC or the staff of the SEC, or any
 other federal or state governmental authority to the Corporation or its representatives relating
 to any Registration Statement, Prospectus, or Prospectus supplement as the case may be. In
 the event of a Suspension Event set forth in clause (C) above, the Corporation will use its
 commercially reasonable efforts to publicly disclose such event as soon as reasonably practicable,
 or otherwise resolve the matter such that sales under the Registration Statement may resume;
 provided, however, that if the Corporation has a bona fide business purpose for not making
 such information public, the Corporation may suspend the use of the Registration Statement,
 Prospectus and Prospectus supplement for up to 60 days in any 12-month period (and not more
 than 30 consecutive days).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Corporation shall prepare and file with the SEC any amendments, post-effective amendments
 or supplements to any Registration Statement or Prospectus, as applicable (i) as may be necessary
 to keep such Registration Statement effective for the Registration Period and to comply with
 the provisions of the U.S. Securities Act and the U.S. Exchange Act with respect to the distribution
 of all of the Registrable Securities covered thereby, or (ii) in the reasonable opinion of
 the Corporation and the Underwriters, as may be necessary or advisable in connection with
 any sale or other disposition of Registrable Securities by the Subscribers. The Corporation
 shall not file any amendment or supplement to any Registration Statement or Prospectus, other
 than documents incorporated by reference, the Registrable Securities or the transactions
 contemplated hereby, unless the Underwriters and Underwriters' Counsel shall have been
 afforded a reasonable opportunity to review solely those portions of the Registration Statement
 and Prospectus that relate to the plan of distribution and selling securityholder information
 concerning the Subscribers, and the Corporation shall have considered in good faith any reasonable
 comments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Corporation shall register or qualify the Registrable Securities for the offer and sale under
 the securities or blue sky laws of such jurisdictions reasonably requested by the Underwriters;
 provided, however, that the Corporation shall not be required in connection therewith or
 as a condition thereto to (i) qualify to do business in any jurisdiction where it would not
 otherwise be required to qualify but for this Section 23(f), (ii) subject itself to general
 taxation in any jurisdiction where it would not otherwise be so subject but for this Section
 23(f), (iii) file a general consent to service of process in any such jurisdiction, or (iv)
 file a prospectus or registration statement (or the equivalent) in such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All
 Registration Expenses incurred in connection with registrations pursuant to this Section
 23 shall be borne by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Following
 the earliest of (i) the effective date of any Registration Statement filed with the SEC registering
 the resale of the Registrable Securities, (ii) the date that any Registrable Security may
 be resold without the requirement for adequate current public information about the Corporation
 to be available under Rule 144 promulgated under the U.S. Securities Act, and (iii) the date
 that any Registrable Security is sold or transferred pursuant to Rule 144 or another exemption
 from registration under the U.S. Securities Act that permits the recipient of such Registrable
 Security to hold such Registrable Security not subject to restrictions on transfer, the Corporation
 shall promptly cause its transfer agent and registrar to remove any stop transfer restrictions,
 legends and other equivalent measures with respect to such Registrable Security and shall
 deliver, or cause its counsel to deliver, to the transfer agent or registrar any legal opinion
 or certificate that the transfer agent or registrar shall request or require in connection
 with the removal of such restrictions, legends or other equivalent measures.

**24.** **Successors and Assigns** 

The terms and provisions of this Agreement shall be binding upon and enure to the benefit of the Company, the Underwriters and the Subscribers and their respective executors, heirs, successors and permitted assigns; provided that, except as provided herein or in the Subscription Agreements, this Agreement shall not be assignable by any party without the written consent of the others.

**25.** **Further Assurances** 

Each of the parties hereto shall do or cause to be done all such acts and things and shall execute or cause to be executed all such documents, agreements and other instruments as may reasonably be necessary or desirable for the purpose of carrying out the provisions and intent of this Agreement

**26.** **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.

**27.** **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 Corporation is in agreement with the foregoing terms and conditions, please so indicate by executing a copy of this Agreement where indicated below and delivering the same to the Underwriters.

Yours very truly,

---

| | |
|:---|:---|
| **HAYWOOD SECURITIES INC.** | **HAYWOOD SECURITIES INC.** |
| By: | */s/ Ryan Matthiesen* |
| Name: | Ryan Matthiesen |
| Title: | Managing Director |

---

---

| | |
|:---|:---|
| **BMO NESBITT BURNS INC.** | **BMO NESBITT BURNS INC.** |
| By: | */s/ Haroon Chaudhry* |
| Name: | Haroon Chaudhry |
| Title: | Director |

---

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 |
| Title: | Chief Executive Officer and Director |

---

[*Signature Page to the Underwriting Agreement*]

**Schedule A<br>** <br> UNITED STATES TERMS AND CONDITIONS FOR 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) "**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;(b) "**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;(c) "**General Solicitation or General Advertising**" means "general solicitation or general
 advertising", as used in Rule 502(c) of Regulation D under the U.S. Securities Act,
 including, without limitation, any advertisement, article, notice or other communication
 published in any newspaper, magazine, on the internet or similar media or broadcast over
 radio or television or on the internet, or any seminar or meeting whose attendees had been
 invited by general solicitation or general advertising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Regulation D**" means Regulation D adopted by the SEC under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**SEC** "
 means the United States Securities and Exchange Commission;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**U.S. Affiliate**" of any Underwriter means the U.S. registered broker-dealer affiliate
 of such Underwriter.

All other capitalized terms used but not otherwise defined in this Schedule shall have the meanings assigned to them in the Underwriting Agreement to which this Schedule is attached.

**Representations, Warranties and Covenants of the Corporation**

The Corporation represents, warrants, acknowledges, covenants and agrees with the Underwriters that:

1. The
 Corporation is a Domestic Issuer.

2. 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.

3. 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 the registration requirements of the U.S. Securities Act pursuant to Rule 506(b)
 of Regulation D and exemptions under applicable state securities laws. Except with respect
 to sales of Offered Securities solicited by the Underwriters or, with respect to offers and
 sales in the United States, by the Underwriters through a U.S. Affiliate, to U.S. Accredited
 Investors, solicited by the Underwriters or, with respect to offers and sales in the United
 States, through the U.S. Affiliate, in reliance upon the exemption from registration under
 the U.S. Securities Act provided by Rule 506(b) 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 Underwriters, 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 any offer to sell,
 or any solicitation of an offer to buy, any Offered Securities.

4. Neither
 the Corporation nor any of its affiliates, nor any person acting on any of their behalf (other
 than the Underwriters, 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 taken or will take any action that would cause the exemption afforded
 by Rule 506(b) of Regulation D to be unavailable for offers and sales of the Offered Securities
 pursuant to this Agreement.

5. 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 Rule 506(b) of Regulation D to become unavailable with respect to the offer
 and sale of the Offered Securities.

6. During
 the period in which the Offered Securities are offered for sale, none of the Corporation
 or any person acting on its behalf (other than the Underwriters, their affiliates (including
 their U.S. Affiliates) or any person acting on its or their behalf (including any selling
 group member, if any), in respect of which no representation, warranty or covenant is made)
 has engaged or will engage in any form of General Solicitation or General Advertising with
 respect to offers and sales of the Offered Securities, or in any conduct involving a public
 offering within the meaning of Section 4(a)(2) of the U.S. Securities Act.

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 Underwriters,
 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 Underwriters, 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 Underwriter 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(b) of Regulation D.

**Representations, Warranties and Covenants of the** Underwriters**

Each Underwriter 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 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 to U.S. Accredited Investors, in transactions
 that are exempt from the registration requirements under the U.S. Securities Act pursuant
 to Rule 506(b) of Regulation D and exemptions under applicable state blue sky laws, as provided
 below.

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 Underwriter as if
 such provisions applied directly to its U.S. Affiliate and such selling group member.

3. It
 has not and will not engage in any form of General Solicitation or General Advertising and
 it has not taken and will not take any action involving a public offering within the meaning
 of Section 4(a)(2) of the U.S. Securities Act in connection with the offer or sale of the
 Offered Securities.

4. All
 offers of Offered Securities for sale by the Corporation shall be solicited and arranged
 by the Underwriter or, with respect to offers and sales in the United States, 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 federal and state securities (including broker-dealer) laws.
 The U.S. Affiliate will arrange for all offers of Offered Securities for sale by the Corporation
 in the United States in compliance with all applicable United States federal and state broker-dealer
 requirements and this Schedule.

5. At
 the time of completion of each sale by the Corporation the Underwriter, its U.S. Affiliate,
 their respective affiliates, and any person acting on behalf of any of them will have reasonable
 grounds to believe and will reasonably believe that each purchaser of Offered Securities
 is a U.S. Accredited Investor.

6. Prior
 to arranging for any sale of Offered Securities by the Corporation, it shall cause each purchaser
 to execute a Subscription Agreement in a form mutually acceptable to the Corporation and
 the Underwriter.

7. 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.

8. At
 the Closing, the U.S. Affiliate and Underwriter 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, will provide a certificate, substantially in
 the form of Exhibit I, relating to the manner of the offer and sale of the Offered Securities
 in the United States, 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.

9. Each
 purchaser will be informed that the Offered Securities have not been registered under the
 U.S. Securities Act and are being offered and sold to such purchaser in reliance on an exemption
 from the registration requirements of the U.S. Securities Act.

10. None
 of the Underwriter, 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.

11. With
 respect to Offered Securities, neither the Underwriter nor its affiliates (including its
 U.S. Affiliate), any general partner or managing member of the Underwriter, any director,
 executive officer or other officer of the Underwriter participating in the offering of the
 Offered Securities or general partner or managing member of the Underwriter or any officer,
 employee or agent of the Underwriter or general partner or managing member of the Underwriter
 that have been or will be paid (directly or indirectly) remuneration for solicitation of
 purchasers of any Offered Securities (each, an "**Underwriter Covered Person** "
 and collectively, the "**Underwriter Covered Persons**") is subject to any
 Disqualification Event. Each Underwriter will notify the Corporation in writing, prior to
 any offer or sale of Offered Securities, of (i) any Disqualification Event relating to any
 Underwriter 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 Disqualification
 Event relating to any Underwriter Covered Person. As of the Closing Date, the Underwriter
 represents that it is not aware of any person (other than any Underwriter 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.

12. It
 acknowledges that the Compensation Options and the underlying Compensation Option Shares
 have not been registered under the U.S. Securities Act or any state securities laws. In connection
 with the issuance of the Compensation Options, the Underwriter represents, warrants and covenants
 that it is acquiring or will acquire the Compensation Options as principal for its own account
 and not for the benefit of any other person. It represents, warrants and covenants that it
 is a U.S. Accredited Investor and acknowledges that the Compensation Options and the underlying
 Compensation Option Shares are being issued pursuant to an exemption from the registration
 requirements of the U.S. Securities Act and applicable state securities laws, and will be
 "restricted securities" within the meaning of Rule 144 under the U.S. Securities
 Act and may be reoffered and resold only in transactions exempt from the registration requirements
 of the U.S. Securities Act and applicable state securities laws. The Underwriter acknowledges
 and agrees that the Compensation Options may not be exercised and the underlying Compensation
 Option Shares may not be delivered, unless such exercise is exempt from registration under
 the U.S. Securities Act and applicable state securities laws.

**EXHIBIT I TO** Schedule A**

**(TERMS AND CONDITIONS OF U.S. SALES)**

**UNDERWRITERS' CERTIFICATE**

In connection with the offer and sale to persons in the United States of Common Shares and Warrants (collectively, the "**Units**") of Bunker Hill Mining Corp. (the "**Corporation**") pursuant to an underwriting agreement (the "**Underwriting Agreement**") effective as of September 29, 2025 between the Corporation and the Underwriters named in the Underwriting Agreement, [●] (the "**Underwriter**") and [●] (the "**U.S. Affiliate**"), the U.S. broker-dealer affiliate of the Underwriter, 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 a person in the United States, 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 persons in the United States 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 persons in the United
 States, we had reasonable grounds to believe and did believe, and had taken reasonable steps
 to verify, that each offeree was a U.S. Accredited Investor, and, on the date hereof, we
 continue to believe that each such person purchasing Units from the Corporation is a U.S.
 Accredited Investor;

4. the
 offers and solicitations of offers of the Units to persons in the United States have been
 conducted by us in accordance with the terms of the Underwriting Agreement;

5. in
 connection with each sale of Units to persons in the United States, we caused each such purchaser
 to execute and deliver to the Corporation a Subscription Agreement in the form agreed by
 the Corporation and the Underwriter; and

6. none
 of the Underwriter Covered Persons is subject to any Disqualification Event, and the undersigned
 are not aware of any person (other than any Underwriter 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 persons in the United States.

Terms used in this certificate have the meanings given to them in the Underwriting Agreement unless otherwise defined herein.

Dated this _____ day of _______________, 2025.

---

| | |
|:---|:---|
| **[INSERT NAME OF UNDERWRITER]** | **[INSERT NAME OF U.S. AFFILIATE]** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |

---

## Exhibit 4.1

**EXHIBIT 4.1**

*Execution Version*

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL, AND THE REGISTRANT TREATS SUCH INFORMATION AS PRIVATE AND CONFIDENTIAL. [\*\*\*] INDICATES THAT INFORMATION HAS BEEN REDACTED.

**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 September 29, 2025

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | Page |
| Article 1 INTERPRETATION | Article 1 INTERPRETATION | 2 |
| 1.1 | Definitions | 2 |
| 1.2 | Gender and Number | 6 |
| 1.3 | Headings, Etc. | 6 |
| 1.4 | Day not a Business Day | 6 |
| 1.5 | Time of the Essence | 6 |
| 1.6 | Monetary References | 6 |
| 1.7 | Applicable Law | 7 |
| Article 2 ISSUE OF WARRANTS | Article 2 ISSUE OF WARRANTS | 7 |
| 2.1 | Creation and Issue of Warrants | 7 |
| 2.2 | Terms of Warrants | 7 |
| 2.3 | Warrantholder not a Shareholder | 8 |
| 2.4 | Warrants to Rank Pari Passu | 8 |
| 2.5 | Form of Warrants, Warrant Certificates | 8 |
| 2.6 | Book Entry Warrants | 8 |
| 2.7 | Warrant Certificate | 10 |
| 2.8 | Legends | 12 |
| 2.9 | Register of Warrants | 14 |
| 2.10 | Issue in Substitution for Warrant Certificates Lost, etc. | 15 |
| 2.11 | Exchange of Warrant Certificates | 15 |
| 2.12 | Transfer and Ownership of Warrants | 16 |
| 2.13 | Cancellation of Surrendered Warrants | 17 |
| Article 3 EXERCISE OF WARRANTS | Article 3 EXERCISE OF WARRANTS | 17 |
| 3.1 | Right of Exercise | 17 |
| 3.2 | Warrant Exercise | 17 |
| 3.3 | Legended Certificates | 20 |
| 3.4 | Transfer Fees and Taxes | 21 |
| 3.5 | Warrant Agency | 21 |
| 3.6 | Effect of Exercise of Warrant Certificates | 22 |
| 3.7 | Partial Exercise of Warrants; Fractions | 22 |
| 3.8 | Expiration of Warrants | 23 |
| 3.9 | Accounting and Recording | 23 |
| 3.10 | Securities Restrictions | 23 |

---

i

**Table of Contents** (continued)

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| | | |
|:---|:---|:---|
| | | Page |
| Article 4 ADJUSTMENT OF NUMBER OF Warrant SHARES AND EXERCISE PRICE | Article 4 ADJUSTMENT OF NUMBER OF Warrant SHARES AND EXERCISE PRICE | 23 |
| 4.1 | Adjustment of Number of Warrant Shares and Exercise Price | 23 |
| 4.2 | Entitlement to Warrant Shares on Exercise of Warrant | 27 |
| 4.3 | No Adjustment for Certain Transactions | 28 |
| 4.4 | Determination by Independent Firm | 28 |
| 4.5 | Proceedings Prior to any Action Requiring Adjustment | 28 |
| 4.6 | Certificate of Adjustment | 28 |
| 4.7 | Notice of Special Matters | 28 |
| 4.8 | No Action after Notice | 29 |
| 4.9 | Other Action | 29 |
| 4.10 | Protection of Warrant Agent | 29 |
| 4.11 | Participation by Warrantholder | 29 |
| Article 5 RIGHTS OF THE CORPORATION AND COVENANTS | Article 5 RIGHTS OF THE CORPORATION AND COVENANTS | 30 |
| 5.1 | Optional Purchases by the Corporation | 30 |
| 5.2 | General Covenants | 30 |
| 5.3 | Warrant Agent's Remuneration and Expenses | 31 |
| 5.4 | Performance of Covenants by Warrant Agent | 31 |
| 5.5 | Enforceability of Warrants. | 31 |
| Article 6 ENFORCEMENT | Article 6 ENFORCEMENT | 32 |
| 6.1 | Suits by Registered Warrantholders | 32 |
| 6.2 | Suits by the Corporation | 32 |
| 6.3 | Immunity of Shareholders, etc. | 32 |
| 6.4 | Waiver of Default | 32 |
| Article 7 MEETINGS OF REGISTERED WARRANTHOLDERS | Article 7 MEETINGS OF REGISTERED WARRANTHOLDERS | 33 |
| 7.1 | Right to Convene Meetings | 33 |
| 7.2 | Notice | 33 |
| 7.3 | Chairman | 33 |
| 7.4 | Quorum | 33 |
| 7.5 | Power to Adjourn | 34 |
| 7.6 | Show of Hands | 34 |
| 7.7 | Poll and Voting | 34 |
| 7.8 | Regulations | 34 |
| 7.9 | Corporation and Warrant Agent May be Represented | 35 |

---

ii

**Table of Contents** (continued)

---

| | | |
|:---|:---|:---|
| | | Page |
| 7.10 | Powers Exercisable by Extraordinary Resolution | 35 |
| 7.11 | Meaning of Extraordinary Resolution | 36 |
| 7.12 | Powers Cumulative | 37 |
| 7.13 | Minutes | 37 |
| 7.14 | Instruments in Writing | 37 |
| 7.15 | Binding Effect of Resolutions | 37 |
| 7.16 | Holdings by Corporation Disregarded | 37 |
| Article 8 SUPPLEMENTAL INDENTURES | Article 8 SUPPLEMENTAL INDENTURES | 38 |
| 8.1 | Provision for Supplemental Indentures for Certain Purposes | 38 |
| 8.2 | Successor Entities | 39 |
| Article 9 CONCERNING THE WARRANT Agent | Article 9 CONCERNING THE WARRANT Agent | 39 |
| 9.1 | Trust Indenture Legislation | 39 |
| 9.2 | Rights and Duties of Warrant Agent | 39 |
| 9.3 | Evidence, Experts and Advisers | 40 |
| 9.4 | Documents, Monies, etc. Held by Warrant Agent | 41 |
| 9.5 | Actions by Warrant Agent to Protect Interest | 41 |
| 9.6 | Warrant Agent Not Required to Give Security | 41 |
| 9.7 | Protection of Warrant Agent | 41 |
| 9.8 | Replacement of Warrant Agent; Successor by Merger | 42 |
| 9.9 | Acceptance of Agency | 43 |
| 9.10 | Warrant Agent Not to be Appointed Receiver | 43 |
| 9.11 | Warrant Agent Not Required to Give Notice of Default | 43 |
| 9.12 | Anti-Money Laundering | 44 |
| 9.13 | Compliance with Privacy Code | 44 |
| 9.14 | Security and Exchange Commission Certification | 45 |
| Article 10 GENERAL | Article 10 GENERAL | 45 |
| 10.1 | Notice to the Corporation and the Warrant Agent | 45 |
| 10.2 | Notice to Registered Warrantholders | 46 |
| 10.3 | Ownership of Warrants | 46 |
| 10.4 | Counterparts | 47 |
| 10.5 | Satisfaction and Discharge of Indenture | 47 |
| 10.6 | Provisions of Indenture and Warrants for the Sole Benefit of Parties and Registered Warrantholders | 47 |
| 10.7 | Common Shares or Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided | 47 |
| 10.8 | Severability | 48 |
| 10.9 | Force Majeure | 48 |
| 10.10 | Assignment, Successors and Assigns | 48 |
| 10.11 | Rights of Rescission and Withdrawal for Holders | 48 |
| SCHEDULE "A" FORM OF WARRANT | SCHEDULE "A" FORM OF WARRANT | A-1 |
| SCHEDULE "B" EXERCISE FORM | SCHEDULE "B" EXERCISE FORM | B-1 |
| SCHEDULE "C" FORM OF PURCHASER CERTIFICATION UPON EXERCISE OF WARRANTS | SCHEDULE "C" FORM OF PURCHASER CERTIFICATION UPON EXERCISE OF WARRANTS | C-1 |

---

iii

**WARRANT INDENTURE**

**THIS WARRANT INDENTURE** is dated as of September 29, 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 underwriting agreement dated September 29, 2025 between the Corporation and Haywood Securities Inc. and BMO Capital Markets (collectively the "**Underwriters**"), the Corporation is proposing to issue up to 431,250,000 Warrants (as defined herein) pursuant to this Indenture in connection with a bought-deal private placement (the "**Bought Deal Private Placement**") of up to 431,250,000 units of the Corporation (each, a "**Unit**" and, collectively, the "**Units**"), inclusive of the up to 56,250,000 additional Units issuable pursuant to an option, exercisable in whole or in part by the Underwriters at any time up to 48 hours before the closing date of the Bought Deal Private Placement;

**AND WHEREAS** each Unit issued pursuant to the Bought Deal Private Placement will consist of one Common Share (as defined herein) and 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**

**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;

"**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;

"**Bought Deal Private Placement**" has the meaning set forth 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**" has the meaning set forth in the preamble;

"**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;

"**Dividends**" means any dividends paid by the Corporation;

"**DTCC**" means the Depository Trust & Clearing 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 $0.17 per Warrant Share, payable in immediately available Canadian funds, subject to adjustment in accordance with the provisions of Section 4.1;

"**Expiry Date**" means September 29, 2030;

"**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;

"**Purchaser Letter**" means the Purchaser certification upon exercise of warrants in substantially the form attached hereto as Schedule "C";

"**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;

"**Underwriters**" has the meaning set forth in the recitals;

"**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 set forth 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. 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, set forth 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**

**ISSUE OF WARRANTS**

**2.1** **Creation and Issue of Warrants** 

A maximum of 431,250,000 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 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 AND RULE 905 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 RULE 144 UNDER THE U.S. SECURITIES ACT 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, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C) 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 within the United States in accordance with Rule 144 of Regulation D or outside the United States in accordance with Rule 904 and Rule 905 of Regulation S, this legend may be removed by the transferor providing 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 JANUARY 30, 2026."**

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 JANUARY 30, 2026."**

(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) 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
 or person requesting delivery of the Warrant Shares issuable upon the exercise of the Warrants
 must provide (a) a completed and executed 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 Accredited Investor Certificate attached to the subscription agreement of the Corporation
 in connection with its purchase of Units pursuant to the Bought Deal Private Placement under
 which the Warrants were issued, such Warrantholder will not be required to deliver a 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 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** **Legended Certificates** 

(1) Warrants
 which bear the legend set forth in Section 2.8(1) may be exercised, and Warrant Shares issued
 upon exercise of any such Warrants may be delivered, provided that (a) the Person exercising
 the Warrants (i) is an original purchaser who purchased the Warrants directly from the Corporation
 (ii) is an "accredited investor" as defined in Rule 501(a) of Regulation D and
 (b) delivers a completed and executed 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 Accredited Investor Certificate attached to the subscription agreement
 of the Corporation in connection with its purchase of Units pursuant to the Bought Deal Private
 Placement under which the Warrants were issued, such Warrantholder will not be required to
 deliver a 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 Accredited Investor Certificate remain true and correct and the Warrantholder represents
 to the Corporation as such.

 ****

(2) 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(1) 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 AND RULE 905 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 RULE 144 UNDER THE U.S. SECURITIES ACT 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, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C) 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 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."**

(3) 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 JANUARY 30, 2026."**

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 JANUARY 30, 2026."**

**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 forty-five
 (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 ninety-five percent (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 twenty-five (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 one percent (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 fourteen (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**

**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 fifty-one percent (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**

**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 thirty (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 twenty-one (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 fifty percent (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
 five percent (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;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 amend, alter or repeal any Extraordinary Resolution previously passed or sanctioned by the
 Registered Warrantholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

**7.11** **Meaning of Extraordinary Resolution** 

(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 sixty-six and two-thirds percent (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.

(2) If,
 at the meeting at which an Extraordinary Resolution is to be considered, Registered Warrantholders
 holding at least twenty-five percent (25%) of the aggregate number of Warrant Shares that
 may be acquired are not present in person or by proxy within thirty (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 fifteen (15) or more than sixty (60) days
 later, and to such place and time as may be appointed by the chairman. Not less than fourteen
 (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 twenty-five percent (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.

(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.

**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.

**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.

**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 sixty-six and two-thirds percent (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.

**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.

**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**

**SUPPLEMENTAL INDENTURES**

**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;(a) setting
 forth any adjustments resulting from the application of the provisions of Article 4;

&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;(c) giving
 effect to any Extraordinary Resolution passed as provided in Section 7.11;

&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;(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;(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;(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;(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.

**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**

**9.1** **Trust Indenture Legislation** 

(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.

(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.

**9.2** **Rights and Duties of Warrant Agent** 

(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.

(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.

(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.

(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.

**9.3** **Evidence, Experts and Advisers** 

(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.

(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.

(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.

(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.

(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.

**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.

**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.

**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.

**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;(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;(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;(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;(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;(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;(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 (i) breach by
 any other party of securities law or other rule of any securities regulatory authority, (ii)
 lost profits or (iii) special, indirect, incidental, consequential, exemplary, aggravated
 or punitive losses or damages.

**9.8** **Replacement of Warrant Agent; Successor by Merger** 

(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 sixty
 (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.

(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.

(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.

(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).

**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.

**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.

**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.

**9.12** **Anti-Money Laundering** 

(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.

(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.

**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;(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;(b) to
 help the Warrant Agent manage its servicing relationships with such individuals;

&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;(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, <u>www.computershare.com</u>, 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.

**9.14** **Security and Exchange Commission Certification** 

The Corporation confirms that it has either (i) a class of securities registered pursuant to Section 12 of the US Securities Exchange Act of 1934, as amended (the "Act"); or (ii) a reporting obligation pursuant to Section 15(d) of the Act, and has provided the Warrant Agent with an Officers' Certificate (in a form provided by the Warrant Agent) certifying such reporting obligation and other information as requested by the Warrant Agent. The Corporation covenants that in the event that any such registration or reporting obligation shall be terminated by the Corporation in accordance with the Act, the Corporation shall promptly notify the Warrant Agent of such termination and such other information as the Warrant Agent may require at the time. The Corporation acknowledges that the Warrant Agent is relying upon the foregoing representation and covenants in order to meet certain United States Securities and Exchange Commission ("**SEC**") obligations with respect to those clients who are filing with the SEC.

**Article 10<br> GENERAL**

**10.1** **Notice to the Corporation and the Warrant Agent** 

(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;(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: [\*\*\*]

&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: [\*\*\*]

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.

(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.

(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.

**10.2** **Notice to Registered Warrantholders** 

(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.

(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.

**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.

**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.

**10.5** **Satisfaction and Discharge of Indenture** 

Upon the earlier of:

&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;(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.

**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.

**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;(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;(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.

**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.

**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.

**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.

**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: | Chief Financial Officer 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 SEPTEMBER 29, 2030, 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 JANUARY 30, 2026.**

**<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 JANUARY 30, 2026.**

*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 AND RULE 905 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 RULE 144 UNDER THE U.S. SECURITIES ACT 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, PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C) 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 | Certificate for_____________________________________ |
| Certificate No. ____ | <br> 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,

(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 September 29, 2030 (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:

(a) duly
 completing and executing the exercise form (the "**Exercise Form**") attached
 hereto; and

(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 $0.17 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 September 29, 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. These Warrants may not be exercised 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: |  |  |
| **COMPUTERSHARE TRUST COMPANY OF CANADA** | **COMPUTERSHARE TRUST COMPANY OF CANADA** | By: |  |
|  |  |  | Authorized Signatory |
| By: |  |  |  |
|  | Authorized Signatory |  |  |

---

**FORM OF TRANSFER**

To: Computershare Trust Company of Canada<br>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 and Rule 905 of Regulation S under the U.S. Securities Act, and in compliance with any applicable local securities laws and regulations, 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, 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 Box B is checked, the Warrant Certificate shall bear the U.S. restrictive legend.

☐ If transfer is to a U.S. Person, check this box.

DATED this ____ day of_________________, 20____.

---

| |
|:---|
| Signature of Transferor |
| 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): Value per Warrant on the date of event:

---

| | | |
|:---|:---|:---|
| ![](ex4-1_001.jpg)<br>| ![](ex4-1_002.jpg) | **☐ CAD <u>OR</u> ☐** |

---

**USD**

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 Internal Revenue Service 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 $0.17, 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 (a) is the original purchaser who purchased the Warrants pursuant to the Corporation's Unit offering who delivered the Accredited Investor Certificate 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 "accredited investor" as defined in Rule 501(a) 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 Accredited Investor Certificate remain true and correct as of the date of exercise of these Warrants; OR

☐ (B) the undersigned holder has delivered to the Corporation and the Corporation's transfer agent (a) a completed and executed Purchaser Letter in substantially the form attached to the Warrant Indenture as Schedule "C" 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 unless Box A or B above is checked.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If Box B 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__.

---

| |
|:---|
| (Signature of Warrantholder, to be the same as |
| 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 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 September 29, 2025 between the Corporation and Computershare Trust Company of Canada.

We hereby confirm that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) we
 are "accredited investor" as defined in Rule 501(a) of Regulation D under the
 United States Securities Act of 1933 (the "**U.S. Securities Act** ");

&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;(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;(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 and Rule 905 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;(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;(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 and Rule 905 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 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 Purchaser) |
| By: |
| Name: |
| Title: |

---

## Exhibit 10.1

**EXHIBIT 10.1**

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL, AND THE REGISTRANT TREATS SUCH INFORMATION AS PRIVATE AND CONFIDENTIAL. [\*\*\*] INDICATES THAT INFORMATION HAS BEEN REDACTED.

**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. 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** |
|  | **In order to participate in the Offering, you must deliver the following documents to the applicable Underwriter or U.S. Affiliate, as may be applicable, pursuant to Section 3(a) of the Terms and Conditions.** |
|  | **<u>ALL PURCHASERS MUST:</u>** |
| ☐ | Read this Subscription Agreement. |
| ☐ | Complete and execute page ii of this Subscription Agreement and complete pages iii to v, as applicable. |
| ☐ | Read and complete the Accredited Investor Certificate attached as Schedule A. |
|  | **<u>ALL PURCHASERS RESIDENT IN CANADA MUST ALSO:</u>** |
| ☐ | Complete and execute the Purchaser Certificate attached as Schedule B and, if required, the Individual Risk Acknowledgment Form attached as Attachment 1 to Schedule B. |
|  | **<u>ALL PURCHASERS RESIDENT IN A JURISDICTION OUTSIDE OF CANADA AND THE UNITED STATES MUST ALSO</u>:** |
| ☐ | Complete and execute the International Purchaser Certificate attached as Schedule C. |
|  | **<u>IMPORTANT: NON-INDIVIDUAL PURCHASERS</u>:** |
| ☐ | 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 D (to the extent necessary). |
|  | **<u>PAYMENT</u>**: |
| ☐ | Make payment for the Units as required by Section 2 of the Terms and Conditions. |

---

A completed and executed copy of this Subscription Agreement, including the items required to be completed as set out above, must be delivered by **<u>no later than 1:00 p.m. (Vancouver time) on September 17, 2025</u> to Haywood Securities Inc., 700 – 200 Burrard Street, Vancouver, BC V6C 3L6, Attention: Michelle Jankovich, Email:** [\*\*\*]**.**

i

**SUBSCRIPTION AGREEMENT**

**FOR UNITS OF BUNKER HILL MINING CORP.**

**(Canada, U.S. and International Jurisdictions)**

---

| | |
|:---|:---|
| **TO:** | Bunker Hill Mining Corp. (the **"Company**") |
| **AND TO:** | Haywood Securities Inc. (the "**Lead Underwriter**") for and on behalf of a syndicate of underwriters (collectively, the "**Underwriters**") and all applicable U.S. registered broker-dealer affiliates of the Underwriters (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 US$0.08711 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 Common Share purchase warrant (a "**Warrant**"), with each 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 C$0.17 per Warrant Share for a period of 60 months 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 Underwriters' Option (as defined herein) and all references to the "**Offering**" shall include the exercise of the Underwriters' Option.

This subscription agreement, the Terms and Conditions and the completed and executed schedules attached hereto, as applicable, 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 Underwriters 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: ________________** xUS$0.08711 | **Aggregate Subscription Price: US$_____________________** |

---

---

| | |
|:---|:---|
| <u>**<u>Purchaser's Information and Signature</u>:**</u> | <u>**<u>Registration Instructions (if different) (which may be superseded by instructions from the Underwriters)</u>**:</u> |
| <br> *Name of Purchaser (please print)* | *Name* |
| <br> *Signature (of individual or authorized signatory)* | *Account Reference, if applicable* |
| <br> *Official Capacity or Title (of authorized signatory, if applicable)* |  |
| (*Please print name of signatory if different from the name of the Purchaser printed above*.) | *Address, including postal code/zip code* |
| Purchaser's Address, including Province/State and Country: | <u>**<u>Delivery Instructions (if different)</u>:**</u> |
|  | *Name* |
|  | *Account Reference, if applicable* |
|  | *Address, including postal code/zip code* |
| Telephone Number: _____________________________ | *Telephone Number and Contact Name* |
| E-mail Address: ________________________________ | |

---

iii

**Beneficial Purchaser Information**

---

| | |
|:---|:---|
| **Name of beneficial Purchaser ("Beneficial Purchaser") (if not the same as the Purchaser):** | **Beneficial Purchaser's**<br> **Telephone Number**:<br>|
| *Name of Beneficial Purchaser (please print)* |  |
| **Beneficial Purchaser's Address, including Province/State and Country**: | Beneficial Purchaser's E-mail Address: |

---

**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>|
| *Name of Principal (please print)* |  |
| <br> **Principal's Address, including Province/State and Country**: | <br> **Principal's E-mail Address**:<br>|

---

iv

**<u>Additional Purchaser Information</u>**

**<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:

(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;(i) beneficial
 ownership of, or control or direction over, directly or indirectly, or

(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 D 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 Underwriters in the Underwriting 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 Underwriters) and that the Purchaser is entitled to rely thereon‎.

**BUNKER HILL MINING CORP.**

---

| | | |
|:---|:---|:---|
| Per: | ___________________________________<br>| **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 minimum 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. Physical certificates or direct registration statements ("DRS") representing the Securities will be endorsed with appropriate restrictive legends. The Company will undertake to file a registration statement (the "Registration Statement") under the U.S. Securities Act and to cause the Registration Statement to become effective, in order to permit the resale of the Securities without restriction in the United States. There is no guarantee that the Registration Statement to be filed by the Company with respect to the Securities will become effective.**

**SUBSCRIPTION AGREEMENT**

**TERMS AND CONDITIONS**

1. <u>Acceptance</u> 

In consultation with the Underwriters, 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 Underwriters, has the right to allot to any Purchaser less than the amount of the Units subscribed for. Pursuant to the terms of the Underwriting Agreement to be entered into by the Company with the Underwriters on or prior to the Closing Date (the "**Underwriting Agreement**"), the Underwriters will arrange, on a "bought deal" private placement basis, for substituted purchasers to purchase the Units under the Offering. In accordance with the terms and conditions of the Underwriting 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. The terms of the Offering are further details in Schedule E – Term Sheet, attached hereto.

2. <u>Payment</u> 

Payment of the Subscription Amount must accompany this subscription. The Purchaser shall deliver the aggregate amount payable in respect of the Units subscribed for hereunder to the applicable Underwriter, or with respect to any Purchaser who is 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), to the U.S. Affiliate, in each case at or before the Closing Time on the Closing Date, by wire, certified cheque or bank draft to the applicable Underwriter or U.S. Affiliate, as the case may be, or payable in such other manner as may be specified by the Underwriters.

3. <u>Deliveries</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Purchaser will complete, sign and return to the Lead Underwriter this Subscription Agreement
 to the email address on the face page hereof, together will all documents required by applicable
 Securities Laws (as defined below) for delivery to the Company on behalf of the Purchaser,
 including the following documents, as soon as possible and, in any event **not later than 1:00 p.m. (Vancouver time) on September 17, 2025:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 completed and executed copy of the "Accredited Investor Certificate" attached
 hereto as Schedule A (the "**Accredited Investor Certificate** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 the Purchaser is a resident of Canada, a completed and executed copy of the Purchaser Certificate
 in the form attached as Schedule B hereto (the "**Purchaser Certificate** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 acknowledgment form attached as Attachment
 1 to Schedule B (the "**Individual Risk Acknowledgment Form** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) 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;(v) 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 D, 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;(vi) such
 other documents as may be reasonably requested by the Company or the Underwriters.

The Purchaser acknowledges and agrees that this offer and all other documents, delivered in connection with this Subscription will be held by the Underwriters until such time as the conditions set out in the Underwriting Agreement are satisfied by the Company or waived by the Underwriters.

&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) acceptance
 of this Subscription Agreement by the Company; (ii) performance by the Purchaser of its covenants
 under and in accordance with this Subscription Agreement; (iii) the truth and accuracy, 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 Underwriting 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; and (vii) 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 Underwriters and, as applicable, 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 Underwriters 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 each of the provinces and territories
 of Canada, 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 or Toronto, Ontario.

4. <u>Closing</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Closing
 of this subscription for the Units (the "**Closing**") will be completed electronically
 at such time (the "**Closing Time**") and date (the "**Closing Date** ")
 as the Underwriters and the Company may agree. If, at the Closing Time, the terms and conditions
 contained in the Underwriting Agreement have been complied with to the satisfaction of the
 Underwriters or waived by the Underwriters, the Underwriters 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 or DRS representing the Unit Shares and the Warrants, and (ii) delivery by
 the Company of such other documentation as may be required by the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Underwriter retains the right to exercise or not to exercise, as it determines in its sole
 discretion, the rights of termination in the Underwriting Agreement, and such Underwriter
 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 Closing does not otherwise occur, the Underwriters, 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 Underwriters representing the purchase
 price for the Units, without interest, to the Purchaser.

5. <u>Authority of the Underwriters</u> 

The Purchaser hereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) appoints
 the Underwriters, with full power of substitution, as its agent to act as its representative
 at the Closing, including to approve any opinions, certificates or other documents addressed
 to the Purchaser and provided for by the Underwriting 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;(b) irrevocably
 authorizes the Underwriters to negotiate and settle the Underwriting Agreement and 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
 Underwriters may determine, acting reasonably; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) acknowledges
 and agrees that the Underwriters and the Company may vary, amend, alter or waive, in whole
 or in part, one or more of the terms set forth in the Underwriting 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 Underwriters 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.

This power of attorney is irrevocable, is coupled with an interest and has been given for valuable consideration, the receipt and adequacy of which are acknowledged by the Purchaser. This power of attorney and other rights and privileges granted under this section will survive any legal or mental incapacity, dissolution, bankruptcy or death of the Purchaser. This power of attorney extends to the heirs, executors, administrators, other legal representatives and successors, transferees and assigns of the Purchaser. Any person dealing with the Underwriters may conclusively presume and rely upon the fact that any document, instrument or agreement executed by the Underwriters pursuant to this power of attorney are authorized and binding on the Purchaser, without further inquiry. The Purchaser agrees to be bound by any representations or actions made or taken by the Underwriters pursuant to this power of attorney, and waives any and all defences that may be available to contest, negate or disaffirm any action of the Underwriters taken in good faith under this power of attorney relating to the Offering.

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 150,000,000 Units at the Offering Price for aggregate
 gross proceeds of C$18,000,000 and 225,000,000 Units at a price of US$0.08711 per Unit for
 aggregate gross proceeds of US$19,599,750 (collectively, the "**Offering** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 connection with the Offering, the Underwriters have been granted an option (the "**Underwriters' Option**") to increase the size of the Offering by up to 56,250,000 additional Units
 (the "**Additional Units**") at the Offering Price per Additional Unit, for
 additional gross proceeds of up to C$6,750,000, on the same terms and conditions as the Units,
 and the Underwriters' Option shall be exercisable by the Lead Underwriter on behalf
 of the Underwriters, in whole or in part, at any time up to 48 hours before the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 Unit will consist of one Unit Share and one Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each
 Warrant shall entitle the holder to acquire one Warrant Share at a price of C$0.17 per Warrant
 Share for a period of 60 months following the date of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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 Underwriters,
 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
 and the Warrant Indenture, the provisions of the Warrant Indenture will prevail and take
 precedence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) There
 is no market for the Warrants and none is expected to develop.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) 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;(i) 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;(j) 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;(k) 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;(l) 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;(m) 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;(n) 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;(o) There
 is no government or other insurance covering the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) 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;(q) 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;(r) 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;(s) There
 is no guarantee that the Registration Statement shall be declared effective by the United
 States Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) 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;(u) 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;(v) 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;(w) The
 Unit Shares and the Warrants comprising the Units may, at the election of the applicable
 Underwriter, be issued as global certificates in favour of the Underwriter which may be delivered
 in electronic form or such other basis as such Underwriter determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The
 Company may complete additional financings in the future in addition to the 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 then current
 stockholders, including the Purchaser.

**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 Underwriters and, as applicable, 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 Underwriters, 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 Underwriters) 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 ii of this Subscription 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 Underwriters
 nor, as applicable, 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 Underwriting 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 Underwriters or, as applicable, 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 DRS 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 DRS 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 Underwriters 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 Underwriters are acting solely as underwriters 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) Blake,
 Cassels & Graydon LLP ()"**Blakes**") is acting solely as Canadian legal
 counsel to the Company, and Bennett Jones LLP ()"**Bennett Jones**") is acting
 solely as Canadian legal counsel to the Underwriters, 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 Underwriters or as otherwise described in Section 10, 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 Underwriters 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 Underwriters 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 iii 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 B 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 Underwriters 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) 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;(ee) the
 Purchaser confirms, represents and warrants that the Purchaser and any Beneficial Purchaser
 for whom it is acting as agent or trustee, is an "accredited investor" (an "**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 A to the
 Subscription Agreement indicating which category of Accredited Investor that the Purchaser
 and any such Beneficial Purchaser satisfies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) 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 Underwriter 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 Underwriters or their respective counsel,
 deliver to the Company and the Underwriters 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 Underwriters and their respective
 counsel, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) 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;(hh) the
 funds to purchase the Units which will be advanced by the Purchaser to the Company and the
 Underwriters 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 Underwriters 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 Underwriters if the Purchaser discovers that any
 of such representations ceases to be true, and to provide the Company and the Underwriters
 with appropriate information in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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 Underwriters 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 Underwriters, the U.S. Affiliates (as applicable) 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 Underwriters and the U.S. Affiliates (as applicable) 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 Underwriters, 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 Underwriters and the U.S. Affiliates (as applicable) 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 Underwriting 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 Underwriting 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 Underwriters will, subject to the terms of the Underwriting Agreement, receive from the Company a cash commission (the "**Cash Commission**") equal to 6% of the aggregate gross proceeds raised in the Offering (including any exercise of the Underwriters' Option); provided that the Cash Commission will be equal to 2% of the aggregate gross proceeds raised in the Offering from certain Purchasers in respect of which the Company will be paying a cash fee to Zed Financial Partners (as described below) and the Cash Commission will be equal to 3% of the aggregate gross proceeds raised in the Offering from certain purchasers listed on a president's list (the "**President's List**"). The Underwriters will, subject to the terms of the Underwriting Agreement, receive from the Company compensation options (the "**Compensation Options**") entitling the Underwriters to purchase that number of Common Shares that is equal to 6% of the aggregate number of Units issued by the Company under the Offering (including any exercise of the Underwriters' Option), for a period of 24 months from the Closing Date at an exercise price per Common Share equal to the lowest price permitted under the policies of the TSXV; provided that the number of Compensation Options will be equal to 2% of the aggregate number of Units issued by the Company to certain Purchasers in respect of which the Company will be issuing compensation options to Zed Financial Partners (as described below) and the number of Compensation Options will be equal to 3% of the aggregate number of Units issued by the Company to certain Purchasers on the President's List.

The Purchaser also understands that in connection with the Offering to certain Purchasers, on the Closing Date, Zed Financial Partners will receive from the Company a cash fee equal to 4% of the aggregate proceeds raised from those certain Purchasers in the Offering. Zed Financial Partners will also receive from the Company compensation options entitling them to purchase that number of Common Shares that is equal to 4% of the aggregate number of Units issued by the Company to those certain Purchases introduced to the Company by Zed Financial Partners, for a period of 24 months from the Closing Date.

Subject to the terms of the Underwriting Agreement, the Company is also responsible to pay all reasonable fees and expenses of counsel for the Underwriters (up to a maximum amount as agreed between the Company and the Underwriters) and all reasonable costs and out-of-pocket expenses of the Underwriters, and all applicable taxes on any of the foregoing.

**11.**  **<u>No Revocation.</u>** 

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 Underwriters 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 Underwriters.</u>** 

The Purchaser acknowledges that the Underwriters are acting as underwriters in this transaction and that all warranties, conditions, representations or stipulations, other than those relating solely to the Underwriters, 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 Underwriters other than those contained in this Subscription Agreement and the Underwriting Agreement, and that the Purchaser is relying entirely upon this Subscription Agreement, the Underwriting 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 Underwriters, and agrees that the Underwriters 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 Underwriters' counsel are acting solely as counsel to the Company and the Underwriters, respectively, and not as counsel to the Purchaser. No person in the employment of, or acting as agent of, the Underwriters 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 Underwriters, and the Purchaser hereby releases the Underwriters 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 Underwriters terminate their obligations with respect to the Offering under the Underwriting Agreement and hereby appoints the Underwriters 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, the subsequent issuance by the Company of the underlying Warrant Shares to the Purchaser, or the disposition of the Securities by the Purchaser, subject in the case of the representations and warranties in the Underwriting 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 Underwriters, the U.S. Affiliates (as applicable), 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 Underwriters and, as applicable, the U.S. Affiliates may use personal information
 and disclose personal information to intermediaries such as the Company's or Underwriters'
 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 Underwriters and, as applicable, 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 Underwriters and, as applicable, 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 Underwriters and, as applicable, 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 Underwriters and, as applicable, 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 Underwriters and, as applicable, 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 Underwriters and, as applicable, 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>Independent Legal Advice.</u>** 

The Purchaser acknowledges and agrees that: (i) Blakes has acted as legal counsel only to the Company and Bennett Jones has acted as legal counsel only to the Underwriters, (ii) neither Blakes nor Bennett Jones has provided legal advice to the Purchaser, and (iii) neither Blakes nor Bennett Jones is protecting the rights and interests of the Purchaser. The Purchaser acknowledges and agrees that the Company, the Underwriters, Blakes and Bennett Jones have given the Purchaser the opportunity to seek, and have recommended that the Purchaser obtain, independent legal advice with respect to the subject matter of this Subscription Agreement and, further, the Purchaser hereby represents and warrants to the Company, the Underwriters, Blakes and Bennett Jones that the Purchaser has sought independent legal advice or waives such advice. The Purchaser has been advised to consult his, her or its own legal advisors with respect to applicable Securities Laws, including resale restrictions, insider reporting requirements and early warning reporting requirements. The Purchaser understands that he, she or it is responsible for compliance with applicable Securities Laws.

**19.**  **<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.

**20.**  **<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.

**21.**  **<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 Underwriters.

**22.**  **<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.

**23.**  **<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.

**24.**  **<u>Amendments and Waivers</u>.** 

Except as contemplated by Section 5 hereof and as permitted in the Underwriting 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.

**25.**  **<u>Electronic Deliveries and Counterparts</u>.** 

The Company, the Underwriters and, as applicable, the U.S. Affiliates will be entitled to rely on delivery by 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.

**26.**  **<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.

**27.**  **<u>Time of Essence</u>.** 

Time will be of the essence of this Subscription Agreement.

**28.**  **<u>Currency</u>.** 

All references to currency herein are to the lawful money of Canada, unless otherwise stated.

**29.**  **<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.

**30.**  **<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: [\*\*\*]

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: [\*\*\*]

Notices to the Purchaser will be addressed to the address of the Purchaser set out on the execution pages hereof, with a copy to Haywood Securities Inc., on behalf of the Underwriters to:

Haywood Securities Inc.<br> 181 Bay Street, Suite 2910<br> Toronto, Ontario M5J 2T3

Attention: Ryan Matthiesen, Managing Director<br> Email: [\*\*\*]

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

Bennett Jones LLP<br> 100 King Street West, Suite 3400<br> Toronto, Ontario M5X 1A4

Attention: Andrew Disipio

Email: [\*\*\*]

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><br> ACCREDITED INVESTOR CERTIFICATE</u>**

**TO BE COMPLETED BY ALL PURCHASERS RESIDENT IN ALL JURISDICTIONS**

**<u>IMPORTANT</u>: All $ amounts in this Schedule A refer to the lawful currency of the <u>United States</u>**

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| | |
|:---|:---|
| **TO:** | Bunker Hill Mining Corp. (the "**Company**") |
| **AND TO:** | Haywood Securities Inc. (the "**Lead Underwriter**") for and on behalf of a syndicate of underwriters (collectively, the "**Underwriters**") and all applicable U.S. registered broker-dealer affiliates of the Underwriters (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 Accredited Investor Certificate by the Purchaser, this 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 Underwriters and, as applicable, 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(b) of Regulation D 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 ii 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
 or DRS 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
 Purchaser understands and acknowledges that the Company is a "domestic issuer"
 within the meaning of Regulation S under the U.S. Securities Act, and that therefore, the
 U.S. Legend cannot be removed in connection with a resale of Securities pursuant to Rule
 904 of Regulation S under the U.S. Securities Act.

(f) 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 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.

(g) 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 or DRS representing the Warrants, and all certificates or DRS 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."**

(h) 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;

(i) 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;

(j) 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;

(k) 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;

(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; and

(p) 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 (an "**Accredited Investor** "), and the
 Purchaser has initialled the category of 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. |
| 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. |

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| | |
|:---|:---|
| 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. |
| Category 22. | &nbsp;&nbsp;Any "family office," as defined in rule 202(a)(11)(G)-1 under the U.S. Investment Advisers Act of 1940:<br>&nbsp;&nbsp;&nbsp;&nbsp;(i) With assets under management in excess of US$5,000,000,<br>&nbsp;&nbsp;&nbsp;&nbsp;(ii) That is not formed for the specific purpose of acquiring the securities offered, and<br>&nbsp;&nbsp;&nbsp;&nbsp;(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. |

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The Purchaser acknowledges that the representations, warranties and covenants made by the Purchaser in this Accredited Investor Certificate are made with the intent that they may be relied upon by the Company, the Underwriters, the U.S. Affiliates (as applicable) 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 such Closing Date. The Purchaser undertakes to immediately notify the Company, the Underwriters, the U.S. Affiliates (as applicable) 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.

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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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**SCHEDULE B**

**<u><br> PURCHASER CERTIFICATE</u>**

**TO BE COMPLETED BY ALL PURCHASERS RESIDENT IN CANADA**

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| | |
|:---|:---|
| **TO:** | **BUNKER HILL MINING CORP.** (the "**Company**") |
| **AND TO:** | Haywood Securities Inc. (the "**Lead Underwriter**") for and on behalf of a syndicate of underwriters (collectively, the "**Underwriters**") |

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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 B 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 B have the meanings ascribed to them in the Subscription Agreement to which this Schedule B is attached.

**INSTRUCTIONS**

Each Purchaser must complete Part A (Purchasing as Principal) of this Schedule B and Part B (Accredited Investor) of this Schedule B.

If a Purchaser completes Part B of this Schedule B and is an individual Accredited Investor, such Purchaser must also complete Attachment 1 (Risk Acknowledgment Form for Individual Accredited Investors) to this Schedule B.

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 Underwriters, and acknowledges that the Company and the Underwriters are relying thereon, that:

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| | | |
|:---|:---|:---|
| **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 – CANADA** | **PART B - ACCREDITED INVESTOR – CANADA** | **PART B - ACCREDITED INVESTOR – CANADA** |
|  | 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), |
| ☐ | (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, |
| ☐ | (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,<br>**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 B**<br>|

---

<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.

<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.

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| | |
|:---|:---|
| ☐ | 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, |
|  | **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 B** |
| ☐ (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 B** |
| ☐ (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*], |
| ☐ (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>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.

<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 B<br> INDIVIDUAL RISK ACKNOWLEDGMENT FORM**

**TO BE COMPLETED BY ALL PURCHASERS WHO SELECTED CATEGORY (J), (K) OR (L) ON SCHEDULE B**

**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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| | |
|:---|:---|
| **SE** **CTION 1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** | **SE** **CTION 1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** |
| **1. About your investment** | **1. About your investment** |
| Type of securities: **Units (each comprised of one share of common stock and one common stock purchase warrant)** | Issuer: **Bunker Hill Mining Corp.** |
| Purchased from: **Bunker Hill Mining Corp.** | Purchased from: **Bunker Hill Mining Corp.** |
| **SE** **CTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** | **SE** **CTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** |
| **2. Risk acknowledgement** | **2. Risk acknowledgement** |
| This investment is risky. Initial that you understand that: | This investment is risky. Initial that you understand that: |
| **R** **isk of loss –** You could lose your entire investment of US$____________________. [*Instruction: Insert the total dollar amount of the investment.]* | **R** **isk of loss –** You could lose your entire investment of US$____________________. [*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 www.aretheyregistered.ca. | **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 www.aretheyregistered.ca. |
| **3. Accredited investor status** | **3. Accredited investor status** |
| You must meet at least **on** **e** 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 **on** **e** 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 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: |
| **SE** **CTION 5 TO BE COMPLETED BY THE SALESPERSON** | **SE** **CTION 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): |
| **SE** **CTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** | **SE** **CTION 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** |
| **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: [\*\*\*].<br> **Fo** **r more information about prospectus exemptions, contact your local securities regulator. You can find contact information at <u>w</u><u>ww.securities-administrators.ca</u>.** | **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: [\*\*\*].<br> **Fo** **r more information about prospectus exemptions, contact your local securities regulator. You can find contact information at <u>w</u><u>ww.securities-administrators.ca</u>.** |

---

***Form instructions****:*

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *The information in sections 1, 5 and 6 must be completed before the purchaser completes and signs the form.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;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 C**

**<u><br> INTERNATIONAL PURCHASER CERTIFICATE</u>**

**TO BE COMPLETED BY PURCHASERS RESIDENT IN A JURSIDICTION OUTSIDE OF CANADA AND THE UNITED STATES**

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| | |
|:---|:---|
| **TO:** | Bunker Hill Mining Corp. (the "**Company**") |
| **AND TO:** | Haywood Securities Inc. (the "**Lead Underwriter**") for and on behalf of a syndicate of underwriters (collectively, the "**Underwriters**") |

---

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 Underwriters 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 Underwriters 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]* 

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| | | |
|:---|:---|:---|
| ☐ | (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 iii 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 Underwriters
 with this certificate.

**[Signature page follows.]**

**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) |

---

![](ex10-1_001.jpg)

**SCHEDULE D**

**<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: <u>_______________________________________________________________________________</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(b) Complete
 Address: <u>______________________________________________________________________</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(c) Jurisdiction
 of Incorporation or Creation: <u>_____________________________________________________</u> 

2. (a) Is
 the Placee purchasing securities as a portfolio manager: (Yes/No)?_______________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;(c) it
 was not created solely or primarily for the purpose of purchasing securities of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 total asset value of the investment portfolios it manages on behalf of clients is not less
 than C$20,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;(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:<br>

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| | | | |
|:---|:---|:---|:---|
| **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 <u>____________________________________</u>

on ____________________________________.

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| |
|:---|
| (Name of Purchaser - please print) |
| (Authorized Signature) |
| (Official Capacity - please print) |
| (Please print name of individual whose signature appears above) |

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**THIS IS NOT A PUBLIC DOCUMENT**

**SCHEDULE E**

**TERM SHEET**

**BOUGHT DEAL Private Placement of UNITS**

 Haywood may propose to offer and sell, through their respective U.S. broker-dealer affiliates, the Units in the United States to "accredited investors" (as defined in Rule 501(a) of Regulation D under the U.S. Securities Act of 1933, pursuant to the exemption from registration provided by Rule 506(b) of Regulation D thereunder and in compliance with any applicable securities laws of any state of the United States.

 All Units offered and sold will be "restricted securities" (as defined in Rule 144(a)(3) under the U.S. Securities Act).

---

| | |
|:---|:---|
| **HOLD PERIOD:** | The Unit Shares, Warrants, Warrant Shares, Compensation Options (as defined below) and all securities comprising, underlying or issuable pursuant to the Compensation Options shall be subject to a statutory four-month hold period in Canada set out in National Instrument 45-102 – *Resale of Securities* and to a minimum concurrent six-month hold period under applicable U.S. securities laws. |
| **USE OF PROCEEDS:** | The Company intends to use the net proceeds of the Offering to advance the construction of the Bunker Hill Mine and move it to commercial production, and for general corporate and working capital purposes. |
| **TSXV LISTING:** | The Company shall obtain the necessary approvals to list the Unit Shares, the Warrant Shares, and any securities issuable pursuant to and underlying the Compensation Options on the TSX Venture Exchange ("**TSXV**") under the Company's trading symbol "BNKR", which listing shall be conditionally approved prior to the Closing Date.<br><u>The Warrants will not be listed.</u> |
| **UNDERWRITERS:** | Haywood Securities Inc. ("**Haywood**"), as lead underwriter and sole bookrunner, together with a syndicate of underwriters (collectively, the "**Underwriters**"). |
| **COMMISSION:** | 6.0% cash fee on gross proceeds from the Offering; and<br>Compensation options (the "**Compensation Options**") entitling the Underwriters to purchase that number of shares of common stock of the Company that is equal to 6.0% of the aggregate number of Units issued by the Company under the Offering at an exercise price per such common share that is equal to the lowest price permitted under TSXV policies for a period of 24 months from the Closing Date. |
| **ELIGIBILITY:** | Eligible under the usual statutes as well as for RRSPs, RRIFs, DPSPs, RESPs, TFSAs & FHSAs. |
| **CLOSING:** | September 29, 2025 or such other date as agreed between the Company and the Underwriters (the "**Closing Date**"), each acting reasonably. |
| **U.S. NOTICE:** | The securities offered hereby have not been and will not be registered under the U.S. Securities Act, or any state securities laws, and accordingly may not be offered, sold or delivered, directly or indirectly, within the United States, its possessions and other areas subject to its jurisdiction, except pursuant to the exemption from registration under the U.S. Securities Act provided by Rule 506(b) of Regulation D under the U.S. Securities Act and exemptions from the registration requirements of applicable state securities laws. |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

**Bunker Hill Announces Closing of "Bought Deal" Private Placements of Units for Gross Proceeds of Approximately C$52 Million**

KELLOGG, Idaho and VANCOUVER, British Columbia, Sept. 29, 2025 — **Bunker Hill Mining Corp.** ("**Bunker Hill**" or the "**Company**") (**TSX-V: BNKR \|OTCQB: BHLL**) is pleased to announce that it has closed its previously announced bought deal private placement of units of the Company (the "**Units**"). The Company issued (i) 206,250,000 Units at a price per Unit of C$0.12 for gross proceeds of C$24,750,000 (the "**CAD Offering**"), which includes the full exercise of the underwriters' over-allotment option; and (ii) 225,000,000 Units at a price per Unit of US$0.08711 for gross proceeds of US$19,599,750 (C$27,104,494<sup>1</sup>) (the "**USD Offering**", and together with the CAD Offering, the "**Offering**"). The total gross proceeds of the Offering, expressed in Canadian Dollars was C$51,854,494.<sup>2</sup> Teck Resources Limited (together with its affiliates, "**Teck**") subscribed for 223,786,706 Units of the USD Offering.

Each Unit consists of one share of common stock of the Company (a "**Common Share**") and one common share purchase warrant of the Company (a "**Warrant**"). Each Warrant entitles the holder thereof to purchase one Common Share (a "**Warrant Share**") at an exercise price of C$0.17 per Warrant Share for 60 months after issuance.

The Offering was completed by a lead underwriter, acting on its own behalf and on behalf of a syndicate of underwriters (the "**Underwriters**").

Net proceeds of the Offering are anticipated to be used to support the construction, start-up and ramp-up of the Bunker Hill Zinc-Silver-Lead Mine in the Silver Valley, Idaho.

Immediately prior to the date hereof, Teck beneficially owned, directly or indirectly, or exercised control or direction over, 219,079,378 Common Shares and warrants to purchase an additional 100,598,716 Common Shares, representing approximately 23.6% of the issued and outstanding Common Shares on a non-diluted basis and approximately 31.1% on a partially diluted basis. Upon closing of the Offering, Teck now beneficially owns, directly or indirectly, or exercises control or direction over 442,866,084 Common Shares and warrants to purchase an additional 324,385,422 Common Shares, representing approximately 32.6% of the issued and outstanding Common Shares on a non-diluted basis and, assuming the exercise of all warrants now held by Teck, approximately 45.6% on a partially diluted basis.

Teck's purchase of the Units under the USD Offering is being made for investment purposes. Teck may determine to increase or decrease its investment in the Company depending on market conditions and any other relevant factors. This release is required to be issued under the early warning requirements of applicable securities laws. Teck's head office is located at Suite 3300 – 550 Burrard Street, Vancouver, BC, V6C 0B3. In satisfaction of the requirements of the National Instrument 62-104 - *Take-Over Bids And Issuer Bids* and National Instrument 62-103 - *The Early Warning System and Related Take-Over Bid and Insider Reporting Issues*, early warning reports respecting the acquisition of Common Shares and Warrants to purchase additional Common Shares by Teck or its affiliates will be filed under the Company's SEDAR+ at www.sedarplus.ca. A copy of Teck's early warning report to be filed in connection with the USD Offering may also be obtained by contacting Dale Steeves at 236-987-7405.

In connection with the closing of the Offering, the Company paid to the Underwriters aggregate cash fees in the amounts of C$1,455,480 and US$1,175,985 and issued to the Underwriters an aggregate of 25,325,428 non-transferrable compensation options (the "**Compensation Options**") representing: (i) 6% of the gross proceeds of the Offering, other than the gross proceeds raised from certain sales pursuant to a president's list (the "**President's List Sales**"); and (ii) 3.0% of the gross proceeds raised from President's List Sales. Each Compensation Option is exercisable to acquire one Common Share of the Company at a price of C$0.12 per share for a period of 24 months from the date hereof, less any amount of cash fees and Compensation Options paid and issued to a finder.

The Company paid a finder a cash fee of C$52,005 representing 3.333% of the gross proceeds of the CAD Offering from subscribers introduced by such finder to the Company (the "**Introduced Subscribers**"); and issued to certain principals of such finder an aggregate of 520,052 Compensation Options representing 4.0% of the Units sold under the Offering to the Introduced Subscribers. The Compensation Options are non-transferrable.

Due to Teck's shareholdings, and certain other insider participation, the Offering constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 – *Protection of Minority Shareholder Approval* ("**MI 61-101**"). The Company has relied on the exemptions from valuation and minority shareholder approval requirements of MI 61-101 as the Company received the consent of a disinterested arm's length control person of the Company that beneficially owns, or exercises control or direction over, voting securities of the Company that carry greater voting rights than the voting securities beneficially owned, or over which control or direction is exercised, by Teck and that is also arm's length of Teck. Control person and insider participation accounted for an aggregate of 224,353,706 Units sold under the Offering.

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

<sup>1</sup> Based on a USD/CAD exchange rate of 1.3829 as published by the Bank of Canada on September 5, 2025.

<sup>2</sup> Based on a USD/CAD exchange rate of 1.3829 as published by the Bank of Canada on September 5, 2025.

The securities issued under the Offering are subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws, due to expire on January 30, 2026, and to a minimum concurrent six-month hold period in accordance with applicable U.S. securities laws.

**On behalf of Bunker Hill Mining Corp.**

Sam Ash

President and Chief Executive Officer

**For additional information, please contact:**

Brenda Dayton

Vice President, Investor Relations T: 604.417.7952

E: brenda.dayton@bunkerhillmining.com

**Cautionary Statements**

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward- looking statements are within the meaning of that term in Section 27A of the U.S. Securities Act and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, as well as within the meaning of the phrase 'forward-looking information' in the Canadian Securities Administrators' National Instrument 51-102 – Continuous Disclosure Obligations (collectively, "**forward- looking statements**"). Forward-looking statements are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", "plan" or variations of such words and phrases.

Forward-looking statements in this news release include, but are not limited to, statements regarding: the anticipated use of net proceeds of the Offering; and the Company's ability to complete the construction of the Bunker Hill Mine and move it to commercial production.

Forward-looking statements reflect material expectations and assumptions, including, without limitation, expectations and assumptions relating to: Bunker Hill's ability to receive sufficient project financing for the construction of the Bunker Hill Mine on an acceptable timeline, on acceptable terms, or at all; our ability to service our existing debt and meet the payment obligations thereunder; further drilling and geotechnical work supporting the planned restart and operations at the Bunker Hill Mine; the future price of metals; and the stability of the financial and capital markets. Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to, those risks and uncertainties identified in public filings made by Bunker Hill with the U.S. Securities and Exchange Commission (the "**SEC**") and with applicable Canadian securities regulatory authorities, and the following: Bunker Hill's ability to use the net proceeds of the Offering in a manner that will increase the value of stockholders' investments; the dilution of current stockholders as a result of the consummation of the Offering; Bunker Hill's ability to operate as a going concern and its history of losses; Bunker Hill's inability to raise additional capital for project activities, including through equity financings, concentrate offtake financings or otherwise; the fluctuating price of commodities; capital market conditions; restrictions on labor and its effects on international travel and supply chains; failure to identify mineral resources; further geotechnical work not supporting the continued development of the Bunker Hill Mine or the results described herein; failure to convert estimated mineral resources to reserves; the preliminary nature of metallurgical test results; the Company's ability to raise sufficient project financing, on acceptable terms or at all, to restart and develop the Bunker Hill Mine and the risks of not basing a production decision on a feasibility study of mineral reserves demonstrating economic and technical viability, resulting in increased uncertainty due to multiple technical and economic risks of failure which are associated with this production decision including, among others, areas that are analyzed in more detail in a feasibility study, such as applying economic analysis to resources and reserves, more detailed metallurgy and a number of specialized studies in areas such as mining and recovery methods, market analysis, and environmental and community impacts and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit, with no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved; the Company requiring additional capital expenditures than anticipated, resulting in delays in the expected restart timeline; failure to commence production would have a material adverse impact on the Company's ability to generate revenue and cash flow to fund operations; failure to achieve the anticipated production costs would have a material adverse impact on the Company's cash flow and future profitability; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; changes in equity markets; uncertainties relating to the availability and costs of financing needed in the future; the inability of the Company to budget and manage its liquidity in light of the failure to obtain additional financing, including the ability of the Company to complete the payments pursuant to the terms of the agreement to acquire the Bunker Hill Mine complex; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; and capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements in this news release are reasonable, undue reliance should not be placed on such statements or information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all, including as to whether or when the Company will achieve its project finance initiatives, or as to the actual size or terms of those financing initiatives, or whether and when the Company will achieve its operational and construction targets. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Readers are cautioned that the foregoing risks and uncertainties are not exhaustive. Additional information on these and other risk factors that could affect the Company's operations or financial results are included in the Company's annual report and may be accessed through the SEDAR+ website (<u>www.sedarplus.ca</u>) or through EDGAR on the SEC website (<u>www.sec.gov</u>).