# EDGAR Filing Document

**Accession Number:** 0001851535
**File Stem:** 0001213900-25-100907
**Filing Date:** 2025-10
**Character Count:** 1071967
**Document Hash:** 8a64b1deef5a2ce46c95fc535fde8cee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-100907.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0001213900-25-100907

**CONFORMED SUBMISSION TYPE**: F-1/A

**PUBLIC DOCUMENT COUNT**: 62

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lannister Mining Corp.
- **CENTRAL INDEX KEY:** 0001851535
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-281149
- **FILM NUMBER:** 251408033

**BUSINESS ADDRESS:**
- **STREET 1:** 488 - 1090 W. GEORGIA STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 3V7
- **BUSINESS PHONE:** 604-687-7130

**MAIL ADDRESS:**
- **STREET 1:** 488 - 1090 W. GEORGIA STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 3V7

**As filed with the U.S. Securities and Exchange Commission on October 21, 2025**

**Registration No. 333-281149**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

 **AMENDMENT NO. 4**

**TO**

**FORM F-1**

**REGISTRATION STATEMENT <br> UNDER THE SECURITIES ACT OF 1933**

**LANNISTER MINING CORP.** 

(Exact name of Registrant as specified in its charter)

**Not Applicable**

(Translation of Registrant's Name into English)

---

| | | |
|:---|:---|:---|
| **Vancouver, British Columbia** | **1000** | **Not Applicable** |
| (State or other jurisdiction of<br> incorporation or organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer <br> Identification No.) |

---

**1055 West Georgia Street, # Suite 1500**

**Vancouver, British Columbia V6E 4N7** 

**778-788-2745**

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

**Cogency Global Inc.**

**122 East 42nd Street, 18th Floor**

**New York, NY 10168**

**(800) 221-0102**

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

***Copies to:***

---

| | |
|:---|:---|
| Louis A. Bevilacqua, Esq.<br> **Bevilacqua PLLC**<br> 1050 Connecticut Avenue, NW, Suite 500<br> Washington, DC 20036<br> (202) 869-0888 | Barry I. Grossman<br> Matthew Bernstein<br> Justin Grossman<br> **Ellenoff Grossman & Schole LLP**<br> 1345 Avenue of the Americas, 11th Fl.<br> New York, NY 10105<br> (212) 370-1300 |

---

**Approximate date of commencement of proposed sale to public:** As soon as practicable after this Registration Statement becomes effective.

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

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

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☒

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

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.**

**The information in this prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting offers to buy these securities in any state where the offer or sale is not permitted.**

---

| | | |
|:---|:---|:---|
| **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION** | **DATED OCTOBER 21, 2025** |

---

**$10,000,000 Common Shares**

![](image_001.jpg)

**2,000,000 Common Shares**

**LANNISTER MINING CORP.**

This is the initial public offering of our Common Shares. We anticipate that the initial public offering price will be between US$4 and US$6 per share. We are offering 2,000,000 Common Shares, assuming an initial public offering price of US$5 per share (which is the midpoint of the estimated range of the initial public offering price).

Currently, no public market exists for our Common Shares. We plan to apply to list our Common Shares on the NYSE American under the symbol "DRIL". We will not close this offering unless the NYSE American has approved our Common Shares for listing and we have raised at least US$10,000,000 in this offering.

We are an "emerging growth company," as that term is used in the Jumpstart Our Business Startups Act of 2012, and as such, have elected to comply with certain reduced public company reporting requirements for this prospectus and future filings. See "*Prospectus Summary—Implications of Being an Emerging Growth Company*."

We are a "foreign private issuer" as defined under the U.S. federal securities laws and, as such, may elect to comply with certain reduced public company reporting requirements for this and future filings. See "*Prospectus Summary—Implications of Being a Foreign Private Issuer."*

 **Investing in our Common Shares involves a high degree of risk. See "Risk Factors" beginning on page 29 of this prospectus for a discussion of information that should be considered in connection with an investment in our Common Shares.**

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

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
| Initial public offering price | US$ | US$ |
| Underwriting discounts and commissions<sup>(1)</sup> | US$ | US$ |
| Proceeds to us, before expenses | US$ | US$ |

---

(1) Underwriting discounts and commissions
 do not include a non-accountable expense allowance equal to 0.5% of the initial public offering
 price payable to the underwriters. We refer you to "Underwriting" beginning on
 page 116 for additional information regarding underwriters' compensation.

We have granted a 45 day option to the representative of the underwriters to purchase up to an additional 300,000 Common Shares at the public offering price less the underwriting discount and commissions. If the representative of the underwriters exercises the option in full, the total underwriting discounts and commissions will be US$ and the additional proceeds to us, before expenses, from the over-allotment option exercise will be US$ .

The underwriters expect to deliver the Common Shares to purchasers on or about , 2025.

**Joseph Gunnar & Co., LLC**

The date of this prospectus is , 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Glossary of Mining Terms](#b_001) | iii |
| [Prospectus Summary](#a_001) | 1 |
| [Risk Factors](#a_002) | 29 |
| [Special Note Regarding Forward-Looking Statements](#a_003) | 42 |
| [Use of Proceeds](#a_004) | 43 |
| [Dividend Policy](#a_005) | 44 |
| [Capitalization](#a_006) | 45 |
| [Dilution](#a_007) | 46 |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_008) | 48 |
| [Corporate History and Structure](#a_009) | 60 |
| [Industry](#a_010) | 62 |
| [Business](#a_011) | 64 |
| [Regulations of Our Industry](#a_012) | 88 |
| [Management](#a_013) | 89 |
| [Principal Shareholders](#a_014) | 96 |
| [Related Party Transactions](#a_015) | 97 |
| [Description of Share Capital](#a_016) | 98 |
| [Shares Eligible For Future Sale](#a_017) | 109 |
| [Material United States and Canadian Income Tax Considerations](#a_018) | 110 |
| [Enforceability of Civil Liabilities](#a_019) | 115 |
| [Underwriting](#a_020) | 116 |
| [Expenses Related to this Offering](#a_021) | 120 |
| [Legal Matters](#a_022) | 121 |
| [Experts](#a_023) | 121 |
| [Where You Can Find More Information](#a_024) | 121 |
| [Financial Statements](#a_025) | F-1 |

---

 **You should rely only on the information contained in this prospectus or in any free writing prospectus we may authorize to be delivered or made available to you. Neither we, nor the underwriters have authorized anyone to provide you with different information. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus, or any free writing prospectus, as the case may be, or any sale of Common Shares.**

 **For investors outside the United States:** Neither we, nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the Common Shares and the distribution of this prospectus outside the United States.

This prospectus includes statistical and other industry and market data that we obtained from industry publications and research, surveys and studies conducted by third parties. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. While we believe these industry publications and third-party research, surveys and studies are reliable, you are cautioned not to give undue weight to this information.

i

**QUALIFIED PERSONS STATEMENT**

Some technical mining information contained herein with respect to the Basin Gulch Property is derived from the report titled "S-K 1300 Technical Report: The Basin Gulch Property, Granite County, Montana, USA" prepared for us with an effective date of October 1, 2023. We refer to this report herein as our S-K 1300 Report. Each of Michael B. Dufresne, M.Sc., P. Geol., P.Geo. and Dean J. Besserer, B.Sc., P.Geo. have approved and verified the technical mining information related to the Basin Gulch Property contained in the S-K 1300 Report and reproduced in this prospectus.

ii

**GLOSSARY OF MINING TERMS**

The following is a glossary of certain mining terms that may be used in this prospectus.

---

| | |
|:---|:---|
| **Ag** | Silver. |
| **Assay** | A metallurgical analysis used to determine the quantity (or grade) of various metals in a sample. |
| **Au** | Gold. |
| **Claim** | A mining right that grants a holder the exclusive right to search and develop any mineral substance within a given area. |
| **CIM** | The Canadian Institute of Mining, Metallurgy and Petroleum. |
| **CIM Standards** | The CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by CIM Council from time to time. |
| **Concentrate** | A clean product recovered in flotation, which has been upgraded sufficiently for downstream processing or sale. |
| **Core drilling** | A specifically designed hollow drill, known as a core drill, is used to remove a cylinder of material from the drill hole, much like a hole saw. The material left inside the drill bit is referred to as the core. In mineral exploration, cores removed from the core drill may be several hundred to several thousand feet in length. |
| **Cu** | Copper. |
| **Competent Person** | A Competent Person is a minerals industry professional responsible for the preparation and/or signing off reports on exploration results and mineral resources and reserves estimates and who is accountable for the prepared reports. A Competent Person has a minimum of five years' relevant experience in the style of mineralization or type of deposit under consideration and in the activity which that person is undertaking. A Competent Person must hold acceptable qualification titles as listed in all Reporting Codes and Reporting Standards (NRO Recognized Professional Organizations with enforceable disciplinary processes including the powers to suspend or expel a member) and thus is recognized by governments, stock exchanges, international entities and regulators. |
| **Cut-off grade** | When determining economically viable mineral reserves, the lowest grade of mineralized material that can be mined and processed at a profit. |
| **Deposit** | An informal term for an accumulation of mineralization or other valuable earth material of any origin. |
| **Dyke** | A long and relatively thin body of igneous rock that, while in the molten state, intruded a fissure in older rocks. |
| **Exploration** | Prospecting, sampling, mapping, diamond drilling and other work involved in searching for ore. |

---

iii

---

| | |
|:---|:---|
| **Flotation** | A milling process in which valuable mineral particles are induced to become attached to bubbles and float as others sink. |
| **Grade** | Term used to indicate the concentration of an economically desirable mineral or element in its host rock as a function of its relative mass. With gold, this term may be expressed as grams per tonne (g/t) or ounces per tonne (opt). |
| **Km** | Kilometre(s). Equal to 0.62 miles. |
| **Lithologic** | The character of a rock formation, a rock formation having a particular set of characteristics. |
| **M** | Metre(s). Equal to 3.28 feet. |
| **Mafic** | Igneous rocks composed mostly of dark, iron- and magnesium-rich minerals. |
| **Massive** | Said of a mineral deposit, especially of sulfides, characterized by a great concentration of mineralization in one place, as opposed to a disseminated or vein-like deposit. |
| **Metallurgy** | The science and art of separating metals and metallic minerals from their ores by mechanical and chemical processes. |
| **Mineral** | A naturally occurring homogeneous substance having definite physical properties and chemical composition and, if formed under favorable conditions, a definite crystal form. |
| **Mineral Deposit** | A mass of naturally occurring mineral material, e.g. metal ores or nonmetallic minerals, usually of economic value, without regard to mode of origin. |
| **Mineralization** | A natural occurrence in rocks or soil of one or more yielding minerals or metals. |
| **Mineral Project** | The term "mineral project" means any exploration, development or production activity, including a royalty or similar interest in these activities, in respect of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base, precious and rare metals, coal, and industrial minerals. |
| **Mineral Reserve** | The economically mineable part of a Measured and/or Indicated Mineral Resource. |
| **Mineral Resource** | A concentration or occurrence of diamonds, natural, solid, inorganic or fossilized organic material including base and precious metals, coal and industrial minerals in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. |
| **Mt** | Metric tonne. Metric measurement of weight equivalent to 1,000 kilograms or 2,204.6 pounds. |
| **NI 43-101** | National Instrument 43-101 is a national instrument for the Standards of Disclosure for Mineral Projects within Canada. The Instrument is a codified set of rules and guidelines for reporting and displaying information related to mineral properties owned by, or explored by, companies which report these results on stock exchanges within Canada. issuers that are subject to Canadian securities laws. This includes Canadian entities as well as foreign-owned mining entities who have securities that trade on stock exchanges or Over The Counter (OTC) markets overseen by the Canadian Securities Administrators (CSA), even if they only trade on Over The Counter (OTC) derivatives or other instrumented securities. |
| **Ore** | Mineralized material that can be extracted and processed at a profit. |

---

iv

---

| | |
|:---|:---|
| **Ounce** | A measure of weight in gold and other precious metals, correctly troy ounces, which weigh 31.2 grams as distinct from an imperial ounce which weigh 28.4 grams. |
| **Qualified Person** | An individual who is an engineer or geoscientist with at least five years of experience in mineral exploration, mine development, production activities and project assessment, or any combination thereof, including experience relevant to the subject matter of the project or report and is a member in good standing of a self-regulating organization. |
| **Reclamation** | Restoration of mined land to original contour, use, or condition where possible. |
| **Sedimentary** | Said of rock formed at the Earth's surface from solid particles, whether mineral or organic, which have been moved from their position of origin and re-deposited, or chemically precipitated. |
| **Strike** | The direction, or bearing from true north, of a vein or rock formation measure on a horizontal surface. |
| **Tonne** | A metric ton of 1,000 kilograms (2,205 pounds). |
| **μm** | Micrometer. |
| **Zn** | Zinc. |

---

v

**PROSPECTUS SUMMARY**

 

 *This summary highlights selected information contained elsewhere in this prospectus. This summary is not complete and does not contain all of the information that you should consider before deciding whether to invest in our Common Shares. You should carefully read the entire prospectus, including the risks associated with an investment in our company discussed in the "Risk Factors" section of this prospectus, before making an investment decision. Some of the statements in this prospectus are forward-looking statements. See the section titled "Special Note Regarding Forward-Looking Statements."*

 

*In this prospectus, "we," "us," "our," "our company," "Lannister Mining," "Lannister" and similar references refer to Lannister Mining Corp. and its consolidated subsidiaries.*

**Our Company**

**Our Mission**

We are a private Montana based gold and silver developer focused on advancing the now consolidated, near surface, primarily oxide Basin Gulch Project (the "**Property**", the "**Basin Gulch Project**" or the "**Project**"), the majority of which is on patented land.

**Overview**

We are a mineral exploration company focused on the exploration of the Property in west-central Montana (MT), U.S.A. The Project comprises 11 patented mining claims totaling 216.33 acres (87.55 hectares) and 131 unpatented mining claims totaling approximately 2,642 acres (1,069 hectares). The unpatented claims overlap the patented claims. The Project consists of 131 contiguous mineral claims (claim names: AG1 to AG50; AG13A; AG40A; AG39A; BG1 to BG78) covering 1060 hectares and is located approximately 27 kilometers from the town of Phillipsburg in Montana. We currently have a valid exploration license, a valid stormwater permit, and all the necessary exploration permits to conduct trenching, drilling, and other necessary exploration activities.

Our objective is to locate, define and ultimately develop economic mineral deposits. Currently, we are focused on the exploration and development of the Project. If we lose or abandon our interest in the Project, we will endeavor to acquire another mineral property of merit. All of our operations are at the exploration stage, and such activity might not result in commercial production of gold. Our net loss for the six months ended March 31, 2025, and 2024 was C$(867,758) (approximately US$(603,490)) and C$(634,881), respectively. Our net loss for the years ended September 30, 2024, and 2023 was C$(1,201,277) (approximately US$(889,111) and C$(879,041), respectively. We have not generated any principal revenues to date and do not anticipate generating any principal revenue until the fourth quarter of 2026, at the earliest.

**The Coming Commodity Supercycle and Growth in Demand**

The gold industry encompasses a multifaceted ecosystem, spanning mining and refining, jewelry production, industrial applications, central bank reserves, and investments. Its demand is driven by a blend of emotional, cultural, and financial factors, and influenced by macroeconomic conditions, such as inflation and currency instability.

Gold continues to be a symbol of enduring value, with diverse uses, from jewelry to powering technology and acting as a go to investment in times of uncertainty, all of which make it a resilient and sought-after asset in the global market. The long-term investment appeal is supported by its relative scarcity and long lead time from exploration to production.

From our perspective, gold exhibits an inverse price relationship to the US dollar. Since the beginning of 2021 the US dollar has appreciated as demonstrated by the US dollar index. We believe that this strength will reverse course which, in our opinion, could support a higher price for gold. Additionally, we hold the view that the US dollar is slowly losing its dominant status as the world's reserve currency. We term this 'global de-dollarization' and further supports our idea of a weakening the US dollar.

Increasing global tensions such as the ongoing conflict in the Middle East and fears that there could be further escalation of this crisis support the idea that there is a flight to safe assets such as gold given its history as a safe-haven asset. In our opinion, this adds further support for a stronger gold price.

**Our Corporate Strategy** 

Our strategy is centered around executing and increasing the value of our company's asset base by further advancing the Basin Gulch Project. In the long term, we may explore attractive acquisition opportunities to further enhance the company's value and drive the company's growth potential through exploration and development.

Our executive team and board of directors possess extensive experience and expertise in the mining sector, spanning exploration, development, operations, and capital markets. We aim to leverage this wealth of expertise as we move forward with the Basin Gulch Project and expand our business. We are committed to adhering to best practices and prioritizing safety, environmental responsibility, and sustainable community development all in a responsible manner.

As part of our approach, we plan to employ a cost-effective business model. This entails maintaining an efficient, highly skilled team while collaborating with external resources when necessary. This approach ensures flexibility in our cost structure allowing scalability while maintaining the ability to explore new opportunities that are both fiscally prudent and value-driven.

**Practical Steps**

We plan to conduct exploration on the Project that follows recommendations made in the S-K 1300. The S-K 1300 outlines considerable work and includes metallurgy analysis, resource definition, engineering assessment and ore sorting optimization, amongst other studies. Initial work is focused drilling to validate a large database of historical information. The near-term drilling will also focus on areas near surface that have potential to establish maiden mineral resource estimate. Initial success from drilling will lead to a larger resource expansion program that could extend mineralization to depth and test new targets across the land packager.

During 2025 the drill program will establish a maiden gold-silver mineral resource estimate. The program will include metallurgical analysis to establish gold and silver recovery rates. Positive results from 2025 will enable a larger drill expansion program. 2025 will see an updated and larger Mineral Resource Estimate that will enable a Preliminary Economic Assessment (PEA). The PEA will establish the initial engineering and economics towards the path to production.

**The Basin Gulch Property**

The Property is located in west-central Montana, U.S.A. The Property is located approximately 17 miles (27 km) west of Philipsburg, Montana in Granite County and lies within the Rock Creek Mining District. The Property can be accessed by travelling west from Philipsburg for approximately 15 miles (24 km) on State Highway 438, continuing west along the Lower Rock Creek Road for 2 miles (3.2 km) to an unimproved mine access road that heads up to Basin Gulch toward the south. Local access to most areas of the Property is via historical drill roads and logging roads (Figure 1).

The Project comprises 11 patented mining claims totaling 216.33 acres (87.55 hectares) and 131 unpatented mining claims totaling approximately 2,642 acres (1,069 hectares). The unpatented claims overlap the patented claims (Figure 2).

On September 15, 2020, 1247666 BC Ltd. ("1247666") entered into a Property Acquisition Agreement with BG Holdings Group, LLC and Basin Gulch Co. (collectively, the "Vendors"). On September 21, 2021, 1247666 and Lannister Mining Corp. ("Former Lannister") amalgamated to form a new entity, Lannister Mining Corp. (the "Company" or "Lannister"). Upon Amalgamation, the Company acquired the Property Acquisition Agreement. Pursuant to this Property Acquisition Agreement, Lannister agreed to acquire fifty-three (53) unpatented claims and to assume all rights and obligations under the existing lease agreement for eleven (11) patented mining claims. Concurrently, a Novation Agreement was executed amongst Skanderbeg, Lannister, 1247666 BC Ltd., and BG Holdings Group, LLC. The purpose of this Novation Agreement was to assign all rights and obligations under the original Property Acquisition Agreement to Lannister, and to effectuate a share exchange pursuant to the terms therein. Following the Property Acquisition Agreement, 60431 Montana Ltd. staked an additional seventy-eight (78) unpatented mining claims, totaling 131 unpatented mining claims from acquisition and staking. In accordance with the obligations set forth in the Property Acquisition Agreement, Lannister shall remit payment to the Vendors as follows:

● One hundred fifty thousand United States Dollars ($150,000) upon execution of the Property Acquisition Agreement (this payment has been duly made);

● Two hundred fifty thousand United States Dollars ($250,000) on the first anniversary of the Property Acquisition Agreement (this payment has been duly made);

● Three hundred thousand United States Dollars ($300,000) on the second anniversary of the Agreement (this payment has been duly made); and

● Three hundred fifty thousand United States Dollars ($350,000) on or before the third anniversary of the Agreement (this payment has been duly made).

In the event that Lannister is listed on a national stock exchange, Lannister shall be obligated to issue Vendors a number of shares constituting an aggregate of five percent (5%) of the total issued and outstanding shares of Lannister immediately subsequent to the completion of its public offering.

The patented claims are held under a lease agreement with Strategic Minerals, Inc. The agreement covers 11 patented claims (as described above) and was signed on April 6, 2006. A Memorandum of Lease dated March 33<sup>rd</sup>, 2022 by and between Metesh family and Lannister Mining, Corp., a British Columbia corporation, assignee and successor in interest to Strategic Minerals, Inc., a Nevada corporation, and Basin Gulch Co., a Florida Company, was recorded March 7<sup>th</sup>, 2022 in the official records of Granite County, MT. The lease is valid for 10 years.

The Metesh family holds an advance production royalty over the patented claims of US$25,000 paid every 6 months (March 10 and September 10) to be paid until production commences. The Metesh family retains a production royalty of 3% of gross gold and silver sales due semi-annually once commercial production has commenced. The total sum of payments, whether advance production royalty or production royalties, to be paid to the Metesh family shall not exceed US$8 million dollars.

As per the Property acquisition agreement there is a 2% royalty on claims outside the Metesh Lease. Lannister can purchase half of the 2% royalty for $1 million dollars (USD) until December 31, 2025.

The Company currently holds a valid exploration license (License #00875) to conduct drilling and trenching within the patented mining claims. As part of this license a reclamation bond of $219,181 was submitted to the DEQ on December 16, 2022. While the bond is in place the exploration license can be renewed annually for US$25 which has been completed for 2024.

State mining regulation applies to both private (patented) and public (unpatented) lands in Montana. An Exploration License is required to complete all mineral exploration activities that may involve surface or subsurface disturbance. To acquire an exploration license we must submit a plan of operations including the area to be explored, location and type of planned exploration activities (i.e. drill holes, trenches) and a disturbance reclamation plan. An Exploration License is not a mining permit and cannot be used for mining. There are no defined review times but typically approvals are processed within 30-45 days.

Additionally, a stormwater permit, along with a stormwater pollution prevention plan, a temporary water use permit and a Notice of Intent (NOI) are required. The Company currently has a stormwater permit (Permit#MTR100000) which is valid until 2027 by paying an annual fee of US$750 which has been paid for 2024.

For small scale mining and test mining operations a Small Miner's Exclusion Statement (SMES) can be obtained. The SMES process is much faster and simpler than the permitting process for an Operating Permit which is required for larger mines in Montana. The SMES allows for ≤ 5 acres of disturbance at up to 2 sites if they are ≥ 1mile apart. A SMES can be obtained within months of filing of an application.

**Our Opportunity** 

The town of Philipsburg, MT is located approximately 17 miles (27 km) by road east of the Basin Gulch Property. It has a population of ~1,000 according to 2008 United States Census data. Philipsburg is a mining and tourist town and is the county seat of Granite County. Services available at Philipsburg include housing, hotels, food and restaurants, hospital and a non-commercial airfield. The nearest major city is Butte, Montana, located 70 miles (110 km) southeast of the Property and 54 miles (87 km) southeast of Philipsburg. The closest full-service community is Anaconda, Montana, located 47 miles (75 km) southeast of the Property along State Highway 1. The nearest commercial domestic airport is located in Butte, Montana. An international airport is located 90 miles (145 km) away in Missoula, Montana. Highway truck transport services are available in Philipsburg. No rail service is available to Philipsburg (Figures 1 and 2).

No public power or phone service or other mining infrastructure is available at the Property. Radio and cell phone communications and a diesel generator have been used during previous field seasons. Sufficient water for exploration is available from Basin Gulch, Rock Creek and other local creeks draining the Property. There is very good access to the property for exploration work. The Project can be accessed year-round. Most exploration activities associated with fieldwork and drilling can likely be conducted year-round, although there may be periods in December to March, where snow conditions at the higher elevations may temporarily impede fieldwork.

**Figure 1. Location**

![](image_002.jpg)

**Figure 2. Basin Gulch Claims and Patents**

![](image_003.jpg)

The Property is located at the head of Basin Gulch and Quartz Gulch, on the northern slopes of West Fork Buttes, within the Sapphire Range of the Western Montana Rocky Mountains. This area is underlain by a series of metamorphosed Precambrian (1.5 Ga to 800 Ma) marine sedimentary rocks known as the Belt Supergroup which were intruded by Laramide-age silicic volcanics. In this area the late Cretaceous to early Tertiary Laramide orogeny resulted in the formation of the Sapphire Mountain Range. In the area of Basin Gulch, the Tertiary igneous rocks are predominantly biotite-rich rhyolites and trachytes, ash flow tuffs, and associated granites of Eocene age (~50 Ma).

Several diatreme complexes located within the igneous complex have been identified at the head of Basin Gulch. The major diatreme complex on the Property is known as the Basin Gulch or BG diatreme. Several, smaller parasitic diatremes are found throughout the Property and in the surrounding area. The BG diatreme can be described as an Eocene silicic volcanic and intrusive complex that intruded between the plates of two Precambrian thrust sheets. The gold mineralization on the Property is directly related to the diatremes and their associated structures which form the main gold target in the area.

Gold mineralization has been identified throughout the Property at or near surface in rock samples, outcrops and trenches. Drilling has confirmed that the mineralization extends to depths greater than 1,000 feet (300 m) and averages approximately 0.01 to 0.02 ounces per ton (opt). Locally higher-grade zones have been identified associated with the margins of the various diatremes and with the post- and pre-diatreme dykes and faults. Interpretation of a CSAMT geophysical survey modelled the diatreme complex to extend to below the geophysical study datum of 1,500 feet (450 m). Most of the historical drilling completed on the Property has been relatively shallow and has not intersected the base of the diatreme.

Basin Gulch is interpreted to be a gold and silver intrusion related, diatreme-type deposit that is associated with, and constrained by, the structures surrounding the local diatremes. The mineralized zones are hosted in breccias associated with fracture zones found at the margins of the diatremes. The mineralization is fairly simple, with the gold varying from fine to very coarse. Test work conducted by Kappes, Cassiday & Associates on behalf of Cable Mountain Mine Inc. (CMM) in the 1990's indicated that the gold is easily extracted using cyanidation or other gold extraction reagents. A leach recovery rate exceeding 90 percent was reported for some samples. However, due to the prohibition of open pit cyanide leach mining in Montana an alternative processing and extraction method will need to be investigated.

***Historical Exploration***

The Basin Gulch Project lies within the Rock Creek Mining District. The Rock Creek area is best known for it's sapphire production. However, gold has historically been placer mined in the Basin/Quartz Gulch area since the early 1900's. The source of the placer gold was unknown. Gold mining was intermittent with production reported in 1911, 1914 to 1928, 1934 sand 1940. Historical reports indicate that production from Basin Gulch was modest, production being impeded by a lack of water impeded. In 1948, Lynch (1948) suggested that the gold was sourced from the intrusive volcanic rocks exposed near the headwaters of Basin Creek. Sapphires have also been reportedly recovered from the placer operations in Basin Gulch (Frishman, 1992). Historical workings including excavations, mine ponds, remains of log cabins and outbuildings, log and dirt dams, and hydraulic diversion structures are still found on the Property.

Modern exploration was conducted over the Property area between 1987 and 1997. In 1987, Cable Mountain Mine Inc. (CMM) discovered a large, mineralized diatreme complex in the upper drainage of the Basin Gulch which was interpreted to be the lode source of the placer gold. The area was extensively explored until 1997 resulting in the completion of 318 reverse circulation (RC) and diamond drill holes totaling over 110,000 feet (33,530 m) (Table 1.), 46 trenches totaling over 15,000 feet (4,570 m), two geophysical surveys, a soil geochemistry survey, topographic surveys, geological mapping and pre-development studies. From 1997 to 2017 the Property changed ownership several times; only desktop studies including data compilation and verification and modelling were completed during this period. The authors have reviewed and accepted the historical results as disclosed herein.

**Table 1. Historical Drill hole summary**

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Total Drill Holes** | **Total Drill Holes** | **Total Drill Holes** |
| <br>**Company** |<br>**Year** | **RC** | **DDH** | **RC with Core tail** |
| CMM | 1987 | 2 |  |  |
| Chevron | 1989 | 11 |  |  |
| Cyprus | 1992 | 5 |  |  |
| CMM | 1993 | 14 | 2 | 2 |
| CMM | 1994 | 68 | 2 | 1 |
| CMM | 1995 | 117 |  |  |
| CMM | 1996 | 50 |  |  |
| CMM | 1997 | 52 | 3 |  |
| **Total** |  | **319** | **7** | **3** |

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In 1987, Rauno Perttu of CMM recognized the lode potential of the Basin Gulch area and acquired the patented claims. A large block of unpatented claims in the surrounding area was additionally staked. Two shallow holes (BG-1 and BG-2) were drilled near the upper part of the Basin Gulch drainage near the central area of the current Property. The holes targeted a suspected diatreme. Hole BG-1 was too shallow and did not intersect the diatreme. Hole BG-2 was drilled on the southwest margin of the diatreme and intersected significant shallow ore-grade gold and silver mineralization (Perttu, 2009).

The project was subsequently farmed out to Chevron Resources. Chevron's work was clustered around, and downhill of, the discovery hole BG-2. Chevron's exploration program included a soil geochemistry survey, 11 shallow RC holes and 13 shallow trenches. The geochemistry survey covered the area over and surrounding the placer mining. Several strong soil anomalies were identified across the soil survey including in the area of hole BG-2. Some of the soil anomalies extended beyond the boundary of the survey. The drill holes were completed in the area of hole BG-2 along what Chevron interpreted to be a mineralized high angle structure. Six of the 11 holes intersected shallow ore-grade mineralization. The remaining 5 holes did not intersect mineralization and were interpreted to be too shallow. From the trench sampling program broad zones of silver and gold mineralization were intersected in several of the trenches. The property was subsequently sold to Cyprus.

Cyprus completed an exploration program in late 1992 that included six (6) trenches and five (5) drill holes. Five (5) of the trenches were excavated in the Basin Gulch area and encountered broad zones of mineralization. However, Cyprus's program was largely focused on a small area in Cornish Gulch located ~1.3 km (4,500 ft) northeast of the earlier drilling. The longest trench and all 5 drill holes targeted mineralization in the middle and lower hillside of ridge on the west side of Cornish Gulch near the eastern margin of the current unpatented claims. This area contained anomalous mineralization in outcrop within altered shallow rhyolitic igneous rocks. The mineralization appeared to dip gently into the hillside and did not extend to the bottom of the hill. Cyprus interpreted the mineralization to be controlled by a high-angle structure and along with the steep topographical constraints in this area drilled on the lower flank of the hill below the mineralization. Three of the five drill holes intersected anomalous mineralization. Vertical hole 92BG-C2, bottomed out at 350 feet (107 m) in continuous gold mineralization. The trench was located along the road below the hillside and largely contained colluvium. Anomalous gold mineralization was intersected over an interval of 160 feet (50 m).

Cyprus dropped the project due a corporate decision and CMM regained control of the Project in 1993.

CMM conducted exploration programs on the project from 1993 to 1997 including drilling, trench sampling, and ground geophysics. The work completed by CMM identified significant gold and silver mineralization associated with the main BG diatreme complex located at the head of Basin Gulch. Float and outcrops containing anomalous mineralization were also identified across the Property (Figures 3 and 4).

Between 1993 and 1997 CMM drilled 312 holes totaling approximately 105,000 feet (32,000 m) over the entire property, all of which holes lie within the confines of the current Property (Figures 3 and 4). The majority of holes were drilled vertically using RC rigs; 8 diamond drill holes and 4 RC holes with core tails were completed. The majority of holes (87%) were shallow with total depths less than 500 ft. The deepest hole reached a total depth of 1,045 feet (320 m) and ended in mineralization. Additionally, 27 trenches were completed most of which were located over the main mineralized zone (Figures 3 and 4).

The results from the drilling and trench sampling programs indicated that the diatreme complex measured approximately 2,600 feet by 3,300 feet (800 by 1000 m) on the surface, and it appeared to be related to other mineralized occurrences in the local area. The diatreme complex was characterized by overall low-grade gold and silver mineralization and local high-grade mineralization. Widely scattered areas of the intrusive contained base levels of gold averaging between 0.01 to 0.02 opt. Numerous holes returned anomalous results with both wide modest grade intercepts and narrower high-grade intercepts (Table 2). As demonstrated by holes: BG94-05RC intersected 0.096 opt Au (3.276 g/t) over 240 feet (73 m) including a zone of 125 feet (38 m) which averaged 0.146 opt Au (4.996 g/t). Core hole (BG94-05blD) which was completed at the same location and returned comparable assays over similar intervals: 0.119 opt Au (4.064 g/t) over 197 feet (60 m) including a zone of 77 feet (23 m) at 0.279 opt Au (9.549 g/t). Other wide intercepts included hole 595-073RC with an intersection 180 feet (55 m) with an average grade of 0.029 opt (0.992 g/t) including 110 feet averaging 0.043 opt (1.471 g/t) Au; hole BG95-91RC with an intersection 370 feet (112 m) with and average grade of 0.034 opt (1.181 g/t) Au with a subsequent intersection of 100 feet (30 m) with an average grade of 0.067 opt (2.287 g/t) Au; BG94-01RC with an intersection 240 feet (73 m) averaging 0.096 opt (3.276 g/t) including 125 feet (38 m) averaging 0.0146 opt (4.996 g/t) Au.

**Table 2. CMM Historical Assay Highlights from Drilling.** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **From (ft)** | **To (ft)** | **Width (ft)** | **Au (opt)** | **Ag (opt)** | **Au (g/t)** | **Ag (g/t)** |
| BG93-08RC | 0 | 110 | 110 | 0.048 | 0.651 | 1.641 | 22.323 |
| including | 0 | 70 | 70 | 0.063 | 0.694 | 2.162 | 23.793 |
| BG93-14RC | 0 | 80 | 80 | 0.026 | 0.661 | 0.891 | 22.675 |
| BG94-01RC | 10 | 250 | 240 | 0.096 | 0.789 | 3.276 | 27.036 |
| including | 100 | 225 | 125 | 0.146 | 0.486 | 4.996 | 16.677 |
| BG94-05RC | 10 | 250 | 240 | 0.096 | 0.789 | 3.276 | 27.036 |
| including | 100 | 225 | 125 | 0.146 | 0.486 | 4.996 | 16.677 |
| BG94-05blD | 25.3 | 221.9 | 197.6 | 0.119 | 0.882 | 4.064 | 30.251 |
| including | 130.5 | 207 | 76.5 | 0.279 | 0.867 | 9.549 | 29.722 |
| BG94-12RC | 60 | 145 | 85 | 0.052 | 2.721 | 1.771 | 93.297 |
| BG94-15RC | 205 | 310 | 105 | 0.053 | 0.359 | 1.809 | 12.31 |
| including | 220 | 290 | 70 | 0.068 | 0.337 | 2.346 | 11.559 |
| BG94-33RC | 40 | 195 | 155 | 0.022 | 0.316 | 0.765 | 10.839 |
| BG94-36RC | 195 | 275 | 80 | 0.02 | 0.313 | 0.677 | 10.714 |
| BG94-55RC | 70 | 235 | 165 | 0.024 | 0.241 | 0.806 | 8.268 |
| BG94-56RC | 30 | 165 | 135 | 0.016 | 0.419 | 0.556 | 14.349 |
| BG95-003RC | 70 | 150 | 80 | 0.028 | 0.161 | 0.96 | 5.529 |
| BG95-004RC | 50 | 215 | 165 | 0.027 | 0.204 | 0.933 | 6.992 |
| BG95-008RC | 65 | 300 | 235 | 0.089 | 0.3 | 3.052 | 10.286 |
| including | 125 | 295 | 170 | 0.114 | 0.319 | 3.923 | 10.951 |
| BG95-010RC | 185 | 270 | 85 | 0.035 | 0.186 | 1.202 | 6.373 |
| including | 205 | 270 | 65 | 0.04 | 0.198 | 1.361 | 6.804 |
| BG95-034RC | 70 | 180 | 110 | 0.039 | 0.416 | 1.322 | 14.275 |
| BG95-036RC | 160 | 240 | 80 | 0.033 | 0.158 | 1.136 | 5.4 |
| BG95-037RC | 215 | 295 | 80 | 0.031 | 0.321 | 1.071 | 11.014 |
| including | 225 | 280 | 55 | 0.037 | 0.395 | 1.284 | 13.527 |
| BG95-062RC | 130 | 320 | 190 | 0.036 | 0.237 | 1.22 | 8.12 |
| BG95-067RC | 140 | 235 | 95 | 0.044 | 0.2 | 1.523 | 6.857 |
| BG95-073RC | 195 | 375 | 180 | 0.029 | 0.323 | 0.992 | 11.086 |
| &nbsp;&nbsp;&nbsp;and | 415 | 525 | 110 | 0.043 | 0.235 | 1.471 | 8.042 |
| BG95-084RC | 50 | 150 | 100 | 0.022 | 0.079 | 0.744 | 2.709 |
| BG95-086RC | 315 | 420 | 105 | 0.029 | 0.143 | 0.98 | 4.898 |
| BG95-091RC | 35 | 405 | 370 | 0.034 | 0.302 | 1.181 | 10.36 |
| &nbsp;&nbsp;&nbsp;and | 425 | 525 | 100 | 0.067 | 0.447 | 2.287 | 15.326 |
| BG96-001RC | 170 | 245 | 75 | 0.021 | 0.197 | 0.731 | 6.766 |
| BG96-015RC | 380 | 460 | 80 | 0.017 | 0.171 | 0.574 | 5.871 |
| BG97-24RC | 0 | 130 | 130 | 0.081 | 0.376 | 2.767 | 12.897 |
| including | 0 | 60 | 60 | 0.108 | 0.455 | 3.709 | 15.6 |
| FS97-04cRC | 110 | 210 | 100 | 0.068 | 0.286 | 2.338 | 9.806 |

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**Figure 3. Historical Drilling on the Basin Gulch Property.**

![](image_004.jpg)

**Figure 4. Historical Trench Locations on the Basin Gulch Property**

![](image_005.jpg)

Nearby shallow much smaller diatreme zones appear to be adjacent outliers to the main diatreme complex. These outliers are associated with an inferred controlling fault zone that may also be an important control for the main diatreme and for some of the inferred veins. Two of these smaller adjacent diatremes appear to contain near-surface "boiling zones", and contain high-grade gold and silver mineralization. CMM also reported that anomalous mineralization occurred along structural zones projecting potentially several miles outward from the Basin Gulch mineralized area.

Surface sampling indicated that the mineralization extends across an area of at least 8,000 feet by 14,000 feet (2,400 by 4,300 m) encompassing an area of approximately 2,600 acres (1,052 hectares). Outside of this area of mineralization, geochemical anomalies associated with favorably altered, shattered quartzites and igneous rocks indicated the potential area of mineralization may extend to cover approximately 4,500 acres (1,821 hectares; Perrtu, 1997).

Two geophysical surveys were completed by CMM in 1993 and 1994.

In 1993 a VLF (Very Low Frequency) survey was completed by W.I. Van der Poel of Missoula, MT. This report or data were not available for inspection however, DBA, 2009 and Perttu, 2017 report that the results of the survey were confusing. The general geologic interpretation reported by the geophysicist was somewhat consistent with the local geologic mapping however the lack of detail provided with the interpretation made the survey data un-useable. There is no record of the location of the VLF lines negating the possibility of re-interpretation or correlation with the geology.

In July 1994, Zonge Engineering and Research of Tucson, AZ was contracted to complete a series of Controlled Source Audiofrequency Magnetotelluric (CSAMT) geophysical survey lines across the top of the mineralized zone. These lines clearly delineate the location of the highly conductive diatreme (Figure 5). The survey was completed along seven (7) lines that were located on or near the Basin Gulch Diatreme. A total of 214 stations were read at frequencies from 8,192 Hz to 2 Hz. The interpretation of the CSAMT data included a correlation to the geology of the area (Zonge, 1994).

The CSAMT data indicated that the highly conductive and altered portions of the diatreme extend to the depth of the survey, approximately 1,500 feet (450 m) below the surface. This was interpreted to indicate that the breccia pipe extends well past 1,500 feet (450 m) depth with a consistent electrical signature.

The CSAMT geophysical survey may have traced the location of the main cross-fault.

The geophysics shows a paired high-conductivity zone, which crosses the diatreme surface expression from northeast to southwest. The high-conductivity zone may be offset by a younger, northwest-trending right-lateral, strike-slip fault, which appears to have post-diatreme movement. This younger fault follows the Basin Gulch drainage and is suggested by a possible offset of the two parallel high-conductivity zones in the geophysical data, by possible similar sense surface offsets of the diatreme, and by post-diatreme faulting seen in core hole BG94-37C, at the projection of the proposed fault. Morphologic and lithologic changes across the projection of the proposed fault are consistent with this interpretation. The fault appears to post-date diatreme emplacement but pre-date mineralization (Perttu, 1997).

**Figure 5. Portion of Line BL-4 showing a representative section through the diatreme as imaged by CSAMT.**

![](image_006.jpg)

Additionally various CSAMT cross-sections indicate the presence of small parasitic diatremes that emanate from the main eruptive center and appear to be connected at depth. These small diatremes are consistent with small features that have been mapped at the surface.

Zonge summarized the results of the survey as follows (Zonge, 1994):"… On all lines, the area outlined as the diatreme on the surface geology map is seen to be conductive on the northern two-thirds of the diatreme, and more resistive on the southern portion. The conductive zone is bounded by a strong narrow resistor."

The mapped southern boundary of the diatreme on lines BL-1, BL-2, and BL-4 is associated with a weak, locally resistive zone in the CSAMT data. Lines BL-3 and BL-5 do not cross the southern boundary of the diatreme. The northern boundary of the diatreme is less well-defined in the CSAMT data; the change in resistivity to the north is more gradual and is associated primarily with deep changes in resistivity. These deeper changes, best seen on Plate 8, form a "bench" near the northern limit of the diatreme.

On the lines that crossed it, the contact between the Tertiary intrusive (on the north) and the Missoula Group (on the south) is associated with a locally resistive zone. This contact does not show as much resistivity contrast as the contact described above within the diatreme.

In general, Line BL-4 (Plate 7) shows the best overall picture of the subsurface electrical resistivity structure at this site; a large low resistivity zone, extending from station 0 to station 1700, bounded sharply on the south and more gradually on the north. A large resistive zone extends from station 1700 to the south, and a very steep dip to the north is indicated.

Near the southern end of Line BL-4, a strong low resistivity zone is seen from approximately station 4000 to 4600. This conductive anomaly is bounded on the south by a narrow resistive feature, similar to the resistive-conductive contact within the diatreme itself. This conductive zone apparently does not extend far enough west to be detected on Line BL-2.

It is very important to note that static effects (from very near-surface features) and high contact resistance definitely influenced the data on this project. These effects also provide information, however, and the interpretation has been made on the basis of both raw Cagniard resistivity and static-corrected resistivity. The raw data provide surface and very near-surface information, while the static-corrected data de-emphasize shallow features in order to delineate deeper resistivity structures…"

In 1996, Kinross became interested in acquiring the property from CMM. Kinross completed a review of the project in 1996-1997 which included re-logging of the available core holes and over 200 RC holes, re-assaying 275 sample intervals and metallurgical testing. The re-assay samples were sent to American Assay Labs, Sparks (NV). Results confirmed the original assays reported by CMM. The re-logging confirmed that mineralization was ubiquitous in all rocks with no one rock type having preferential mineralization. Higher grade mineralization was found to be associated with the marginal areas and edges of the intrusive volcanics (Kinross, 1997; Perttu, 1997). The sale of the property was never competed due to the passing of Citizens Initiative Cl-137 in 1998 and a coincidental drop in gold prices. Citizens Initiative Cl-137 banned cyanide leach processing from open pit gold operations in Montana and was effectively seen by most mining companies as a moratorium on large-scale open-pit gold mining in the State. Shortly thereafter, in 1997, CMM ceased its activities and terminated its lease on the Metesh property. Between 1997 and 2006 the Metesh property remained dormant. The authors have reviewed and accepted the historical results as disclosed herein.

***Exploration Conducted by Lannister***

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In 2021 Lannister conducted an exploration program on the Basin Gulch Property. The exploration work included the reconnaissance of historical trenches and drill holes, the collection of 126 rock samples and 1,562 soil samples, along with a ground geophysical survey.

The reconnaissance work and sampling program was completed between May 30 and July 5, 2021. During the reconnaissance program the crew was tasked with trying to locate and identify historical trenches that were ortho-rectified from historical maps. The majority of the historical trenches on the Property have been reclaimed so they were difficult to locate. Only 2 instances of trenches that match historical records were identified in the field. However, 47 additional trenches were identified in the field that were not on the historical maps as well as 41 small sample pits scattered throughout the Property (Figure 4). The majority of the newly identified trenches are located with the main diatreme complex northeast of the previously orthorectified historical workings.

In the summer of 2021, soil samples were collected on a grid centered over the patented claims but extending onto the BLM mineral claims. The soil grid covered an area of 1.7 km by 2.0 km covering the BG diatreme complex and extending southwards. A total of 1,247 soil samples were collected including 65 duplicates. The samples were analyzed for 61 elements using the ultra-sensitive Ionic Leach method at ALS Global, Vancouver, BC, Canada (ALS). The ionic leach technique is designed to detect and define subtle, low-level anomalies and is very useful where conventional geochemical techniques may be ineffective due to the presence of overburden deposits. Ionic leach sampling identifies geochemical anomalies that are typically weak but the anomalies are in sharp contrast to background values. Additionally, anomalies identified by ionic leach sampling tend to be spatially coherent indicating that the anomaly is related to a bedrock signature rather than overburden noise.

The results of the 2021 soil sampling program show an anomalous response in Au and Ag related to the BG diatreme and edge of the diatreme (Figures 6 and 7). Further work is needed to assess the relationship between the anomalous Au responses and the historical ground disturbance in this area. Preliminary PCR (Principal Component Regression) analysis of the data did not identify any strong positive correlations between Au or Ag and other pathfinder elements. A general association between anomalous Au and low Ca was observed which may indicate a correlation between anomalous gold and decalcified areas. A correlation between anomalous gold and high As and Sb results is evident within the diatreme. Detailed interpretation of the soil sampling results should be completed.

Additional anomalies were also identified by the soil sampling program (Figures 8 and 9). A coherent Au and As anomaly is located approximately 500 m south of the BG diatreme in an area that was the focus of historical drilling and trenching. The anomaly measures approximately 500 m by 500 m. Smaller gold anomalies are also evident to the southwest and southeast of the BG diatreme.

**Figure 6. Ionic Leach soil sample results – Au (ppb)**

![](image_007.jpg)

**Figure 7. Ionic Leach soil sample results – Ag (ppb)**

![](image_008.jpg)

**Figure 8. Ionic Leach soil sample results – As (ppb)**

![](image_009.jpg)

Rock samples were collected during the soil program. Rock samples were collected from float samples, outcrop exposures and historical trenches across the soil grid area. A total of 126 rock samples including 3 duplicates were collected. Anomalous gold assays were recovered across the Property associated with the historical workings in and around the BG diatreme and other historically active areas including the anomalous areas identified by the soil sample survey (Figure 9).

Samples collected within and along the southwest edge of the BG diatreme returned up to 3.43 ppm Au with 10 samples returning >0.5 ppm Au. The samples were mainly collected from float and consisted of silicified volcaniclastic rocks and quartzite that exhibited limonite and hematite.

Samples collected to the southwest of the BG diatreme returned up to 3.72 ppm Au with 6 samples in the area returning >0.5 ppm Au. Sample D239174 which returned 3.72 ppm Au also returned 124 ppm Ag. This sample was collected from, a historical trench and consisted of a silicified pink quartzite breccia. The vein surfaces were limonite rich. A secondary vein containing drusy quartz contained hematite.

Samples collected approximately 500 m south of the BG diatreme in the area associated with the Au-in-soil anomaly and historical workings returned up to 3.72 ppm Au with 6 samples returning >1.0 ppm Au. Samples consisted largely of float samples of vuggy and/or brecciated quartz veins showing hematite, limonite and goethite alteration.

Lannister conducted a ground magnetics survey over the Basin Gulch property between January 31<sup>st</sup> and February 27<sup>th</sup>, 2021 (Figure 10). The survey was focused over the BG diatreme, other historical workings and areas identified as highly prospective for gold and silver mineralization. The survey was completed using a high sampling rate paired with closely spaced survey lines to produce a high-resolution magnetics map over the Property.

The ground magnetics survey grid consisted of 120 survey lines: traverse lines were oriented east west and spaced 50 meters (m) apart; with infill lines offset at 25 m from the main grid. Survey lines of variable length between 1,100 m and 1,750 m were used to avoid avalanche prone areas of the Property. The survey totaled 129.76 line-km of magnetic survey data, covering approximately 530 hectares. Several areas of the Property remained inaccessible at the time of surveying due to extensive snow cover and avalanche danger.

**Figure 9. Rock sample assay results – Au (ppm)**

![](image_010.jpg)

**Figure 10. 2021 Residual Magnetic Intensity (RMI) with Upward Continuation filter of 10 m and Reduced to Pole (RTP)**

![](image_011.jpg)

Smoothing and enhancement filters were applied to the Residual Magnetic Intensity (RMI) to highlight and attenuate high-frequency signals and enhance the signals originating from geological sources. Regional trends on the Property were best highlighted using an upward continuation (UC) filter at 10 m to minimize the high-frequency responses and a Reduce to Pole (RTP) algorithm which places the peak of the response over the anomaly producing it (Figure 10). The processed geophysical data show that the major, northeast trending fault crossing the Property and the BG diatreme are associated with a low amplitude magnetic response. Mineralization within and along the margins of the BG diatreme is also associated with a low amplitude magnetic response.

No drilling has been completed on the Property by Lannister. A trenching and trench sampling program is currently in progress.

**Our Competitive Strengths** 

We believe that the following competitive strengths contribute to our success and differentiate us from our competitors:

● We have an experienced management team comprised of experienced mining executives and operators with a strong history of de-risking and delivering results.

● We have a large consolidated land package with a significant history of conducted exploration work. Data from this historical work is readily available and in good standing allowing its use in future updated SK-1300 versions.

● The historical work shows that there's extensive exploration upside in multiple directions.

● Our land package primarily sits on coveted 'patented' land claims which require minimal permitting. This allows the company to mobilize works crews for exploration and development versus 'unpatented' land claims which require additional permitting steps.

● Our land package is 16 miles by road from Philipsburg, Montana with and experienced work force and 55 miles by road from Butte, Montana a large city center.

● Our land package is also away from and key waterways that are used for fishing.

● Existing infrastructure is close by including paved highways and power.

**Our Growth Strategies** 

Recruiting and retaining qualified personnel is critical to our success. As our business activity grows, we will require additional key financial, administrative, mining, marketing and public relations personnel as well as additional staff on the operations side. The strength and experience of our Board of Directors allows the Company to add top tier personnel to grow the Company as needed.

The Company has developed a strategic plan for further exploration and development of the Basin Gulch property that includes the following milestones:

● Complete mineral resource drilling and validate historical data to enable a maiden Mineral Resource Estimate in accordance with the SEC's new Mining Modernization Rules. Completion expected during 2<sup>nd</sup> half of 2025.

● Continue exploration of additional prospects located on our Lannister property could add additional tonnage through further drilling. We also intend to explore for extensions to the existing mineralization and other potential mineralization within the Lannister™ property.

● Initiate metallurgical testwork for best and alternative methods for mineral processing and recovery.

● Following success from exploration and expansion drilling, plan a second stage drill campaign for an updated Mineral Resource Estimate (2025).

● Initiate environmental baseline studies and technical work to determine mining site infrastructure locations.

● Complete Preliminary Economic Study (PEA) for 2025.

● Complete next stage of resource exploration drilling leading to resource upgrade to the Measured from Indicated level.

**Our Risks and Challenges**

Our prospects should be considered in light of the risks, uncertainties, expenses and difficulties frequently encountered by similar companies. Our ability to realize our business objectives and execute our strategies is subject to risks and uncertainties, including, among others, the following:

 **

***Risks Related to Our Business and Industry***

 **

Risks and uncertainties related to our industry include, but are not limited to, the following:

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● All of our business activities are now in the exploration stage and there can be no assurance that our exploration efforts will result in the commercial development of gold and silver or other minerals. Volatile metal prices and external factors may affect our profitability and marketability of minerals.

● We may invest in exploration without guarantee of profitable mineral discovery.

● We may face delays if we are unable to secure timely equipment and personnel for exploration.

● We are exposed to various operational risks and our insurance may not provide adequate coverage.

● Mining hazards could lead to significant operational disruptions and financial impacts.

● Our business is subject to operational risks that are generally outside of our control and could adversely affect our business.

● We have no history of mineral production.

● There can be no assurance that we will successfully establish mining operations or profitably produce mineral products.

● Mineral exploration and development are subject to extraordinary operating risks. We currently do not insure against these risks. In the event of a cave-in or similar occurrence, our liability may exceed our resources, which could have an adverse impact on us.

● There are numerous risks associated with the development of our mining property.

● Our business operations are exposed to a high degree of risk associated with the mining industry.

● Infrastructure required to carry on our business may be affected by unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure.

● Our operations rely on infrastructure, and disruptions could adversely impact our results and financial condition.

● We face stringent environmental regulations that may increase operational costs and affect profitability.

● We may not be able to obtain or renew licenses or permits that are necessary to our operations.

● We cannot guarantee undisputed title to our mineral properties, potentially affecting their validity and size.

● Our success hinges on our Board and senior management, and their loss could adversely impact our business.

● We are dependent on the continued services and performance of our senior management and other key officers, the loss of any of whom could adversely affect our business, operating results and financial condition.

 ***Risks Related to This Offering and Ownership of Our Common Shares***

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Risks and uncertainties related to this offering and our Common Shares include, but are not limited to, the following:

● There has been no public market for our Common Shares prior to this offering, and an active market in which investors can resell their shares may not develop.

● The market price of our Common Shares may fluctuate, and you could lose all or part of your investment.

● We have considerable discretion as to the use of the net proceeds from this offering and we may use these proceeds in ways with which you may not agree.

● You will experience immediate and substantial dilution as a result of this offering.

● If securities industry analysts do not publish research reports on us, or publish unfavorable reports on us, then the market price and market trading volume of our Common Shares could be negatively affected.

● Future issuances of our Common Shares or securities convertible into, or exercisable or exchangeable for, our Common Shares, or the expiration of lock-up agreements that restrict the issuance of new Common Shares or the trading of outstanding Common Shares, could cause the market price of our Common Shares to decline and would result in the dilution of your holdings.

● Future issuances of debt securities, which would rank senior to our Common Shares upon our bankruptcy or liquidation, and future issuances of preferred shares, which could rank senior to our Common Shares for the purposes of dividends and liquidating distributions, may adversely affect the level of return you may be able to achieve from an investment in our Common Shares.

● Investors may face dilution due to issuance of lower priced securities and outstanding options.

● We may not be able to satisfy listing requirements of the NYSE American or obtain or maintain a listing of our Common Shares.

● We will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are emerging growth companies and our shareholders could receive less information than they might expect to receive from more mature public companies.

● As a foreign private issuer, we are permitted to rely on exemptions from certain NYSE American corporate governance standards applicable to domestic U.S. issuers. This may afford less protection to holders of our shares.

In addition, we face other risks and uncertainties that may materially affect our business prospects, financial condition, and results of operations. You should consider the risks discussed in "*Risk Factors*" and elsewhere in this prospectus before investing in our Common Shares.

**Our Corporate Structure** 

We were created as a result of the amalgamation of 1247666 B.C. Ltd. and Lannister Mining Corp. pursuant to the provisions of the Business Corporations Act (British Columbia), which we refer to as the "BCBCA," on September 21, 2021, which we refer to as the "Amalgamation". Our registered and records office and head office is located at Suite 1500, 1055 West Georgia Street, Vancouver, British Columbia V6E 4N7.

The Amalgamation was completed pursuant to the terms and conditions of an amalgamation agreement, which we refer to as the "Amalgamation Agreement," dated June 21, 2021, between 1247666 B.C. Ltd., which we refer to as "1247666," and Lannister Mining Corp., which we refer to as "Former Lannister". In accordance with the Amalgamation Agreement, each holder of Common Shares in the capital of 1247666, which we refer to as "1247666 Shares," and Former Lannister, which we refer to as "Former Lannister Shares," received (i) one Common Share in exchange for each 1247666 Share or Former Lannister Share held by such holder, or (ii) cash in exchange for each 1247666 Share or Former Lannister Share held by such holder, and the 1247666 Shares and Former Lannister Shares were cancelled.

Following the completion of the Amalgamation, 1247666 and Former Lannister amalgamated and formed our company and each of 1247666 and Former Lannister ceased to exist as entities. Further, the property of each of 1247666 and Former Lannister continued as our property and we continued to be liable for the obligations of each of 1247666 and Former Lannister.

We have one wholly-owned subsidiary named 60431 Montana Ltd., which we refer to as "Montana Subco". Montana Subco was incorporated pursuant to the Montana Business Corporation Act on December 28, 2020. Montana Subco's registered and records office and head office is located at Central Square Building, 201 W. Main Street, Suite 201, Missoula, Montana 59802.

Set forth below is our organizational chart:

![](image_012.jpg)

We are not currently a reporting issuer in any jurisdiction and our Shares are not listed or posted for trading on any stock exchange.

**Corporate Information**

Our corporate address is Suite 1500, 1055 West Georgia Street, Vancouver, British Columbia V6E 4N7. Our company email address is info@lannistermining.com.

Our registered office is located at Suite 1500, 1055 West Georgia Street, Vancouver, British Columbia V6E 4N7.

Our agent for service of process in the United States is Cogency Global Inc.,122 East 42nd Street, 18th Floor, New York, NY 10168, (800) 221-0102.

Our website can be found at https://lannistermining.com/. The information contained on our website is not a part of this prospectus, nor is such content incorporated by reference herein, and should not be relied upon in determining whether to make an investment in our Common Shares.

**Implications of Being an Emerging Growth Company**

Upon the completion of this offering, we will qualify as an "emerging growth company" under the Jumpstart Our Business Act of 2012, as amended, or the JOBS Act. As a result, we will be permitted to, and intend to, rely on exemptions from certain disclosure requirements. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company's internal control over financial reporting. In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We may choose to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We will remain an emerging growth company until (for the first five fiscal years after the initial public offering is completed) the earliest of the following occurs: (i) our total annual gross revenues are $1.235 billion or more (ii) we have issued more than $1 billion in non-convertible debt in the past three years or (iii) we become a "large accelerated filer," as defined in the Securities Exchange Act of 1934, which we refer to as the "**Exchange Act**," Rule 12b-2. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above.

**Implications of Being a Foreign Private Issuer**

Once the registration statement of which this prospectus is a part is declared effective by the SEC, we will become subject to the information reporting requirements of the Exchange Act that are applicable to "foreign private issuers," and under those requirements we will file certain reports with the SEC. As a foreign private issuer, we will not be subject to the same requirements that are imposed upon U.S. domestic issuers by the SEC. Under the Exchange Act, we will be subject to reporting obligations that, in certain respects, are less detailed and less frequent than those of U.S. domestic reporting companies. For example, although we report our financial results on a quarterly basis, we will not be required to issue quarterly reports, proxy statements that comply with the requirements applicable to U.S. domestic reporting companies, or individual executive compensation information that is as detailed as that required of U.S. domestic reporting companies. We also will have four months after the end of each fiscal year to file our annual reports with the SEC and we will not be required to file current reports as frequently or promptly as U.S. domestic reporting companies. We also present our financial statements pursuant to International Financial Reporting Standards as issued by International Accounting Standards Board, or IFRS. Furthermore, our officers, directors and principal shareholders will be exempt from the requirements to report transactions in our equity securities and from the short-swing profit liability provisions contained in Section 16 of the Exchange Act. As a foreign private issuer, we will also not be subject to the requirements of Regulation FD (Fair Disclosure) promulgated under the Exchange Act. In addition, as a foreign private issuer, we will be permitted, and intend to follow certain home country corporate governance practices instead of those otherwise required under the listing rules of NYSE American for domestic U.S. issuers. These exemptions and leniencies will reduce the frequency and scope of information and protections available to you in comparison to those applicable to a U.S. domestic reporting companies.

**Notes on Prospectus Presentation**

Numerical figures included in this prospectus have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them. Certain market data and other statistical information contained in this prospectus are based on information from independent industry organizations, publications, surveys and forecasts. Some market data and statistical information contained in this prospectus are also based on management's estimates and calculations, which are derived from our review and interpretation of the independent sources listed above, our internal research and our knowledge of the mining industry. While we believe such information is reliable, we have not independently verified any third-party information and our internal data has not been verified by any independent source.

Our reporting currency and our functional currency is Canadian dollar. This prospectus contains translations of Canadian dollars into U.S. dollars at specific rates solely for the convenience of the reader. Unless otherwise noted, all translations from Canadian dollars into U.S. dollars in this prospectus were made at a rate of C$1.4379 per US$1.00, the noon buying rate as set forth in the H.10 statistical release of the U.S. Federal Reserve Board in effect as of March 31, 2025, except for section 5 of the audited financial statements. The translations from Canadian dollars into U.S. dollars for amounts relating to the six months ended March 31, 2025 were made at a rate of C$1.4379 per $1.00, the noon buying rate as set forth in the H.10 statistical release of the U.S. Federal Reserve Board in effect as of March 31, 2025. The translations from Canadian dollars into U.S. dollars for amounts relating to the year ended September 30, 2024 were made at a rate of C$1.3511 per $1.00, the noon buying rate as set forth in the H.10 statistical release of the U.S. Federal Reserve Board in effect as of September 30, 2024. On July 25, 2025, the noon buying rate for Canadian dollar was C$1.3714 per US$1.00. We make no representation that the Canadian dollar or U.S. dollar amounts referred to in this prospectus could have been or could be converted into U.S. dollars or Canadian dollar, as the case may be, at any particular rate or at all.

All references in the prospectus to "U.S. dollars," "dollars," "US$" and "$" are to the legal currency of the United States and all references to "C$" are to the legal currency of Canada.

**Annual General and Special Meeting of Securityholders**

On December 8, 2023, we held our Annual General and Special Meeting (the "**Meeting**") of Shareholders and holders of Common Share purchase warrants at 10:00 a.m. (Pacific time) at 1500-1055 West Georgia Street, Vancouver, British Columbia V6E 4N7. A total of 2,536,041 (post-split) Common Shares representing 62.39% of the aggregate shares outstanding and eligible to vote and constituting a quorum were represented in person or by valid proxies at the annual meeting.

100% of the votes cast by Shareholders of the Company at the Meeting voted in favor of the Reverse Split (as defined below). The share capital of our Company consolidated on a sixteen-for-one basis.

**Consolidation (a "Reverse Split")** 

On December 22, 2023, we effectuated a one-for-sixteen reverse stock split of our Common Shares, or the Reverse Split. The Reverse Split combined each sixteen of our Common Shares into one Common Share. Fractional shares will not be issued to any existing shareholder in connection with the Reverse Split. The historical audited financial statements included elsewhere in this prospectus have been adjusted for the Reverse Split. Unless otherwise indicated, all other share and per share data in this prospectus have been retroactively adjusted, where applicable, to reflect the Reverse Split as if it had occurred as at the September 30, 2021 fiscal year end. References to "post-split" below are references to the number of our Common Shares after giving effect to this Reverse Split.

**The Offering**

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| | |
|:---|:---|
| Shares offered | 2,000,000 Common Shares, assuming an initial public offering price of US$5.00 per share (which is the midpoint of the estimated range of the initial public offering price shown on the cover page of this prospectus)  |
| Common Shares outstanding immediately before the offering | 5,047,204 (post-split) Common Shares. |
| Common Shares outstanding immediately after the offering | 7,047,204 Common Shares (or 7,347,204 Common Shares if the underwriters exercise the over-allotment option in full).  |
| Over-allotment option | We have granted to the underwriters a 45-day option to purchase from us up to an additional 15% of the Common Shares sold in the offering (300,000 additional shares, assuming an initial public offering price of US$5.00 per share (which is the midpoint of the estimated range of the initial public offering price shown on the cover page of this prospectus)) at the initial public offering price, less the underwriting discounts and commissions.  |
| Use of proceeds | We expect to receive net proceeds of approximately US$8,325,542 from this offering (or approximately US$9,698,042 if the underwriters exercise in full their option to purchase up to additional shares), after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.<br>We plan to use the net proceeds of this offering for resource development activities including additional exploratory drilling, metallurgy, mapping, prospecting and structural interpretation, working on Maiden NI 43-101 Resource Report which incorporates all technical data to date, administration and overhead and general corporate purposes. See "*Use of Proceeds*" for more information on the use of proceeds. |
| Risk factors | Investing in our Common Shares involves a high degree of risk and purchasers of our Common Shares may lose part or all of their investment. See "*Risk Factors*" for a discussion of factors you should carefully consider before deciding to invest in our Common Shares. |
| Lock-up | We have agreed, subject to certain exceptions, with the underwriters, not to, during a period of 180 days after the closing of this offering, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of our capital stock or any securities convertible into or exercisable or exchangeable for shares of our capital stock; (ii) file or cause to be filed any registration statement with the Commission relating to the offering of any shares of our capital stock or any securities convertible into or exercisable or exchangeable for shares of our capital stock; (iii) complete any offering of our debt securities, other than entering into a line of credit with a traditional bank, or (iv) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our capital stock, whether any such transaction described in clause (i), (ii), (iii) or (iv) above is to be settled by delivery of shares of our capital stock or such other securities, in cash or otherwise. <br>Additionally, our directors and officers and any other holder(s) of five percent or more of the outstanding Common Shares as of the effective date of the Registration Statement (and all holders of securities exercisable for or convertible into Common Shares) have agreed to enter into "lock-up" agreements pursuant to which such persons and entities shall agree, for a period of 180 days after the closing of this offering, that they shall not offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of our capital stock or any securities convertible into or exercisable or exchangeable for shares of our capital stock, subject to customary exceptions.  |
| Proposed trading market and symbol | We plan to apply to list our Common Shares on the NYSE American under the symbol "DRIL." We will not close this offering unless the NYSE American has approved our Common Shares for listing and we have raised at least US$10,000,000 in this offering. |

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The number of Common Shares outstanding immediately following this offering is based on 5,047,204 (post-split) shares outstanding as of the date of this prospectus and excludes:

● 25,000 (post-split) additional Common Shares that are reserved for future issuance under our 2021 Stock Option Plan.

As of the date of this prospectus, 8% of the company's outstanding shares are held by record holders who are residents of the United States. The remaining 92%, which totals 4,624,579 shares, are owned by record holders residing outside of the United States.

Unless otherwise indicated, all information contained in this prospectus, including the number of Common Shares that will be outstanding after this offering, assumes or gives effect to no exercise by the underwriters of their over-allotment option to purchase up to additional Common Shares.

**Summary Consolidated Financial Information**

The following selected historical financial information should be read in conjunction with our consolidated financial statements and related notes included elsewhere in the prospectus and the information contained in "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" below.

Our summary financial data as of and for the six months ended March 31, 2025 and 2024 are derived from our interim financial statements included elsewhere in this prospectus. Our summary financial data as of and for the fiscal years ended September 30, 2024 and 2023 are derived from our audited financial statements included elsewhere in this prospectus.

Our financial statements are prepared and presented in accordance with International Financial Reporting Standards, or IFRS. Our historical results for any period are not necessarily indicative of our future performance.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended March 31** | **Six Months Ended March 31** | **Six Months Ended March 31** | **Years Ended September 30** | **Years Ended September 30** | **Years Ended September 30** |
| | **2025** | **2025** | **2024** | **2024** | **2024** | **2023** |
| <br>**Statements of Loss Data** | **C$** | **US$** | **C$** | **C$** | **US$** | **C$** |
| Total operating expenses | 421426 | 293084 | 629979 | 1201346 | 889162 | 879089 |
| Total other income (loss) | (446332) | (310405) | (4902) | 69 | 51 | 48 |
| Net loss | (867758) | (603490) | (634881) | (1201277) | (889111) | (879041) |
| Net loss per share – basic and diluted | (0.17) | (0.12) | (0.14) | (0.25) | (0.18) | (0.22) |
| Weighted average shares outstanding – basic and diluted | 5047204 | 3510122 | 4676866 | 4808363 | 4808363 | 4065003 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended March 31** | **Six Months Ended March 31** | **Six Months Ended March 31** | **Years Ended September 30** | **Years Ended September 30** | **Years Ended September 30** |
| | **2025** | **2025** | **2024** | **2024** | **2024** | **2023** |
| <br>**Statements of Operations Data** | **C$** | **US$** | **C$** | **C$** | **US$** | **C$** |
| Cash | 110359 | 76750 | 304921 | 53528 | 39618 | 1105828 |
| Current assets | 270636 | 188216 | 371240 | 126922 | 93939 | 1172753 |
| Total assets | 4287717 | 2981930 | 4370218 | 4124782 | 3052906 | 5175978 |
| Current liabilities | 1477853 | 1027786 | 126200 | 447160 | 330960 | 297079 |
| Total liabilities | 1477853 | 1027786 | 126200 | 447160 | 330960 | 297079 |
| Shareholders' equity | 2809864 | 1954144 | 4244018 | 3677622 | 2721947 | 4878899 |
| Total liabilities and shareholders' equity | 4287717 | 2981930 | 4370218 | 4124782 | 3052907 | 5175978 |

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**RISK FACTORS**

 *We are in the business of exploring and developing mineral properties, which is a highly speculative endeavor. You should carefully consider the following risk factors, together with the other information contained in this prospectus, before purchasing our Common Shares. We have listed below (not necessarily in order of importance or probability of occurrence) what we believe to be the most significant risk factors applicable to us, but they do not constitute all of the risks that may be applicable to us. Any of the following factors could harm our business, financial condition, results of operations or prospects, and could result in a partial or complete loss of your investment. Some statements in this prospectus, including statements in the following risk factors, constitute forward-looking statements. Please refer to the section titled "Special Note Regarding Forward-Looking Statements."*

**Risks Related to Our Industry and Business**

 ****

***All of our business activities are now in the exploration stage and there can be no assurance that our exploration efforts will result in the commercial development of gold and silver or other minerals.***

All of our operations are at the exploration stage and there is no guarantee that any such activity will result in commercial production of gold and silver deposits or other minerals. We intend to engage in that additional exploratory drilling with proceeds from our initial public offering but we can provide no assurance of future success from our planned additional drilling program. The exploration for mineral deposits involves significant risks which even a combination of careful evaluation, experience and knowledge may not eliminate. While the discovery of an ore body may result in substantial rewards, few properties which are explored are ultimately developed into producing mines. Major expenses may be required to locate and establish proven mineral reserves, to develop metallurgical processes and to construct mining and processing facilities at a particular site. It is impossible to ensure that the exploration programs planned by us or any future development programs will result in a profitable commercial mining operation. There is no assurance that our mineral exploration activities will result in any discoveries of commercial quantities of gold, silver, or other minerals. There is also no assurance that, even if commercial quantities of ore are discovered, a mineral property will be brought into commercial production. Whether a mineral deposit will be commercially viable depends on a number of factors, some of which are: the particular attributes of the deposit, such as size, grade and proximity to infrastructure, metal prices which are highly cyclical; and government regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental protection. The exact effect of these factors cannot be accurately predicted. Our long-term profitability will be in part directly related to the cost and success of our exploration programs and any subsequent development programs.

 ****

***We operate in one geographic area***

 

There is the possibility that our geological assessments of the single area may prove to be inaccurate. Geological formations may not contain viable quantities of resources or extraction may be more difficult or expensive than anticipated. The lack of diversification increases our exposure to the risks associated to this single asset including the related geological interpretation, regulatory framework and market environment. Delays in obtaining necessary permits or complying with regulatory obligations could disrupt our operations, increase costs or prevent us from advancing our exploration program. The west-central region of Montana is a lower risk area with a legacy of historical and current mining activities. The major risk within the region and industry as a whole is perception related and exposes the Company to anti-mining groups. However, the Government and law makers in Montana are now signaling pro-mining agendas with recent decisions awarding new mining permits.

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***Volatile metal prices and external factors may affect our profitability and marketability of minerals****.*

The mining industry is intensely competitive and there is no assurance that, even if commercial quantities of a mineral resource are discovered, a profitable market will exist for the sale of the same. There can be no assurance that metal prices will be such that our properties can be mined at a profit. Factors beyond our control may affect the marketability of any minerals discovered. Metal prices are subject to volatile price changes from a variety of factors including international economic and political trends, expectations of inflation, global and regional demand, currency exchange fluctuations, interest rates and global or regional consumption patterns, speculative activities and increased production due to improved mining and production methods. The supply of, and demand for, our principal products and exploration targets are affected by various factors, including political events, economic conditions and production costs.

***We may invest in exploration without guarantee of profitable mineral discovery****.*

Resource exploration and development is a speculative business, characterized by a number of significant risks including, among other things, unprofitable efforts resulting not only from the failure to discover mineral deposits but also from finding mineral deposits that, though present, are insufficient in quantity and quality to return a profit from production. The marketability of minerals acquired or discovered by us may be affected by numerous factors that are beyond our control and that cannot be accurately predicted, such as market fluctuations, the proximity and capacity of milling facilities, mineral markets and processing equipment, and such other factors as government regulations, including regulations relating to royalties, allowable production, importing and exporting minerals and environmental protection, the combination of which factors may result in our company not receiving an adequate return of investment capital. All of the claims to which we have a right to acquire an interest are in the exploration stage only and are without a known body of commercial ore. Development of the subject mineral properties would follow only if favorable exploration results are obtained.

The business of exploration for minerals and mining involves a high degree of risk. Few properties that are explored are ultimately developed into producing mines. There is no assurance that our mineral exploration and development activities will result in any discoveries of commercial bodies of ore. The long-term profitability of our operations will in part be directly related to the costs and success of our exploration programs, which may be affected by a number of factors.

Substantial expenditures are required to establish reserves through drilling and to develop the mining and processing facilities and infrastructure at any site chosen for mining. Although substantial benefits may be derived from the discovery of a major mineralized deposit, no assurance can be given that minerals will be discovered in sufficient quantities to justify commercial operations or that funds required for development can be obtained on a timely basis.

***We may face delays if we are unable to secure timely equipment and personnel for exploration****.*

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

***We may not achieve or maintain profitable operations, and therefore, may not be able to continue as a going concern.***

The Company has a history of net losses from operations and negative cash flow from operating activities. We will need to raise additional working capital to continue our normal and planned operations. We will also need to generate and sustain significant revenue levels in future periods in order to become profitable, and, even if we do, we may not be able to maintain or increase our level of profitability. As of March 31, 2025, we had not yet placed any of our mineral properties into production and we had cash in the amount of C$110,359 (approximately US$76,750), a deficit (accumulated losses) of C$4,522,585 (approximately US$3,145,271) and current liabilities of C$1,477,853 (approximately US$1,027,786). As of September 30, 2024, we had not yet placed any of our mineral properties into production and we had cash in the amount of C$53,528 (approximately US$39,618), a deficit (accumulated losses) of C$3,679,562 (approximately US$2,723,382) and current liabilities of C$447,160 (approximately US$330,960). This indicates a material uncertainty that may cast substantial doubt on our ability to continue as a going concern and our auditors have issued a "going concern" audit qualification. A "going concern" qualification indicates that the financial statements have been prepared assuming we will continue as a going concern and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets, or the amounts and classification of liabilities that may result if we do not continue as a going concern. Therefore, you should not rely on our consolidated balance sheet as an indication of the amount of proceeds that would be available to satisfy claims of creditors, and potentially be available for distribution to stockholders, in the event of liquidation.

***We are exposed to various operational risks and we don't have insurance to provide adequate coverage.***

Our business is subject to a number of risks and hazards generally, including adverse environmental conditions, industrial accidents, labor disputes, unusual or unexpected geological conditions, ground or slope failures, cave-ins, changes in the regulatory environment and natural phenomena such as inclement weather conditions, floods and earthquakes. Such occurrences could result in damage to mineral properties or production facilities, personal injury or death, environmental damage to our properties or the properties of others, delays in mining, monetary losses and possible legal liability.

Although we intend to maintain insurance to protect against certain risks in such amounts as we consider to be reasonable, we don't have insurance to cover all the potential risks associated with a mining company's operations. We may also be unable to get insurance to cover these risks at economically feasible premiums.. Moreover, insurance against risks such as environmental pollution or other hazards as a result of exploration and production is not generally available to us or to other companies in the mining industry on acceptable terms. We might also become subject to liability for pollution or other hazards which may not be insured against or which we may elect not to insure against because of premium costs or other reasons. Losses from these events may cause us to incur significant costs that could have a material adverse effect upon our financial performance and results of operations.

***Mining hazards could lead to significant operational disruptions and financial impacts****.*

Mineral exploration and mining operations are subject to hazards normally encountered in exploration, development and production. These include unexpected geological formations, rock falls, flooding dam wall failure and other incidents or conditions which could result in damage to plant or equipment or the environment and which could impact exploration and production throughput. Although we intend to take adequate precautions to minimize risk, there is a possibility of a material adverse impact on our operations and financial results.

***Our business is subject to operational risks that are generally outside of our control and could adversely affect our business.***

Mineral mining sites, like the sites where our mining property is located, by their nature are subject to many operational risks and factors that are generally outside of our control and could adversely affect our business, operating results and cash flows. These operational risks and factors include the following:

● unanticipated ground and water conditions;

● adverse claims to water rights and shortages of water to which we have rights;

● adjacent land ownership that results in constraints on current or future operations;

● geological problems, including earthquakes and other natural disasters;

● metallurgical and other processing problems;

● the occurrence of unusual weather or operating conditions and other force majeure events;

● lower than expected ore grades or recovery rates;

● accidents;

● delays in the receipt of or failure to receive necessary government permits;

● the results of litigation, including appeals of agency decisions;

● uncertainty of exploration and development;

● delays in transportation;

● interruption of energy supply;

● labor disputes;

● inability to obtain satisfactory insurance coverage; and

● the failure of equipment or processes to operate in accordance with specifications or expectations.

Any one or more of these factors or other risks could cause us not to realize the anticipated benefits of an acquisition of properties or companies and could have a material adverse effect on our financial condition.

We intend to continue exploration on our mining property and we may or may not acquire additional interests in other mineral properties. The search for mineral deposits as a business is extremely risky. We can provide investors with no assurance that exploration on our current properties, or any other property that we may acquire, will establish that any commercially exploitable quantities of mineral deposits exist. Additional potential problems may prevent us from discovering any mineral deposits. These potential problems include unanticipated problems relating to exploration and additional costs and expenses that may exceed current estimates. If we are unable to establish the presence of viable lithium mineral deposits on our properties, our ability to fund future exploration activities will be impeded, we will not be able to operate profitably and investors may lose all of their investment in our company.

***We have no history of mineral production.***

We are an exploration stage company and we have no history of mining or refining mineral products from our properties. As such, any future revenues and profits are uncertain. There can be no assurance that we will be successfully placed into production, produce minerals in commercial quantities or otherwise generate operating earnings. Advancing projects from the exploration stage into development and commercial production requires significant capital and time and will be subject to further technical studies, permitting requirements and construction of mines, processing plants, roads and related works and infrastructure. We will continue to incur losses until mining-related operations successfully reach commercial production levels and generate sufficient revenue to fund continuing operations. There is no certainty that we will generate revenue from any source, operate profitably or provide a return on investment in the future.

***There can be no assurance that we will successfully establish mining operations or profitably produce mineral products.***

We have yet to determine mineral resources on the Basin Gulch property and do not currently generate operating earnings. Even if we prove reserves on our mining property, we cannot guarantee that we will be able to develop and market them, or that such production will be profitable. While we seek to move our projects into production, such efforts will be subject to all of the risks associated with establishing new mining operations and business enterprises, including:

● the timing and cost, which are considerable, of the construction of mining and processing facilities;

● the ability to find sufficient gold reserves to support a profitable mining operation;

● the availability and costs of skilled labor and mining equipment;

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

● the availability of funds to finance construction and development activities;

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

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

The costs, timing and complexities of mine construction and development may be increased by the remote location of our property. It is common in new mining operations to experience unexpected problems and delays during construction, development and mine start-up. Accordingly, we cannot assure you that our activities will result in profitable mining operations or that we will successfully establish mining operations.

***Mineral exploration and development are subject to extraordinary operating risks. We currently do not insure against these risks. In the event of a cave-in or similar occurrence, our liability may exceed our resources, which could have an adverse impact on us.***

Exploration and mining operations generally involve a degree of risk. Our operations are subject to all of the hazards and risks normally encountered in the exploration, development and production of rare earth metals, including, without limitation, unusual and unexpected geologic formations, seismic activity, rock bursts, cave-ins, flooding and other conditions involved in the drilling and removal of material, any of which could result in damage to, or destruction of, mines and other producing facilities, personal injury or loss of life and damage to property and environmental damage, all of which may result in possible legal liability. Although we expect that adequate precautions to minimize risk will be taken, mining operations are subject to hazards such as fire, rock falls, geo-mechanical issues, equipment failure or failure of retaining dams around tailings disposal areas which may result in environmental pollution and consequent liability. The occurrence of any of these events could result in a prolonged interruption of our operations that would have a material adverse effect on our business, financial condition, results of operations and prospects.

The exploration for and development of mineral deposits involves significant risks, even a combination of careful evaluation, experience and knowledge may not eliminate. While the discovery of a mineral deposit may result in substantial rewards, few properties that are explored are ultimately developed into producing mines. Major expenses may be required to locate and establish mineral resources and reserves, to develop metallurgical processes and to construct mining and processing facilities and infrastructure at a particular site. It is impossible to ensure that the exploration or development programs planned by us will result in a profitable commercial mining operation. Whether a mineral deposit will be commercially viable depends on a number of factors, some of which are: the particular attributes of the deposit, such as size, grade and proximity to infrastructure, metal prices that are highly cyclical, and government regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental protection. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in our company not receiving an adequate return on invested capital. There is no certainty that the expenditures made towards the search and evaluation of mineral deposits will result in the discovery of mineral resources or the development of commercial quantities of mineral reserves.

Our development projects have no operating history upon which to base estimates of future capital and operating costs. Mineral resource and reserve estimates and estimates of operating costs are, to a large extent, based upon the interpretation of geologic data obtained from drill holes and other sampling techniques, and feasibility studies, which derive estimates of capital and operating costs based upon anticipated tonnage and grades to be mined and processed, ground conditions, the configuration of the deposit, expected recovery rates of minerals from ore, estimated operating costs, and other factors. As a result, actual production, cash operating costs and economic returns could differ significantly from those estimated.

***There are numerous risks associated with the development of our mining property.***

Our future success will largely depend upon our ability to successfully explore, develop and manage our mining property. In particular, our success is dependent upon management's ability to implement our strategy, to develop the project and to maintain ongoing lithium production from the mines that we expect to develop.

Development of our property could be delayed, experience interruptions, incur increased costs or be unable to complete due to a number of factors, including but not limited to:

● changes in the regulatory environment including environmental compliance requirements;

● non-performance by third party consultants and contractors;

● inability to attract and retain a sufficient number of qualified workers;

● unforeseen escalation in anticipated costs of exploration and development, or delays in construction, or adverse currency movements resulting in insufficient funds being available to complete planned exploration and development;

● increases in extraction costs including energy, material and labor costs;

● lack of availability of mining equipment and other exploration services;

● shortages or delays in obtaining critical mining and processing equipment;

● catastrophic events such as fires, storms or explosions;

● the breakdown or failure of equipment or processes;

● construction, procurement and/or performance of the processing plant and ancillary operations falling below expected levels of output or efficiency;

● civil unrest in and/or around the mine site and supply routes, which would adversely affect the community support of our operations;

● changes to anticipated levels of taxes and imposed royalties; and/or

● a material and prolonged deterioration in lithium market conditions, resulting in material price erosion.

It is not uncommon for new mining developments to experience these factors during their exploration or development stages or during construction, commissioning and production start-up, or indeed for such projects to fail as a result of one or more of these factors occurring to a material extent. There can be no assurance that we will complete the various stages of exploration and development necessary in order to achieve our strategy in the timeframe pre-determined by us or at all. Any of these factors may have a material adverse effect on our business, results of operations and activities, financial condition and prospects.

***Our business operations are exposed to a high degree of risk associated with the mining industry.***

Our business operations are exposed to a high degree of risk inherent in the mining sector. Risks which may occur during the exploration and development of mineral resources include environmental hazards, industrial accidents, equipment failure, import/customs delays, shortage or delays in installing and commissioning plant and equipment, metallurgical and other processing problems, seismic activity, unusual or unexpected formations, formation pressures, rock bursts, wall failure, cave ins or slides, burst dam banks, flooding, fires, explosions, power outages, opposition with respect to mining activities from individuals, communities, governmental agencies and non-governmental organizations, interruption to or the increase in costs of services, cave-ins and interruption due to inclement or hazardous weather conditions.

Commencement of mining can also reveal mineralization or geologic formations, including higher than expected content of other minerals that can be difficult to separate from rare earth metals, which can result in unexpectedly low recovery rates.

Such occurrences could cause damage to, or destruction of properties, personal injury or death, environmental damage, pollution, delays, increased production costs, monetary losses and potential legal liabilities. Moreover, these factors may result in a mineral deposit, which has been mined profitably in the past to become unprofitable. They are also applicable to sites not yet in production and to expanded operations. Successful mining operations will be reliant upon the availability of processing and refining facilities and secure transportation infrastructure at the rate of duty over which we may have limited or no control. Any liabilities that we incur for these risks and hazards could be significant and the costs of rectifying the hazard may exceed our asset value.

***Infrastructure required to carry on our business may be affected by unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure.***

Exploitation of our mining property will depend to a significant degree on adequate infrastructure. In the course of developing our expected operations, assuming our exploration efforts will be successful, we may need to construct and support the construction of infrastructure, which includes permanent gas pipelines, water supplies, power, transport and logistics services which affect capital and operating costs. Unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure or any failure or unavailability in such infrastructure could materially adversely affect our operations, financial condition and results of operations.

***Our operations rely on infrastructure, and disruptions could adversely impact our results and financial condition****.*

Mining, processing, development and exploration activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important determinants which affect capital and operating costs. Unusual or infrequent weather phenomena, terrorism, sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect our operations, financial condition and results of operations.

***Our business is sensitive to nature and climate conditions.***

A number of governments have introduced or are moving to introduce climate change legislation and treaties at the international, national, state/provincial and local levels. Regulations relating to emission levels (such as carbon taxes) and energy efficiency are becoming more stringent. If the current regulatory trend continues, this may result in increased costs at some or all of our business locations. In addition, the physical risks of climate change may also have an adverse effect on our operations. Extreme weather events have the potential to disrupt our exploration and may require us to make additional expenditures to mitigate the impact of such events.

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

A number of governments or governmental bodies have introduced or are contemplating regulatory changes in response to various climate change interest groups and the potential impact of climate change. Legislation and increased regulation regarding climate change could impose significant costs on us and our suppliers, including costs related to increased energy requirements, capital equipment, environmental monitoring and reporting and other costs to comply with such regulations. Any adopted future climate change regulations could also negatively impact our ability to compete with companies situated in areas not subject to such regulations. Given the emotion, political significance and uncertainty around the impact of climate change and how it should be dealt with, we cannot predict how legislation and regulation will affect our financial condition, operating performance and ability to compete. Furthermore, even without such regulation, increased awareness and any adverse publicity in the global marketplace about potential impacts on climate change by us or other companies in our industry could harm our reputation.

***We face stringent environmental regulations that may increase operational costs and affect profitability****.*

Our operations may be subject to environmental regulations promulgated by government agencies from time to time. Environmental legislation provides for restrictions and prohibitions on spills, releases or emissions of various substances produced in association with certain mining industry operations, such as see page from tailings disposal areas, which would result in environmental pollution. A breach of such legislation may result in the imposition of fines and penalties. In addition, certain types of operations require the submission and approval of environmental impact assessments. Environmental legislation is evolving in a manner that means standards are stricter, and enforcement, fines and penalties for non-compliance are more stringent. Environmental assessments of proposed projects carry a heightened degree of responsibility for companies and directors, officers and employees. The cost of compliance with changes in governmental regulations has a potential to reduce the profitability of operations. We intend to comply fully with all environmental regulations. Our current or future operations, including development activities and commencement of production on our properties, require permits from various federal, provincial and local governmental authorities, and such operations are and will be governed by laws and regulations governing prospecting, development, mining, production, exports, taxes, labor standards, occupational health, waste disposal, toxic substances, land use, environmental protection, mine safety and other matters.

Such operations and exploration activities are also subject to substantial regulation under applicable laws by governmental agencies that may requires our company to obtain permits from various governmental agencies. There can be no assurance, however, that all permits that we may require for our operations and exploration activities will be obtainable on reasonable terms or on a timely basis or that such laws and regulations will not have an adverse effect on any mining project which we might undertake.

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

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

To the best of our knowledge, we are operating in compliance with all applicable environmental rules and regulations.

***We may not be able to obtain or renew licenses or permits that are necessary to our operations.***

In the ordinary course of business, we will be required to obtain and renew governmental licenses or permits for exploration, development, construction and commencement of mining at our mining property. Obtaining or renewing the necessary governmental licenses or permits is a complex and time-consuming process involving public hearings and costly undertakings on the part of our company. The duration and success of our efforts to obtain and renew licenses or permits are contingent upon many variables not within our control, including the interpretation of applicable requirements implemented by the licensing and/or permitting authorities. We may not be able to obtain or renew licenses or permits that are necessary to our operations, including, without limitation, an exploitation license, or the cost to obtain or renew licenses or permits may exceed what we believe we can recover from our mining property. Any unexpected delays or costs associated with the licensing or permitting process could delay the development or impede the operation of a mine, which could adversely impact our operations and profitability. The Company currently holds all the necessary valid exploration permits to conduct trenching, drilling and other exploration as necessary.

***We cannot guarantee undisputed title to our mineral properties, potentially affecting their validity and size****.*

Although we have exercised the usual due diligence with respect to determining title to properties in which we have a material interest, there is no guarantee that title to such properties will not be challenged or impugned. Our mineral property interests may be subject to prior unregistered agreements or transfers or native land claims and title may be affected by undetected defects. Surveys have not been carried out on any of our mineral properties in accordance with the laws of the jurisdiction in which such properties are situated; therefore, their existence and area could be in doubt. Until competing interests in the mineral lands have been determined, we can give no assurance as to the validity of our title to those lands or the size of such mineral lands.

***We are dependent on the continued services and performance of our senior management and other key officers, the loss of any of whom could adversely affect our business, operating results and financial condition.***

Our future performance depends on the continued services and contributions of our senior management and other key officers, including but not limited to: James Greig, our Chief Executive Officer; Kelvin Lee, our Chief Financial Officer; Mario Vetro Victore Cantore, Abraham Max Zaretsky, William Randall and Joanne Price, our Directors. Without these key executives and officers, we may not have the ability to execute on our business plans and to identify and pursue new opportunities and products. The loss of services of senior management or other key officers could significantly delay or prevent the achievement of our development and strategic objectives. The loss of the services of our senior management or other key officers for any reason could adversely affect our business, financial condition and operating results. We do not presently maintain any key man life insurance policies.

***Directors and officers may have conflicts of interest due to affiliations with other mineral resource companies****.*

Certain of our directors and officers are directors or officers of, or have significant shareholdings in, other mineral resource companies and, to the extent that such other companies may participate in ventures in which we may participate or may wish to participate, our directors may have a conflict of interest in negotiating and concluding terms respecting the extent of such participation. Such other companies may also compete with us for the acquisition of mineral property rights. In the event that any such conflict of interest arises, a director or officer who has such a conflict will disclose the conflict to a meeting of our directors and, if the conflict involves a director, the director will abstain from voting for or against the approval of such a participation or such terms. In appropriate cases, we will establish a special committee of independent directors to review a matter in which several directors, or management, may have a conflict. From time to time, several companies may participate in the acquisition, exploration and development of natural resource properties thereby allowing their participation in larger programs, permitting involvement in a greater number of programs and reducing financial exposure in respect of any one program. It may also occur that a particular company will assign all or a portion of its interest in a particular program to another of these companies due to the financial position of the company making the assignment.

In accordance with the provisions of the BCBCA our directors and officers of are required to act honestly in good faith, with a view to the best interests of our company. In determining whether or not we will participate in a particular program and the interest therein to be acquired by it, the directors will primarily consider the potential benefits to the us, the degree of risk to which we may be exposed and our financial position at that time.

***Our growth and success depends on recruiting and retaining skilled personnel in a competitive market****.*

Recruiting and retaining qualified personnel is critical to our success. The number of persons skilled in the acquisition, exploration and development of mining properties is limited and competition for such persons is intense. As our business activity grows, we will require additional key financial, administrative, mining, marketing and public relations personnel as well as additional staff on the operations side. Although we believe that we will be successful in attracting and retaining qualified personnel, there can be no assurance of such success.

***Intense industry competition may hinder our ability to secure valuable properties or prospects****.*

The mining industry is intensely competitive in all its phases, and we compete with other companies that have greater financial resources and technical facilities. Competition could adversely affect our ability to acquire additional suitable properties or prospects in the future.

***Our financial statements are based on estimates, and inaccuracies could lead to write-downs****.*

Preparation of our financial statements require us to use estimates and assumptions. Accounting for estimates requires us to use our judgment to determine the amount to be recorded on our financial statements in connection with these estimates. If the estimates and assumptions are inaccurate, we could be required to write down our recorded values. On an ongoing basis, we re-evaluate our estimates and assumptions. However, the actual amounts could differ from those based on estimates and assumptions.

***Public company reporting and governance costs are significant and may impact director and officer recruitment****.*

Legal, accounting and other expenses associated with public company reporting requirements are significant. We anticipate that costs may increase and may make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. As a result, it may be more difficult for us to attract and retain qualified individuals to serve on our Board or as executive officers.

 **Risks Related to This Offering and Ownership of Our Common Shares**

**Market and Offering Dynamics**

 ***There has been no public market for our Common Shares prior to this offering, and an active market in which investors can resell their shares may not develop.***

Prior to this offering, there has been no public market for our Common Shares. We plan to apply to list our Common Shares on the NYSE American under the symbol "DRIL." There is no guarantee that NYSE American or any other exchange or quotation system, will permit our Common Shares to be listed and traded.

Even if our Common Shares are approved for listing on the NYSE American, a liquid public market for our Common Shares may not develop. The initial public offering price for our Common Shares has been determined by negotiation between us and the underwriters based upon several factors, including prevailing market conditions, our historical performance, estimates of our business potential and earnings prospects, and the market valuations of similar companies. The price at which the Common Shares are traded after this offering may decline below the initial public offering price, meaning that you may experience a decrease in the value of your Common Shares regardless of our operating performance or prospects.

 ***The market price of our Common Shares may fluctuate, and you could lose all or part of your investment.***

After this offering, the market price for our Common Shares is likely to be volatile, in part because our shares have not been traded publicly. In addition, the market price of our Common Shares may fluctuate significantly in response to several factors, most of which we cannot control, including:

● actual or anticipated variations in our operating results;

● increases in market interest rates that lead investors of our Common Shares to demand a higher investment return;

● changes in earnings estimates;

● changes in market valuations of similar companies;

● actions or announcements by our competitors;

● adverse market reaction to any increased indebtedness we may incur in the future;

● additions or departures of key personnel;

● actions by shareholders;

● speculation in the media, online forums, or investment community; and

● our intentions and ability to list our Common Shares on the NYSE American and our subsequent ability to maintain such listing.

The public offering price of our Common Shares has been determined by negotiations between us and the underwriters based upon many factors and may not be indicative of prices that will prevail following the closing of this offering. Volatility in the market price of our Common Shares may prevent investors from being able to sell their Common Shares at or above the initial public offering price. As a result, you may suffer a loss on your investment.

***We have considerable discretion as to the use of the net proceeds from this offering and we may use these proceeds in ways with which you may not agree.***

We intend to the proceeds from this offering for resource development activities including additional exploratory drilling, metallurgy, mapping, prospecting and structural interpretation, working on Maiden NI 43-101 Resource Report which incorporates all technical data to date, administration and overhead and general corporate purposes. However, we have considerable discretion in the application of the proceeds. You will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. You must rely on the judgment of our management regarding the application of the net proceeds of this offering. The net proceeds may be used for corporate or other purposes with which you do not agree or that do not improve our profitability or increase our share price. The net proceeds from this offering may also be placed in investments that do not produce income or that lose value. Please see "*Use of Proceeds*" below for more information.

***You will experience immediate and substantial dilution as a result of this offering.***

As of March 31, 2025, our net tangible book value was C$0.56, or approximately US$0.39 per Common Share. Since the effective price per share of our Common Shares being offered in this offering is substantially higher than the net tangible book value per share, you will suffer substantial dilution with respect to the net tangible book value of the Common Shares you purchase in this offering. Based on the assumed public offering price of US$5.00 per share being sold in this offering, which is the midpoint of the estimated offering range set forth on the cover page of this prospectus, and our net tangible book value per share as of March 31, 2025, if you purchase shares in this offering, you will suffer immediate and substantial dilution of C$4.41 (approximately US$3.06) per share (or C$4.14 (approximately US$2.88) per share if the underwriters exercise the over-allotment option in full) with respect to the net tangible book value of the Common Shares. See the section titled "*Dilution*" for a more detailed discussion of the dilution you will incur if you purchase shares in this offering.

 ***If securities industry analysts do not publish research reports on us, or publish unfavorable reports on us, then the market price and market trading volume of our Common Shares could be negatively affected.***

Any trading market for our Common Shares may be influenced in part by any research reports that securities industry analysts publish about us. We do not currently have and may never obtain research coverage by securities industry analysts. If no securities industry analysts commence coverage of us, the market price and market trading volume of our Common Shares could be negatively affected. In the event we are covered by analysts, and one or more of such analysts downgrade our shares, or otherwise reports on us unfavorably, or discontinues coverage of us, the market price and market trading volume of our Common Shares could be negatively affected.

 ***Future issuances of our Common Shares or securities convertible into, or exercisable or exchangeable for, our Common Shares, or the expiration of lock-up agreements that restrict the issuance of new Common Shares or the trading of outstanding Common Shares, could cause the market price of our Common Shares to decline and would result in the dilution of your holdings.***

Future issuances of our Common Shares or securities convertible into, or exercisable or exchangeable for, our Common Shares, or the expiration of lock-up agreements that restrict the issuance of new Common Shares or the trading of outstanding Common Shares, could cause the market price of our Common Shares to decline. We cannot predict the effect, if any, of future issuances of our securities, or the future expirations of lock-up agreements, on the price of our Common Shares. In all events, future issuances of our Common Shares would result in the dilution of your holdings. In addition, the perception that new issuances of our securities could occur, or the perception that locked-up parties will sell their securities when the lock-ups expire, could adversely affect the market price of our Common Shares. In connection with this offering, we will enter into a lock-up agreement that prevents us, subject to certain exceptions, from offering additional shares for up to 180 days after the closing of this offering, as further described in the section titled "*Underwriting*." In addition to any adverse effects that may arise upon the expiration of these lock-up agreements, the lock-up provisions in these agreements may be waived, at any time and without notice. If the restrictions under the lock-up agreements are waived, our Common Shares may become available for resale, subject to applicable law, including without notice, which could reduce the market price for our Common Shares.

 ***Future issuances of debt securities, which would rank senior to our Common Shares upon our bankruptcy or liquidation, and future issuances of preferred shares, which could rank senior to our Common Shares for the purposes of dividends and liquidating distributions, may adversely affect the level of return you may be able to achieve from an investment in our Common Shares.***

In the future, we may attempt to increase our capital resources by offering debt securities. Upon bankruptcy or liquidation, holders of our debt securities, and lenders with respect to other borrowings we may make, would receive distributions of our available assets prior to any distributions being made to holders of our Common Shares. Moreover, if we issue preferred shares, the holders of such preferred shares could be entitled to preferences over holders of Common Shares in respect of the payment of dividends and the payment of liquidating distributions. Because our decision to issue debt or preferred shares in any future offering, or borrow money from lenders, will depend in part on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of any such future offerings or borrowings. Holders of our Common Shares must bear the risk that any future offerings we conduct or borrowings we make may adversely affect the level of return, if any, they may be able to achieve from an investment in our Common Shares.

***There may be challenges with financing and the risk of dilution of interest in the mining property.***

We do not currently have any revenue producing operations and may, from time to time, report a working capital deficit. To maintain our activities, we will require additional funds which may be obtained either by the sale of equity capital or by entering into an option or joint venture agreement with a third party providing such funding. There is no assurance that we will be successful in obtaining such additional financing, and failure to do so could result in the loss or substantial dilution of our interest in the Property.

***We do not have a history of earnings and profitability is uncertain.***

We have no history of earnings. There are no known commercial quantities of mineral reserves on our property. We are in the process of carrying out exploration and development with the objective of establishing economic quantities of mineral reserves. There can be no assurance that we will achieve profitability in the future.

***We may fail to obtain the necessary financing for development and exploration****.*

The further development and exploration of our properties depends upon our ability to obtain financing through equity financing, joint ventures, debt financing, or other means. There is no assurance that we will be successful in obtaining required financing as and when needed. Volatile markets for precious and base metals may make it difficult or impossible for us to obtain equity financing or debt financing on favorable terms or at all. Failure to obtain additional financing on a timely basis may cause us to postpone our exploration and development plans, forfeit rights in some or all of our properties or reduce or terminate some or all of our operations.

***We anticipate continued losses and negative cash flow for the foreseeable future****.*

We have negative operating cash flow and has incurred losses since our founding. The losses and negative operating cash flow are expected to continue for the foreseeable future as funds are expended on the exploration program on the Property and on administrative costs. We cannot predict when we will reach positive operating cash flow.

 ***We may not be able to satisfy listing requirements of the NYSE American or obtain or maintain a listing of our Common Shares.***

If our Common Shares are listed on the NYSE American we must meet certain financial and liquidity criteria to maintain such listing. If we violate NYSE American listing requirements, our Common Shares may be delisted. If we fail to meet any of NYSE American's listing standards, our Common Shares may be delisted. In addition, our board of directors may determine that the cost of maintaining our listing on a national securities exchange outweighs the benefits of such listing. A delisting of our Common Shares may materially impair our shareholders' ability to buy and sell our Common Shares and could have an adverse effect on the market price of, and the efficiency of the trading market for, our Common Shares. The delisting of our Common Shares could significantly impair our ability to raise capital and the value of your investment.

***You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions against us or our management named in the prospectus based on foreign laws.***

We are incorporated in the Vancouver, British Columbia, Canada under the BCBCA. We conduct our operations outside the United States. In addition, a majority of our directors and executive officers and the experts named in this prospectus reside outside the United States, and a significant amount of their assets are located outside the United States. As a result, service of process upon such persons may be difficult or impossible to effect within the United States. Furthermore, because a substantial portion of our assets, and substantially all the assets of our directors and officers and the Canadian experts named herein, are located outside of the United States, any judgment obtained in the United States, including a judgment based upon the civil liability provisions of United States federal securities laws, against us or any of such persons may not be collectible within the United States. In Canada, provincial and territorial reciprocal enforcement of judgments legislation sets out the procedure for registering foreign judgments and this procedure varies depending on the province or territory of the enforcing court. If a foreign judgment originates from a jurisdiction not captured by the applicable provincial or territorial reciprocal enforcement of judgments or enforcement of foreign judgments legislation, the foreign judgment may be capable of enforcement at common law and the party seeking to enforce the foreign judgment must commence new proceedings in the domestic or enforcing court.

***We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies.***

Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including:

● the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q or current reports on Form 8-K;

● the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act;

● the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and

● the selective disclosure rules by issuers of material non-public information under Regulation FD.

Upon the completion of this offering, we will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish our results on a quarterly basis as press releases, distributed pursuant to the rules and regulations of NYSE American. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to you were you investing in a U.S. domestic issuer.

***We will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are emerging growth companies and our shareholders could receive less information than they might expect to receive from more mature public companies. As a "foreign private issuer" under the rules and regulations of the SEC, our Company may follow certain home country corporate governance practices in lieu of certain NYSE American requirements applicable to U.S. issuers, even if our Company no longer qualifies as an "emerging growth company".***

Upon the completion of this offering, we will qualify as an "emerging growth company" under the JOBS Act. As a result, we will be permitted to, and intend to, rely on exemptions from certain disclosure requirements. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company's internal control over financial reporting. In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We will remain an emerging growth company until one of the following occurs: (i) our total annual gross revenues are $1.235 billion or more. (ii) we issue more than $1 billion in non-convertible debt in the past three years. or (iii) we become a "large accelerated filer" under the Exchange Act, which could occur if the market value of our Common Shares that are held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above.

Because we will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not emerging growth companies, our shareholders could receive less information than they might expect to receive from more mature public companies. We cannot predict if investors will find our Common Shares less attractive if we elect to rely on these exemptions, or if taking advantage of these exemptions would result in less active trading or more volatility in the price of our Common Shares.

In addition, as a "foreign private issuer" whose shares are intended to be listed on the NYSE American, our Company will be permitted, subject to certain exceptions, to follow certain home country corporate governance practices instead of those otherwise required under the rules of NYSE American for domestic U.S. issuers. A foreign private issuer must disclose in its annual reports filed with the SEC each NYSE American requirement with which it does not comply, followed by a description of its applicable home country practice. Our Company will have the option to rely on available exemptions under the NYSE American listing rules that would allow it to follow its home country practice, including, among other things, the ability to opt out of (i) the requirement that the board of directors be comprised of a majority independent directors, and (ii) the requirement that obtain shareholder approval prior to the issuance of securities in connection with certain acquisitions, private placements of securities, or the establishment or amendment of certain share option, purchase or other compensation plans.

Our Company could lose its status as a "foreign private issuer" under current SEC rules and regulations if more than 50% of our outstanding voting securities become directly or indirectly held of record by U.S. holders and any one of the following is true: (i) the majority of our directors or executive officers are U.S. citizens or residents; (ii) more than 50% of our assets are located in the United States; or (iii) our business is administered principally in the United States. If our Company loses its status as a foreign private issuer in the future, it will no longer be exempt from the rules described above and, among other things, will be required to file periodic reports and annual and quarterly financial statements as if it were a company incorporated in the United States. If this were to happen, our Company would likely incur substantial costs in fulfilling these additional regulatory requirements and members of our Company's management would likely have to divert time and resources from other responsibilities to ensuring these additional regulatory requirements are fulfilled.

Even if Our Company no longer qualifies as an emerging growth company, as long as Our Company continues to qualify as a foreign private issuer under the Exchange Act, Our Company will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

● the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act;

● the sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and

● the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specific information or current reports on Form 8-K upon the occurrence of specified significant events.

Both foreign private issuers and emerging growth companies are also exempt from certain more stringent executive compensation disclosure rules. Thus, even if our Company no longer qualifies as an emerging growth company, but remains a foreign private issuer, we will continue to be exempt from the more stringent compensation disclosures required of companies that are neither an emerging growth company nor a foreign private issuer.

***There is a risk that we will be a passive foreign investment company for any taxable year, which could result in adverse U.S. federal income tax consequences to U.S. investors in our shares.***

In general, a non-U.S. corporation is a passive foreign investment company, or PFIC, for any taxable year in which (i) 75% or more of its gross income consists of passive income or (ii) 50% or more of the average quarterly value of its assets consists of assets that produce, or are held for the production of, passive income. For purposes of the above calculations, a non-U.S. corporation that owns at least 25% by value of the shares of another corporation is treated as if it held its proportionate share of the assets of the other corporation and received directly its proportionate share of the income of the other corporation. Passive income generally includes dividends, interest, rents, royalties and certain gains. Cash is a passive asset for these purposes.

Based on the expected composition of our income and assets and the value of our assets, including goodwill, which is based on the expected price of the shares in this offering, we do not expect to be a PFIC for our current taxable year. However, the proper application of the PFIC rules to a company with a business such as ours is not entirely clear. Because the proper characterization of certain components of our income and assets is not entirely clear, because we will hold a substantial amount of cash following this offering, and because our PFIC status for any taxable year will depend on the composition of our income and assets and the value of our assets from time to time (which may be determined, in part, by reference to the market price of our shares, which could be volatile), there can be no assurance that we will not be a PFIC for our current taxable year or any future taxable year.

If we were a PFIC for any taxable year during which a U.S. investor holds shares, certain adverse U.S. federal income tax consequences could apply to such U.S. investor.

***Tax consequences for shares purchases vary and investors should seek independent advice****.*

Income tax consequences in relation to the Common Shares offered will vary according to the circumstances of each purchaser. Prospective purchasers should seek independent advice from their own tax and legal advisers prior to subscribing for our Common Shares.

***We have not paid dividends and do not expect to declare any in the foreseeable future****.*

We have not paid any dividends since formation and do not anticipate declaring any dividends on the Shares in the foreseeable future. Our directors will determine if and when dividends should be declared and paid in the future based on our financial position at the relevant time.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to us. All statements other than statements of historical facts are forward-looking statements. The forward-looking statements are contained principally in, but not limited to, the sections entitled "*Prospectus Summary*," "*Risk Factors*," "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and "*Business*." These statements relate to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements include, but are not limited to, statements about:

● our goals and strategies;

● expectations regarding revenue, expenses and operations;

● our having sufficient working capital and be able to secure additional funding necessary for the continued exploration of our property interests;

● expectations regarding the potential mineralization, geological merit and economic feasibility of our projects;

● expectations regarding exploration results at the Project;

● mineral exploration and exploration program cost estimates;

● expectations regarding any environmental issues that may affect planned or future exploration programs and the potential impact of complying with existing and proposed environmental laws and regulations;

● receipt and timing of exploration permits and other third-party approvals;

● government regulation of mineral exploration and development operations;

● expectations regarding any social or local community issues that may affected planned or future exploration and development programs; and

● key personnel continuing their employment with us.

In some cases, you can identify forward-looking statements by terms such as "may," "could," "will," "should," "would," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," "project" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under the heading "*Risk Factors*" and elsewhere in this prospectus. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance.

This prospectus also contains certain data and information, which we obtained from various government and private publications. Although we believe that the publications and reports are reliable, we have not independently verified the data. Statistical data in these publications includes projections that are based on a number of assumptions. If any one or more of the assumptions underlying the market data is later found to be incorrect, actual results may differ from the projections based on these assumptions.

The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Although we will become a public company after this offering and have ongoing disclosure obligations under United States federal securities laws, we do not intend to update or otherwise revise the forward-looking statements in this prospectus, whether as a result of new information, future events or otherwise.

**USE OF PROCEEDS**

After deducting the estimated underwriters' discounts and commissions and offering expenses payable by us, we expect to receive net proceeds of approximately US$8.33 million from this offering (or approximately US$9.70 million if the underwriters exercise in full their option to purchase up to additional shares), after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

We plan to use the net proceeds of this offering as follows:

● 60% of the net proceeds (approximately US$4.99 million) for drilling (includes geologists, assays, drilling, mobilization/demobilization etc.) to cover approximately 40 drill holes including both infill and twinning;

● 8% of the net proceeds (approximately US$0.67 million) for metallurgy - preliminary metallurgical bench scale tests;

● 2% of the net proceeds (approximately US$0.17 million) for mapping, prospecting and structural interpretation;

● 4% of the net proceeds (approximately US$0.33 million) for working on Maiden NI 43-101 Resource Report which incorporates all technical data to date;

● 20% of the net proceeds (approximately US$1.67 million) for administration and overhead; and

● 6% of the net proceeds (approximately US$0.50 million) for general working capital purpose.

Each US$1.00 increase or decrease in the assumed initial public offering price of US$5.00 per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase or decrease the net proceeds that we receive from this offering by approximately US$1,830,000 assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions payable by us.

The foregoing represents our current intentions to use and allocate the net proceeds of this offering based upon our present plans and business conditions. Our management, however, will have broad discretion in the way that we use the net proceeds of this offering. See "*Risk Factors—Risks Related to This Offering and Ownership of Our Common Shares—We have considerable discretion as to the use of the net proceeds from this offering and we may use these proceeds in ways with which you may not agree*."

Pending our use of the net proceeds from this offering, we may invest the net proceeds in a variety of capital preservation investments, including short-term, investment grade, interest bearing instruments and U.S. government securities.

**DIVIDEND POLICY**

We have never declared or paid cash dividends on our Common Shares. We currently intend to retain all available funds and any future earnings for use in the operation of our business and do not anticipate paying any cash dividends on our Common Shares in the near future. We may also enter into credit agreements or other borrowing arrangements in the future that will restrict our ability to declare or pay cash dividends on our Common Shares. Any future determination to declare dividends will be made at the discretion of our board of directors and will depend on our financial condition, operating results, capital requirements, contractual restrictions, general business conditions and other factors that our board of directors may deem relevant. See also "*Risk Factors— Risks Related to This Offering and Ownership of Our Common Shares—We do not expect to declare or pay dividends in the foreseeable future*."

**CAPITALIZATION**

The following table sets forth our cash and capitalization as of March 31, 2025:

● on an actual basis; and

● on an as adjusted basis to reflect the sale of 2,000,000 Common Shares by us in this offering at an assumed price to the public of US$5.00 per share, which is the midpoint of the estimated offering range set forth on the cover page of this prospectus, resulting in net proceeds to us of $8,325,542 after deducting (i) underwriter commissions of $800,000; (ii) non-accountable allowance of $50,000; (iii) out of pocket expenses of $251,950; and (iii) our estimated other offering expenses of $572,508 payable by us and the receipt by us of the proceeds of such sale, assuming the underwriters do not exercise their option to purchase additional shares.

The as adjusted information below is illustrative only and our capitalization following the completion of this offering is subject to adjustment based on the initial public offering price of our Common Shares and other terms of this offering determined at pricing. You should read this table together with our financial statements and the related notes included elsewhere in this prospectus and the information under "*Management's Discussion and Analysis of Financial Condition and Results of Operations*."

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  | **Actual** | **Actual** | **Pro Forma** | **Pro Forma** |
|  | **C$** | **US$** | **C$** | **US$** |
| Cash | 110359 | 76750 | 12081656 | 8402292 |
| Shareholders' equity: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Share capital | 7332449 | 5099415 | 18388441 | 12788401 |
| &nbsp;&nbsp;&nbsp; Reserves | 0 | 0 | 915305 | 636557 |
| &nbsp;&nbsp;&nbsp; Deficit | (4522585) | (3145271) | (4522585) | (3145271) |
| Total shareholder's equity | 2809864 | 1954144 | 14781161 | 10279687 |
| **Total capitalization** | 2809864 | 1954144 | 14781161 | 10279687 |

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The exchange used in the above table is 1.4379 Canadian dollars per US dollar, which was the March 31, 2025 exchange rate per the US Federal Reserve. The pro forma cash would increase by $11,971,297 (approximately US$8,325,542), the pro forma share capital would increase by $11,055,992 (approximately US$7,688,986) after adjusting for agent compensation, and the pro forma reserves would increase by $915,305 (approximately US$636,557) after adjusting for agent compensation.

If the underwriters exercise the over-allotment option in full, each of our as adjusted cash, share capital, total shareholders' equity and total capitalization would be C$14,055,311 (approximately US$9,774,888), C$20,261,983 (approximately US$14,091,372), C$16,754,816 (approximately US$11,652,282), and C$16,754,816 (approximately US$11,652,282), respectively.

Each US$1.00 increase or decrease in the assumed offering price per share of US$5.00, assuming no change in the number of shares to be sold, would increase or decrease the net proceeds that we receive in this offering and each of total shareholders' equity and total capitalization by approximately C$2,631,357 (approximately US$1,830,000) (or C$3,026,061 (approximately US$2,104,500), if the underwriters exercise the over-allotment option in full), after deducting (i) estimated underwriter commissions and (ii) offering expenses, in each case, payable by us.

The table above excludes the following shares:

● 25,000 (post-split) additional Common Shares that are reserved for future issuance under our 2021 Stock Option Plan.

**DILUTION**

If you invest in our Common Shares, your interest will be diluted to the extent of the difference between the initial public offering price per Common Share and our net tangible book value per Common Share after this offering. Dilution results from the fact that the assumed initial public offering price per Common Share is substantially in excess of the net tangible book value per Common Share attributable to the existing shareholders for our presently outstanding Common Shares.

Our net tangible book value was approximately C$0.56, or approximately US$0.39 per Common Share, as of March 31, 2025. Our net tangible book value represents the amount of our total consolidated tangible assets, less the amount of our total consolidated liabilities. Dilution is determined by subtracting net tangible book value per share after giving effect to this offering. Net tangible book value per Common Share represents net tangible book value divided by 5,047,204 and pro forma net tangible book value per Common Share represents net tangible book value divided by 7,379,542 Common Shares outstanding as of March 31, 2025 after giving effect to the issuance of 252,360 Common Shares ("1247666 & BGH Shares") to be issued to our vendors, namely 1247666, BG Holdings Group, LLC, and Basin Gulch Co., upon completing the offering and being listed on a national stock exchange, and 79,978 convertible debentures issued after March 31, 2025.

After giving effect to our sale of 2,000,000 Common Shares in this offering at an assumed initial public offering price of US$5 per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after giving effect to the issuance of 252,360 Common Shares to be issued to our vendors, namely 1247666, BG Holdings Group, LLC, and Basin Gulch Co., upon completing the offering and being listed on a national stock exchange, assuming no exercise of over-allotment option and after deducting underwriting discounts, non-accountable expense allowance, and estimated offering expenses payable by us, but without adjusting for any other change in our net tangible book value subsequent to March 31, 2025, our pro forma as adjusted net tangible book value as of March 31, 2025 would have been approximately C$14,781,161, or approximately $2.00 per share. This amount represents an immediate increase in pro forma net tangible book value of $1.45 per share to existing shareholders and an immediate dilution in pro forma net tangible book value of $5.19 per share to new investors purchasing our Common Shares in this offering. The dilution per Common Share to the new investors, in addition to the 2,000,000 Common Shares in this offering, is also affected by the issuance of 252,360 Common Shares to our vendors and the issuance of 79,978 Common Shares to the convertible debenture holders, which comprise changes in capitalization in conjunction with the offering. The following table illustrates this per Common Share dilution to the new investors purchasing Common Shares in this offering.

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| | | |
|:---|:---|:---|
|  | **USD** | **CAD** |
| Assumed initial public offering price per Common Share | $5.00 | 7.19 |
| Net tangible book value per Common Share at March 31, 2025 | $0.39 | 0.56 |
| Changes in capitalization in conjunction with the offering, per Common Share | $(0.00) | (0.00) |
| Net tangible book value per Common Share, as adjusted | $0.39 | 0.56 |
| Expected change in net tangible book value per share that would be attributable to net proceeds to be received in the offering | $1.00 | 1.44 |
| Pro forma net tangible book value immediately after this offering, per share | $1.39 | 2.00 |
| Amount of dilution in net tangible book value to new investors in the offering | $3.61 | 5.19 |

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| | | |
|:---|:---|:---|
|  | **USD** | **CAD** |
| Pro forma as adjusted net tangible book value attributable to payments by existing investors | $1954144 | 2809864 |

---

The above net tangible book value attributable to existing investors is significantly smaller than the total payments to be received from new investors, which will result in significant dilution to new investors.

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| | | |
|:---|:---|:---|
|  | **USD** | **CAD** |
| Pro forma net tangible book value immediately after this offering | $10279687 | 14781161 |
| Number of Common Shares after this offering | 7379542 | 7379542 |
| Pro forma net tangible book value per Common Share | $1.39 | 2.00 |
| Amount of dilution in net tangible book value to new investors in the offering | $3.61 | 5.19 |

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The exchange used in the above table is 1.4379 Canadian dollars per US dollar, which was the March 31, 2025 exchange rate per the US Federal Reserve.

If the underwriters exercise their over-allotment option in full, the pro forma as adjusted net tangible book value per Common Share, as adjusted to give effect to this offering, would be $2.18 per share, and the dilution in pro forma net tangible book value per share to new investors purchasing Common Shares in this offering would be $5.01 per share.

A $1.00 increase (decrease) in the assumed public offering price of US$5.00 per Common Share would increase (decrease) our pro forma as adjusted net tangible book value after giving effect to the offering by approximately US$1,830,000, the pro forma as adjusted net tangible book value per Common Share after giving effect to this offering by US$0.25 per Common Share and the dilution in net tangible book value per Common Share to new investors in this offering by US$0.75 per Common Share, assuming no change to the number of Common Shares offered by us as set forth on the cover page of this prospectus, no exercise of over-allotment option and after deducting underwriting commissions and estimated offering expenses payable by us.

The pro forma as adjusted information discussed above is illustrative only. Our net tangible book value following the completion of this offering is subject to adjustment based on the actual initial public offering price of our Common Shares and other terms of this offering determined at pricing.

The following tables summarize the differences between our existing shareholders and the new investors with respect to the number of Common Shares purchased from us in this offering, the total consideration paid and the average price per Common Share paid at an assumed initial public offering price of US$5.00 per Common Share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and before deducting estimated underwriting discounts and commissions and estimated offering expenses (assuming no exercise of the over-allotment option). As the table shows, new investors purchasing shares in this offering may in certain circumstances pay an average price per share substantially higher than the average price per share paid by our existing shareholders.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share Purchased** | **Share Purchased** | **Total Consideration** | **Total Consideration** | **Total Consideration** | **Average<br> Price** | **Average<br> Price** |
|  | **Number** | **%** | **Amount** | **Amount** | **%** | **Per Share** | **Per Share** |
|  Existing shareholders as of the date of this prospectus | 5047204 | 68.40% | US$ | 3825030 | 27.67% | US$ | 0.76 |
|  1247666 & BGH Shares | 252360 | 3.42% | US$ |  | -% | US$ |  |
|  Convertible debentures | 79978 | 1.08% | US$ |  | -% | US$ |  |
|  New investors | 2000000 | 27.10% | US$ | 10000000 | 72.33% | US$ | 5.00 |
|  **Total** | 7379542 | 100.00% | US$ | 13825030 | 100.00% | US$ | 1.88 |

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To the extent that new options, restricted share units, or other securities are issued under Lannister Mining Corp. 2025 Equity Incentive Plan after the closing of this offering, or if we issue additional Common Shares in the future, there will be further dilution to investors participating in this offering.

The table above includes the following shares:

● 3,602,503 (post-split) shares issued on September 21, 2021, pursuant to the Amalgamation Agreement with an equity value of C$3,327,178.00 (US$2,458,203.18). There were no cash contributions associated with this amalgamation event.

● 462,500 (post-split) shares issued on January 21, 2022 upon closing of a private placement of shares at a price of $4.00 CAD per share for total proceeds of C$1,850,000.00 (US$1,366,826.75)

● 982,201 (post-split) shares issued on December 22, 2023, pursuant to the Warrant Conversion

If the underwriters exercise in full their option to purchase additional shares in full, our existing shareholders would own 61.74% and our new investors would own 35.17% of the total number of shares outstanding upon the closing of this offering.

The table above excludes the following shares:

● 25,000 (post-split) additional Common Shares that are reserved for future issuance under our 2021 Stock Option Plan.

The following table compares the effective cash contributions of directors, senior management, and affiliated persons during the past five years, in exchange for equity securities or rights to acquire equity securities, to the public contribution in this offering.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Total Consideration** | **Total Consideration** | **Average<br> Price** | **Average<br> Price** |
|  | **Share Purchased**<br> **Number** | **Amount** | **Amount** | **Per Share** | **Per Share** |
| Directors, senior management, and affiliated persons from June 2020 to June 2025 | 1521188 | US$ | 503790 | US$ | 0.33 |
| New investors through this offering | 2000000 | US$ | 10000000 | US$ | 5.00 |

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

*The following discussion and analysis summarizes the significant factors affecting our operating results, financial condition, liquidity and cash flows of our company as of and for the periods presented below. The following discussion and analysis should be read in conjunction with our financial statements and the related notes thereto included elsewhere in this prospectus. The discussion contains forward-looking statements that are based on the beliefs of management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed below and elsewhere in this prospectus, particularly in the sections titled "Risk Factors" and "Special Note Regarding Forward-Looking Statements."*

*The audited consolidated financial statements for the years ended September 30, 2024 and 2023 are prepared pursuant to IFRS. As permitted by the rules of the SEC for foreign private issuers, we do not reconcile our financial statements to U.S. generally accepted accounting principles. This MD&A should be read in conjunction with the Company's unaudited condensed interim consolidated financial statements and the related notes thereto for the six months ended March 31, 2025 and 2024 included elsewhere in this prospectus.*

*All figures are in Canadian dollars, unless otherwise noted.*

**Overview**

We are a mineral exploration company focused on the exploration of the Property in west-central Montana (MT), U.S.A. The Project comprises 11 patented mining claims totaling 216.33 acres (87.55 hectares) and 131 unpatented mining claims totaling approximately 2,642 acres (1,069 hectares). The unpatented claims overlap the patented claims. The Project consists of 131 contiguous mineral claims (claim names: AG1 to AG50; AG13A; AG40A; AG39A; BG1 to BG78) covering 1060 hectares and is located approximately 27 kilometers from the town of Phillipsburg in Montana. We currently have a valid exploration license, a valid stormwater permit, and all the necessary exploration permits to conduct trenching, drilling, and other necessary exploration activities.

Our objective is to is to locate, define and ultimately develop economic mineral deposits. Currently, we are focused on the exploration and development of the Project. If we lose or abandon our interest in the Project, we will endeavor to acquire another mineral property of merit. All of our operations are at the exploration stage, and such activity might not result in commercial production of gold. Our net loss for the years ended September 30, 2024, and 2023 was C$(1,201,277) (approximately US$(889,111) and C$(879,041), respectively. We have not generated any principal revenues to date and do not anticipate generating any principal revenue until the fourth quarter of 2026, at the earliest.

**Overall Performance**

I. Principal business and corporate history

Our company was created as a result of the amalgamation of 1247666 B.C. Ltd. and Lannister Mining Corp. pursuant to the provisions of the BCBCA on September 21, 2021. Our registered and records office and head office is located at Suite 1500, 1055 West Georgia Street, Vancouver, British Columbia V6E 4N7.

The Amalgamation was completed pursuant to the terms and conditions of an Amalgamation Agreement dated June 21, 2021, between 1247666 and Former Lannister. In accordance with the Amalgamation Agreement, each holder of 1247666 Shares and Former Lannister Shares received (i) one Common Share in exchange for each 1247666 Share or Former Lannister Share held by such holder, or (ii) cash in exchange for each 1247666 Share or Former Lannister Share held by such holder, and the 1247666 Shares and Former Lannister Shares were cancelled. On completion of the Amalgamation the Company issued a total of 3,602,499 (post-split) Common Shares.

Additionally, following the Amalgamation, warrants, which we refer to as the "**Warrants**," previously issued by Former Lannister exercisable into Former Lannister Shares became exercisable into Common Shares:

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| | | |
|:---|:---|:---|
| **Number of Warrants** | &nbsp;&nbsp;**Exercise Price** | &nbsp;&nbsp;**Expiry Date** |
| 1,400,311 (post-split) | &nbsp;&nbsp;$3.20 (post-split) | &nbsp;&nbsp;March 12, 2024 |
| 482,822 (post-split) | &nbsp;&nbsp;$3.20 (post-split) | &nbsp;&nbsp;April 15, 2024 |
| 81,250 (post-split) | &nbsp;&nbsp;$3.20 (post-split) | &nbsp;&nbsp;April 30, 2024 |

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On December 22, 2023, we completed a 16:1 Reverse Stock Split whereby 31,429,980 share purchase warrants (pre-conidiation) were converted at a ratio of 16:1 for 1,964,402 post consolidated warrants, and then converted into a half Common Share for a total issuance of 982,201 Common Shares. As of the date of this prospectus, we have no existing share purchase warrants.

On March 3, 2021, we closed a private placement financing, pursuant to which we issued 531,250 (post-split) Common Shares at C$0.08 per share.

On March 12, 2021, we closed Tranche 1 of a private placement financing, pursuant to which we issued 1,400,313 (post-split) units at C$1.60 per unit. Each unit was comprised of one Common Share and one Common Share purchase warrant. Each warrant is exercisable into one share at C$3.20 until March 12, 2024. On April 15, 2021, we closed Tranche 2, to which we issued 482,814 (post-split) units, with each warrant exercisable into one share at C$3.20 until April 15, 2024. On May 5, 2021, we closed Tranche 3, to which we issued 81,250 (post-split) units, with each warrant exercisable into one share at C$3.20 until April 30, 2024.

On September 21, 2021, the company completed its acquisition of 1247666 BC Ltd., whereby 1,106,875 (post-split) Common Shares of Lannister Mining Corp. were issued to 1247666 BC Ltd. shareholders at a deemed price of C$1.44 (approximately US$1.06). per share. Please refer to "*Corporate Structure - Amalgamation"*

Following the completion of the Amalgamation, 1247666 and Former Lannister amalgamated and formed our company and each of 1247666 and Former Lannister ceased to exist as entities. Further, the property of each of 1247666 and Former Lannister continued as the property of the Company and the Company continued to be liable for the obligations of each of 1247666 and Former Lannister.

On January 21, 2022, we closed a private placement financing, pursuant to which we issued 462,500 (post-split) Common Shares at C$4.00 per share, converted to US$2.96.

We have one wholly owned subsidiary named 60431 Montana Ltd. Montana Subco which was incorporated pursuant to the Montana Business Corporation Act on December 28, 2020. Montana Subco's registered and records office and head office is located at Central Square Building, 201 W. Main Street, Suite 201, Missoula, Montana 59802.

**Recent Developments**

**Emerging Growth Company** 

Upon the completion of this offering, we will qualify as an "emerging growth company" under the JOBS Act. As a result, we will be permitted to, and intend to, rely on exemptions from certain disclosure requirements. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company's internal control over financial reporting. In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We will remain an emerging growth company until one of the following occurs: (i) our total annual gross revenues are US$1.235 billion or more. (ii) we issue more than US$1 billion in non-convertible debt in the past three years. or (iii) we become a "large accelerated filer" under the Exchange Act, which could occur if the market value of our Common Shares that are held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above.

**Results of Operations**

***Comparison of Six Months Ended March 31, 2025 and 2024***

The following table sets forth key components of our results of operations during the six months ended March 31, 2025 and 2024.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | | |
|  | **March 31,<br> 2025** | **March 31,<br> 2025** | **March 31,<br> 2024** | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **C$** | **US$** | **C$** | **C$** | **%** |
| **Cost and expenses** | | | | | |
| Exploration and evaluation expenses | 40093 | 27883 | 138882 | (98789) | (71.13) |
| General and administrative | 11254 | 7827 | 34777 | (23523) | (67.64) |
| Legal fees | 78769 | 54781 | 122235 | (43466) | (35.56) |
| Marketing | 30088 | 20925 | 134536 | (104448) | (77.64) |
| Professional fees | 261222 | 181669 | 199549 | 61673 | 30.91 |
|  | 421426 | 293084 | 629979 | (208553) | (33.10) |
| **Other Income** |  |  |  |  |  |
| Interest income | 14 | 10 | 30 | (16) | (53.33) |
| Loss on revaluation of convertible debentures | (455719) | (316934) |  | 455719 | 100.00 |
| Gain (loss) on foreign exchange | 9373 | 6519 | (4932) | 14305 | 290.04 |
| **Net Loss** | (867758) | (603490) | (634881) | 232877 | 36.68 |

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**Revenues**

***<u>Revenues</u>***. We have not generated any principal revenues to date and do not anticipate generating any principal revenue until the fourth quarter of 2026, at the earliest.

***<u>Exploration and evaluation expenses:</u>*** Our exploration and evaluation expenses consist primarily of field work including soil sampling, rock chip sampling and the lab costs associated with the analysis of these samples. Our exploration and evaluation expenses decreased by C$98,789 or 71.13% to C$40,093 (approximately US$27,883) for the six months ended March 31, 2025, from C$138,882 for the six months ended March 31, 2024. Such a significant decrease was in line with our decreased exploration activity.

***<u>General and administrative:</u>*** Our general and administrative expenses consist primarily of bank charges and interest, general office charges, foreign exchange and travel. Our General and administrative expenses decreased by C$23,523 or 67.64% to C$11,254 (approximately US$7,827) for the six months ended March 31, 2025, from C$34,777 for the six months ended March 31, 2024. The decrease was mainly due to the reduction of travel to the Basin Gulch Project site.

***<u>Legal fees:</u>*** Our legal fees consist primarily of payments to lawyers. Our legal fees decreased by C$43,466 or 35.56% to C$78,769 (approximately US$54,781) for the six months ended March 31, 2025, from C$122,235 for the six months ended March 31, 2024. Such a significant decrease was in line with our decreased corporate activity.

***<u>Marketing:</u>*** Our marketing costs consist primarily of graphic design and brochure services. Our marketing costs decreased by C$104,448 or 77.64% to C$30,088 (approximately US$20,925) for the six months ended March 31, 2025, from C$134,536 for the six months ended March 31, 2024. Such a significant decrease was in line with our decreased corporate activity.

***<u>Professional fees:</u>*** Our professional fees consist primarily of payments to management and consultants, including accountants. Our professional fees increased by C$61,673 or 30.91% to C$261,222 (approximately US$181,669) for the six months ended March 31, 2025, from C$199,549 for the six months ended March 31, 2024. Such a significant increase was in line with our increased corporate activity.

***Net loss***

Net loss for the six months ended March 31, 2025, and 2024 was C$867,758 (approximately US$603,490) and C$634,881, respectively. The increase in net loss was attributed to the increase in loss on revaluation of convertible debentures.

**Liquidity and Capital Resources**

As of March 31, 2025, we had not yet placed any of our mineral properties into production and we had cash in the amount of C$110,359 (approximately US$76,750), a deficit (accumulated losses) of C$4,522,585 (approximately US$3,145,271) and current liabilities of C$1,477,853 (approximately US$1,027,786). This indicates a material uncertainty that may cast substantial doubt on our ability to continue as a going concern.

We have depended on the sales of equity securities to conduct operations. Unless and until we commence material operations and achieve material revenues, we will remain dependent on financings to continue our operations.

***Comparison of Years Ended September 30, 2024 and 2023***

The following table sets forth key components of our results of operations during the years ended September 30, 2024 and 2023.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **C$** | **US$** | **C$** | **C$** | **%** |
| **Cost and expenses** |  |  |  |  |  |
| Exploration and evaluation expenses | 211710 | 156695 | 243656 | (31946) | (13)% |
| Filing fees | 18466 | 13667 |  | 18466 | 100% |
| General and administrative | 81047 | 59986 | 84267 | (3220) | (4)% |
| Legal fees | 301942 | 223479 | 131558 | 170384 | 130% |
| Marketing | 154651 | 114463 | 16901 | 137750 | 815% |
| Professional fees | 433530 | 320872 | 402707 | 30823 | 8% |
|  | (1201346) | (889162) | (897089) | 322257 | 37% |
| **Other Income** |  |  |  |  |  |
| Interest income | 69 | 51 | 48 | 21 | 44% |
| **Total Income** | 69 | 51 | 48 | 21 | 44% |
| **Net Loss Before Income Tax** | (1201277) | (889111) | (879041) | (322236) | 37% |
| Income tax expense - current |  |  |  |  |  |
| Income tax expense - deferred |  |  |  |  |  |
| **Net Loss** | (1201277) | (889111) | (879041) | (322236) | 37% |

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**Revenues**

*<u>Revenues</u>*. We have not generated any principal revenues to date and do not anticipate generating any principal revenue until the fourth quarter of 2026, at the earliest.

***<u>Exploration and evaluation expenses:</u>*** Our exploration and evaluation expenses consist primarily of field work including soil sampling, rock chip sampling and the lab costs associated with the analysis of these samples. Our exploration and evaluation expenses decreased by C$31,946 or 13% to C$211,710 (approximately US$156,695) for the year ended September 30, 2024, from C$243,656 for the year ended September 30, 2023. This is mainly attributed to reduced fieldwork and analysis being performed on the Basin Gulch Project.

 

***<u>Filing Fees:</u>*** Our filing fees increased by C$18,466 (approximately US$13,667), or 100% to C$18,466 for the year ended September 30, 2024, from C$0 for the year ended September 30, 2023. Such increase was in line with our financing in the year 2024.

 

***<u>General and administrative:</u>*** Our General and administrative expenses consist primarily of insurance, travel, conferences, and investor relations services. Our General and administrative expenses decreased by C$3,220 or 4% to C$81,047 (approximately US$59,986) for the year ended September 30, 2024, from C$84,267 for the year ended September 30, 2023. Such decrease was in line with our reduced activity throughout the year.

***<u>Legal fees:</u>*** Our legal fees consist primarily of payments to lawyers. Our legal fees increased by C$170,384 or 130% to C$301,942 (approximately US$223,479) for the year ended September 30, 2024, from C$131,558 for the year ended September 30, 2023. This is mainly due to the increase in legal fees in regards to the Company's public offering.

***<u>Marketing:</u>*** Our marketing costs consist primarily of graphic design and brochure services. Our marketing costs increased by C$137,750 or 815% to C$154,651 (approximately US$114,565) for the year end ended September 30, 2024, from C$16,901 for the year end ended September 30, 2023. This is mainly due to increased costs to develop the Company's marketing materials.

***<u>Professional fees</u>:*** Our professional fees consist primarily of payments to management and consultants. Our professional fees increased by C$30,823 or 8% to C$433,530 (approximately US$320,872) for the year ended September 30, 2024, from C$402,707 for the year ended September 30, 2023. Such increase was in line with our increased corporate activity.

 ****

***<u>Share-based Compensation:</u>*** On October 13, 2021, the Company granted an aggregate of 25,000 (post-consolidated) incentive stock options to Consultants of the Company. The fair value of each option was estimated on the date of the grant using the Black-Scholes option pricing model, with the following assumptions: share price of C$0.10, expected dividend yield of 0%, expected volatility of 100%; risk-free interest rate of 0.84%; and an expected average life of 3 years. The fair value of all these options was estimated at C$24,375 on granting. Our share-based compensation did not change for the year ended September 30, 2024, from C$0 for the year ended September 30, 2023.

***Income tax expense.*** We recorded income tax expenses of C$0 for the year ended September 30, 2024, as compared to C$0 for the year ended September 30, 2023, reflecting no change.

 **

***Net loss***

 **

Net loss for the years ended September 30, 2024, and 2023 was C$1,201,277 (approximately US$889,111) and C$879,041, respectively. The increase in net loss was attributed to the increase in expenses.

***Summary of Cash Flow***

***Comparison of Six Months Ended March 31, 2025 and 2024***

 **

The following table sets forth a summary of our cash flows for the six months ended March 31, 2025 and 2024.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended,** | **For the Six Months Ended,** | **For the Six Months Ended,** | | |
|  | **March 31,<br> 2025** | **March 31,<br> 2025** | **March 31,<br> 2024** | **Changes** | **Changes** |
|  | **C$** | **US$** | **C$** | **C$** | **%** |
| Cash Flows used in operating activities | (403169) | (280387) | (800907) | (397738) | 49.66 |
| Cash Flows used in investing activities |  |  |  |  |  |
| Cash Flows provided by financing activities | 460000 | 319911 | - | 460000 | 100 |
| Net change in cash during period | 56831 | 39524 | (800907) | (857738) | 107.09 |

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***Operating Activities***

For the period, the company reported a net loss of C$867,758 (approximately US$603,490), compared to C$634,881 in the prior year. Despite the higher loss, cash used in operating activities decreased significantly to C$403,169 (approximately US$280,387) from C$800,907. This improvement was largely driven by non-cash and working capital adjustments. A non-cash loss on revaluation of convertible debentures amounting to C$455,719 (approximately US$316,934) ($Nil – 2024) was added back to operating activities in the current year, while an unrealized foreign exchange gain of C$19,221 (approximately US$13,367) was deducted, compared to a loss of C$4,247 in the prior year. Working capital changes also contributed positively: accounts payable and accrued liabilities increased by C$114,974 (approximately US$79,960) in the current year, reversing a decrease of C$170,879 in the prior year. However, prepaid expenses increased by C$72,252 (approximately US$50,248), representing a use of cash, in contrast to a decrease of C$19,333 in the previous year. Overall, these adjustments more than offset the higher net loss, resulting in a significantly lower cash outflow from operating activities.

  ****

***Investing Activities***

During the period, the company reported no cash flows from investing activities, consistent with the prior year.

 **

***Financing Activities***

 **

During the period, the company received C$460,000 (approximately US$319,911) from the proceeds of the convertible debentures.

 ****

***Capital Expenditures***

We made capital expenditures of C$0 (approximately US$0) and C$0 in the six months ended March 31, 2025 and 2024, respectively.

Please see "*Description of Share Capital—History of Securities Issuances*" for a description of our recent private placements of securities.

 ****

***Comparison of Years Ended September 30, 2024 and 2023***

The following table sets forth a summary of our cash flows for the periods presented:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | |
|  | **C$** | **US$** | **C$** |<br>**%** |
| Cash Flows used in operating activities | (1052300) | (778847) | (866012) | 22% |
| Cash Flows used in investing activities |  |  | (773377) | (100)% |
| Cash Flows provided by financing activities | - | - | - | -% |
| Net change in cash during period | (1052300) | (778847) | (1639389) | (36)% |

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 ****

***Operating Activities***

In 2024, the company recorded a net loss of C$1,201,277 (approximately US$889,110), compared to a C$879,041 loss in 2023. Despite the higher loss, cash used in operating activities increased moderately to C$1,052,300 (approximately US$778,847) from C$866,012 due in part to favorable changes in working capital. Accounts payable and accrued liabilities increased by C$150,081 (approximately US$111,081) in 2024 compared to C$51,350 in 2023. However, prepaid expenses decreased by C$9,308 (approximately US$6,889) in 2024, reversing the prior year's increase, while GST recoverable increased slightly more than in 2023. A non-cash unrealized foreign exchange loss of C$5,365 (approximately US$3,971) was also added back in 2024. Overall, these adjustments helped offset the higher net loss, resulting in a lower increase in cash outflows from operations.

***Investing Activities***

Net cash used in investing activities was C$0 (approximately US$0) for the year ended September 30, 2024, as compared to C$773,377 for the year ended September 30, 2023. Net cash used in investing activities for the year ended September 30, 2023, consisted of payments for the option to acquire the mineral property in the amount of C$472,160 and payment for the reclamation bond in the amount of C$301,217.

 ****

***Financing Activities***

Net cash provided by financing activities for the year ended September 30, 2024 was C$0 (approximately US$0), payments to related parties of C$0 (approximately US$0) and proceeds from related parties of C$0 (approximately US$0). Net cash provided by financing activities for the year ended September 30, 2023 was C$0, payments to related parties of C$0 and proceeds from related parties of C$0.

***Capital Expenditures***

 ****

We made capital expenditures of C$0 (approximately US$0) and C$472,160 in the years ended September 30, 2024 and 2023, respectively.

Please see "*Description of Share Capital—History of Securities Issuances*" for a description of our recent private placements of securities.

***Related Party Transactions***

Key management includes directors and key officers of the Company, including the president, vice presidents, directors, chief executive officer and chief financial officer.

A summary of the Company's related party transactions during the fiscal years ended September 30, 2024, 2023 and 2022 and from September 30, 2024 to date is as follows.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30,<br> 2024<br> to date** | **September 30,<br> 2024<br> to date** | **FY 2024** | **FY 2024** | **FY 2023** | **FY 2022** |
|  | **C$** | **US$** | **C$** | **US$** | **C$** | **C$** |
| Exploration expenses |  |  | 39807 | 29463 | 34041 | 30613 |
| General and administrative | 444 | 309 | 59424 | 43982 | 56293 | 33280 |
| Professional fees | 173036 | 120339 | 235489 | 174294 | 320160 | 261857 |
|  | 173480 | 120648 | 334720 | 247739 | 410494 | 325750 |

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As of September 30, 2024, accounts payable and accrued liabilities included amounts due to related parties of C$170,984 (approximately US$126,552) compared to C$64,401 as of September 30, 2023. Amounts due to related parties are unsecured, non-interest bearing and have no specific terms of repayment.

**Off-Balance Sheet Arrangements**

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

**Quantitative and Qualitative Disclosures about Market Risk**

Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily the result of fluctuations in interest rates and foreign exchange rates as well as, to a lesser extent, inflation.

***Interest Rate Risk***

We are exposed to market risks in the ordinary course of our business. Our cash and short-term investments include cash in readily available checking accounts and guaranteed investment certificates. These securities are not dependent on interest rate fluctuations that may cause the principal amount of these assets to fluctuate.

***Foreign Currency Exchange Risk***

The majority of our cash flows, financial assets and liabilities are denominated in Canadian dollars, which is our functional and reporting currency. We are exposed to financial risk related to the fluctuation of foreign exchange rates and the degree of volatility of those rates. Currency risk is limited to the proportion of our business transactions denominated in currencies other than the Canadian dollar, primarily for capital expenditures, debt and various operating expenses such as salaries and professional fees. We also purchase property, plant and equipment in Canadian dollars. We do not currently use derivative financial instruments to reduce our foreign exchange exposure and management does not believe our current exposure to currency risk to be significant.

We estimate that we will receive net proceeds of approximately US$8,325,542 in this offering, based upon an assumed initial public offering price of US$5.00 per share, which is the midpoint of the estimated range of the initial public offering price shown on the cover page of this prospectus, assuming no exercise of the over-allotment option and after deducting underwriting discounts and commissions and the estimated offering expenses payable by us. Assuming that we convert the full amount of the net proceeds from this offering into Canadian dollars, a 10.0% appreciation of the U.S. dollar against the Canadian dollar, from the exchange rate of C$1.3511 per US$1.00 as of September 29, 2024 to a rate of C$1.4862 per US$1.00, will result in an increase of approximately C$1,124,781 in our net proceeds from this offering. Conversely, a 10.0% depreciation of the U.S. dollar against the Canadian dollar, from the exchange rate of C$1.3511 per US$1.00 as of September 29, 2024 to a rate of C$1.2160 for $1.00, will result in a decrease of approximately C$1,125,000 in our net proceeds from this offering.

**Inflation Risk** 

We do not believe that inflation has had a material effect on our business, financial condition or results of operations. If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases. Our inability or failure to do so could harm our business, financial condition and results of operations.

**Critical Accounting Policies**

The following discussion relates to critical accounting policies for our company. The preparation of financial statements in conformity with IFRS requires our management to make assumptions, estimates and judgments that affect the amounts reported, including the notes thereto, and related disclosures of commitments and contingencies, if any. We have identified certain accounting policies that are significant to the preparation of our financial statements.

*<u>The determination of the Company and its subsidiary' functional currency</u>*

The determination of the functional currency for the Company and subsidiary was based on management's judgement of the underlying transactions, events and conditions relevant to each entity. Management determined that for the years ended September 30, 2024 and 2023, the functional currency of the Company and subsidiary is the Canadian dollar.

In making this determination, management applied the considerations of IAS 21 *The Effects of Changes in Foreign Exchange Rates.* While the subsidiary is incorporated in the USA and has title to a mineral property in the USA, during the years ended September 30, 2024 and 2023, the Subsidiary did not have any operating activities, did not have a bank account and all exploration costs were incurred by the Parent, making the operations of the subsidiary integral to the parent reporting entity. As the Company is pre-revenue and only the parent entity is involved in financing activities, all amounts raised are in Canadian dollars. The primary economic environment of the parent is Canadian dollars and as such, its functional currency is Canadian dollars. As a result of the subsidiary being an integrated foreign operation of the parent, its functional currency is also Canadian dollars.

*<u>The assessment of the Company's ability to continue as a going concern</u>*

The assessment of the Company's ability to continue as a going concern and to raise sufficient funds to pay for its operating expenditures, meet its liabilities for the subsequent year, and to fund planned contractual exploration programs, involves significant judgement based on historical experiences and other factors including expectation of future events that are believed to be reasonable under the circumstances.

Management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting period.

These accounting policies are important for an understanding of our financial condition and results of operation. Critical accounting policies are those that are most important to the portrayal of our financial condition and results of operations and require management's difficult, subjective, or complex judgment, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. Certain accounting estimates are particularly sensitive because of their significance to financial statements and because of the possibility that future events affecting the estimate may differ significantly from management's current judgments. We believe the following critical accounting policies involve the most significant estimates and judgments used in the preparation of our financial statements.

***(a) Foreign currency translation***

Our financial statements are prepared in our functional currency, determined on the basis of the primary economic environment in which we operate. Given that operations are in Canada, our presentation and functional currency is the Canadian dollar.

Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing at the transaction dates. At each reporting date, monetary items denominated in foreign currencies are translated into the entity's functional currency at the then prevailing rates and non-monetary items measured at historical cost are translated into the entity's functional currency at rates in effect at the date the transaction took place.

Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition during the period or in previous financial statements are included in the statements of loss and comprehensive loss for the period in which they arise.

***(b) Current and non-current classification***

Assets and liabilities are presented in the statement of financial position based on current and non-current classification.

An asset is classified as current when: it is either expected to be realized or intended to be sold or consumed in the consolidated entity's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realized within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.

A liability is classified as current when: it is either expected to be settled in the consolidated entity's normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current.

 

***(c) Cash***

Cash consists of cash on hand, and deposits held with banks.

***(d) Exploration and Evaluation Assets***

Title to exploration and evaluation assets including mineral properties involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyancing historical characteristic of many properties. We have investigated title to all our mineral properties and, to the best of our knowledge title to all properties are in good standing.

We account for exploration and evaluation assets in accordance with IFRS 6 – *Exploration for and evaluation of mineral properties ("IFRS 6")*. Once the legal right to explore a property has been acquired, costs directly related to exploration and evaluation are recognized and capitalized, in addition to the acquisition costs. These expenditures include but are not limited to acquiring licenses, researching and analyzing existing exploration data, conducting geological studies, exploration drilling and sampling and payments made to contractors and consultants in connection with the exploration and evaluation of the property. Costs not directly attributable to exploration and evaluation activities, including general administrative overhead costs, are expensed in the year in which they occur.

Acquisition costs incurred in obtaining legal right to explore a mineral property are deferred until the legal right is granted and thereon reclassified to mineral properties. Transaction costs incurred in acquiring an asset are deferred until the transaction is completed and then included in the purchase price of the asset acquired.

When a project is deemed to no longer have commercially viable prospects to our company, exploration and evaluation expenditures in respect of that project are deemed to be impaired. As a result, those exploration and evaluation expenditure costs, in excess of the estimated recoverable amount, are written off to the statement of loss and comprehensive loss.

We assess exploration and evaluation assets for impairment when facts and circumstances suggest that the carrying amount of the asset may exceed its recoverable amount. The recoverable amount is the higher of the asset's fair value less costs to sell and value in use.

Once the technical feasibility and commercial viability of extracting the mineral resource has been determined, the property is considered a mine under development. Exploration and evaluation assets are also tested for impairment before the assets are transferred to development properties.

As we currently have no operational income, any incidental revenues earned in connection with exploration activities are applied as a reduction to capitalized exploration costs

***(e) Provisions***

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Provisions are recorded when a present legal or constructive obligation exists as a result of past events where it is probable that an outflow of resources embodying economic benefit will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made.

***(f) Impairment of Assets***

At each reporting date, we review the carrying amounts of our assets to determine whether there are any indicators of impairment. If any such indicator exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any.

Where the asset does not generate cash inflows that are independent from other assets, we estimate the recoverable amount of the cash-generating unit, or CGU, to which the asset belongs. Any intangible asset with an indefinite useful life is tested for impairment annually and whenever there is an indication that the asset may be impaired. An asset's recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value, using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount is reduced to the recoverable amount and an impairment loss is recognized immediately in the statement of loss and comprehensive loss. Where an impairment subsequently reverses, the carrying amount is increased to the revised estimate of recoverable amount but only to the extent that this does not exceed the carrying value that would have been determined if no impairment had previously been recognized. A reversal of impairment is recognized in the statement of loss and comprehensive loss.

*<u>Impairment of mineral property</u>*

Assets or cash-generating units are evaluated at each reporting date to determine whether there are any indications of impairment. The Company considers both internal and external sources of information when making the assessment of whether there are indications of impairment for the Company's mineral property. Significant judgment is required when determining whether facts and circumstances suggest that the carrying amount of resource properties may exceed its recoverable amount. The retention of regulatory permits and licenses; the Company's ability to obtain financing for exploration and development activities and its future plans on the resource properties; current and future metal prices; and market sentiment are all factors considered by the Company.

In respect of the carrying value of property and equipment recorded on the consolidated statements of financial position, management has determined there are no impairment indications that the value of the assets have declined more than what is expected from the passage of time or normal use.

*<u>Decommissioning and restoration provision</u>*

Mining and exploration activities are subject to various laws and regulations governing the protection of the environment. In general, these laws and regulations are continually changing, and the Company has made, and intends to make in the future, expenditures to comply with such laws and regulations. Accounting for reclamation and remediation obligations requires management to make estimates of the future costs the Company will incur to complete the reclamation and remediation work required to comply with existing laws and regulations at each mining operation and exploration and development property. In addition, future changes to environmental laws and regulations may increase the extent of reclamation and remediation work required to be performed by the Company. Increases in future costs could materially impact the amounts charged to operations for decommissioning and restoration. The provision represents management's best estimate of the present value of the future decommissioning and restoration obligation.

Due to uncertainties concerning environmental remediation, the ultimate cost to the Company of future site restoration could differ from the amounts provided. The estimate of the total provision for future decommissioning and restoration costs are subject to change based on amendments to law and regulations, changes in technology, price increases and changes in interest rates, and changes in mine life, and as new information concerning the Company's closure and reclamation obligations becomes available.

***(g) Impairment of Non-Financial Assets***

Goodwill and other intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount.

Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit.

***(h) Trade and other payables***

These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end of the financial year and which are unpaid. Due to their short-term nature, they are measured at amortized cost and are not discounted. The amounts are unsecured.

***(j) Share capital***

Common Shares are classified as share capital. Costs directly attributable to the issue of Common Shares are recognized as a deduction from share capital, net of any tax effects.

***(k) Warrants***

Share purchase warrants are classified as a component of equity. Share purchase warrants issued along with shares in an equity unit financing are measured using the residual approach, whereby the fair value of the warrant is determined after deducting the fair value of the shares from the unit price less applicable financing costs. Share purchase warrants issued for broker/financing compensation, are recognized at the fair value using the Black-Scholes option pricing model at the date of issue. Share purchase warrants are initially recorded as a part of warrant reserves in equity at the recognized fair value. Upon exercise of the share purchase warrants the previously recognized fair value of the warrants exercised is reallocated to share capital from warrant reserves. The proceeds generated from the payment of the exercise price are also allocated to share capital.

***(l) Income taxes***

Income tax reported in the statement of loss and comprehensive loss for the period presented comprises current and deferred income tax. Income tax is recognized in the statement of loss and comprehensive loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity.

Current income tax for each taxable entity in our company is based on the local taxable income at the local statutory tax rate enacted or substantively enacted at the reporting date and includes any adjustments to tax payable or recoverable with regards to previous periods.

Deferred tax assets and liabilities are recognized for deferred tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and tax losses carried forward.

Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized, or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized consolidated statements of loss and comprehensive loss in the period that substantive enactment occurs. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized.

To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is not recognized. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxing authority and the Company intends to settle its current tax assets and liabilities on a net basis.

***(m) Financial Instruments***

Upon incorporation, we adopted IF–RS 9 - *Financial Instruments* which replaced I–S 39 - *Financial Instruments: Recognition and Measurement*. Under IFRS 9, financial assets are classified and measured based on the business model in which they are held and the characteristics of their contractual cash flows. The standard also introduces additional changes relating to financial liabilities, amends the impairment model by introducing a new 'expected credit loss' model for calculating impairment and introduces a new general hedge accounting standard which aligns hedge accounting more closely with risk management.

The adoption of IFRS 9, retrospectively without restatement, did not have a significant impact on the measurement of our financial instruments in the financial statements. The following are our new accounting policies under IFRS 9:

*<u>Investments and Other Financial Assets</u>*

Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either amortized cost or fair value depending on their classification. Classification is determined based on both the business model within which such assets are held and the contractual cash flow characteristics of the financial asset unless, an accounting mismatch is being avoided.

Financial assets are derecognized when the rights to receive cash flows have expired or have been transferred and the consolidated entity has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, it's carrying value is written off.

*<u>Impairment of Financial Assets</u>*

We recognise a loss allowance for expected credit losses on financial assets which are either measured at amortised cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon our assessment at the end of each reporting period as to whether the financial instrument's credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain.

Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset's lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate.

*<u>Financial Assets at Amortized Cost</u>*

Financial assets at amortized cost are initially recognized at fair value and subsequently carried at amortized cost less any impairment. They are classified as current assets or non-current assets based on their maturity date. Gains and losses on derecognition of financial assets classified amortized cost are recognized in profit or loss.

*<u>Financial Liabilities</u>*

For financial liabilities, the new standard retains most of the IAS 39 requirements. The main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change relating to our own credit risk is recorded in other comprehensive income rather than in profit or loss, unless this creates an accounting mismatch. Financial liabilities are recognized initially at fair value, net of transaction costs incurred, and are subsequently measured at amortized cost. Any difference between the amounts originally received, net of transaction costs, and the redemption value is recognized in profit and loss over the period to maturity using the effective interest method.

**(n) *Loss per share***

Basic earnings (loss) per share is computed by dividing profit or loss attributable to Common Shareholders by the weighted average number of shares outstanding during the reporting period. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share, except that the weighted average shares outstanding are increased to include additional shares for the assumed exercise of stock options and warrants, if dilutive.

**(o) *Comprehensive loss***

Other comprehensive loss is the change in net assets arising from transactions and other events and circumstances from non-owner sources. Comprehensive loss comprises net loss and other comprehensive loss. Foreign currency translation differences arising on translation of foreign subsidiaries in functional currencies other than the reporting currency would also be included in other comprehensive loss.

**CORPORATE HISTORY AND STRUCTURE**

**Our Corporate History**

We were created as a result of the amalgamation of 1247666 B.C. Ltd. and Lannister Mining Corp. pursuant to the provisions of the BCBCA on September 21, 2021. Our registered and records office and head office is located at Suite 1500, 1055 West Georgia Street, Vancouver, British Columbia V6E 4N7.

We have one wholly-owned subsidiary named 60431 Montana Ltd. Montana Subco which was incorporated pursuant to the Montana Business Corporation Act on December 28, 2020. Montana Subco's registered and records office and head office is located at Central Square Building, 201 W. Main Street, Suite 201, Missoula, Montana 59802.

***Recent Development***

On May 11, 2023, Bryan Slazurchuck resigned from the Board of Directors due time constraints caused by other mining related endeavours. On September 28, 2023, Joanne Price – MBA, PGeo was added to the Board of Directors to provide considerable geological, project management and financial oversight.

**Our Corporate Structure** 

We were created as a result of the amalgamation of 1247666 B.C. Ltd. and Lannister Mining Corp. pursuant to the provisions of the BCBCA on September 21, 2021. Our registered and records office and head office is located at Suite 1500, 1055 West Georgia Street, Vancouver, British Columbia V6E 4N7.

We are not currently a reporting issuer in any jurisdiction and the Shares are not listed or posted for trading on any stock exchange.

The Amalgamation was completed pursuant to the terms and conditions of the Amalgamation Agreement dated June 21, 2021, between 1247666 and Former Lannister. In accordance with the Amalgamation Agreement, each holder of common shares in the capital of 1247666 Shares and Former Lannister Shares received (i) one Common Share in exchange for each 1247666 Share or Former Lannister Share held by such holder, or (ii) cash in exchange for each 1247666 Share or Former Lannister Share held by such holder, and the 1247666 Shares and Former Lannister Shares were cancelled. On completion of the Amalgamation, we issued a total of 3,602,503 (post-split) Common Shares.

Additionally, following the issuance, the Warrants previously issued by Former Lannister, which were exercisable into Former Lannister Shares, became exercisable into Common Shares.

---

| | | |
|:---|:---|:---|
| **Number of Warrants** | **Exercise Price** | **Expiry Date** |
| 1,400,311 (post-split) | $3.20 | March 12, 2024 |
| 482,813 (post-split) | $3.20 | April 15, 2024 |
| 81,250 (post-split) | $3.20 | May 5, 2024 |

---

Following the completion of the Amalgamation, 1247666 and Former Lannister amalgamated and formed our company and each of 1247666 and Former Lannister ceased to exist as entities. Further, the property of each of 1247666 and Former Lannister continued as our property and we continued to be liable for the obligations of each of 1247666 and Former Lannister.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Intercorporate Relationships

Montana Subco is our wholly-owned subsidiary. Montana Subco was incorporated pursuant to the *Montana Business Corporation Act* on December 28, 2020. Montana Subco's registered and records office and head office is located at Central Square Building, 201 W. Main Street, Suite 201, Missoula, Montana 59802. Set forth below is the organizational chart for our company:

![](image_013.jpg)

**INDUSTRY**

Information included in this prospectus relating to our industry consists of estimates based on reports compiled by professional third-party organizations and analysts, data from external sources, our knowledge of the industry in which we operate, and our own calculations based on such information. While we have compiled, extracted, and reproduced industry data from external sources, including third-party, industry, or general publications, we have not independently verified the data. Similarly, while we believe our management estimates to be reasonable, they have not been verified by any independent sources. Forecasts and other forward-looking information with respect to industry and ranking are subject to the same qualifications and additional uncertainties regarding the other forward-looking statements in this prospectus.

**Market Overview** 

Montana has a rich history mining activity with active mining taking place in 29 of Montana's counties and 26 minerals are mined in the Treasure State. The five most common of which are gold, silver, copper, lead and zinc (see Distinctly Montana at https://www.distinctlymontana.com/modern-mining-montana).

The hardrock mining industry in Montana is an important source of jobs, income, sales revenue and tax revenue for Montana workers, households, businesses and governments. The eight largest producers of metals, talc, and concrete products today ultimately support more than 12,000 jobs statewide. Many of those jobs are in smaller towns and rural communities with few, if any, opportunities in other industries for those workers and their families. Three new, large mines are currently under development towards production – the Rock Creek, Montanore, and Black Butte mines. International and world-class operators exist in Montana including (*See* Bureau of Business and Economic Research – University of Montana at https://www.bber.umt.edu/pubs/econ/hardrockmining2018.pdf):

● Barrick–Gold - Golden Sunlight Mine;

● Montana Resources – Continuental Mine, and;

● Hecla Mining – advancing the Montanore Project.

**Key Market Growth Drivers** 

Lannister's project is highly leveraged and connected to the price of physical gold. The gold price has seen significant upward movement and recently struck an all-time high of over US$2,100/oz (December, 2023). General consensus is indicating that Gold prices are projected to hit fresh highs next year and could remain above $2,000 levels. Geopolitical uncertainty, a likely weaker U.S. dollar and possible interest rate cuts are key drivers for the gold price. In addition, the project will deliver more value with milestone events as the project moves from exploration towards development and production. The largest near-term driver is a Mineral Resource Estimate that will quantity the amount of gold and silver through staged drill programs.

TD Securities, expects gold prices to average $2,100 an ounce in the second quarter of 2024, with strong central bank purchases acting as a key catalyst in boosting prices. According to a recent survey by the World Gold Council, 24% of all central banks intend to increase their gold reserves in the next 12 months, as they increasingly grow pessimistic about the U.S. dollar as a reserve asset (*See* Key Market Drivers – TD Securities and World Gold Council info at https://www.cnbc.com/2023/12/04/gold-prices-set-for-new-highs-amid-economic-geopolitical-uncertainty.html.)

At ING Bank, the Netherlands-base' bank's research, the recent surge in gold prices, particularly in the last quarter of 2023, can be attributed to an increased appetite for safe-haven assets amid growing uncertainties. The outbreak of the Israel-Hamas conflict in October pushed gold close to its previous record of $2,075/oz set in 2020. Despite the easing of concerns over a broader Middle East conflict, gold has maintained its strength, supported by a softer US dollar and favorable US Treasury yields. This upward trajectory culminated in a new record high for gold prices in early December.

ING's US economist anticipates rate cuts starting in May, totaling 150 basis points in 2024, and an additional 100 basis points in early 2025. This is expected to provide significant support for gold's upward movement. The outlook for gold's trajectory hinges on the magnitude of the rate cut, contingent on whether there is a hard or soft landing in the economy.

Gold is seeing record price levels and has gained upward momentum to inflation, interest rates, geopolitical risk and worldwide debt as shown in Figure #1 (*See* Ing Bank at https://think.ing.com/articles/gold-monthly-golds-hot-run-continues/).

Figure 1: Recent Gold Price History and 2024 Forecast (Source: Refinitiv, Federal Reserve, ING Research)

![](image_014.jpg)

**bUSINESS**

**Overview**

We are a mineral exploration company focused on the exploration of the Property in west-central Montana (MT), U.S.A. The Project comprises 11 patented mining claims totaling 216.33 acres (87.55 hectares) and 131 unpatented mining claims totaling approximately 2,642 acres (1,069 hectares). The unpatented claims overlap the patented claims. The Project consists of 131 contiguous mineral claims (claim names: AG1 to AG50; AG13A; AG40A; AG39A; BG1 to BG78) covering 1060 hectares and is located approximately 27 kilometers from the town of Phillipsburg in Montana. We currently have a valid exploration license, a valid stormwater permit, and all the necessary exploration permits to conduct trenching, drilling, and other necessary exploration activities.

Our objective is to is to locate, define and ultimately develop economic mineral deposits. Currently, we are focused on the exploration and development of the Project. If we lose or abandon our interest in the Project, we will endeavor to acquire another mineral property of merit. All of our operations are at the exploration stage, and such activity might not result in commercial production of gold. Our net loss for the years ended September 30, 2024, and 2023 was C$(1,201,277) (approximately US$(889,111) and C$(879,041), respectively. We have not generated any principal revenues to date and do not anticipate generating any principal revenue until the fourth quarter of 2026, at the earliest.

**The Coming Commodity Supercycle and Growth in Demand**

The gold industry encompasses a multifaceted ecosystem, spanning mining and refining, jewelry production, industrial applications, central bank reserves, and investments. Its demand is driven by a blend of emotional, cultural, and financial factors, and influenced by macroeconomic conditions, such as inflation and currency instability.

Gold continues to be a symbol of enduring value, with diverse uses, from jewelry to powering technology and acting as a go to investment in times of uncertainty, all of which make it a resilient and sought-after asset in the global market. The long-term investment appeal is supported by its relative scarcity and long lead time from exploration to production.

From our perspective, gold exhibits an inverse price relationship to the US dollar. Since the beginning of 2021 the US dollar has appreciated as demonstrated by the US dollar index. We believe that this strength will reverse course which, in our opinion, could support a higher price for gold. Additionally, we hold the view that the US dollar is slowly losing its dominant status as the world's reserve currency standing. We term this 'global de-dollarization' and further supports our idea of a weakening the US dollar.

Increasing global tensions such as the ongoing conflict in the Middle East and fears that there could be further escalation of this crisis support the idea that there is a flight to safe assets such as gold given its history as a safe haven asset. In our opinion, this adds further support for a stronger gold price.

**Our Corporate Strategy** 

Our strategy is centered around executing and increasing the value of our company's asset base by further advancing the Basin Gulch Project. In the long term, we may explore attractive acquisition opportunities to further enhance the company's value and drive the company's growth potential through exploration and development.

Our executive team and board of directors possess extensive experience and expertise in the mining sector, spanning exploration, development, operations, and capital markets. We aim to leverage this wealth of expertise as we move forward with the Basin Gulch Project and expand our business. We are committed to adhering to best practices and prioritizing safety, environmental responsibility, and sustainable community development all in a responsible manner.

As part of our approach, we plan to employ a cost-effective business model. This entails maintaining an efficient, highly skilled team while collaborating with external resources when necessary. This approach ensures flexibility in our cost structure allowing scalability while maintaining the ability to explore new opportunities that are both fiscally prudent and value-driven.

**Practical Steps**

We plan to conduct exploration on the Project that follows recommendations made in the S-K 1300. Initial work is focused drilling to validate a large database of historical information. The near-term drilling will also focus on areas near surface that have potential to establish a maiden mineral resource estimate. Initial success from drilling will lead to a larger resource expansion program that could extend mineralization to depth and test new targets across the land packager.

During 2024 the drill program will establish a maiden gold-silver mineral resource estimate. The program will include metallurgical analysis to establish gold and silver recovery rates. Positive results from 2024 will enable a larger drill expansion program. 2025 may see an updated and larger Mineral Resource Estimate that will enable a Preliminary Economic Assessment (PEA). The PEA will establish the initial engineering and economics towards the path to production.

**Quality Assurance – Quality Control (QA/QC)**

***Soil Samples QA/QC***

Lannister's soil sampling program quality assurance/quality control (QA/QC) protocol involved collecting duplicate samples and inserting blank samples into the soil sample stream. Blank samples were inserted into the sample stream at irregular intervals for samples ending in "0" at a rate of 5%. Duplicate samples were collected at irregular intervals for samples ending in "9", a rate of 5%. A total of 65 duplicate samples and 64 blanks were inserted into the soil sampling stream.

Forty-six coarse blanks returned a value above the limit of detection (Au= 0.02 ppb) but within 3 standard deviations of the detection limit (x3 LOD) (Graph A.). Five samples returned values above x3 LOD. These failures do not pose any concern for the confidence in the lab or dataset. Lannister believes the data is suitable for its intended use herein and is suitable for exploration.

**Graph A. Coarse Blank Au concentration.**

There was a significant proportion of discrepancies between the duplicate samples with duplicate samples returning a failure rate of 52% (Graph B.). Part of the error can be attributed to the inherent nature of soil sampling and part can be attributed to the low concentrations that were measured in the samples. Soil samples are inherently biased to some degree and a higher degree of variance is expected. The author believes the discrepancies are reasonable for the type of sampling conducted. Lannister believes the data is suitable for its intended use herein and is suitable for exploration.

**Graph B. Duplicate sample Au concentration.**

![](image_016.jpg)

***Rock Sample QA/QC***

Lannister's rock sampling program QA/QC protocol consisted of the insertion of coarse blank material, standards and field duplicate samples. The standards were inserted into the sample stream at approximately every tenth sample on sample numbers ending in "0". The standard reference material (SRM) used included standards CDN-CM-47 and CDN-ME-1811 and a blank pulp CDN-BL-10. SRMs were inserted at a rate of 6%. Duplicate samples were inserted throughout the sample stream at sample numbers ending in "5" at a rate of 3%. Three coarse blank samples were inserted into the sample stream at sample numbers ending in "5" at a rate of 2%. A total of 15 QAQC samples were inserted into the rock sample stream including 3 coarse blanks, 3 duplicates and 9 standards.

Standard CDN-CM-47 (Graph C.) returned no failures, all assays returned values within 2 standard deviations of the expected value.

**Graph C. CDN-CM-47 Au concentration.**

![](image_017.jpg)

Standard CDN-ME-1811 (Graph D.) retruend one recorded failure with a result just outside of 3 standard deviations of the expected value. This failure does not pose any concern for the confidence in the lab or dataset.

**Graph D. CDN-ME1811 Au concentration.**

![](image_018.jpg)

All pulp blank, CDN-BL-10, samples returned assays below the pulp certified value (Graph E.).

**Graph E. CDN-BL-10 Au concentration.**

![](image_019.jpg)

One coarse blank sample returned a value above the limit of detection but within 2 standard deviations of the detection limit (Graph F.).

**Graph F. Coarse Blank Au concentration.**

![](image_020.jpg)

Two duplicate samples returned significantly different assays from the parent samples (Graph G.). Due to the inherent nature of rock sampling, rock grab samples are biased to some degree with respect to selective sampling of obviously mineralized material to the exclusion of weakly or not mineralized material that may occur in the same area.

**Graph G. Duplicate sample Au concentration.**

![](image_021.jpg)

There were no significant issues to report with the analytical work completed at ALS based on Lannister's QA/QC program.

Data Verification Procedures

Lannister and the authors of the report(s) have reviewed the historical exploration data including the compiled drill hole database provided by Mr. Perrtu and completed a preliminary data verification program on behalf of Lannister. The digital drill hole assays were compared to scanned, original assay certificates from Mount Powell Laboratories, Dawson Metallurgical, Barringer Laboratories, Assay Labs, ACME Analytical and Precision Assay Labs provided by Mr. Perrtu. All typographical errors were corrected, and missing assays were digitized and added to the database.

Drill hole locations were provided with local grid coordinates and plotted on a detailed orthophoto. Orthorectification of this image allowed for the recalculation of the drill hole coordinates into NAD83 Z12 coordinates with an estimated error of <20 m. The historical drill data is considered in good shape for exploration and its use herein. Additional verification work, including confirmation drilling, may be required to utilize the data in the future.

**The Basin Gulch Property**

The Property is located in west-central Montana, U.S.A. The Property is located approximately 17 miles (27 km) west of Philipsburg, Montana in Granite County and lies within the Rock Creek Mining District. The Property can be accessed by travelling west from Philipsburg for approximately 15 miles (24 km) on State Highway 438, continuing west along the Lower Rock Creek Road for 2 miles (3.2 Km) to an unimproved mine access road that heads up to Basin Gulch toward the south. Local access to most areas of the Property is via historical drill roads and logging roads (Figure 1).

The Project comprises 11 patented mining claims totaling 216.33 acres (87.55 hectares) and 131 unpatented mining claims totaling approximately 2,642 acres (1,069 hectares). The unpatented claims overlap the patented claims (Figure 2).

On September 15, 2020, 1247666 BC Ltd. ("1247666") entered into a Property Acquisition Agreement with BG Holdings Group, LLC and Basin Gulch Co. (collectively, the "Vendors"). On September 21, 2021, 1247666 and Lannister Mining Corp. ("Former Lannister") amalgamated to form a new entity, Lannister Mining Corp. (the "Company" or "Lannister"). Upon Amalgamation, the Company acquired the Property Acquisition Agreement. Pursuant to this Property Acquisition Agreement, Lannister agreed to acquire fifty-three (53) unpatented claims and to assume all rights and obligations under the existing lease agreement for eleven (11) patented mining claims. Concurrently, a Novation Agreement was executed amongst Skanderbeg, Lannister, 1247666 BC Ltd., and BG Holdings Group, LLC. The purpose of this Novation Agreement was to assign all rights and obligations under the original Property Acquisition Agreement to Lannister, and to effectuate a share exchange pursuant to the terms therein. Following the Property Acquisition Agreement, 60431 Montana Ltd. staked an additional seventy-eight (78) unpatented mining claims. This additional 78 unpatented claims together with the first 53 unpatented claims brings total unpatented mining claims to 131 through acquisition and staking. In accordance with the obligations set forth in the Property Acquisition Agreement, Lannister shall remit payment to the Vendors as follows:

● One hundred fifty thousand United States Dollars ($150,000) upon execution of the Property Acquisition Agreement (this payment has been duly made);

● Two hundred fifty thousand United States Dollars ($250,000) on the first anniversary of the Property Acquisition Agreement (this payment has been duly made);

● Three hundred thousand United States Dollars ($300,000) on the second anniversary of the Agreement (this payment has been duly made); and

● Three hundred fifty thousand United States Dollars ($350,000) on or before the third anniversary of the Agreement (this payment has been duly made).

In the event that Lannister is listed on a national stock exchange, Lannister shall be obligated to issue Vendors a number of shares constituting an aggregate of five percent (5%) of the total issued and outstanding shares of Lannister immediately subsequent to the completion of its public offering.

The patented claims are held under a lease agreement with Strategic Minerals, Inc. The agreement covers 11 patented claims (as described above) and was signed on April 6, 2006. A Memorandum of Lease was filed, by and between Metesh family and Lannister Mining, Corp., a British Columbia corporation, assignee and successor in interest to Strategic Minerals, Inc., a Nevada corporation, and Basin Gulch Co., a Florida Company, dated March 3<sup>rd</sup>, 2022, and recorded March 7<sup>th</sup>, 2022 in the official records of Granite County, MT. The lease is valid for 10 years.

The Metesh family holds an advance production royalty over the patented claims of US$25,000 paid every 6 months (March 10 and September 10) to be paid until production commences. The Metesh family retains a production royalty of 3% of gross gold and silver sales due semi-annually once commercial production has commenced. The total sum of payments, whether advance production royalty or production royalties to be paid to the Metesh family shall not exceed US$8 million dollars.

As per the Property acquisition agreement there is a 2% royalty on claims outside the Metesh Lease. Lannister can purchase half of the 2% royalty for $1 million dollars (USD) until December 31, 2025.

The Company currently holds a valid exploration license (License #00875) to conduct drilling and trenching within the patented mining claims. As part of this license a reclamation bond of $219,181 was submitted to the DEQ on December 16, 2022. While the bond is in place the exploration license can be renewed annually for US$25 which has been completed for 2024.

State mining regulation apply to both private (patented) and public (unpatented) lands in Montana. An Exploration License is required to complete all mineral exploration activities that may involve surface or subsurface disturbance. To acquire an exploration license we must submit a plan of operations including the area to be explored, location and type of planned exploration activities (i.e. drill holes, trenches) and a disturbance reclamation plan. An Exploration License is not a mining permit and cannot be used for mining. There are no defined review times but typically approvals are processed within 30-45 days.

Additionally, a stormwater permit, along with a stormwater pollution prevention plan, a temporary water use permit and a Notice of Intent (NOI) are required. The Company currently has a stormwater permit (Permit#MTR100000) which is valid until 2027 by paying an annual fee of US$750 which has been paid for 2024.

 ****

For small scale mining and test mining operations a Small Miner's Exclusion Statement (SMES) can be obtained. The SMES process is much faster and simpler than the permitting process for an Operating Permit which is required for larger mines in Montana. The SMES allows for ≤ 5 acres of disturbance at up to 2 sites if they are ≥ 1mile apart. A SMES can be obtained within months of filing of an application.

**Our Opportunity**

The town of Philipsburg, MT is located approximately 17 miles (27 km) by road east of the Basin Gulch Property. It has a population of ~1,000 according to 2008 United States Census data. Philipsburg is a mining and tourist town and is the county seat of Granite County. Services available at Philipsburg include housing, hotels, food and restaurants, hospital and a non-commercial airfield. The nearest major city is Butte, MT located 70 miles (110 km) southeast of the Property and 54 miles (87 km) southeast of Philipsburg. The closest full-service community is Anaconda, Montana, located 47 miles (75 km) southeast of the Property along State Highway 1. The nearest commercial domestic airport is located in Butte, MT. An international airport is located 90 miles (145 km) away in Missoula, Montana. Highway truck transport services are available in Philipsburg. No rail service is available to Philipsburg (Figures 1 and 2).

No public power or phone service or other mining infrastructure is available at the Property. Radio and cell phone communications and a diesel generator have been used during previous field seasons. Sufficient water for exploration is available from Basin Gulch, Rock Creek and other local creeks draining the Property. There is very good access to the property for exploration work. The Project can be accessed year-round. Most exploration activities associated with fieldwork and drilling can likely be conducted year-round, although there may be periods in December to March, where snow conditions at the higher elevations may temporarily impede fieldwork.

 

**Figure 1. Location**

![](image_022.jpg)

 

**Figure 2. Basin Gulch Claims and Patents**

 

![](image_023.jpg)

 

The Property is located at the head of Basin Gulch and Quartz Gulch, on the northern slopes of West Fork Buttes, within the Sapphire Range of the Western Montana Rocky Mountains. This area is underlain by a series of metamorphosed Precambrian (1.5 Ga to 800 Ma) marine sedimentary rocks known as the Belt Supergroup which were intruded by Laramide-age silicic volcanics. In this area the late Cretaceous to early Tertiary Laramide orogeny resulted in the formation of the Sapphire Mountain Range. In the area of Basin Gulch, the Tertiary igneous rocks are predominantly biotite-rich rhyolites and trachytes, ash flow tuffs, and associated granites of Eocene age (~50 Ma).

Several diatreme complexes located within the igneous complex have been identified at the head of Basin Gulch. The major diatreme complex on the Property is known as the Basin Gulch or BG diatreme. Several, smaller parasitic diatremes are found throughout the Property and in the surrounding area. The BG diatreme can be described as an Eocene silicic volcanic and intrusive complex that intruded between the plates of two Precambrian thrust sheets. The gold mineralization on the Property is directly related to the diatremes and their associated structures which form the main gold target in the area.

Gold mineralization has been identified throughout the Property at or near surface in rock samples, outcrops and trenches. Drilling has confirmed that the mineralization extends to depths greater than 1,000 feet (300 m) and averages approximately 0.01 to 0.02 ounces per ton (opt). Locally higher grade zones have been identified associated with the margins of the various diatremes and with the post- and pre-diatreme dykes and faults. Interpretation of a CSAMT geophysical survey modelled the diatreme complex to extend to below the geophysical study datum of 1,500 feet (450 m). The majority of historical drilling completed on the Property has been relatively shallow and has not intersected the base of the diatreme.

Basin Gulch is interpreted to be a gold and silver intrusion related, diatreme-type deposit that is associated with, and constrained by, the structures surrounding the local diatremes. The mineralized zones are hosted in breccias associated with fracture zones found at the margins of the diatremes. The mineralization is fairly simple, with the gold varying from fine to very coarse. Test work conducted by Kappes, Cassiday & Associates on behalf of Cable Mountain Mine Inc. (CMM) in the 1990's indicated that the gold is easily extracted using cyanidation or other gold extraction reagents. A leach recovery rate exceeding 90 percent was reported for some samples. However, due to the prohibition of open pit cyanide leach mining in Montana an alternative processing and extraction method will need to be investigated.

***Historical Exploration***

The Basin Gulch Project lies within the Rock Creek Mining District. The Rock Creek area is best known for it's sapphire production. However, gold has historically been placer mined in the Basin/Quartz Gulch area since the early 1900's. The source of the placer gold was unknown. Gold mining was intermittent with production reported in 1911, 1914 to 1928, 1934 sand 1940. Historical reports indicate that production from Basin Gulch was modest, production being impeded by a lack of water impeded. In 1948, Lynch (1948) suggested that the gold was sourced from the intrusive volcanic rocks exposed near the headwaters of Basin Creek. Sapphires have also been reportedly recovered from the placer operations in Basin Gulch (Frishman, 1992). Historical workings including excavations, mine ponds, remains of log cabins and out buildings, log and dirt dams, and hydraulic diversion structures are still found on the Property.

Modern exploration was conducted over the Property area between 1987 and 1997. In 1987, Cable Mountain Mine Inc. (CMM) discovered a large, mineralized diatreme complex in the upper drainage of the Basin Gulch which was interpreted to be the lode source of the placer gold. The area was extensively explored until 1997 resulting in the completion of 318 reverse circulation (RC) and diamond drill holes totaling over 110,000 feet (33,530 m) (Table 1.), 46 trenches totaling over 15,000 feet (4,570 m), two geophysical surveys, a soil geochemistry survey, topographic surveys, geological mapping and pre-development studies. From 1997 to 2017 the Property changed ownership several times; only desktop studies including data compilation and verification and modelling were completed during this period. The authors have reviewed and accepted the historical results as disclosed herein.

**Table 1. Historical Drill hole summary** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Total Drill Holes** | **Total Drill Holes** | **Total Drill Holes** |
| <br>**Company** |<br>**Year** | **RC** | **DDH** | **RC with<br> Core tail** |
| CMM | 1987 | 2 |  |  |
| Chevron | 1989 | 11 |  |  |
| Cyprus | 1992 | 5 |  |  |
| CMM | 1993 | 14 | 2 | 2 |
| CMM | 1994 | 68 | 2 | 1 |
| CMM | 1995 | 117 |  |  |
| CMM | 1996 | 50 |  |  |
| CMM | 1997 | 52 | 3 |  |
| **Total** |  | **319** | **7** | **3** |

---

In 1987, Rauno Perttu of CMM recognized the lode potential of the Basin Gulch area and acquired the patented claims. A large block of unpatented claims in the surrounding area was additionally staked. Two shallow holes (BG-1 and BG-2) were drilled near the upper part of the Basin Gulch drainage near the central area of the current Property. The holes targeted a suspected diatreme. Hole BG-1 was too shallow and did not intersect the diatreme. Hole BG-2 was drilled on the southwest margin of the diatreme and intersected significant shallow ore-grade gold and silver mineralization (Perttu, 2009).

The project was subsequently farmed out to Chevron Resources. Chevron's work was clustered around, and downhill of, the discovery hole BG-2. Chevron's exploration program included a soil geochemistry survey, 11 shallow RC holes and 13 shallow trenches. The geochemistry survey covered the area over and surrounding the placer mining. Several strong soil anomalies were identified across the soil survey including in the area of hole BG-2. Some of the soil anomalies extended beyond the boundary of the survey. The drill holes were completed in the area of hole BG-2 along what Chevron interpreted to be a mineralized high angle structure. Six of the 11 holes intersected shallow ore-grade mineralization. The remaining 5 holes did not intersect mineralization and were interpreted to be too shallow. From the trench sampling program broad zones of silver and gold mineralization were intersected in several of the trenches. The property was subsequently sold to Cyprus.

Cyprus completed an exploration program in late 1992 that included six (6) trenches and five (5) drill holes. Five (5) of the trenches were excavated in the Basin Gulch area and encountered broad zones of mineralization. However, Cyprus's program was largely focused on a small area in Cornish Gulch located ~1.3 km (4,500 ft) northeast of the earlier drilling. The longest trench and all 5 drill holes targeted mineralization in the middle and lower hillside of ridge on the west side of Cornish Gulch near the eastern margin of the current unpatented claims. This area contained anomalous mineralization in outcrop within altered shallow rhyolitic igneous rocks. The mineralization appeared to dip gently into the hillside and did not extend to the bottom of the hill. Cyprus interpreted the mineralization to be controlled by a high-angle structure and along with the steep topographical constraints in this area drilled on the lower flank of the hill below the mineralization. Three of the five drill holes intersected anomalous mineralization. Vertical hole 92BG-C2, bottomed out at 350 feet (107 m) in continuous gold mineralization. The trench was located along the road below the hillside and largely contained colluvium. Anomalous gold mineralization was intersected over an interval of 160 feet (50 m).

Cyprus dropped the project due a corporate decision and CMM regained control of the Project in 1993.

CMM conducted exploration programs on the project from 1993 to 1997 including drilling, trench sampling, and ground geophysics. The work completed by CMM identified significant gold and silver mineralization associated with the main BG diatreme complex located at the head of Basin Gulch. Float and outcrops containing anomalous mineralization were also identified across the Property (Figures 3 and 4).

Between 1993 and 1997 CMM drilled 312 holes totaling approximately 105,000 feet (32,000 m) over the entire property, all of these holes lie within the confines of the current Property (Figures 3 and 4). The majority of holes were drilled vertically using RC rigs; 8 diamond drill holes and 4 RC holes with core tails were completed. The majority of holes (87%) were shallow with total depths less than 500 ft. The deepest hole total totalled 1,045 feet (320 m) and ended in mineralization. Additionally, 27 trenches were completed most of which were located over the main mineralized zone (Figures 3 and 4).

The results from the drilling and trench sampling programs indicated that the diatreme complex measured approximately 2,600 feet by 3,300 feet (800 by 1000 m) on the surface, and appeared to be related to other mineralized occurrences in the local area. The diatreme complex was characterized by overall low-grade gold and silver mineralization and local high-grade mineralization. Widely scattered areas of the intrusive contained base levels of gold averaging between 0.01 to 0.02 opt. Numerous holes returned anomalous results with both wide modest grade intercepts and narrower high grade intercepts (Table 2). As demonstrated by holes: BG94-05RC intersected 0.096 opt Au (3.276 g/t) over 240 feet (73 m) including a zone of 125 feet (38 m) which averaged 0.146 opt Au (4.996 g/t). Core hole (BG94-05blD) which was completed at the same location and returned comparable assays over similar intervals: 0.119 opt Au (4.064 g/t) over 197 feet (60 m) including a zone of 77 feet (23 m) at 0.279 opt Au (9.549 g/t). Other wide intercepts included hole 595-073RC with an intersection 180 feet (55 m) with an average grade of 0.029 opt (0.992 g/t) including 110 feet averaging 0.043 opt (1.471 g/t) Au; hole BG95-91RC with an intersection 370 feet (112 m) with and average grade of 0.034 opt (1.181 g/t) Au with a subsequent intersection of 100 feet (30 m) with an average grade of 0.067 opt (2.287 g/t) Au; BG94-01RC with an intersection 240 feet (73 m) averaging 0.096 opt (3.276 g/t) including 125 feet (38 m) averaging 0.0146 opt (4.996 g/t) Au.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Table 2. CMM Historical Assay Highlights from Drilling.** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **From (ft)** | **To (ft)** | **Width (ft)** | **Au (opt)** | **Ag (opt)** | **Au (g/t)** | **Ag (g/t)** |
| BG93-08RC | 0 | 110 | 110 | 0.048 | 0.651 | 1.641 | 22.323 |
| including | 0 | 70 | 70 | 0.063 | 0.694 | 2.162 | 23.793 |
| BG93-14RC | 0 | 80 | 80 | 0.026 | 0.661 | 0.891 | 22.675 |
| BG94-01RC | 10 | 250 | 240 | 0.096 | 0.789 | 3.276 | 27.036 |
| including | 100 | 225 | 125 | 0.146 | 0.486 | 4.996 | 16.677 |
| BG94-05RC | 10 | 250 | 240 | 0.096 | 0.789 | 3.276 | 27.036 |
| including | 100 | 225 | 125 | 0.146 | 0.486 | 4.996 | 16.677 |
| BG94-05blD | 25.3 | 221.9 | 197.6 | 0.119 | 0.882 | 4.064 | 30.251 |
| including | 130.5 | 207 | 76.5 | 0.279 | 0.867 | 9.549 | 29.722 |
| BG94-12RC | 60 | 145 | 85 | 0.052 | 2.721 | 1.771 | 93.297 |
| BG94-15RC | 205 | 310 | 105 | 0.053 | 0.359 | 1.809 | 12.31 |
| including | 220 | 290 | 70 | 0.068 | 0.337 | 2.346 | 11.559 |
| BG94-33RC | 40 | 195 | 155 | 0.022 | 0.316 | 0.765 | 10.839 |
| BG94-36RC | 195 | 275 | 80 | 0.02 | 0.313 | 0.677 | 10.714 |
| BG94-55RC | 70 | 235 | 165 | 0.024 | 0.241 | 0.806 | 8.268 |
| BG94-56RC | 30 | 165 | 135 | 0.016 | 0.419 | 0.556 | 14.349 |
| BG95-003RC | 70 | 150 | 80 | 0.028 | 0.161 | 0.96 | 5.529 |
| BG95-004RC | 50 | 215 | 165 | 0.027 | 0.204 | 0.933 | 6.992 |
| BG95-008RC | 65 | 300 | 235 | 0.089 | 0.3 | 3.052 | 10.286 |
| including | 125 | 295 | 170 | 0.114 | 0.319 | 3.923 | 10.951 |
| BG95-010RC | 185 | 270 | 85 | 0.035 | 0.186 | 1.202 | 6.373 |
| including | 205 | 270 | 65 | 0.04 | 0.198 | 1.361 | 6.804 |
| BG95-034RC | 70 | 180 | 110 | 0.039 | 0.416 | 1.322 | 14.275 |
| BG95-036RC | 160 | 240 | 80 | 0.033 | 0.158 | 1.136 | 5.4 |
| BG95-037RC | 215 | 295 | 80 | 0.031 | 0.321 | 1.071 | 11.014 |
| including | 225 | 280 | 55 | 0.037 | 0.395 | 1.284 | 13.527 |
| BG95-062RC | 130 | 320 | 190 | 0.036 | 0.237 | 1.22 | 8.12 |
| BG95-067RC | 140 | 235 | 95 | 0.044 | 0.2 | 1.523 | 6.857 |
| BG95-073RC | 195 | 375 | 180 | 0.029 | 0.323 | 0.992 | 11.086 |
| &nbsp;&nbsp;&nbsp;and | 415 | 525 | 110 | 0.043 | 0.235 | 1.471 | 8.042 |
| BG95-084RC | 50 | 150 | 100 | 0.022 | 0.079 | 0.744 | 2.709 |
| BG95-086RC | 315 | 420 | 105 | 0.029 | 0.143 | 0.98 | 4.898 |
| BG95-091RC | 35 | 405 | 370 | 0.034 | 0.302 | 1.181 | 10.36 |
| &nbsp;&nbsp;&nbsp;and | 425 | 525 | 100 | 0.067 | 0.447 | 2.287 | 15.326 |
| BG96-001RC | 170 | 245 | 75 | 0.021 | 0.197 | 0.731 | 6.766 |
| BG96-015RC | 380 | 460 | 80 | 0.017 | 0.171 | 0.574 | 5.871 |
| BG97-24RC | 0 | 130 | 130 | 0.081 | 0.376 | 2.767 | 12.897 |
| including | 0 | 60 | 60 | 0.108 | 0.455 | 3.709 | 15.6 |
| FS97-04cRC | 110 | 210 | 100 | 0.068 | 0.286 | 2.338 | 9.806 |

---

**Figure 3. Historical Drilling on the Basin Gulch Property.**

![](image_024.jpg)

**Figure 4. Historical Trench Locations on the Basin Gulch Property**

![](image_025.jpg)

Nearby shallow much smaller diatreme zones appear to be adjacent outliers to the main diatreme complex. These outliers are associated with an inferred controlling fault zone that may also be an important control for the main diatreme and for some of the inferred veins. Two of these smaller adjacent diatremes appear to contain near-surface "boiling zones", and contain high-grade gold and silver mineralization. CMM also reported that anomalous mineralization occurred along structural zones projecting potentially several miles outward from the Basin Gulch mineralized area.

Surface sampling indicated that the mineralization extends across an area of at least 8,000 feet by 14,000 feet (2,400 by 4,300 m) encompassing an area of approximately 2,600 acres (1,052 hectares). Outside of this area of mineralization, geochemical anomalies associated with favorably altered, shattered quartzites and igneous rocks indicated the potential area of mineralization may extend to cover approximately 4,500 acres (1,821 hectares; Perrtu, 1997).

Two geophysical surveys were completed by CMM in 1993 and 1994.

In 1993 a VLF (Very Low Frequency) survey was completed by W.I. Van der Poel of Missoula, MT. This report or data were not available for inspection however, DBA, 2009 and Perttu, 2017 report that the results of the survey were confusing. The general geologic interpretation reported by the geophysicist was somewhat consistent with the local geologic mapping however the lack of detail provided with the interpretation made the survey data un-useable. There is no record of the location of the VLF lines negating the possibility of re-interpretation or correlation with the geology.

In July 1994, Zonge Engineering and Research of Tucson, AZ was contracted to complete a series of Controlled Source Audiofrequency Magnetotelluric (CSAMT) geophysical survey lines across the top of the mineralized zone. These lines clearly delineate the location of the highly conductive diatreme (Figure 5). The survey was completed along seven (7) lines that were located on or near the Basin Gulch Diatreme. A total of 214 stations were read at frequencies from 8,192 Hz to 2 Hz. The interpretation of the CSAMT data included a correlation to the geology of the area (Zonge, 1994).

The CSAMT data indicated that the highly conductive and altered portions of the diatreme extend to the depth of the survey, approximately 1,500 feet (450 m) below the surface. This was interpreted to indicate that the breccia pipe extends well past 1,500 feet (450 m) depth with a consistent electrical signature.

The CSAMT geophysical survey may have traced the location of the main cross-fault.

The geophysics shows a paired high-conductivity zone, which crosses the diatreme surface expression from northeast to southwest. The high-conductivity zone may be offset by a younger, northwest-trending right-lateral, strike-slip fault, which appears to have post-diatreme movement. This younger fault follows the Basin Gulch drainage, and is suggested by a possible offset of the two parallel high-conductivity zones in the geophysical data, by possible similar sense surface offsets of the diatreme, and by post-diatreme faulting seen in core hole BG94-37C, at the projection of the proposed fault. Morphologic and lithologic changes across the projection of the proposed fault are consistent with this interpretation. The fault appears to post-date diatreme emplacement but pre-date mineralization (Perttu, 1997).

**Figure 5. Portion of Line BL-4 showing a representative section through the diatreme as imaged by CSAMT.**

![](image_026.jpg)

Additionally various CSAMT cross-sections indicate the presence of small parasitic diatremes that emanate from the main eruptive center and appear to be connected at depth. These small diatremes are consistent with small features that have been mapped at the surface.

Zonge summarized the results of the survey as follows (Zonge, 1994):"… On all lines, the area outlined as the diatreme on the surface geology map is seen to be conductive on the northern two-thirds of the diatreme, and more resistive on the southern portion. The conductive zone is bounded by a strong narrow resistor. (…)

The mapped southern boundary of the diatreme on lines BL-1, BL-2, and BL-4 is associated with a weak, locally resistive zone in the CSAMT data. Lines BL-3 and BL-5 do not cross the southern boundary of the diatreme. The northern boundary of the diatreme is less well-defined in the CSAMT data; the change in resistivity to the north is more gradual, and is associated primarily with deep changes in resistivity. These deeper changes, best seen on Plate 8, form a "bench" near the northern limit of the diatreme.

On the lines that crossed it, the contact between the Tertiary intrusive (on the north) and the Missoula Group (on the south) is associated with a locally resistive zone. This contact does not show as much resistivity contrast as the contact described above within the diatreme.

In general, Line BL-4 (Plate 7) shows the best overall picture of the subsurface electrical resistivity structure at this site; a large low resistivity zone, extending from station 0 to station 1700, bounded sharply on the south and more gradually on the north. A large resistive zone extends from station 1700 to the south, and a very steep dip to the north is indicated.

Near the southern end of Line BL-4, a strong low resistivity zone is seen from approximately station 4000 to 4600. This conductive anomaly is bounded on the south by a narrow resistive feature, similar to the resistive-conductive contact within the diatreme itself. This conductive zone apparently does not extend far enough west to be detected on Line BL-2.

It is very important to note that static effects (from very near-surface features) and high contact resistance definitely influenced the data on this project. These effects also provide information, however, and the interpretation has been made on the basis of both raw Cagniard resistivity and static-corrected resistivity. The raw data provide surface and very near-surface information, while the static-corrected data de-emphasize shallow features in order to delineate deeper resistivity structures…"

In 1996, Kinross became interested in acquiring the property from CMM. Kinross completed a review of the project in 1996-1997 which included re-logging of the available core holes and over 200 RC holes, re-assaying 275 sample intervals and metallurgical testing. The re-assay samples were sent to American Assay Labs, Sparks (NV). Results confirmed the original assays reported by CMM. The re-logging confirmed that mineralization was ubiquitous in all rocks with no one rock type having preferential mineralization. Higher grade mineralization was found to be associated with the marginal areas and edges of the intrusive volcanics (Kinross, 1997; Perttu, 1997). The sale of the property was never competed due to the passing of Citizens Initiative Cl-137 in 1998 and a coincidental drop in gold prices. Citizens Initiative Cl-137 banned cyanide leach processing from open pit gold operations in Montana and was effectively seen by most mining companies as a moratorium on large-scale open-pit gold mining in the State. Shortly thereafter, in 1997, CMM ceased its activities and terminated its lease on the Metesh property. Between 1997 and 2006 the Metesh property remained dormant. The authors have reviewed and accepted the historical results as disclosed herein.

***Exploration Conducted by Lannister***

 ****

In 2021 Lannister conducted an exploration program on the Basin Gulch Property. The exploration work included the reconnaissance of historical trenches and drill holes, the collection of 126 rock samples and 1,562 soil samples, along with a ground geophysical survey.

The reconnaissance work and sampling program was completed between May 30 and July 5, 2021. During the reconnaissance program the crew was tasked with trying to locate and identify historical trenches that were ortho-rectified from historical maps. The majority of the historical trenches on the Property have been reclaimed so they were difficult to locate. Only 2 instances of trenches that match historical records were identified in the field. However, 47 additional trenches were identified in the field that were not on the historical maps as well as 41 small sample pits scattered throughout the Property (Figure 4). The majority of the newly identified trenches are located with the main diatreme complex northeast of the previously orthorectified historical workings.

In the summer of 2021, soil samples were collected on a grid centered over the patented claims but extending onto the BLM mineral claims. The soil grid covered an area of 1.7 km by 2.0 km covering the BG diatreme complex and extending southwards. A total of 1,247 soil samples were collected including 65 duplicates. The samples were analysed for 61 elements using the ultra-sensitive Ionic Leach method at ALS Global, Vancouver, BC, Canada (ALS). The ionic leach technique is designed to detect and define subtle, low level anomalies and is very useful where conventional geochemical techniques may be ineffective due to the presence of overburden deposits. Ionic leach sampling identifies geochemical anomalies that are typically weak but the anomalies are in sharp contrast to background values. Additionally anomalies identified by ionic leach sampling tend to be spatially coherent indicating that the anomaly is related to a bedrock signature rather than overburden noise.

The results of the 2021 soil sampling program show an anomalous response in Au and Ag related to the BG diatreme and edge of the diatreme (Figures 6 and 7). Further work is needed to assess the relationship between the anomalous Au responses and the historical ground disturbance in this area. Preliminary PCR (Principal Component Regression) analysis of the data did not identify any strong positive correlations between Au or Ag and other pathfinder elements. A general association between anomalous Au and low Ca was observed which may indicate a correlation between anomalous gold and decalcified areas. A correlation between anomalous gold and high As and Sb results is evident within the diatreme. Detailed interpretation of the soil sampling results should be completed.

Additional anomalies were also identified by the soil sampling program (Figures 8 and 9). A coherent Au and As anomaly is located approximately 500 m south of the BG diatreme in an area that was the focus of historical drilling and trenching. The anomaly measures approximately 500 m by 500 m. Smaller gold anomalies are also evident to the southwest and southeast of the BG diatreme.

**Figure 6. Ionic Leach soil sample results – Au (ppb)**

![](image_027.jpg)

**Figure 7. Ionic Leach soil sample results – Ag (ppb)**

![](image_028.jpg)

**Figure 8. Ionic Leach soil sample results – As (ppb)**

![](image_029.jpg)

Rock samples were collected during the soil program. Rock samples were collected from float samples, outcrop exposures and historical trenches across the soil grid area. A total of 126 rock samples including 3 duplicates were collected. Anomalous gold assays were recovered across the Property associated with the historical workings in and around the BG diatreme and other historically active areas including the anomalous areas identified by the soil sample survey (Figure 9).

Samples collected within and along the southwest edge of the BG diatreme returned up to 3.43 ppm Au with 10 samples returning >0.5 ppm Au. The samples were mainly collected from float and consisted of silicified volcaniclastic rocks and quartzite that exhibited limonite and hematite.

Samples collected to the southwest of the BG diatreme returned up to 3.72 ppm Au with 6 samples in the area returning >0.5 ppm Au. Sample D239174 which returned 3.72 ppm Au also returned 124 ppm Ag. This sample was collected from, a historical trench and consisted of a silicified pink quartzite breccia. The vein surfaces were limonite rich. A secondary vein containing drusy quartz contained hematite.

Samples collected approximately 500 m south of the BG diatreme in the area associated with the Au-in-soil anomaly and historical workings returned up to 3.72 ppm Au with 6 samples returning >1.0 ppm Au. Samples consisted largely of float samples of vuggy and/or brecciated quartz veins showing hematite, limonite and goethite alteration.

Lannister conducted a ground magnetics survey over the Basin Gulch property between January 31<sup>st</sup> and February 27<sup>th</sup>, 2021 (Figure 10). The survey was focused over the BG diatreme, other historical workings and areas identified as highly prospective for gold and silver mineralization. The survey was completed using a high sampling rate paired with closely spaced survey lines to produce a high-resolution magnetics map over the Property.

The ground magnetics survey grid consisted of 120 survey lines: traverse lines were oriented east west and spaced 50 metres (m) apart; with infill lines offset at 25 m from the main grid. Survey lines of variable length between 1,100 m and 1,750 m were used to avoid avalanche prone areas of the Property. The survey totalled 129.76 line-km of magnetic survey data, covering approximately 530 hectares. Several areas of the Property remained inaccessible at the time of surveying due to extensive snow cover and avalanche danger.

**Figure 9. Rock sample assay results – Au (ppm)**

![](image_030.jpg)

**Figure 10. 2021 Residual Magnetic Intensity (RMI) with Upward Continuation filter of 10 m and Reduced to Pole (RTP)**

![](image_031.jpg)

Smoothing and enhancement filters were applied to the Residual Magnetic Intensity (RMI) to highlight and attenuate high-frequency signals and enhance the signals originating from geological sources. Regional trends on the Property were best highlighted using an upward continuation (UC) filter at 10 m to minimize the high-frequency responses and a Reduce to Pole (RTP) algorithm which places the peak of the response over the anomaly producing it (Figure 10). The processed geophysical data show that the major, northeast trending fault crossing the Property and the BG diatreme are associated with a low amplitude magnetic response. Mineralization within and along the margins of the BG diatreme is also associated with a low amplitude magnetic response.

No drilling has been completed on the Property by Lannister. A trenching and trench sampling program is currently in progress.

***Exploration Plan for the Property***

We are planning to engage in a two-phase exploration program. The details of our proposed exploration program are as follows

 

*<u>Phase 1</u>*

The Phase 1 exploration program should include surface exploration, drilling and mineral resource estimation. The surface exploration program should consist of detailed geological mapping, prospecting, and a structural interpretation of the Property. Sampling should be completed over a total of 10 trenches totalling 5,000 m.

 

*<u>Phase 2</u>*

Phase 2 of the exploration program will be contingent on the results of Phase 1 and is recommended to proceed upon the successful delineation of a maiden mineral resource estimate. Phase 2 exploration should include follow-up exploration and expansion drilling of 20 drill holes totalling approximately 4,000 m. The proposed budget to complete Phase 2 is approximately $2,600,000 (Table 18.1).

**Our Competitive Strengths** 

We believe that the following competitive strengths contribute to our success and differentiate us from our competitors:

● We have an experienced management team comprised of experienced mining executives and operators with a strong history of de-risking and delivering results

● We have a large consolidated land package with a significant history of conducted exploration work. Data from this historical work is readily available and in good standing allowing its use in future updated SK-1300 versions.

● The historical work shows that there's extensive exploration upside in multiple directions.

● Our land package primarily sits on coveted 'patented' land claims which require minimal permitting. This allows the company to mobilize works crews for exploration and development versus 'unpatented' land claims which require additional permitting steps.

● Our land package is 16 miles by road from Philipsburg, Montana with and experienced work force and 55 miles by road from Butte, Montana a large city center

● Our land package is also away from and key waterways that are used for fishing.

● Existing infrastructure is close by including paved highways and power.

**Our Growth Strategies** 

We have developed a strategic plan for further exploration and development of the project that includes the following milestones:

● Drilling to support of maiden Mineral Resource Estimate the grade and tonnage of gold and silver material

● A Preliminary Economic Assessment to substantiate the required engineering and economic benefits

● Continued drilling and technical work to de-risk the Project as part of the necessary steps towards mining potential

**Seasonality**

The Basin Gulch property is accessible by road and can be accessed year-round provided adequate vehicles and snow clearing occurs during the winter season. The Project can be worked and accessed 12 months per year provided adequate measures are realized during the winter months from December to March. The area does not suffer from heavy precipitation during the summer and is not hampered by heavy snowfall during the winter. Access and work can continue throughout the year and is not hampered by seasonality issues from weather and climate. Although, winter work programs and are subject to higher costs and logistical concerns due to freezing temperatures and snow clearing. Winter programs are adequate for exploration drilling but not suitable for ground sampling due to frozen and snow covered terrain.

**Competition** 

We face intense competition in the mineral exploration and exploitation industry on an international, national and local level. We compete with other mining and exploration companies, many of which possess greater financial resources and technical facilities than we do, in connection with the exploration and mining of suitable properties and in connection with the engagement of qualified personnel. The mining industry is fragmented, and we are a very small participant in this sector. Many of our competitors explore for a variety of minerals and control many different properties around the world. Many of them have been in business longer than we have and have established more strategic partnerships and relationships and have greater financial accessibility than we have. We believe that we can mitigate these factors through recruiting or retaining qualified employees and acquiring the necessary capital to fund operations and further develop the company's exploration properties.

We are also subject to competition from other large national and international mining companies such as Hecla Mining Company and Barrick Gold Corporation. Barrick Gold Corporation currently operates the Golden Sunlight Mine in Montana which has been operating for several decades and has gone through various expansions and changes in ownership. Hecla Mining is exploring two properties in Montana.

**Intellectual Property** 

We do not have any registered intellectual property rights.

**Facilities** 

Our corporate address is Suite 1500, 1055 West Georgia Street, Vancouver, British Columbia V6E 4N7. Currently, we do not maintain any office or operational facilities other than an on-site storage facility for our core samples, which we lease at a nominal fee. We believe that we will be able to obtain adequate facilities, principally through leasing, to accommodate our future expansion plans.

**Employees** 

We do not have any employees at this time.

Currently, all of our executive officers and advisers work for us as independent contractors under consulting agreements. These agreements typically include a confidentiality covenant that requires consultants to protect our confidential information during their engagement with us. In addition, these consulting agreements include typical non-compete clauses that prohibit the consultants from entering into competitive employment relationships while they are working for us.

**Insurance**

We currently insure our directors and officers through Zurich D&O insurance policy. We currently do not insure against mine exploration and development risks.

**Legal Proceedings** 

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may harm our business. There are no legal proceedings material to the Company that the Company is or was a party to, or that any of its property is or was the subject of, since the beginning of the Company's most recently completed financial year. In addition, the Company is not currently aware of any such legal proceedings being contemplated.

**REGULATIONS OF OUR INDUSTRY**

Mining operations and exploration activities in the United States are subject to various federal, state and local laws and regulations which govern prospecting, development, mining, production, exports, taxes, labor standards, occupational health, waste disposal, protection of the environment, mine safety, hazardous substances and other matters.

Our activities are subject to environmental regulations in the jurisdiction in which we operate. Environmental legislation generally provides for restrictions and prohibitions on spills, releases or emissions into the air, discharges into water, management of waste, management of hazardous substances, protection of natural resources, antiquities and endangered species and reclamation of lands disturbed by mining operations. Certain types of operations require the submission and approval of environmental impact assessments. Environmental legislation is evolving in a manner involving stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and a heightened degree of responsibility for companies and their officers, directors and employees. Compliance with environmental laws and regulations and future changes in these laws and regulations may require significant capital outlays, cause material changes or delays in our current and planned operations and future activities and reduce the profitability of operations.

Examples of current U.S. federal laws which may affect our current operations and may impact future business and operations include, but are not limited to, the following: the Comprehensive Environmental, Response, Compensation, and Liability Act, the Clean Air Act, the National Environmental Policy Act and the Clean Water Act.

The primary agency that governs the exploration and mining of reserves that may be identified in the future, in the state of Montana on private lands is the Montana Department of Environmental Quality ("DEQ"). The U.S. Department of the Interior Bureau of Land Management ("BLM") manages the exploration, development and production of Montana's mineral resources on federally-owned lands, and implements policies and programs respecting their exploration, development and production, while at the same time protecting the environment. Exploration, development and production of unpatented mining claims is regulated by the BLM. The exploration, development and production of patented mining claims is regulated by the DEQ.

State mining regulations apply to both private (patented) and public (unpatented) lands in Montana. An Exploration License is required to complete all mineral exploration activities that may involve surface or subsurface disturbance. To acquire an exploration license the company must submit a plan of operations including the area to be explored, location and type of planned exploration activities (i.e. drill holes, trenches) and a disturbance reclamation plan. A reclamation bond as determined by the Department of Environmental Quality must be posted. Once approved an exploration license is renewable annually by filing an annual report and payment of a $25 fee. An Exploration License is not a mining permit and cannot be used for mining. There are no defined review times but typically approvals are processed within 30-45 days. The Company currently holds a valid exploration license (License #00875) to conduct drilling and trenching within the patented mining claims.

A stormwater permit is required and filed with the state of Montana weekly when active. A Notice of Intent (NOI) is required and can be filed online along with a stormwater pollution prevention plan. Both also filed with the state of Montana. A temporary water use permit is also required and is filed with the state of Montana. The Company currently has a valid stormwater permit.

For small scale mining and test mining operations a Small Miner's Exclusion Statement (SMES) can be obtained. The SMES process is much faster and simpler than the permitting process for an Operating Permit which is required for larger mines in Montana. The SME allows for ≤ 5 acres of disturbance at up to 2 sites if they are ≥ 1mile apart. The application must include a plan of operations containing a map and a reclamation plan. A reclamation bond and/or performance bond may be assessed by the DEQ and the federal agency. There is no application or renewal fee for SMES. A SMES can be obtained within months of filing of an application.

In 1998, Montana passed a statute strictly prohibiting the use of cyanide heap and vat leach open pit mining. Citizens Initiative Cl-137 states:

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***"...82-4-390. Cyanide heap and vat leach open-pit gold and silver mining prohibited.***

 

*(1) Open-pit mining for gold or silver using heap leaching or vat leaching with cyanide*

 

*ore-processing reagents is prohibited except as described in subsection (2).*

 

*(2) A mine described in this section operating on November 3, 1998, may continue*

 

*operating under its existing operating permit or any amended permit that is necessary*

 

*for the continued operation of the mine…"*

We are aware of this law and aim to develop this deposit in accordance with the regulations.

We believe that we are and will continue to be in compliance in all material respects with applicable statutes and the regulations passed in the United States. There are no current orders or directions relating to our company with respect to the foregoing laws and regulations.

**MANAGEMENT**

**Directors and Executive Officers**

The following table sets forth certain information regarding our directors and executive officers.

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| | | |
|:---|:---|:---|
| **NAME** | **AGE** | **POSITION** |
| James Greig<sup>(3)</sup> | 54 | Chief Executive Officer and Director, Chair of the Nominating and Corporate Governance Committee |
| Kelvin Lee | 46 | Chief Financial Officer |
| Mario Vetro | 38 | Director |
| Victore Cantore<sup>(2)(3)</sup> | 58 | Independent Director |
| Abraham Max Zaretsky<sup>(1)(3)</sup> | 45 | Independent Director |
| William Randall<sup>(1)(2)</sup> | 45 | Independent Director, Chair of the Audit Committee |
| Joanne Price<sup>(1)(2)</sup> | 51 | Independent Director, Chair of the Compensation Committee |

---

(1) Member of the Audit
 Committee.

(2) Member of the Compensation
 Committee.

(3) Member of the Nominating
 and Corporate Governance Committee.

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***James Greig***. Jim Greig brings his 25 years of experience advancing and developing projects to production scenarios. Mr. Greig possesses significant technical, financial, and project management abilities to aggressively advance Lannister as a top-tier precious metals company. He is currently a founder and President at Benchmark Metals, advancing a multi-million ounce gold-silver project in north-central British Columbia, Canada. Mr. Greig has a track record of advancing large scope and scale mineral projects with the assistance of significant capital from major institutions and funds. Mr. Greig holds an MBA from the University of Calgary, a BA in Geography from Carleton University, and possesses 25 years of experience in the resource sector, including advancement of the 5 million ounce Esaase Gold Project in West Africa as a member of mine development team at Keegan Resources Inc. (now Galiano Gold). Other resource sector engagements include the Hunter-Dickinson Group, Kennecott Canada, Breakwater Resources Ltd., McIntosh Engineering and Stantec Engineering.

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***Kelvin Lee***. Kelvin Lee has over 15 years of extensive financial management experience with publicly traded companies. He is formerly CFO of Freeman Gold Corp. and prior, had progressively senior roles from Corporate Controller, VP Finance and Administration to Chief Financial Officer, for a TSXV listed gold producer with $400 million in revenue over nine years. His responsibilities included development and execution of financial strategy and operations, including regulatory reporting, financial planning and analysis, treasury, tax and audit. He also held prior Controller positions in the mining industry with various publicly traded companies including Prodigy Gold Inc. that was acquired for $340 million. Mr. Lee is currently CFO and Director of MegaWatt Lithium and Battery Metals Corp. (formerly, Walcott Resources Ltd.); CFO and Director of Karam Minerals Inc.; and CFO of Mantaro Silver Corp. Mr. Lee is a CPA, CGA (British Columbia).

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***Mario Vetro***. Mr. Vetro is an experienced investor and financier. He specialized in structuring and raising growth capital for resource companies. He is currently a Partner at Vancouver based merchant bank, Commodity Partners, which co-founded TSX listed K92 Mining Inc., resulting in the renowned world glass gold discover and mining operation at Kainantu in Papua New Guinea. Mr. Vetro is a graduate of UBC with a major in Political Science.

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***Victor Cantore.*** Mr. Cantore is a seasoned capital markets professional specializing in the resource and high-tech sectors. Mr. Cantore has over 25 years of advisory and leadership experience, having begun his career in 1992 as an investment advisor and then moving into management roles at both public and private companies. Mr. Cantore has organized and structured numerous equity and debt financings, mergers and acquisitions, joint venture partnership sand strategic alliances. Serves on the boards of various companies both private and public.

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***Abraham Max Zaretsky.*** Abraham "Max" Zaretsky is a graduate of Columbia University and holds a Juris Doctorate from Nova Southeastern University, magna cum laude and with Honors. Mr. Zaretsky has over 18 years of experience constructing funding and financing solutions for individuals and companies, both public and private, through private placement. Mr. Zaretsky created Zemaso Management Company, which opened and operated its first private investment fund nearly 17 years ago, and continues to operate to this day, regularly completing multimillion dollar real estate financing and investment transactions. Through one of the transaction created and managed by Mr. Zaretsky, he formed a group which acquired the Basin Gulch mining project in Montana, and has managed it for the past several years, leading to its acquisition by Lannister Gold Ltd. Mr. Zaretsky is an actively practicing attorney in his private practice in West Palm Beach, Florida, specializing in business and real estate matters. Mr. Zaretsky has served, and continues to serve, on a number of board of directors, both charitable and for profit, including a number of property associations within South Florida.

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***William Randall*** Mr. Randall is a professional geologist with over 20 years of experience in the mining and mineral exploration industry.

One of the early movers in the lithium brine industry, where he acquired, discovered and developed the Sal de los Angeles lithium brine project in Argentina. During his time running Sal de los Angeles, approximately $70M was raised for the development of the project which he led through resource development, feasibility, mine permitting and initial construction before being sold in an all-cash deal for $265M.

He has been involved in raising over $200M and the successful development of several mining projects, including joint ventures with majors and national governments. Mr. Randall was raised in Argentina, before moving to Canada where he completed a BSc (Geology) and MSc. (Economic Geology) at the University of Toronto.

***Joanne Price*** Ms. Price, M.Sc., MBA, P.Geo., has 20+ years of experience as an exploration geologist and project manager. She has worked on multiple gold, poly-metallic, and graphite projects in the USA, Australia, and Canada. During her career, she has managed multi-million-dollar exploration programs overseeing technical direction, budgets, and operations. She has extensive experience in field operations, drill programs, technical database administration, land management, community relations, and exploration permitting in multiple jurisdictions.

No family relationship exists between any of our directors and executive officers. There are no arrangements or understandings with major shareholders, customers, suppliers or others pursuant to which any person referred to above was selected as a director or member of senior management.

**Board of Directors** 

The NYSE American listing rules generally require that a majority of an issuer's board of directors must consist of independent directors. Our board of directors currently consists of six (6) directors, James Greig, Joanne Price, Mario Vetro, Victore Cantore, Abraham Max Zaretsky, and William Randall. Except James Greig and Mario Vetro, the rest of the board is independent within the meaning of NYSE American's rules. We plan to enter into independent director agreements with each of them. As a result of these appointments, our board of directors consists of six (6) directors, four (4) of whom will be independent within the meaning of the NYSE American's rules.

A director is not required to hold any shares in our company to qualify to serve as a director. Our board of directors may exercise all the powers of our company to borrow money, mortgage or charge its undertaking, property and uncalled capital, and to issue debentures, bonds and other securities, subject to applicable stock exchange limitations, if any, whenever money is borrowed or as security for any debt, liability or obligation of our company or of any third-party.

**Board Committees** 

We have already established an audit committee of our board of directors. Immediately prior to, and subject to, the closing of this offering, we intend to establish a nominating and corporate governance committee of our board of directors. We intend to adopt a charter for each of the three committees. Each committee's members and functions are described below.

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***Audit Committee***

The members of our Audit Committee are Abraham Max Zaretsky, William Randall and Joanne Price, each of whom satisfies the "independence" requirements of Rule 10A-3 under the Exchange Act and NYSE American's rules, with William Randall serving as the chairman. All members are considered to be financially literate. Our board has determined that William Randall is an "audit committee financial expert" as defined by applicable SEC rules and has the requisite financial sophistication as defined under the applicable NYSE American rules and regulations. The audit committee oversees our accounting and financial reporting processes and the audits of the financial statements of our company.

A member of the Audit Committee is independent if the member has no direct or indirect material relationship with our company. A material relationship means a relationship which could, in the view of our Board, reasonably interfere with the exercise of a member's independent judgment.

A member of the Audit Committee is considered financially literate if he or she has the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by our company.

The audit committee will be responsible for, among other things: (i) retaining and overseeing our independent accountants; (ii) assisting the board in its oversight of the integrity of our financial statements, the qualifications, independence and performance of our independent auditors and our compliance with legal and regulatory requirements; (iii) reviewing and approving the plan and scope of the internal and external audit; (iv) pre-approving any audit and non-audit services provided by our independent auditors; (v) approving the fees to be paid to our independent auditors; (vi) reviewing with our chief executive officer and chief financial officer and independent auditors the adequacy and effectiveness of our internal controls; (vii) reviewing hedging transactions; and (viii) reviewing and assessing annually the audit committee's performance and the adequacy of its charter.

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***Compensation Committee***

The Compensation Committee consists of three members: Victor Cantore, William Randall and Joanne Price. Each of the Compensation Committee members are considered independent pursuant to the "independence" requirements of Rule 10C-1 under the Exchange Act and NYSE American's rules, with Joanne Price serving as the chairwoman. Each member of the Compensation Committee has business and other experience which is relevant to their position as a member of the Compensation Committee. By virtue of having differing professional backgrounds, business experience, knowledge of our industry, knowledge of corporate governance practices and, where appropriate, service on compensation committees of other reporting issuers and experience interacting with external consultants and advisors, the members of the Compensation Committee are able to make decisions on the suitability of our compensation policies and practices. See "Directors and Officers" for a description of each Compensation Committee members experience and education.

While the Board is ultimately responsible for determining all forms of compensation to be awarded to executive officers and directors, the Compensation Committee will, when appropriate, review our compensation philosophy, policies, plans and guidelines and recommend any changes to the Board. See "Executive Compensation" for a discussion of, among other things, the process by which the Compensation Committee in collaboration with the Board determines the compensation of our directors and officers.

The compensation committee will be responsible for, among other things: (i) reviewing and approving the remuneration of our executive officers; (ii) making recommendations to the board regarding the compensation of our independent directors; (iii) making recommendations to the board regarding equity-based and incentive compensation plans, policies and programs; and (iv) reviewing and assessing annually the compensation committee's performance and the adequacy of its charter.

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***Nominating and Corporate Governance Committee***

Our nominating and corporate governance committee consists of James Greig, Victor Cantore and Abraham Max Zaretsky. James Greig serves as chairman of the nominating and corporate governance committee. The nominating and corporate governance committee will assist the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board and its committees.

The nominating and corporate governance committee will be responsible for, among other things: (i) identifying and evaluating individuals qualified to become members of the board by reviewing nominees for election to the board submitted by shareholders and recommending to the board director nominees for each annual meeting of shareholders and for election to fill any vacancies on the board; (ii) advising the board with respect to board organization, desired qualifications of board members, the membership, function, operation, structure and composition of committees (including any committee authority to delegate to subcommittees), and self-evaluation and policies; (iii) advising on matters relating to corporate governance and monitoring developments in the law and practice of corporate governance; (iv) overseeing compliance with our code of ethics; and (v) approving any related party transactions.

The nominating and corporate governance committee's methods for identifying candidates for election to our board of directors will include the solicitation of ideas for possible candidates from a number of sources - members of our board of directors, our executives, individuals personally known to the members of our board of directors, and other research. The nominating and corporate governance committee may also, from time-to-time, retain one or more third-party search firms to identify suitable candidates.

In making director recommendations, the nominating and corporate governance committee may consider some or all of the following factors: (i) the candidate's judgment, skill, experience with other organizations of comparable purpose, complexity and size, and subject to similar legal restrictions and oversight; (ii) the interplay of the candidate's experience with the experience of other board members; (iii) the extent to which the candidate would be a desirable addition to the board and any committee thereof; (iv) whether or not the person has any relationships that might impair his or her independence; and (v) the candidate's ability to contribute to the effective management of our company, taking into account the needs of our company and such factors as the individual's experience, perspective, skills and knowledge of the industry in which we operate.

**Duties of Directors** 

In accordance with the provisions of the BCBCA our directors and officers are required to (i) act honestly and in good faith with a view to the best interests of the Company; (ii) exercise the care, diligence and skill that a reasonably prudent individual would exercise in comparable circumstances; (iii) act in accordance with the BCBCA and its regulations; and (iv) subject to (i)-(iii), act in accordance with the Articles of the Company.

**Conflicts of Interest** 

Certain of the directors and officers of our company are directors or officers of, or have significant shareholdings in, other mineral resource companies and, to the extent that such other companies may participate in ventures in which we may participate or may wish to participate, our directors may have a conflict of interest in negotiating and concluding terms respecting the extent of such participation. Such other companies may also compete with us for the acquisition of mineral property rights. In the event that any such conflict of interest arises, a director or officer who has such a conflict will disclose the conflict to a meeting of our directors and, if the conflict involves a director, the director will abstain from voting for or against the approval of such a participation or such terms. In accordance with the BCBCA, the directors of the Company are required to act honestly, in good faith and in the best interests of the Company. In appropriate cases, we will establish a special committee of independent directors to review a matter in which several directors, or management, may have a conflict. From time to time, several companies may participate in the acquisition, exploration and development of natural resource properties thereby allowing their participation in larger programs, permitting involvement in a greater number of programs and reducing financial exposure in respect of any one program. It may also occur that a particular company will assign all or a portion of its interest in a particular program to another of these companies due to the financial position of the company making the assignment.

**Terms of Directors and Officers** 

Our officers are appointed by and serve at the discretion of our board of directors. The term of office of a director upon election or appointment shall cease at the close of the first annual meeting of shareholders following his or her election or appointment, provided that if no directors are elected at such annual meeting, he or she shall continue in office until his or her successor is elected or appointed. Pursuant to the BCBCA a person cannot act as a director of a company unless that person is an individual who is qualified to do so. The following persons are disqualified by the BCBCA from being a director of our company: (i) any individual who is less than 18 years of age; (ii) any individual found by a court, in Canada or elsewhere, to be incapable of managing the individual's own affairs, unless a court, in Canada or elsewhere, subsequently finds otherwise; (iii) a person in respect of whom a certificate of incapability is issued under the *Adult Guardianship Act*, unless the certificate is subsequently cancelled under section 37 (4) of the *Adult Guardianship Act*; (iv) an undischarged bankrupt; and (v) an individual convicted in or out of British Columbia of an offence in connection with the promotion, formation or management of a corporation or unincorporated business, or of an offence involving fraud, unless certain enumerated criteria are satisfied.

**Employment and Indemnification Agreements** 

The Company has entered into consulting agreements with our executive officers, who are all are employed as consultants. The consulting agreements can be terminated by the Company without cause upon the payment of thirty-six months' service fees in lieu of such notice and an amount equal to thirty-six months' board fees, such service and board fees to be paid in a lump sum, immediately upon termination, to the consultant on the sole condition that the consultant delivers to the Company a signed release. In addition, the consulting agreements can be terminated by the consultant, at any time, following a change of control.

We expect to enter into indemnification agreements with our directors and executive officers, pursuant to which we will agree to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director or officer.

**Compensation of Directors and Officers** 

For the fiscal year ended September 30, 2024, we paid aggregate cash compensation of C$0 (approximately US$0) and C$114,000 (approximately US$84,376), respectively, to our directors and executive officers as a group. We did not pay any other cash compensation or benefits in kind to our directors and executive officers. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our directors and executive officers. Our board of directors may determine compensation to be paid to the directors and the executive officers. The compensation committee will assist the directors in reviewing and approving the compensation structure for the directors and the executive officers. For information regarding share awards granted to our directors and executive officers, see "*Options and Other Rights to Purchase Securities of Our Company*."

**Options and Other Rights to Purchase Securities of Our Company**

 ***2021 Stock Option Plan***

A Stock Option Plan was approved by our Board of Directors effective as of October 13, 2021. The principal purpose of the Stock Option Plan is to advance our interests by encouraging our directors, employees and consultants, and our subsidiaries or affiliates, if any, by providing them with the opportunity, through options, to acquire Common Shares in the capital of our company, thereby increasing their proprietary interest in our company, encouraging them to remain associated with us and furnishing them with additional incentive in their efforts on our behalf in the conduct of our affairs.

 *<u>Purposes of Plan</u>**:*** The principal purpose of the Stock Option Plan is to advance our interests by encouraging our directors, employees and consultants and of our subsidiaries or affiliates, if any, by providing them with the opportunity, through options, to acquire our Common Shares in the capital, thereby increasing their proprietary interest in our company, encouraging them to remain associated with us and furnishing them with additional incentive in their efforts on our behalf in the conduct of our affairs.

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*<u>Administration of the Plan</u>**:*** The Stock Option Plan is administered by our Board of Directors, which has full and final authority with respect to the granting of all options thereunder.

 

*<u>Eligible Persons</u>**:*** Options may be granted under the Stock Option Plan to our service providers and affiliates, if any, as the Board of Directors may from time to time designate.

 

 *<u>Shares Available Under the Plan</u>**:*** Options give the option holder the right to acquire from us a designated number of Common Shares at a purchase price that is fixed upon the grant of the option. The Stock Option Plan provides that the aggregate number of securities reserved for issuance under the Stock Option Plan, combined with any other compensation securities of our company, will not exceed 10% of the number of Common Shares issued and outstanding from time to time. The exercise prices will be determined by the Board of Directors, but will, in no event, be less than the Discounted Market Price (as defined in the policies of the TSXV). All options granted under the Stock Option Plan will expire not later than the date that is ten years from the date that such options are granted. Options granted under the Stock Option Plan are not transferable or assignable other than by testamentary instrument or pursuant to the laws of succession.

 ***2025 Equity Incentive Plan***

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On October 16, 2025, the Compensation Committee and Board of Directors (the "**Board**") of Lannister Mining Corp. (the "**Company**") approved the Lannister Mining Corp. 2025 Equity Incentive Plan (the "**Plan**"). The adoption of the Plan does not require shareholder approval. The following is a summarized description of the Plan. Capitalized terms not defined herein shall have the meaning given to them in the Plan.

The Plan provides for an aggregate number of Common Shares that may be reserved for the grant of Awards under the Plan as may be determined, in its sole and absolute discretion, by the Committee or the board of directors of the Company, shall not exceed 20% of the aggregate issued and outstanding Common Shares at the time of the granting of awards, less the aggregate number of Common Shares then reserved for issuance pursuant to any other share compensation arrangement, in the form of incentive share options, non-qualified share options, restricted shares, restricted share units, share appreciation rights, performance share awards and performance compensation awards to employees, directors, and consultants of the Company or any affiliates of the Company. Common Shares granted in connection with all Awards under the Plan shall be counted against this limit as one (1) Common Share for every one (1) Common Share granted in connection with such Award. During the terms of the Awards, the Company shall keep available at all times the number of Common Shares required to satisfy such Awards.

The purposes of the Plan are to (a) promote the long-term growth and profitability of the Company, and any affiliate to attract and retain the types of employees, consultants and directors who will contribute to the Company's long-term success; (b) provide incentives that align the interests of employees, consultants and directors with those of the shareholders of the Company; and (c) promote the success of the Company's business.

 **Administration of the Plan**: The Plan is currently administered by the compensation committee of the Board, or the Committee. Among other things, the Committee has the authority to construe and interpret the Plan, to select persons who will receive awards, to determine the types of awards and the number of shares to be covered by awards, and to establish the terms, conditions, performance criteria, restrictions and other provisions of awards.

 **Participant**: Persons eligible to receive awards under the Plan will be those employees, consultants, and directors of the Company and its affiliates who are selected by the Committee.

 **Share Options:**

 *General*. Subject to the provisions of the Plan, the Committee has the authority to determine all grants of share options. That determination will include: (i) the number of shares subject to any option; (ii) the exercise price per share; (iii) the expiration date of the option; (iv) the manner, time and date of permitted exercise; (v) other restrictions, if any, on the option or the shares underlying the option; and (vi) any other terms and conditions as the Committee may determine. No fractional Common Shares shall be issued or delivered pursuant to the Plan.

 *Option Price*. The exercise price for share options will be determined at the time of grant. The exercise price will not be less than the fair market value on the date of grant. The exercise price for any incentive share option award may not be less than the fair market value of the shares on the date of grant. A ten percent shareholder shall not be granted an incentive share option unless the option exercise price is at least 110% of the fair market value of the Common Share at the grant date and the option is not exercisable after the expiration of five years from the grant date.

 *Exercise of Options*. An option may be exercised only in accordance with the terms and conditions for the option agreement as established by the Committee at the time of the grant. The option must be exercised by a notice to the Company, accompanied by payment of the exercise price. Payments may be made in cash or, at the option of the Committee, by actual or constructive delivery of Common Shares to the holder of the option based upon the fair market value of the shares on the date of exercise.

 *Expiration of Options*. If not previously exercised, an option will expire on the expiration date established by the Committee at the time of grant. The term of a non-qualified share option granted under the Plan shall be determined by the Committee; provided, however, no non-qualified share option shall be exercisable after the expiration of 10 years from the grant date.

 *Vesting Schedule*. Awards shall vest as determined by the Committee.

 *Incentive and Non-Qualified Options*. As described elsewhere in this summary, an incentive share option is an option that is intended to qualify under certain provisions of the Internal Revenue Code of 1986, or the Code, for more favorable tax treatment than applies to non-qualified share options. Any option that does not qualify as an incentive share option will be a non-qualified share option. Under the Code, certain restrictions apply to incentive share options. For example, the exercise price for incentive share options may not be less than the fair market value of the shares on the grant date and the term of the option may not exceed ten years. In addition, an incentive share option may not be transferred, other than by will or the laws of descent and distribution and is exercisable during the holder's lifetime only by the holder. In addition, no incentive share options may be granted to a holder that is first exercisable in a single year if that option, together with all incentive share options previously granted to the holder that also first become exercisable in that year, relate to shares having an aggregate fair market value in excess of $100,000, measured at the grant date.

 **Share Appreciation Rights**: Share appreciation rights, or SARs, may be granted alone or in tandem with share options. A SAR is a right to receive a payment in Common Shares or cash (as determined by the Committee) equal in value to the excess of the fair market value of one share of Common Share on the date of exercise over the exercise price per share established in connection with the grant of the SAR. The exercise price per share of Common Share subject to a SAR may not be less than fair market value at the time of grant.

 **Restricted Awards**: Restricted awards are awards of Common Shares or hypothetical Common Shares units having a value equal to the fair market value of an identical number of Common Shares. Restricted awards are forfeitable and non-transferable until the awards are vested. The vesting date or dates and other conditions for vesting are established when the shares are awarded. Restricted shareholders generally have the rights of a shareholder with respect to the shares, including the right to receive dividends, the right to vote the restricted share and, conditioned upon full vesting of shares of restricted share, the right to tender such shares, subject to the conditions and restrictions generally applicable to restricted share or specifically set forth in the recipient's restricted share agreement. The Committee may determine at the time of award that the payment of dividends, if any, will be deferred until the expiration of the applicable restriction period. Restricted share unit holders will have no voting rights with respect to any restricted share units. Restricted share units may also be granted with a deferral feature, whereby settlement is deferred beyond the vesting date until the occurrence of a future payment date or event set forth in the award agreement. The Committee may provide that the restricted share units will be credited with cash and share dividends paid by the Company in respect of one share of Common Shares, or Dividend Equivalents. Dividend Equivalents will be deferred until the expiration of the applicable restriction period.

 **Performance Compensation Awards**: The Plan also provides for performance compensation awards, representing the right to receive a payment, which may be in the form of cash, Common Shares, or a combination, based on the attainment of pre-established goals set forth in the applicable award agreement. Performance compensation awards that become vested following the achievement of the performance goals will be paid to participants as soon as administratively practicable following completion of the certification of the achievement of the performance goals by the Committee but in no event later than 21/2 months following the end of the fiscal year ended during which the performance period is completed.

 **Performance Criteria**. Under the Plan, one or more performance criteria will be used by the Committee in establishing performance goals. Any one or more of the performance criteria may be used on an absolute or relative basis to measure the performance, as the Administrator may deem appropriate, or as compared to the performance of a group of comparable companies or published or special index that the Committee deems appropriate. In determining the actual size of an individual performance compensation award, the Committee may reduce or eliminate the amount of the award through the use of negative discretion if, in its sole judgment, such a reduction or elimination is appropriate. The Committee will not have the discretion to grant or provide payment in respect of performance compensation awards if the performance goals have not been attained.

 **Governing Law**. The Plan, all award agreements, the grant and exercise of awards thereunder, and the sale, issuance and delivery of Common Shares thereunder upon exercise of awards are governed by the laws of the Province of British Columbia, Canada, including all applicable provisions of the Business Corporations Act (British Columbia), and the federal laws of Canada applicable therein.

 **Other Material Provisions**. Awards will be evidenced by a written agreement, in such form as may be approved by the Committee. In the event of various changes to Company capitalization, such as stock splits, stock dividends and similar re-capitalizations, an appropriate adjustment will be made by the Committee to the number of shares covered by outstanding awards or to the exercise price of such awards. The Committee is also permitted to include in the written agreement provisions that provide for certain changes in the award in the event of a change of control of the Company, including acceleration of vesting. Except as otherwise determined by the Committee at the date of grant, awards will not be transferable, other than by will or the laws of descent and distribution. The Committee also has the authority to alter or amend the Plan or any outstanding award or may terminate the Plan as to further grants, provided that no amendment will, to the extent that such approval is required by law or the rules of an applicable exchange, increase the number of shares available under the Plan, change the persons eligible for awards under the Plan, extend the time within which awards may be made, or amend the provisions of the Plan related to amendments. The plan will automatically terminate on the ten-year anniversary of the date when the company adopts the Plan. No amendment that would adversely affect any outstanding award made under the Plan can be made without the consent of the holder of such award.

**PRINCIPAL SHAREHOLDERS**

The following table sets forth certain information with respect to the beneficial ownership of our Common Shares as of the date of this prospectus for (i) each of our executive officers and directors; (ii) all of our executive officers and directors as a group; and (iii) each other shareholder known by us to be the beneficial owner of more than 5% of our outstanding Common Shares. The following table assumes that the underwriters have not exercised the over-allotment option.

Beneficial ownership is determined in accordance with SEC rules and generally includes voting or investment power with respect to securities. For purposes of this table, a person or group of persons is deemed to have "beneficial ownership" of any Common Shares that such person or any member of such group has the right to acquire within sixty (60) days of the date of this prospectus. For purposes of computing the percentage of outstanding shares held by each person or group of persons named above, any shares that such person or persons has the right to acquire within sixty (60) days of the date of this prospectus are deemed to be outstanding for such person, but not deemed to be outstanding for the purpose of computing the percentage ownership of any other person. The inclusion herein of any shares listed as beneficially owned does not constitute an admission of beneficial ownership by any person.

Unless otherwise indicated, the address of each beneficial owner listed in the table below is c/o our company, Lannister Mining Corp., 1055 West Georgia Street, # Suite 1500, Vancouver, British Columbia V6E 4N7.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Shares<br> Beneficially Owned Prior<br> to this Offering (post-split)** | **Common Shares<br> Beneficially Owned Prior<br> to this Offering (post-split)** |  | **Common Shares<br> Beneficially Owned <br> After this Offering** | **Common Shares<br> Beneficially Owned <br> After this Offering** |  |
| <br> **Name of Beneficial Owner** | **Shares** | **%** |  | **Shares** | **%** |  |
| James Greig, Chief Executive Officer and Director <sup>(3)</sup> | 113125 | 2.24 | % | 113125 | 1.61 | % |
| Kelvin Lee, Chief Financial Officer <sup>(4)</sup> | 0 | 0 | % | 0 | 0 | % |
| Mario Vetro, Director <sup>(5)</sup> | 25938 |  | \*% | 25938 |  | \*% |
| Victor Cantore, Independent Director <sup>(6)</sup> | 190000 | 3.76 | % | 190000 | 2.70 | % |
| Abraham Max Zaretsky, Independent Director <sup>(7)</sup> | 135531 | 2.69 | % | 135531 | 1.92 | % |
|  William Randall (Geomin Consulting Inc.), Independent Director <sup>(8)</sup> | 162500 | 3.22 | % | 162500 | 2.31 | % |
| Joanne Price, Independent Director <sup>(9)</sup> | 104375 | 2.07 | % | 104375 | 1.48 | % |
| All executive officers and directors (7 persons) | 731469 | 14.49 | % | 866469 | 10.38 | % |
| Commodity Partners <sup>(10)</sup> | 322500 | 6.39 | % | 322500% | 4.58 | % |

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\* Less than 1%

(1) As of the date of this
 prospectus, a total of 5,047,204 Common Shares are considered to be outstanding pursuant to SEC Rule 13d-3(d)(1). For each beneficial
 owner above, any securities that are exercisable or convertible within 60 days have been included in the denominator.

(2) Based on 7,047,204 common shares issued and outstanding, assuming an initial public offering
 price of US$5.00 per share (which is the midpoint of the estimated range of the initial public offering price shown on the
 cover page of this prospectus, immediately after the consummation of this offering.

(3) Consists of 113,125
 (post-consolidation) Common Shares Mr. James Greig purchased in our US$0.10 (C$1.60 post-consolidation) and US$0.25 (C$4.00 post-consolidation)
 private placement.

(4) Currently holds no shares
 or options.

(5) Consists of 25,938 (post-consolidation)
 Common Shares Mr. Mario Vetro purchased in our US$0.10 (C$1.60 post-consolidation) and US$0.25 (C$4.00 post-consolidation) private
 placement. Mr. Mario Vetro is a 50% Partner in Commodity Partners Inc (formerly, Skanderbeg Capital Advisors). Skanderbeg is the
 beneficial owner of 322,500 (post-consolidation) shares in Lannister Mining Corp., received as founder's shares, which are
 excluded from Mr. Mario's 25,938 (post-consolidation) Common Shares.

(6) Consists of 190,000
 (post-consolidation) Common Shares Mr. Victor Cantore purchased in our US$0.10 (C$1.60 post-consolidation) and US$0.25 (C$4.00 post-consolidation)
 private placement.

(7) Consists of 135,531
 (post-consolidation) Common Shares Mr. Abraham Max Zaretsky received as vendors shares.

(8) Consists of 162,500
 Common Shares held by Geomin Consulting Inc. Geomin Consulting Inc, a company incorporated under the laws of Ontario, Canada ("Geomin").
 Mr. William Randall, in his capacity as the Director of Geomin, has the power to vote and the power to direct the disposition of
 all securities held by Geomin. The address of Geomi is 24 Grenadier Heights, Toronto, ON M6S 2W6.

(9) Consists of 104,375
 (post-consolidation) Common Shares Ms. Joanne Price received as founder shares.

(10) Mr. Mario Vetro is the Principal & Director of Commodity Partners and has voting and investment
 power over the securities held by it. Mario Vetro disclaims beneficial ownership of the shares held by Commodity Partners except
 to the extent of his pecuniary interest, if any, in such shares. The address of Commodity Partners is 1540 – 1075 West Georgia
 Street, Vancouver BC V6E 3C9.

See "*Description of Share Capital—History of Securities Issuances*" for historical changes in our shareholding.

**RELATED PARTY TRANSACTIONS**

Key management includes directors and key officers of the Company, including the president, vice presidents, directors, chief executive officer and chief financial officer.

A summary of the Company's related party transactions during the years ended September 30, 2024, 2023 and 2022 is as follows.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2024 to Date** | **September 30, 2024 to Date** | **2024** | **2024** | **2023** | **2022** |
|  | **C$** | US$ | C$ | US$ | C$ | C$ |
| Exploration expenses |  |  | 39807 | 29463 | 34041 | 30613 |
| General and administrative | 444 | 309 | 59424 | 43982 | 56293 | 33280 |
| Professional fees | 173036 | 120339 | 235489 | 174294 | 320160 | 261857 |
|  | 173480 | 120648 | 334720 | 247739 | 410494 | 325750 |

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As of September 30, 2024, accounts payable and accrued liabilities included amounts due to related parties of C$170,984 (approximately US$126,552) compared to C$64,401 as of September 30, 2023. Amounts due to related parties are unsecured, non-interest bearing and have no specific terms of repayment.

In addition to the compensation arrangements discussed under "Management," the following is a description of the material terms of those transactions with related parties to which we are party and which we are required to disclose pursuant to the disclosure rules of the SEC.

***Consulting fees paid to officers & directors:***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **2024** | **2024** | **2024** | **2024** | |
| <br>**Related Party** | <br>**Position &<br> Description** | **Professional<br> Fees (C$)** | **General &<br> Administrative<br> (C$)** | **Exploration<br> Expenses (C$)** | **Total <br> (C$)** |<br>**Total<br> (US$)** |
| Jim Greig | CEO / Management Fees | $42000 | $- | $- | $42000 | $31086 |
| 878160 Alberta Ltd | Consultant / Fees related to onsite management and exploration activity (Dean Besserer, VP of Exploration) | $35775 | $31352 | $39806 | $106933 | $79145 |
| Commodity Partners Inc. | Consultant / Capital Markets Advisory (Mario Vetro, Director) | $85715 | $28072 | $- | $113787 | $84218 |
| Total |  | $235490 | $59424 | $39806 | $334720 | $247739 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **2023** | **2023** | **2023** | **2023** | |
| <br>**Related Party** | <br>**Position &<br> Description** | **Professional<br> Fees (C$)** | **General &<br> Administrative<br> (C$)** | **Exploration<br> Expenses (C$)** | **Total <br> (C$)** |<br>**Total<br> (US$)** |
| Mario Vetro | Director / Management Fees | $66000 | $- | $- | $66000 | $48763 |
| 878160 Alberta Ltd | Consultant / Fees related to onsite management and exploration activity (Dean Besserer, VP of Exploration) | $45446 | $42760 | $34041 | $122247 | $90319 |
| Commodity Partners Inc. | Consultant / Capital Markets Advisory (Mario Vetro, Director) | $160714 | $7100 | $- | $167814 | $123984 |
| Total |  | $320160 | $56293 | $34041 | $410494 | $303282 |

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 ****

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **2022** | **2022** | **2022** | **2022** | |
| <br>**Related Party** | <br>**Position & <br> Description** | **Professional<br> Fees <br> (C$)** | **General &<br> Administrative<br> (C$)** | **Exploration<br> Expenses<br> (C$)** | **Total<br> (C$)** |<br>**Total<br> (US$)** |
| Mario Vetro | Director / Management Fees | $18000 | $- | $- | $18000 | $13299 |
| Jim Greig | CEO / Management Fees | $37809 | $13782 | $- | $51591 | $38117 |
| 878160 Alberta Ltd | Consultant / Fees related to onsite management and exploration activity (Dean Besserer, VP of Exploration) | $60334 | $55 | $30613 | $91002 | $67235 |
| Commodity Partners Inc. | Consultant / Capital Markets Advisory (Mario Vetro, Director) | $85714 | $19443 | $- | $105157 | $77693 |
| Total |  | $261857 | $33280 | $30613 | $325750 | $240672 |

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**DESCRIPTION OF SHARE CAPITAL**

**General** 

The following is a description of the material terms of our share capital as set forth in our articles of incorporation, as amended, and as further amended in connection with this offering. For more detailed information, please see our articles of incorporation and amendments thereto, which are filed as exhibits to the registration statement of which this prospectus forms a part.

**Share Capital** 

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 ***Common Shares***

We are authorized to issue an unlimited number of Common Shares without par value. There were 5,047,204 (post-split) Common Shares issued and outstanding held by 126 shareholders of record as of the date of this Prospectus. Holders of Common Shares are entitled to receive notice of, and to attend and vote at, all meetings of the shareholders of the Company and to receive all notices and other documents required to be sent to shareholders in accordance with the Company's articles, corporate law and the rules of any applicable stock exchange. On a poll, every shareholder has one vote for each Common Share. The holders of Common Shares are entitled to dividends if, as and when declared by the Board and, upon the liquidation, dissolution or winding-up of its affairs or other distribution of its assets for the purpose of winding-up its affairs, to receive, on a pro rata basis, all of the remaining assets of the Company. The Common Shares do not carry any pre-emptive, subscription, redemption or conversion rights, nor do they contain any sinking fund or purchase fund provision.

Upon closing of this offering, based upon shares outstanding as of the date of this prospectus, our share capital will consist of an unlimited number of Common Shares, no par value per share, of which will be issued and outstanding (or if the underwriters exercise the over-allotment option in full), and an unlimited number of preferred shares, issuable in series, no par value per share, none of which will be issued and outstanding.

*<u>Restricted Share Units</u>*

See "**MANAGEMENT** – *Options and Other Rights to Purchase Securities of Our Company*" for a description of the RSUs.

 

*<u>Stock Option Plan</u>*

See "**MANAGEMENT** – *Options and Other Rights to Purchase Securities of Our Company*" for a description of the Stock Option Plans.

**History of Securities Issuances** 

We have issued an aggregate of 5,047,204 (post-split) Common Shares since our formation as follows:

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| | | | |
|:---|:---|:---|:---|
| **Date** | **Number of Shares<br> (post-split)** | **Issue <br> Price per <br> Share<br> ($)** | **Aggregate Issue Price<br> ($)** |
| September 21, 2021 | 3602503 | Issued pursuant to the Amalgamation. See *"Corporate Structure - Amalgamation."* | Issued pursuant to the Amalgamation. See *"Corporate Structure - Amalgamation."* |
| January 21, 2022 | 462500 | $4.00 | $1850000 |
| **Total Post-split** | **4065003** |  |  |
| **<u>Conversion of Warrants to Shares</u>** | **982201** |  |  |
| **<u>Total Post Reverse Split</u>** | **5047204** |  |  |

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**Pre 1247666 BC Ltd and Former Lannister Amalgamation**

Upon the incorporation of Lannister Exploration Corp. on August 14, 2020, we issued 0 (post-split) Common Shares to the Incorporator, 1055 Corporate Services Ltd., for the consideration of C$1.00 (approximately US$0.81). The Company purchased the Incorporator's share in the capital of the Company from the Incorporator for the purchase price of C$1.00 (approximately US$0.81) and the Incorporator's share was cancelled and reissued to Skanderbeg Capital Advisors Inc.

On August 26, 2020, the company changed its name from Lannister Exploration Corp. to Lannister Mining Corp.

On March 3, 2021, the company closed a non-brokered private placement, pursuant to which 531,250 (post-split) Common Shares were issued at a price of C$0.08 (approximately US$0.06) per share for gross proceeds of C$42,500.00 (approximately US$31,400.07).

On March 12, 2021, the company closed tranche one of a non-brokered private placement, pursuant to which 1,400,313 (post-split) units were issued at a price of C$1.60 (approximately US$1.18) per unit for aggregate gross proceeds of C$2,240,498.00 (approximately US$1,655,336.54). Each unit is comprised of one (1) Common Share and one (1) Common Share purchase warrant for the purchase of one (1) Common Share at a price of C$3.20 (approximately US$2.36). The warrants may be exercised any time until March 12, 2024.

On April 15, 2021, the company closed tranche two of a non-brokered private placement, pursuant to which 482,814 (post-split) units were issued at a price of C1.60 (approximately US$1.18) per unit for aggregate gross proceeds of C$772,500.00 (approximately US$570,742.52). Each unit is comprised of one (1) Common Share and one (1) Common Share purchase warrant for the purchase of one (1) Common Share at a price of C$3.20 (approximately US$2.36). The warrants may be exercised any time until April 15, 2024.

On May 05, 2021, the company closed tranche three of a non-brokered private placement, pursuant to which 81,250 (post-split) units were issued at a price of C$1.60 (approximately US$1.18) per unit for aggregate gross proceeds of C$130,000.00 (approximately US$96,047.28). Each unit is comprised of one (1) Common Share and one (1) Common Share purchase warrant for the purchase of one (1) Common Share at a price of C$3.20 (approximately US$2.36). The warrants may be exercised any time until May 05, 2024.

**1247666 BC Ltd and Former Lannister Amalgamation to form Lannister Mining Corp.**

On September 21, 2021, the company completed its acquisition of 1247666 BC Ltd., through an amalgamation of Former Lannister and 1247666 BC Ltd., whereby 1,106,875 (post-split) Common Shares of Lannister Mining Corp. were issued to 1247666 BC Ltd. shareholders at a deemed price of C$1.44 (approximately US$1.06). per share. Please refer to "*Corporate Structure - Amalgamation"*

 

On October 13, 2021, the company issued to certain marketing professionals' options to acquire 25,000 (post-split) Common Shares, pursuant to the company's Stock Option Plan. The options are exercisable until the Expiry Date of October 13, 2024, at a price of C$1.60 (approximately US$1.18) per share. None of the options have been exercised and remain in force.

On January 21, 2022, the company closed a non-brokered private placement, pursuant to which 462,500 (post-split) Common Shares 0were issued at a price of C$4.00 (approximately US$2.96) per share for aggregate gross proceeds of C$1,850,000 (approximately US$1,366,826).

On December 22, 2023, Lannister Mining Corp. completed a 16:1 Reverse Stock Split whereby 65,039,980 (pre-Reverse Split) Common Shares were exchanged at a ratio of 16:1 for 4,065,003 Common Shares, and 31,429,980 share purchase warrants were converted at a ratio of 16:1 for 1,964,402 post consolidated warrants, and then converted into a half Common Share for a total issuance of 982,201 Common Shares.

**Limitation of Liability and Indemnification of Directors and Officers**

Under the BCBCA, we may indemnify an individual (an "**Eligible Party**") who (i) is or was a director of officer of the Company; (ii) is or was a director or officer of another corporation (a) at a time when the corporation is or was an affiliate of the Company, or (b) at the request of the Company; or (iii) at the request of the Company, is or was, or holds or held a position equivalent to that of, a director or officer of a partnership, trust, joint venture or other unincorporated entity, against all judgements, penalties, or fines awarded or imposed in, or an amount paid in settlement of, a proceeding which the Eligible Party is or may have be joined as a party or liable due to party holding a position with the Company or an associated corporation. Further, under the BCBCA, we may pay the costs, charges and expenses, including legal and other fees, incurred by an Eligible Party in respect such a proceeding.

The BCBCA also provides that we may also advance moneys an Eligible Party for costs, charges and expenses incurred in connection with such a proceeding; provided that such individual shall repay the moneys if the individual does not fulfill the conditions described below.

However, indemnification is prohibited under the BCBCA if any of the following circumstances apply:

● if the indemnity or payment is made under an earlier agreement to indemnify or pay expenses and, at the time that the agreement to indemnify or pay expenses was made, the Company was prohibited from giving the indemnity or paying the expenses by its memorandum or articles;

● if the indemnity or payment is made otherwise than under an earlier agreement to indemnify or pay expenses and, at the time that the indemnity or payment is made, the Company is prohibited from giving the indemnity or paying the expenses by its memorandum or articles;

● if, in relation to the subject matter of the eligible proceeding, the Eligible Party did not act honestly and in good faith with a view to the best interests of the company or the associated corporation, as the case may be; and

● in the case of an eligible proceeding other than a civil proceeding, if the Eligible Party did not have reasonable grounds for believing that the Eligible Party's conduct in respect of which the proceeding was brought was lawful.

Our Articles require us to indemnify each Eligible Party and the heirs and legal representatives of each Eligible Party, against all judgements, penalties or fines awarded or imposed in, or an amount paid in settlement of, a proceeding which the Eligible Party is or may have be joined as a party or liable due to party holding a position with the Company or an associated corporation.

We have entered into indemnity agreements with our directors and our executive officers which provide, among other things, that we will indemnify our directors and executive officers to the fullest extent permitted by law from and against all liabilities, costs, charges and expenses incurred as a result of our directors and executive officers actions in the exercise of their duties as a director or officer; provided that, we shall not indemnify such individuals if, among other things, they did not act honestly and in good faith with a view to our best interests and, in the case of a criminal or penal action, the individuals did not have reasonable grounds for believing that their conduct was lawful.

At present, we are not aware of any pending or threatened litigation or proceeding involving any of our directors, officers, employees or agents in which indemnification would be required or permitted.

**Material differences between British Columbia Corporate Law and Delaware General Corporation Law**

Our corporate affairs are governed by our articles and the provisions of the BCBCA. The BCBCA differs from the various state laws applicable to U.S. corporations and their stockholders. The following is a summary of the material differences between the BCBCA and the Delaware General Corporation Law, or DGCL. This summary is qualified in its entirety by reference to the DGCL, the BCBCA and our governing corporate documents.

 ****

***Number and Election of Directors***

Under the DGCL, the board of directors must consist of at least one number. The number of directors shall be fixed by the bylaws of the corporation, unless the certificate of incorporation fixes the number of directors, in which case a change in the number of directors shall only be made by an amendment of the certificate of incorporation. Under the DGCL, directors are elected at annual stockholder meetings by a plurality vote of the stockholders, unless a shareholder-adopted bylaw prescribes a different required vote.

Under the BCBCA, the board of directors must consist of at least one director and, in the case of a public company (which includes a company with securities traded on or through the facilities of a securities exchange), must have at least three directors. Under the BCBCA, the shareholders of a corporation elect directors by ordinary resolution at each annual meeting of shareholders at which such an election is required.

 ****

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***Director Qualifications***

Delaware law does not have director residency requirements comparable to those of the BCBCA. Delaware law permits a corporation to prescribe qualifications for directors under its certificate of incorporation or bylaws.

Under the BCBCA, a director is not required to hold a share in our capital as qualification for his or her office but must be qualified as required by the BCBCA to become or act as a director. Pursuant to the BCBCA a person cannot act as a director of a company unless that person is an individual who is qualified to do so. The following persons are disqualified by the BCBCA from being a director of our company: (i) any individual who is less than 18 years of age; (ii) any individual found by a court, in Canada or elsewhere, to be incapable of managing the individual's own affairs, unless a court, in Canada or elsewhere, subsequently finds otherwise; (iii) a person in respect of whom a certificate of incapability is issued under the *Adult Guardianship Act*, unless the certificate is subsequently cancelled under section 37 (4) of the *Adult Guardianship Act*; (iv) an undischarged bankrupt; and (v) an individual convicted in or out of British Columbia of an offence in connection with the promotion, formation or management of a corporation or unincorporated business, or of an offence involving fraud, unless certain enumerated criteria are satisfied.

 ****

***Vacancies on the Board of Directors***

Under the DGCL, vacancies and newly created directorships resulting from an increase in the authorized number of directors, may be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director.

Under the BCBCA, vacancies occurring as a result of a removal of a director may be filled by the (i) shareholders at the shareholders' meeting, if any, at which the director was removed, or (ii) if not filled in the manner contemplated by (i), by the shareholders or the remaining directors. In the event of a causal vacancy the vacancy may be filled by the remaining directors. If the number of directors in office falls below the number required for a quorum due to one or more vacancies then the director may (i) appoint a number of directors to constitute quorum; and/or (ii) call a shareholders' meeting to fill the vacancies. However, the directors may not take any other action until quorum is obtained.

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***Transactions with Directors and Officers***

The DGCL generally provides that no transaction between a corporation and one or more of its directors or officers, or between a corporation and any other corporation or other organization in which one or more of its directors or officers, are directors or officers, or have a financial interest, shall be void or voidable solely for this reason, or solely because the director or officer is present at or participates in the meeting of the board or committee which authorizes the transaction, or solely because any such director's or officer's votes are counted for such purpose, if (i) the material facts as to the director's or officer's interest and as to the transaction are known to the board of directors or the committee, and the board or committee in good faith authorizes the transaction by the affirmative votes of a majority of the disinterested directors, even though the disinterested directors be less than a quorum; (ii) the material facts as to the director's or officer's interest and as to the transaction are disclosed or are known to the stockholders entitled to vote thereon, and the transaction is specifically approved in good faith by vote of the stockholders; or (iii) the transaction is fair as to the corporation as of the time it is authorized, approved or ratified, by the board of directors, a committee or the stockholders.

The BCBCA deems that a director or senior officer of a company holds a "disclosable interest" in a contract or transaction if: (i) the contract or transaction is material to the company; (ii) the company has entered, or proposes to enter, into the contract or transaction; (iii) either of the following applies: (a) the director or senior officer has a material interest in the contract or transaction, or (b) the director or senior officer is a director or senior officer of, or has a material interest in, a person who has a material interest in the contract or transaction; and (iv) the interest is known, or reasonably ought to have been known, by the director or senior officer. A director with a "disclosable interest" must disclose such interest to the board of directors and, unless there is an applicable exemption, is not entitled to vote on any resolution to approve the contract or transaction in question. A director or senior officer is liable to account to the company for any profit that accrues to the director or senior officer under a contract or transaction in which that director had a "disclosable interest" if such interest was not properly disclosed.

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***Limitation on Liability of Directors***

The DGCL permits a corporation to include a provision in its certificate of incorporation eliminating or limiting the personal liability of a director to the corporation or its stockholders for monetary damages for a breach of the director's fiduciary duty as a director, except for liability: (i) for breach of the director's duty of loyalty to the corporation or its stockholders; (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of the law; (iii) under Section 174 of the DGCL which concerns unlawful payment of dividends, stock purchases or redemptions; or (iv) for any transaction from which the director derived an improper personal benefit.

The BCBCA does not permit the limitation of a director's liability as the DGCL does. The BCBCA provides that the company may indemnify its directors and officers against liabilities incurred in the course of their duties. Pursuant to the BCBCA a company may also pay the expenses actually and reasonably incurred by a director or officer in respect of such a proceeding. However, the company is not permitted to indemnify a director or officer in certain circumstances including, but not limited to, if the director or officer did not act honestly and in good faith with a view to the best interests of the company.

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***Call and Notice of Shareholder Meetings***

Under the DGCL, unless otherwise provided in the certificate of incorporation or bylaws, written notice of any meeting of the stockholders must be given to each stockholder entitled to vote at the meeting not less than ten nor more than 60 days before the date of the meeting and shall specify the place, date, hour, and purpose or purposes of the meeting.

Under the DGCL, an annual or special stockholder meeting is held on such date, at such time and at such place as may be designated by the board of directors or any other person authorized to call such meeting under the corporation's certificate of incorporation or bylaws. If an annual meeting for election of directors is not held on the date designated or an action by written consent to elect directors in lieu of an annual meeting has not been taken within 30 days after the date designated for the annual meeting, or if no date has been designated, for a period of 13 months after the later of the last annual meeting or the last action by written consent to elect directors in lieu of an annual meeting, the Delaware Court of Chancery may summarily order a meeting to be held upon the application of any stockholder or director.

Under the BCBCA, written notice of the shareholders must be given to each shareholder entitled to attend the meeting and each director at least 21 days but not more than 2 months before the meeting. The notice must state the date and time and, if applicable, the location of the meeting. Under the BCBCA, a company must hold an annual general meeting (i) for the first time, not more than 18 months after the date on which it was recognized; and (ii) after its first meeting, at least once in each calendar year and not more than 15 months after its previous annual general meeting. A company may apply to the court for an order extending the time for calling an annual meeting.

In addition, assuming the procedures in the BCBCA are followed, holders of not less than five percent of the issued shares of a corporation that carry the right to vote at a meeting sought to be held may requisition the directors to call a meeting of shareholders for the purposes stated in the requisition.

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***Shareholder Action by Written Consent***

Under the DGCL, a majority of the stockholders of a corporation may act by written consent without a meeting unless such action is prohibited by the corporation's certificate of incorporation.

Under the BCBCA, a written resolution signed by all the shareholders of a corporation who would have been entitled to vote on the resolution at a meeting is effective to approve the resolution.

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***Shareholder Nominations and Proposals***

Under the BCBCA, a shareholder who (i) owns one or more share that carry the right to vote at a general meeting, and (ii) who has been the owner of one or more share for an uninterrupted period of at least 2 years before the date of the signing of the proposal may submit a shareholder proposal relating to matters which the shareholder wishes to have considered at the next annual general meeting of the company. Subject to certain exceptions, and assuming such shareholder's compliance with the prescribed time periods and other requirements of the BCBCA pertaining to shareholder proposals, the company is required to include such proposal in the information circular pertaining to applicable general meeting. Notice of such a proposal must be provided to the company at least three months days before the anniversary date of the last annual shareholders' meeting.

The DGCL does not have a comparable provision.

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***Amendment of Governing Instrument***

Generally, under the DGCL, the affirmative vote of the holders of a majority of the outstanding stock entitled to vote is required to approve a proposed amendment to the certificate of incorporation, following the adoption of the amendment by the board of directors of the corporation, provided that the certificate of incorporation may provide for a greater vote. Under the DGCL, holders of outstanding shares of a class or series are entitled to vote separately on an amendment to the certificate of incorporation if the amendment would have certain consequences, including changes that adversely affect the rights and preferences of such class or series.

Under the DGCL, after a corporation has received any payment for any of its stock, the power to adopt, amend or repeal bylaws shall be vested in the stockholders entitled to vote; provided, however, that any corporation nay, in its certificate of incorporation, provide that bylaws may be adopted, amended or repealed by the board of directors. The fact that such power has been conferred upon the board of directors shall not divest the stockholders of the power nor limit their power to adopt, amend or repeal the bylaws.

Under the BCBCA, amendments to the articles generally require the approval of not less than two-thirds of the votes cast by shareholders entitled to vote on the resolution. Specified amendments may also require the approval of other classes of shares. If the amendment is of a nature affecting a particular class or series in a manner requiring a separate class or series vote, that class or series may be entitled to vote on the amendment whether or not it otherwise carries the right to vote.

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***Votes on Mergers, Consolidations and Sales of Assets***

The DGCL provides that, unless otherwise provided in the certificate of incorporation or bylaws, the adoption of a merger agreement requires the approval of a majority of the outstanding stock of the corporation entitled to vote thereon.

Under the BCBCA, certain corporate actions including, but not limited to, amalgamations (other than with certain affiliated corporations), continuances into jurisdictions outside of British Columbia, and sales, leases or other dispositions of all or substantially all of a company's undertaking, are required to be approved by a "special resolution" of the shareholders. Generally, a "special resolution" is a resolution passed by not less than two-thirds of the votes cast by the shareholders who voted in respect of the resolution or signed by all shareholders entitled to vote on the resolution.

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***Dissenter's Rights of Appraisal***

Under the DGCL, a stockholder of a Delaware corporation generally has the right to dissent from a merger or consolidation in which the Delaware corporation is participating, subject to specified procedural requirements, including that such dissenting stockholder does not vote in favor of the merger or consolidation. However, the DGCL does not confer appraisal rights, in certain circumstances, including if the dissenting stockholder owns shares traded on a national securities exchange and will receive publicly traded shares in the merger or consolidation. Under the DGCL, a stockholder asserting appraisal rights does not receive any payment for his or her shares until the court determines the fair value or the parties otherwise agree to a value. The costs of the proceeding may be determined by the court and assessed against the parties as the court deems equitable under the circumstances.

Under the BCBCA, generally each of the following matters listed will entitle shareholders to exercise rights of dissent and, assuming the procedures in the BCBCA are followed, to be paid the fair value of their shares: (i) in respect of specific resolutions to alter the company's articles; (ii) in respect of a resolution to adopt an amalgamation agreement; (iii) in respect of a resolution to approve an amalgamation; (iv) in respect of a resolution to approve an arrangement, the term of which arrangement permit dissent; (v) in respect of a resolution to authorize or ratify the sale, lease or other disposition of all or substantially all of the company's undertaking; (vi) in respect of a resolution to authorize the continuation of the company into a jurisdiction other than British Columbia; (vii) in respect of any other resolution, if dissent is authorized by the resolution; and (viii) in respect of any court order that permits dissent.

Under the BCBCA, a shareholder may, in addition to exercising dissent rights, seek an oppression remedy for any act or omission of a corporation which is oppressive or unfairly prejudicial to or that unfairly disregards a shareholder's interests.

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***Oppression Remedy***

The BCBCA provides that a shareholder may apply to the court for an order on the grounds (i) that the affairs of the company are being or have been conducted, or that the powers of the directors are being or have been exercised, in a manner oppressive to one or more of the shareholders, including the applicant; or (ii) that some act of the company has been done or is threatened, or that some resolution of the shareholders or of the shareholders holding shares of a class or series of shares has been passed or is proposed, that is unfairly prejudicial to one or more of the shareholders, including the applicant.

The oppression remedy provides the court with very broad and flexible powers with a view to remedying or bringing to and end the matters complained of by making an interim or final order it considers appropriate, including an order: (i) directing or prohibiting any act; (ii) regulating the conduct of the company's affairs; (iii) appointing a receiver or receiver manager; (iv) directing an issue or conversion or exchange of shares; (v) appointing directors in place of or in addition to all or any of the directors then in office; (vi) removing any director; (vii) directing the company to purchase some or all of the shares of a shareholder and, if required, to reduce its capital in the manner specified by the court; (viii) directing a shareholder to purchase some or all of the shares of any other shareholder; (ix) directing the company or any other person to pay to a shareholder all or any part of the money paid by that shareholder for shares of the company; (x) varying or setting aside a transaction to which the company is a party and directing any party to the transaction to compensate any other party to the transaction; (xi) varying or setting aside a resolution; (xii) requiring the company, within a time specified by the court, to produce to the court or to an interested person financial statements or an accounting in any form the court may determine; (xiii) directing the company to compensate an aggrieved person; (xiv) directing correction of the registers or other records of the company; (xv) directing that the company be liquidated and dissolved, and appointing one or more liquidators, with or without security; (xvi) directing that an investigation be made; (xvii) requiring the trial of any issue; or (xviii) authorizing or directing that legal proceedings be commenced in the name of the company against any person on the terms the court directs.

The DGCL does not provide for a similar remedy.

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***Shareholder Derivative Actions***

Under Delaware law, stockholders may bring derivative actions on behalf of, and for the benefit of, the corporation. The plaintiff in a derivative action on behalf of the corporation either must be or have been a stockholder of the corporation at the time of the transaction or must be a stockholder who became a stockholder by operation of law in the transaction regarding which the stockholder complains.

Under the BCBCA, a shareholder or director of a company may, with leave of the court, prosecute in the name and on behalf of the company (i) to enforce a right, duty or obligation owed to the company that could be enforced by the company itself; or (ii) to obtain damages for any breach of a right, duty or obligation referred to in paragraph (i). Under the BCBCA the court may grant leave, on terms it considers appropriate, if: (i)the complainant has made reasonable efforts to cause the directors of the company to prosecute or defend the legal proceeding; (ii) notice of the application for leave has been given to the company and to any other person the court may order; (iii) the complainant is acting in good faith; and (iv) it appears to the court that it is in the best interests of the company for the legal proceeding to be prosecuted or defended.

Under the BCBCA, the court may, in a derivative action when a proceeding being prosecuted or defended is pending, (i) authorize any person to control the conduct of the legal proceeding or give any other directions for the conduct of the legal proceeding; and (ii) order, on the terms and conditions that the court considers appropriate, that the company pay to the person controlling the conduct of the legal proceeding interim costs in the amount and for the matters, including legal fees and disbursements, that the court considers appropriate. Additionally, on the final disposition for a derivative action being prosecuted or defended, the court may make any order it considers appropriate, including an order that (i) a person to whom costs are paid repay the company some or all of the costs; (ii) the company or any other party in the proceeding indemnify the complainant or person controlling the conduct of the proceeding for costs; or (iii) the complainant or the person controlling the conduct of the legal proceeding indemnify one or more of the company, a director or officer of the company for expenses, including legal costs.

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***Anti-Takeover and Ownership Provisions***

Unless an issuer opts out of the provisions of Section 203 of the DGCL, Section 203 generally prohibits a public Delaware corporation from engaging in a "business combination" with a holder of 15% or more of the corporation's voting stock (as defined in Section 203), referred to as an interested stockholder, for a period of three years after the date of the transaction in which the interested stockholder became an interested stockholder, except as otherwise provided in Section 203. For these purposes, the term "business combination" includes mergers, assets sales and other similar transactions with an interested stockholder.

Rules and policies of certain Canadian securities regulatory authorities, including Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transaction* ("**MI 61-101**"), regulates certain types of transactions to ensure equality of treatment among securityholders and may require enhanced disclosure, approval by minority security holders (excluding "interested parties"), independent valuations and, in certain instances, approval and oversight of certain transactions by a special committee of independent directors. The protections afforded by MI 61-101 apply to, among other transactions, "related party transactions" and "business combinations" (each as defined in MI 61-101) which may terminate the interests of securityholders without their consent.

Pursuant to MI 61-101 "business combinations" generally include an amalgamation, arrangement, consolidation, amendment to the terms of a class of equity securities or any other transaction of a company, as a consequence of which the interest of a holder of an equity security of the issuer may be terminated without the holder's consent, regardless of whether the equity security is replaced with another security.

Further, "related party transactions" include transaction between a company and a person that is a related party to the company at the time that the transaction is agreed to, whether or not there are also other parties to the transaction, as a consequence of which the company directly or indirectly, among other things: (i) purchases or acquires an asset from the related party for valuable consideration; (ii) sells, transfers or disposes of an asset to the related party; (iii) leases property to or from the related party; (iv) acquires the related party or combines with the related party through an amalgamation, arrangement or otherwise; or (v) issues a security to, or subscribes for a security of, the related party.

Subject to certain exceptions, both "business combinations" and "related party transactions" issuer obtains minority approval for the transaction (i.e. approval by a majority of the affected security holders, excluding the votes attached to affected securities held by parties interested in the business combination, related parties of an interested party, and persons acting jointly with interested parties). Further, for "related party transactions", subject to certain exceptions, a company will also be required to obtain a formal valuation in respect of the transaction.

National Instrument 62-104 – *Take-Over Bids and Issuer Bids* ("**NI 62-104**") generally defines a take-over bid as an offer to acquire outstanding voting or equity securities of a company made to one or more person located in the company's local jurisdiction, where the securities subject to the offer, together with the securities controlled or owned by the offeror and its affiliates and associates, constitute at least 20% of the outstanding securities. However, a takeover bid does not include an offer to acquire if this is a step in a merger, reorganization, amalgamation or arrangement that requires securityholder approval.

Unless an exemption under the Canadian securities law is available, a takeover bid must be made to all shareholders of each class of equity or voting securities being purchased with the same purchase price offered to each security holder. In other words, all securityholders must receive the same treatment under the bid and the bid must not involve any collateral agreement, commitment, or understanding (certain exceptions apply for employment compensation arrangements, severance arrangements, or other employment benefit arrangements). An offeror must commence a takeover bid by (i) publishing an advertisement containing a summary of the takeover bid in at least one major daily newspaper, and (ii) sending the bid and a takeover bid circulate to the shareholders of the target company.

Takeover bids are required to remain open for at least 105 days from the date of the bid, unless the company issues a news release announcing a shorter period following the time the bid is made, however this period cannot be less than 35 from the date of the bid. In addition, the takeover rules contain various other requirements in order to protect the interests of the target security holders. For example, there are restrictions in relation to conditional offers and the withdrawal, suspension or amendments to the offers.

NI 62-104 further requires that any person acquiring beneficial ownership of, or the power to exercise direction or control over, at least 10% of voting or equity securities of a company is required to promptly (i) issue and file a new release, and (ii) file an early warning report disclosing their shareholdings in the company. If a person has filed an early warning report for the company, the person is also required to file a news release and early warning report when the person acquires or disposes of (i) 2% or more of the class of securities subject to the early warning report most recently filed by the person, and (ii) securities convertible into 2% or more of the outstanding securities referred to in (i). Additionally, a news release and early warning report are required when the person ceases to hold at least 10% of the voting or equity shares in the company.

**Other Important Provisions in our Articles** 

The following is a summary of certain important provisions of our articles. Please note that this is only a summary, is not intended to be exhaustive and is qualified in its entirety by reference to our articles. For further information, please refer to the full version of our articles, copies of which are filed as exhibits to the registration statement of which this prospectus forms a part.

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***Objects and Purposes of Our Company***

Our articles do not contain and are not required to contain a description of our objects and purposes. There is no restriction contained in our articles on the business that we may carry on.

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***Directors***

 

*<u>Interested Transactions</u>*

The BCBCA deems that a director or senior officer of a the Company holds a "disclosable interest" in a contract or transaction if: (i) the contract or transaction is material to the Company; (ii) the Company has entered, or proposes to enter, into the contract or transaction; (iii) either of the following applies: (a) the director or senior officer has a material interest in the contract or transaction, or (b) the director or senior officer is a director or senior officer of, or has a material interest in, a person who has a material interest in the contract or transaction; and (iv) the interest is known, or reasonably ought to have been known, by the director or senior officer. However, pursuant to the BCBCA, a director does not hold a "disclosable interest" in a contract or transaction if: (i) both the Company and the other party to the contract or transaction are wholly owned subsidiaries of the same corporation; (ii) the Company is a wholly owned subsidiary of the other party to the contract or transaction; (iii) the other party to the contract or transaction is a wholly owned subsidiary of the Company; or (iv) the director or senior officer is the sole shareholder of the Company or of a corporation of which the Company is a wholly owned subsidiary.

A director with a "disclosable interest" must disclose such interest to the Company's board of directors and, unless there is an applicable exemption, is not entitled to vote on any resolution to approve the contract or transaction in question. A director or senior officer is liable to account to the Company for any profit that accrues to the director or senior officer under a contract or transaction in which that director had a "disclosable interest" if such interest was not properly disclosed.

 

*<u>Age Limit Requirement</u>*

Neither our articles nor the BCBCA impose any mandatory age-related retirement or non-retirement requirement for our directors.

 

*<u>Share Ownership</u>*

Neither our articles nor the BCBCA provide that a director is required to hold any of our shares as a qualification for holding his or her office. Our board of directors has discretion to prescribe minimum share ownership requirements for directors.

 

*<u>Quorum</u>*

Under our articles, the quorum (i) necessary for the transaction of business of the directors is a majority of the directors; and (ii) necessary for the transaction of business at a meeting of shareholders is at least one person who is, or who represents by proxy, one or more shareholders who, in the aggregate, hold at least five percent of the issued share entitled to be voted at the meeting.

 

*<u>Borrowing Powers</u>*

Pursuant to our articles, we may, if authorized by the directors: (a) borrow money in the manner and amount, on the security, from the sources and on the terms and conditions that they consider appropriate; (b) issue bonds, debentures and other debt obligations either outright or as security for any liability or obligation of the Company or any other person and at such discounts or premiums and on such other terms as the directors consider appropriate; (c) guarantee the repayment of money by any other person or the performance of any obligation of any other person; and (d) mortgage, charge, whether by way of specific or floating charge, grant a security interest in, or give other security on, the whole or any part of the present and future assets and undertaking of the Company.

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***Action Necessary to Change the Rights of Holders of Our Shares***

Our shareholders can authorize the amendment of our articles to create or vary the special rights or restrictions attached to any of our shares by passing a special resolution. However, a right or special right attached to any class or series of shares may not be prejudiced or interfered with unless the shareholders holding shares of that class or series to which the right or special right is attached consent by a separate special resolution. A special resolution generally means a resolution passed by: (1) a majority of not less than two-thirds of the votes cast by the applicable class or series of shareholders who vote in person or by proxy at a meeting, or (2) a resolution consented to in writing by all of the shareholders entitled to vote.

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***Shareholder Meetings***

We must hold an annual general meeting of our shareholders at least once every year at a time and place determined by our board of directors, provided that the meeting must not be held later than 15 months after the preceding annual general meeting. In addition to any location in British Columbia, any general meeting of shareholders may be held in any location outside of British Columbia approved by a resolution of the directors. Our directors may, at any time, call a special meeting of our shareholders. In addition, assuming the procedures in the BCBCA are followed, holders of not less than five percent of the issued shares of the Company that carry the right to vote at a meeting sought to be held may requisition the directors to call a meeting of shareholders for the purposes stated in the requisition.

A notice to convene a meeting, specifying the date, time and location of the meeting, and, where a meeting is to consider special business, the general nature of the special business, must be sent to shareholders entitled to attend the meeting at least 21 days but not more than 2 months before the meeting. Under the BCBCA, shareholders entitled to notice of a meeting may waive or reduce the period of notice for that meeting, provided applicable securities laws requirements are met.

A quorum for shareholder meetings under our articles is at least one person who is, or who represents by proxy, one or more shareholders who, in the aggregate, hold at least five percent of the issued share entitled to be voted at the meeting.

If, within one-half hour from the time set for the holding of a meeting of shareholders, a quorum is not present: (a) in the case of a general meeting requisitioned by shareholders, the meeting is dissolved, and (b) in the case of any other meeting of shareholders, the meeting stands adjourned to the same day in the next week at the same time and place.

Holders of our outstanding Common Shares are entitled to attend meetings of our shareholders. In addition to shareholders entitled to vote at a meeting, the only other persons entitled to be present at the meeting are directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the Company, the auditor of the Company, any persons invited to be present at the meeting by the directors or by the chair of the meeting and any persons entitled or required under the BCBCA or the Company's articles to be present at the meeting, however, any such persons will not be countered in the quorum for the meeting.

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***Director Nominations***

Pursuant to our articles relating to the advance notice of nominations of directors, shareholders seeking to nominate candidates for election as directors other than pursuant to a proposal or requisition of shareholders made in accordance with the provisions of the BCBCA, must provide timely written notice to our corporate secretary not less than 30 nor more than 65 days prior to the date of the annual meeting of shareholders. The notice must include specific details including, but not limited to, the name, age business address and residential address of the proposed nominee, the principal occupation of the proposed nominee, and the shareholdings of the proposed nominee. Further, a proposed nominee will also be required to deliver a written representation and agreement that such proposed nominee, if elected as a director of the Company, will comply with all applicable corporate governance, conflict of interest, confidentiality, share ownership, majority voting and insider trading policies and other policies and guidelines of the Company applicable to directors and in effect during such person's term in office as a director.

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***Impediments to Change of Control***

Our articles do not contain any change of control limitations with respect to a merger, acquisition or corporate restructuring that involves us.

**Compulsory Acquisition**

The BCBCA provides that if, within four months after the date of a take-over bid made to shareholders of a corporation, the bid is accepted by the holders of not less than 90% of the shares (other than the shares held by the offeror or an affiliate of the offeror) of any class of shares to which the bid relates, the offeror is entitled, within five months after making the offer, to send written notice to any offeree who did not accept the offer, that the offeror wants to acquire the shares of that offeree that were involved in the offer. If the procedures set forth in the BCBCA are followed, the offeror is entitled and bound to acquire all of the shares of that offeree that were involved in the offer for the same price and on the same terms contained in the take-over bid unless the court orders otherwise on an application made by that offeree within 2 months after the date of the notice.

**Ownership and Exchange Controls**

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***Competition Act***

Limitations on the ability to acquire and hold our Common Shares may be imposed by the Competition Act (Canada). This legislation establishes a pre-merger notification regime for certain types of merger transactions that exceed certain statutory shareholding and financial thresholds. Transactions that are subject to notification cannot be closed until (i) the required materials are filed and the applicable statutory waiting period has expired or been waived by the Commissioner of Competition (Commissioner); (ii) the Commissioner issues an advance ruling certificate in respect of the transaction; or (iii) the Commissioner confirms that he or she does not currently intend to apply to the Canadian Competition Tribunal to challenge the transaction and concurrently waives the requirement for the parties to submit the statutory filing materials. Further, the Competition Act (Canada) permits the Commissioner to review any acquisition of control over or of a significant interest in us, whether or not it is subject to mandatory notification. This legislation currently grants the Commissioner jurisdiction, for up to three years, to challenge this type of acquisition before the Canadian Competition Tribunal if it would, or would be likely to, substantially prevent or lessen competition in any market in Canada.

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***Investment Canada Act***

The Investment Canada Act requires notification and, in certain cases, advance review and approval by the Government of Canada of an investment to establish a new Canadian business by a non-Canadian or of the acquisition by a non-Canadian of "control" of a "Canadian business", all as defined in the Investment Canada Act. Generally, the threshold for advance review and approval will be higher in monetary terms for an investor controlled by a member of the World Trade Organization. The Investment Canada Act generally prohibits the implementation of such a reviewable transaction unless, after review, the relevant federal Minister is satisfied that the investment is likely to be of net benefit to Canada.

The Investment Canada Act contains various rules to determine if there has been an acquisition of control. For example, for purposes of determining whether an investor has acquired control of a corporation by acquiring shares, the following general rules apply, subject to certain exceptions. The acquisition of a majority of the voting shares of a corporation is deemed to be acquisition of control of that corporation. The acquisition of less than a majority but one-third or more of the voting shares of a corporation is presumed to be an acquisition of control of that corporation unless it can be established that, on the acquisition, the corporation is not controlled in fact by the acquiror through the ownership of voting shares. The acquisition of less than one-third of the voting shares of a corporation is deemed not to be acquisition of control of that corporation.

In addition, under the Investment Canada Act, national security review on a discretionary basis may also be undertaken by the federal government in respect of a much broader range of investments by a non-Canadian to "acquire, in whole or in part, or to establish an entity carrying on all or any part of its operations in Canada, with the relevant test being whether such an investment by a non-Canadian could be "injurious to national security." The Minister of Industry has broad discretion to determine whether an investor is a non-Canadian and therefore may be subject to national security review. Review on national security grounds is at the discretion of the federal government and may occur on a pre- or post-closing basis. Recently passed amendments to the Investment Canada Act that have not yet gone into force will require certain investments to be reviewed for national security prior to implementation. At this time, it is unknown whether this pre-closing national security review regime will apply to investments in us.

See "*Material United States and Canadian Income Tax Considerations—U.S. Federal Income Taxation Considerations*" for additional information regarding the material U.S. federal income tax consequences relating to the ownership and disposition of our Common Shares by U.S. Holders (as defined thereto).

Any of these provisions may discourage a potential acquirer from proposing or completing a transaction that may have otherwise presented a premium to our shareholders. We cannot predict whether investors will find our company and our Common Shares less attractive because we are governed by foreign laws.

**Listing**

We plan to apply to list our Common Shares on the NYSE American under the symbol "DRIL". We will not close this offering unless the NYSE American has approved our Common Shares for listing and we have raised at least US$10,000,000 in this offering.

**Transfer Agent and Registrar** 

The transfer agent and registrar for our Common Shares will be Odyssey Trust Company. The address for Odyssey Trust Company is United Kingdom Building, 350 — 409 Granville Street, Vancouver BC V6C 1T2, and the telephone number is (888) 290-1175.

**SHARES ELIGIBLE FOR FUTURE SALE**

Before this offering, there has not been a public market for shares of our Common Shares. Future sales of substantial amounts of Common Shares, including shares issued upon the conversion of convertible notes, the exercise of outstanding options and warrants, in the public market after this offering, or the possibility of these sales occurring, could cause the prevailing market price for our Common Shares to fall or impair our ability to raise equity capital in the future.

Immediately following the closing of this offering, we will have Common Shares issued and outstanding. In the event the underwriters exercise the over-allotment option in full, we will have Common Shares issued and outstanding. The Common Shares sold in this offering will be freely tradable without restriction or further registration or qualification under the Securities Act.

Previously issued Common Shares that were not offered and sold in this offering, as well as shares issuable upon the exercise of warrants and subject to employee stock options, are or will be upon issuance, "restricted securities," as that term is defined in Rule 144 under the Securities Act. These restricted securities are eligible for public sale only if such public resale is registered under the Securities Act or if the resale qualifies for an exemption from registration under Rule 144 or Rule 701 under the Securities Act, which are summarized below.

**Rule 144**

In general, a person who has beneficially owned restricted Common Shares for at least twelve months, or at least six months in the event we have been a reporting company under the Exchange Act for at least ninety (90) days before the sale, would be entitled to sell such securities, provided that such person is not deemed to be an affiliate of ours at the time of sale or to have been an affiliate of ours at any time during the ninety (90) days preceding the sale. A person who is an affiliate of ours at such time would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of shares that does not exceed the greater of the following:

● 1% of the number of Common Shares then outstanding; or

● 1% of the average weekly trading volume of our Common Shares during the four calendar weeks preceding the filing by such person of a notice on Form 144 with respect to the sale;

provided that, in each case, we are subject to the periodic reporting requirements of the Exchange Act for at least 90 days before the sale. Rule 144 trades must also comply with the manner of sale, notice and other provisions of Rule 144, to the extent applicable.

**Rule 701**

In general, Rule 701 allows a shareholder who purchased shares pursuant to a written compensatory plan or contract and who is not deemed to have been an affiliate of ours during the immediately preceding 90 days to sell those shares in reliance upon Rule 144, but without being required to comply with the public information, holding period, volume limitation or notice provisions of Rule 144. All holders of Rule 701 shares, however, are required to wait until ninety (90) days after the date of this prospectus before selling shares pursuant to Rule 701.

**Lock-Up Agreements**

We, all of our directors and officers and all of our shareholders have agreed with the underwriters, subject to certain exceptions, not to sell, transfer or dispose of, directly or indirectly, any of our Common Shares or securities convertible into or exercisable or exchangeable for our Common Shares for a period of (i) 180 days after the closing of this offering in the case of our company, (ii) 180 days after the date of this prospectus in the case of our directors and officers, and (iii) 180 days after the date of this prospectus in the case of our shareholders. See "*Underwriting—Lock-Up Agreements*."

**MATERIAL UNITED STATES AND CANADIAN INCOME TAX CONSIDERATIONS**

**Canadian Income Tax Considerations**

The following summary describes, as of the date hereof, the material Canadian federal income tax considerations generally applicable to a purchaser who acquires, as a beneficial owner, Common Shares pursuant to this prospectus and who, at all relevant times, for the purposes of the application of the Income Tax Act (Canada) and the Income Tax Regulations (which we collectively refer to as the Canadian Tax Act), (i) is not, and is not deemed to be, resident in Canada for purposes of the Canadian Tax Act and any applicable income tax treaty or convention; (ii) deals at arm's length with us; (iii) is not affiliated with us; (iv) does not use or hold, and is not deemed to use or hold, Common Shares in a business or part of a business carried on in Canada; (v) has not entered into, and will not enter into, with respect to the Common Shares, a "derivative forward agreement" or a "synthetic disposition arrangement", as that term is defined in the Canadian Tax Act and (vi) holds the Common Shares as capital property (which we refer to as a Non-Canadian Holder). This summary does not apply to a Non-Canadian Holder that is an insurer carrying on an insurance business in Canada and elsewhere or an "authorized foreign bank", as that term is defined in the Canadian Tax Act. Such Non-Canadian Holders should consult their tax advisors for advice having regards to their particular circumstances.

This summary is based on the current provisions of the Canadian Tax Act, and an understanding of the current administrative policies of the Canada Revenue Agency published in writing prior to the date hereof. It takes into account all specific proposals to amend the Canadian Tax Act and the Canada-United States Tax Convention (1980) (which we refer to as the Canada-U.S. Tax Treaty), as amended, publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (which we refer to as the Proposed Amendments) and assumes that all Proposed Amendments will be enacted in the form proposed. However, no assurances can be given that the Proposed Amendments will be enacted as proposed, or at all. This summary does not otherwise take into account or anticipate any changes in law or administrative policy or assessing practice whether by legislative, regulatory, administrative or judicial action nor does it take into account tax legislation or considerations of any province, territory or foreign jurisdiction, which may differ from those discussed herein.

**This summary is of a general nature only and is not, and is not intended to be, legal or tax advice to any particular shareholder, and no representations with respect to the income tax consequences to any particular shareholder are made. This summary is not exhaustive of all Canadian federal income tax considerations. Accordingly, you should consult your own tax advisor with respect to your particular circumstances.**

Generally, for purposes of the Canadian Tax Act, all amounts relating to the acquisition, holding or disposition of the Common Shares must be converted into Canadian dollars based on the exchange rates as determined in accordance with the Canadian Tax Act. The amount of any dividends, capital gains or capital losses realized by a Non-Canadian Holder may be affected by fluctuations in the Canadian exchange rate.

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***Dividends***

Dividends paid or credited on the Common Shares or deemed to be paid or credited on the Common Shares to a Non-Canadian Holder will be subject to Canadian withholding tax at the rate of 25%, subject to any reduction in the rate of withholding to which the Non-Canadian Holder is entitled under any applicable income tax treaty or convention between Canada and the country in which the Non-Canadian Holder is resident. For example, under the Canada-U.S. Tax Treaty, where dividends on the Common Shares are considered to be paid to or derived by a Non-Canadian Holder that is a beneficial owner of the dividends and is a U.S. resident for the purposes of, and is entitled to benefits of, the Canada-U.S. Tax Treaty, the applicable rate of Canadian withholding tax is generally reduced to 15% (or 5% in the case of a U.S. Holder that is a corporation beneficially owning at least 10% of all of the issued voting shares). We will be required to withhold the applicable withholding tax from any dividend and remit it to the Canadian government for the Non-Canadian Holder's account. **Non-Canadian Holders are urged to consult their own tax advisors to determine their entitlement to relief under an applicable income tax treaty.**

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***Dispositions***

A Non-Canadian Holder will not be subject to tax under the Canadian Tax Act on any capital gain realized on a disposition or deemed disposition of a Common Share, nor will capital losses arising therefrom be recognized under the Canadian Tax Act, unless (i) the Common Shares are "taxable Canadian property" to the Non-Canadian Holder for purposes of the Canadian Tax Act at the time of disposition; and (ii) the Non-Canadian Holder is not entitled to relief under an applicable income tax treaty or convention between Canada and the country in which the Non-Canadian Holder is resident.

Generally, the Common Shares will not constitute "taxable Canadian property" to a Non-Canadian Holder at a particular time provided that the Common Shares are listed at that time on a "designated stock exchange" (as defined in the Canadian Tax Act), which includes NYSE American, unless at any particular time during the 60-month period that ends at that time the following two conditions are satisfied concurrently:

● at least 25% of the issued shares of any class or series of our capital stock was owned by or belonged to any combination of (a) the Non-Canadian Holder, (b) persons with whom the Non-Canadian Holder does not deal at arm's length, and (c) partnerships in which the Non-Canadian Holder or a person described in (b) holds a membership interest directly or indirectly through one or more partnerships, and

● more than 50% of the fair market value of the Common Shares was derived, directly or indirectly, from one or any combination of : (i) real or immoveable property situated in Canada, (ii) "Canadian resource properties" (as that term is defined in the Canadian Tax Act), (iii) "timber resource properties" (as that term is defined in the Canadian Tax Act) and (iv) options in respect of, or interests in, or for civil law rights in, property in any of the foregoing whether or not the property exists.

Notwithstanding the foregoing, in certain circumstances, Common Shares could be deemed to be "taxable Canadian property."

A Non-Canadian Holder that disposes of, or is deemed to have disposed of, a Common Share that constitutes "taxable Canadian property" and is not entitled to relief under an applicable income tax convention will generally be subject to capital gain or capital loss consequences in Canada. One-half of a capital gain (a "taxable capital gain") realized on the disposition of "taxable Canadian property" must be included in a Non-Canadian Holder's income. One-half of a capital loss (an "allowable capital loss") will generally be deductible by a Non-Canadian Holder against taxable capital gains realized in that year.

**U.S. Federal Income Taxation Considerations**

The following discussion describes the material U.S. federal income tax consequences relating to the ownership and disposition of Common Shares by U.S. Holders (as defined below). This discussion applies to U.S. Holders that purchase our Common Shares pursuant to this prospectus and hold such Common Shares as capital assets. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended, or the Code, U.S. Treasury regulations promulgated thereunder and administrative and judicial interpretations thereof, all as in effect on the date hereof and all of which are subject to change, possibly with retroactive effect. This discussion does not address all of the U.S. federal income tax consequences that may be relevant to specific U.S. Holders in light of their particular circumstances or to U.S. Holders subject to special treatment under U.S. federal income tax law (such as certain financial institutions, insurance companies, broker-dealers and traders in securities or other persons that generally mark their securities to market for U.S. federal income tax purposes, tax-exempt entities, retirement plans, regulated investment companies, real estate investment trusts, certain former citizens or residents of the United States, persons who hold our Common Shares as part of a "straddle", "hedge", "conversion transaction", "synthetic security" or integrated investment, persons that have a "functional currency" other than the U.S. dollar, persons that own directly, indirectly or through attribution 10% or more of the voting power of our shares, corporations that accumulate earnings to avoid U.S. federal income tax, persons subject to special tax accounting rules under Section 451(b) of the Code, partnerships and other pass-through entities, and investors in such pass-through entities). This discussion does not address any U.S. state or local or non-U.S. tax consequences or any U.S. federal estate, gift or alternative minimum tax consequences.

As used in this discussion, the term "U.S. Holder" means a beneficial owner of our Common Shares that is, for U.S. federal income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the District of Columbia, (iii) an estate the income of which is subject to U.S. federal income tax regardless of its source or (iv) a trust (x) with respect to which a court within the United States is able to exercise primary supervision over its administration and one or more United States persons have the authority to control all of its substantial decisions or (y) that has elected under applicable U.S. Treasury regulations to be treated as a domestic trust for U.S. federal income tax purposes.

If an entity treated as a partnership for U.S. federal income tax purposes holds our Common Shares, the U.S. federal income tax consequences relating to an investment in our Common Shares will depend in part upon the status and activities of such entity and the particular partner. Any such entity should consult its own tax advisor regarding the U.S. federal income tax consequences applicable to it and its partners of the purchase, ownership and disposition of our Common Shares.

 **Persons considering an investment in our Common Shares should consult their own tax advisors as to the particular tax consequences applicable to them relating to the purchase, ownership and disposition of our Common Shares, including the applicability of U.S. federal, state and local tax laws and non-U.S. tax laws.**

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***Passive Foreign Investment Company Consequences***

In general, a corporation organized outside the United States will be treated as a passive foreign investment company, or PFIC, for any taxable year in which either (1) at least 75% of its gross income is "passive income" or (2) on average at least 50% of its assets, determined on a quarterly basis, are assets that produce passive income or are held for the production of passive income. Passive income for this purpose generally includes, among other things, dividends, interest, royalties, rents, and gains from the sale or exchange of property that gives rise to passive income. Assets that produce or are held for the production of passive income generally include cash, even if held as working capital or raised in a public offering, marketable securities, and other assets that may produce passive income. Generally, in determining whether a non-U.S. corporation is a PFIC, a proportionate share of the income and assets of each corporation in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into account.

Although we do not believe that we were a PFIC for the taxable year ending September 30, 2024, our determination is based on an interpretation of complex provisions of the law, which are not addressed in a significant number of administrative pronouncements or rulings by the Internal Revenue Service, or IRS. Accordingly, there can be no assurance that our conclusions regarding our status as a PFIC for the 2024 taxable year will not be challenged by the IRS and, if challenged, upheld in appropriate proceedings. In addition, because PFIC status is determined on an annual basis and generally cannot be determined until the end of the taxable year, there can be no assurance that we will not be a PFIC for the current taxable year. Because we may continue to hold a substantial amount of cash and cash equivalents, and because the calculation of the value of our assets may be based in part on the value of our Common Shares, which may fluctuate considerably, we may be a PFIC in future taxable years. Even if we determine that we are not a PFIC for a taxable year, there can be no assurance that the IRS will agree with our conclusion and that the IRS would not successfully challenge our position. Our status as a PFIC is a fact-intensive determination made on an annual basis.

If we are a PFIC in any taxable year during which a U.S. Holder owns our Common Shares, the U.S. Holder could be liable for additional taxes and interest charges under the "PFIC excess distribution regime" upon (1) a distribution paid during a taxable year that is greater than 125% of the average annual distributions paid in the three preceding taxable years, or, if shorter, the U.S. Holder's holding period for our Common Shares, and (2) any gain recognized on a sale, exchange or other disposition, including a pledge, of our Common Shares, whether or not we continue to be a PFIC. Under the PFIC excess distribution regime, the tax on such distribution or gain would be determined by allocating the distribution or gain ratably over the U.S. Holder's holding period for our Common Shares. The amount allocated to the current taxable year (i.e., the year in which the distribution occurs or the gain is recognized) and any year prior to the first taxable year in which we are a PFIC will be taxed as ordinary income earned in the current taxable year. The amount allocated to other taxable years will be taxed at the highest marginal rates in effect for individuals or corporations, as applicable, to ordinary income for each such taxable year, and an interest charge, generally applicable to underpayments of tax, will be added to the tax.

If we are a PFIC for any year during which a U.S. Holder holds our Common Shares, we must generally continue to be treated as a PFIC by that holder for all succeeding years during which the U.S. Holder holds our Common Shares, unless we cease to meet the requirements for PFIC status and the U.S. Holder makes a "deemed sale" election with respect to our Common Shares. If the election is made, the U.S. Holder will be deemed to sell our Common Shares it holds at their fair market value on the last day of the last taxable year in which we qualified as a PFIC, and any gain recognized from such deemed sale would be taxed under the PFIC excess distribution regime. After the deemed sale election, the U.S. Holder's Common Shares would not be treated as shares of a PFIC unless we subsequently become a PFIC.

If we are a PFIC for any taxable year during which a U.S. Holder holds our Common Shares and any non-U.S. corporate subsidiary or subsidiaries we may own is also a PFIC (i.e., a lower-tier PFIC), such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC and would be taxed under the PFIC excess distribution regime on distributions by the lower-tier PFIC and on gain from the disposition of shares of the lower-tier PFIC even though such U.S. Holder would not receive the proceeds of those distributions or dispositions. Each U.S. Holder is advised to consult its tax advisors regarding the application of the PFIC rules to any non-U.S. subsidiary we may own.

If we are a PFIC, a U.S. Holder will not be subject to tax under the PFIC excess distribution regime on distributions or gain recognized on our Common Shares if such U.S. Holder makes a valid "mark-to-market" election for our Common Shares. A mark-to-market election is available to a U.S. Holder only for "marketable stock."

Our Common Shares will be marketable stock as long as they remain listed on the NYSE American and are regularly traded, other than in *de minimis* quantities, on at least 15 days during each calendar quarter. If a mark-to-market election is in effect, a U.S. Holder generally would take into account, as ordinary income each year, the excess of the fair market value of our Common Shares held at the end of such taxable year over the adjusted tax basis of such Common Shares. The U.S. Holder would also take into account, as an ordinary loss each year, the excess of the adjusted tax basis of such our Common Shares over their fair market value at the end of the taxable year, but only to the extent of the excess of amounts previously included in income over ordinary losses deducted as a result of the mark-to-market election. The U.S. Holder's tax basis in our Common Shares would be adjusted to reflect any income or loss recognized as a result of the mark-to-market election. Any gain from a sale, exchange or other disposition of our Common Shares in any taxable year in which we are a PFIC would be treated as ordinary income and any loss from such sale, exchange or other disposition would be treated first as ordinary loss (to the extent of any net mark-to-market gains previously included in income) and thereafter as capital loss.

A mark-to-market election will not apply to our Common Shares for any taxable year during which we are not a PFIC but will remain in effect with respect to any subsequent taxable year in which we become a PFIC. Such election will not apply to any non-U.S. subsidiaries that we may organize or acquire in the future. Accordingly, a U.S. Holder may continue to be subject to tax under the PFIC excess distribution regime with respect to any lower-tier PFICs that we may organize or acquire in the future notwithstanding the U.S. Holder's mark-to-market election for our Common Shares.

The tax consequences that would apply if we were a PFIC would also be different from those described above if a U.S. Holder were able to make a valid qualified electing fund, or QEF, election. At this time, we do not expect to provide U.S. Holders with the information necessary for a U.S. Holder to make a QEF election. Consequently, prospective investors should assume that a QEF election will not be available.

Each U.S. person that is an investor of a PFIC is generally required to file an annual information return on IRS Form 8621 containing such information as the U.S. Treasury Department may require. The failure to file IRS Form 8621 could result in the imposition of penalties and the extension of the statute of limitations with respect to the assessment of U.S. federal income tax.

 **The U.S. federal income tax rules relating to PFICs are very complex. Prospective U.S. investors are strongly urged to consult their own tax advisors with respect to the impact of PFIC status on the purchase, ownership and disposition of our Common Shares, the consequences to them of an investment in a PFIC, any elections available with respect to our Common Shares and the IRS information reporting obligations with respect to the purchase, ownership and disposition of the Common Shares of a PFIC.**

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***Distributions***

Subject to the discussion above under "*—Passive Foreign Investment Company Consequences*", a U.S. Holder that receives a distribution with respect to our Common Shares generally will be required to include the gross amount of such distribution in gross income as a dividend when actually or constructively received to the extent of the U.S. Holder's pro rata share of our current and/or accumulated earnings and profits (as determined under U.S. federal income tax principles). To the extent a distribution received by a U.S. Holder is not a dividend because it exceeds the U.S. Holder's pro rata share of our current and accumulated earnings and profits, it will be treated first as a tax-free return of capital and reduce (but not below zero) the adjusted tax basis of the U.S. Holder's Common Shares. To the extent the distribution exceeds the adjusted tax basis of the U.S. Holder's Common Shares, the remainder will be taxed as capital gain. Because we may not account for our earnings and profits in accordance with U.S. federal income tax principles, U.S. Holders should expect all distributions to be reported to them as dividends. Distributions on our Common Shares that are treated as dividends are most likely to constitute U.S. source income for foreign tax credit purposes and generally will constitute passive category income. Such dividends, however, will not be eligible for the "dividends received" deduction generally allowed to corporate shareholders with respect to dividends received from U.S. corporations.

A U.S. Holder receiving a distribution from which the 25% Canadian withholding tax (as described above in "*Canadian Income Tax Considerations – Dividends"*) has been deducted may be entitled to a foreign tax credit in determining the U.S. Holder's federal income tax liability for the year in which the distribution is received. The availability of a full or partial foreign tax credit in respect of such Canadian withholding tax is determined under rules of considerable complexity, and the foreign tax credit may not be available in all cases**. Prospective U.S. investors are strongly urged to consult their own tax advisors with respect to the availability of the foreign tax credit with respect to distributions received from which Canadian tax has been withheld at source.**

Provided that certain requirements are met, dividends paid by a "qualified foreign corporation" to certain non-corporate U.S. Holders are eligible for taxation at a reduced capital gains rate rather than the marginal tax rates generally applicable to ordinary income. However, if we are a PFIC for the taxable year in which the dividend is paid or the preceding taxable year (see discussion above under "*—Passive Foreign Investment Company Consequences*"), we will not be treated as a qualified foreign corporation. In such case, the reduced capital gains tax rate described above will not apply. Each U.S. Holder is advised to consult its tax advisors regarding the availability of the reduced tax rate on dividends with regard to its particular circumstances.

A non-United States corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) generally will be considered to be a qualified foreign corporation (a) if it is eligible for the benefits of a comprehensive tax treaty with the United States which the Secretary of Treasury of the United States determines is satisfactory for purposes of this provision and which includes an exchange of information provision, or (b) with respect to any dividend it pays on our Common Shares that are readily tradable on an established securities market in the United States. We believe that we qualify as a resident of Canada for purposes of, and are eligible for the benefits of, the United States – Canada Income Tax Convention, dated September 26, 1980 and subsequent Protocols (the U.S-Canada Treaty) , although there can be no assurance in this regard. Further, the IRS has determined that the U.S.-Canada Treaty is satisfactory for purposes of the qualified dividend rules and that it includes an exchange of information provision. Therefore, subject to the discussion above under "*—Passive Foreign Investment Company Consequences*", if the U.S.-Canada Treaty is applicable, such dividends will generally be "qualified dividend income" in the hands of individual U.S. Holders, provided that certain conditions are met, including holding period and the absence of certain risk reduction transactions.

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 ***Sale, Exchange or Other Disposition of our Common Shares***

Subject to the discussion above under "*—Passive Foreign Investment Company Consequences*", a U.S. Holder generally will recognize capital gain or loss for U.S. federal income tax purposes upon the sale, exchange or other disposition of our Common Shares in an amount equal to the difference, if any, between the amount realized (i.e., the amount of cash plus the fair market value of any property received) on the sale, exchange or other disposition and such U.S. Holder's adjusted tax basis in our Common Shares. Such capital gain or loss generally will be long-term capital gain taxable at a reduced rate for noncorporate U.S. Holders or long-term capital loss if, on the date of sale, exchange or other disposition, our Common Shares were held by the U.S. Holder for more than one year. Any capital gain of a non-corporate U.S. Holder that is not long-term capital gain is taxed at ordinary income rates. The deductibility of capital losses is subject to limitations. Any gain or loss recognized from the sale or other disposition of our Common Shares will generally be gain or loss from sources within the United States for U.S. foreign tax credit purposes.

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 ***Net Investment Income Tax***

Certain U.S. Holders that are individuals, estates or trusts and whose income exceeds certain thresholds generally are subject to a 3.8% tax on all or a portion of their net investment income, which may include their gross dividend income and net gains from the disposition of our Common Shares. If you are a United States person that is an individual, estate or trust, you are encouraged to consult your tax advisors regarding the applicability of this net investment income tax to your income and gains in respect of your investment in our Common Shares.

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***Information Reporting***

U.S. Holders may be required to file certain U.S. information reporting returns with the IRS with respect to an investment in our Common Shares, including, among others, IRS Form 8938 (Statement of Specified Foreign Financial Assets). As described above under "*—Passive Foreign Investment Company Consequences*", each U.S. Holder who is a shareholder of a PFIC must file an annual report containing certain information. U.S. Holders paying more than US$100,000 for our Common Shares may be required to file IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) reporting this payment. Substantial penalties may be imposed upon a U.S. Holder that fails to comply with the required information reporting.

U.S. Holders should consult their own tax advisors regarding the information reporting rules.

 **EACH PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO IT OF AN INVESTMENT IN OUR COMMON SHARES IN LIGHT OF THE INVESTOR'S OWN CIRCUMSTANCES.**

**ENFORCEABILITY OF CIVIL LIABILITIES**

We were incorporated under the laws of the Province of Vancouver, British Columbia. All of our directors and officers, as well as the certain experts named in the "Experts" section of this prospectus, reside outside of the United States. Service of process upon such persons may be difficult or impossible to effect within the United States. Furthermore, because a substantial portion of our assets, and substantially all the assets of our directors and officers and the Canadian experts named herein, are located outside of the United States, any judgment obtained in the United States, including a judgment based upon the civil liability provisions of United States federal securities laws, against us or any of such persons may not be collectible within the United States. In addition, it may be difficult for an investor, or any other person or entity, to assert United States securities laws claims in original actions instituted in Canada. The Supreme Court of Canada has repeatedly affirmed that the requirements to enforce a foreign judgment are as follows:

● the judgment of the foreign court must be final and conclusive;

● the court granting the foreign judgment must have had jurisdiction over the parties and the cause of action;

● the action to enforce a foreign judgment must have been commenced within applicable limitation periods;

● the judgment is not contrary to the law, public policy, security or sovereignty of Canada and its enforcement is not incompatible with Canadian concepts of justice or contrary to the laws governing enforcement of judgments; and

● the judgment was not obtained by fraud and does not conflict with any other valid judgment in the same matter between the same parties;

Foreign judgments enforced by Canadian courts generally will be payable in Canadian dollars. A Canadian court hearing an action to recover an amount in a non-Canadian currency will render judgment for the equivalent amount in Canadian currency.

Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42th Street, 18th Floor, New York, NY 10168.

**UNDERWRITING**

Joseph Gunnar & Co., LLC, is the representative for the several underwriters of this offering, or the representative. We have entered into an underwriting agreement dated , 2025, with the underwriters named below. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the underwriters, and each underwriter has agreed, severally and not jointly, to purchase, at the public offering price less the underwriting discounts set forth on the cover page of this prospectus, the number of Common Shares at the initial public offering price, less the underwriting discounts and commissions, as set forth on the cover page of this prospectus, the number of shares listed next to its name in the following table:

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| | |
|:---|:---|
| **Underwriter** | **Number of<br> Shares** |
| Joseph Gunnar & Co., LLC |  |
| Total |  |

---

The underwriters are committed to purchase all Common Shares offered by us other than those covered by the over-allotment option described below, if any are purchased. The obligations of the underwriters may be terminated upon the occurrence of certain events specified in the underwriting agreement. Furthermore, the underwriting agreement provides that the obligations of the underwriters to pay for and accept delivery of the Common Shares offered by us in this prospectus are subject to various representations and warranties and other customary conditions specified in the underwriting agreement, such as receipt by the representative of officers' certificates and legal opinions.

We have agreed to indemnify the underwriters against specified liabilities, including liabilities under the Securities Act, and to contribute to payments the underwriters may be required to make in respect thereof.

The underwriters are offering the Common Shares subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by its counsel and other conditions specified in the underwriting agreement. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

We have granted the underwriters an over-allotment option. This option, which is exercisable for up to 45 days after the date of this prospectus, permits the underwriters to purchase up to an aggregate of additional Common Shares (equal to 15% of the Common Shares sold in this offering) at the public offering price per share, less underwriting discounts and commissions, solely to cover over-allotments, if any. If the underwriters exercise this option in whole or in part, then the underwriters will be committed, subject to the conditions described in the underwriting agreement, to purchase the additional Common Shares in proportion to their respective commitments set forth in the prior table.

**Discounts, Commissions and Reimbursement**

The representative has advised us that the underwriters propose to offer the shares to the public at the initial public offering price per share set forth on the cover page of this prospectus. The underwriters may offer shares to securities dealers at that price less a concession of not more than $ per share of which up to $ per share may be reallowed to other dealers. After the initial offering to the public, the public offering price and other selling terms may be changed by the representative.

The following table summarizes the underwriting discounts and commissions, non-accountable underwriters' expense allowance and proceeds, before expenses, to us assuming both no exercise and full exercise by the underwriters of their over-allotment option:

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| | | | |
|:---|:---|:---|:---|
|  | | **Total** | **Total** |
|  |<br>**Per Share** | **Offering without Over-<br> Allotment<br> Option** | **Offering <br> with Over-<br> Allotment<br> option** |
| Public offering price | US$ | US$ | US$ |
| Underwriting discounts and commissions (8.0%) |  |  |  |
| Non-accountable expense allowance (0.5%) |  |  |  |
| Proceeds, before expenses, to us | US$ | US$ | US$ |

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We have paid an expense deposit of $25,000 to the representative of the underwriters upon execution of an engagement letter relating to this offering (the "Advance"), which will be reimbursed to us to the extent not incurred.

We have also agreed to reimburse the underwriter for reasonable out-of-pocket expenses not to exceed $251,950 in the aggregate, including: (i) up to $150,000 in fees and expenses of the underwriter's legal counsel and (ii) up to $101,950 in other expenses related to the offering. We estimate that the total expenses of this offering payable by us, not including underwriting discounts, commissions and expenses, will be approximately $572,508.

**Representative's Warrants**

Upon the closing of this offering, we have agreed to issue to the representative warrants to purchase a number of Common Shares equal in the aggregate to 5% of the total shares sold in this public offering (the "Representative's Warrants"). The Representative's Warrants will be exercisable at a per share exercise price equal to 110% of the public offering price per share sold in this offering. The Representative's Warrants are exercisable at any time and from time to time, in whole or in part, during the four-and-½-year period commencing six months after the effective date of the registration statement related to this offering. The Representative's Warrants also provide for one demand registration right of the shares underlying the Representative's Warrants, and unlimited "piggyback" registration rights with respect to the registration of the Common Shares underlying the Representative's Warrants and customary antidilution provisions. The demand registration right provided will not be greater than five years from the effective date of the registration statement related to this offering in compliance with FINRA Rule 5110(g)(8)(C). The piggyback registration right provided will not be greater than seven years from the effective date of the registration statement related to this offering in compliance with FINRA Rule 5110(g)(8)(D).

The Representative's Warrants and the Common Shares underlying the Representative's Warrants have been deemed compensation by the Financial Industry Regulatory Authority, or FINRA, and are therefore subject to a 180-day lock-up pursuant to Rule 5110(e)(1) of FINRA. The representative, or permitted assignees under such rule, may not sell, transfer, assign, pledge, or hypothecate the Representative's Warrants or the securities underlying the Representative's Warrants, nor will the representative engage in any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the Representative's Warrants or the underlying shares for a period of 180 days from the effective date of the registration statement. Additionally, the Representative's Warrants may not be sold transferred, assigned, pledged or hypothecated for a 180-day period following the effective date of the registration statement except to any underwriter and selected dealer participating in the offering and their bona fide officers or partners. The Representative's Warrants will provide for adjustment in the number and price of the Representative's Warrants and the Common Shares underlying such Representative's Warrants in the event of recapitalization, merger, stock split or other structural transaction, or a future financing undertaken by us.

**Discretionary Accounts**

The underwriters do not intend to confirm sales of the securities offered hereby to any accounts over which they have discretionary authority.

**Lock-Up Agreements**

We agreed that for a period of 180 days after the closing of this offering we will not, without the prior written consent of the representative and subject to certain exceptions, directly or indirectly:

● offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares;

● file or caused to be filed any registration statement with SEC relating to the offering of any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares;

● complete any offering of our debt securities, other than entering into a line of credit with a traditional bank; or

● enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our Common Shares, whether any such transaction is to be settled by delivery of Common Shares or such other securities, in cash or otherwise.

In addition, each of our directors, officers and shareholders, including our majority shareholder, Nova Minerals, have agreed that for a period of (i) 180 days after the date of this prospectus in the case of our directors and officers and (ii) 180 days after the date of this prospectus in the case of our shareholders, without the prior written consent of the representative and subject to certain exceptions, they will not directly or indirectly:

● offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any of our Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares;

● enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares, whether any such transaction is to be settled by delivery of Common Shares or such other securities, in cash or otherwise;

● make any demand for or exercise any right with respect to the registration of any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares; or

● publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares.

**Right of First Refusal**

Upon the closing of this offering, for a period of fifteen (15) months from the closing date of this offering, we will grant Joseph Gunnar the right of first refusal to act as sole managing underwriter and sole book runner, sole placement agent, or sole sales agent, for any and all future public or private equity or equity-linked offerings, for which we retain the service of an underwriter, agent, advisor, finder or other person or entity in connection with such offering during such fifteen (15) month period. The Company shall not offer to retain any entity or person in connection with any such offering on terms more favorable than terms on which it offers to retain Joseph Gunnar.

**Electronic Offer, Sale and Distribution of Securities**

A prospectus in electronic format may be made available on the websites maintained by the underwriters or selling group members. The underwriters may agree to allocate a number of securities to selling group members for sale to its online brokerage account holders. Internet distributions will be allocated by the underwriters and selling group members that will make internet distributions on the same basis as other allocations. Other than the prospectus in electronic format, the information on these websites is not part of, nor incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved or endorsed by us, and should not be relied upon by investors.

**Stabilization**

Stabilizing transactions permit bids to purchase shares so long as the stabilizing bids do not exceed a specified maximum, and are engaged in for the purpose of preventing or retarding a decline in the market price of the shares while this offering is in progress.

Over-allotment transactions involve sales by the underwriters of Common Shares in excess of the number of Common Shares the underwriters are obligated to purchase. This creates a syndicate short position which may be either a covered short position or a naked short position. In a covered short position, the number of Common Shares over-allotted by the underwriters are not greater than the number of Common Shares that they may purchase in the over-allotment option. In a naked short position, the number of Common Shares involved is greater than the number of Common Shares in the over-allotment option. The underwriters may close out any short position by exercising their over-allotment option and/or purchasing Common Shares in the open market.

Syndicate covering transactions involve purchases of Common Shares in the open market after the distribution has been completed in order to cover syndicate short positions. In determining the source of Common Shares to close out the short position, the underwriters will consider, among other things, the price of Common Shares available for purchase in the open market as compared with the price at which it may purchase Common Shares through exercise of the over-allotment option. If the underwriters sell more Common Shares than could be covered by exercise of the over-allotment option and, therefore, have a naked short position, the position can be closed out only by buying Common Shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that after pricing there could be downward pressure on the price of the Common Shares in the open market that could adversely affect investors who purchase in this offering.

Penalty bids permit an underwriter to reclaim a selling concession from a syndicate member when the Common Shares originally sold by that syndicate member are purchased in stabilizing or syndicate covering transactions to cover syndicate short positions.

These stabilizing transactions, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our Common Shares or preventing or retarding a decline in the market price of our Common Shares. As a result, the price of our Common Shares in the open market may be higher than it would otherwise be in the absence of these transactions. Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the price of our Common Shares. These transactions may be effected in the over-the-counter market or otherwise and, if commenced, may be discontinued at any time.

**Passive Market Making**

In connection with this offering, underwriters, and selling group members may engage in passive market making transactions in our securities on NYSE American in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares and extending through the completion of the distribution. A passive market maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive market maker's bid, then that bid must then be lowered when specified purchase limits are exceeded.

**Other Relationships**

The underwriters and their affiliates may in the future provide various investment banking, commercial banking and other financial services for us and our affiliates for which they may in the future receive customary fees.

**Offer Restrictions Outside the United States**

Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to this offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

**Canada**

The securities may be sold in Canada only to purchasers, purchasing, or deemed to be purchasing, as principal, that are accredited investors, as defined in National Instrument 45-106 *Prospectus Exemptions* or subsection 73.3(1) of the Securities Act (Ontario). Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable Canadian securities laws. Canadian purchasers should refer to any applicable provisions of the securities legislation of their province or territory for particulars of these rights or consult with a legal advisor.

**EXPENSES RELATED TO THIS OFFERING**

Set forth below is an itemization of our total expenses, excluding underwriting discounts and commissions, which are expected to be incurred in connection with the offer and sale of the Common Shares by us. With the exception of the SEC registration fee, the FINRA filing fee and the NYSE American listing fee, all amounts are estimates.

---

| | |
|:---|:---|
|  | **Amount** |
| SEC registration fee | 1857.49 |
| FINRA filing fee | $650.00 |
| NYSE American listing fee | $50000.00 |
| Accounting fees and expenses | $100000.00 |
| Legal fees and expenses | $250000.00 |
| Transfer agent fees and expenses | $25000.00 |
| Printing fees and expenses | $70000.00 |
| Miscellaneous | $75000.51 |
| TOTAL | 572508.00 |

---

**LEGAL MATTERS**

Certain legal matters as to the United States federal and New York law in connection with this offering will be passed upon for us by Bevilacqua PLLC. Certain legal matters as to the United States federal and New York law in connection with this offering will be passed upon for the underwriters by Ellenoff Grossman & Schole LLP. The validity of the Common Shares offered in this offering and certain other legal matters as to Canada law will be passed upon for us by McMillan LLP. Bevilacqua PLLC may rely upon McMillan LLP with respect to matters governed by Canadian law.

**EXPERTS**

Our consolidated financial statements as of September 30, 2024 and 2023 and for the years then ended included in this prospectus have been audited by MNP LLP, an independent registered public accounting firm with PCAOB ID:1930, as stated in their report appearing herein. Such financial statements are included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.

The office of MNP LLP is located at 609 Granville Street, Suite 2400, Vancouver BC, V7Y 1E7.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a registration statement on Form F-1, including relevant exhibits and schedules, under the Securities Act with respect to the Common Shares to be sold in this offering. This prospectus, which constitutes a part of the registration statement, does not contain all of the information contained in the registration statement. You should read the registration statement on Form F-1 and its exhibits and schedules for further information with respect to us and the Common Shares.

Immediately upon completion of this offering, we will become subject to periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. The SEC maintains a website that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of the website is www.sec.gov. Additionally, we will make these filings available, free of charge, on our website at https://lannistermining.com/ as soon as reasonably practicable after we electronically file such materials with, or furnish them to, the SEC. The information on our website, other than these filings, is not, and should not be, considered part of this prospectus and is not incorporated by reference into this document.

As a foreign private issuer, we are exempt from the rules of the Exchange Act prescribing the furnishing and content of proxy statements to shareholders, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

**LANNISTER MINING CORP.**

**Consolidated Financial Statements**

For the years ended September 30, 2024 and 2023

(Expressed in Canadian dollars)

**LANNISTER MINING CORP.**

**Index to Consolidated Financial Statements**

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

---

| | |
|:---|:---|
|  | **PAGE** |
| [**INDEPENDENT AUDITORS REPORT**](#fin_001) | F-2 |
| **FINANCIAL STATEMENTS** |  |
| [Consolidated Statements of Financial Position as of September 30, 2024 and 2023](#fin_002) | F-3 |
| [Consolidated Statements of Loss and Comprehensive Loss for the Years Ended September 30, 2024 and 2023](#fin_003) | F-4 |
| [Consolidated Statements of Cash Flows for the Years Ended September 30, 2024 and 2023](#fin_004) | F-5 |
| [Consolidated Statements of Changes in Shareholders' Equity for Years Ended September 30, 2024 and 2023](#fin_005) | F-6 |
| [Notes to the Consolidated Financial Statements](#fin_006) | F-7 |

---

---

| | |
|:---|:---|
| **Condensed Interim Consolidated Financial Statements for the Six Months ended March 31, 2025 and 2024 (Unaudited)** | **PAGE** |
| [Condensed Interim Consolidated Statements of Financial Position as of March 31, 2025 (Unaudited) and September 30, 2024 (Audited)](#L_001) | F-22 |
| [Condensed Interim Consolidated Statements Loss and Comprehensive Loss for the Six Months Ended March 31, 2025, and 2024 (Unaudited)](#L_002) | F-23 |
| [Condensed Interim Consolidated Statements of Cash Flow for the Six Months Ended March 31, 2025, and 2024 (Unaudited)](#L_003) | F-24 |
| [Condensed Interim Consolidated Statements of Changes in Equity for the Six Months Ended March 31, 2025, and 2024 (Unaudited)](#L_004) | F-25 |
| [Notes to the Condensed Interim Consolidated Financial Statements](#L_005) | F-26 |

---

![](fin_001.jpg)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholder of Lannister Mining Corp.

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated statements of financial position of Lannister Mining Corp. (the "Company") as of September 30, 2024 and 2023, and the related consolidated statements of loss and comprehensive loss, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended September 30, 2024, and the related notes (collectively referred to as the "consolidated financial statements").

In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of September 30, 2024 and 2023, and the results of its consolidated operations and its consolidated cash flows for each of the years in the two-year period ended September 30, 2024, in conformity with IFRS<sup>®</sup> Accounting Standards as issued by the International Accounting Standards Board.

**Material Uncertainty Related to Going Concern**

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has not generated revenue to date and has an accumulated deficit which raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

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

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

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

---

| |
|:---|
| /s/ MNP LLP |
| MNP LLP |
| Chartered Professional Accountants |
| We have served as the Company's auditor since 2023. |
| Vancouver, Canada |
| February 24, 2025 |

---

![](fin_002.jpg)

 **LANNISTER MINING CORP.** 

**Consolidated Statements of Financial Position**

**(Expressed in Canadian Dollars)**

---

| | |
|:---|:---|
|  |<br>**Note** |
| **ASSETS** | |
| **Current** | |
| &nbsp;&nbsp;&nbsp;Cash |  |
| &nbsp;&nbsp;&nbsp;Goods and services tax recoverable |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  |
| **Mineral property** | 5 |
| **Reclamation bond** | 6 |
| **Total assets** |  |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |
| **Current** |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 7 |
| **Total liabilities** |  |
| **Shareholders' equity** |  |
| &nbsp;&nbsp;&nbsp;Share capital | 8 |
| &nbsp;&nbsp;&nbsp;Reserves | 8 |
| &nbsp;&nbsp;&nbsp;Deficit |  |
| **Total shareholders' equity** |  |
| **Total liabilities and shareholders' equity** |  |

---

**Nature of operations and going concern** (Note 1)

**Commitments** (Note 12)

**Subsequent events** (Note 14)

Approved and authorized for issue on behalf of the Board on February 13, 2025.

<u>*"Mario Vetro"*</u> , Director <u>*"James Greig"*</u> , Director

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

**LANNISTER MINING CORP.**

**Consolidated Statements of Loss and Comprehensive Loss**

**(Expressed in Canadian Dollars)**

---

| |
|:---|
| **OPERATING EXPENSES** |
| &nbsp;&nbsp;&nbsp; Exploration and evaluation expenditures |
| &nbsp;&nbsp;&nbsp; Filing fees |
| &nbsp;&nbsp;&nbsp; General and administrative |
| &nbsp;&nbsp;&nbsp; Legal fees |
| &nbsp;&nbsp;&nbsp; Marketing |
| &nbsp;&nbsp;&nbsp; Professional fees |
| &nbsp;&nbsp;&nbsp; Interest income |
| **Net loss and comprehensive loss for the year))** |
| Loss per share - basic and diluted) |
| Weighted average number of Common Shares outstanding – basic and diluted |

---

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

**LANNISTER MINING CORP.**

**Consolidated Statements of Cash Flows**

**(Expressed in Canadian Dollars)**

---

| |
|:---|
| **OPERATING ACTIVITIES** |
| &nbsp;&nbsp;&nbsp;Loss for the year) |
| &nbsp;&nbsp;&nbsp;Items not affecting cash: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on foreign exchange |
| &nbsp;&nbsp;&nbsp;Changes in non-cash working capital items: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goods and services taxes recoverable) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payables and accrued liabilities |
| **Cash used in operating activities** |
| **INVESTING ACTIVITIES** |
| &nbsp;&nbsp;&nbsp;Purchase of reclamation bonds) |
| &nbsp;&nbsp;&nbsp;Payment for option to acquire mineral property |
| **Cash used in investing activities** |
| **FINANCING ACTIVITIES** |
| **Cash provided by financing activities** |
| **Change in cash during the year**) |
| **Cash, beginning of year** |
| **Cash, end of year** |
| **Supplemental cash flow information** |
| &nbsp;&nbsp;&nbsp;Cash interest received |
| **Supplemental non-cash disclosures** |
| &nbsp;&nbsp;&nbsp;Value of warrants transferred on cancellation |

---

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

**LANNISTER MINING CORP.**

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

**(Expressed in Canadian Dollars, Except Number of Shares)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Share capital** | **Share capital** | |
|  | **Number of shares** | **Amount** |<br>**Reserves** |
|  | | **$** | **$** |
| **Balance, September 30, 2022** | **4065003** | **7018149)** |  |
| Loss for the year | - | - |  |
| **Balance, September 30, 2023** | **4065003** | **7018149)** |  |
| Shares issued for cancellation of warrants | 982201 | 314300) |  |
| Loss for the year | - | - |  |
| **Balance, September 30, 2024** | **5047204** | **7332449** |  |

---

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

**LANNISTER MINING CORP.**

**Notes to Consolidated Financial Statements**

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

**(Expressed in Canadian Dollars)**

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

Lannister Mining Corp. (the "Company" or "Lannister") was incorporated on September 21, 2021, under the laws of British Columbia, pursuant to the terms of an amalgamation agreement dated June 21, 2021 among Lannister Mining Corp. ("Former Lannister"), 1247666 BC Ltd. ("1247666"), and the shareholders of 1247666 (the "Amalgamation"). Upon Amalgamation, Former Lannister and 1247666 ceased existing as companies. The head office and principal address of the Company is located at Suite 1500 - 1055 West Georgia St., Vancouver, BC, V6E 4N7.

The Company's principal business activities include the acquisition and exploration of mineral property assets. As at September 30, 2024, the Company had not yet determined whether the Company's mineral property assets contain ore reserves that are economically recoverable. The recoverability of amounts shown for exploration and evaluation assets is dependent upon the discovery of economically recoverable reserves, confirmation of the Company's interest in the underlying mineral claims, the ability of the Company to obtain the necessary financing to complete the development of and the future profitable production from the property or realizing proceeds from its disposition.

As at September 30, 2024, the Company has not generated revenue to date, had an accumulated deficit of $3,679,562, and has been funded by the issuance of equity. Additionally, subsequent to September 30, 2024, the Company issued $460,000 of convertible debentures bearing interest at 12% per annum. These factors form a material uncertainty that cast substantial doubt on the Company's ability to continue as a going concern. The Company's ability to continue its operations and to realize its assets at their carrying values is dependent upon obtaining additional financing and generating revenues sufficient to cover its operating costs.

These consolidated financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern, and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business, and at amounts different from those reflected in these consolidated financial statements, any such adjustments could be material.

On December 28, 2023, the shareholders of the Company approved a share consolidation of the Company's issued and outstanding Common Shares on the basis of 16 pre-consolidated Common Shares for one post-consolidated Common Share. As a result, the Company's issued and outstanding warrants and stock options were also consolidated on a sixteen-to-one basis. Immediately after the share consolidation, all outstanding warrants were converted to (1/2) half post-consolidation shares without any exercise price paid by warrant holders. All information relating to basic and diluted loss per share, issued and outstanding Common Shares, share purchase warrants, broker warrants, stock options, share and per share amounts in these financial statements have been adjusted retrospectively to reflect the share consolidation.

**2.** **BASIS OF PRESENTATION** 

**Statement of compliance**

These financial statements have been prepared using accounting policies in compliance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board and the interpretations of the International Financial Reporting Interpretations Committee.

These financial statements were approved by the Board of Directors of the Company and authorized for issuance on February 13, 2025.

**Basis of presentation**

These financial statements have been prepared on a historical cost basis except for those financial instruments which have been classified as fair value through profit or loss. In addition, except for cash flow information, these financial statements have been prepared using the accrual method of accounting.

**LANNISTER MINING CORP.**

**Notes to Consolidated Financial Statements**

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

**(Expressed in Canadian Dollars)**

**2.** **BASIS OF PRESENTATION (continued)** 

**Functional and presentation currency**

These financial statements have been prepared in Canadian dollars ("CAD"), which is the Company's functional and presentation currency. Amounts denominated in United States dollars are denoted as US$.

**Basis of consolidation**

These financial statements include the accounts of the Company and its subsidiary. All intercompany transactions and balances are eliminated on consolidation. Control exists where the parent entity has power over the investee and is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The subsidiary is included in the consolidated financial statements from the date control commences until the date control ceases.

Details of the Company's subsidiary included in these financial statements as at September 30, 2024 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | **Percentage owned** | **Percentage owned** |
|  | <br>**Incorporation** | **2024** | **2023** |
| 60431 Montana, Ltd. ("60431 Montana") | USA CAD | 100% | 100% |

---

On December 28, 2020, Former Lannister, defined in Note 4, incorporated 60431 Montana Ltd.

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION** 

**Significant accounting estimates and judgments**

Apart from making estimates and assumptions as described below, the Company's management makes judgments in the process of applying its accounting policies that have a significant effect on the amounts recognized in the Company's consolidated financial statements. The significant judgments that the Company's management has made in the process of applying the Company's accounting policies, apart from those involving estimation uncertainties, that have the most significant effect include, but are not limited to:

<u>Impairment of mineral property assets</u>

Assets or cash-generating units are evaluated at each reporting date to determine whether there are any indications of impairment. The Company considers both internal and external sources of information when making the assessment of whether there are indications of impairment for the Company's mineral property.

Significant judgment is required when determining whether facts and circumstances suggest that the carrying amount of resource properties may exceed its recoverable amount. The retention of regulatory permits and licenses; the Company's ability to obtain financing for exploration and development activities and its future plans on the resource properties; current and future metal prices; and market sentiment are all factors considered by the Company.

In respect of the carrying value of mineral property assets recorded on the consolidated statements of financial position, management has determined there are no impairment indications that the value of the assets have declined more than what is expected from the passage of time or normal use.

**LANNISTER MINING CORP.**

**Notes to Consolidated Financial Statements**

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

**(Expressed in Canadian Dollars)**

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (continued)** 

**Significant accounting estimates and judgments (continued)**

<u>Decommissioning and restoration provision</u>

Mining and exploration activities are subject to various laws and regulations governing the protection of the environment. In general, these laws and regulations are continually changing, and the Company has made, and intends to make in the future, expenditures to comply with such laws and regulations. Accounting for reclamation and remediation obligations requires management to make estimates of the future costs the Company will incur to complete the reclamation and remediation work required to comply with existing laws and regulations at each mining operation and exploration and development property. In addition, future changes to environmental laws and regulations may increase the extent of reclamation and remediation work required to be performed by the Company. Increases in future costs could materially impact the amounts charged to operations for decommissioning and restoration. The provision represents management's best estimate of the present value of the future decommissioning and restoration obligation.

Due to uncertainties concerning environmental remediation, the ultimate cost to the Company of future site restoration could differ from the amounts provided. The estimate of the total provision for future decommissioning and restoration costs are subject to change based on amendments to laws and regulations, changes in technology, price increases and changes in interest rates, and changes in mine life, and as new information concerning the Company's closure and reclamation obligations becomes available.

<u>Functional currency</u>

The determination of the functional currency for the Company and subsidiary was based on management's judgement of the underlying transactions, events and conditions relevant to each entity. Management determined that for the years ended September 30, 2024 and 2023, the functional currency of the Company and its subsidiary is the Canadian dollar.

In making this determination, management applied the considerations of IAS 21 *The Effects of Changes in Foreign Exchange Rates.* While 60431 Montana is incorporated in the USA and has title to a mineral property in the USA, during the years ended September 30, 2024 and 2023, 60431 Montana did not have any operating activities, did not have a bank account, and all exploration costs were incurred by the Lannister, making the operations of 60431 Montana integral to the parent reporting entity. As the Company is pre-revenue and only Lannister is involved in financing activities, all amounts raised are in Canadian dollars. The primary economic environment of Lannister is Canadian dollars and as such, its functional currency is Canadian dollars. As a result of 60431 Montana being an integrated foreign operation of the parent, its functional currency is also Canadian dollars.

<u>Going concern</u>

The assessment of the Company's ability to continue as a going concern and to raise sufficient funds to pay for its operating expenditures, meet its liabilities for the subsequent year, and to fund planned contractual exploration programs, involves significant judgement based on historical experiences and other factors including expectation of future events that are believed to be reasonable under the circumstances.

Management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting period.

Significant areas requiring the use of management estimates include:

<u>Share-based payment transactions</u>

The Company uses the Black-Scholes Option Pricing Model for valuation of share-based compensation and other equity based payments. Option pricing models require the input of subjective assumptions including expected price volatility, interest rate, and forfeiture rate. Changes in the input assumptions can materially affect the fair value estimate and the Company's earnings and equity reserves.

**LANNISTER MINING CORP.**

**Notes to Consolidated Financial Statements**

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

**(Expressed in Canadian Dollars)**

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (continued)** 

**Cash**

Cash comprises of deposits held at financial institutions and cash on hand.

**Mineral property**

Costs directly related to acquiring the legal right to explore a mineral property, including the acquisition of licenses, mineral rights, and similar acquisition costs are recognized and capitalized as mineral property. Acquisition costs incurred in obtaining the legal right to explore a mineral property are deferred until the legal right is granted, upon which the costs are reclassified to mineral property. Transaction costs incurred in acquiring an asset are deferred until the transaction is completed and then included in the purchase price of the asset acquired.

Costs directly related to exploration and evaluation activities, including but not limited to researching and analyzing existing exploration data, conducting geological studies, exploration drilling and sampling, annual maintenance fees, payments made to contractors and consultants in connection with the exploration and evaluation of the property, are expensed in the period in which they are incurred as exploration and evaluation expenses consolidated statements of loss and comprehensive loss.

Costs not directly attributable to exploration and evaluation activities, including general administrative overhead costs, are expensed as general and administrative in the period in which they occur.

**Decommissioning and restoration provision**

The Company recognizes a provision for statutory, contractual, constructive, or legal obligations associated with decommissioning of mining operations and reclamation and rehabilitation costs arising when environmental disturbance is caused by the exploration or development of mineral properties. Provisions for decommissioning and restoration are recognized in the period in which the obligation is incurred or acquired and are measured based on expected future cash flows to settle the obligation, discounted to their present value. The discount rate is a pre-tax rate that reflects current market assessments of the time value of money and risks specific to the liability.

When an obligation is initially recognized, the corresponding cost is capitalized to the carrying amount of the related asset. These costs are depreciated on a basis consistent with the depreciation, depletion, and amortization of the underlying assets.

The obligation is accreted over time for the change in its present value, with this accretion charge recognized as a finance expense in profit or loss. The obligation is also adjusted for changes in the estimated amount and timing of expected future cash flows and changes in the discount rate. Such changes in estimates are added to or deducted from the related asset except where deductions are greater than the carrying value of the related asset, in which case the amount of the excess is recognized in profit or loss. As at September 30, 2024, no asset retirement obligation is required and the Company had reclamation bond of $295,852 (US$219,166) (2023 - $301,217 (US$219,166)).

**Foreign currency translation and transactions**

In preparing the consolidated financial statements, transactions in currencies other than the entity's functional currency are recorded at the rates of exchange prevailing at the dates of the transactions. At each period end, monetary assets and liabilities are translated using the period-end foreign exchange rate. Non-monetary assets and liabilities are translated using the historical exchange rate on the date of the transaction. Non-monetary assets and liabilities that are stated at fair value are translated using the historical exchange rate on the date that the fair value was determined. All gains and losses on translation of these foreign currency transactions are included in the consolidated statements of loss and comprehensive loss.

**LANNISTER MINING CORP.**

**Notes to Consolidated Financial Statements**

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

**(Expressed in Canadian Dollars)**

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (continued)** 

**Share-based compensation**

The Company grants stock options and restricted share units ("RSUs") to directors, officers, employees, consultants and its affiliates as an element of compensation. The fair value of the stock options and RSUs is recognized over the vesting period as share-based compensation expense and reserves. The fair value of the stock options is determined using the Black-Scholes option pricing model using estimates at the date of the grant while RSU's are valued at the fair value on the date of grant. At each reporting date prior to vesting, the cumulative expense representing the extent to which the vesting period has expired and management's best estimate of the awards that are ultimately expected to vest is computed. The movement in cumulative expense is recognized in the statement of loss and comprehensive loss with a corresponding entry within equity, against reserves. No expense is recognized for stock options that do not ultimately vest. When stock options are exercised, the proceeds received, together with any related amount in reserves, are credited to share capital.

Share-based compensation arrangements in which the Company receives goods or services as consideration for its own equity instruments are accounted for as equity-settled share-based payment transactions and measured at the fair value of the goods or services received unless the fair value cannot be estimated reliably. If the Company cannot reliably estimate the fair value of the goods or services received, the Company will measure their value by reference to the fair value of the equity instruments granted.

The Company transfers the value of forfeited and expired unexercised vested stock options and compensatory warrants to deficit or share capital from reserves on the date of expiration based on the nature of the item.

**Share capital**

The Company records proceeds from share issuances net of issue costs. Proceeds from the issuance of units are allocated between Common Shares and share purchase warrants on a residual value basis, wherein the fair value of the Common Shares is based on the market value on the date of announcement of the placement and the balance, if any, is allocated to the attached warrants. Any fair value attributed to the warrants is recorded to reserves. If the warrants expire unexercised or are cancelled prior to expiry, the value attributed to the warrants is transferred from reserves to share capital.

**Earnings (loss) per share**

Basic earnings (loss) per share is computed by dividing profit or loss attributable to Common Shareholders by the weighted average number of shares outstanding during the reporting period. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share, except that the weighted average shares outstanding are increased to include additional shares for the assumed exercise of stock options and warrants, if dilutive.

**Income taxes**

Income tax expense consists of current and deferred tax expense. Income tax expense is recognized in the consolidated statements of loss and comprehensive loss.

<u>Current income tax</u>

Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period-end, adjusted for amendments to tax payable with respect to previous years.

**LANNISTER MINING CORP.**

**Notes to Consolidated Financial Statements**

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

**(Expressed in Canadian Dollars)**

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (continued)** 

**Income taxes (continued)**

<u>Deferred income tax</u>

Deferred tax assets and liabilities are recognized for deferred tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and tax losses carried forward. Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized, or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized consolidated statements of loss and comprehensive loss in the period that substantive enactment occurs. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is not recognized. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.

**Financial instruments**

Financial instruments are measured upon initial recognition at fair value plus, for an item not at fair value through profit or loss ("FVTPL"), transaction costs that are directly attributable to its acquisition or issue.

On initial recognition, a financial asset or liability is classified as measured at amortized cost or FVTPL.

A financial asset is classified as amortized cost if held within a business model with an objective to hold assets to collect contractual cash flows, the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest, and the asset is not designated as FVTPL.

Financial assets and liabilities classified as FVTPL are subsequently measured at fair value with changes in fair value recognized consolidated statements of loss and comprehensive loss.

Financial assets and liabilities classified at amortized cost are subsequently measured at amortized cost using the effective interest method, and for financial assets only net of any impairment allowance.

**Comparative Figures** 

Prior period comparative amounts have been reclassified to conform to current period presentation.

**Accounting standards and amendments adopted**

The following new standards, amendments to standards and interpretations were adopted as of October 1, 2023:

● *Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)* – the amendments require that an entity discloses its material accounting policies, instead of its significant accounting policies. Further amendments explain how an entity can identify a material accounting policy.

● *Definition of Accounting Estimates (Amendments to IAS 8)* – the amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are "monetary amounts in financial statements that are subject to measurement uncertainty". Entities develop accounting estimates if accounting policies require items in financial statements to be measured in a way that involves measurement uncertainty. The amendments clarify that a change in accounting estimate that results from new information or new developments is not the correction of an error.

**LANNISTER MINING CORP.**

**Notes to Consolidated Financial Statements**

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

**(Expressed in Canadian Dollars)**

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (continued)** 

**Accounting standards and amendments issued but not yet adopted**

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

These amendments:

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

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

● clarify when a liability is considered settled.

On October 31, 2022, the IASB issued a deferral of the effective date for the new guidance by one year to annual reporting periods beginning on or after January 1, 2024 and is to be applied retrospectively. The Company has not yet determined the impact of these amendments on its consolidated financial statements.

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

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

4. AMALGAMATION

On September 21, 2021, 1247666 and Lannister Mining Corp. ("Former Lannister") amalgamated to form a new entity, Lannister Mining Corp. (the "Company" or "Lannister"), pursuant to the terms of an amalgamation agreement dated June 21, 2021 (the "Amalgamation Agreement") among Former Lannister, 1247666 and the shareholders of 1247666 (the "Amalgamation"). Upon Amalgamation, Former Lannister and 1247666 ceased existing as companies. The issued shares of each amalgamating company were exchanged for shares in the capital of Lannister or cash, resulting in the issuance of total of 2,495,624 Common Shares to the shareholders of Former Lannister and 1,106,875 Common Shares at $1.44 per share and cash consideration of $164,000 to the shareholders of 1247666.

As a result of the Amalgamation, the Company obtained control of 1247666 and is considered to have acquired 1247666. The Amalgamation was accounted for as an acquisition in accordance with the guidance provided in IFRS 2 *Share-based payment* and IFRS 3 *Business combinations*. The Amalgamation did not qualify as a business combination in accordance with the definition of IFRS 3 as the significant inputs, processes, and outputs, that together constitute a business, did not exist in 1247666 at the time of acquisition. Accordingly, no goodwill or intangible assets were recorded with respect to the transaction.

As the Company could not specifically identify any goods or services that relate to the excess consideration over the net assets acquired, the excess of $1,812,604 was recognized as an acquisition cost of the Basin Gulch project and added to the balance of mineral property.

**LANNISTER MINING CORP.**

**Notes to Consolidated Financial Statements**

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

**(Expressed in Canadian Dollars)**

4. AMALGAMATION (continued)

A summary of the net assets of 1247666 acquired on Amalgamation is as follows:

---

| |
|:---|
| **Consideration** |
| Fair value of Common Shares issued |
| Cash consideration |
| **Fair value allocated to:** |
| Cash |
| Mineral property |
| Accounts payable) |

---

**5.** **MINERAL PROPERTY** 

The Company's mineral property includes the acquisition costs of the Company's Basin Gulch Project (the "Project") which was valued at $3,702,008 at September 30, 2024 and 2023. The schedule below outlines the cumulative acquisition costs incurred on the Basin Gulch Project up to September 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30,<br> 2022** | **Additions/<br> (Writedowns)** | **September 30,<br> 2023** | **September 30,<br> 2024** |
|  | **$** | **$** | **$** | **$** |
| Obtained through amalgamation | 1812604 | **-** | 1812604 | **1812604** |
| Cash payments | 681482 | 472160 | 1153642 | **1153642** |
| Share issuance | 722500 |  | 722500 | **722500** |
| Staking | 13262 | - | 13262 | **13262** |
|  | 3229848 | 472160 | 3702008 | **3702008** |

---

A summary of the Company's exploration and evaluation expenses for the Basin Gulch Project during the years ended September 30, 2024 and 2023 is as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **September 30,** | **September 30,** |
|  | **2024** | **2023** |
|  | **$** | **$** |
| Claim fees | 36286 | 30083 |
| Geological services | 107779 | 145180 |
| Leases | 67645 | 68393 |
|  | **211710** | **243656** |

---

**Basin Gulch Project**

The Amalgamation with 1247666 resulted in the Company acquiring a 100% interest in the Basin Gulch project located in Granite County, Montana, United States, and resuming all the rights, duties, liabilities and obligations related to the Project set out under the Project acquisition agreement ("Definitive Agreement") dated September 15, 2020, between 1247666 and BG Holdings Group, LLC and Basin Gulch Co. (collectively, the "Vendors").

**LANNISTER MINING CORP.**

**Notes to Consolidated Financial Statements**

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

**(Expressed in Canadian Dollars)**

**5.** **MINERAL PROPERTY (continued)** 

**Basin Gulch Project (continued)**

Pursuant to the Definitive Agreement, as amended in March 2022, the Company was granted an option to acquire a 100% right, title, and interest in the Project consisting of 11 patented mining claims, 131 unpatented mining claims, mining lease and related materials.

As at September 30, 2023, the Company acquired the 100% interest in the Project by fulfilling the following requirements under the Definitive Agreement :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Issued 531,250 Common
 Shares of the Company on March 3, 2021, for a value of $722,500.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Made cash payments
 totaling US$1,050,000, according to the following schedule:

● A non-refundable deposit of US$25,000 (paid $34,342);

● US$125,000 on of before September 18, 2020 (paid $167,710);

● US$250,000 on or before September 15, 2021 (paid $302,168);

● US$300,000 on or before September 15, 2022 (paid $379,314); and

● US$350,000 on or before September 15, 2023 (paid $472,160).

Under the terms of the Definitive Agreement, the Company assumed all patented lease obligations, comprising a 3% net smelter royalty ("NSR"), capped at $8,000,000, and a US$50,000 annual lease payment to the Metesh family, the owners of the 11 patented claims in the Project. During the year ended September 30, 2024, the Company paid lease payments totaling $67,645 (US$50,000) (2023 - $68,393 (US$50,000)).

Additionally, under the terms of the Definitive Agreement, the Company will provide to the Vendors a 2% NSR on the Basin Gulch Project claims located outside and not applicable to the owners of the claims. The 2% NSR area will follow within a 1-mile area of influence that represents an overlap area outside the existing claims that are subject to this 2% NSR. The Vendors will have the right to sell or transfer its 2% NSR subject to the transferee of such 2% NSR agreeing to be bound to the terms and conditions of the NSR with the Company and the Project. The Company will have the right to purchase half of the 2% NSR from the Vendors at any time on or before December 31, 2025 by payment to the Vendors of US$1,000,000. After December 31, 2025, if half the 2% NSR has not been repurchased/bought-back, then the Company and the Vendors will negotiate in good faith to agree on new terms and conditions for a buy-back of half of the 2% NSR.

Under the Definitive Agreement, the Company is required to issue shares as milestone payments to the Vendors as follows:

● On completion of 2-million-ounce gold mineral resource estimate, issue shares with the equivalent value of US$500,000;

● On completion of a preliminary feasibility study, issue shares with the equivalent value of US$500,000; both as defined by National Instrument 43-101 *Standards of Disclosure for Mineral Projects* within Canada; and

● On completion of an initial public offering and being listed on a national stock exchange, issue five percent (5%) of the total issued and outstanding shares of the Company.

**6.** **RECLAMATION BOND** 

As at September 30, 2024, the Company has one reclamation bond issued with the Nevada Division of Minerals in the amount of $295,852 (US$219,166) (2023 - $301,217 (US$219,166)), to guarantee reclamation of the environment of the Basin Gulch Project.

**LANNISTER MINING CORP.**

**Notes to Consolidated Financial Statements**

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

**(Expressed in Canadian Dollars)**

**7.** **ACCOUNTS PAYABLE AND ACCRUED LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **$** | **$** |
| Trade payables (Note 9) | 324682 | 185999 |
| Accrued liabilities | 122478 | 111080 |
|  | **447160** | **297079** |

---

**8.** **SHARE CAPITAL** 

**Authorized share capital**

The Company is authorized to issue an unlimited number of Common Shares without par value.

As at September 30, 2024, the Company had issued and outstanding Common Shares of 5,047,204 (2023 - 4,065,003).

On December 8, 2023, the Company consolidated its outstanding share capital on a sixteen-for-one-basis. The share consolidation has been applied retrospectively and as a result all Common Shares, options, warrants, and per share amounts are stated on an adjusted basis.

 **Issued and outstanding Common Shares**

During the year ended September 30, 2024, the Company issued the following shares:

&nbsp;&nbsp;&nbsp;&nbsp;a) On December 8, 2023, the Company
 issued 982,201 post-consolidation shares for the cancellation of 1,964,374 warrants. All
 outstanding warrants were converted to (1/2) half post-consolidation shares without any exercise
 price paid by warrant holders. Upon conversion, the Company transferred $314,300 from reserves
 to share capital.

For the year ended September 30, 2023, the Company did not have any share capital transactions.

**Warrants**

During the years ended September 30, 2024 and 2023, the Company did not issue any warrants.

During the years ended September 30, 2024, all outstanding warrants were converted to (1/2) half post-consolidation shares without any exercise price paid by warrant holders. Upon conversion, the Company transferred $314,300 from reserves to share capital.

Warrant transactions are summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **Number of Warrants** | **Weighted Average Exercise Price** |
|  | | **$** |
| **Balance, September 30, 2022 and 2023** | **1964374** | **3.20** |
| Cancelled | (1964374) | 3.20 |
| **Balance, September 30, 2024** | **-** | **-** |

---

**LANNISTER MINING CORP.**

**Notes to Consolidated Financial Statements**

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

**(Expressed in Canadian Dollars)**

**8.** **SHARE CAPITAL (continued)** 

**Share options**

The Company's share option plan (the "Option Plan") was approved by the Company's Board of Directors effective as at October 13, 2021. The Company established the Option Plan for the benefit of directors, officers, employees, and consultants of the Company and its affiliates. The maximum number of outstanding options available under the Option Plan is limited to 10% of the issued Common Shares. The Board of Directors has the exclusive power over the granting of stock options, the exercise price, the term, and their vesting and cancellation provisions.

During the years ended September 30, 2024 and 2023, the Company did not grant any share options.

The options outstanding and exercisable as at September 30, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Expiry Date** | **Number of Options Outstanding** | **Options Exercisable** | **Exercise<br> Price** |
|  |  |  | **$** |
| October 13, 2024\* | 25000 | 25000 | 1.60 |

---

*\** *these options expired unexercised subsequent to September 30, 2024*

The weighted average remaining life of the outstanding share options at September 30, 2024 was 0.04 years.

**Restricted share units ("RSUs")**

The Company's restricted share units plan (the "RSU Plan") was approved by the Company's Board of Directors effective as at April 20, 2022. The Company established the RSU Plan for the benefit of directors, officers, employees, and consultants of the Company and its affiliates. The maximum number of outstanding RSUs that may be granted to directors and senior officers of the Company under the RSU Plan, together with any other security-based compensation arrangements, is limited to 10% of the issued Common Shares. The maximum number of outstanding RSUs that may be granted to other employees, consultants of the Company and its affiliates under the RSU Plan, together with any other security-based compensation arrangements, is limited to 5% of the issued Common Shares. The Board of Directors has the exclusive power over the granting of RSUs, the exercise price, the term, and their vesting and cancellation provisions.

During the years ended September 30, 2024 and 2023, the Company did not grant any RSUs.

**9.** **RELATED PARTY TRANSACTIONS** 

Key management personnel are the persons responsible for the planning, directing, and controlling of the activities of the Company and includes directors and key officers of the Company, including the president, vice presidents, chief executive officer and chief financial officer.

The Company incurred the following key management personnel costs from related parties:

---

| | | |
|:---|:---|:---|
|  | **For the years ended**<br> **September 30,** | **For the years ended**<br> **September 30,** |
|  | **2024** | **2023** |
|  | **$** | **$** |
| Exploration and evaluation expenditures | 39807 | 34041 |
| General and administrative | 59424 | 56293 |
| Professional fees | 235489 | 320160 |
|  | **334720** | **410494** |

---

**LANNISTER MINING CORP.**

**Notes to Consolidated Financial Statements**

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

**(Expressed in Canadian Dollars)**

**9.** **RELATED PARTY TRANSACTIONS (continued)** 

As at September 30, 2024, accounts payable and accrued liabilities included amounts due to related parties of $170,984 (2023 - $64,401). Amounts due to related parties are unsecured, non-interest bearing and have no specific terms of repayment.

**10.** **FINANCIAL INSTRUMENTS AND RISK MANAGEMENT** 

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

● Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and

● Level 3 – Inputs that are not based on observable market data.

The Company's financial instruments consist of cash, reclamation bond, and accounts payable and accrued liabilities. The fair value of the reclamation bond and accounts payable and accrued liabilities approximates their carrying values due to their current nature. Cash is measured at fair value on a recurring basis using level 1 inputs.

The Company is exposed to risks of varying degrees of significance from its use of financial instruments which could affect its ability to achieve its strategic objectives for growth and stakeholder returns. The principal risks to which the Company is exposed, and the actions taken to manage them, are described below. Management manages and monitors these exposures to ensure appropriate measures are implemented on a timely and effective manner.

The risks associated with the Company's financial instruments and the policies on how to mitigate these risks are set out below.

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

Credit risk is the risk of loss to the Company associated with the counterparty's inability to fulfill its payment obligations. The financial instruments that potentially subject the Company to a significant concentration of credit risk consist of cash. The Company mitigates its exposure to credit loss associated with cash by placing its cash in major financial institutions The Company assessed its credit risk as low.

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

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is not exposed to interest risk as its financial liabilities are not interest bearing.

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

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities. The Company is exposed to liquidity risk by accounts payable and accrued liabilities. The Company manages liquidity risk by maintaining adequate cash and managing its capital and expenditures. As at September 30, 2024, the Company had a cash balance of $53,528 to settle current liabilities of $447,160. Subsequent to September 30, 2024, the Company raised $460,000 through the issuance of convertible debentures that expire two years from the date of grant. Management intends to use the funds received to decrease its current liability obligations.

**LANNISTER MINING CORP.**

**Notes to Consolidated Financial Statements**

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

**(Expressed in Canadian Dollars)**

**10.** **FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)** 

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

Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of the changes in the foreign exchange rates. The Company is exposed to currency risk by incurring certain expenditures and holding assets denominated in currencies other than the Canadian dollar. The Company does not use derivative instruments to reduce its currency risk. As at September 30, 2024, the Company had net assets of US$157,588 which equates to total net assets of $212,728. A 10% fluctuation in the foreign exchange rate against the Canadian dollar would result in a foreign exchange gain/loss of approximately $21,000. Currency risk is assessed as low.

**11.** **CAPITAL MANAGEMENT** 

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern in order to pursue the exploration of its resource property. The Company does not have any externally imposed capital requirements to which it is subject. The Company considers the aggregate of its share capital, reserves and deficit as capital. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares.

**12.** **COMMITMENTS** 

In March 2024, the Company entered into an agreement with a marketing firm to provide marketing materials worth US$680,775. As at September 30, 2024, $115,655 (US$85,300) had been expensed in marketing on the consolidated statement of loss and comprehensive loss. The remaining US$595,475 will be incurred upon the Company completing an initial public offering.

13. INCOME TAXES

The Company has not recognized any deferred income tax assets. The Company recognizes deferred income tax assets based on the extent to which it is probable that sufficient taxable income will be realized during the carry forward periods to utilize all deferred tax assets.

A summary of the Company's the amount of income tax recoverable on application of the statutory Canadian federal and provincial income tax rates for the years ended September 30, 2024 and 2023, is as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **$** | **$** |
| Loss before taxes | (1201277) | (879041) |
| Canadian statutory income tax rate | 27% | 27% |
| Income tax expense (recovery) at statutory rates | (324345) | (237341) |
| Non-deductible expenditures and non-taxable revenues | 164 | 262 |
| Adjustment to prior years provision versus statutory tax returns | 60105 |  |
| Temporary differences originated in the year | 724 |  |
| Change in unrecognized deferred tax assets | 263352 | 237079 |
| **Current income tax** | **-** | **-** |
| **Deferred income tax** | **-** | **-** |

---

**LANNISTER MINING CORP.**

**Notes to Consolidated Financial Statements**

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

**(Expressed in Canadian Dollars)**

13. INCOME TAXES (continued)

A summary of the Company's unrecognized deferred tax assets is as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | **$** | **$** |
| Share issuance costs and financing fees | 63631 | 2499 |
| Non-capital losses | 727956 | 548272 |
| Mineral resource properties | 161968 | 139432 |
|  | 953555 | 690203 |
| Unrecognized deferred tax assets | 953555 | 690203 |
| **Net deferred tax assets** | **-** | **-** |

---

A summary of the Company's significant components of temporary difference for the years ended September 30, 2024 and 2023, is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **Expiry date** | **Expiry date** |
|  | **$** | $ | $ |
| Share issuance costs and financing fees |  | 2025 to 2028 | 2024 to 2026 |
| Non-capital losses |  | 2041 to 2044 | 2039 to 2043 |
| Mineral interests |  | No expiry date | No expiry date |

---

14. SUBSEQUENT EVENTS

In December 2024, the Company commenced raising funds through the issuance of convertible debentures ("Debentures"). The Debentures bear interest at 12% per annum, expire two years from the date of issue, and are convertible into units of the Company with each unit containing one Common Share and one share purchase warrant. Interest on the Debentures is payable in cash.

In December 2024, the Company issued Debentures for $300,000 and in January 2025, the Company issued Debentures for $160,000.

![](fin_003.jpg)

LANNISTER MINING CORP.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED

MARCH 31, 2025 AND 2024

(EXPRESSED IN CANADIAN DOLLARS)

(UNAUDITED)

**LANNISTER MINING CORP.** 

**Condensed Interim Consolidated Statements of Financial Position**

**(Expressed in Canadian Dollars)**

---

| | |
|:---|:---|
|  |<br>**Note** |
| **ASSETS** | |
| **Current** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goods and services tax recoverable |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |  |
| **Mineral property** | 5 |
| **Reclamation bond** | 6 |
| **Total assets** |  |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |
| **Current** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures | 8 |
| **Total liabilities** |  |
| **Shareholders' equity** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share capital | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserves | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deficit |  |
| **Total shareholders' equity** |  |
| **Total liabilities and shareholders' equity** |  |

---

**Nature and continuance of operations and going concern (Note 1)**

**Commitments (Note 12)**

Approved and authorized for issue on behalf of the Board on June 30, 2025.

<u>*"Mario Vetro"*</u> , Director <u>*"James Greig"*</u> , Director

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

**LANNISTER MINING CORP.**

**Condensed Interim Consolidated Statements of Loss and Comprehensive Loss**

**(Unaudited - Expressed in Canadian Dollars)**

---

| |
|:---|
| **OPERATING EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Exploration and evaluation expenditures |
| &nbsp;&nbsp;&nbsp;&nbsp; General and administrative |
| &nbsp;&nbsp;&nbsp; Legal fees |
| &nbsp;&nbsp;&nbsp; Marketing |
| &nbsp;&nbsp;&nbsp; Professional fees |
| **OTHER INCOME (EXPENSES)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on foreign exchange |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss on revaluation of convertible debenture |
| &nbsp;&nbsp;&nbsp; Interest income |
| **Loss and comprehensive loss for the period** |
| Loss per share - basic and diluted |
| Weighted average number of Common Shares outstanding – basic and diluted |

---

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

**LANNISTER MINING CORP.**

**Condensed Interim Consolidated Statements of Cash Flows**

**(Unaudited - Expressed in Canadian Dollars)**

---

| |
|:---|
| **OPERATING ACTIVITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss for the period**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Items not affecting cash: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on foreign exchange**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on revaluation of convertible debentures |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in non-cash working capital items: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goods and services taxes recoverable**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |
| **Cash used in operating activities** |
| **FINANCING ACTIVITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from convertible debentures |
| **Cash provided from financing activities** |
| **Change in cash during the period**) |
| **Cash, beginning of period** |
| **Cash, end of period** |
| **Supplemental cash flow information** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash interest received |
| **Supplemental non-cash disclosures** |
| &nbsp;&nbsp;&nbsp;&nbsp;Value of warrants transferred on cancellation |
| &nbsp;&nbsp;&nbsp;&nbsp;Value of options transferred on expiry |

---

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

**LANNISTER MINING CORP.**

**Condensed Interim Consolidated Statements of Changes in Shareholders' Equity**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Share capital** | **Share capital** | |
|  | **Number of shares** | **Amount** |<br>**Reserves** |
|  | | **$** | **$** |
| **Balance, September 30, 2023** | 4065003 | 7018149 | 339035 |
| Shares issued for the cancellation of warrants | 982201 | 314300) |  |
| Loss for the period | - | - |  |
| **Balance, March 31, 2024** | 5047204 | 7332449) |  |
| Loss for the period | - | - |  |
| **Balance, September 30, 2024** | 5047204 | 7332449) |  |
| Expired share options |  | -) |  |
| Loss for the period | - | - |  |
| **Balance, March 31, 2025** | **5047204** | **7332449)** |  |

---

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

**LANNISTER MINING CORP.**

**Notes to Condensed Interim Consolidated Financial Statements**

**For the six months ended March 31, 2025 and 2024**

**(Unaudited - Expressed in Canadian Dollars)**

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

Lannister Mining Corp. (the "Company" or "Lannister") was incorporated on September 21, 2021, under the laws of British Columbia, pursuant to the terms of an amalgamation agreement dated June 21, 2021 among Lannister Mining Corp. ("Former Lannister"), 1247666 BC Ltd. ("1247666"), and the shareholders of 1247666 (the "Amalgamation"). Upon Amalgamation, the Former Lannister and 1247666 ceased existing as companies. The head office and principal address of the Company is located at Suite 1500 - 1055 West Georgia St., Vancouver, BC, V6E 4N7.

The Company's principal business activities include the acquisition and exploration of mineral property assets. As at March 31, 2025, the Company had not yet determined whether the Company's exploration and evaluation assets contain ore reserves that are economically recoverable. The recoverability of amounts shown for exploration and evaluation assets is dependent upon the discovery of economically recoverable reserves, confirmation of the Company's interest in the underlying mineral claims, the ability of the Company to obtain the necessary financing to complete the development of and the future profitable production from the property or realizing proceeds from its disposition.

As at March 31, 2025, the Company has not generated revenue to date and has an accumulated deficit of $4,522,585 and has been funded by the issuance of equity and debt. These factors form a material uncertainty that casts substantial doubt on the Company's ability to continue as a going concern. The Company's ability to continue its operations and to realize its assets at their carrying values is dependent upon obtaining additional financing and generating revenues sufficient to cover its operating costs.

These condensed interim consolidated financial statements for the six months ended March 31, 2025 and 2024 ("Financial Statements") do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern, and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business, and at amounts different from those reflected in these condensed interim consolidated financial statements, and any such adjustments could be material.

On December 8, 2023, the shareholders of the Company approved a share consolidation of the Company's issued and outstanding Common Shares on the basis of 16 pre-consolidated Common Shares for one post-consolidated Common Share. As a result, the Company's issued and outstanding warrants and stock options were also consolidated on a sixteen-to-one basis. Immediately after the share consolidation, each outstanding warrant was converted to (1/2) one-half of post-consolidation share without any exercise price paid by the warrant holders. All information relating to basic and diluted loss per share, issued and outstanding Common Shares, share purchase warrants, broker warrants, stock options, share and per share amounts in these financial statements has been adjusted retrospectively to reflect the share consolidation.

**2.** **BASIS OF PRESENTATION** 

**Statement of compliance**

These Financial Statements have been prepared using accounting policies in compliance with "IFRS<sup>®</sup> Accounting Standards" issued by the International Accounting Standards Board (IASB) and IFRIC<sup>®</sup> Interpretations.

These Financial Statements were approved by the Board of Directors of the Company and authorized for issuance on June 30, 2025.

**Basis of presentation**

These Financial Statements have been prepared on a historical cost basis except for those financial instruments which have been classified as fair value through profit or loss. In addition, except for cash flow information, these Financial Statements have been prepared using the accrual method of accounting.

**LANNISTER MINING CORP.**

**Notes to Condensed Interim Consolidated Financial Statements**

**For the six months ended March 31, 2025 and 2024**

**(Unaudited - Expressed in Canadian Dollars)**

**2.** **BASIS OF PRESENTATION (continued)** 

**Functional and presentation currency**

These Financial Statements have been prepared in Canadian dollars ("CAD"), which is the Company's functional and presentation currency. Amounts denominated in United States dollars are denoted as US$.

**Basis of consolidation**

These Financial Statements include the accounts of the Company and its subsidiary. All intercompany transactions and balances are eliminated on consolidation. Control exists where the parent entity has power over the investee and is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The subsidiary is included in the consolidated financial statements from the date control commences until the date control ceases.

Details of the Company's subsidiary included in these Financial Statements are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | **Percentage owned** | **Percentage owned** |
|  | <br>**Incorporation** | **March 31,<br> 2025** | **September 30, <br> 2024** |
| 60431 Montana, Ltd. ("60431 Montana") | USA CAD | 100% | 100% |

---

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION** 

**Significant accounting estimates and judgments**

Apart from making estimates and assumptions as described below, the Company's management makes judgments in the process of applying its accounting policies that have a significant effect on the amounts recognized in the Company's financial statements. The significant judgments that the Company's management has made in the process of applying the Company's accounting policies, apart from those involving estimation uncertainties, that have the most significant effect include, but are not limited to:

<u>Impairment of exploration and evaluation assets</u>

Assets or cash-generating units are evaluated at each reporting date to determine whether there are any indications of impairment. The Company considers both internal and external sources of information when making the assessment of whether there are indications of impairment for the Company's mineral property.

Significant judgment is required when determining whether facts and circumstances suggest that the carrying amount of resource properties may exceed its recoverable amount. The retention of regulatory permits and licenses; the Company's ability to obtain financing for exploration and development activities and its future plans on the resource properties; current and future metal prices; and market sentiment are all factors considered by the Company.

In respect of the carrying value of mineral property assets recorded on the consolidated statements of financial position, management has determined there are no impairment indications that the value of the assets have declined more than what is expected from the passage of time or normal use.

**LANNISTER MINING CORP.**

**Notes to Condensed Interim Consolidated Financial Statements**

**For the six months ended March 31, 2025 and 2024**

**(Unaudited - Expressed in Canadian Dollars)**

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (continued)** 

**Significant accounting estimates and judgments (continued)**

<u>Decommissioning and restoration provision</u>

Mining and exploration activities are subject to various laws and regulations governing the protection of the environment. In general, these laws and regulations are continually changing, and the Company has made and intends to make in the future, expenditures to comply with such laws and regulations. Accounting for reclamation and remediation obligations requires management to make estimates of the future costs the Company will incur to complete the reclamation and remediation work required to comply with existing laws and regulations at each mining operation and exploration and development property. In addition, future changes to environmental laws and regulations may increase the extent of reclamation and remediation work required to be performed by the Company. Increases in future costs could materially impact the amounts charged to operations for decommissioning and restoration. The provision represents management's best estimate of the present value of the future decommissioning and restoration obligation.

Due to uncertainties concerning environmental remediation, the ultimate cost to the Company of future site restoration could differ from the amounts provided. The estimate of the total provision for future decommissioning and restoration costs are subject to change based on amendments to laws and regulations, changes in technology, price increases and changes in interest rates, and changes in mine life, and as new information concerning the Company's closure and reclamation obligations becomes available.

<u>Functional currency</u>

The determination of the functional currency for the Company and its subsidiary was based on management's judgement of the underlying transactions, events and conditions relevant to each entity. Management determined that for the six months ended March 31, 2025 and 2024, the functional currency of the Company and its subsidiary is the Canadian dollar.

In making this determination, management applied the considerations of IAS 21 *The Effects of Changes in Foreign Exchange Rates.* While 60431 Montana is incorporated in the USA and has title to a mineral property in the USA, during the six months ended March 31, 2025 and 2024, 60431 Montana did not have any operating activities, did not have a bank account, and all exploration costs were incurred by the Lannister, making the operations of 60431 Montana integral to the parent reporting entity. As the Company is pre-revenue and only Lannister is involved in financing activities, all amounts raised are in Canadian dollars. The primary economic environment of Lannister is Canadian dollars and as such, its functional currency is Canadian dollars. As a result of 60431 Montana being an integrated foreign operation of the parent, its functional currency is also Canadian dollars.

<u>Going concern</u>

The assessment of the Company's ability to continue as a going concern and to raise sufficient funds to pay for its operating expenditures, meet its liabilities for the subsequent year, and to fund planned contractual exploration programs, involves significant judgment based on historical experiences and other factors including expectation of future events that are believed to be reasonable under the circumstances.

Management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting period.

Significant areas requiring the use of management estimates include:

<u>Share-based payment transactions</u>

The Company uses the Black-Scholes Option Pricing Model for valuation of share-based compensation and other equity based payments. Option pricing models require the input of subjective assumptions including expected price volatility, interest rate, and forfeiture rate. Changes in the input assumptions can materially affect the fair value estimate and the Company's earnings and equity reserves.

**LANNISTER MINING CORP.**

**Notes to Condensed Interim Consolidated Financial Statements**

**For the six months ended March 31, 2025 and 2024**

**(Unaudited - Expressed in Canadian Dollars)**

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (continued)** 

**Significant accounting estimates and judgments (continued)**

<u>Convertible debentures</u>

Management has applied judgment in designating the entire hybrid contract to be measured at FVTPL in accordance with IFRS 9. In addition, the determination of the fair value of this financial instrument uses Monte Carlo simulation, which requires the input of highly subjective assumptions, including share price, risk free rates, expected volatility, probability of IPO completion and credit adjusted rate. Changes in the subjective input assumptions could materially affect the fair value estimate.

**Cash**

Cash comprises of deposits held at financial institutions and cash on hand.

**Mineral property**

Costs directly related to acquiring the legal right to explore a mineral property, including the acquisition of licenses, mineral rights, and similar acquisition costs are recognized and capitalized as mineral property. Acquisition costs incurred in obtaining the legal right to explore a mineral property are deferred until the legal right is granted, upon which the costs are reclassified to mineral property. Transaction costs incurred in acquiring an asset are deferred until the transaction is completed and then included in the purchase price of the asset acquired.

Costs directly related to exploration and evaluation activities, including but not limited to researching and analyzing existing exploration data, conducting geological studies, exploration drilling and sampling, annual maintenance fees, payments made to contractors and consultants in connection with the exploration and evaluation of the property, are expensed in the period in which they are incurred as exploration and evaluation expenses in the consolidated statements of loss and comprehensive loss.

Costs not directly attributable to exploration and evaluation activities, including general administrative overhead costs, are expensed as general and administrative in the period in which they occur.

**Decommissioning and restoration provision**

The Company recognizes a provision for statutory, contractual, constructive, or legal obligations associated with decommissioning of mining operations and reclamation and rehabilitation costs arising when environmental disturbance is caused by the exploration or development of mineral properties. Provisions for decommissioning and restoration are recognized in the period in which the obligation is incurred or acquired and are measured based on expected future cash flows to settle the obligation, discounted to their present value. The discount rate is a pre-tax rate that reflects current market assessments of the time value of money and risks specific to the liability.

When an obligation is initially recognized, the corresponding cost is capitalized to the carrying amount of the related asset. These costs are depreciated on a basis consistent with the depreciation, depletion, and amortization of the underlying assets.

The obligation is accreted over time for the change in its present value, with this accretion charge recognized as a finance expense in profit or loss. The obligation is also adjusted for changes in the estimated amount and timing of expected future cash flows and changes in the discount rate. Such changes in estimates are added to or deducted from the related asset except where deductions are greater than the carrying value of the related asset, in which case the amount of the excess is recognized in profit or loss. As at March 31, 2025, no asset retirement obligation is required and the Company had a reclamation bond of $315,073 (US$219,166) (September 30, 2024 - $295,852 (US$219,166)).

**LANNISTER MINING CORP.**

**Notes to Condensed Interim Consolidated Financial Statements**

**For the six months ended March 31, 2025 and 2024**

**(Unaudited - Expressed in Canadian Dollars)**

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (continued)** 

**Foreign currency translation and transactions**

In preparing the consolidated financial statements, transactions in currencies other than the entity's functional currency are recorded at the rates of exchange prevailing at the dates of the transactions. At each period's end, monetary assets and liabilities are translated using the period-end foreign exchange rate. Non-monetary assets and liabilities are translated using the historical exchange rate on the date of the transaction. Non-monetary assets and liabilities that are stated at fair value are translated using the historical exchange rate on the date that the fair value was determined. All gains and losses on translation of these foreign currency transactions are included in the consolidated statements of loss and comprehensive loss.

**Share-based compensation**

The Company grants stock options and restricted share units ("RSUs") to directors, officers, employees, consultants and its affiliates as an element of compensation. The fair value of the stock options and RSUs is recognized over the vesting period as share-based compensation expense and reserves. The fair value of the stock options is determined using the Black-Scholes option pricing model using estimates at the date of the grant while RSU's are valued at the fair value on the date of grant. At each reporting date prior to vesting, the cumulative expense representing the extent to which the vesting period has expired and management's best estimate of the awards that are ultimately expected to vest is computed. The movement in cumulative expense is recognized in the statement of loss and comprehensive loss with a corresponding entry within equity, against reserves. No expense is recognized for stock options that do not ultimately vest. When stock options are exercised, the proceeds received, together with any related amount in reserves, are credited to share capital.

Share-based compensation arrangements in which the Company receives goods or services as consideration for its own equity instruments are accounted for as equity-settled share-based payment transactions and measured at the fair value of the goods or services received unless the fair value cannot be estimated reliably. If the Company cannot reliably estimate the fair value of the goods or services received, the Company will measure their value by reference to the fair value of the equity instruments granted.

The Company transfers the value of forfeited and expired unexercised vested stock options and compensatory warrants to deficit or share capital from reserves on the date of expiration based on the nature of the item.

**Convertible debenture**

Convertible debentures are complex financial instruments that are hybrid contracts that include a conversion feature. The Company has elected to designate the entire hybrid contract to be measured at FVTPL in accordance with IFRS 9 – Financial Instruments. As a result, the embedded derivative is not bifurcated from the host debt.

On initial recognition the convertible debentures are measured at fair value, which equals the face value of the debentures. The transaction costs, together with subsequent changes in fair value are recognized through profit and loss.

The debentures are subsequently re-measured at fair value at each reporting date, with changes in fair value, including interest, accrued yield or changes due to market risk, including share price volatility, being recorded in profit or loss.

**Share capital**

The Company records proceeds from share issuances net of issue costs. Proceeds from the issuance of units are allocated between common shares and share purchase warrants on a residual value basis, wherein the fair value of the common shares is based on the market value on the date of announcement of the placement and the balance, if any, is allocated to the attached warrants. Any fair value attributed to the warrants is recorded to reserves. If the warrants expire unexercised or are cancelled prior to expiry, the value attributed to the warrants is transferred from reserves to share capital.

**LANNISTER MINING CORP.**

**Notes to Condensed Interim Consolidated Financial Statements**

**For the six months ended March 31, 2025 and 2024**

**(Unaudited - Expressed in Canadian Dollars)**

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (continued)** 

**Earnings (loss) per share**

Basic earnings (loss) per share is computed by dividing profit or loss attributable to common shareholders by the weighted average number of shares outstanding during the reporting period. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share, except that the weighted average shares outstanding are increased to include additional shares for the assumed exercise of stock options and warrants, if dilutive.

**Income taxes**

Income tax expense consists of current and deferred tax expenses. Income tax expense is recognized in the consolidated statements of loss and comprehensive loss.

<u>Current income tax</u>

Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period-end, adjusted for amendments to tax payable with respect to previous years.

<u>Deferred income tax</u>

Deferred tax assets and liabilities are recognized for deferred tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and tax losses carried forward. Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized, or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in consolidated statements of loss and comprehensive loss in the period that substantive enactment occurs. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is not recognized. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.

**Financial instruments**

Financial instruments are measured upon initial recognition at fair value plus, for an item not at fair value through profit or loss ("FVTPL"), transaction costs that are directly attributable to its acquisition or issue.

On initial recognition, a financial asset or liability is classified as measured at amortized cost or FVTPL.

A financial asset is classified as amortized cost if held within a business model with an objective to hold assets to collect contractual cash flows, the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest, and the asset is not designated as FVTPL.

Financial assets and liabilities classified as FVTPL are subsequently measured at fair value with changes in fair value recognized consolidated statements of loss and comprehensive loss.

Financial assets and liabilities classified at amortized cost are subsequently measured at amortized cost using the effective interest method, and for financial assets only net of any impairment allowance.

**LANNISTER MINING CORP.**

**Notes to Condensed Interim Consolidated Financial Statements**

**For the six months ended March 31, 2025 and 2024**

**(Unaudited - Expressed in Canadian Dollars)**

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (continued)** 

**Accounting standards and amendments adopted**

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

These amendments:

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

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

● clarify when a liability is considered settled.

On October 31, 2022, the IASB issued a deferral of the effective date for the new guidance by one year to annual reporting periods beginning on or after January 1, 2024 and is to be applied retrospectively. This standard was adopted starting from October 1, 2024. The adoption resulted in the convertible debenture being classified as current, whereas it was previously classified as non-current before the adoption of this standard.

**Accounting standards and amendments issued but not yet adopted** 

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

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

**4.** **AMALGAMATION** 

On September 21, 2021, 1247666 B.C. Ltd ("1247666") and Lannister Mining Corp. ("Former Lannister") amalgamated to form a new entity, Lannister Mining Corp. (the "Company" or "Lannister"), pursuant to the terms of an amalgamation agreement dated June 21, 2021 (the "Amalgamation Agreement") among Former Lannister, 1247666 and the shareholders of 1247666 (the "Amalgamation"). Upon Amalgamation, Former Lannister and 1247666 ceased existing as companies. The issued shares of each amalgamating company were exchanged for shares in the capital of Lannister or cash, resulting in the issuance of a total of 2,495,624 Common Shares to the shareholders of Former Lannister and 1,106,875 Common Shares at $1.44 per share and cash consideration of $164,000 to the shareholders of 1247666.

As a result of the Amalgamation, the Company obtained control of 1247666 and is considered to have acquired 1247666. The Amalgamation was accounted for as an acquisition in accordance with the guidance provided in IFRS 2 *Share-based payment* and IFRS 3 *Business combinations*. The Amalgamation did not qualify as a business combination in accordance with the definition of IFRS 3 as the significant inputs, processes, and outputs, that together constitute a business, did not exist in 1247666 at the time of acquisition. Accordingly, no goodwill or intangible assets were recorded with respect to the transaction.

As the Company could not specifically identify any goods or services that relate to the excess consideration over the net assets acquired, the excess of $1,812,604 was recognized as an acquisition cost of the Basin Gulch project and added to the balance of the mineral property.

**LANNISTER MINING CORP.**

**Notes to Condensed Interim Consolidated Financial Statements**

**For the six months ended March 31, 2025 and 2024**

**(Unaudited - Expressed in Canadian Dollars)**

**4.** **AMALGAMATION (continued)** 

A summary of the net assets of 1247666 acquired on Amalgamation is as follows:

---

| |
|:---|
| **Consideration** |
| Fair value of Common Shares issued |
| Cash consideration |
| **Fair value allocated to:** |
| Cash |
| Mineral property |
| Accounts payable) |

---

**5.** **MINERAL PROPERTY** 

The Company's mineral property includes the acquisition costs of the Company's Basin Gulch Project (the "Project") which was valued at $3,702,008 at March 31, 2025 and September 30, 2024. The schedule below outlines the cumulative acquisition costs incurred on the Basin Gulch Project up to March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | March 31,<br> 2024 | Additions/<br> (Writedowns) | September 30,<br> 2024 | **March 31,<br> 2025** |
|  | **$** | **$** | **$** | **$** |
| Obtained through amalgamation | 1812604 |  | 1812604 | **1812604** |
| Cash payments | 1153642 |  | 1153642 | **1153642** |
| Share issuance | 722500 |  | 722500 | **722500** |
| Staking | 13262 |  | 13262 | **13262** |
|  | 3702008 |  | 3702008 | **3702008** |

---

A summary of the Company's exploration and evaluation expenses for the Basin Gulch Project during the six months ended March 31, 2025 and 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Six months ended** |
|  | **March 31,** | **March 31,** |
|  | **2025** | **2024** |
|  | **$** | **$** |
| Geological services | 4263 | 104984 |
| Leases | 35830 | 33898 |
|  | **40093** | **138882** |

---

**Basin Gulch Project**

The Amalgamation with 1247666 resulted in the Company acquiring a 100% interest in the Basin Gulch project located in Granite County, Montana, United States, and assuming all the rights, duties, liabilities and obligations related to the Project set out under the Project acquisition agreement ("Definitive Agreement") dated September 15, 2020, between 1247666 and BG Holdings Group, LLC and Basin Gulch Co. (collectively, the "Vendors").

Pursuant to the Definitive Agreement, as amended in March 2022, the Company was granted an option to acquire a 100% right, title, and interest in the Project consisting of 11 patented mining claims, 131 unpatented mining claims, mining lease and related materials.

**LANNISTER MINING CORP.**

**Notes to Condensed Interim Consolidated Financial Statements**

**For the six months ended March 31, 2025 and 2024**

**(Unaudited - Expressed in Canadian Dollars)**

**5.** **MINERAL PROPERTY (continued)** 

**Basin Gulch Project (continued)**

As at September 30, 2023, the Company acquired the 100% interest in the Project by fulfilling the following requirements under the Definitive Agreement :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Issued 531,250 Common Shares of the
 Company on March 3, 2021, for a value of $722,500.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Made cash payments totaling US$1,050,000,
 according to the following schedule:

● A non-refundable deposit of US$25,000 (paid $34,342);

● US$125,000 on or before September 18, 2020 (paid $167,710);

● US$250,000 on or before September 15, 2021 (paid $302,168);

● US$300,000 on or before September 15, 2022 (paid $379,314); and

● US$350,000 on or before September 15, 2023 (paid $472,160).

Under the terms of the Definitive Agreement, the Company assumed all patented lease obligations, comprising a 3% net smelter royalty ("NSR"), capped at $8,000,000, and a US$50,000 annual lease payment to the Metesh family, the owners of the 11 patented claims in the Project. During the six month period ended March 31, 2025, the Company paid a lease payment of $35,830 (2024 - $33,898).

Additionally, under the terms of the Definitive Agreement, the Company will provide to the Vendors a 2% NSR on the Basin Gulch Project claims located outside and not applicable to the owners of the claims. The 2% NSR area will follow within a 1-mile area of influence that represents an overlap area outside the existing claims that are subject to this 2% NSR. The Vendors will have the right to sell or transfer its 2% NSR subject to the transferee of such 2% NSR agreeing to be bound to the terms and conditions of the NSR with the Company and the Project. The Company will have the right to purchase half of the 2% NSR from the Vendors at any time on or before December 31, 2025 by payment to the Vendors of US$1,000,000. After December 31, 2025, if half the 2% NSR has not been repurchased/bought-back, then the Company and the Vendors will negotiate in good faith to agree on new terms and conditions for a buy-back of half of the 2% NSR.

Under the Definitive Agreement, the Company is required to issue shares as milestone payments to the Vendors as follows:

● On completion of 2-million-ounce gold mineral resource estimate, issue shares with the equivalent value of US$500,000;

● On completion of a preliminary feasibility study, issue shares with the equivalent value of US$500,000; both as defined by National Instrument 43-101 *Standards of Disclosure for Mineral Projects* within Canada; and

● On completion of an initial public offering and being listed on a national stock exchange, issue five percent (5%) of the total issued and outstanding shares of the Company.

**6.** **RECLAMATION BOND** 

As at March 31, 2025, the Company has one reclamation bond issued with the Nevada Division of Minerals in the amount of $315,073 (US$219,166) (September 30, 2024 - $295,852 (US$219,166)), to guarantee reclamation of the environment of the Basin Gulch Project.

**7.** **ACCOUNTS PAYABLE AND ACCRUED LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2025** | September 30, <br> 2024 |
|  | **$** | $ |
| Trade payables | **403134** | 324682 |
| Accrued liabilities (Note 8) | **159000** | 122478 |
|  | **562134** | 447160 |

---

**LANNISTER MINING CORP.**

**Notes to Condensed Interim Consolidated Financial Statements**

**For the six months ended March 31, 2025 and 2024**

**(Unaudited - Expressed in Canadian Dollars)**

**8.** **CONVERTIBLE DEBENTURES** 

---

| | |
|:---|:---|
|  | **$** |
| Balance, September 30, 2024 | - |
| Proceeds | 460000 |
| Revaluation | 455719 |
| **Balance, March 31, 2025** | **915719** |

---

On December 20, 2024, the Company raised $300,000 through the issuance of convertible debentures ("Debentures"). The Debentures bear interest at 12% per annum, expire two years from the date of issue, and are convertible into one unit of the Company with each unit comprising of one Common Share and one share purchase warrant ("Units"). Interest on the Debentures is payable in cash. The Company incurred issuance costs of $10,000, which have been expensed under Professional fees.

On January 13, 2025, the Company issued additional Debentures for $160,000. The Debentures bear interest at 12% per annum, expire two years from the date of issue, and are convertible into units of the Company with each unit containing one Common Share and one share purchase warrant. Interest on the Debentures is payable in cash. The Company incurred issuance costs of $5,000, which have been expensed under Professional fees.

The principal amount of the Debentures is convertible as follows:

● If the Company does not complete an Initial Public Offering ("IPO"), at the election of the Debenture holders ("Holder") prior to the Debenture expiry date, the Holder may convert the principal amount of the Debentures into Units at a conversion price equal to $3.20. Each warrant issued will be convertible into one Common Share of the Company at an exercise price of $4.40 per share for three years from the date of issuance.

● The principal amount of the Debentures will automatically convert into Units at a conversion price equal to a 20% discount to the IPO financing price. Each warrant issued will be convertible into one Common Share of the Company at an exercise price equal to a 10% premium to the IPO financing price for three years from the date of issuance.

The Company has elected to designate the entire hybrid contract to be measured at FVTPL in accordance with IFRS 9 and uses Monte Carlo Simulation to determine the fair value of the Debentures.

The assumptions used in the valuation model were as follows:

---

| | |
|:---|:---|
| Share price | $7.19 |
| Volatility rate | 67.50% |
| Credit adjusted rate | 25% |
| Risk-free interest rate | 2.62% |
| Conversion Price (if company completes IPO) | $5.75 |
| Probability of IPO | 90% |

---

**9.** **SHARE CAPITAL** 

**Authorized share capital**

The Company is authorized to issue an unlimited number of Common Shares without par value.

As at March 31, 2025, the Company had issued and outstanding Common Shares of 5,047,204 (September 30, 2024 – 5,047,204).

On December 8, 2023, the Company consolidated its outstanding share capital on a sixteen-for-one-basis. The share consolidation has been applied retrospectively and as a result all Common Shares, options, warrants, and per share amounts are stated on an adjusted basis.

**LANNISTER MINING CORP.**

**Notes to Condensed Interim Consolidated Financial Statements**

**For the six months ended March 31, 2025 and 2024**

**(Unaudited - Expressed in Canadian Dollars)**

**9.** **SHARE CAPITAL (continued)** 

 **Issued and outstanding Common Shares**

During the six month period ended March 31, 2024, the Company issued the following shares:

&nbsp;&nbsp;&nbsp;&nbsp;a) On December
 8, 2023, the Company issued 982,201 post-consolidation shares for the cancellation of 1,964,374
 warrants. All outstanding warrants were converted to (1/2) half post-consolidation shares
 without any exercise price paid by warrant holders. Upon conversion, the Company transferred
 $314,300 from reserves to share capital.

For the six month period ended March 31, 2025, the Company did not have any share capital transactions.

**Warrants**

During the six months ended March 31, 2025 and 2024, the Company did not issue any warrants.

During the six month period ended March 31, 2024, all outstanding warrants were converted to (1/2) half post-consolidation shares without any exercise price paid by warrant holders. Upon conversion, the Company transferred $314,300 from reserves to share capital.

Warrant transactions are summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Warrants** | **Weighted<br> Average<br> Exercise<br> Price** |
|  | | **$** |
| **Balance, September 30, 2023** | **1964374** | **3.20** |
| Cancelled | (1964374) | 3.20 |
| **Balance, March 31, 2025 and September 30, 2024** | **-** | **-** |

---

**Share options**

The Company's share option plan (the "Option Plan") was approved by the Company's Board of Directors effective as at October 13, 2021. The Company established the Option Plan for the benefit of directors, officers, employees, and consultants of the Company and its affiliates. The maximum number of outstanding options available under the Option Plan is limited to 10% of the issued Common Shares. The Board of Directors has the exclusive power over the granting of stock options, the exercise price, the term, and their vesting and cancellation provisions.

During the six months ended March 31, 2025 and March 31, 2024, the Company did not grant any share options.

The options outstanding and exercisable as at March 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Options<br> Outstanding** | **Options<br> Exercisable** | **Exercise<br> Price** |
|  | | | **$** |
| **Balance, September 30, 2024** | 25000 | 25000 | 1.60 |
| Expired | (25000) | (25000) | - |
| **Balance, March 31, 2025** | - | - | - |

---

**LANNISTER MINING CORP.**

**Notes to Condensed Interim Consolidated Financial Statements**

**For the six months ended March 31, 2025 and 2024**

**(Unaudited - Expressed in Canadian Dollars)**

**10.** **RELATED PARTY TRANSACTIONS** 

Key management personnel are the persons responsible for the planning, directing, and controlling of the activities of the Company and includes directors and key officers of the Company, including the president, vice presidents, chief executive officer and chief financial officer.

The Company incurred the following key management personnel costs from related parties:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> March 31,** | **For the six months ended<br> March 31,** |
|  | **2025** | **2024** |
|  | **$** | **$** |
| Exploration and evaluation expenditures |  | 3391 |
| General and administrative |  | 24744 |
| Professional fees | 114857 | 109907 |
|  | **114857** | **138042** |

---

As at March 31, 2025, accounts payable and accrued liabilities included amounts due to related parties of $255,800 (September 30, 2024 - $170,984). Amounts due to related parties are unsecured, non-interest bearing and have no specific terms of repayment.

**11.** **FINANCIAL INSTRUMENTS AND RISK MANAGEMENT** 

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

● Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and

● Level 3 – Inputs that are not based on observable market data.

The Company's financial instruments consist of cash, reclamation bonds, accounts payable and accrued liabilities and convertible debentures. The fair value of the reclamation bond and accounts payable and accrued liabilities approximates their carrying values due to their current nature. Cash is measured at fair value on a recurring basis using level 1 inputs. Convertible debentures are measured at fair value using Level 3 inputs, which are based on inputs that are not observable in the market.

The risks associated with the Company's financial instruments and the policies on how to mitigate these risks are set out below.

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

Credit risk is the risk of loss to the Company associated with the counterparty's inability to fulfill its payment obligations. The financial instruments that potentially subject the Company to a significant concentration of credit risk consist of cash. The Company mitigates its exposure to credit loss associated with cash by placing its cash in major financial institutions. The Company assessed its credit risk as low.

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

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is not exposed to interest risk as its financial liabilities, with the exception of Debentures, do not bear interest. The Company is not exposed to interest rate risk with its Debentures as they are not subject to floating interest rates.

**LANNISTER MINING CORP.**

**Notes to Condensed Interim Consolidated Financial Statements**

**For the six months ended March 31, 2025 and 2024**

**(Unaudited - Expressed in Canadian Dollars)**

**11.** **FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)** 

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

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities. The Company is exposed to liquidity risk by accounts payable, accrued liabilities and convertible debentures. The Company manages liquidity risk by maintaining adequate cash and managing its capital and expenditures. As at March 31, 2025, the Company had a cash balance of $110,359 to settle current liabilities of $1,477,853. The Company assessed its liquidity risk as high.

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

Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of the changes in the foreign exchange rates. The Company is exposed to this risk as it has financial instruments denominated in a foreign currency. The Company is exposed to currency risk by incurring certain expenditures and holding assets denominated in currencies other than the Canadian dollar. The Company does not use derivative instruments to reduce its currency risk. As at March 31, 2025, the Company has net assets of $315,073 denominated in USD. A 10% fluctuation in the foreign exchange rate against the Canadian dollar would result in a foreign exchange gain/loss of approximately $32,000. Currency risk is assessed as low.

**12.** **COMMITMENTS** 

In March 2024, the Company entered into an agreement with a marketing firm to provide marketing materials worth US$680,775. As at March 31, 2025, $115,655 (US$85,300) had been expensed in marketing on the consolidated statement of loss and comprehensive loss. The remaining US$595,475 will be incurred upon the Company completing an IPO.

**Common Shares**

![](image_032.jpg)

**LANNISTER MINING CORP.**

**PROSPECTUS**

**Joseph Gunnar & Co., LLC**

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

Through and including , 2025 (the 25<sup>th</sup> day after the date of this offering), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.

**PART II**

**INFORMATION NOT REQUIRED IN THE PROSPECTUS** 

**Item 6. Indemnification of Directors and Officers.**

Under the BCBCA, we may indemnify an individual (an "**Eligible Party**") who (i) is or was a director of officer of the Company; (ii) is or was a director or officer of another corporation (a) at a time when the corporation is or was an affiliate of the Company, or (b) at the request of the Company; or (iii) at the request of the Company, is or was, or holds or held a position equivalent to that of, a director or officer of a partnership, trust, joint venture or other unincorporated entity, against all judgements, penalties, or fines awarded or imposed in, or an amount paid in settlement of, a proceeding which the Eligible Party is or may have be joined as a party or liable due to party holding a position with the Company or an associated corporation. Further, under the BCBCA, we may pay the costs, charges and expenses, including legal and other fees, incurred by an Eligible Party in respect such a proceeding.

The BCBCA also provides that we may also advance moneys an Eligible Party for costs, charges and expenses incurred in connection with such a proceeding; provided that such individual shall repay the moneys if the individual does not fulfill the conditions described below.

However, indemnification is prohibited under the BCBCA if any of the following circumstances apply:

● if the indemnity or payment is made under an earlier agreement to indemnify or pay expenses and, at the time that the agreement to indemnify or pay expenses was made, the Company was prohibited from giving the indemnity or paying the expenses by its memorandum or articles;

● if the indemnity or payment is made otherwise than under an earlier agreement to indemnify or pay expenses and, at the time that the indemnity or payment is made, the Company is prohibited from giving the indemnity or paying the expenses by its memorandum or articles;

● if, in relation to the subject matter of the eligible proceeding, the Eligible Party did not act honestly and in good faith with a view to the best interests of the company or the associated corporation, as the case may be; and

● in the case of an eligible proceeding other than a civil proceeding, if the Eligible Party did not have reasonable grounds for believing that the Eligible Party's conduct in respect of which the proceeding was brought was lawful.

Our Articles require us to indemnify each Eligible Party and the heirs and legal representatives of each Eligible Party, against all judgements, penalties or fines awarded or imposed in, or an amount paid in settlement of, a proceeding which the Eligible Party is or may have be joined as a party or liable due to party holding a position with the Company or an associated corporation.

Under the form of indemnification agreement filed as an exhibit to this registration statement, we will agree to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director or executive officer.

The form of underwriting agreement filed as an exhibit to this registration statement will also provide for indemnification of us and our officers and directors.

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

**Item 7. Recent Sales of Unregistered Securities.** 

Upon the incorporation of Lannister Exploration Corp. on August 14, 2020, we issued 0 (post-split) Common Share to the Incorporator, 1055 Corporate Services Ltd., for the consideration of C$1.00 (approximately US$0.81). The Company purchased the Incorporator's share in the capital of the Company from the Incorporator for the purchase price of C$1.00 (approximately US$0.81) and the Incorporator's share was cancelled and reissued to Skanderbeg Capital Advisors Inc.

On August 26, 2020, the company changed its name from Lannister Exploration Corp. to Lannister Mining Corp.

On March 3, 2021, the company closed a non-brokered private placement, pursuant to which 531,250 (post-split) Common Shares were issued at a price of C$0.08 (approximately US$0.06) per share for gross proceeds of C$42,500.00 (approximately US$31,400.07).

On March 12, 2021, the company closed tranche one of a non-brokered private placement, pursuant to which 1,400,313 (post-split) units were issued at a price of C$1.60 (approximately US$1.18) per unit for aggregate gross proceeds of C$2,404,498.00 (approximately US$1,776,503.88). Each unit is comprised of one (1) Common Share and one (1) Common Share purchase warrant for the purchase of one (1) Common Share at a price of C$3.20 (approximately US$2.36). The warrants may be exercised any time until March 12, 2024.

On April 15, 2021, the company closed tranche two of a non-brokered private placement, pursuant to which 482,814 (post-split) units were issued at a price of C1.60 (approximately US$1.18) per unit for aggregate gross proceeds of C$772,500.00 (approximately US$570,742.52). Each unit is comprised of one (1) Common Share and one (1) Common Share purchase warrant for the purchase of one (1) Common Share at a price of C$3.20 (approximately US$2.36). The warrants may be exercised any time until April 15, 2024.

On May 05, 2021, the company closed tranche three of a non-brokered private placement, pursuant to which 81,250 (post-split) units were issued at a price of C$1.60 (approximately US$1.18) per unit for aggregate gross proceeds of C$130,000.00 (approximately US$96,047.28). Each unit is comprised of one (1) Common Share and one (1) Common Share purchase warrant for the purchase of one (1) Common Share at a price of C$3.20 (approximately US$2.36). The warrants may be exercised any time until May 05, 2024.

On September 21, 2021, the company completed its acquisition of 1247666 BC Ltd., whereby 1,106,875 (post-split) Common Shares of Lannister Mining Corp. were issued to 1247666 BC Ltd. shareholders at a deemed price of C$1.44 (approximately US$1.06). per share. Please refer to "*Corporate Structure - Amalgamation"*

 

On October 13, 2021, the company issued to certain marketing professionals' options to acquire 25,000 (post-split) Common Shares, pursuant to the company's Stock Option Plan. The options are exercisable until the Expiry Date of October 13, 2024, at a price of C$1.60 (approximately US$1.18) per share. None of the options have been exercised and remain in force.

On January 21, 2022, the company closed a non-brokered private placement, pursuant to which 462,500 (post-split) Common Shares 0were issued at a price of C$4.00 (approximately US$2.96) per share for aggregate gross proceeds of C$1,850,000 (approximately US$1,366,826).

On December 22, 2023, Lannister Mining Corp. completed a 16:1 Reverse Stock Split whereby 65,039,980 (pre-Reverse Split) Common Shares were exchanged at a ratio of 16:1 for 4,065,003 Common Shares, and 31,429,980 share purchase warrants were converted at a ratio of 16:1 for 1,964,402 post consolidated warrants, and then converted into a half Common Share for a total issuance of 982,201 Common Shares.

**Item 8. Exhibits and Financial Statement Schedules.**

(a) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1 | [Form of Underwriting Agreement (incorporated by reference to Exhibit 1.1 to the Amendment No.3 to Registration Statement on Form F-1 filed on August 5, 2025)](https://www.sec.gov/Archives/edgar/data/1851535/000121390025072122/ea025068101ex1-1_lannister.htm) |
| 3.1 | [Certificate of Incorporation of Lannister Exploration Corp., dated August 14, 2020 (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form F-1 filed on July 31, 2024)](http://www.sec.gov/Archives/edgar/data/1851535/000101376224003297/ea020736901ex3-1_lannister.htm) |
| 3.2 | [Certificate of Name Change regarding the issuer's name change from Lannister Exploration Corp. to Lannister Mining Corp., dated August 26, 2020 (incorporated by reference to Exhibit 3.2 to the Registration Statement on Form F-1 filed on July 31, 2024)](http://www.sec.gov/Archives/edgar/data/1851535/000101376224003297/ea020736901ex3-2_lannister.htm) |
| 3.3 | [Certificate of Amalgamation of Lannister Mining Corp., dated September 21, 2021 (incorporated by reference to Exhibit 3.3 to the Registration Statement on Form F-1 filed on July 31, 2024)](http://www.sec.gov/Archives/edgar/data/1851535/000101376224003297/ea020736901ex3-3_lannister.htm) |
| 3.4 | [Articles of Lannister Mining Corp., adopted on September 22, 2021 (incorporated by reference to Exhibit 3.4 to the Registration Statement on Form F-1 filed on July 31, 2024)](http://www.sec.gov/Archives/edgar/data/1851535/000101376224003297/ea020736901ex3-4_lannister.htm) |
| 4.1 | [Form of Representative's Warrant (included in Exhibit 1.1) (incorporated by reference to Exhibit 1.1 to the Amendment No.3 to Registration Statement on Form F-1 filed on August 5, 2025)](https://www.sec.gov/Archives/edgar/data/1851535/000121390025072122/ea025068101ex1-1_lannister.htm) |
| 5.1 | [Opinion of McMillan LLP regarding the legality of the Common Shares](ea026032401ex5-1_lannister.htm) |
| 5.2 | [Legal Opinion of Bevilacqua PLLC regarding the underwriter's warrants](ea026032401ex5-2_lannister.htm) |
| 8.1 | [Opinion of McMillan LLP regarding certain Canadian law tax matters (included in Exhibit 5.1)](ea026032401ex5-1_lannister.htm) |
| 8.2 | [Opinion of Potomac Law Group regarding certain U.S. tax matters](ea026032401ex8-2_lannister.htm) |
| 10.1 | [Property Acquisition Agreement entered among BG Holdings Group, LLC, Basin Gulch Co., and 1247666 BC Ltd., (subsequently renamed Lannister) dated a September 15, 2020 (incorporated by reference to Exhibit 10.1 to the Amendment No.1 to Registration Statement on Form F-1 filed on May 2, 2025)](http://www.sec.gov/Archives/edgar/data/1851535/000121390025039123/ea023705601ex10-1_lannister.htm) |
| 10.2 | [Amalgamation Agreement between Lannister Mining Corp. and 1247666 BC Ltd., dated June 21, 2021 (incorporated by reference to Exhibit 10.2 to the Amendment No.1 to Registration Statement on Form F-1 filed on May 2, 2025)](http://www.sec.gov/Archives/edgar/data/1851535/000121390025039123/ea023705601ex10-2_lannister.htm) |
| 10.3 | [Assignment and Novation Agreement among Skanderbeg Capital Advisors Inc., Lannister Mining Corp., 1247666 BC Ltd., and BG Holdings Group, LLC, dated September 15, 2020 (incorporated by reference to Exhibit 10.3 to the Registration Statement on Form F-1 filed on July 31, 2024)](http://www.sec.gov/Archives/edgar/data/1851535/000101376224003297/ea020736901ex10-3_lannister.htm) |
| 10.4 | [Recorded Memorandum of Lease, dated March 7, 2022 (incorporated by reference to Exhibit 10.4 to the Registration Statement on Form F-1 filed on July 31, 2024)](http://www.sec.gov/Archives/edgar/data/1851535/000101376224003297/ea020736901ex10-4_lannister.htm) |
| 10.5 | [Amended and Restated Option Agreement among BG Holdings Group, LLC, Basin Gulch Co., Lannister Mining Corp. and Skanderbeg Capital Advisors Inc. dated March 2022 (incorporated by reference to Exhibit 10.5 to the Amendment No.1 to Registration Statement on Form F-1 filed on May 2, 2025)](http://www.sec.gov/Archives/edgar/data/1851535/000121390025039123/ea023705601ex10-5_lannister.htm) |
| 10.6 | [Form of Consulting Agreement between the Registrant and its executive officers](ea026032401ex10-6_lannister.htm) |
| 10.7† | [2021 Stock Option Plan](ea026032401ex10-7_lannister.htm) |
| 10.8 | [Form of Independent Director Agreement](ea026032401ex10-8_lannister.htm) |
| 10.9 | [Form of Indemnification Agreement](ea026032401ex10-9_lannister.htm) |
| 10.10 | [Form of Convertible Note from December 2024 Financing](ea026032401ex10-10_lannister.htm) |
| 10.11 | [Form of Subscription Agreement for December 2024 Financing (incorporated by reference to Exhibit 10.11 to the Amendment No.1 to Registration Statement on Form F-1 filed on May 2, 2025)](http://www.sec.gov/Archives/edgar/data/1851535/000121390025039123/ea023705601ex10-11_lannister.htm) |
| 10.12† | [Lannister Mining Corp. 2025 Equity Incentive Plan](ea026032401ex10-12_lannister.htm) |
| 10.13† | [Form of Share Option Agreement for Lannister Mining Corp. 2025 Equity Incentive Plan](ea026032401ex10-13_lannister.htm) |
| 10.14† | [Form of Restricted Share Award Agreement for Lannister Mining Corp. 2025 Equity Incentive Plan](ea026032401ex10-14_lannister.htm) |
| 10.15† | [Form of Restricted Share Units Award Agreement for Lannister Mining Corp. 2025 Equity Incentive Plan](ea026032401ex10-15_lannister.htm) |
| 21.1 | [List of Subsidiaries](ea026032401ex21-1_lannister.htm) |
| 23.1 | [Consent of MNP LLP](ea026032401ex23-1_lannister.htm) |
| 23.2 | Consent of McMillan LLP (included in [Exhibit 5.1](ea026032401ex5-1_lannister.htm) and [Exhibit 8.1](ea026032401ex5-1_lannister.htm)) |
| 23.3 | [Consent of Bevilacqua PLLC (included in Exhibit 5.2)](ea026032401ex5-2_lannister.htm) |
| 23.4 | [Consent of Potomac Law Group (included in Exhibit 8.2)](ea026032401ex8-2_lannister.htm) |
| 23.5 | [Consent of Michael B. Dufresne, M.Sc., P. Geol., P.Geo. (incorporated by reference to Exhibit 23.5 to the Registration Statement on Form F-1 filed on July 31, 2024)](http://www.sec.gov/Archives/edgar/data/1851535/000101376224003297/ea020736901ex23-5_lannister.htm) |
| 23.6 | [Consent of Dean J. Besserer, B.Sc., P.Geo. (incorporated by reference to Exhibit 23.6 to the Registration Statement on Form F-1 filed on July 31, 2024)](http://www.sec.gov/Archives/edgar/data/1851535/000101376224003297/ea020736901ex23-6_lannister.htm) |
| 24.1 | [Power of Attorney (included in the signature page)](#f_001) |
| 96.1 | [S-K 1300 Technical Report: The Basin Gulch Property, Granite County, Montana, USA, March 29, 2024 (incorporated by reference to Exhibit 96.1 to the Registration Statement on Form F-1 filed on July 31, 2024)](http://www.sec.gov/Archives/edgar/data/1851535/000101376224003297/ea020736901ex96-1_lannister.htm) |
| 99.1 | [Code of Ethics of the registrant](ea026032401ex99-1_lannister.htm) |
| 99.2 | [Audit Committee Charter](ea026032401ex99-2_lannister.htm) |
| 99.3 | [Compensation Committee Charter](ea026032401ex99-3_lannister.htm) |
| 99.4 | [Nominating and Corporate Governance Committee Charter](ea026032401ex99-4_lannister.htm) |
| 99.5 | [Clawback Policy](ea026032401ex99-5_lannister.htm) |
| 99.6 | [Related Party Transactions Policy](ea026032401ex99-6_lannister.htm) |
| 107 | [Filing Fee Table (incorporated by reference to Exhibit 107 to the Amendment No.1 to Registration Statement on Form F-1 filed on May 2, 2025)](http://www.sec.gov/Archives/edgar/data/1851535/000121390025039123/ea023705601ex-fee_lannister.htm) |

---

† Executive
 Compensation Plan or Agreement.

(b) Financial
 Statement Schedules

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the financial statements or the notes thereto.

**Item 9. Undertakings.**

The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement, certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

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

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) For
 purposes of determining any liability under the Securities Act, the information omitted from
 the form of prospectus filed as part of this registration statement in reliance upon Rule
 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1)
 or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration
 statement as of the time it was declared effective.

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

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Vancouver, British Columbia, Canada on October 21, 2025.

---

| | |
|:---|:---|
| **LANNISTER MINING CORP.** | **LANNISTER MINING CORP.** |
| By: | /s/ James Greig |
| Name: | James Greig |
| Title: | Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated. The document may be executed by signatories hereto on any number of counterparts, all of which shall constitute one and the same instrument.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ James Greig | Chief Executive Officer and Director | October 21, 2025 |
| James Greig |  |  |
| \* | Chief Financial Officer | October 21, 2025 |
| Kelvin Lee |  |  |
| \* | Director | October 21, 2025 |
| Mario Vetro |  |  |
| \* | Independent Director | October 21, 2025 |
| Victor Cantore |  |  |
| \* | Independent Director | October 21, 2025 |
| Abraham Max Zaretsky |  |  |
| \* | Independent Director | October 21, 2025 |
| William Randall |  |  |
| \* | Independent Director | October 21, 2025 |
| Joanne Price |  |  |

---

---

| | |
|:---|:---|
| \* By: | /s/ James Greig |
|  | James Greig |
|  | Attorney-In-Fact |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of Lannister Mining Corp. has signed this registration statement or amendment thereto in New York on October 21, 2025.

---

| | |
|:---|:---|
| **Cogency Global Inc.**<br> Authorized U.S. Representative | **Cogency Global Inc.**<br> Authorized U.S. Representative |
| By: | /s/ Colleen A. De Vries |
| Name: | Colleen A. De Vries |
| Title: | Senior Vice President |

---

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

**Our File No. 276624**

**Date October 20, 2025**

Lannister Mining Corp.<br> Suite 1500 – 1055 West Georgia Street<br> Vancouver, British Columbia<br> Canada V6E 4N7

Dear Sirs:

**<u>Re: Lannister Mining Corp. – Registration Statement on Form F-1</u>**

We have acted as Canadian legal counsel to Lannister Mining Corp., a corporation existing under the laws of the Province of British Columbia (the "**Company**"), in connection with the Company's Registration Statement on Form F-1 (File No. 333-281149) filed on July 31, 2024, as amended and supplemented from time to time, the "**Registration Statement**") with the Securities and Exchange Commission (the "**Commission**") including a related prospectus filed with the Registration Statement (the "**Prospectus**"), covering:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the offering (the "**Offering**") for sale to Joseph
Gunnar & Co., LLC, Research Capital Corporation and other underwriters (together, the "**Underwriters**") pursuant
to an underwriting agreement (the "**Undewriting Agreement**") to be entered into with the Underwriters of: (a) up to an
aggregate of 2,000,000 common shares, no par value per share, in the capital of the Company (each, a "**Common Share** "),
and (b) up to an additional 300,000 Common Shares pursuant to a 45-day over-allotment option, equal to 15% of the Common Shares sold in
the Offering, granted to the Underwriters, in each case at the public offering price to be set in accordance with the resolutions of the
board of directors of the Company dated October 20, 2025 (the "**Resolutions** "), the Underwriting Agreement and the Registration
Statement;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the public offering of such securities
 by the Underwriters.

In connection with this opinion, we have reviewed and relied upon the Registration Statement and Prospectus, the Company's Notice of Articles, the Company's Articles, records of the Company's corporate proceedings in connection with the Offering, including the Resolutions, and such other documents, records, certificates, memoranda and other instruments as we deem necessary as a basis for this opinion. We have also obtained from officers of the Company certificates as to certain factual matters and, insofar as this opinion is based on matters of fact, we have relied on such certificates without independent investigation. With respect to the foregoing documents, we have assumed: (i) the authenticity of all records, documents, and instruments submitted to us as originals; (ii) the genuineness of all signatures on all agreements, instruments and other documents submitted to us; (iii) the legal capacity and authority of all persons or entities (other than the Company) executing all agreements, instruments or other documents submitted to us; (iv) the authenticity and the conformity to the originals of all records, documents, and instruments submitted to us as certified, photostatic or other copies; (v) that the documents, in the forms submitted to us for our review, have not been and will not be altered or amended in any respect; (vi) that the statements contained in the certificates and comparable documents of public officials, officers and representatives of the Company and other persons on which we have relied for purposes of this opinion are true and correct; and (vii) the due authorization, execution and delivery of all agreements, instruments and other documents by all parties thereto (other than the due authorization, execution and delivery of each such agreement, instrument and document by the Company).

McMillan LLP ½ Royal Centre, 1055 W. Georgia St., Suite 1500, PO Box 11117, Vancouver, BC, Canada V6E 4N7 ½ t 604.689.9111 ½ f 604.685.7084

Lawyers ½ Patent & Trade-mark Agents ½ Avocats ½ Agents de brevets et de marques de commerce

Vancouver ½ Calgary ½ Toronto ½ Ottawa ½ Montréal ½ Hong Kong ½ mcmillan.ca

---

| | |
|:---|:---|
| ![](ex5-1_001.jpg) | October 20, 2025<br> Page 2 |

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When our opinion refers to the Common Shares to be issued having been issued as being "fully paid and non- assessable", such opinion indicates that the holder of such Common Shares cannot be required to contribute any further amounts to the Company by virtue of his, her or its status as holder of such Common Shares, either in order to complete payment for the Common Shares, to satisfy claims of creditors or otherwise. No opinion is expressed as to the adequacy of any consideration received for such Common Shares.

We are qualified to practise law in British Columbia. Our opinion below is limited to the existing laws of the British Columbia, including all applicable provisions of the *Business Corporations Act* (British Columbia) (the "**BCBCA**"), and the federal laws of Canada applicable therein as of the date of this opinion and should not be relied upon, nor are they given, in respect of the laws of any other jurisdiction. In particular, we express no opinion as to United States federal or state securities laws or any other laws, rule or regulation, federal or state, applicable to the Corporation.

In expressing the opinion in paragraph 1 below, we have relied on a certificate of good standing issued by the Registrar of Companies of British Columbia pursuant to the BCBCA dated October 20, 2025 in respect of the Company.

Based upon the foregoing and in reliance thereon, and subject to the qualifications and limitations set forth herein, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Company is a corporation existing under the BCBCA and is, with
respect to the filing of annual reports with the Registrar of Companies of British Columbia, in good standing; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The Common Shares have been duly authorized and, when the Common Shares
are issued and sold in the manner contemplated by the Resolutions, the Underwriting Agreement and the Registration Statement, will be
validly issued, fully paid and non-assessable Common Shares in the capital of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;3. The statements under the caption "Material United States and
Canadian Income Tax Considerations — Canadian Income Tax Considerations" in the Prospectus forming part of the Registration
Statement, to the extent that they constitute statements of laws of British Columbia and federal laws applicable therein, are accurate
in all material respects and that such statements constitute our opinion.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of our firm's name in the section of the Registration Statement and the Prospectus included therein entitled "Legal Matters". In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Commission.

This opinion is furnished in accordance with the requirements of Item 8(5.1) of Form F-1 and Item 601(b)(5)(i) of Regulation S-K in connection with the filing of the Registration Statement and the related Prospectus, and is not to be used, circulated, quoted or otherwise relied upon for any other purpose. This opinion is limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein. We disclaim any obligation to advise you of facts, circumstances, events or developments that hereafter may be brought to our attention and that may alter, affect or modify the opinion expressed herein after the effective date of the Registration Statement.

---

| |
|:---|
| Yours truly, |
| /s/ *McMillan LLP* |
| McMillan LLP |

---

## Exhibit 5.2

**Exhibit 5.2**

![](ex5-2_001.jpg)

October 21, 2025

**Lannister Mining Corp.**

1055 West Georgia Street, Suite 1500

Vancouver, British Columbia

Canada V6E 4N7

Re: Registration Statement on Form F-1

Ladies and Gentlemen:

We have acted as United States counsel to Lannister Mining Corp., a corporation existing under the laws of the Province of British Columbia (the "**Company**"), in connection with the preparation and filing with the Securities and Exchange Commission (the "**Commission**") pursuant to the Securities Act of 1933, as amended (the "**Securities Act**"), of a Registration Statement on Form F-1 (File No. 333-281149) (as amended through the date hereof, the "**Registration Statement**") relating to the registration of (i) common shares of the Company, no par value per share (the "**Common Shares**"), (ii) the Representative's (as defined in the Registration Statement) warrants to purchase a number of Common Shares equal in the aggregate to five percent (5%) of the Common Shares to be issued and sold in this offering, at an exercise price of 110% of the initial public offering price of the Common Shares pursuant to the Registration Statement (the "**Warrants**") and (iii) Common Shares underlying the Warrants. This opinion is being given in accordance with the Legal Matters section of the Registration Statement, as it pertains to the portions of New York law set forth below. This opinion does not cover the Common Shares which are the subject of opinion of other counsel.

We have examined such documents and considered such legal matters as we have deemed necessary and relevant as the basis for the opinion set forth below. In rendering the opinion expressed herein, we have, without independent inquiry or investigation, assumed (i) the legal capacity of all natural persons executing documents, (ii) the genuineness of all signatures, (iii) the authenticity, accuracy and completeness of all documents submitted to us as originals and the conformity to authentic original documents submitted to us as certified, conformed or reproduced copies. We have relied upon the accuracy and completeness of the information, factual matters, representations, and warranties contained in such documents. We have also assumed that the persons identified as officers of the Company are actually serving in such capacity and that the Registration Statement will be declared effective. In our examination of documents, we have assumed that the parties thereto had the power, corporate or other, to enter into and perform all obligations thereunder and the due authorization by all requisite action, corporate or other, the execution and delivery by all parties of the documents, and the validity and binding effect thereof on such parties. As to questions of fact material to this opinion, we have, to the extent deemed appropriate, relied upon certain representations of certain officers and employees of the Company.

Based upon and subject to the foregoing, we are of the opinion that, assuming the Warrants have been duly authorized, executed and delivered by the Company in accordance with the laws of the British Columbia and the federal laws of Canada applicable therein, when the Registration Statement becomes effective under the Securities Act, and when such Warrants are duly executed and authenticated in accordance with their terms and issued and delivered, as contemplated by the Registration Statement and the underwriting agreement by and between the Company and the underwriters, such Warrants will constitute the valid and legally binding obligations of the Company, enforceable in accordance with their terms, except: (a) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally and by general equitable principles (regardless of whether enforceability is considered in a proceeding in equity or at law); (b) as enforceability of any indemnification or contribution provision may be limited under the Federal and state securities laws, and (c) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought, and provided that we express no opinion as to the validity, legally binding effect or enforceability of any provision in the Warrants that requires or relates to adjustments to the exercise price at a price or in an amount that a court would determine in the circumstances under applicable law to be commercially unreasonable or a penalty or forfeiture.

1050 Connecticut Ave., NW, Suite 500

Washington, DC 20036

**PG. 2**

![](ex5-2_002.jpg)

Notwithstanding anything in this letter which might be construed to the contrary, our opinion expressed herein is limited to the laws of the State of New York. We express no opinion with respect to the applicability to, or the effect on, the subject transaction of the laws of any other jurisdiction or as to any matters of municipal law or the laws of any local agencies within any state other than the State of New York. The opinion expressed herein is based upon the laws of the State of New York in effect on the date hereof and as of the effective date of the Registration Statement, and we assume no obligation to revise or supplement this opinion after the effective date of the Registration Statement should such law be changed by legislative action, judicial decision, or otherwise. Except as expressly set forth in our opinion above: (i) we express no opinion as to whether the laws of any other jurisdiction are applicable to the subject matter hereof, and (ii) we express no opinion as to compliance with any other federal or state law, rule or regulation relating to securities, or to the sale or issuance thereof.

We hereby consent to the use of this opinion as an exhibit to the Registration Statement, to the use of our name as the Company's United States counsel and to all references made to us in the Registration Statement and in the Prospectus forming a part thereof. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act, or the rules and regulations promulgated thereunder. This opinion is given as of the effective date of the Registration Statement, and we are under no duty to update the opinions contained herein.

---

| |
|:---|
| /s/ Bevilacqua PLLC |
| **Bevilacqua PLLC** |

---

## Exhibit 8.2

**Exhibit 8.2**

![](ex8-2_001.jpg)

Potomac Law Group, PLLC

1300 Pennsylvania Avenue, NW, Suite 700

Washington, D.C. 20004

Telephone: (202) 204-3005

Fax: (202) 789-7349

October 21, 2025

**LANNISTER MINING CORP.**

1055 West Georgia Street, # Suite 1500

Vancouver, British Columbia V6E 4N7

Re: Opinion of Potomac Law Group PLLC as to Tax Matters

Ladies and Gentlemen:

You have requested our opinion concerning the statements in the Registration Statement (as defined below) under the caption "Material United States and Canadian Income Tax Considerations — U.S. Federal Income Taxation Considerations" in connection with the public offering of certain Common Shares, no par value per share (the "Common Shares"), of Lannister Mining Corp., a corporation existing under the laws of the Province of British Columbia, Canada (the "Company") pursuant to Form F-1 Registration Statement under the Securities Act of 1933, filed by the Company with the Securities and Exchange Commission (the "Commission") on July 31, 2024, as amended from time to time (the "Registration Statement").

This opinion is being furnished to you as Exhibit 8.2 to the Registration Statement.

In connection with rendering the opinion set forth below, we have examined and relied on originals or copies of the following (collectively the "Documents")

(a) the Registration Statement; and

(b) such other documents, certificates and records as we have deemed necessary or appropriate as a basis for the opinion set forth below.

Our opinion is conditioned on the initial and continuing accuracy of the facts, information and analyses set forth in the Documents. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Registration Statement.

For purposes of our opinion, we have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all Documents submitted to us as originals, the conformity to original Documents of all Documents submitted to us as certified, conformed, electronic, or photostatic copies, and the authenticity of the originals of such latter Documents. We have relied on a representation of the Company that such Documents are duly authorized, valid and enforceable. Furthermore, our opinion assumes, with your consent, that (i) the final executed version of any Document that has not been executed as of the date of this letter (including any underwriting agreement to be executed in connection with the offering of the Common Shares) will be, in substance, identical to the version that we have reviewed, (ii) no material term or condition set forth in any executed Document (or the executed version of any Document described in clause (i) immediately above) will be amended, waived, or otherwise modified, and (iii) any transaction contemplated by any Document shall be consummated in accordance with the terms and conditions of the Document.

In addition, we have relied on factual statements and representations of the officers and other representatives of the Company and others, and we have assumed that such statements and representations are and will continue to be correct without regard to any qualification as to knowledge or belief.

We have not independently verified, and do not assume any responsibility for, the completeness or fairness of the Registration Statement and make no representation that the actions taken in connection with the preparation and review of the Registration Statement are sufficient to cause the Registration Statement to be complete or fair.

Our opinion is based on the U.S. Internal Revenue Code of 1986, as amended, U.S. Treasury regulations, judicial decisions, published positions of the U.S. Internal Revenue Service, and such other authorities as we have considered relevant, all as in effect as of the date of this opinion and all of which are subject to differing interpretations or change at any time (possibly with retroactive effect). A change in the authorities upon which our opinion is based could affect the conclusions expressed herein. There can be no assurance, moreover, that the opinion expressed herein will be accepted by the U.S. Internal Revenue Service or, if challenged, by a court.

Although the discussion set forth in the Registration Statement under the heading "Material United States and Canadian Income Tax Considerations — U.S. Federal Income Taxation Considerations" does not purport to summarize all possible U.S. federal income tax considerations of the ownership and disposition of the Common Shares to U.S. Holders (as defined therein), based upon and subject to the foregoing, we are of the opinion that, under current U.S. federal income tax law, such discussion constitutes, in all material respects, an accurate summary of the U.S. federal income tax consequences of the ownership and disposition of the Common Shares that are anticipated to be material to U.S. Holders who hold the Common Shares pursuant to the Registration Statement. Subject to the qualifications set forth in such discussion, and, to the extent that it sets forth any specific legal conclusion under U.S. federal income tax law, except as otherwise provided therein, it represents our opinion. Notwithstanding the foregoing, we do not express any opinion herein with respect to the Company's status as a passive foreign investment company ("PFIC") for U.S. federal income tax purposes for any taxable year, for the reasons stated in the discussion on PFICs set forth in the Registration Statement under the heading "Material United States and Canadian Income Tax Considerations — U.S. Federal Income Taxation Considerations."

Except as set forth above, we express no other opinion. This opinion is furnished to you in connection with the offering of Common Shares. This opinion is expressed as of the date hereof, and we are under no obligation to supplement or revise our opinion to reflect any legal developments or factual matters arising subsequent to the date hereof.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement, to the use of our name in the prospectus included in the Registration Statement and to the discussion of this opinion in the prospectus included in the Registration Statement. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Exchange Act of 1933, as amended, or the rules or regulations of the Commission promulgated thereunder.

Very truly yours,

/s/ Potomac Law Group, PLLC

Potomac Law Group, PLLC

## Exhibit 10.6

**Exhibit 10.6**

**CONSULTING AGREEMENT**

**THIS AGREEMENT** is dated effective , 2025 (the "**Effective Date**").

**AMONG:**

**Lannister Mining Corp.** a company incorporated under the laws of British Columbia and having an office at 1055 West Georgia Street, Suite 1500, Vancouver, British Columbia V6E 4N7

(the "**Company**")

**AND:**

(the "**Consultant**")

**WHEREAS:**

(A) The Company wishes to retain the Consultant to provide the Company with management consulting services, and the Consultant has agreed to provide such services to the Company pursuant to the terms and conditions of this Agreement.

**THIS AGREEMENT WITNESSES** that, in consideration of the mutual covenants and promises set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Consultant (each, a "**Party**" and, together, the "**Parties**") agree as follows:

**Article 1** **<br> APPOINTMENT OF THE CONSULTANT**

**1.1 <u>Appointment of Consultant</u>**

The Company hereby retains the Consultant to provide the Company with the following capital services (the **"Services"**):

&nbsp;&nbsp;&nbsp;&nbsp;(a) introducing the Company to prospective investors and counterparties;

&nbsp;&nbsp;&nbsp;&nbsp;(b) advising on capital structuring, investor presentation and preparation of financial modelling;

&nbsp;&nbsp;&nbsp;&nbsp;(c) advising on strategic financing alternatives and positioning of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;(d) advising on the financial aspects of any financings, mergers, acquisitions, and any other such strategic
transactions contemplated by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) such other financial advisory and investment banking services as are customary and mutually agreed upon
between the Parties.

Page **1** of **13**

&nbsp;&nbsp;&nbsp;&nbsp;(f) Advising and managing technical personnel on all exploration efforts to advance the Project and create
more shareholder value;

&nbsp;&nbsp;&nbsp;&nbsp;(g) Establishing and monitoring technical milestones and achievements to advance the Company and Project,
and;

&nbsp;&nbsp;&nbsp;&nbsp;(h) On a best efforts basis, based on results and financial support, advancing the Project to a production
scenario.

**1.2 <u>Independent Consultant</u>**

In providing the Services hereunder, the Consultant will be an independent contractor and not an employee or agent of the Company, except that the Consultant will be an agent of the Company solely in circumstances where the Consultant must be the agent to carry out its obligations as set forth in this Agreement. The Consultant hereby acknowledges that the Company is not required, and will not be required, to make any remittances and payments required of employers by statute on the Consultant's behalf, nor will the Consultant or any of its agents or employees be entitled to the fringe benefits provided by the Company to its employees, if any. The Consultant agrees that it will be required to file corporate and/or individual tax returns and to pay taxes in accordance with all provisions of applicable federal and provincial laws.

**1.3 <u>Non-Exclusivity</u>**

The Company acknowledges that this Agreement is not exclusive. The Consultant will not be precluded from acting in a function similar to that contemplated under this Agreement or in any other capacity for any other individual or entity, provided that such action does not prevent the Consultant from providing the Services or fulfilling its obligations pursuant to this Agreement.

**Article 2** **<br> COMPENSATION AND EXPENSES**

**2.1 <u>Compensation</u>**

As compensation for carrying out the Services, the Company agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) pay to the Consultant the work fee of US$ per month, plus GST (the "**Consulting Fee** "),
subject to adjustments set out below in Section, during the Term (defined below), to be paid within 15 days of the end of each calendar
month;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon execution of this Agreement, the Consultant shall be entitled to receive certain equity compensation,
to be determined by the compensation committee and the board of directors of the Company (the "**Equity Compensation** ")
per year, on the terms and conditions and subject to the restrictions set forth in the Lannister Mining Corp. 2025 Equity Incentive Plan,
as the same may be amended from time to time (the "**Plan** "). Capitalized terms that are used but not defined herein have
the meaning ascribed to them in the Plan. The Parties hereby agree that to the extent permitted by the Plan, in event the Company effects
one or more share consolidation of its common shares, the number of shares underlying the Restricted Share Award and the exercise price
per share of the Share Option shall be adjusted in proportion to the reverse
share split ratio. In the event that the Consultant works less than a full year, the Company shall only be obligated to pay the pro rata
portion of such Equity Compensation to the Consultant for his or her services performed during such year. Furthermore, the vesting of
the Equity Compensation shall not accelerate in the event the Consultant works less than a full year.

Page **2** of **13**

&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event that the Company completes any financing transaction (a "**Financing Transaction** ")
negotiated or completed during the term of this Agreement or completed during the 12 month period following the termination of this Agreement,
pay the Consultant on the closing of each Financing Transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. a cash fee equal to in respect of investors who were introduced or sourced, directly or indirectly, by
the Consultant, 6.0% of the gross proceeds of any capital raised in connection with the Financing Transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. warrants to purchase such number of shares, indebtedness or convertible securities of the Company issued
as part of such Financing Transaction equal to, in respect of investors who were introduced or sourced, directly or indirectly, by the
Consultant, 2.0% of the aggregate number of shares, indebtedness or convertible securities issued under the Financing Transaction at the
issue price per security under the Financing Transaction, such warrants exercisable for a period of two (2) years from the date of the
closing of the Financing Transaction, which cash fee and warrants shall be payable forthwith upon completion of any Financing Transaction.

All cash payments shall be paid by certified cheque or wire deposit as instructed by the Consultant.

For the purposes hereof:

&nbsp;&nbsp;&nbsp;&nbsp;(a) "**M&A Transaction**" means, whether effected in one transaction or a series of transactions:
(a) any proposal to acquire control (as defined below) of the Company by way of an offer to acquire outstanding shares of the Company,
(b) a sale of all or substantially all of the Company's assets or a transaction involving all or substantially all of the assets
of the Company, by way of a negotiated purchase, lease, license, exchange, joint venture, or other means, (c) any merger, amalgamation,
consolidation, plan of arrangement, reorganization or other business combination pursuant to which the assets and business of the Company
are combined with those of any third party, (d) the issue by the Company to one or more other persons of securities of the Company in
numbers sufficient to constitute an acquisition of control of the Company, or (e) any acquisition of control of the Company, other than
as contemplated by any of the foregoing paragraphs (a) to (d), inclusive, any (f) any acquisition of a business or division of a business
by the Company, whether by way of an asset sale, share sale, joint venture or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Transaction Value**" of a transaction shall mean the total fair market value of all
consideration, including cash, securities, property and any other form of non-cash consideration, paid to the Company (including and its
subsidiaries and affiliates) and/or the shareholders of the Company in the case of a Transaction in which the Company is acquired by a
third party plus total long-term debt of the Company and its subsidiaries and affiliates assumed in the Transaction. If securities are
issued or are to be issued as all or part of the consideration, the Transaction Value
shall include the fair market value of the securities issued or to be issued, provided that the value of any publicly-traded securities
or any securities convertible or exercisable into publicly-traded securities being or being based on the weighted average value of all
trades of such publicly-traded securities or the publicly-traded securities into which such securities are convertible or exercisable
on the stock exchange on which such publicly-traded securities trade during the 20 trading days prior to the date of the first public
announcement of the Transaction, and, with respect to the value of any convertible securities, using the (i) the applicable United States
exchange rules; or (ii) Black-Scholes methodology employing 20 day historical volatility and the three month Government of Canada Treasury
Bill yield as the risk free rate.

Page **3** of **13**

**2.2 <u>Expenses</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will reimburse the Consultant for all reasonable out-of-pocket expenses incurred by the Consultant
in performing the Services hereunder, including travel expenses and legal expenses, if all such expenses have been pre-approved, in writing,
by the Company and the Consultant has provided the Company with proof of its expenditure.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Consultant will, on or before the last day of each calendar month during the Term, or as soon as practicable
thereafter, provide to the Company an itemized statement and accounting for the previous calendar month, together with such supporting
documents as and when the Company may reasonably require, of all expenses which the Company is obligated by this Agreement to reimburse.
The Company agrees to reimburse the Consultant for such expenses directly on a timely basis.

**Article 3** **<br> DURATION, TERMINATION AND DEFAULT**

**3.1 <u>Term</u>**

This Agreement will become effective as of the Effective Date and will remain in force for a term of 12 months (the "**Initial Term**"), after which, upon the mutual agreement of the Parties, the term of this Agreement will continue on a month-to-month basis, until terminated in accordance with Article 3.2 of this Agreement (with the entire term of this Agreement prior to any termination hereof being, the "**Term**").

**3.2 <u>Termination</u>**

This Agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;(a) during the Initial Term or any Extension Period, only by written mutual agreement of the Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, this Agreement may be terminated by the Consultant giving the Company 30 business days'
prior written notice of such termination or by the Company giving the Consultant 30 business days' prior written notice of such
termination.

Sections 1.2, 1.3, 2, 3, 6, 8, 9 and 10 of this Agreement shall survive the termination or purported termination of this Agreement, any withdrawal or termination or decision not to proceed with any Financing Transaction or any M&A Transaction or the completion of the engagement of the Consultant hereunder.

Page **4** of **13**

**3.3 <u>Payments on Termination</u>**

Upon termination of this Agreement under Article 3.2:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the Consultant will promptly deliver to the Company a final accounting, reflecting the balance of Consulting
Fees owed to the Consultant and expenses incurred on behalf of the Company by the Consultant pursuant to the terms of this Agreement as
of the date of termination; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company will pay to the Consultant, within 15 calendar days of the date of termination, all sums due
and payable to the Consultant under this Agreement to the date of termination.

**Article 4** **<br> REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE CONSULTANT**

The Consultant represents, warrants and covenants to and with the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the Consultant has duly executed and delivered this Agreement and this Agreement constitutes a valid obligation
of the Consultant, legally binding upon the Consultant and enforceable in accordance with its terms subject to such limitations and prohibitions
in applicable laws relating to bankruptcy, insolvency, liquidation, moratorium, reorganization, arrangement or winding up and other laws,
rules and regulations of general application affecting the rights, powers, privileges, remedies and interests of creditors, generally;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the Consultant has all business and professional licenses, registrations and permits necessary to provide
the Services in accordance with this Agreement and otherwise to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;(c) the Consultant is an **"accredited investor"** as defined in National Instrument 45-106
– *Prospectus Exemptions*;

&nbsp;&nbsp;&nbsp;&nbsp;(d) any stock options or other securities of the Company to be issued by the Company to the Consultant hereunder
will be acquired by the Consultant as principal, and not for the account or benefit of any other person;

&nbsp;&nbsp;&nbsp;&nbsp;(e) the Consultant shall perform the Services in material compliance with all Applicable Securities Laws in
the jurisdictions in which it is carrying out activities in respect of the Services. For purposes of this Agreement, **"Applicable Securities Laws"** means, collectively, the policies of the NYSE American (the **"Exchange"**) and the applicable
securities laws, regulations, rules, instruments, rulings, orders and notices of the applicable jurisdictions, and the applicable policy
statements issued by the securities regulators or regulatory authorities in the applicable jurisdictions and the securities legislation,
rules, regulations and published policies of each other jurisdiction in which the Consultant conducts activities in connection with the
Services;

&nbsp;&nbsp;&nbsp;&nbsp;(f) the Consultant will not, without the prior written consent of the Company, distribute or otherwise make
available any materials, or make any representations about the Company, its business or its prospects, other than materials specifically
provided by the Company to the Consultant for such purpose or the
Company's publicly available filings on SEDAR (if applicable) and EDGAR;

Page **5** of **13**

&nbsp;&nbsp;&nbsp;&nbsp;(g) the Consultant will not knowingly make any untrue statement of any material fact regarding the Company,
nor knowingly omit to state any material fact required to be stated or necessary to make any statement by the Consultant regarding the
Company not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;(h) the Consultant agrees that the representations and warranties of the Consultant herein will be true and
correct as of the Effective Date and shall survive all terms of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;(i) the Consultant makes the representations and warranties set forth in this Article 4 understanding that
the Company believes them to be true and knowing that the Company relies on their veracity, such reliance, if to the Company's detriment,
shall constitute a cause of action in law or equity by the Company against the Consultant, the entitlement to which the Company reserves.

**Article 5** **<br> REPRESENTATIONS AND WARRANTIES OF THE COMPANY**

The Company represents and warrants to the Consultant, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company has duly executed and delivered this Agreement and this Agreement constitutes a valid obligation
of the Company, legally binding upon the Company and enforceable in accordance with its terms subject to such limitations and prohibitions
in applicable laws relating to bankruptcy, insolvency, liquidation, moratorium, reorganization, arrangement or winding up and other laws,
rules and regulations of general application affecting the rights, powers, privileges, remedies and interests of creditors, generally;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company has been duly incorporated and organized and is a valid and subsisting company under the laws
of British Columbia, and is duly qualified to carry on business in Canada and in each other jurisdiction, if any, wherein the carrying
out of the activities contemplated makes such qualification necessary;

&nbsp;&nbsp;&nbsp;&nbsp;(c) with the exception of forecasts, projections or estimates referred to below, all information and other
data relating to the Company furnished by or on behalf of the Company to the Consultant is, or, in the case of historical information,
was at the date of preparation, and all information provided to the Consultant after the Effective Date shall, to the best of the Company's
knowledge, be true, accurate, complete and correct in all material respects, and does not, did not and will not, as the case may be, contain
a Misrepresentation (defined below);

&nbsp;&nbsp;&nbsp;&nbsp;(d) any projections and forecasts relating to the Company provided by or on behalf of the Company to the Consultant
have been, and any such projections and forecasts prepared after the Effective Date will be, prepared in good faith with the assistance
of competent professional advisors and are based upon assumptions which, in light of the circumstances under which they are made, are
reasonable;

&nbsp;&nbsp;&nbsp;&nbsp;(e) the Company is not aware of any undisclosed material facts or information that could materially impact
upon any of the Company's projections and forecasts;

Page **6** of **13**

&nbsp;&nbsp;&nbsp;&nbsp;(f) the Company has filed all forms, reports, documents and information required to be filed by it, whether
pursuant to Applicable Securities Laws or otherwise, with the Exchange or the applicable regulatory authorities (the **"Disclosure Documents"**);

&nbsp;&nbsp;&nbsp;&nbsp;(g) at the time the Disclosure Documents were filed with the applicable securities regulators and on SEDAR
or EDGAR:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. each of the Disclosure Documents complied in all material respects with the requirements of the Applicable
Securities Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. none of the Disclosure Documents contained any Misrepresentations;

&nbsp;&nbsp;&nbsp;&nbsp;(h) the financial statements of the Company contained in the Disclosure Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. comply as to form in all material respects with the published rules and regulations under the Applicable
Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. were reported in accordance with International Financial Reporting Standards applied on a basis consistent
with that of the preceding periods; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. present fairly the consolidated financial position of the Company and its subsidiaries, if any, as of
the respective dates thereof and the consolidated results of operations of the Company and its subsidiaries, if any, for the periods covered
thereby; and

&nbsp;&nbsp;&nbsp;&nbsp;(i) there is no **"material fact"** or **"material change"** (as those terms
are defined in Applicable Securities Laws) in the affairs of the Company that has not been generally disclosed to the public.

For the purposes of this Article 5, **"Misrepresentation"** means an untrue statement of a material fact or an omission to state a material fact that is required to be stated or necessary to prevent a statement that is made from being false or misleading in the circumstances in which it was made.

**5.2** The Company agrees that the representations, warranties and covenants of the Company herein will be true and correct as of the Effective Date and shall survive all terms of this Agreement.

**5.3** The Company makes the above representations, warranties and covenants understanding that the Consultant believes them to be true and knowing that the Consultant relies on their veracity, such reliance, if to the Consultant's detriment, shall constitute a cause of action in law or equity by the Consultant against the Company, the entitlement to which the Consultant reserves.

**Article 6** **<br> CONFIDENTIALITY**

**6.1 <u>Confidential Information</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) information relating to the Company's business and operations, including strategies, research, communications, business plans
and financial data of the Company;

Page **7** of **13**

&nbsp;&nbsp;&nbsp;&nbsp;(b) any information of the Company which is not readily publicly available;

&nbsp;&nbsp;&nbsp;&nbsp;(c) work product resulting from work or projects performed for the Company or its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;(d) all information that becomes known to the Consultant as a result of this Agreement or the Services performed
hereunder that the Consultant, acting reasonably, believes is Confidential Information; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) all information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. is used or may be used in business or for any commercial advantage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. derives independent economic value, actual or potential, from not being generally known to the public
or to other persons who can obtain economic value from its disclosure or use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. is the subject of reasonable efforts to prevent it from becoming generally known; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. the disclosure of which would result in harm to the Company or improper benefit to the Consultant or other
persons,

provided that Confidential Information does not include any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(f) the general skills and experience gained by the Consultant through the provision of the Services that
the Consultant could reasonably have been expected to acquire through similar retainers or engagements with other individuals or entities;

&nbsp;&nbsp;&nbsp;&nbsp;(g) information publicly known without breach of this Agreement or similar agreements; or

&nbsp;&nbsp;&nbsp;&nbsp;(h) information, the disclosure of which by the Consultant is required to be made by any law, regulation,
governmental authority or legal process of discovery (to the extent of the requirement).

**6.2 <u>Confidentiality</u>**

The Consultant agrees that at all material times:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the Consultant will not disclose Confidential Information to any person other than as necessary in carrying
out the Services, or as may be required by applicable law or legal process of discovery, in which case the Consultant will obtain the
Company's prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the Consultant will take all reasonable precautions to prevent inadvertent disclosure of any Confidential
Information disclosed by the Company to the Consultant; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) the Consultant will cause each of the Consultant's employees and representatives to comply with
the confidentiality obligations provided herein.

Page **8** of **13**

**Article 7**

**INFORMATION**

7.1 **<u>Information</u>** **<u>.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company hereby undertakes and agrees to provide the Consultant with (a) all information, documentation,
reports and assistance which the Consultant may require from time to time in order to adequately perform its obligations under this Agreement,
and (b) access to the Company's senior management, facilities, employees, auditors, legal counsel and consultants which is reasonably
necessary and sufficient to allow the Consultant to perform its services hereunder. The Company hereby further undertakes and agrees to
deliver to the Consultant copies of any and all information released to the public and/or filed with any regulatory body contemporaneously
with such release and/or filing.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company represents and warrants to the Consultant that all information and documentation provided
by the Company in connection with the matters hereunder will be true and correct in all material respects and will not contain an untrue
statement of a material fact or omit to state a material fact that would be material to a financial advisor performing the services contemplated
herein.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company will keep the Consultant fully informed of all material changes concerning the Company during
the Term and advise the Consultant of any circumstances or developments which might be relevant to the performance of its services under
this Agreement. Unless so advised otherwise, the Consultant will be entitled to assume that there has been no material change in such
information and will be entitled to rely thereon.

&nbsp;&nbsp;&nbsp;&nbsp;(d) In carrying out its responsibilities hereunder, the Consultant will necessarily rely on information prepared
or provided by the Company and other sources believed by the Consultant to be reliable and will apply reasonable standards of diligence
to any work performed hereunder in the nature of an assessment or review of the data or other information. However, the Consultant will
be entitled to rely and assumes no obligation to verify the accuracy or completeness of such information and under no circumstances will
the Consultant be liable to the Company or the Company's security holders for any damages arising out of the inaccuracy or incompleteness
of any such information.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing in this Agreement shall be construed as granting any rights under any patent, copyright or other
intellectual property right of the Company, nor shall this Agreement grant Consultant any rights in or to the Company's confidential
information, except the limited right to use the confidential information in connection with the Services.

Page **9** of **13**

**Article 8** **<br> NON-CIRCUMVENTION**

The Consultant is providing the Company with proprietary services in order to introduce the Company to potential investors or counterparties, and the Company agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;(f) the Company will not make contact with, deal with or otherwise become involved with any investor introduced
to it by the Consultant in any manner which defeats or circumvents the rights of the Consultant to receive the agreed fees payable hereunder;
and

&nbsp;&nbsp;&nbsp;&nbsp;(g) without limiting any other provision hereof, notwithstanding any fees or compensation that the Company
may have paid to third parties or efforts that the Company may have expended itself, if at any time from the date of this Agreement until
12 months after the termination of this Agreement, the Company enters into a transaction with an investor that was introduced to the Company
by the Consultant (and that was not previously known to the Company), the applicable fees set out in Section 2.1 hereof will be payable
in respect of such transaction.

**Article 9** **<br> INDEMNIFICATION**

**9.1 <u>Indemnification by the Company</u>**

The Company hereby agrees to indemnify and hold the Consultant and its affiliates, and each of their directors, officers, employees and agents (hereinafter referred to as the **"Consultant Personnel"**) harmless from and against any and all losses or damages that may be incurred in relation to, or as a result of, any claim, action, or investigation, whether actual or threatened, that arise(s) directly or indirectly in connection with the matters referred to in this Agreement (collectively the **"Consultant Losses"**). The indemnity obligations of the Company shall extend upon the same terms and conditions to the Consultant Personnel and shall be binding upon and enure to the benefit of any successors, assigns, heirs and personal representatives of the Company, the Consultant and any of the Consultant Personnel. The foregoing indemnity shall survive the termination of this Agreement. The foregoing indemnity shall not apply to the extent that a court of competent jurisdiction in a final judgment, that has become non-appealable or non-reviewable, has determined the Consultant Losses, to which the Consultant or any of the Consultant Personnel may be subject, were caused entirely by the negligence or willful misconduct of the Consultant or that of any of the Consultant Personnel.

**Article 10** **<br> MISCELLANEOUS**

**10.1 <u>Waiver and Consents</u>**

No consent, approval or waiver, express or implied, by either Party, to or of any breach or default by the other Party in the performance by the other Party of its obligations hereunder, will be deemed or construed to be a consent or waiver to or of any other breach or default in the performance by such other Party of the same or any other obligations of such other Party under this Agreement. Any failure by a Party to declare the other Party in default of this Agreement, irrespective of how long such failure continues, will not constitute a general waiver by such Party of its rights under this Agreement. The granting of any consent or approval in any one instance by or on behalf of either Party will not be construed to waiver or limit the need for such consent in any other or subsequent instance.

Page **10** of **13**

**10.2 <u>Governing Law</u>**

This Agreement, and all matters arising hereunder, will be governed by the laws of the Province of British Columbia and the federal laws of Canada applicable therein. The Parties hereby irrevocably attorn to the exclusive jurisdiction of the courts of the Province of British Columbia, regardless of the conflicts of laws provisions of any jurisdiction.

**10.3 <u>Currency</u>**

All monetary amounts referred to in this Agreement refer to the lawful currency of Canada.

**10.4 <u>Enurement</u>**

This Agreement will enure to the benefit of, and be binding upon, each of the Parties and their respective heirs, successors and permitted assigns.

**10.5 <u>Assignment</u>**

This Agreement may not be assigned by either Party except with the written consent of the other Party. The Consultant hereby agrees that it shall not effect or permit any transfer of ownership or option of any of its securities (so as to indirectly transfer the benefit of a Consultant Option), as long as such Consultant Option remains outstanding.

**10.6 <u>Entire Agreement and Amendment</u>**

This Agreement constitutes the entire agreement between the Parties with respect to its subject matter, and supersedes any prior understandings, undertakings and agreements between the Parties, whether verbal or written, with respect to its subject matter. There are no representations, warranties, forms, conditions, undertakings or collateral agreements, express implied or statutory between the Parties other than as expressly set forth in this Agreement. To be effective, any modification or amendment of this Agreement must be in writing and signed by each of the Parties.

**10.7 <u>Headings</u>**

The headings of the articles of this Agreement are inserted for convenience of reference only and will not, in any manner, affect the construction or meaning of anything herein contained or govern the rights or liabilities of the Parties.

**10.8 <u>Notices</u>**

Any notice required or permitted to be given under this Agreement will be in writing and may be given by delivering, sending by email or other means of electronic communication capable of producing a printed copy, or sending by registered mail, the notice to the following address:

If to the Company:

Lannister Mining Corp.

Address: 1055 West Georgia Street, Suite #1500, Vancouver, British Columbia, V6E 4N7, Canada

Email: jim@lannistermining.com

Phone; +1 778 788 2745

Page **11** of **13**

If to the Consultant:

Name:

Address:

Email:

Phone:

(or to such other address as either Party may specify by notice in writing to the other Party).

Any notice delivered or sent by courier or hand delivery will be deemed conclusively to have been effectively received on the day the notice was delivered or, if such day is not a business day, then on the next business day following any such day.

Any notice sent by prepaid registered mail will be deemed conclusively to have been effectively received on the third business day after posting, but if at the time of posting or between the time of posting and the third business day thereafter there is a strike, lockout, or other labour disturbance affecting postal service, then the notice will not be effectively received until actually delivered, based on tracking records. Any notice mailed without registration shall be deemed to have been received on the fifth business day following the date of mailing.

Any notice delivered or sent by e-mail transmission or other means of electronic communication, capable of producing a printed copy, on a business day will be deemed conclusively to have been effectively received on the day the notice was delivered, or the transmission was sent successfully if transmitted before 4:00 pm (Pacific time), failing which it will be deemed to have been received on the following business day.

In this Agreement, a "**business day**" means a day other than Saturday, Sunday or a statutory holiday in the recipient's jurisdiction.

**10.9 <u>Time of the Essence</u>**

Time is of the essence to this Agreement.

**10.10 <u>Further Assurances</u>**

The Parties agree from time to time after the execution hereof to make, do or execute, or cause or permit to be made, done or executed, all such further and other acts, deeds, things and assurances as may be required to carry out the true intention of, and to give full force and effect to this Agreement.

**10.11 <u>Counterparts</u>**

This Agreement may be executed in several counterparts deliverable by electronic transmission, each of which will be deemed to be an original, and all of which will, together, constitute one and the same instrument.

Page **12** of **13**

**10.12 <u>Severability</u>**

In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall be modified or deleted as to the jurisdiction involved only to the extent necessary to render the same valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby, nor shall the validity, legality or enforceability of such provision be affected thereby in any other jurisdiction.

**10.13 <u>Independent Legal Advice</u>**

Each of the Parties acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the Consultant's counsel has acted as counsel only for the Consultant and the Company confirms that it
has been advised to seek, and has sought or has otherwise waived independent legal advice with respect to this Agreement and the documents
delivered pursuant thereto and that the Consultant's counsel is not protecting the rights and interests of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent that the Company declines to receive independent legal counsel in respect of this Agreement,
the Company hereby waives the right, to rely on its lack of independent legal counsel to avoid its obligations, to seek indulgences from
the Consultant, or to otherwise attack, in whole or in part, the integrity of this Agreement and the documents related to it. This Agreement
shall not be construed against any Party by reason of the drafting or preparation thereof.

**[Remainder of page intentionally left blank]**

Page **13** of **13**

**IN WITNESS WHEREOF** this Agreement has been executed by the Parties hereto on the day and year first above written.

---

| | |
|:---|:---|
| **LANNISTER MINING CORP.** | **LANNISTER MINING CORP.** |
| Per: | |
|  | Authorized Signatory |
| **CONSULTANT** | **CONSULTANT** |
| Per: | |
|  | Authorized Signatory |

---

## Exhibit 10.7

**Exhibit 10.7**

**LANNISTER MINING CORP.**

**STOCK OPTION PLAN** 

**DATED FOR REFERENCE OCTOBER 13, 2021**

Approved by the board of directors effective on October 13, 2021

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
|  | **Page** |
| **Section 1 DEFINITIONS AND INTERPRETATION** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1 Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.2 Choice of Law | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.3 Headings | 7 |
| **Section 2 GRANT OF OPTIONS** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;2.1 Grant of Options | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.2 Record of Option Grants | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.3 Effect of Plan | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.4 Hold Period | 8 |
| **Section 3 PURPOSE AND PARTICIPATION** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 Purpose of Plan | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 Participation in Plan | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3 Limits on Option Grants | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.4 Limits on Option Grants for Investor Relations Activities | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.5 Notification of Grant | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.6 Copy of Plan | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.7 Limitation on Service | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.8 No Obligation to Exercise | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.9 Agreement | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.10 Notice | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.11 Representation | 10 |
| **Section 4 NUMBER OF SHARES UNDER PLAN** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 Committee to Approve Issuance of Shares | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 Number of Shares | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3 Fractional Shares | 11 |
| **Section 5 TERMS AND CONDITIONS OF OPTIONS** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1 Exercise Period of Option | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.2 Number of Shares Under Option | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.3 Exercise Price of Option | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.4 Termination of Option | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.5 Vesting of Option and Acceleration | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.6 Additional Terms | 13 |
| **Section 6 TRANSFERABILITY OF OPTIONS** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;6.1 Non-transferable | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.2 Death of Option Holder | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.3 Disability of Option Holder | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.4 Disability and Death of Option Holder | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.5 Vesting | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.6 Deemed Non-Interruption of Engagement | 14 |

---

i

---

| | |
|:---|:---|
| **Section 7 EXERCISE OF OPTION** | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp;7.1 Exercise of Option | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.2 Black Out Period | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.3 Issue of Share Certificates | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.4 No Rights as Shareholder | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.5 Tax Withholding and Procedures | 16 |
| **Section 8 ADMINISTRATION** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;8.1 Board or Committee | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.2 Powers of Committee | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.3 Administration by Committee | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.4 Interpretation | 17 |
| **Section 9 APPROVALS AND AMENDMENT** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;9.1 Shareholder Approval of Plan | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.2 Amendment of Option or Plan | 18 |
| **Section 10 CONDITIONS PRECEDENT TO ISSUANCE OF OPTIONS AND SHARES** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1 Compliance with Laws | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.2 Regulatory Approvals | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.3 Inability to Obtain Regulatory Approvals | 19 |
| **Section 11 ADJUSTMENTS AND TERMINATION** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;11.1 Termination of Plan | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.2 No Grant During Suspension of Plan | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.3 Alteration in Capital Structure | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.4 Triggering Events | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.5 Notice of Termination by Triggering Event | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.6 Determinations to be Made By Committee | 20 |

---

ii

**<u>STOCK OPTION PLAN</u>**

**Section 1<br> DEFINITIONS AND INTERPRETATION**

1.1 <u>Definitions</u> 

As used herein, unless there is something in the subject matter or context inconsistent therewith, the following terms shall have the meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Administrator**" means such Executive or Employee of the Company as may be designated
as Administrator by the Committee from time to time, or, if no such person is appointed, the Committee itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Associate**" means, where used to indicate a relationship with any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any relative, including the spouse of that person or a relative of that person's spouse, where the relative
has the same home as the person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any partner, other than a limited partner, of that person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any trust or estate in which such person has a substantial beneficial interest or as to which such person
serves as trustee or in a similar capacity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any corporation of which such person beneficially owns or controls, directly or indirectly, voting securities
carrying more than 10% of the voting rights attached to all outstanding voting securities of the corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Black-Out**" means a restriction imposed by the Company on all or any of its directors,
officers, Employees, Insiders or persons in a special relationship whereby they are to refrain from trading in the Company's securities
until the restriction has been lifted by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Board**" means the board of directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Change of Control**" means an occurrence when either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Person, other than the current "control person" of the Company (as that term is defined
in the *Securities Act*), becomes a "control person" of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a majority of the directors elected at any annual or extraordinary general meeting of shareholders of
the Company are not individuals nominated by the Company's then-incumbent Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Committee**" means a committee of the Board to which the responsibility of approving
the grant of Options has been delegated, or if no such committee is appointed, the Board itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Company**" means Lannister Mining Corp.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Consultant**" means an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is engaged to provide, on an ongoing bona fide basis, consulting, technical, management or other services
to the Company or any Subsidiary other than services provided in relation to a "distribution" (as that term is described in
the *Securities Act*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provides the services under a written contract between the Company or any Subsidiary and the individual
or a Consultant Entity (as defined in clause (h)(v) below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the reasonable opinion of the Company, spends or will spend a significant amount of time and attention
on the affairs and business of the Company or any Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) has a relationship with the Company or any Subsidiary that enables the individual to be knowledgeable
about the business and affairs of the Company or is otherwise permitted by applicable Regulatory Rules to be granted Options as a Consultant
or as an equivalent thereof,

and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a corporation of which the individual is an Employee or shareholder or a partnership of which the individual
is an Employee or partner (a "**Consultant Entity** "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an RRSP or RRIF established by or for the individual under which he or she is the beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**CSE**" means the Canadian Securities Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Disability**" means a medically determinable physical or mental impairment expected
to result in death or to last for a continuous period of not less than 12 months, and which causes an individual to be unable to engage
in any substantial gainful activity, or any other condition of impairment which cannot be accommodated under applicable human rights laws
without imposing undue hardship on the Company or any Subsidiary employing or engaging the Person, that the Committee, acting reasonably,
determines constitutes a disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Employee**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an individual who works full-time or part-time for the Company or any Subsidiary and such other individual
as may, from time to time, be permitted by applicable Regulatory Rules to be granted Options as an Employee or as an equivalent thereto;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an individual who works for the Company or any Subsidiary either full-time or on a continuing and regular
basis for a minimum amount of time per week providing services normally provided by an Employee and who is subject to the same control
and direction by the Company or any Subsidiary over the details and methods of work as an Employee of the Company or any Subsidiary, but
for whom income tax deductions are not made at source,

and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a corporation wholly-owned by such individual; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any RRSP or RRIF established by or for such individual under which he or she is the beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Exchange**" means the stock exchange upon which the Company's shares principally
trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Executive**" means an individual who is a director or officer of the Company or a Subsidiary,
and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a corporation wholly-owned by such individual; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any RRSP or RRIF established by or for such individual under which he or she is the beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Exercise Notice**" means the written notice of the exercise of an Option, in the form
set out as Schedule B hereto, or by written notice in the case of uncertificated Shares, duly executed by the Option Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Exercise Period**" means the period during which a particular Option may be exercised
and is the period from and including the Grant Date through to and including the Expiry Time on the Expiry Date provided, however, that
the Option has Vested pursuant to the terms and conditions of this Plan and any additional terms and conditions imposed by the Committee,
and that no Option can be exercised unless and until all necessary Regulatory Approvals have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Exercise Price**" means the price at which an Option is exercisable as determined in
accordance with Section 5.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Expiry Date**" means the date the Option expires as set out in the Option Certificate
or as otherwise determined in accordance with Sections 5.4, 6.2, 6.3, 6.4 or 11.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Expiry Time**" means the time the Option expires on the Expiry Date, which is 4:00 p.m.
local time in Vancouver, British Columbia on the Expiry Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Grant Date**" means the date on which the Committee grants a particular Option, which
is the date the Option comes into effect provided however that no Option can be exercised unless and until all necessary Regulatory Approvals
have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Insider**" means an insider as that term is defined in the *Securities Act*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Investor Relations Activities**" means any activities, by or on behalf of the Company
or shareholder of the Company, that promote or reasonably could be expected to promote the purchase or sale of securities of the Company,
but does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the dissemination of information provided, or records prepared, in the ordinary course of business of
the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to promote the sale of products or services of the Company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to raise public awareness of the Company,

that cannot reasonably be considered to promote the purchase or sale of securities of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) activities or communications necessary to comply with the requirements of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) applicable 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;(B) Exchange requirements or the by-laws, rules or other regulatory instruments of any other self-regulatory
body or exchange having jurisdiction over the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) communications by a publisher of, or writer for, a newspaper, magazine or business or financial publication,
that is of general and regular paid circulation, distributed only to subscribers to it for value or to purchasers of it, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the communication is only through the newspaper, magazine or publication, 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;(B) the publisher or writer receives no commission or other consideration other than for acting in the capacity
of publisher or writer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) activities or communications that may be otherwise specified by the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Market Value**" means the market value of the Shares as determined in accordance with
Section 5.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**NI 45-106**" means National Instrument 45-106— *Prospectus Exemptions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Option**" means an incentive share purchase option granted pursuant to this Plan entitling
the Option Holder to purchase Shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Option Certificate**" means the certificate, in substantially the form set out as Schedule
A hereto, evidencing the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Option Holder**" means a Person who holds an unexercised and unexpired Option or, where
applicable, the Personal Representative of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Outstanding Issue**" means the number of Shares that are outstanding (on a non-diluted
basis) immediately prior to the Share issuance or grant of Option in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Person**" means an individual, natural person, corporation, government or political
subdivision or agency of a government, and where two or more persons act as a partnership, limited partnership, syndicate or other group
for the purpose of acquiring, holding or disposing of securities of an issuer, such partnership, limited partnership, syndicate or group
shall be deemed to be a Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Personal Representative**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of a deceased Option Holder, the executor or administrator of the deceased duly appointed
by a court or public authority having jurisdiction to do so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of an Option Holder who for any reason is unable to manage his or her affairs, the person
entitled by law to act on behalf of such Option Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Plan**" means this stock option plan as from time to time amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Regulatory Approvals**" means any necessary approvals of the Regulatory Authorities
as may be required from time to time for the implementation, operation or amendment of this Plan or for the Options granted from time
to time hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Regulatory Authorities**" means all organized trading facilities on which the Shares
are listed, and all securities commissions or similar securities regulatory bodies having jurisdiction over the Company, this Plan or
the Options granted from time to time hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Regulatory Rules**" means all corporate and securities laws, regulations, rules, policies,
notices, instruments and other orders of any kind whatsoever which may, from time to time, apply to the implementation, operation or amendment
of this Plan or the Options granted from time to time hereunder including, without limitation, those of the applicable Regulatory Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Related Entity**" means a Person that is controlled by the Company. For the purposes
of this Plan, a Person (first person) is considered to control another Person (second person) if the first Person, directly or indirectly,
has the power to direct the management and policies of the second person by virtue of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ownership of or direction over voting securities in the second Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a written agreement or indenture,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) being the general partner or controlling the general partner of the second Person, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) being a trustee of the second Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Related Person**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Related Entity of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a partner, director or officer of the Company or Related Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a promoter of or Person who performs Investor Relations Activities for the Company or Related Entity;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Person that beneficially owns, either directly or indirectly, or exercises voting control or direction
over at least 10% of the total voting rights attached to all voting securities of the Company or Related Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "  ***Securities Act***" means the *Securities Act* (British Columbia), RSBC 1996,
c.418 as from time to time amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Share**" or "**Shares**" means, as the case may be, one or more common
shares without par value in the capital stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Subsidiary**" means a wholly-owned or controlled subsidiary corporation of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Triggering Event**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the proposed dissolution, liquidation or wind-up of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a proposed merger, amalgamation, arrangement or reorganization of the Company with one or more corporations
as a result of which, immediately following such event, the shareholders of the Company as a group, as they were immediately prior to
such event, are expected to hold less than a majority of the outstanding capital stock of the surviving corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the proposed acquisition of all or substantially all of the issued and outstanding shares of the Company
by one or more Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a proposed Change of Control of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the proposed sale or other disposition of all or substantially all of the assets of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a proposed material alteration of the capital structure of the Company which, in the opinion of the Committee,
is of such a nature that it is not practical or feasible to make adjustments to this Plan or to the Options granted hereunder to permit
the Plan and Options granted hereunder to stay in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Vest** ", "**Vesting**" or "**Vested**" means that a portion
of the Option granted to the Option Holder which is available to be exercised by the Option Holder at any time and from time to time.

1.2 <u>Choice of Law</u> 

The Plan is established under, and the provisions of the Plan shall be subject to and interpreted and construed solely in accordance with, the laws of the Province of British Columbia and the laws of Canada applicable therein without giving effect to the conflicts of laws principles thereof and without reference to the laws of any other jurisdiction. The Company and each Option Holder hereby attorn to the jurisdiction of the Courts of British Columbia.

1.3 <u>Headings</u> 

The headings used herein are for convenience only and are not to affect the interpretation of the Plan.

**Section 2<br> GRANT OF OPTIONS**

2.1 <u>Grant of Options</u> 

The Committee shall, from time to time in its sole discretion, grant Options to such Persons and on such terms and conditions as are permitted under this Plan.

2.2 <u>Record of Option Grants</u> 

The Committee shall be responsible to maintain a record of all Options granted under this Plan and such record shall contain, in respect of each Option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name and address of the Option Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the category (Executive, Employee or Consultant) under which the Option was granted to him, her or it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Grant Date and Expiry Date of the Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the number of Shares which may be acquired on the exercise of the Option and the Exercise Price of the
Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Vesting and other additional terms, if any, attached to the Option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the particulars of each and every time the Option is exercised.

2.3 <u>Effect of Plan</u> 

All Options granted pursuant to the Plan shall be subject to the terms and conditions of the Plan notwithstanding the fact that the Option Certificates issued in respect thereof do not expressly contain such terms and conditions but instead incorporate them by reference to the Plan. The Option Certificates will be issued for convenience only and in the case of a dispute with regard to any matter in respect thereof, the provisions of the Plan and the records of the Company shall prevail over the terms and conditions in the Option Certificate, save and except as noted below. Each Option will also be subject to, in addition to the provisions of the Plan, the terms and conditions contained in the schedules, if any, attached to the Option Certificate for such Option. Should the terms and conditions contained in such schedules be inconsistent with the provisions of the Plan, such terms and conditions will supersede the provisions of the Plan.

2.4 <u>Hold Period</u> 

Pursuant to the policies of the Exchange, where a hold period is applicable, the Option Certificate will include a legend stipulating that the Option is and the Shares upon the exercise of the Option are subject to a four-month hold period commencing on the date of distribution of the Option.

**Section 3<br> PURPOSE AND PARTICIPATION**

3.1 <u>Purpose of Plan</u> 

The purpose of the Plan is to provide the Company with a share-related mechanism to attract, retain and motivate qualified Executives, Employees and Consultants to contribute toward the long term goals of the Company, and to encourage such individuals to acquire Shares of the Company as long term investments.

3.2 <u>Participation in Plan</u> 

The Committee shall, from time to time and in its sole discretion, determine those Executives, Employees and Consultants to whom Options are to be granted.

3.3 <u>Limits on Option Grants</u> 

The Company shall only grant Options under this Plan in accordance with Section 10 hereof and, for greater certainty, may not grant any Options under this Plan unless an exemption under NI 45-106 is available. For so long as the Company is not a reporting issuer or is otherwise a reporting issuer but listed on the CSE, Section 2.24 of NI 45-106 shall not apply to the Plan and all Options granted thereunder to any Employees or Consultants who are engaged in Investor Relations Activities for the Company, any associated Consultant, any executive officer of the Company, any director of the Company or any permitted assign of those Persons if, after the grant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the number of securities, calculated on a fully diluted basis, reserved for issuance under options granted
to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Related Persons, exceeds 10% of the outstanding securities of the Company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Related Person, exceeds 5% of the outstanding securities of the Company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of securities, calculated on a fully diluted basis, issued within 12 months to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Related Persons, exceeds 10% of the outstanding securities of the Company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Related Person and the associates of the Related Person, exceeds 5% of the outstanding securities of
the Company;

unless the Company obtains security holder approval in accordance with the Regulatory Rules, including the requirements under NI 45-106.

3.4 <u>Limits on Option Grants for Investor Relations Activities</u> 

The maximum number of Options which may be granted within a 12 month period to Employees or Consultants engaged in Investor Relations Activities must not exceed 1% of the Outstanding Issue.

3.5 <u>Notification of Grant</u> 

Following the granting of an Option, the Administrator shall, within a reasonable period of time, notify the Option Holder in writing of the grant and shall enclose with such notice the Option Certificate representing the Option so granted. In no case will the Company be required to deliver an Option Certificate to an Option Holder until such time as the Company has obtained all necessary Regulatory Approvals for the grant of the Option.

3.6 <u>Copy of Plan</u> 

Each Option Holder, concurrently with the notice of the grant of the Option, shall be provided with a copy of the Plan. A copy of any amendment to the Plan shall be promptly provided by the Administrator to each Option Holder.

3.7 <u>Limitation on Service</u> 

The Plan does not give any Option Holder that is an Executive the right to serve or continue to serve as an Executive of the Company or any Subsidiary, nor does it give any Option Holder that is an Employee or Consultant the right to be or to continue to be employed or engaged by the Company or any Subsidiary.

3.8 <u>No Obligation to Exercise</u> 

Option Holders shall be under no obligation to exercise Options.

3.9 <u>Agreement</u> 

The Company and every Option Holder granted an Option hereunder shall be bound by and subject to the terms and conditions of this Plan. By accepting an Option granted hereunder, the Option Holder has expressly agreed with the Company to be bound by the terms and conditions of this Plan. In the event that the Option Holder receives his, her or its Options pursuant to an oral or written agreement with the Company or a Subsidiary, whether such agreement is an employment agreement, consulting agreement or any other kind of agreement of any kind whatsoever, the Option Holder acknowledges that in the event of any inconsistency between the terms relating to the grant of such Options in that agreement and the terms attaching to the Options as provided for in this Plan, the terms provided for in this Plan shall prevail and the other agreement shall be deemed to have been amended accordingly.

3.10 <u>Notice</u> 

Any notice, delivery or other correspondence of any kind whatsoever to be provided by the Company to an Option Holder will be deemed to have been provided if provided to the last home address, fax number or email address of the Option Holder in the records of the Company and the Company shall be under no obligation to confirm receipt or delivery.

3.11 <u>Representation</u> 

As a condition precedent to the issuance of an Option, the Company must be able to represent to the Exchange as of the Grant Date that the Option Holder is a *bona fide* Executive, Employee or Consultant of the Company or any Subsidiary.

**Section 4<br> NUMBER OF SHARES UNDER PLAN**

4.1 <u>Committee to Approve Issuance of Shares</u> 

The Committee shall approve by resolution the issuance of all Shares to be issued to Option Holders upon the exercise of Options, such authorization to be deemed effective as of the Grant Date of such Options regardless of when it is actually done. The Committee shall be entitled to approve the issuance of Shares in advance of the Grant Date, retroactively after the Grant Date, or by a general approval of this Plan.

4.2 <u>Number of Shares</u> 

Subject to adjustment as provided for herein, the number of Shares which will be available for purchase pursuant to Options granted pursuant to this Plan, plus any other outstanding incentive stock options of the Company granted pursuant to a previous stock option plan or agreement, will not exceed 10% of the Outstanding Issue. If any Option expires or otherwise terminates for any reason without having been exercised in full, the number of Shares in respect of such expired or terminated Option shall again be available for the purposes of granting Options pursuant to this Plan.

4.3 <u>Fractional Shares</u> 

No fractional shares shall be issued upon the exercise of any Option and, if as a result of any adjustment, an Option Holder would become entitled to a fractional share, such Option Holder shall have the right to purchase only the next lowest whole number of Shares and no payment or other adjustment will be made for the fractional interest.

**Section 5<br> TERMS AND CONDITIONS OF OPTIONS**

5.1 <u>Exercise Period of Option</u> 

Subject to Sections 5.4, 6.2, 6.3, 6.4 and 11.4, the Grant Date and the Expiry Date of an Option shall be the dates fixed by the Committee at the time the Option is granted and shall be set out in the Option Certificate issued in respect of such Option.

5.2 <u>Number of Shares Under Option</u> 

The number of Shares which may be purchased pursuant to an Option shall be determined by the Committee and shall be set out in the Option Certificate issued in respect of the Option.

5.3 <u>Exercise Price of Option</u> 

The Exercise Price at which an Option Holder may purchase a Share upon the exercise of an Option shall be determined by the Committee and shall be set out in the Option Certificate issued in respect of the Option. Notwithstanding the foregoing, the Exercise Price shall not be less than the Market Value of the Shares as of the Grant Date. The Market Value of the Shares for a particular Grant Date shall be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company's Shares are listed on the CSE, and the Committee determines the CSE to be the Company's
primary Exchange, Market Value will be the greater of the closing trading price of the Shares on (i) the trading day prior to the Grant
Date and (ii) the Grant Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to subparagraph (a) above, for each organized trading facility on which the Shares are listed,
Market Value will be the closing trading price of the Shares on the day immediately preceding the Grant
Date, and may be less than this price if it is within the discounts permitted by the applicable Regulatory Authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company's Shares are listed on more than one organized trading facility, the Market Value
shall be the Market Value as determined in accordance with subparagraphs (a) or (b) above for the primary organized trading facility on
which the Shares are listed, as determined by the Committee, subject to any adjustments as may be required to secure all necessary Regulatory
Approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to subparagraph (a), if the Company's Shares are listed on one or more organized trading
facilities but have not traded during the ten trading days immediately preceding the Grant Date, then the Market Value will be, subject
to any adjustments as may be required to secure all necessary Regulatory Approvals, such value as is determined by the Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the Company's Shares are not listed on any organized trading facility, then the Market Value will be,
subject to any adjustments as may be required to secure all necessary Regulatory Approvals, such value as is determined by the Committee
to be the fair value of the Shares, taking into consideration all factors that the Committee deems appropriate, including, without limitation,
recent sale and offer prices of the Shares in private transactions negotiated at arms' length. Notwithstanding anything else contained
herein, in no case will the Market Value be less than the minimum prescribed by each of the organized trading facilities that would apply
to the Company on the Grant Date in question.

5.4 <u>Termination of Option</u> 

Subject to such other terms or conditions that may be attached to Options granted hereunder, an Option Holder may exercise an Option in whole or in part at any time and from time to time during the Exercise Period. Any Option or part thereof not exercised within the Exercise Period shall terminate and become null, void and of no effect as of the Expiry Time on the Expiry Date. The Expiry Date of an Option shall be the earlier of the date so fixed by the Committee at the time the Option is granted as set out in the Option Certificate and the date established, if applicable, in paragraphs (a) or (b) below or Sections 6.2, 6.3, 6.4 or 11.4 of this Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Ceasing to Hold Office -* In the event that the Option Holder holds his or her Option as an Executive
and such Option Holder ceases to hold such position other than by reason of death or Disability, the Expiry Date of the Option shall be,
unless otherwise determined by the Committee and expressly provided for in the Option Certificate, the 30th day following the date the
Option Holder ceases to hold such position unless the Option Holder ceases to hold such position as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ceasing to meet the qualifications set forth in the corporate legislation applicable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a special resolution having been passed by the shareholders of the Company removing the Option Holder
as a director of the Company or any Subsidiary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an order made by any Regulatory Authority having jurisdiction to so order,

in which case the Expiry Date shall be the date the Option Holder ceases to hold such position; OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Ceasing to be Employed or Engaged* - In the event that the Option Holder holds his or her Option
as an Employee or Consultant and such Option Holder ceases to hold such position other than by reason of death or Disability, the Expiry
Date of the Option shall be, unless otherwise determined by the Committee and expressly provided for in the Option Certificate, the 30th
day following the date the Option Holder ceases to hold such position, unless the Option Holder ceases to hold such position as a result
of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) termination for cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) resigning his or her position; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an order made by any Regulatory Authority having jurisdiction to so order,

in which case the Expiry Date shall be the date the Option Holder ceases to hold such position.

In the event that the Option Holder ceases to hold the position of Executive, Employee or Consultant for which the Option was originally granted, but comes to hold a different position as an Executive, Employee or Consultant prior to the expiry of the Option, the Committee may, in its sole discretion, choose to permit the Option to stay in place for that Option Holder with such Option then to be treated as being held by that Option Holder in his or her new position and such will not be considered to be an amendment to the Option in question requiring the consent of the Option Holder under Section 9.2 of this Plan. Notwithstanding anything else contained herein, in no case will an Option be exercisable later than the Expiry Date of the Option.

5.5 <u>Vesting of Option and Acceleration</u> 

The Vesting schedule for an Option, if any, shall be determined by the Committee and shall be set out in the Option Certificate issued in respect of the Option. The Committee may elect, at any time, to accelerate the Vesting schedule of one or more Options including, without limitation, on a Triggering Event, and such acceleration will not be considered an amendment to the Option in question requiring the consent of the Option Holder under Section 9.2 of this Plan.

5.6 <u>Additional Terms</u> 

Subject to all applicable Regulatory Rules and all necessary Regulatory Approvals, the Committee may attach additional terms and conditions to the grant of a particular Option, such terms and conditions to be set out in a schedule attached to the Option Certificate. The Option Certificates will be issued for convenience only, and in the case of a dispute with regard to any matter in respect thereof, the provisions of this Plan and the records of the Company shall prevail over the terms and conditions in the Option Certificate, save and except as noted below. Each Option will also be subject to, in addition to the provisions of the Plan, the terms and conditions contained in the schedules, if any, attached to the Option Certificate for such Option. Should the terms and conditions contained in such schedules be inconsistent with the provisions of the Plan, such terms and conditions will supersede the provisions of the Plan.

**Section 6<br> TRANSFERABILITY OF OPTIONS**

6.1 <u>Non-transferable</u> 

Except as provided otherwise in this Section 6, Options are non-assignable and non-transferable.

6.2 <u>Death of Option Holder</u> 

In the event of the Option Holder's death, any Options held by such Option Holder shall pass to the Personal Representative of the Option Holder and shall be exercisable by the Personal Representative on or before the date which is the earlier of one year following the date of death and the applicable Expiry Date.

6.3 <u>Disability of Option Holder</u> 

If the employment or engagement of an Option Holder as an Employee or Consultant or the position of an Option Holder as a director or officer of the Company or a Subsidiary is terminated by the Company by reason of such Option Holder's Disability, any Options held by such Option Holder shall be exercisable by such Option Holder or by the Personal Representative on or before the date which is the earlier of one year following the termination of employment, engagement or appointment as a director or officer and the applicable Expiry Date.

6.4 <u>Disability and Death of Option Holder</u> 

If an Option Holder has ceased to be employed, engaged or appointed as a director or officer of the Company or a Subsidiary by reason of such Option Holder's Disability and such Option Holder dies within one year after the termination of such engagement, any Options held by such Option Holder that could have been exercised immediately prior to his or her death shall pass to the Personal Representative of such Option Holder and shall be exercisable by the Personal Representative on or before the date which is the earlier of one year following the death of such Option Holder and the applicable Expiry Date.

6.5 <u>Vesting</u> 

Unless the Committee determines otherwise, Options held by or exercisable by a Personal Representative shall, during the period prior to their termination, continue to Vest in accordance with any Vesting schedule to which such Options are subject.

6.6 <u>Deemed Non-Interruption of Engagement</u> 

Employment or engagement by the Company shall be deemed to continue intact during any military or sick leave or other *bona fide* leave of absence if the period of such leave does not exceed 90 days or, if longer, for so long as the Option Holder's right to re-employment or re-engagement by the Company is guaranteed either by statute or by contract. If the period of such leave exceeds 90 days and the Option Holder's re-employment or re-engagement is not so guaranteed, then his or her employment or engagement shall be deemed to have terminated on the ninety-first day of such leave.

**Section 7<br> EXERCISE OF OPTION**

7.1 <u>Exercise of Option</u> 

An Option may be exercised only by the Option Holder or the Personal Representative of any Option Holder. An Option Holder or the Personal Representative of any Option Holder may exercise an Option in whole or in part at any time and from time to time during the Exercise Period up to the Expiry Time on the Expiry Date by delivering to the Administrator the required Exercise Notice, or by written notice in the case of uncertificated Shares, the applicable Option Certificate and a certified cheque or bank draft or wire transfer payable to the Company or its legal counsel in an amount equal to the aggregate Exercise Price of the Shares then being purchased pursuant to the exercise of the Option. Notwithstanding anything else contained herein, Options may not be exercised during a Black-Out unless the Committee determines otherwise.

7.2 <u>Black Out Period</u> 

If an Option expires, terminates or is cancelled (other than an expiry, termination or cancellation pursuant to Section 5.4(a) or Section 5.4(b) above) within or immediately after a Black-Out, the Holder may elect for the term of such Option to be extended to the date which is ten (10) business days after the last day of the Black-Out; provided, that, the expiration date as extended by this Section 7.2 will not in any event be beyond the later of: (i) December 31 of the calendar year in which the Option was otherwise due to expire; and (ii) the 15th day of the third month following the month in which the Option was otherwise due to expire.

7.3 <u>Issue of Share Certificates</u> 

As soon as reasonably practicable following the receipt of the notice of exercise as described in Section 7.1 and payment in full for the Optioned Shares being acquired, the Administrator will direct its transfer agent to issue to the Option Holder the appropriate number of Shares in either certificate form or at the election of the Option Holder, on an uncertificated basis pursuant to the instructions given by the Option Holder to the Administrator. If the number of Shares so purchased is less than the number of Shares subject to the Option Certificate surrendered, the Administrator shall also provide a new Option Certificate for the balance of Shares available under the Option to the Option Holder concurrent with delivery of the Shares.

7.4 <u>No Rights as Shareholder</u> 

Until the date of the issuance of the certificate for the Shares purchased pursuant to the exercise of an Option, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to such Shares, notwithstanding the exercise of the Option, unless the Committee determines otherwise. In the event of any dispute over the date of the issuance of the Shares, the decision of the Committee shall be final, conclusive and binding.

7.5 <u>Tax Withholding and Procedures</u> 

Notwithstanding anything else contained in this Plan, the Company may, from time to time, implement such procedures and conditions as it determines appropriate with respect to the withholding and remittance of taxes imposed under applicable law, or the funding of related amounts for which liability may arise under such applicable law. Without limiting the generality of the foregoing, an Option Holder who wishes to exercise an Option must, in addition to following the procedures set out in Section 7.1 and elsewhere in this Plan, and as a condition of exercise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) deliver a certified cheque, wire transfer or bank draft payable to the Company for the amount determined
by the Company to be the appropriate amount on account of such taxes or related amounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise ensure, in a manner acceptable to the Company (if at all) in its sole and unfettered discretion,
that the amount will be securely funded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) and must in all other respects follow any related procedures and conditions imposed by the Company.

**Section 8<br> ADMINISTRATION**

8.1 <u>Board or Committee</u> 

The Plan shall be administered by the Administrator with oversight by the Committee.

8.2 <u>Powers of Committee</u> 

The Committee shall have the authority to do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) oversee the administration of the Plan in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appoint or replace the Administrator from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) determine all questions arising in connection with the administration, interpretation and application
of the Plan, including all questions relating to the Market Value;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) prescribe, amend, and rescind rules and regulations relating to the administration of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) determine the duration and purposes of leaves of absence from employment or engagement by the Company
which may be granted to Option Holders without constituting a termination of employment or engagement for purposes of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) do the following with respect to the granting of Options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determine the Executives, Employees or Consultants to whom Options shall be granted, based on the eligibility
criteria set out in this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) determine the terms of the Option to be granted to an Option Holder including, without limitation, the
Grant Date, Expiry Date, Exercise Price and Vesting schedule (which need not be identical with the terms of any other Option);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject to any necessary Regulatory Approvals and Section 9.2, amend the terms of any Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) determine when Options shall be granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) determine the number of Shares subject to each Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) accelerate the Vesting schedule of any Option previously granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) make all other determinations necessary or advisable, in its sole discretion, for the administration of
the Plan.

8.3 <u>Administration by Committee</u> 

All determinations made by the Committee in good faith shall be final, conclusive and binding upon all persons. The Committee shall have all powers necessary or appropriate to accomplish its duties under this Plan.

8.4 <u>Interpretation</u> 

The interpretation by the Committee of any of the provisions of the Plan and any determination by it pursuant thereto shall be final, conclusive and binding and shall not be subject to dispute by any Option Holder. No member of the Committee or any person acting pursuant to authority delegated by it hereunder shall be personally liable for any action or determination in connection with the Plan made or taken in good faith and each member of the Committee and each such person shall be entitled to indemnification with respect to any such action or determination in the manner provided for by the Company.

**SECTION 9**

**APPROVALS AND AMENDMENT**

9.1 <u>Shareholder Approval of Plan</u> 

If required by a Regulatory Authority or by the Committee, this Plan may be made subject to the approval of the shareholders of the Company as prescribed by the Regulatory Authority. If shareholder approval is required, any Options granted under this Plan prior to such time will not be exercisable or binding on the Company unless and until such shareholder approval is obtained.

9.2 <u>Amendment of Option or Plan</u> 

Subject to any required Regulatory Approvals, the Committee may from time to time amend any existing Option or the Plan or the terms and conditions of any Option thereafter to be granted provided that where such amendment relates to an existing Option and it would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) materially decrease the rights or benefits accruing to an Option Holder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) materially increase the obligations of an Option Holder; then, unless otherwise excepted out by a provision
of this Plan, the Committee must also obtain the written consent of the Option Holder in question to such amendment. If at the time the
Exercise Price of an Option is reduced the Option Holder is an Insider of the Company, the Insider must not exercise the Option at the
reduced Exercise Price until the reduction in Exercise Price has been approved by the disinterested shareholders of the Company, if required
by the Exchange.

**Section 10<br> CONDITIONS PRECEDENT TO ISSUANCE OF OPTIONS AND SHARES**

10.1 <u>Compliance with Laws</u> 

An Option shall not be granted or exercised, and Shares shall not be issued pursuant to the exercise of any Option, unless the grant and exercise of such Option and the issuance and delivery of such Shares comply with all applicable Regulatory Rules, and such Options and Shares will be subject to all applicable trading restrictions in effect pursuant to such Regulatory Rules and the Company shall be entitled to legend the Option Certificates and the certificates for the Shares or the written notice in the case of uncertificated Shares representing such Shares accordingly.

10.2 <u>Regulatory Approvals</u> 

In administering this Plan, the Committee will seek any Regulatory Approvals which may be required. The Committee will not permit any Options to be granted without first obtaining the necessary Regulatory Approvals unless such Options are granted conditional upon such Regulatory Approvals being obtained. The Committee will make all filings required with the Regulatory Authorities in respect of the Plan and each grant of Options hereunder. No Option granted will be exercisable or binding on the Company unless and until all necessary Regulatory Approvals have been obtained. The Committee shall be entitled to amend this Plan and the Options granted hereunder in order to secure any necessary Regulatory Approvals and such amendments will not require the consent of the Option Holders under Section 9.2 of this Plan.

10.3 <u>Inability to Obtain Regulatory Approvals</u> 

The Company's inability to obtain Regulatory Approval from any applicable Regulatory Authority, which Regulatory Approval is deemed by the Committee to be necessary to complete the grant of Options hereunder, the exercise of those Options or the lawful issuance and sale of any Shares pursuant to such Options, shall relieve the Company of any liability with respect to the failure to complete such transaction.

**Section 11<br> ADJUSTMENTS AND TERMINATION**

11.1 <u>Termination of Plan</u> 

Subject to any necessary Regulatory Approvals, the Committee may terminate or suspend the Plan. Unless earlier terminated as provided in this Section 11, the Plan shall terminate on, and no more Options shall be granted under the Plan after, the tenth anniversary of the date of the Exchange's acceptance of the Plan.

11.2 <u>No Grant During Suspension of Plan</u> 

No Option may be granted during any suspension, or after termination, of the Plan. Suspension or termination of the Plan shall not, without the consent of the Option Holder, alter or impair any rights or obligations under any Option previously granted.

11.3 <u>Alteration in Capital Structure</u> 

If there is a material alteration in the capital structure of the Company and the Shares are consolidated, subdivided, converted, exchanged, reclassified or in any way substituted for, the Committee shall make such adjustments to this Plan and to the Options then outstanding under this Plan as the Committee determines to be appropriate and equitable under the circumstances, so that the proportionate interest of each Option Holder shall, to the extent practicable, be maintained as before the occurrence of such event. Such adjustments may include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a change in the number or kind of shares of the Company covered by such Options; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a change in the Exercise Price payable per Share provided, however, that the aggregate Exercise Price
applicable to the unexercised portion of existing Options shall not be altered, it being intended that any adjustments made with respect
to such Options shall apply only to the Exercise Price per Share and the number of Shares subject thereto.

For purposes of this Section 11.3, and without limitation, neither:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the issuance of additional securities of the Company in exchange for adequate consideration (including
services); nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the conversion of outstanding securities of the Company into Shares shall be deemed to be material alterations
of the capital structure of the Company. Any adjustment made to any Options pursuant to this Section 11.3 shall not be considered an amendment
requiring the Option Holder's consent for the purposes of Section 9.2 of this Plan.

11.4 <u>Triggering Events</u> 

Subject to the Company complying with Section 11.5 and any necessary Regulatory Approvals and notwithstanding any other provisions of this Plan or any Option Certificate, the Committee may, without the consent of the Option Holder or Holders in question:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cause all or a portion of any of the Options granted under the Plan to terminate upon the occurrence of
a Triggering Event; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) cause all or a portion of any of the Options granted under the Plan to be exchanged for incentive stock
options of another corporation upon the occurrence of a Triggering Event in such ratio and at such Exercise Price as the Committee deems
appropriate, acting reasonably.

Such termination or exchange shall not be considered an amendment requiring the Option Holder's consent for the purpose of Section 9.2 of the Plan.

11.5 <u>Notice of Termination by Triggering Event</u> 

In the event that the Committee wishes to cause all or a portion of any of the Options granted under this Plan to terminate on the occurrence of a Triggering Event, it must give written notice to the Option Holders in question not less than 10 days prior to the consummation of a Triggering Event so as to permit the Option Holder the opportunity to exercise the Vested portion of the Options prior to such termination. Upon the giving of such notice and subject to any necessary Regulatory Approvals, all Options or portions thereof granted under the Plan which the Company proposes to terminate shall become immediately exercisable notwithstanding any contingent Vesting provision to which such Options may have otherwise been subject. Furthermore, if any of the Options granted under this Plan are cancelled prior to their Expiry Date, the Company shall not grant new Options to the same Persons or Entities until thirty (30) days have lapsed from the date of cancellation.

11.6 <u>Determinations to be Made By Committee</u> 

Adjustments and determinations under this Section 11 shall be made by the Committee, whose decisions as to what adjustments or determination shall be made, and the extent thereof, shall be final, binding, and conclusive.

**SCHEDULE A**

**[Include legends prescribed by Regulatory Authorities, if required.]**

**<u>LANNISTER MINING CORP.</u>**

**<u>STOCK OPTION PLAN - OPTION CERTIFICATE</u>**

This Option Certificate is issued pursuant to the provisions of the Stock Option Plan (the "**Plan**") of Lannister Mining Corp. (the "**Company**") and evidences that ●[Name of Option Holder] is the holder (the "**Option Holder**") of an option (the "**Option**") to purchase up to ● common shares (the "**Shares**") in the capital stock of the Company at a purchase price of Cdn.$● per Share (the "**Exercise Price**"). This Option may be exercised at any time and from time to time from and including the following Grant Date through to and including up to 4:00 p.m. local time in Vancouver, British Columbia (the "**Expiry Time**") on the following Expiry Date:

(a) the Grant Date of this Option is ●; and

(b) subject to Sections 5.4, 6.2, 6.3, 6.4 and 11.4of the Plan, the Expiry Date of this Option is ●, 20●.

To exercise this Option, the Option Holder must deliver to the Administrator of the Plan, prior to the Expiry Time on the Expiry Date, an Exercise Notice, in the form provided in the Plan, or written notice in the case of uncertificated Shares, which is incorporated by reference herein, together with the original of this Option Certificate and a certified cheque or bank draft payable to the Company or its legal counsel in an amount equal to the aggregate of the Exercise Price of the Shares in respect of which this Option is being exercised.

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

**[Include legends on the certificate or the written notice in the case of uncertificated shares prescribed by Regulatory Authorities, if required.]**

-A1-

If the Option Holder is a resident or citizen of the United States of America at the time of the exercise of the Option, the certificate(s) representing the Shares will be endorsed with the following or a similar legend:

"The securities represented hereby 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. The holder hereof, by purchasing such securities, agrees for the benefit of the Company that such securities may be offered, sold or otherwise transferred only (a) to the Company; (b) outside the United States in accordance with Rule 904 of Regulation S under the U.S. Securities Act; (c) in accordance with the 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 (d) in a transaction that does not require registration under the U.S. Securities Act and any applicable state securities laws, and, in the case of paragraph (c) or (d), the seller furnishes to the Company an opinion of counsel of recognized standing in form and substance satisfactory to the Company to such effect.

The presence of this legend may impair the ability of the holder hereof to effect "good delivery" of the securities represented hereby on a Canadian stock exchange."

**LANNISTER MINING CORP.**

**by its authorized signatory:**

The Option Holder acknowledges receipt of a copy of the Plan and represents to the Company that the Option Holder is familiar with the terms and conditions of the Plan, and hereby accepts this Option subject to all of the terms and conditions of the Plan. The Option Holder agrees to execute, deliver, file and otherwise assist the Company in filing any report, undertaking or document with respect to the awarding of the Option and exercise of the Option, as may be required by the Regulatory Authorities. The Option Holder further acknowledges that if the Plan has not been approved by the shareholders of the Company on the Grant Date, this Option is not exercisable until such approval has been obtained.

---

| | |
|:---|:---|
| Signature of Option Holder: |  |
| Signature | Date signed: |
| Print Name |  |
| Address |  |

---

-A2-

**<u>OPTION CERTIFICATE – SCHEDULE</u>**

**[Complete the following additional terms and any other special terms, if applicable, or remove the inapplicable terms or this schedule entirely.]**

The additional terms and conditions attached to the Option represented by this Option Certificate are as follows:

1. The Options will not be exercisable unless and until they have vested and then only to the extent that
they have vested. The Options will vest in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ● Shares (●%) will vest and be exercisable on or after the Grant Date;

(b) ● additional Shares (●%) will vest and be exercisable on or after ●[date];

(c) ● additional Shares (●%) will vest and be exercisable on or after ●[date];

(d) ● additional Shares (●%) will vest and be exercisable on or after ●[date];

2. Upon the Option Holder ceasing to hold a position with the Company, other than as a result of the events set out in paragraphs 5.4(a) or 5.4(b) of the Plan, the Expiry Date of the Option shall be ● **[Insert date desired that is longer or shorter than the standard 30 days as set out in the Plan]** following the date the Option Holder ceases to hold such position.

-A3-

**SCHEDULE B**

**LANNISTER MINING CORP.**

**<u>STOCK OPTION PLAN</u>**

**<u>NOTICE OF EXERCISE OF OPTION</u>**

TO: The Administrator, Stock Option Plan

1500-1055 West Georgia Street

Vancouver, BC V6E 4N7

(or such other address as the Company may advise)

The undersigned hereby irrevocably gives notice, pursuant to the Stock Option Plan (the "**Plan**") of Lannister Mining Corp. (the "**Company**"), of the exercise of the Option to acquire and hereby subscribes for (**cross out inapplicable item):**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of the Shares;

which are the subject of the Option Certificate attached hereto **(attach your original Option Certificate)**. The undersigned tenders herewith a certified cheque or bank draft (**circle one**) payable to the Company or to ● in an amount equal to the aggregate Exercise Price of the aforesaid Shares and directs the Company to issue a certificate OR a written notice in the case of uncertificated Shares evidencing said Shares in the name of the undersigned to be issued to the undersigned [in the case of issuance of a share certificate, at the following address (**provide full complete address**)]:

___________________________________

___________________________________

___________________________________

The undersigned acknowledges the Option is not validly exercised unless this Notice is completed in strict compliance with this form and delivered to the required address with the required payment prior to 4:00 p.m. local time in Vancouver, BC on the Expiry Date of the Option.

DATED the day<u> </u> of<u> </u> , 20<u> </u> .

**Signature of Option Holder**

-B1-

## Exhibit 10.8

**Exhibit 10.8**

**LANNISTER MINING CORP.** 

**INDEPENDENT DIRECTOR AGREEMENT**

THIS AGREEMENT (The "**Agreement**") is made as of the _____ day of ____________, and is by and between Lannister Mining, Corp., a corporation existing under the laws of the Province of British Columbia, Canada (hereinafter referred to as the "**Company**"), and __________________ (hereinafter referred to as the "**Director**").

**BACKGROUND**

The Board of Directors of the Company appointed the Director and to have the Director perform the duties of an independent director, effective as of August 15, 2024, and the Director desires to be so appointed for such position and to perform the duties required of such position in accordance with the terms and conditions of this Agreement.

**AGREEMENT**

In consideration for the above recited promises and the mutual promises contained herein, the adequacy and sufficiency of which are hereby acknowledged, the Company and the Director hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. DUTIES**. The Company requires that the Director be available to perform the duties of an independent director customarily related to this function as may be determined and assigned by the Board of Directors of the Company and as may be required by the Company's constituent instruments, including its certificate of incorporation and articles (the "**Charter Documents**") and its corporate governance and board committee charters, each as amended or modified from time to time, and by applicable law, including the laws of the Province of British Columbia, Canada, including all applicable provisions of the Business Corporations Act (British Columbia) (the "**BCBCA**"), and the federal laws of Canada applicable therein (the "**Applicable Law**"). The Director agrees to devote as much time as is necessary to perform completely the duties as the Director of the Company, including duties as a member of the applicable Committee and such other committees as the Director may hereafter be appointed to. The Director will perform such duties described herein in accordance with the general fiduciary duty of directors arising under the Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. TERM**. The term of this Agreement shall commence as of [date] and shall continue until the Director's removal or resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. COMPENSATION**.

Following the commencement of the term of this Agreement, for all services to be rendered by the Director in any capacity hereunder, the Company agrees to compensate the Director a fee of $[\*] per year in cash (the "**Annual Fee**"), which Annual Fee shall be paid to the Director in four equal installments no later than the seventh business day of each calendar quarter commencing in the first quarter following the date of this Agreement. The Director shall be responsible for his or her own individual income tax payment on the Annual Fee in jurisdictions where the Director resides.

In the event that the Director serves less than a full year on the Board, the Company shall only be obligated to pay the pro rata portion of such Annual Fee to the Director for his or her services performed during such year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. EXPENSES**. In addition to the compensation provided in paragraph 3 hereof, the Company will reimburse the Director for pre-approved reasonable business related expenses incurred in good faith in the performance of the Director's duties for the Company. Such payments shall be made by the Company upon submission by the Director of a signed statement itemizing the expenses incurred. Such statement shall be accompanied by sufficient documentary matter to support the expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. CONFIDENTIALITY**. The Company and the Director each acknowledge that, in order for the intents and purposes of this Agreement to be accomplished, the Director shall necessarily be obtaining access to certain confidential information concerning the Company and its affairs, including, but not limited to business methods, information systems, financial data and strategic plans which are unique assets of the Company ("**Confidential Information**"). The Director covenants not to, either directly or indirectly, in any manner, utilize or disclose to any person, firm, corporation, association or other entity any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. NON-COMPETE**. During the term of this Agreement and for a period of twelve (12) months following the Director's removal or resignation from the Board of Directors of the Company or any of its subsidiaries or affiliates (the "**Restricted Period**"), the Director shall not, without prior written consent of the Company, directly or indirectly, (i) provide the same or substantially the same services that he or she provides to the Company to any business competitive with the Company's current lines of business or any business then engaged in by the Company in Canada and the United States (the "**Market Area**"), any of its subsidiaries or any of its affiliates (the "**Company's Business**") for the Director's own benefit or for the benefit of any person or entity other than the Company or any subsidiary or affiliate; or (ii) have any interest as owner, sole proprietor, shareholder, partner, lender, director, officer, manager, employee, consultant, agent or otherwise in any business competitive with the Company's Business; <u>provided</u>, <u>however</u>, that the Director may hold, directly or indirectly, solely as an investment, not more than five percent (5%) of the outstanding securities of any person or entity which are listed on any national securities exchange or regularly traded in the over-the-counter market notwithstanding the fact that such person or entity is engaged in a business competitive with the Company's Business. Should the Company expand geographically beyond the Market Area, the Director shall notify the Company in writing of any other services provided in those areas of the Company's geographic expansion. In addition, during the Restricted Period, the Director shall not develop any property for use in the Company's Business on behalf of any person or entity other than the Company, its subsidiaries and affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. TERMINATION**. With or without cause, the Company and the Director may each terminate this Agreement at any time upon ten (10) days written notice, and the Company shall be obligated to pay to the Director the compensation and expenses due up to the date of the termination. Nothing contained herein or omitted herefrom shall prevent the shareholder(s) of the Company from removing the Director with immediate effect at any time for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. INDEMNIFICATION**. The Company shall indemnify, defend and hold harmless the Director, to the full extent allowed by the Applicable Law, and as provided by, or granted pursuant to, any charter provision, its Charter Documents, agreement (including, without limitation, the Indemnification Agreement executed herewith), vote of stockholders or disinterested directors or otherwise, both as to action in the Director's official capacity and as to action in another capacity while holding such office. The Company and the Director are executing an indemnification agreement in the form attached hereto as <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. EFFECT OF WAIVER**. The waiver by either party of the breach of any provision of this Agreement shall not operate as or be construed as a waiver of any subsequent breach thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. NOTICE**. Any and all notices referred to herein shall be sufficient if furnished in writing at the addresses specified on the signature page hereto or, if to the Company, to the Company's address as specified in filings made by the Company with the U.S. Securities and Exchange Commission .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. GOVERNING LAW**. This Agreement shall be interpreted in accordance with, and the rights of the parties hereto shall be determined by, the laws of the Province of British Columbia, Canada, including all applicable provisions of the BCBCA, and the federal laws of Canada applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. ASSIGNMENT**. The rights and benefits of the Company under this Agreement shall be transferable, and all the covenants and agreements hereunder shall inure to the benefit of, and be enforceable by or against, its successors and assigns. The duties and obligations of the Director under this Agreement are personal and therefore the Director may not assign any right or duty under this Agreement without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. MISCELLANEOUS**. If any provision of this Agreement shall be declared invalid or illegal, for any reason whatsoever, then, notwithstanding such invalidity or illegality, the remaining terms and provisions of this Agreement shall remain in full force and effect in the same manner as if the invalid or illegal provision had not been contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. ARTICLE HEADINGS**. The article headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. COUNTERPARTS**. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one instrument. Facsimile execution and delivery of this Agreement is legal, valid and binding for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. ENTIRE AGREEMENT**. Except as provided elsewhere herein, this Agreement sets forth the entire agreement of the parties with respect to its subject matter and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative of any party to this Agreement with respect to such subject matter.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the parties hereto have caused this Independent Director Agreement to be duly executed and signed as of the day and year first above written.

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| | |
|:---|:---|
| **LANNISTER MINING CORP.** | **LANNISTER MINING CORP.** |
| By: |  |
| Name: | James Greig |
| Title: | Chief Executive Officer |
| **Independent Director** | **Independent Director** |
| Name: |  |
| Address: |  |

---

**EXHIBIT A**

**<u>Form of Indemnification Agreement</u>**

**(See Attached)**

## Exhibit 10.9

**Exhibit 10.9**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement (this "**Agreement**"), made and entered into as of the ________ day of ___________, 2025, by and between Lannister Mining, Corp., a corporation existing under the laws of the Province of British Columbia, Canada (the "**Company**") and ("**Indemnitee**").

W I T N E S S E T H:

WHEREAS, the Indemnitee has agreed to serve as a director or executive officer of the Company and in such capacity will render valuable services to the Company;

WHEREAS, both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and executive officers of public companies;

WHEREAS, in order to induce and encourage highly experienced and capable persons such as the Indemnitee to serve as directors and officers of the Company, the board of directors of the Company (the "**Board**") has determined that it is reasonably prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons;

NOW, THEREFORE, in consideration of the premises and mutual agreements hereinafter set forth, and other good and valuable consideration, including, without limitation, the service of the Indemnitee, the receipt of which hereby is acknowledged, and in order to induce the Indemnitee to serve, or continue to serve, as a director or an executive officer of the Company, the Company and the Indemnitee hereby agree as follows:

1. <u>Definitions</u>. As used in this Agreement:

(a). "**Change of Control**" shall mean any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any "person" (as such term is used in Sections 13(d) and 14(d) of the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the "**Exchange Act**")), but excluding (1) the Company, (2) any trustee or other fiduciary holding securities pursuant to an employee benefit or welfare plan or employee share plan of the Company or any subsidiary or affiliate of the Company, or any entity organized, appointed, established or holding securities of the Company with voting power for or pursuant to the terms of any such plan and (3) any entity owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company, becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the Company's then outstanding securities without the prior approval of at least majority of the directors in office immediately prior to such person's attaining such interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the Board or other governing body of such surviving entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the approval by the shareholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company, in one transaction or a series of related transactions, of all or substantially all of the Company's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item or any similar or successor schedule or form) promulgated under the Exchange Act whether or not the Company is then subject to such reporting requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) during any period of two (2) consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 1(a)(i), 1(a)(iii) or 1(a)(iv)) whose election by the Board or nomination for election by the Company's shareholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, ceasing for any reason to constitute a least a majority of the members of the Board.

(b). "**Disinterested Director**" with respect to any request by the Indemnitee for indemnification or advancement of expenses hereunder shall mean a director of the Company who neither is nor was a party to the Proceeding (as defined below) in respect of which indemnification or advancement is being sought by the Indemnitee.

(c). "**Expenses**" shall mean shall mean, without limitation, expenses of Proceedings, including attorneys' fees, disbursement and retainers, accounting and witness fees, expenses related to preparation for service as a witness and to service as a witness, travel and deposition costs, expenses of investigations, judicial or administrative proceedings and appeals, amounts paid in settlement of a Proceeding by or on behalf of the Indemnitee, costs of attachment or similar bonds, any expenses of attempting to establish or establishing a right to indemnification or advancement of expenses, under this Agreement, the Company's Certificate of Incorporation and Articles as currently in effect (the "**Articles**"), applicable law or otherwise, and reasonable compensation for time spent by the Indemnitee in connection with the investigation, defense or appeal of a Proceeding or action for indemnification for which the Indemnitee is not otherwise compensated by the Company or any third party. The term "Expenses" shall not include the amount of judgments, fines, interest or penalties, which are actually levied against or sustained by the Indemnitee to the extent sustained after final adjudication.

(d). "**Independent Legal Counsel**" shall mean any firm of attorneys that is not presently representing and has not in the preceding five (5) years represented the Company, the Company's subsidiaries or affiliates, the Indemnitee, any entity controlled by the Indemnitee, or any party adverse to the Company in any matter material to any such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements). Notwithstanding the foregoing, the term "Independent Legal Counsel" shall not include any person who, under applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee's right to indemnification or advancement of expenses under this Agreement, the Articles, applicable law or otherwise.

(e). "**Proceeding**" shall mean any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, or other proceeding (including, without limitation, an appeal therefrom), formal or informal, whether brought in the name of the Company or otherwise, whether of a civil, criminal, administrative or investigative nature, and whether by, in or involving a court or an administrative, other governmental or private entity or body (including, without limitation, an investigation by the Company or its Board), by reason of (i) the fact that the Indemnitee is or was a director or officer of the Company, or is or was serving at the request of the Company as an agent of another enterprise, whether or not the Indemnitee is serving in such capacity at the time any liability or expense is incurred for which indemnification or reimbursement is to be provided under this Agreement, (ii) any actual or alleged act or omission or neglect or breach of duty, including, without limitation, any actual or alleged error or misstatement or misleading statement, which the Indemnitee commits or suffers while acting in any such capacity, or (iii) the Indemnitee attempting to establish or establishing a right to indemnification or advancement of expenses pursuant to this Agreement, the Articles, applicable law or otherwise.

(f). The phrase "**serving at the request of the Company as an agent of another enterprise**" or any similar terminology shall mean, unless the context otherwise requires, serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, limited liability company, trust, employee benefit or welfare plan or other enterprise, foreign or domestic. The phrase "**serving at the request of the Company**" shall include, without limitation, any service as a director/an executive officer of the Company which imposes duties on, or involves services by, such director/executive officer with respect to the Company or any of the Company's subsidiaries, affiliates, employee benefit or welfare plans, such plan's participants or beneficiaries or any other enterprise, foreign or domestic. In the event that the Indemnitee shall be a director, officer, employee or agent of another corporation, partnership, joint venture, limited liability company, trust, employee benefit or welfare plan or other enterprise, foreign or domestic, 50% or more of the ordinary shares, combined voting power or total equity interest of which is owned by the Company or any subsidiary or affiliate thereof, then it shall be presumed conclusively that the Indemnitee is so acting at the request of the Company.

2. <u>Services By Indemnitee</u>. The Indemnitee agrees to serve as a director or officer of the Company under the terms of the Indemnitee's agreement with the Company for so long as the Indemnitee is duly elected or appointed or until such time as the Indemnitee tenders a resignation in writing or is removed from the Indemnitee's position; <u>provided</u>, <u>however</u>, that the Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or other obligation imposed by operation of law).

3. <u>Proceedings by or in the Right of the Company</u>. The Company shall, to the fullest extent permitted by applicable laws, indemnify the Indemnitee if the Indemnitee is a party to or threatened to be made a party to or is otherwise involved in any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of the fact that the Indemnitee is or was a director or officer of the Company, or is or was serving at the request of the Company as an agent of another enterprise, against all Expenses, judgments, fines, interest or penalties, which are actually and reasonably incurred by the Indemnitee in connection with the defense or settlement of such a Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company; except that no indemnification under this section shall be made in respect of any claim, issue or matter as to which such person shall have been adjudicated by final judgment by a court of competent jurisdiction to be liable to the Company for willful misconduct in the performance of his/her duty to the Company, unless and only to the extent that the court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such amounts which such other court shall deem proper.

4. <u>Proceeding Other Than a Proceeding by or in the Right of the Company</u>. The Company shall, to the fullest extent permitted by applicable laws, indemnify the Indemnitee if the Indemnitee is a party to or threatened to be made a party to or is otherwise involved in any Proceeding (other than a Proceeding by or in the right of the Company) by reason of the fact that the Indemnitee is or was a director or officer of the Company, or is or was serving at the request of the Company as an agent of another enterprise, against all Expenses, judgments, fines, interest or penalties, which are actually and reasonably incurred by the Indemnitee in connection with such a Proceeding, to the fullest extent permitted by applicable law; <u>provided</u>, <u>however</u>, that any settlement of a Proceeding must be approved in advance in writing by the Company (which approval shall not be unreasonably withheld).

5. <u>Indemnification for Costs, Charges and Expenses of Witness or Successful Party</u>. Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee (a) has prepared to serve or has served as a witness in any Proceeding in any way relating to (i) the Company or the Company's subsidiaries, affiliates, employee benefit or welfare plans or such plan's participants or beneficiaries or (ii) anything done or not done by the Indemnitee as a director or officer of the Company or in connection with serving at the request of the Company as an agent of another enterprise, or (b) has been successful in defense of any Proceeding or in defense of any claim, issue or matter therein, on the merits or otherwise, including the dismissal of a Proceeding without prejudice or the settlement of a Proceeding without an admission of liability, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee in connection therewith to the fullest extent permitted by applicable law. All such indemnification against Expenses shall be offset by the amount of cash, if any, received by the Indemnitee resulting from his/her success therein.

6. <u>Partial Indemnification</u>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of Expenses, but not for the total amount of Expenses, the Company shall indemnify the Indemnitee for the portion of such Expenses to which Indemnitee is entitled.

7. <u>Advancement of Expenses</u>. The Expenses incurred by the Indemnitee in any Proceeding shall be paid promptly by the Company in advance of the final disposition of the Proceeding at the written request of the Indemnitee, to the fullest extent permitted by applicable law; <u>provided</u>, <u>however</u>, that the Indemnitee shall set forth in such request reasonable evidence that such Expenses have been incurred by the Indemnitee in connection with such Proceeding and an undertaking in writing to repay any advances if it is ultimately determined as provided in Section 8(b) of this Agreement that the Indemnitee is not entitled to indemnification under this Agreement, the Articles, applicable law or otherwise.

8. <u>Indemnification Procedure; Determination of Right to Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Promptly after receipt by the Indemnitee of notice of the commencement of any Proceeding, the Indemnitee shall, if a claim for indemnification or advancement of Expenses in respect thereof is to be made against the Company under this Agreement, notify the Company of the commencement thereof in writing. The failure and delay to so notify the Company will not relieve the Company from any liability which the Company may have to the Indemnitee under this Agreement unless the Company shall have lost significant substantive or procedural rights with respect to the defense of any Proceeding as a result of such omission to so notify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indemnitee shall be conclusively presumed to be entitled to indemnification under this Agreement unless a determination is made that the Indemnitee is not entitled to indemnification under this Agreement, the Articles, applicable law or otherwise by one of the following two methods, which, if there has not been a Change in Control, shall be at the election of the Board: (i) by a majority vote of the Board of a quorum consisting of Disinterested Directors or (ii) if a quorum of the Board consisting of Disinterested Directors is not obtainable or, even if obtainable, said Disinterested Directors so direct, by Independent Legal Counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee. If a Change in Control shall have occurred and the Indemnitee so requests in writing, such determination shall be made only by Independent Legal Counsel in the manner set forth in this subsection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If (i) a determination is made that the Indemnitee is not entitled to indemnification under this Agreement or (ii) a claim for indemnification or advancement of Expenses under this Agreement is not paid by the Company within thirty (30) days after receipt by the Company of written notice thereof, the Indemnitee is entitled to an adjudication in any court of competent jurisdiction. Such judicial proceeding shall be made de novo. The burden of proving that indemnification or advances are not appropriate shall be on the Company. Neither the failure of the directors of the Company or Independent Legal Counsel to have made a determination prior to the commencement of such action that indemnification or advancement of Expenses is proper in the circumstances because the Indemnitee has met the applicable standard of conduct, if any, nor an actual determination by the directors of the Company or Independent Legal Counsel that the Indemnitee has not met the applicable standard of conduct shall be a defense to an action by the Indemnitee or create a presumption for the purpose of such an action that the Indemnitee has not met the applicable standard of conduct. The termination of any Proceeding by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself (i) create a presumption that the Indemnitee did not act in good faith and in a manner which he reasonably believed to be in the best interests of the Company and/or its shareholders, and, with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe that his conduct was unlawful or (ii) otherwise adversely affect the rights of the Indemnitee to indemnification or advancement of Expenses under this Agreement, except as may be provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a court of competent jurisdiction shall determine that the Indemnitee is entitled to any indemnification or advancement of Expenses hereunder, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such adjudication (including, but not limited to, any appellate proceedings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to any Proceeding for which indemnification or advancement of Expenses is requested, the Company will be entitled to participate therein at its own expense and, except as otherwise provided below, to the extent that it may wish, the Company may assume the defense thereof, with counsel reasonably satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election to assume the defense of a Proceeding, the Company will not be liable to the Indemnitee under this Agreement for any Expenses subsequently incurred by the Indemnitee in connection with the defense thereof, other than as provided below. The Company shall not settle any Proceeding in any manner which would impose any penalty or limitation on the Indemnitee without the Indemnitee's written consent. The Indemnitee shall have the right to employ his/her own counsel in any Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense of the Proceeding shall be at the expense of the Indemnitee, unless (i) the employment of counsel by the Indemnitee has been authorized by the Company, (ii) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the defense of a Proceeding, or (iii) the Company shall not in fact have employed counsel to assume the defense of a proceeding, in each of which cases the fees and expenses of the Indemnitee's counsel shall be advanced by the Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee has reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee.

9. <u>Limitations on Indemnification</u>. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against the Indemnitee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in connection with any Proceeding initiated or brought voluntarily by the Indemnitee and not by way of defense, unless (i) the Board authorized the Proceeding prior to its initiation or (ii) the Proceeding is to enforce indemnification rights under this Agreement, the Articles, applicable law or otherwise and either (A) Indemnitee is successful in such Proceeding in establishing Indemnitee's right, in whole or in part, to indemnification or advancement of Expenses hereunder (in which case such indemnification or advancement shall be to the fullest extent permitted by this Agreement) or (B) the court in such Proceeding shall determine that, despite Indemnitee's failure to establish his or her right to indemnification, Indemnitee is entitled to indemnity for such expenses (in which case such indemnification or advancement shall be to the extent provided by such court);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in connection with the Indemnitee preparing to serve or serving, prior to a Change in Control, as a witness in voluntary cooperation with any non-governmental or non-regulatory party or entity who or which has threatened or commenced any action or proceeding against the Company, or any director, officer, employee, trustee, agent, representative, subsidiary, parent corporation or affiliate of the Company, but such indemnification may be provided by the Company if the Board finds it to be appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for which payment has actually been made to the Indemnitee under a valid and collectible insurance policy, except in respect of any excess beyond the amount of payment under such insurance policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for an accounting of profits made from the purchase or sale by the Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Act or similar provisions of any foreign or United States federal, state or local statute or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for which the Indemnitee is indemnified and actually paid other than pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for conduct that is finally adjudged by a court of competent jurisdiction to have been caused by the Indemnitee's dishonesty, willful default or fraud, including, without limitation, breach of the duty of loyalty, unless and only to the extent that the court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such amounts which such court shall deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if a court of competent jurisdiction finally determines that such indemnification is unlawful. In this respect, the Company and the Indemnitee have been advised that the Securities and Exchange Commission (the "**SEC**") takes the position that indemnification for liabilities arising under securities laws is against public policy and is, therefore, unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication;;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) in connection with Indemnitee's personal tax matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to the proviso in Section 9(a) hereof, in connection with any dispute or breach arising under any contract or similar obligation between the Company or any of its subsidiaries or affiliates and such Indemnitee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) in connection with any reimbursement made by Indemnitee to the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act**"), Section 306 of the Sarbanes-Oxley Act or Section 954 of the Dodd–Frank Wall Street Reform and Consumer Protection Act and the rules promulgated by the SEC thereunder.

10. <u>Insurance</u>. To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the Company, the Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under such policy or policies. If, at the time of the receipt of a notice of a Proceeding pursuant to the terms hereof, the Company has directors' and officers' insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

11. <u>No Employment Rights</u>. Nothing in this Agreement is intended to create in the Indemnitee any right to continued employment with the Company.

12. <u>Continuation of Indemnification</u>. All agreements and obligations of the Company contained herein shall continue during the period that the Indemnitee is a director or an executive officer of the Company (or is or was serving at the request of the Company as an agent of another enterprise, foreign or domestic) and shall continue thereafter so long as the Indemnitee shall be subject to any Proceeding by reason of the fact that the Indemnitee is or was a director or an executive officer of the Company or is or was serving in any other capacity referred to in this Section 12.

13. <u>Indemnification Hereunder Not Exclusive</u>. The indemnification provided by this Agreement shall not be deemed to be exclusive of any other rights to which the Indemnitee may be entitled under the Articles, any agreement, vote of shareholders or vote of Disinterested Directors, provisions of applicable law, or otherwise, both as to action or omission in the Indemnitee's official capacity and as to action or omission in another capacity on behalf of the Company while holding such office.

14. <u>Contribution</u>. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving rise to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). The relative fault of the Company on the one hand and of the Indemnitee on the other hand shall be determined by reference to, among other things, the parties' relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses. The Company agrees that it would not be just and equitable if contribution pursuant to this Section 14 were determined by pro rata allocation or any other method of allocation which does not take account of the foregoing equitable considerations.

15. <u>Entire Agreement</u>*.* This Agreement and the documents referred to herein constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered hereby are superseded by this Agreement.

16. <u>Amendment</u>*.* This Agreement may not be modified or amended except by a written instrument executed by or on behalf of each of the parties hereto. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit, restrict or reduce any right of Indemnitee under this Agreement in respect of any act or omission, or any event occurring, prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision limits rights with respect to indemnification, contribution or advancement of Expenses, it is the intent of the parties hereto that the rights with respect to indemnification, contribution or advancement of Expenses in effect prior to such change shall remain in full force and effect to the extent permitted by applicable law.

17. <u>Waivers</u>*.* The observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) by the party entitled to enforce such term only by a writing signed by the party against which such waiver is to be asserted. Unless otherwise expressly provided herein, no delay on the part of any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party hereto of any right, power or privilege hereunder operate as a waiver of any other right, power or privilege hereunder nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder.

18. <u>Assignment; Successors and Assigns</u>. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by either party thereto without the prior written consent of the other party, except that the Company may, without such consent, assign all such rights and obligations to a successor in interest to the Company which assumes all obligations of the Company under this Agreement in a written agreement in form and substance satisfactory to the Indemnitee. Notwithstanding the foregoing, this Agreement shall be binding upon and inure to the benefit of and be enforceable by and against the parties hereto and the Company's successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of the business and/or assets of the Company) and assigns, as well as the Indemnitee's spouses, heirs, and personal and legal representatives.

19. <u>Notices.</u> All notices, requests, demands and other communications under this Agreement shall be in writing (which may be by facsimile transmission or email). All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a business day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding business day in the place of receipt. The address for notice to a party is as shown on the signature page of this Agreement, or such other address as any party shall have given by written notice to the other party as provided above.

20. <u>Subrogation</u>. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce such rights.

21. <u>Severability</u>. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. To the extent required, any section, sentence, term or provision of this Agreement may be modified by a court of competent jurisdiction to preserve its validity and to provide the Indemnitee with the broadest possible indemnification permitted under applicable law. The Company's inability, pursuant to a court order or decision, to perform its obligations under this Agreement shall not constitute a breach of this Agreement.

22. <u>Governing Law</u>. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the Province of British Columbia, Canada, including all applicable provisions of the Business Corporations Act (British Columbia), and the federal laws of Canada applicable therein, without regard to its conflict of laws rules.

23. <u>Headings</u>. The Section headings in this Agreement are for convenience of reference only, and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

24. <u>Counterparts</u>*.* This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

25. <u>Use of Certain Terms</u>. As used in this Agreement, the words "herein," "hereof," and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular paragraph, subparagraph, section, subsection, or other subdivision. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered to be effective as of the date first above written.

---

| | |
|:---|:---|
| LANNISTER MINING CORP. | LANNISTER MINING CORP. |
| By: |  |
|  | James Greig |
|  | Chief Executive Officer |
| With a copy to: | With a copy to: |
| Address: | Address: |
| Facsimile: | Facsimile: |
| Attention: | Attention: |
| INDEMNITEE | INDEMNITEE |
| Name: | Name: |
| Title: | Title: |

---

## Exhibit 10.10

**Exhibit 10.10**

**UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY before the date that is 4 months and a day after the later of (i) JANAUARY 10, 2025, and (ii) the date the issuer became a reporting issuer in any province or territory.**

**LANNISTER MINING CORP.** 

**12.0% UNSECURED CONVERTIBLE NOTE**

---

| | |
|:---|:---|
| **CERTIFICATE NO. «Certificate_No»** | **MATURITY DATE: JANUARY 10, 2027** |

---

**PRINCIPAL AMOUNT: «Principal_Amount»**

**FOR VALUE RECEIVED**, the undersigned, **Lannister Mining Corp.**, a company formed pursuant to the laws of British Columbia, (the "**Corporation**") hereby acknowledges itself indebted to and promises to pay to the order of **«Registration»**, and its successors and assigns (the "**Holder**") the Principal Amount set forth above in the manner hereinafter provided at such place as the Holder may designate by notice in writing to the Corporation, on such date as the Principal Amount may become due and payable hereunder, and to pay interest on the Principal Amount outstanding from time to time owing hereunder to the date of payment as hereinafter provided, both before and after maturity or demand, default and judgement.

The Principal Amount shall be convertible into units of the Corporation (each, a "**Unit**") in accordance with, and subject to, the terms and conditions set forth herein. The Holder acknowledges that this Note may be one of a series of unsecured convertible notes of substantially identical terms and conditions issued by the Corporation to other holders.

[*Remainder of Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the Corporation has caused this Note to be executed by its duly authorized officer as of the ____ day of _________________, 2025.

**LANNISTER MINING CORP.**

Per:   <br> Authorized Signatory

***The digital signature above shall be deemed to constitute an original signature to this Note.***

**SCHEDULE "A"** 

**TERMS AND CONDITIONS FOR 12.0% UNSECURED CONVERTIBLE NOTE**

**Article 1<br> interpretation and general provisions**

1.1 **Definitions**

In this Note, unless there is something in the subject matter or context inconsistent therewith, the following words and terms shall have the meanings set out below:

(a) "**Applicable Securities Laws**" means any and all securities laws including, statutes,
rules, regulations, by-laws, policies, guidelines, orders, decisions, rulings and awards, applicable in the jurisdiction in which this
Note was offered, sold and issued;

(b) "**Business Day**" means a day, other than a Saturday, Sunday or statutory holiday in the
Province of British Columbia;

(c) "**Corporation**" means Lannister Mining Corp. and its successors and assigns;

(d) "**Conversion**" means the conversion of the Principal Amount into Units in accordance
with the terms and conditions set forth herein;

(e) "**Conversion Notice**" shall have the meaning set forth in Section 3.1(a);

(f) "**Conversion Price**" means the conversion price of the Principal Amount into Units in
accordance with Section 3.1(a) and Section 3.2(a), as applicable;

(g) "**Conversion Rights**" means the rights of the Holder to convert the Note into Units;

(h) "**Events of Default**" shall have the meaning set forth in Section 5.1;

(i) "**Holder**" shall have the meaning set forth on the face page hereof;

(j) "**IPO**" means the Corporation's initial public offering and concurrent listing
on a recognized stock exchange in the United States or Canada;

(k) "**IPO Financing Price**" means the offering price per security of the Corporation's
IPO;

(l) "**Issue Date**" means January 10, 2025;

(m) "**Maturity Date**" means January 10, 2027;

(n) "**Note**" means this 12.0% unsecured convertible note and any other notes substantially
on the same terms as this note issued by the Corporation under the Offering, each as supplemented, amended or otherwise modified, renewed
or replaced from time to time;

(o) "**Offering**" means the offering of Notes completed by the Corporation on or about the
date hereof;

(p) "**Person**" means an individual, partnership, corporation, trust, unincorporated association,
joint venture or government or any agent, instrument or political subdivision thereof;

(q) "**Principal Amount**" means the principal amount outstanding under this Note from time
to time;

(r) "**Redemption Date**" shall have the meaning set forth in Section 2.3;

(s) "**Redemption Notice**" shall have the meaning set forth in Section 2.4;

(t) "**Redemption Price**" means the amount of Principal Amount called for redemption under
Section 2.3, plus accrued and unpaid interest to the Redemption Date, to be determined in accordance with Section 2.3;

(u) "**Share**" means a fully-paid and non-assessable common share in the capital of the Corporation;

(v) "**Unit**" shall have the meaning set forth on the face page hereof;

(w) "**Warrant**" shall have the meaning set forth in Section 3.1(b); and

(x) "**Warrant Share**" shall have the meaning set forth in Section 3.1(b).

1.2 **Interpretation**

For the purposes of this Note, except as otherwise expressly provided herein:

(a) the words "**herein** ", "**hereof** ", and "**hereunder** "
and other words of similar import refer to this Agreement as a whole and not to any particular Article, clause, subclause or other subdivision
or Schedule;

(b) a reference to an Article or Section means an Article or Section of this Note, as applicable;

(c) the headings are for convenience only, do not form a part of this Note and are not intended to interpret,
define or limit the scope, extent or intent of this Note or any of its provisions;

(d) the word "**including** ", when following a general statement, term or matter, is not to
be construed as limiting such general statement, term or matter to the specific items or matters set forth or to similar items or matters
(whether or not qualified by non-limiting language such as "**without limitation**" or "**but not limited to** "
or words of similar import) but rather as permitting the general statement or term to refer to all other items or matters that could reasonably
fall within its possible scope;

(e) in the event that any day on or before which any action is required to be taken hereunder is not a Business
Day, then such action shall be required to be taken at or before the requisite time on the next succeeding day that is a Business Day;

(f) unless otherwise indicated, a reference to currency shall be deemed to be a reference to lawful money
of Canada; and

(g) words importing the masculine gender include the feminine or neuter, words in the singular include the
plural, words importing a corporate entity include individuals, and vice versa.

**Article 2<br> note**

2.1 **Principal Amount**

Subject to the early redemption or conversion of the Principal Amount of the Note, as applicable, pursuant to the terms set forth herein, the Corporation agrees to repay to the Holder the Principal Amount of the Note, together with interest thereon, on such date as such amounts may become due and payable hereunder.

2.2 **Interest on the Note**

The Note will bear interest from the Issue Date at a rate of twelve percent (12%) per annum, simple interest, calculated daily on the basis of a 365-day year and payable, in cash, on the earlier of the Maturity Date, the Redemption Date, or the date of conversion in the event the Principal Amount is converted into Units in accordance with Section 3.1, as applicable.

2.3 **Early Redemption of Note**

Subject to the Holder's Conversion Rights, from and after the Issue Date and until the Maturity Date, the Corporation may from time to time, at its option, on any one or more occasion, redeem and prepay in cash, without penalty or bonus, all or a part of the Principal Amount, plus all accrued and unpaid interest thereon, up to and including the date of the redemption (the "**Redemption Date**").

2.4 **Notice of Redemption**

The Corporation will give notice of any early redemption (each such notice, a "**Redemption Notice**"), in accordance with Section 6.4 hereof, of all or part of this Note to the Holder not more than thirty (30) Business Days or less than ten (10) Business Days prior to the Redemption Date. Every Redemption Notice shall specify the aggregate Principal Amount of this Note called for redemption, the Redemption Date, and the Redemption Price.

2.5 **Payment of Amount Redeemed**

Upon a Redemption Notice being given, that portion of the Principal Amount that is being redeemed will become due and payable in cash at the Redemption Price, on the Redemption Date specified in the Redemption Notice, and the Corporation may not withdraw the Redemption Notice without the prior consent of the Holder.

2.6 **Replacement Note**

In the event that only a portion of the Principal Amount is redeemed by the Corporation, the Holder will be entitled to receive a replacement Note representing the Principal Amount not subject to redemption on the same terms and provisions contained herein. In this event, interest shall continue to be payable on the remainder of the Principal Amount.

**Article 3<br> CONVERSION**

3.1 **Conversion – Election of Holder**

&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Corporation does not complete an IPO, the Holder may, at its election, upon surrender (either in
person, by mail (postage prepaid), electronic delivery, or other means of delivery) of this Note along with a completed notice of conversion
(the "**Conversion Notice**") in the form attached hereto as Schedule "**A**" at the registered office of
the Corporation in Vancouver, British Columbia, prior to the earlier of the Maturity Date, the Redemption Date, and the conversion of
the Principal Amount in accordance with Section 3.2, convert that portion of the Principal Amount so surrendered into Units of the Corporation
at a Conversion Price equal to $3.20.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Unit will consist of: (i) one (1) Share; and (ii) one (1) Share purchase warrant of the Corporation
(each, a "**Warrant** "), with each such Warrant being exercisable for a period of thirty-six months from the date of issuance
to purchase one additional Share (each, a "**Warrant Share**") at an exercise price equal to $4.40 per Warrant Share, upon
and subject to the terms and conditions set forth in the certificate or other instrument representing the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that only a portion of the Principal Amount is subject to Conversion, the Holder will be
entitled to receive a replacement Note representing the Principal Amount not subject to Conversion on the same terms and provisions contained
herein. In this event, interest shall continue to be payable on the remainder of the Principal Amount.

3.2 **Conversion – Automatic**

&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Corporation completes an IPO prior to the Maturity Date, Redemption Date, or conversion of the
Principal Amount in accordance with Section 3.1, the Principal Amount shall automatically convert, without any action of the Holder, into
Units at a Conversion Price equal to a 20% discount to the IPO Financing Price.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Unit will consist of: (i) one (1) Share; and (ii) one (1) Warrant, with each such Warrant being exercisable
for a period of thirty-six months from the date of issuance to purchase one Warrant Share at an exercise price equal to a 10% premium
to the IPO Financing Price.

3.3 **Issuance of Units**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Within five (5) Business Days after receipt of the Conversion Notice or the completion of an IPO, as applicable,
the Corporation shall issue or cause to be issued and deliver or cause to be delivered to the Holder certificates or other instruments
representing the number of Shares and Warrants deliverable upon the Conversion.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon completion of the Conversion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the rights of the Holder to receive, in respect of the amount hereof so converted, the Principal Amount
and any interest accrued thereon shall cease and the Holder or the other Person or Persons in whose names or names any certificate(s)
or other instrument(s) for Shares and Warrants shall be deliverable upon such Conversion shall be deemed to have become on such date the
holder or holders of record of such Shares and Warrants represented thereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the Holder releases the Corporation from all liability thereon or from all liability with respect to the
portion of the Principal Amount thereof to be converted, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event the Principal Amount is automatically converted in accordance with Section 3.2 any accrued
and unpaid interest shall automatically be deemed to have been waived by the Holder upon such conversion.

3.4 **No Fractional Shares or Warrants**

Notwithstanding anything herein contained, the Corporation shall in no case be required to issue fractional Shares or Warrants or to pay any cash adjustment in lieu of any fractional Shares or Warrants upon the conversion of the Principal Amount. Any fractions will be rounded down to the nearest whole number.

3.5 **Reservation of Shares**

The Corporation shall at all times while the Principal Amount remains convertible into Units, reserve and keep available out of its authorized but unissued share capital, for the purpose of effecting the conversion of the Principal Amount, such number of Shares as shall from time to time be sufficient to effect the conversion of the Principal Amount.

3.6 **Adjustment**

(a) If and whenever the Shares will be subdivided into a greater or consolidated
into a lesser number of Shares, or in the event of any payment by the Corporation of a stock dividend (other than a dividend paid in the
ordinary course), or in the event that the Corporation conducts a rights offering to its shareholders, the Conversion Price and exercise
price of the Warrants will be decreased or increased proportionately as the case may be. Upon any such subdivision, consolidation, payment
of a stock dividend or rights offering, the number of Units deliverable upon the exercise of the Principal Amount, the Conversion Price,
and the exercise price of the Warrants will be increased or decreased proportionately as the case may be.

(b) The adjustments provided for in this Section 3.6 are cumulative.

**Article 4<br> NOTE TO RANK *PARI PASSU***

4.1 The Notes will constitute direct unsecured obligations of the Corporation and will be subordinated to
all secured indebtedness of the Corporation, including, without limitation, any secured indebtedness that the Corporation may obtain in
the future. Each Note will rank *pari passu* with each other Note in right of payment of unsecured principal and interest (regardless
of their actual date or terms of issue).

4.2 The indebtedness evidenced by this Note, and all other Notes, shall not restrict the Corporation from
incurring additional indebtedness for borrowed money or from mortgaging, pledging, or charging its properties to secure any indebtedness.

**Article 5<br> EVENTS OF DEFAULT**

5.1 **General**

The occurrence of any one or more of the following events ("**Events of Default**") will constitute a default hereunder (whether any such event is voluntary or involuntary or is effected by operation of law or pursuant to or in compliance with any judgment, decree or order of any court of any order, rule or regulation of any administrative or governmental body):

(a) **Non-Compliance.** The Corporation fails to observe or perform one or
more material covenants, agreements, conditions, or obligations in favour of the Holder and such failure continues unremedied for a period
of fifteen (15) Business Days after the Holder gives notice thereof to the Corporation.

(b) **Bankruptcy or Insolvency.** The Corporation becomes insolvent or makes
a voluntary assignment or proposal in bankruptcy or otherwise acknowledges its insolvency, or a bankruptcy petition is filed or presented
against the Corporation, or the Corporation commits or threatens to commit an act of bankruptcy.

(c) **Receivership.** A receiver or receiver manager of the Corporation is
appointed under any statute or pursuant to any document issued by the Corporation.

(d) **Companies' Creditors Arrangement Act.** Any proceedings with
respect to the Corporation are commenced in any jurisdiction under the *Companies' Creditors Arrangement Act* (Canada) or any
similar legislation.

(e) **Liquidation.** An order is made, a resolution is passed, or a petition
is filed, for the liquidation, dissolution or winding-up of the Corporation.

5.2 **Upon Default**

Upon the occurrence of an Event of Default and at any time thereafter, so long as such Event of Default is continuing, the Holder may exercise any or all of the rights, remedies, and powers of the Holder under any applicable legislation or otherwise existing, whether under this Note or any other agreement or at law or in equity, and in addition will have the right and power (but will not be obligated) to declare any or all of the Note to be immediately due and payable.

5.3 **Waiver**

The Holder in its absolute discretion may at any time and from time to time by written notice waive any breach by the Corporation of any of its covenants or agreements herein. No failure or delay on the part of the Holder to exercise any right, remedy or power given herein or by any other existing or future agreement or now or hereafter existing by statute, at law or in equity will operate as a waiver thereof, nor will any single or partial exercise of any such right, remedy or power preclude any other exercise thereof or the exercise of any other such right, remedy or power, nor will any waiver by the Holder be deemed to be a waiver of any subsequent, similar or other event.

**Article 6<br> GENERAL MATTERS**

6.1 **Withholding Taxes**

If the Corporation is obliged to withhold any payment hereunder on account of present or future taxes, duties, assessments or other governmental charges required by law, the Corporation shall make such withholding or deduction and pay the balance owing to the Holder.

6.2 **Transfer of Note** 

This Note is transferable by the Holder to a third party. No transfer of the Note is valid unless made in accordance with Applicable Securities Laws. If the Holder intends to transfer this Note or any portion thereof, it shall deliver to the Corporation the Form of Transfer attached to this Note as Schedule "**B**", duly executed by the Holder. Upon compliance with the foregoing conditions, including the surrender by the Holder of this Note, the Corporation shall execute and deliver to the applicable transferee a new Note registered in the name of the transferee. If less than the full Principal Amount of this Note is transferred, the Holder shall be entitled to receive, in the same manner, a new Note registered in its name evidencing the portion of the Principal Amount of the Note not so transferred. Prior to registration of any transfer of this Note, the Holder and the applicable transferee shall be required to provide the Corporation with necessary information and documents, including certificates and statutory declarations, as may be required to be filed under Applicable Securities Laws.

6.3 **No Modification or Waiver**

No modification, variation, or amendment of any provision of this Note shall be made without the prior written consent of all of the Holders. The Holder shall not, by any act, delay, omission or otherwise, be deemed to have expressly or impliedly waived any of its rights, powers and/or remedies unless such waiver shall be in writing and executed by an authorized officer of the Holder. Any such waiver shall be enforceable only to the extent specifically set forth therein. A waiver by the Holder of any right, power and/or remedy on any one occasion shall not be construed as a bar to or waiver of any such right, power and/or remedy which the Holder would otherwise have on any future occasion, whether similar in kind or otherwise.

6.4 **Notice to the Corporation and the Holder**

Any notice to be given to the Corporation or the Holder shall be in writing and shall be deemed to be validly given if such notice is delivered personally, by facsimile or electronic transmission or sent by prepaid registered mail, addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Corporation, at:

Lannister Mining Corp.<br> Suite 1500, 1055 West Georgia Street<br> Vancouver, British Columbia V6E 4N7<br> Canada

Attention: Jim Greig, Chief Executive Officer <br> E-mail: jimg@metalsgroup.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Holder, at the same addressed shown on the register of Notes kept by and at the offices of the
Corporation.

Notice of change of address shall also be governed by this Section 6.4. Any notice given by personal delivery shall be deemed to have been given when received by the Corporation or the Holder, and by prepaid registered mail shall be deemed to have been received by the Corporation or the Holder on the third (3<sup>rd</sup>) Business Day after the day of such mailing and any notice so given by facsimile or electronic transmission on a Business Day before 5:00 p.m. (local time of the recipient) shall be deemed to have been received by the Corporation or the Holder on such Business Day and otherwise shall be deemed to be received the next Business Day.

6.5 **Replacement of Note**

If this Note shall become mutilated or be lost, stolen or destroyed and in the absence of notice that the Note has been acquired by a *bona fide* purchaser, the Corporation in its discretion may issue a new Note upon surrender and cancellation of the mutilated Note, or, in the event that a Note is lost, stolen or destroyed, in lieu of and in substitution for the same, and the substituted Note shall be in the form hereof and the Holder shall be entitled to benefits hereof. In case of loss, theft or destruction, the Holder shall furnish to the Corporation such evidence of such loss, theft or destruction as shall be satisfactory to the Corporation in its discretion acting reasonably together with an indemnity in form and substance mutually acceptable to the Corporation and the Holder, each acting reasonably. The applicant shall pay reasonable expenses incidental to the issuance of any such new Note.

6.6 **Delivery and Execution** 

The Corporation shall be entitled to rely on delivery of an executed Note by electronic means, and acceptance by the Holder of such electronic Note (including, without limitation by facsimile or email delivery) shall be deemed to be an original and legally effective between the Holder and the Corporation in accordance with the terms hereof.

6.7 **Invalidity of Provisions**

Each of the provisions contained in this Note is distinct and severable and a declaration of invalidity or unenforceability of any such provision by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof or thereof.

6.8 **Successors and Assigns**

This Note shall be binding upon the Corporation and its successors. This Note is not assignable.

6.9 **Governing Law**

This Note is to be governed and interpreted according to the laws of the Province of British Columbia and the federal laws of the Canada applicable therein.

6.10 **Maximum Rate of Interest**

Notwithstanding any other provisions of this Note, if the amount of any interest, premium, fees or other monies or any rate of interest required to be paid under this Note or any other document entered into in connection with this Note would, but for this provision, contravene any applicable law, then such amount or rate of interest shall be reduced to such maximum amount as would not contravene such provisions; and to the extent that any excess has been charged or received the Holder shall apply such excess against the outstanding obligations and refund to the Corporation any further excess amount.

6.11 **Time of Essence**

Time shall be of the essence of this Note.

[*Remainder of Page Intentionally Left Blank*]

**SCHEDULE "A"**

**CONVERSION FORM**

**TO: LANNISTER MINING CORP.** **(the "Corporation")**

The undersigned registered holder of the enclosed unsecured convertible note (the "**Note**") hereby subscribes for units of the Corporation (the "**Units**") on the terms specified in the Note, to the extent of $______________ of Principal Amount, which will, upon due issuance of the Units aforesaid and, if required, any replacement Note for any portion of the Principal Amount not converted, be null and void.

The Units subscribed for will be issued as set forth below and will be mailed to the address set forth below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Address for Registration of Units** | &nbsp;&nbsp;**Address for Delivery** | &nbsp;&nbsp;**# of Units** |

---

In the absence of instructions to the contrary, the securities will be issued in the name of or to the Holder hereof and will be sent by first class mail to the last address of the Holder as set forth on the Note.

[*Signature Page Follows*]

**DATED** this _____ day of _____________________, 20___.

---

| | |
|:---|:---|
| **If subscriber is a corporation:** | |
|  | By: |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| **If subscriber is an individual:** |  |
| Witness | Signature of Subscriber |

---

[End of Schedule "A"]

**SCHEDULE "B"**

**TRANSFER FORM**

**TO: LANNISTER MINING CORP.** **(the "Corporation")**

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers to:

---

| |
|:---|
| (Name) |
| (Address) |

---

(the "**Transferee**"), $_______________ principal amount of 12.0% Unsecured Non-convertible Note of the Corporation issued on _____________________, 2025 registered in the name of the undersigned and represented by the attached Note, and irrevocably appoints _________________________ as the attorney of the undersigned to transfer to the Transferee the said principal amount of the Note on the books or register of transfer, with full power of substitution.

**DATED**:<u> </u>

---

| |
|:---|
| **IF TRANSFEROR IS A CORPORATION:** |
| By: |
| Name: |
| Title: |

---

---

| | |
|:---|:---|
| **If transferor is an individual:** |  |
| Witness | Signature of Transferor |

---

## Exhibit 10.12

**Exhibit 10.12**

**LANNISTER MINING CORP.**

**2025 EQUITY INCENTIVE PLAN**

1. <u>Purpose; Eligibility</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>General Purpose</u>. The name of this plan is Lannister Mining Corp. 2025 Equity Incentive Plan (the "**Plan**"). The purposes of the Plan are to (a) promote the long-term growth and profitability of Lannister Mining Corp., a corporation existing under the laws of the Province of British Columbia, Canada (the "**Company**"), and any Affiliate to attract and retain the types of Employees, Consultants and Directors who will contribute to the Company's long-term success; (b) provide incentives that align the interests of Employees, Consultants and Directors with those of the shareholders of the Company; and (c) promote the success of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Eligible Award Recipients</u>. The persons eligible to receive Awards are the Employees, Consultants and Directors of the Company and its Affiliates and such other individuals designated by the Committee who are reasonably expected to become Employees, Consultants and Directors after the receipt of Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <u>Available Awards</u>. Awards that may be granted under the Plan include: (a) Incentive Share Options, (b) Non-qualified Share Options, (c) Share Appreciation Rights, (d) Restricted Awards, (e) Performance Share Awards, (f) Performance Compensation Awards, and other share-based Awards as the Committee may determine.

2. <u>Definitions</u>.

"**Affiliate**" means a company, corporation or other entity that, directly or through one or more intermediaries, controls, is controlled by or is under common control with, the Company, including, without limitation, any company, corporation or other entity that is a "parent corporation" or a "subsidiary corporation" with respect to the Company within the meaning of Section 424(e) or (f) of the Code, and any other non-corporate entity that would be such a subsidiary corporation if such entity were a corporation.

"**Applicable Laws**" means (i) the laws of the Province of British Columbia, Canada, including all applicable provisions of the *Business Corporations Act* (British Columbia) (the "**BCBCA**"), and the federal laws of Canada applicable therein as they relate to the Company and its Common Shares, (ii) the legal requirements relating to the Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders; and (iii) the rules of any applicable stock exchange, of any jurisdiction applicable to Awards granted to residents therein.

"**Award**" means any right granted under the Plan, including an Incentive Share Option, a Non- qualified Share Option, a Share Appreciation Right, a Restricted Award, a Performance Share Award or a Performance Compensation Award.

"**Award Agreement**" means a written agreement, contract, certificate or other instrument or document evidencing the terms and conditions of an individual Award granted under the Plan which may, in the discretion of the Company, be transmitted electronically to any Participant. Each Award Agreement shall be subject to the terms and conditions of the Plan.

"**Beneficial Owner**" has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular "person" (as that term is used in Section 13(d)(3) of the Exchange Act), such "person" shall be deemed to have beneficial ownership of all securities that such "person" has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. The terms "Beneficially Owns" and "Beneficially Owned" have a corresponding meaning.

"**Board**" means the Board of Directors of the Company, as constituted at any time.

"**Cause**" means:

With respect to any Employee or Consultant: (a) if the Employee or Consultant is a party to an employment or service agreement with the Company or its Affiliates and such agreement provides for a definition of Cause, the definition contained therein; or (b) if no such agreement exists, or if such agreement does not define Cause: (i) the commission of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude or the commission of any other act involving willful malfeasance or material fiduciary breach with respect to the Company or an Affiliate; (ii) conduct that results in or is reasonably likely to result in harm to the reputation or business of the Company or any of its Affiliates; (iii) gross negligence or willful misconduct with respect to the Company or an Affiliate; or (iv) material violation of state or federal securities laws.

With respect to any Director, a determination by a majority of the disinterested Board members that the Director has engaged in any of the following: (a) malfeasance in office; (b) gross misconduct or neglect; (c) false or fraudulent misrepresentation inducing the director's appointment; (d) willful conversion of corporate funds; or (e) repeated failure to participate in Board meetings on a regular basis despite having received proper notice of the meetings in advance.

The Committee, in its absolute discretion, shall determine the effect of all matters and questions relating to whether a Participant has been discharged for Cause.

"**Change in Control**" means (a) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries, taken as a whole, to any Person that is not a subsidiary of the Company; (b) the Incumbent Directors cease for any reason to constitute at least a majority of the Board; (c) the date which is 10 business days prior to the consummation of a complete liquidation or dissolution of the Company; (d) the acquisition by any person of beneficial ownership of more than 50% (on a fully diluted basis) of the combined voting power of the then issued and outstanding voting securities of the Company entitled to vote generally in the election of directors, taking into account as issued and outstanding for this purpose Common Shares issuable upon the exercise of options or warrants, the conversion of convertible share or debt, and the exercise of any similar right to acquire Common Shares (the "**Outstanding Company Voting Securities**"); provided, however, that for purposes of this Plan, the following acquisitions shall not constitute a Change in Control: (A) any acquisition by the Company or any Affiliate, (B) any acquisition by any employee benefit plan sponsored or maintained by the Company or any subsidiary, (C) any acquisition which complies with clauses, (i), (ii) and (iii) of subsection (e) of this definition or (D) in respect of an Award held by a particular Participant, any acquisition by the Participant or any group of persons including the Participant (or any entity controlled by the Participant or any group of persons including the Participant); or (e) the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company that requires the approval of the Company's shareholders, whether for such transaction or the issuance of securities in the transaction (a "**Business Combination**"), unless immediately following such Business Combination: (i) more than 50% of the total voting power of (A) the entity resulting from such Business Combination (the "**Surviving Company**"), or (B) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of sufficient voting securities eligible to elect a majority of the members of the board of directors (or the analogous governing body) of the Surviving Company (the "**Parent Company**"), is represented by the Outstanding Company Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which the Outstanding Company Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting power of the Outstanding Company Voting Securities among the holders thereof immediately prior to the Business Combination; (ii) no Person (other than any employee benefit plan sponsored or maintained by the Surviving Company or the Parent Company) is or becomes the Beneficial Owner, directly or indirectly, of 50% or more of the total voting power of the outstanding voting securities eligible to elect members of the board of directors of the Parent Company (or the analogous governing body) (or, if there is no Parent Company, the Surviving Company); and (iii) at least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Surviving Company) following the consummation of the Business Combination were Board members at the time of the Board's approval of the execution of the initial agreement providing for such Business Combination. The foregoing notwithstanding, if the Award constitutes non-qualified deferred compensation under Section 409A of the Code, in no event shall a Change in Control be deemed to have occurred unless such change shall satisfy the definition of a change in control under Section 409A of the Code.

"**Code**" means the Internal Revenue Code of 1986, as amended, and any successor thereto. References in this Plan to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section, regulations or guidance.

"**Committee**" means the compensation committee of the Board, or if no such committee has been established, the full Board, or a committee of one or more members appointed to administer the Plan in accordance with ***Section 3.3*** *and **Section 3.4**.*

"**Common Share**" means the Common Shares of the Company, with no par value per share, and as adjusted from time to time (and any shares or other securities into which such Common Shares may be converted or into which they may be exchanged), with no par value per share. As of the date of this Plan, there are 5,047,204 Common Shares issued and outstanding.

"**Consultant**" means any individual who is engaged by the Company or any Affiliate to render consulting or advisory services.

"**Continuous Service**" means that the Participant's service with the Company or an Affiliate, whether as an Employee, Consultant or Director, is not interrupted or terminated. The Participant's Continuous Service shall not be deemed to have terminated merely because of a change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant or Director or a change in the entity for which the Participant renders such service, *provided that* there is no interruption or termination of the Participant's Continuous Service; *provided further that* if any Award is subject to Section 409A of the Code, this sentence shall only be given effect to the extent consistent with Section 409A of the Code. For example, a change in status from an Employee of the Company to a Director of an Affiliate will not constitute an interruption of Continuous Service unless otherwise required by Section 409A of the Code. The Committee or its delegate, in its sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any leave of absence approved by that party, including sick leave, military leave or any other personal or family leave of absence.

"**Director**" means a member of the Board.

"**Disability**" means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment; provided, however, for purposes of determining the term of an Incentive Share Option pursuant to ***Section 6.10*** hereof, the term Disability shall have the meaning ascribed to it under Section 22(e)(3) of the Code. The determination of whether an individual has a Disability shall be determined under procedures established by the Committee. Except in situations where the Committee is determining Disability for purposes of the term of an Incentive Share Option pursuant to ***Section 6.10*** hereof within the meaning of Section 22(e)(3) of the Code, the Committee may rely on any determination that a Participant is disabled for purposes of benefits under any long-term disability plan maintained by the Company or any Affiliate in which a Participant participates. The foregoing notwithstanding, if the Award is subject to Section 409A of the Code, in no event shall a Disability be deemed to have occurred unless such disability satisfies the requirements of Section 409A of the Code.

"**Effective Date**" shall mean the date when the Plan has been approved and adopted by the Board of Directors of the Company.

"**Employee**" means any person, including an Officer or Director, employed by the Company or an Affiliate; *provided, that,* for purposes of determining eligibility to receive Incentive Share Options, an Employee shall mean an employee of the Company or a parent or subsidiary corporation within the meaning of Section 424 of the Code. Mere service as a Director or payment of a director's fee by the Company or an Affiliate shall not be sufficient to constitute "employment" by the Company or an Affiliate.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Fair Market Value**" means, as of any date, the value of the Common Share as determined below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Common Share is listed on any established stock exchange or a national market system, including without limitation, the Nasdaq Capital Market or the NYSE American, its Fair Market Value will be the closing sales price for such share (or the closing bid, if no sales were reported) as quoted on such exchange or system for the last market trading day on or prior to the date of determination, as reported in *The Wall Street Journal* or such other source as the Committee deems reliable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Common Share is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of one Common Share will be the mean between the high bid and low asked prices for the Common Share for the last market trading day on or prior to the date of determination, as reported in *The Wall Street Journal* or such other source as the Committee deems reliable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the absence of an established market for the Common Share, the Fair Market Value shall be determined in good faith by the Committee and such determination shall be conclusive and binding on all persons; provided that if an Award is subject to Section 409A of the Code, then the Fair Market Value shall be determined in accordance with Section 409A of the Code.

Notwithstanding the preceding, for federal, state, and local income tax reporting purposes and for such other purposes as the Committee deems appropriate, the Fair Market Value shall be determined by the Committee in accordance with uniform and nondiscriminatory standards adopted by it from time to time.

"**Grant Date**" means the date on which the Board adopts a resolution, or takes other appropriate action, expressly granting an Award to a Participant that specifies the key terms and conditions of the Award or, if a later date is set forth in such resolution, then such date as is set forth in such resolution.

"**Incentive Share Option**" means an Option that is designated by the Committee as an Incentive Share Option as described in Section 422 of the Code and otherwise meets the requirements set forth in this Plan.

"**Incumbent Directors**" means individuals who, on the Effective Date, constitute the Board, *provided that* any individual becoming a Director subsequent to the Effective Date whose election or nomination for election to the Board was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for Director without objection to such nomination) or duly appointed under the articles of association of the Company shall be an Incumbent Director. No individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to Directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board shall be an Incumbent Director.

"**Non-qualified Share Option**" means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Share Option.

"**Officer**" means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

"**Option**" means an Incentive Share Option or a Non-qualified Share Option granted pursuant to the Plan.

"**Optionholder**" means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option.

"**Option Exercise Price**" means the price at which one Common Share may be purchased upon the exercise of an Option.

"**Participant**" means an eligible person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award.

"**Performance Compensation Award**" means any Award designated by the Committee as a Performance Compensation Award pursuant to ***Section 7.4*** of the Plan.

"**Performance Criteria**" means the criterion or criteria that the Committee shall select for purposes of establishing the Performance Goal(s) for a Performance Period with respect to any Performance Compensation Award under the Plan. The Performance Criteria that will be used to establish the Performance Goal(s) shall be based on the attainment of specific levels of performance of the Company (or Affiliate, division, business unit or operational unit of the Company) and may include the following: (a) net earnings or net income (before or after taxes); (b) basic or diluted earnings per share (before or after taxes); (c) net revenue or net revenue growth; (d) gross revenue; (e) gross profit or gross profit growth; (f) net operating profit (before or after taxes); (g) return on assets, capital, invested capital, equity, or sales; (h) cash flow (including, but not limited to, operating cash flow, free cash flow, and cash flow return on capital); (i) earnings before or after taxes, interest, depreciation and/or amortization; (j) gross or operating margins; (k) improvements in capital structure; (l) budget and expense management; (m) productivity ratios; (n) economic value added or other value added measurements; (o) share price (including, but not limited to, growth measures and total shareholder return); (p) expense targets; (q) margins; (r) operating efficiency; (s) working capital targets; (t) enterprise value; (u) safety record; (v) completion of acquisitions or business expansion; (w) achieving research and development goals and milestones; (x) achieving product commercialization goals; and (y) other criteria as may be set by the Committee from time to time.

Any one or more of the Performance Criteria may be used on an absolute or relative basis to measure the performance of the Company and/or an Affiliate as a whole or any division, business unit or operational unit of the Company and/or an Affiliate or any combination thereof, as the Committee may deem appropriate, or as compared to the performance of a group of comparable companies, or published or special index that the Committee, in its sole discretion, deems appropriate, or the Committee may select Performance Criterion (o) above as compared to various stock market indices. The Committee also has the authority to provide for accelerated vesting of any Award based on the achievement of Performance Goals pursuant to the Performance Criteria specified in this paragraph, provided that if the Award is subject to Section 409A of the Code, such accelerated vesting does not violate the rules of Code Section 409A. The Committee shall, within the first 90 days of a Performance Period (or, such longer or shorter time period as the Committee shall determine) define in an objective fashion the manner of calculating the Performance Criteria it selects to use for such Performance Period. In the event that applicable tax and/or securities laws change to permit the Committee discretion to alter the governing Performance Criteria without obtaining shareholder approval of such changes, the Committee shall have sole discretion to make such changes without obtaining shareholder approval.

"**Performance Formula**" means, for a Performance Period, the one or more objective formulas applied against the relevant Performance Goal to determine, with regard to the Performance Compensation Award of a particular Participant, whether all, some portion but less than all, or none of the Performance Compensation Award has been earned for the Performance Period.

"**Performance Goals**" means, for a Performance Period, the one or more goals established by the Committee for the Performance Period based upon the Performance Criteria. The Committee is authorized at any time during the first 90 days of a Performance Period (or such longer or shorter time period as the Committee shall determine) or at any time thereafter, in its sole and absolute discretion, to adjust or modify the calculation of a Performance Goal for such Performance Period in order to prevent the dilution or enlargement of the rights of Participants based on the following events: (a) asset write-downs; (b) litigation or claim judgments or settlements; (c) the effect of changes in tax laws, accounting principles, or other laws or regulatory rules affecting reported results; (d) any reorganization and restructuring programs; (e) extraordinary nonrecurring items as described in Accounting Principles Board Opinion No. 30 (or any successor or pronouncement thereto) and/or in management's discussion and analysis of financial condition and results of operations appearing in the Company's annual report to shareholders for the applicable year; (f) acquisitions or divestitures; (g) any other specific unusual or nonrecurring events, or objectively determinable category thereof; (h) foreign exchange gains and losses; and (i) a change in the Company's fiscal year.

"**Performance Period**" means the one or more periods of time not less than one fiscal quarter in duration, as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant's right to and the payment of a Performance Compensation Award.

"**Performance Share**" means the grant of a right to receive a number of actual Common Shares or share units based upon the performance of the Company during a Performance Period, as determined by the Committee.

"**Permitted Transferee**" means: (a) a member of the Optionholder's immediate family (child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships), any person sharing the Optionholder's household (other than a tenant or employee), a trust in which these persons have more than 50% of the beneficial interest, a foundation in which these persons (or the Optionholder) control the management of assets, and any other entity in which these persons (or the Optionholder) own more than 50% of the voting interests; (b) third parties designated by the Committee in connection with a program established and approved by the Committee pursuant to which Participants may receive a cash payment or other consideration in consideration for the transfer of a Non- qualified Share Option; and (c) such other transferees as may be permitted by the Committee in its sole discretion.

"**Restricted Award**" means any Award granted pursuant to ***Section 7.2(a).***

"**Rule 16b-3**" means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.

"**Securities Act**" means the Securities Act of 1933, as amended.

"**Share Appreciation Right**" means the right pursuant to an Award granted under ***Section 7.1*** to receive, upon exercise, an amount payable in cash or shares equal to the number of shares subject to the Share Appreciation Right that is being exercised multiplied by the excess of (a) the Fair Market Value of Common Shares on the date the Award is exercised, over (b) the exercise price specified in the Share Appreciation Right Award Agreement.

"**Ten Percent Shareholder**" means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) shares possessing more than 10% of the total combined voting power of all classes of shares of the Company or of any of its Affiliates.

3. <u>Administration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Authority of Committee</u>. The Plan shall be administered by the Committee or, in the Board's sole discretion, by the Board. Subject to the terms of the Plan and the provisions of Section 409A of the Code (if applicable), the Committee's charter and Applicable Laws, and in addition to other express powers and authorization conferred by the Plan, the Committee (or, failing whom, the Board) shall have the authority:

&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) to construe and interpret the Plan and apply its provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to promulgate, amend, and rescind rules and regulations relating to the administration of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to delegate its authority to one or more Officers of the Company with respect to Awards that do not involve "insiders" within the meaning of Section 16 of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to determine when Awards are to be granted under the Plan and the applicable Grant Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) from time to time to select, subject to the limitations set forth in this Plan, those Participants to whom Awards shall be granted;

&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) to determine the number of Common Shares to be made subject to each Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to determine whether each Option is to be an Incentive Share Option or a Non-qualified Share Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to prescribe the terms and conditions of each Award, including, without limitation, the exercise price and medium of payment and vesting provisions, and to specify the provisions of the Award Agreement relating to such grant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to determine the target number of Performance Shares to be granted pursuant to a Performance Share Award, the performance measures that will be used to establish the performance goals, the performance period(s) and the number of Performance Shares earned by a Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to designate an Award (including a cash bonus) as a Performance Compensation Award and to select the Performance Criteria that will be used to establish the Performance Goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to amend any outstanding Awards, including for the purpose of modifying the time or manner of vesting, or the term of any outstanding Award; *provided, however*, that if any such amendment impairs a Participant's rights or increases a Participant's obligations under his or her Award or creates or increases a Participant's federal income tax liability with respect to an Award, such amendment shall also be subject to the Participant's consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to determine the duration and purpose of leaves of absences which may be granted to a Participant without constituting termination of their employment for purposes of the Plan, which periods shall be no shorter than the periods generally applicable to Employees under the Company's employment policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) to make decisions with respect to outstanding Awards that may become necessary upon a change in corporate control or an event that triggers anti-dilution adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) to interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) to exercise discretion to make any and all other determinations which it determines to be necessary or advisable for the administration of the Plan.

The Committee also may modify the purchase price or the exercise price of any outstanding Award, provided that if the modification effects a repricing of all outstanding Awards, shareholder approval shall be required before the repricing is effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Committee Decisions Final</u>. All decisions made by the Committee pursuant to the provisions of the Plan shall be final and binding on the Company and the Participants, unless such decisions are determined by a court having jurisdiction to be arbitrary and capricious.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Delegation</u>. The Committee may delegate administration of the Plan to a subcommittee or subcommittees of one or more members of the Committee, and the term "**Committee**" shall apply to any person or persons to whom such authority has been delegated. The Committee shall have the power to delegate to a subcommittee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board or the Committee shall thereafter be to the committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may abolish the Committee at any time and re-vest in the Board the administration of the Plan. The members of the Committee shall be appointed by and serve at the pleasure of the Board. From time to time, the Board may increase or decrease the size of the Committee, add additional members to, remove members (with or without cause) from, appoint new members in substitution therefor, and fill vacancies, however caused, in the Committee. The Committee shall act pursuant to a vote of the majority of its members or, in the case of a Committee comprised of only two members, the unanimous consent of its members, whether present or not, or by the written consent of the majority of its members and minutes shall be kept of all of its meetings and copies thereof shall be provided to the Board. Subject to the limitations prescribed by the Plan and the Board, the Committee may establish and follow such rules and regulations for the conduct of its business as it may determine to be advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Committee Composition</u>. Except as otherwise determined by the Board, the Committee shall consist of a majority of non-employee directors. The Board shall have the discretion to determine whether or not it intends to comply with the exemption requirements of Rule 16b-3. However, if the Board intends to satisfy such exemption requirements, with respect to Awards to any insider subject to Section 16 of the Exchange Act, the Committee shall be a compensation committee of the Board that at all times consists solely of two or more non-employee directors. Within the scope of such authority, the Board or the Committee may delegate to a committee of one or more members of the Board who are not non-employee directors the authority to grant Awards to eligible persons who are not then subject to Section 16 of the Exchange Act. Nothing herein shall create an inference that an Award is not validly granted under the Plan in the event Awards are granted under the Plan by a compensation committee of the Board that does not at all times consist solely of two or more non-employee directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Indemnification</u>. In addition to such other rights of indemnification as they may have as Directors or members of the Committee, and to the extent allowed by Applicable Laws, the Committee shall be indemnified by the Company against the reasonable expenses, including attorney's fees, actually incurred in connection with any action, suit or proceeding or in connection with any appeal therein, to which the Committee may be party by reason of any action taken or failure to act under or in connection with the Plan or any Award granted under the Plan, and against all amounts paid by the Committee in settlement thereof (*provided, however*, that the settlement has been approved by the Company, which approval shall not be unreasonably withheld) or paid by the Committee in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such Committee did not act in good faith and in a manner which such person reasonably believed to be in the best interests of the Company, or in the case of a criminal proceeding, had no reason to believe that the conduct complained of was unlawful; *provided, however*, that within 60 days after institution of any such action, suit or proceeding, such Committee shall, in writing, offer the Company the opportunity at its own expense to handle and defend such action, suit or proceeding.

4. <u>Shares Subject to the Plan</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. Subject to adjustment in accordance with ***Section 11***, an aggregate number of Common Shares that may be reserved for the grant of Awards under the Plan as may be determined, in its sole and absolute discretion, by the Committee or the board of directors of the Company, shall not exceed 20% of the aggregate issued and outstanding Common Shares at the time of the granting of awards, less the aggregate number of Common Shares then reserved for issuance pursuant to any other share compensation arrangement. Common Shares granted in connection with all Awards under the Plan shall be counted against this limit as one (1) Common Share for every one (1) Common Share granted in connection with such Award. During the terms of the Awards, the Company shall keep available at all times the number of Common Shares required to satisfy such Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. Common Shares available for distribution under the Plan may consist, in whole or in part, of authorized and unissued shares, treasury shares or shares reacquired by the Company in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. Any Common Shares subject to an Award that is canceled, forfeited or expired prior to exercise or realization, either in full or in part, shall again become available for issuance under the Plan. Any Common Shares that again become available for future grants pursuant to this ***Section 4.3*** shall be added back as one (1) share. Notwithstanding anything to the contrary contained herein: shares subject to an Award under the Plan shall not again be made available for issuance or delivery under the Plan if such shares are (a) shares tendered in payment of an Option, (b) shares delivered or withheld by the Company to satisfy any tax withholding obligation, or (c) shares covered by a share-settled Share Appreciation Right or other Awards that were not issued upon the settlement of the Award.

5. <u>Eligibility</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Eligibility for Specific Awards</u>. Incentive Share Options may be granted only to Employees. Awards other than Incentive Share Options may be granted to Employees, Consultants and Directors and those individuals whom the Committee determines are reasonably expected to become Employees, Consultants and Directors following the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Ten Percent Shareholders</u>. A Ten Percent Shareholder shall not be granted an Incentive Share Option unless the Option Exercise Price is at least 110% of the Fair Market Value of the Common Share at the Grant Date and the Option is not exercisable after the expiration of five years from the Grant Date.

6. <u>Option Provisions</u>. Each Option granted under the Plan shall be evidenced by an Award Agreement. Each Option so granted shall be subject to the conditions set forth in this ***Section 6***, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. All Options shall be separately designated Incentive Share Options or Non-qualified Share Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for Common Shares purchased on exercise of each type of Option. Notwithstanding the foregoing, the Company shall have no liability to any Participant or any other person if an Option designated as an Incentive Share Option fails to qualify as such at any time or if an Option is determined to constitute "nonqualified deferred compensation" within the meaning of Section 409A of the Code and the terms of such Option do not satisfy the requirements of Section 409A of the Code. The provisions of separate Options need not be identical, but each Option shall include (through incorporation of provisions hereof by reference in the Option or otherwise) the substance of each of the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Term</u>. Subject to the provisions of ***Section 5.2*** regarding Ten Percent Shareholders, no Incentive Share Option shall be exercisable after the expiration of 10 years from the Grant Date. The term of a Non-qualified Share Option granted under the Plan shall be determined by the Committee; *provided, however*, no Non-qualified Share Option shall be exercisable after the expiration of 10 years from the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Exercise Price of An Incentive Share Option</u>. Subject to the provisions of ***Section 5.2*** regarding Ten Percent Shareholders, the Option Exercise Price of each Incentive Share Option shall be not less than 100% of the Fair Market Value of the Common Share subject to the Option on the Grant Date. Notwithstanding the foregoing, an Incentive Share Option may be granted with an Option Exercise Price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 424(a) of the Code. In no event may the Option Exercise Price of an Incentive Share Option be less than the par value of any Common Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Exercise Price of a Non-qualified Share Option</u>. The Option Exercise Price of each Non-qualified Share Option shall be not less than 100% of the Fair Market Value of the Common Share subject to the Option on the Grant Date. Notwithstanding the foregoing, a Non-qualified Share Option may be granted with an Option Exercise Price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 409A of the Code. In no event may the Option Exercise Price of a Non-qualified Share Option be less than the par value of any Common Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>Consideration</u>. The Option Exercise Price of Common Share acquired pursuant to an Option shall be paid, to the extent permitted by applicable statutes and regulations, either (a) in cash or by certified or bank check at the time the Option is exercised or (b) in the discretion of the Committee, upon such terms as the Committee shall approve, the Option Exercise Price may be paid: (i) by delivery to the Company of other Common Share, duly endorsed for transfer to the Company, with a Fair Market Value on the date of delivery equal to the Option Exercise Price (or portion thereof) due for the number of shares being acquired, or by means of attestation whereby the Participant identifies for delivery specific Common Shares that have an aggregate Fair Market Value on the date of attestation equal to the Option Exercise Price (or portion thereof) and receives a number of Common Shares equal to the difference between the number of shares thereby purchased and the number of identified attestation Common Shares; (ii) a "cashless" exercise program established with a broker; (iii) by reduction in the number of Common Shares otherwise deliverable upon exercise of such Option with a Fair Market Value equal to the aggregate Option Exercise Price at the time of exercise; (iv) any combination of the foregoing methods; or (v) in any other form of legal consideration that may be acceptable to the Committee. Unless otherwise specifically provided in the Option, the exercise price of Common Share acquired pursuant to an Option that is paid by delivery (or attestation) to the Company of other Common Share acquired, directly or indirectly from the Company, shall be paid only by Common Shares of the Company that have been held for more than six months (or such longer or shorter period of time required to avoid a charge to earnings for financial accounting purposes). Notwithstanding the foregoing, during any period for which the Common Share is publicly traded (i.e., the Common Share is listed on any established stock exchange or a national market system) an exercise by a Director or Officer that involves or may involve a direct or indirect extension of credit or arrangement of an extension of credit by the Company, directly or indirectly, in violation of Section 402(a) of the Sarbanes-Oxley Act of 2002 shall be prohibited with respect to any Award under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. <u>Transferability of An Incentive Share Option</u>. An Incentive Share Option shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. <u>Transferability of a Non-qualified Share Option</u>. A Non-qualified Share Option may, in the sole discretion of the Committee, be transferable to a Permitted Transferee, upon written approval by the Committee to the extent provided in the Award Agreement. If the Non-qualified Share Option does not provide for transferability, then the Non-qualified Share Option shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. <u>Vesting of Options</u>. Each Option may, but need not, vest and therefore become exercisable in periodic installments that may, but need not, be equal. The Option may be subject to such other terms and conditions on the time or times when it may be exercised (which may be based on performance or other criteria) as the Committee may deem appropriate. The vesting provisions of individual Options may vary. No Option may be exercised for a fraction of a Common Share. The Committee may, but shall not be required to, provide for an acceleration of vesting and exercisability in the terms of any Award Agreement upon the occurrence of a specified event, provided that if such Award is subject to Section 409A of the Code, such acceleration of vesting and exercisability complies with the provisions of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. <u>Termination of Continuous Service</u>. Unless otherwise provided in an Award Agreement or in an employment agreement the terms of which have been approved by the Committee, in the event an Optionholder's Continuous Service terminates (other than upon the Optionholder's death or Disability), the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such Option as of the date of termination) but only within such period of time ending on the earlier of (a) the date three months following the termination of the Optionholder's Continuous Service or (b) the expiration of the term of the Option as set forth in the Award Agreement; *provided that*, if the termination of Continuous Service is by the Company for Cause, all outstanding Options (whether or not vested) shall immediately terminate and cease to be exercisable. If, after termination, the Optionholder does not exercise his or her Option within the time specified in the Award Agreement, the Option shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9. <u>Extension of Termination Date</u>. An Optionholder's Award Agreement may also provide that if the exercise of the Option following the termination of the Optionholder's Continuous Service for any reason would be prohibited at any time because the issuance of Common Shares would violate the registration requirements under the Securities Act or any other state or federal securities law or the rules of any securities exchange or interdealer quotation system, then the Option shall terminate on the earlier of (a) the expiration of the term of the Option in accordance with ***Section 6.1*** or (b) the expiration of a period after termination of the Participant's Continuous Service that is three months after the end of the period during which the exercise of the Option would be in violation of such registration or other securities law requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10. <u>Disability of Optionholder</u>. Unless otherwise provided in an Award Agreement, in the event that an Optionholder's Continuous Service terminates as a result of the Optionholder's Disability, the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such Option as of the date of termination), but only within such period of time ending on the earlier of (a) the date 12 months following such termination or (b) the expiration of the term of the Option as set forth in the Award Agreement. If, after termination, the Optionholder does not exercise his or her Option within the time specified herein or in the Award Agreement, the Option shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11. <u>Death of Optionholder</u>. Unless otherwise provided in an Award Agreement, in the event an Optionholder's Continuous Service terminates as a result of the Optionholder's death, then the Option may be exercised (to the extent the Optionholder was entitled to exercise such Option as of the date of death) by the Optionholder's estate, by a person who acquired the right to exercise the Option by bequest or inheritance or by a person designated to exercise the Option upon the Optionholder's death, but only within the period ending on the earlier of (a) the date 12 months following the date of death or (b) the expiration of the term of such Option as set forth in the Award Agreement. If, after the Optionholder's death, the Option is not exercised within the time specified herein or in the Award Agreement, the Option shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12. <u>Incentive Share Option $100,000 Limitation</u>. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Share with respect to which Incentive Share Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and its Affiliates) exceeds $100,000, the Options or portions thereof which exceed such limit (according to the order in which they were granted) shall be treated as Non-qualified Share Options.

7. <u>Provisions of Awards Other Than Options</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>Share Appreciation Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Each Share Appreciation Right granted under the Plan shall be evidenced by an Award Agreement. Each Share Appreciation Right so granted shall be subject to the conditions set forth in this ***Section 7.1***, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. Share Appreciation Rights may be granted alone ("**Free Standing Rights**") or in tandem with an Option granted under the Plan ("**Related Rights**"). All such grants shall be exempt from, or comply with, the provisions of Section 409A of the Code.

&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) <u>Grant Requirements</u>. Any Related Right that relates to a Non-qualified Share Option may be granted at the same time the Option is granted or at any time thereafter but before the exercise or expiration of the Option. Any Related Right that relates to an Incentive Share Option must be granted at the same time the Incentive Share Option is granted.

&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) <u>Term of Share Appreciation Rights</u>. The term of a Share Appreciation Right granted under the Plan shall be determined by the Committee; *provided, however*, no Share Appreciation Right shall be exercisable later than the tenth anniversary of the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Vesting of Share Appreciation Rights</u>. Each Share Appreciation Right may, but need not, vest and therefore become exercisable in periodic installments that may, but need not, be equal. The Share Appreciation Right may be subject to such other terms and conditions on the time or times when it may be exercised as the Committee may deem appropriate. The vesting provisions of individual Share Appreciation Rights may vary. No Share Appreciation Right may be exercised for a fraction of a Common Share. The Committee may, but shall not be required to, provide for an acceleration of vesting and exercisability in the terms of any Share Appreciation Right upon the occurrence of a specified event, provided that if such Award is subject to Section 409A of the Code, such acceleration of vesting and exercisability complies with the provisions of Section 409A of the Code.

&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) <u>Exercise and Payment</u>. Upon exercise of a Share Appreciation Right, the holder shall be entitled to receive from the Company an amount equal to the number of Common Share subject to the Share Appreciation Right that is being exercised multiplied by the excess of (i) the Fair Market Value of one Common Share on the date the Award is exercised, over (ii) the exercise price specified in the Share Appreciation Right or related Option. Payment with respect to the exercise of a Share Appreciation Right shall be made on the date of exercise. Payment shall be made in the form of Common Shares (with or without restrictions as to substantial risk of forfeiture and transferability, as determined by the Committee in its sole discretion), cash or a combination thereof, as determined by the Committee.

&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) <u>Exercise Price</u>. The exercise price of a Free Standing Share Appreciation Right shall be determined by the Committee, but shall not be less than the greater of (i) 100% of the Fair Market Value of one Common Share on the Grant Date of such Share Appreciation Right or (ii) the par value of any Common Share. A Related Right granted simultaneously with or subsequent to the grant of an Option and in conjunction therewith or in the alternative thereto shall have the same exercise price as the related Option, shall be transferable only upon the same terms and conditions as the related Option, and shall be exercisable only to the same extent as the related Option; *provided, however*, that a Share Appreciation Right, by its terms, shall be exercisable only when the Fair Market Value per Common Share subject to the Share Appreciation Right and related Option exceeds the exercise price per share thereof and no Share Appreciation Rights may be granted in tandem with an Option unless the Committee determines that the requirements of ***Section 7.1(b)*** are satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Reduction in the Underlying Option Shares</u>. Upon any exercise of a Related Right, the number of Common Shares for which any related Option shall be exercisable shall be reduced by the number of shares for which the Share Appreciation Right has been exercised. The number of Common Shares for which a Related Right shall be exercisable shall be reduced upon any exercise of any related Option by the number of Common Shares for which such Option has been exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Restricted Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. A Restricted Award is an Award of actual Common Shares ("**Restricted Share**") or hypothetical Common Share units ("**Restricted Share Units**") having a value equal to the Fair Market Value of an identical number of Common Shares, which may, but need not, provide that such Restricted Award may not be sold, assigned, transferred or otherwise disposed of, pledged or hypothecated as collateral for a loan or as security for the performance of any obligation or for any other purpose for such period (the "**Restricted Period**") as the Committee shall determine. Each Restricted Award granted under the Plan shall be evidenced by an Award Agreement. Each Restricted Award so granted shall be subject to the conditions set forth in this ***Section 7.2***, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Restricted Share and Restricted Share Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Participant granted Restricted Share shall execute and deliver to the Company an Award Agreement with respect to the Restricted Share setting forth the restrictions and other terms and conditions applicable to such Restricted Share. If the Committee determines that the Restricted Share shall be held by the Company or in escrow rather than delivered to the Participant pending the release of the applicable restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (A) an escrow agreement satisfactory to the Committee, if applicable and (B) the appropriate blank instrument of transfer with respect to the Restricted Share covered by such agreement. If a Participant fails to execute an agreement evidencing an Award of Restricted Share and, if applicable, an escrow agreement and instrument of transfer, the Award shall be null and void. Subject to the restrictions set forth in the Award, the Participant generally shall have the rights and privileges of a shareholder as to such Restricted Share, including the right to vote such Restricted Share and the right to receive dividends; *provided that*, any cash dividends and share dividends with respect to the Restricted Share shall similarly be held in escrow by the Company for the Participant's account, and interest may be credited on the amount of the cash dividends so placed in escrow at a rate and subject to such terms as determined by the Committee. The cash dividends or share dividends so placed in escrow by the Committee and attributable to any particular Restricted Share (and earnings thereon, if applicable) shall be distributed to the Participant in cash or, at the discretion of the Committee, in Common Shares having a Fair Market Value equal to the amount of such dividends, if applicable, upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right to such dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The terms and conditions of a grant of Restricted Share Units shall be reflected in an Award Agreement. No Common Shares shall be issued at the time a Restricted Share Unit is granted, and the Company will not be required to set aside a fund for the payment of any such Award. A Participant shall have no voting rights with respect to any Restricted Share Units granted hereunder. The Committee may also grant Restricted Share Units with a deferral feature, if permitted in Section 409A of the Code, whereby settlement is deferred beyond the vesting date until the occurrence of a future payment date or event set forth in an Award Agreement ("**Deferred Share Units**"). At the discretion of the Committee, each Restricted Share Unit or Deferred Share Unit (representing one Common Share) may be credited with cash and share dividends paid by the Company in respect of one Common Share ("**Dividend Equivalents**"). Dividend Equivalents shall not be paid but shall be credited to the Participant's account, and interest may be credited on the amount of cash Dividend Equivalents credited to the Participant's account at a rate and subject to such terms as determined by the Committee. Dividend Equivalents credited to a Participant's account and attributable to any particular Restricted Share Unit or Deferred Share Unit (and earnings thereon, if applicable) shall be distributed in cash or, at the discretion of the Committee, in Common Shares having a Fair Market Value equal to the amount of such Dividend Equivalents and earnings, if applicable, to the Participant upon settlement of such Restricted Share Unit or Deferred Share Unit and, if such Restricted Share Unit or Deferred Share Unit is forfeited, the Participant shall have no right to such Dividend Equivalents.

&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) <u>Restrictions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Restricted Share awarded to a Participant shall be subject to the following restrictions until the expiration of the Restricted Period, and to such other terms and conditions as may be set forth in the applicable Award Agreement: (A) if an escrow arrangement is used, the Participant shall not be entitled to delivery of the share certificate; (B) the shares shall be subject to the restrictions on transferability set forth in the Award Agreement; (C) the shares shall be subject to forfeiture to the extent provided in the applicable Award Agreement; and (D) to the extent such shares are forfeited, the register of members shall be written up to reflect such forfeiture, the share certificates shall be returned to the Company, and all rights of the Participant to such shares and as a shareholder with respect to such shares shall terminate without further obligation on the part of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Restricted Share Units and Deferred Share Units awarded to any Participant shall be subject to (A) forfeiture until the expiration of the Restricted Period, and satisfaction of any applicable Performance Goals during such period, to the extent provided in the applicable Award Agreement, and to the extent such Restricted Share Units or Deferred Share Units are forfeited, all rights of the Participant to such Restricted Share Units or Deferred Share Units shall terminate without further obligation on the part of the Company and (B) such other terms and conditions as may be set forth in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Committee shall have the authority to remove any or all of the restrictions on the Restricted Share, Restricted Share Units and Deferred Share Units whenever it may determine that, by reason of changes in Applicable Laws or other changes in circumstances arising after the date the Restricted Share or Restricted Share Units or Deferred Share Units are granted, such action is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Restricted Period</u>. With respect to Restricted Awards, the Restricted Period shall commence on the Grant Date and end at the time or times set forth on a schedule established by the Committee in the applicable Award Agreement. No Restricted Award may be granted or settled for a fraction of a Common Share. The Committee may, but shall not be required to, provide for an acceleration of vesting in the terms of any Award Agreement upon the occurrence of a specified event, provided that if such Award is subject to Section 409A of the Code, such acceleration is consistent with the provisions of Section 409A of the Code.

&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) <u>Delivery of Restricted Share and Settlement of Restricted Share Units</u>. Upon the expiration of the Restricted Period with respect to any shares of Restricted Share, the restrictions set forth in ***Section* 7.2(c)** and the applicable Award Agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement is used, upon such expiration, the Company shall deliver to the Participant, or his or her beneficiary, without charge, the share certificate evidencing the shares of Restricted Share which have not then been forfeited and with respect to which the Restricted Period has expired (to the nearest full share) and any cash dividends or share dividends credited to the Participant's account with respect to such Restricted Share and the interest thereon, if any. Upon the expiration of the Restricted Period with respect to any outstanding Restricted Share Units, or at the expiration of the deferral period with respect to any outstanding Deferred Share Units, the Company shall deliver to the Participant, or his or her beneficiary, without charge, one Common Share for each such outstanding vested Restricted Share Unit or Deferred Share Unit ("**Vested Unit**") and cash equal to any Dividend Equivalents credited with respect to each such Vested Unit in accordance with ***Section 7.2(b)(ii)*** hereof and the interest thereon or, at the discretion of the Committee, in Common Shares having a Fair Market Value equal to such Dividend Equivalents and the interest thereon, if any; *provided, however*, that, if explicitly provided in the applicable Award Agreement, the Committee may, in its sole discretion, elect to pay cash or part cash and part Common Share in lieu of delivering only Common Shares for Vested Units. If a cash payment is made in lieu of delivering Common Shares, the amount of such payment shall be equal to the Fair Market Value of the Common Share as of the date on which the Restricted Period lapsed in the case of Restricted Share Units, or the delivery date in the case of Deferred Share Units, with respect to each Vested Unit.

&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) <u>Share Restrictions</u>. Each certificate representing Restricted Share awarded under the Plan shall bear a legend in such form as the Company deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. <u>Performance Share Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Grant of Performance Share Awards</u>. Each Performance Share Award granted under the Plan shall be evidenced by an Award Agreement. Each Performance Share Award so granted shall be subject to the conditions set forth in this ***Section 7.3****,* and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. The Committee shall have the discretion to determine: (i) the number of Common Shares or share-denominated units subject to a Performance Share Award granted to any Participant; (ii) the performance period applicable to any Award; (iii) the conditions that must be satisfied for a Participant to earn an Award; and (iv) the other terms, conditions and restrictions of the Award.

&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) <u>Earning Performance Share Awards</u>. The number of Performance Shares earned by a Participant will depend on the extent to which the performance goals established by the Committee are attained within the applicable Performance Period, as determined by the Committee. No payout shall be made with respect to any Performance Share Award except upon written certification by the Committee that the minimum threshold performance goal(s) have been achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. <u>Performance Compensation Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. The Committee shall have the authority, at the time of grant of any Award described in this Plan (other than Options and Share Appreciation Rights granted with an exercise price equal to or greater than the Fair Market Value per Common Share on the Grant Date), to designate such Award as a Performance Compensation Award. In addition, the Committee shall have the authority to make an Award of a cash bonus to any Participant and designate such Award as a Performance Compensation Award.

&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) <u>Eligibility</u>. The Committee will, in its sole discretion, designate within the first 90 days of a Performance Period (or such shorter or longer time period as the Committee shall determine) which Participants will be eligible to receive Performance Compensation Awards in respect of such Performance Period. However, designation of a Participant eligible to receive an Award hereunder for a Performance Period shall not in any manner entitle the Participant to receive payment in respect of any Performance Compensation Award for such Performance Period. The determination as to whether or not such Participant becomes entitled to payment in respect of any Performance Compensation Award shall be decided solely in accordance with the provisions of this ***Section 7.4****.* Moreover, designation of a Participant eligible to receive an Award hereunder for a particular Performance Period shall not require designation of such Participant eligible to receive an Award hereunder in any subsequent Performance Period and designation of one person as a Participant eligible to receive an Award hereunder shall not require designation of any other person as a Participant eligible to receive an Award hereunder in such period or in any other period.

&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) <u>Discretion of Committee with Respect to Performance Compensation Awards</u>. With regard to a particular Performance Period, the Committee shall have full discretion to select the length of such Performance Period (provided any such Performance Period shall be not less than one fiscal quarter in duration), the type(s) of Performance Compensation Awards to be issued, the Performance Criteria that will be used to establish the Performance Goal(s), the kind(s) and/or level(s) of the Performance Goal(s) that is (are) to apply to the Company and the Performance Formula. Within the first 90 days of a Performance Period (or such shorter or longer time period as the Committee shall determine), the Committee shall, with regard to the Performance Compensation Awards to be issued for such Performance Period, exercise its discretion with respect to each of the matters enumerated in the immediately preceding sentence of this ***Section 7.4(c)*** and record the same in writing.

&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) <u>Payment of Performance Compensation Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Condition to Receipt of Payment</u>. Unless otherwise provided in the applicable Award Agreement, a Participant must be employed by the Company on the last day of a Performance Period to be eligible for payment in respect of a Performance Compensation Award for such Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Limitation</u>. A Participant shall be eligible to receive payment in respect of a Performance Compensation Award only to the extent that: (A) the Performance Goals for such period are achieved; and (B) the Performance Formula as applied against such Performance Goals determines that all or some portion of such Participant's Performance Compensation Award has been earned for the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Certification</u>. Following the completion of a Performance Period, the Committee shall review and certify in writing whether, and to what extent, the Performance Goals for the Performance Period have been achieved and, if so, calculate and certify in writing the amount of the Performance Compensation Awards earned for the period based upon the Performance Formula. The Committee shall then determine the actual size of each Participant's Performance Compensation Award for the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Use of Discretion</u>. The Committee shall not have the discretion to grant or provide payment in respect of Performance Compensation Awards for a Performance Period if the Performance Goals for such Performance Period have not been attained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Timing of Award Payments</u>. Performance Compensation Awards granted for a Performance Period shall be paid to Participants as soon as administratively practicable following completion of the certifications required by this ***Section 7.4*** but in no event later than 2 1/2 months following the end of the fiscal year during which the Performance Period is completed.

8. <u>Securities Law Compliance</u>. Each Award Agreement shall provide that no Common Shares shall be purchased or sold thereunder unless and until (a) any then applicable requirements of provincial, state or federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel and (b) if required to do so by the Company, the Participant has executed and delivered to the Company a letter of investment intent in such form and containing such provisions as the Committee may require. The Company shall use reasonable efforts to seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority as may be required to grant Awards and to issue and sell Common Shares upon exercise of the Awards; *provided, however*, that this undertaking shall not require the Company to register under the Securities Act the Plan, any Award or any Common Share issued or issuable pursuant to any such Award. If, after reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency the authority which counsel for the Company deems necessary for the lawful issuance and sale of Common Share under the Plan, the Company shall be relieved from any liability for failure to issue and sell Common Share upon exercise of such Awards unless and until such authority is obtained.

9. <u>Use of Proceeds</u>. Proceeds from the sale of Common Share pursuant to Awards, or upon exercise thereof, shall constitute general funds of the Company.

10. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. <u>Acceleration of Exercisability and Vesting</u>. The Committee shall have the power to accelerate the time at which an Award may first be exercised or the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in the Award stating the time at which it may first be exercised or the time during which it will vest, provided that if such Award is subject to Section 409A of the Code, any such acceleration or exercisability or vesting is in compliance with the provisions of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. <u>Shareholder Rights</u>. Except as provided in the Plan or an Award Agreement, no Participant shall be deemed to be the holder of, or to have any of the rights of a holder with respect to, any Common Shares subject to such Award unless and until such Participant has satisfied all requirements for exercise of the Award pursuant to its terms and no adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions of other rights for which the record date is prior to the date such Common Share certificate is issued, except as provided in ***Section 11*** hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. <u>No Employment or Other Service Rights</u>. Nothing in the Plan or any instrument executed or Award granted pursuant thereto shall confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award was granted or shall affect the right of the Company or an Affiliate to terminate (a) the employment of an Employee with or without notice and with or without Cause or (b) the service of a Director pursuant to the articles of association or equivalent of the Company or an Affiliate, and any applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. <u>Transfer; Approved Leave of Absence</u>. For purposes of the Plan, no termination of employment by an Employee shall be deemed to result from either (a) a transfer of employment to the Company from an Affiliate or from the Company to an Affiliate, or from one Affiliate to another, or (b) an approved leave of absence for military service or sickness, or for any other purpose approved by the Company, if the Employee's right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Committee otherwise so provides in writing, in either case, except to the extent inconsistent with Section 409A of the Code if the applicable Award is subject thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5. <u>Withholding Obligations</u>. To the extent provided by the terms of an Award Agreement and subject to the discretion of the Committee, the Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Common Share under an Award by any of the following means (in addition to the Company's right to withhold from any compensation paid to the Participant by the Company) or by a combination of such means: (a) tendering a cash payment; (b) authorizing the Company to withhold Common Shares from the Common Shares otherwise issuable to the Participant as a result of the exercise or acquisition of Common Share under the Award, *provided, however*, that no Common Shares are withheld with a value exceeding the minimum amount of tax required to be withheld by law; or (c) delivering to the Company previously owned and unencumbered Common Shares of the Company.

11. <u>Adjustments Upon Changes in Shares</u>. In the event of changes in the outstanding Common Share or in the authorized shares of the Company by reason of any share or extraordinary cash dividend, share split, reverse share split, an extraordinary corporate transaction such as any recapitalization, reorganization, merger, consolidation, combination, exchange, or other relevant change in capitalization occurring after the Grant Date of any Award, Awards granted under the Plan and any Award Agreements, the exercise price of Options and Share Appreciation Rights, the maximum number of Common Shares subject to all Awards stated in ***Section 4*** and the maximum number of Common Shares with respect to which any one person may be granted Awards during any period stated in ***Section 4*** will be equitably adjusted or substituted, as to the number, price or kind of a Common Share or other consideration subject to such Awards to the extent necessary to preserve the economic intent of such Award. In the case of adjustments made pursuant to this ***Section 11***, unless the Committee specifically determines that such adjustment is in the best interests of the Company or its Affiliates, the Committee shall, in the case of Incentive Share Options, ensure that any adjustments under this ***Section 11*** will not constitute a modification, extension or renewal of the Incentive Share Options within the meaning of Section 424(h)(3) of the Code and in the case of Non-qualified Share Options, ensure that any adjustments under this ***Section 11*** will not constitute a modification of such Non-qualified Share Options within the meaning of Section 409A of the Code. Any adjustments made under this ***Section 11*** shall be made in a manner which does not adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act. The Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes.

12. <u>Effect of Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. In the discretion of the Board and the Committee, any Award Agreement may provide, or the Board or the Committee may provide by amendment of any Award Agreement or otherwise, notwithstanding any provision of the Plan to the contrary, that in the event of a Change in Control, Options and/or Share Appreciation Rights shall become immediately exercisable with respect to all or a specified portion of the shares subject to such Options or Share Appreciation Rights, and/or the Restricted Period shall expire immediately with respect to all or a specified portion of the shares of Restricted Share or Restricted Share Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. In addition, in the event of a Change in Control, the Committee may in its discretion and upon at least 10 days' advance notice to the affected persons, cancel any outstanding Awards and pay to the holders thereof, in cash or shares, or any combination thereof, the value of such Awards based upon the price per Common Share received or to be received by other shareholders of the Company in the event. In the case of any Option or Share Appreciation Right with an exercise price that equals or exceeds the price paid for a Common Share in connection with the Change in Control, the Committee may cancel the Option or Share Appreciation Right without the payment of consideration therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. The obligations of the Company under the Plan shall be binding upon any successor company, corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor company, corporation or organization succeeding to all or substantially all of the assets and business of the Company and its Subsidiaries, taken as a whole.

13. <u>Amendment of the Plan and Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. <u>Amendment of Plan</u>. The Board may amend, alter, suspend, discontinue, or terminate this Plan or any portion thereof at any time; *provided that* (a) no amendment to the persons eligible to receive Awards set forth in ***Section 1.2*** or to the maximum number of shares as to which Awards may be granted set forth in ***Section 4.1*** (except for adjustments pursuant to ***Section 11***), shall be made without shareholder approval, and (b) no such amendment, alteration, suspension, discontinuation or termination shall be made without shareholder approval if such approval is necessary to comply with any Applicable Laws (including, without limitation, as necessary to comply with any tax or regulatory requirement applicable to this Plan or to prevent the Company from being denied a tax deduction under Section 162(m) of the Code); *and provided further*, that any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the prior written consent of the affected Participant, holder or beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2. <u>Contemplated Amendments</u>. It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary or advisable to provide eligible Employees, Consultants and Directors with the maximum benefits provided or to be provided under the provisions of the Code and the regulations promulgated thereunder relating to Incentive Share Options or to the nonqualified deferred compensation provisions of Section 409A of the Code and/or to bring the Plan and/or Awards granted under it into compliance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3. <u>No Impairment of Rights</u>. Rights under any Award granted before amendment of the Plan shall not be impaired by any amendment of the Plan unless (a) the Company requests the consent of the Participant and (b) the Participant consents in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4. <u>Amendment of Awards</u>. The Committee may, to the extent consistent with the terms of any applicable Award Agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted or the associated Award Agreement, prospectively or retroactively; *provided, however* that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of any Participant with respect to any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant.

14. <u>General Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1. <u>Forfeiture Events</u>. The Committee may specify in an Award Agreement that the Participant's rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain events, in addition to applicable vesting conditions of an Award. Such events may include, without limitation, breach of non-competition, non-solicitation, confidentiality, or other restrictive covenants that are contained in the Award Agreement or otherwise applicable to the Participant, a termination of the Participant's Continuous Service for Cause, or other conduct by the Participant that is detrimental to the business or reputation of the Company and/or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2. <u>Clawback</u>. Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement). Awards granted under the Plan and any gross proceeds received by Participants with respect to Awards granted under the Plan shall be subject to any clawback policy that may be adopted or amended thereafter by the Board or Committee from time to time, to comply with regulations related to recoupment or clawback of compensation adopted pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the listing standards of any national securities exchange on which the Company's securities are listed or any other applicable law, rule, or regulation. Clawback can, if applicable and where permitted by applicable local law, be made by deducting payments that will be due in the future (including salary, bonuses, and other forms of compensation). A Participant's acceptance of an Award under the Plan shall constitute such Participant's acknowledgement and recognition that the Participant's compliance with this Section 14.2 is a condition for the Participant's receipt of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3. <u>Other Compensation Arrangements</u>. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to shareholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4. <u>Sub-plans</u>. The Committee may from time to time establish sub-plans under the Plan for purposes of satisfying blue sky, securities, tax or other laws of various jurisdictions in which the Company intends to grant Awards. Any sub-plans shall contain such limitations and other terms and conditions as the Committee determines are necessary or desirable. All sub-plans shall be deemed a part of the Plan, but each sub-plan shall apply only to the Participants in the jurisdiction for which the sub-plan was designed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5. <u>Deferral of Awards</u>. The Committee may establish one or more programs under the Plan to permit selected Participants the opportunity to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent the election would entitle the Participant to payment or receipt of Common Shares or other consideration under an Award. The Committee may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other earnings, if any, on amounts, shares or other consideration so deferred, and such other terms, conditions, rules and procedures that the Committee deems advisable for the administration of any such deferral program. All of such programs and procedures shall be consistent with the rules of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6. <u>Unfunded Plan</u>. The Plan shall be unfunded. Neither the Company, the Board nor the Committee shall be required to establish any special or separate fund or to segregate any assets to assure the performance of its obligations under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7. <u>Recapitalizations</u>. Each Award Agreement shall contain provisions required to reflect the provisions of ***Section 11****.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8. <u>Delivery</u>. Upon exercise of a right granted under this Plan, the Company shall issue Common Share or pay any amounts due within a reasonable period of time thereafter. Subject to any statutory or regulatory obligations the Company may otherwise have, for purposes of this Plan, thirty (30) days shall be considered a reasonable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9. <u>No Fractional Shares</u>. No fractional Common Shares shall be issued or delivered pursuant to the Plan. The Committee shall determine whether cash, additional Awards or other securities or property shall be issued or paid in lieu of fractional Common Shares or whether any fractional shares should be rounded, forfeited or otherwise eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10. <u>Other Provisions</u>. The Award Agreements authorized under the Plan may contain such other provisions not inconsistent with this Plan, including, without limitation, restrictions upon the exercise of the Awards, as the Committee may deem advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11. <u>Section 409A</u>. The Plan and all Awards granted under the Plan are intended to comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to the maximum extent permitted, the Plan and all Awards Agreements shall be interpreted and administered to be in compliance therewith. Any payments described in the Plan that are due within the "short-term deferral period" as defined in Section 409A of the Code shall not be treated as deferred compensation unless Applicable Laws require otherwise. Notwithstanding anything to the contrary in the Plan or any Award Agreement, to the extent required to avoid accelerated taxation and tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Plan or Award Agreement during the six (6) month period immediately following the Participant's termination of Continuous Service shall instead be paid on the first payroll date after the six-month anniversary of the Participant's separation from service (or the Participant's death, if earlier). Notwithstanding the foregoing, neither the Company nor the Committee shall have any obligation to take any action to prevent the assessment of any excise tax or penalty on any Participant under Section 409A of the Code and neither the Company nor the Committee will have any liability to any Participant for such tax or penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12. <u>Disqualifying Dispositions</u>. Any Participant who shall make a "disposition" (as defined in Section 424 of the Code) of all or any portion of Common Shares acquired upon exercise of an Incentive Share Option within two years from the Grant Date of such Incentive Share Option or within one year after the issuance of the Common Shares acquired upon exercise of such Incentive Share Option (a "**Disqualifying Disposition**") shall be required to immediately advise the Company in writing as to the occurrence of the sale and the price realized upon the sale of such Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13. <u>Section 16</u>. It is the intent of the Company that the Plan satisfy, and be interpreted in a manner that satisfies, the applicable requirements of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to the benefit of Rule 16b-3, or any other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing liability under Section 16 of the Exchange Act. Accordingly, if the operation of any provision of the Plan would conflict with the intent expressed in this ***Section 14.13****,* such provision to the extent possible shall be interpreted and/or deemed amended so as to avoid such conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.14. <u>Beneficiary Designation</u>. Each Participant under the Plan may from time to time name any beneficiary or beneficiaries by whom any right under the Plan is to be exercised in case of such Participant's death. Each designation will revoke all prior designations by the same Participant, shall be in a form reasonably prescribed by the Committee and shall be effective only when filed by the Participant in writing with the Company during the Participant's lifetime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.15. <u>Expenses</u>. The costs of administering the Plan shall be paid by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16. <u>Severability</u>. If any of the provisions of the Plan or any Award Agreement is held to be invalid, illegal or unenforceable, whether in whole or in part, such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining provisions shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.17. <u>Plan Headings</u>. The headings in the Plan are for purposes of convenience only and are not intended to define or limit the construction of the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.18. <u>Non-Uniform Treatment</u>. The Committee's determinations under the Plan need not be uniform and may be made by it selectively among persons who are eligible to receive, or actually receive, Awards. Without limiting the generality of the foregoing, the Committee shall be entitled to make non-uniform and selective determinations, amendments and adjustments, and to enter into non-uniform and selective Award Agreements.

15. <u>Effective Date of Plan</u>. The Plan shall become effective as of the Effective Date.

16. <u>Termination or Suspension of the Plan</u>. The Plan shall terminate automatically on October 16, 2035. No Award shall be granted pursuant to the Plan after such date, but Awards theretofore granted may extend beyond that date. The Board may suspend or terminate the Plan at any earlier date pursuant to ***Section 13.1*** hereof, provided any such suspension or termination is consistent with the provisions of Section 409A of the Code. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated.

17. <u>Choice of Law</u>. The Plan and all Award Agreements shall be construed in accordance with and governed by the laws of the Province of British Columbia, Canada, including all applicable provisions of the BCBCA, and the federal laws of Canada applicable therein.

Adopted by the Board of Directors of the Company on October 16, 2025.

## Exhibit 10.13

**Exhibit 10.13**

**SHARE OPTION AGREEMENT**

This Share Option Agreement (this "**Agreement**") is made and entered into as of the Grant Date specified below by and between Lannister Mining Corp., a corporation existing under the laws of the Province of British Columbia, Canada (the "**Company**"), and the participant named below (the "**Participant**").

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| |
|:---|
| Name of Participant: |
| Grant Date: |
| Expiration Date: |
| Exercise Price: |
| Number of Option Shares: |
| Type of Option: |
| Vesting Start Date: |
| Vesting Schedule: |

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1. <u>Grant of Option</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Grant</u>. The Company hereby grants to the Participant an option (the "**Option**") to purchase the total number of Common Shares of the Company equal to the number of Option Shares set forth above, at the Exercise Price set forth above. The Option is being granted pursuant to the terms of the Company's 2025 Equity Incentive Plan (the "**Plan**"). Capitalized terms used but not defined herein will have the meanings ascribed to them in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Type of Option</u>. The Option is intended to be either a Non-qualified Share Option (i.e., *not* an Incentive Share Option) or an Incentive Share Option within the meaning of Section 422 of the Code, as indicated above, although the Company makes no representation or guarantee that the Option will qualify as an Incentive Share Option. To the extent that the aggregate Fair Market Value (determined on the Grant Date) of the Common Shares with respect to which Incentive Share Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and its Affiliates) exceeds $100,000, the Options or portions thereof which exceed such limit (according to the order in which they were granted) shall be treated as Non-qualified Share Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <u>Consideration</u>. The grant of the Option is made in consideration of the services to be rendered by the Participant to the Company and is subject to the terms and conditions of the Plan.

2. <u>Exercise Period; Vesting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Vesting Schedule</u>. The Option will become vested and exercisable in accordance with the Vesting Schedule specified above until the Option is 100% vested. The unvested portion of the Option will not be exercisable on or after the Participant's termination of Continuous Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Expiration</u>. The Option will expire on the Expiration Date set forth above, or earlier as provided in this Agreement or the Plan.

3. <u>Termination of Continuous Service</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Termination for Reasons Other Than Cause, Death or Disability</u>. If the Participant's Continuous Service is terminated for any reason other than Cause, death or Disability, the Participant may exercise the vested portion of the Option, but only within such period of time ending on the earlier of (a) the date that is three months following the termination of the Participant's Continuous Service or (b) the Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Termination for Cause</u>. If the Participant's Continuous Service is terminated for Cause, the Option (whether vested or unvested) shall immediately terminate and cease to be exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Termination Due to Disability</u>. If the Participant's Continuous Service terminates as a result of the Participant's Disability, the Participant may exercise the vested portion of the Option, but only within such period of time ending on the earlier of (a) the date that is 12 months following the Participant's termination of Continuous Service or (b) the Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Termination Due to Death</u>. If the Participant's Continuous Service terminates as a result of the Participant's death, or the Participant dies within a period following termination of the Participant's Continuous Service during which the vested portion of the Option remains exercisable, the vested portion of the Option may be exercised by the Participant's estate, by a person who acquired the right to exercise the Option by bequest or inheritance or by the person designated to exercise the Option upon the Participant's death, but only within the time period ending on the earlier of (a) the date that is 12 months following the Participant's death or (b) the Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Extension of Termination Date</u>. If following the Participant's termination of Continuous Service for any reason the exercise of the Option is prohibited because the exercise of the Option would violate the registration requirements under the Securities Act or any other state or federal securities law or the rules of any securities exchange or interdealer quotation system, then the expiration of the Option shall be tolled until the date that is thirty (30) days after the end of the period during which the exercise of the Option would be in violation of such registration or other securities requirements.

4. <u>Manner of Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Election to Exercise</u>. To exercise the Option, the Participant (or in the case of exercise after the Participant's death or incapacity, the Participant's executor, administrator, heir or legatee, as the case may be) must deliver to the Company an executed share option exercise agreement in the form attached hereto as <u>Exhibit A</u>, or as is approved by the Committee from time to time (the "**Exercise Agreement**"), which shall set forth, *inter alia*: (a) the Participant's election to exercise the Option; (b) the number of Common Shares being purchased; (c) any restrictions imposed on the shares; and (d) any representations, warranties and agreements regarding the Participant's investment intent and access to information as may be required by the Company to comply with applicable securities laws. If someone other than the Participant exercises the Option, then such person must submit documentation reasonably acceptable to the Company verifying that such person has the legal right to exercise the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Payment of Exercise Price</u>. The entire Exercise Price of the Option shall be payable in full at the time of exercise to the extent permitted by applicable statutes and regulations, either: (a) in cash or by certified or bank check at the time the Option is exercised; (b) by delivery to the Company of other Common Shares, together with an instrument of transfer in favour of the Company, with a Fair Market Value on the date of delivery equal to the Exercise Price (or portion thereof) due for the number of shares being acquired, or by means of attestation whereby the Participant identifies for delivery specific shares that have a Fair Market Value on the date of attestation equal to the Exercise Price (or portion thereof) and receives a number of shares equal to the difference between the number of shares thereby purchased and the number of identified attestation shares (a "**Stock for Stock Exchange**"); (c) through a "cashless exercise program" established with a broker; (d) by reduction in the number of shares otherwise deliverable upon exercise of such Option with a Fair Market Value equal to the aggregate Exercise Price at the time of exercise; (e) by any combination of the foregoing methods; or (f) in any other form of legal consideration that may be acceptable to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Withholding</u>. Prior to the issuance of shares upon the exercise of the Option, the Participant must make arrangements satisfactory to the Company to pay or provide for any applicable federal, state and local withholding obligations of the Company. The Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise of the Option by any of the following means: (a) tendering a cash payment; (b) authorizing the Company to withhold Common Shares from the Common Shares otherwise issuable to the Participant as a result of the exercise of the Option; *provided, however*, that no Common Shares are withheld with a value exceeding the minimum amount of tax required to be withheld by law; or (c) delivering to the Company previously owned and unencumbered Common Shares. The Company has the right to withhold from any compensation paid to a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <u>Issuance of Shares</u>. Provided that the Exercise Agreement and payment are in form and substance satisfactory to the Company, the Company shall issue the Common Shares registered in the name of the Participant, the Participant's authorized assignee, or the Participant's legal representative which shall be evidenced by entry in the register of members of the Company and share certificates representing the shares with the appropriate legends affixed thereto, appropriate entry on the books of the Company or of a duly authorized transfer agent, or other appropriate means as determined by the Company.

5. <u>No Right to Continued Service; No Rights as Shareholder</u>. Neither the Plan nor this Agreement shall confer upon the Participant any right to be retained in any position, as an Employee, Consultant or Director of the Company. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company to terminate the Participant's Continuous Service at any time, with or without Cause. The Participant shall not have any rights as a shareholder with respect to any Common Shares subject to the Option prior to the date of exercise of the Option.

6. <u>Transferability</u>. The Option is not transferable by the Participant other than to a designated beneficiary upon the Participant's death or by will or the laws of descent and distribution, and is exercisable during the Participant's lifetime only by him or her. No assignment or transfer of the Option, or the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise (except to a designated beneficiary upon death by will or the laws of descent or distribution) will vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon such assignment or transfer the Option will terminate and become of no further effect.

7. <u>Change in Control</u>. In the event of a Change in Control, the Committee may, in its discretion and upon at least ten (10) days' advance notice to the Participant, cancel the Option and pay to the Participant the value of the Option based upon the price per share of Common Share received or to be received by other shareholders of the Company in the event. Notwithstanding the foregoing, if at the time of a Change in Control the Exercise Price of the Option equals or exceeds the price paid for a share of Common Share in connection with the Change in Control, the Committee may cancel the Option without the payment of consideration therefor.

8. <u>Adjustments</u>. The Common Shares subject to the Option may be adjusted or terminated in any manner as contemplated by Section 11 of the Plan.

9. <u>Tax Liability and Withholding</u>. Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding ("**Tax-Related Items**"), the ultimate liability for all Tax-Related Items is and remains the Participant's responsibility and the Company (a) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting, or exercise of the Option or the subsequent sale of any shares acquired on exercise; and (b) does not commit to structure the Option to reduce or eliminate the Participant's liability for Tax-Related Items.

10. <u>Qualification as an Incentive Share Option</u>. If this Option is an Incentive Share Option, the Participant understands that in order to obtain the benefits of an Incentive Share Option, no sale or other disposition may be made of shares for which Incentive Share Option treatment is desired within one (1) year following the date of exercise of the Option or within two (2) years from the Grant Date. The Participant understands and agrees that the Company shall not be liable or responsible for any additional tax liability the Participant incurs in the event that the Internal Revenue Service for any reason determines that this Option does not qualify as an Incentive Share Option within the meaning of the Code.

11. <u>Disqualifying Disposition</u>. If this Option is an Incentive Share Option and the Participant disposes of the Common Shares prior to the expiration of either two (2) years from the Grant Date or one (1) year from the date the shares are transferred to the Participant pursuant to the exercise of the Option, the Participant shall notify the Company in writing within thirty (30) days after such disposition of the date and terms of such disposition. The Participant also agrees to provide the Company with any information concerning any such dispositions as the Company requires for tax purposes.

12. <u>Non-competition and Non-solicitation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. <u>Non-competition and Non-solicitation Restrictions</u>. In consideration of the Option, the Participant agrees and covenants not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) contribute his or her knowledge, directly or indirectly, in whole or in part, as an employee, officer, owner, manager, advisor, consultant, agent, partner, director, shareholder, volunteer, intern or in any other similar capacity to an entity engaged in the same or similar business as the Company and its Affiliates for a period of one year following the Participant's termination of Continuous Service;

&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) directly or indirectly, solicit, hire, recruit, attempt to hire or recruit, or induce the termination of employment of any employee of the Company or its Affiliates for one year following the Participant's termination of Continuous Service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) directly or indirectly, solicit, contact (including, but not limited to, e-mail, regular mail, express mail, telephone, fax, and instant message), attempt to contact or meet with the current, former or prospective customers of the Company or any of its Affiliates for purposes of offering or accepting goods or services similar to or competitive with those offered by the Company or any of its Affiliates for a period of one year following the Participant's termination of Continuous Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. <u>Enforcement of Non-competition and Non-solicitation Restrictions</u>. In the event of a breach or threatened breach of any of the covenants contained in Section 12.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any unvested portion of the Option shall be forfeited effective as of the date of such breach, unless sooner terminated by operation of another term or condition of this Agreement or the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any vested, but unexercised, portion of the Option that vested upon the termination of the Participant's Continuous Service or that vested within the one year period prior to the earlier of (i) the time the Participant first breached any of the covenants contained in Section 12.1 and (ii) the time of the Participant's termination of Continuous Service, shall be forfeited as of the date of such breach, unless sooner terminated by operation of another term or condition of this Agreement or the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company shall have the right, but not the obligation, during the one year period following the termination of the Participant's Continuous Service to acquire any shares issued upon exercise of the Option during the one year period preceding the termination of the Participant's Continuous Service that continue to be held by the Participant at the Exercise Price paid by the Participant, if any, for such shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Participant hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages or other available forms of relief.

13. <u>Compliance with Law</u>. The exercise of the Option and the issuance and transfer of Common Shares shall be subject to compliance by the Company and the Participant with the laws of the Province of British Columbia, Canada, including all applicable provisions of the *Business Corporations Act* (British Columbia) (the "**BCBCA**"), and the federal laws of Canada applicable therein as they relate to the Company and its Common Shares, all applicable requirements of federal, state and provincial securities laws and with all applicable requirements of any stock exchange on which the Company's Common Shares may be listed. No Common Shares shall be issued pursuant to this Option unless and until any then applicable requirements of the laws of the Province of British Columbia, Canada, state or federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. The Participant understands that the Company is under no obligation to register the Common Shares with the Securities and Exchange Commission, any state securities commission or any stock exchange to effect such compliance.

14. <u>Notices</u>. Any notice required to be delivered to the Company under this Agreement shall be in writing and addressed to the Chief Executive Officer of the Company at the Company's principal corporate offices. Any notice required to be delivered to the Participant under this Agreement shall be in writing and addressed to the Participant at the Participant's address as shown in the records of the Company. Either party may designate another address in writing (or by such other method approved by the Company) from time to time.

15. <u>Governing Law</u>. This Agreement will be construed and interpreted in accordance with the laws of the Province of British Columbia, Canada, including all applicable provisions of the BCBCA, and the federal laws of Canada applicable therein without regard to conflict of law principles.

16. <u>Interpretation</u>. Any dispute regarding the interpretation of this Agreement shall be submitted by the Participant or the Company to the Committee for review. The resolution of such dispute by the Committee shall be final and binding on the Participant and the Company.

17. <u>Options Subject to Plan</u>. This Agreement is subject to the Plan and is not required to be approved by the Company's shareholders. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.

18. <u>Successors and Assigns</u>. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Participant and the Participant's beneficiaries, executors, administrators and the person(s) to whom the Option may be transferred by will or the laws of descent or distribution.

19. <u>Severability</u>. The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable to the extent permitted by law.

20. <u>Discretionary Nature of Plan</u>. The Plan is discretionary and may be amended, cancelled or terminated by the Company at any time, in its discretion. The grant of the Option in this Agreement does not create any contractual right or other right to receive any Options or other Awards in the future. Future Awards, if any, will be at the sole discretion of the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and conditions of the Participant's employment with the Company.

21. <u>Amendment</u>. The Committee has the right to amend, alter, suspend, discontinue or cancel the Option, prospectively or retroactively; *provided, that*, no such amendment shall adversely affect the Participant's material rights under this Agreement without the Participant's consent.

22. <u>No Impact on Other Benefits</u>. The value of the Participant's Option is not part of his or her normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance or similar employee benefit.

23. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

24. <u>Acceptance</u>. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the terms and provisions thereof, and accepts the Option subject to all of the terms and conditions of the Plan and this Agreement. The Participant acknowledges that there may be adverse tax consequences upon exercise of the Option or disposition of the underlying shares and that the Participant should consult a tax advisor prior to such exercise or disposition.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Grant Date set forth above.

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| | |
|:---|:---|
| **<u>COMPANY</u>:** | **<u>COMPANY</u>:** |
| **LANNISTER MINING CORP.** | **LANNISTER MINING CORP.** |
| By: |  |
| Name: | James Greig |
| Title: | Chief Executive Officer |

---

---

| |
|:---|
| Address: |
| **<u>PARTICIPANT</u>:** |
| (Signature) |
| (Name) |
| Address: |

---

**Exhibit A**

**SHARE OPTION EXERCISE AGREEMENT**

This Share Option Exercise Agreement (this "**Exercise Agreement**") is made and entered into as of _______________ by and between Lannister Mining Corp., a corporation existing under the laws of the Province of British Columbia, Canada (the "**Company**"), and the purchaser named below (the "**Purchaser**"). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Lannister Mining Corp. 2025 Equity Incentive Plan (the "**Plan**").

Purchaser Name:____________________________________________________________________________

Address:__________________________________________________________________________________

Social Security Number:______________________________________________________________________

1. <u>Option</u>. The Purchaser was granted an option (the "**Option**") to purchase Common Shares pursuant to the terms of the Plan and the Share Option Agreement between the Company and the Purchaser dated ________________, as follows:

Type of Option (check one):

____ Incentive Share Option

____ Non-qualified Share Option

Grant Date:_____________________________________

Number of Option shares:__________________________

Exercise Price per share:___________________________

Expiration Date:_________________________________

2. <u>Exercise of Option</u>. The Purchaser hereby elects to exercise the Option to purchase __________ Common Shares ("**Shares**"), all of which are vested pursuant to the terms of the Share Option Agreement. The total Exercise Price for all of the Shares is ________ (Total Shares times Exercise Price per Share).

3. <u>Payment of the Exercise Price; Delivery of Required Documents</u>. The Purchaser encloses payment in full of the total Exercise Price for the Shares in the following form(s), as authorized by the Share Option Agreement (check and complete as appropriate):

____ In cash (by certified or bank check) in the amount of $_____, receipt of which is acknowledged by the Company.

____ By delivery of ______ previously acquired Common Shares together with a duly executed instrument of transfer for transfer to the Company.

____ Through a Stock for Stock Exchange (Contact Company CFO).

____ By a broker-assisted cashless exercise (Contact Company CFO).

____ By reduction in the number of Shares otherwise deliverable upon exercise with a Fair Market Value equal to the total Exercise Price (Contact Company CFO).

The Purchaser will deliver any other documents that the Company requires.

4. <u>Tax Withholding</u>. The Purchaser authorizes payroll withholding and will make arrangements satisfactory to the Company to pay or provide for any applicable federal, state and local withholding obligations of the Company. The Purchaser may satisfy any federal, state or local tax withholding obligation relating to the exercise of the Option by any of the methods set forth in the Plan or Share Option Agreement. The Purchaser understands that ownership of the Shares will not be transferred to the Purchaser until the total Exercise Price and all applicable withholding taxes have been paid.

5. <u>Notice of Disqualifying Disposition</u>. If the Option is an Incentive Share Option, the Purchaser agrees to promptly notify the Chief Executive Officer at the Company if he or she transfers any of the Shares purchased pursuant to this Exercise Agreement within one (1) year from the date of exercise of the Option or within two (2) years from the Grant Date.

6. <u>Tax Consequences</u>. The Purchaser understands that there may be adverse federal or state tax consequences as a result of his or her purchase or disposition of the Shares. The Purchaser also acknowledges that he or she has been advised to consult with a tax advisor in connection with the purchase or disposition of the Shares. The Purchaser is not relying on the Company for tax advice.

7. <u>Compliance with Law</u>. The issuance and transfer of the Shares will be subject to, and conditioned upon compliance by the Company and the Purchaser with, the laws of the Province of British Columbia, Canada, all applicable federal, state and local laws and regulations and all applicable requirements of any stock exchange or automated quotation system on which the Shares may be listed or quoted at the time of such issuance or transfer.

8. <u>Successors and Assigns; Binding Effect</u>. The Company may assign any of its rights under this Exercise Agreement. This Exercise Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. This Exercise Agreement will be binding upon the Purchaser and the Purchaser's heirs, executors, legal representatives, successors and assigns.

9. <u>Governing Law</u>. This Exercise Agreement will be construed and interpreted in accordance with the laws of the Province of British Columbia, Canada, including all applicable provisions of the BCBCA, and the federal laws of Canada applicable therein without regard to conflict of law principles.

10. <u>Severability</u>. The invalidity or unenforceability of any provision of this Exercise Agreement shall not affect the validity or enforceability of any other provision, and each provision of this Exercise Agreement shall be severable and enforceable to the extent permitted by law.

11. <u>Counterparts</u>. This Exercise Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument.

12. <u>Notice</u>. Any notice required to be delivered to the Company under this Exercise Agreement shall be in writing and addressed to the Chief Executive Officer of the Company at the Company's principal corporate offices. Any notice required to be delivered to the Purchaser under this Exercise Agreement shall be in writing and addressed to the Purchaser at the Purchaser's address as set forth above. Either party may designate another address in writing (or by such other method approved by the Company) from time to time.

13. <u>Acknowledgement</u>. The Purchaser understands that he or she is purchasing the Shares pursuant to the terms and conditions of the Plan and the Share Option Agreement, copies of which the Purchaser has read and understands.

IN WITNESS WHEREOF, the parties have executed this Exercise Agreement as of the date first above written.

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| | |
|:---|:---|
| **<u>COMPANY</u>:** | **<u>COMPANY</u>:** |
| **LANNISTER MINING CORP.** | **LANNISTER MINING CORP.** |
| By: |  |
| Name: | James Greig |
| Title: | Chief Executive officer |
| **<u>PURCHASER</u>:** | **<u>PURCHASER</u>:** |
| [Name] | [Name] |

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## Exhibit 10.14

**Exhibit 10.14**

**LANNISTER MINING CORP.**

**2025 EQUITY INCENTIVE PLAN**

**<u>NOTICE OF RESTRICTED SHARE AWARD</u>**

Capitalized but otherwise undefined terms in this Notice of Restricted Share Award and the attached Restricted Share Award Agreement shall have the same defined meanings as in the Lannister Mining Corp. 2025 Equity Incentive Plan (the "**Plan**").

Grantee Name:_____________________________ Address:_____________________________

You have been granted Restricted Shares subject to the terms and conditions of the Plan and the attached Restricted Share Award Agreement, as follows:

---

| |
|:---|
| Date of Grant: |
| Vesting Commencement Date <br> (if different from Date of Grant): |
| Purchase Price per Share: |
| Total Number of Shares Granted: |
| Agreement Date: |
| Vesting Schedule: |

---

**RESTRICTED SHARE AWARD AGREEMENT**

This Restricted Share Award Agreement (this "**Agreement**") is made and entered into as of _______________ (the "**Grant Date**") by and between Lannister Mining Corp., a corporation existing under the laws of the Province of British Columbia, Canada (the "**Company**"), and ______________ (the "**Grantee**").

**WHEREAS**, the Company has adopted the Lannister Mining Corp. 2025 Equity Incentive Plan (the "**Plan**") pursuant to which awards of Restricted Share may be granted; and

**WHEREAS**, the Committee has determined that it is in the best interests of the Company and its shareholders to grant the award of Restricted Share provided for herein.

**NOW, THEREFORE**, the parties hereto, intending to be legally bound, agree as follows:

1. <u>Grant of Restricted Shares</u>. Pursuant to Section 7.2 of the Plan, the Company hereby issues to the Grantee on the Grant Date a Restricted Share Award consisting of, in the aggregate, _________ Common Shares of the Company (the "**Restricted Shares**"), on the terms and conditions and subject to the restrictions set forth in this Agreement and the Plan. Capitalized terms that are used but not defined herein have the meaning ascribed to them in the Plan.

2. <u>Consideration</u>. The grant of the Restricted Shares is made in consideration of the services to be rendered by the Grantee to the Company.

3. <u>Restricted Period; Vesting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. Except as otherwise provided herein, provided that the Grantee remains in Continuous Service through the applicable vesting date, and further provided that any additional conditions and performance goals set forth in Schedule I have been satisfied, the Restricted Shares will vest in accordance with the following schedule:

---

| | |
|:---|:---|
| **Vesting Date** | **Restricted Shares** |
| [VESTING DATE] | [NUMBER OR PERCENTAGE OF SHARES THAT VEST ON THE VESTING DATE] |
| [VESTING DATE] | [NUMBER OR PERCENTAGE OF SHARES THAT VEST ON THE VESTING DATE] |

---

The period over which the Restricted Share vests is referred to as the "**Restricted Period**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. The foregoing vesting schedule notwithstanding, if the Grantee's Continuous Service terminates for any reason at any time before all of his or her Restricted Shares have vested other than death or retirement (in the case of a Director), termination of the Grantee's Continuous Service is terminated by the Company or an Affiliate for Disability, the Grantee's unvested Restricted Shares shall be automatically forfeited upon such termination of Continuous Service and neither the Company nor any Affiliate shall have any further obligations to the Grantee under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. The foregoing vesting schedule notwithstanding, in the event of the Grantee's death or if the Grantee's Continuous Service is terminated by the Company or an Affiliate for Disability, 100% of the unvested Restricted Shares shall vest as of the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. The foregoing vesting schedule notwithstanding, if the Grantee is an Outside Director, 100% of the unvested Restricted Shares shall vest on the Grantee's attainment of mandatory retirement age for members of the Board, if any.

4. <u>Restrictions</u>. Subject to any exceptions set forth in this Agreement or the Plan, during the Restricted Period, the Restricted Shares or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Shares or the rights relating thereto during the Restricted Period shall be wholly ineffective and, if any such attempt is made, the Restricted Shares will be forfeited by the Grantee and all of the Grantee's rights to such shares shall immediately terminate without any payment or consideration by the Company.

5. <u>Rights as Shareholder; Dividends</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. The Grantee shall be the record owner of the Restricted Shares until the Common Shares are sold or otherwise disposed of, and shall be entitled to all of the rights of a shareholder of the Company including, without limitation, the right to vote such shares and receive all dividends or other distributions paid with respect to such shares. Notwithstanding the foregoing, any dividends or other distributions shall be subject to the same restrictions on transferability as the Restricted Shares with respect to which they were paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. The Company may issue share certificates or evidence the Grantee's interest by using a restricted book entry account with the Company's transfer agent. Physical possession or custody of any share certificates that are issued may be retained by the Company until such time as the Restricted Shares vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. If the Grantee forfeits any rights he or she has under this Agreement in accordance with Section 3, the Grantee shall, on the date of such forfeiture, no longer have any rights as a shareholder with respect to the Restricted Shares and shall no longer be entitled to vote or receive dividends on such shares.

6. <u>Grantee Representations</u>.

Grantee represents to the Company the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. *Acknowledgement of Terms*. Grantee acknowledges that Grantee has received, read and understood the Plan and the Agreement and agrees to abide by and be bound by their terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. *Reliance on Exemptions*. The Grantee understands that the Restricted Shares are being offered and sold to it in reliance upon specific exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the Grantee's compliance with, the representations, warranties, agreements, acknowledgments and understandings of the Grantee set forth herein in order to determine the availability of such exemptions and the eligibility of the Grantee to receive the Restricted Shares. All of the information which the Grantee has provided to the Company is true, correct and complete as of the date this Agreement is signed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. *Restrictions on Transfer*. If, at the time of grant of the Restricted Shares, there does not exist a registration statement under the US Securities Act of 1933, as amended (the "**Securities Act**"), which registration statement shall have become effective and is current with respect to the Restricted Shares Grantee acknowledges that the Restricted Shares to be issued to Grantee must be held indefinitely unless subsequently registered and qualified under the Securities Act, or unless an exemption from registration and qualification is otherwise available.

Grantee acknowledges that the Restricted Shares may be subject to such restrictions, conditions or limitations as the Company determines appropriate as to the timing and manner of any resales by Grantee or other subsequent transfers by Grantee of any Restricted Shares, including without limitation (a) restrictions under an insider trading policy, (b) restrictions designed to delay and/or coordinate the timing and manner of sales by Grantee, and (c) restrictions as to the use of a specified brokerage firm for such resales or other transfers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. *Grantee Status*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.1. *<u>U.S. Investor Investment Representations</u>*. If such Grantee is a U.S. Person, at the time such Grantee was offered the Restricted Shares, she/he was, and at the date hereof is, an "accredited investor" as defined in Rule 501(a) under the Securities Act, and has initialed the category of Accredited Investor applicable to Grantee on the Grantee Questionnaire attached as **<u>Exhibit A</u>** to the Agreement. Grantee is purchasing the Restricted Shares for Grantee's own account and not with a view to the resale or distribution thereof. At no time was Grantee presented with or solicited by any publicly issued or circulated newspaper, mail, radio, television or other form of general advertising or solicitation in connection with the offer, sale and issue of the Restricted Shares. Grantee is not required to be registered as a broker-dealer under Section 15 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), and is not affiliated with any broker-dealer registered under Section 15 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.2 *<u>Non-U.S. Investor Investment Representations</u>*. If such Grantee is not a U.S. Person (as such term is defined in Rule 902(k) of Regulation S), such Grantee shall initial the category for foreign persons on the Grantee Questionnaire attached as **<u>Exhibit A</u>** to the Agreement and such Grantee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) acknowledges that the certificate(s) or book entry account representing or evidencing the Restricted Shares contain a customary restrictive legend restricting the offer, sale or transfer of any Restricted Shares except in accordance with the provisions of Regulation S, pursuant to registration under the Securities Act, or pursuant to an available exemption from registration,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is purchasing the Restricted Shares for Grantee's own account and not with a view to the resale or distribution thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at no time was presented with or solicited by any publicly issued or circulated newspaper, mail, radio, television or other form of general advertising or solicitation in connection with the offer, sale and issue of the Restricted Shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is not required to be registered as a broker-dealer under Section 15 of the Exchange Act, and is not affiliated with any broker-dealer registered under Section 15 of the Exchange Act,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) agrees that any subsequent offer for sale or sale of any such Restricted Shares shall be made pursuant to either (a) a registration statement under the Securities Act, which registration statement shall have become effective and shall be current with respect to the Restricted Shares being offered and sold, or (b) an exemption from the registration statement requirements of the Securities Act, including the provisions of Regulation S promulgated under the Act ("**Regulation S**"), provided that Grantee is not a U.S. person (as defined in Regulation S), is not acquiring the Restricted Shares for the account or benefit of a U.S. person, is the sole beneficial owner of the Restricted Shares and has not pre-arranged any sale with an investor in the United States, will resell the Restricted Shares only in accordance with the provisions of Regulation S and will not engage in any hedging transactions with regard to the Restricted Shares unless in compliance with the Act, but in claiming the exemption in (b), Grantee shall, prior to any offer for sale or sale of such Restricted Shares, obtain a favorable written opinion from counsel for or reasonably approved by the Company as to the applicability of such exemption, and the certificate evidencing such Restricted Shares shall bear an additional legend to the effect of the foregoing substantially as follows:

"THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "SECURITIES ACT") OR UNDER APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF OTHER THAN IN COMPLIANCE WITH AN AVAILABLE EXEMPTION FROM THE REGISTRATION STATEMENT REQUIREMENTS OF THE SECURITIES ACT, INCLUDING THE PROVISIONS OF REGULATION S PROMULGATED UNDER THE SECURITIES ACT, UNLESS REGISTERED UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT THE SELLER DELIVERS TO THE COMPANY AN OPINION OF COUNSEL (WHICH OPINION IS REASONABLY SATISFACTORY TO THE COMPANY) CONFIRMING THE AVAILABILITY OF SUCH EXEMPTION. THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES TO THE EXTENT PERMITTED BY APPLICABLE FEDERAL AND STATE 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;(vi) represents that the offer to purchase the Restricted Shares was made to such Grantee outside of the United States, and such Grantee was, at the time of the offer and will be, at the time of the sale and is now, outside the United States, (a) has not engaged in or directed any unsolicited offers to purchase Restricted Shares in the United States, (b) is neither a U.S. Person nor a Distributor (as such terms are defined in Rule 902(k) and 902(d), respectively, of Regulation S), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) is familiar with and understands the terms and conditions and requirements contained in Regulation S, specifically, without limitation, the Grantee understands that the statutory basis for the exemption claimed for the sale of the Restricted Shares would not be present if the sale, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the Securities Act.

7. <u>Exemption from Registration</u>. Subject to the accuracy of Grantee's representations and warranties set forth in the Section 6, the issuance of Restricted Shares by the Company to the Grantee will not require registration under the Securities Act. The Company is issuing Restricted Shares in accordance with and in reliance upon the exemption from securities registration afforded, inter alia, by Rule 506 under Regulation D or Rule 902 under Regulation S as promulgated by the Commission under the Securities Act.

8. <u>No Right to Continued Service</u>. Neither the Plan nor this Agreement shall confer upon the Grantee any right to be retained in any position, as an Employee, Consultant or Director of the Company. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company to terminate the Grantee's Continuous Service at any time, with or without Cause.

9. <u>Adjustments</u>. If any change is made to the outstanding Common Shares or the capital structure of the Company, if required, the Common Shares shall be adjusted or terminated in any manner as contemplated by Section 11 of the Plan.

10. <u>Tax Liability and Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. The Grantee shall be required to pay to the Company, and the Company shall have the right to deduct from any compensation paid to the Grantee pursuant to the Plan, the amount of any required withholding taxes in respect of the Restricted Shares and to take all such other action as the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes. The Committee may permit the Grantee to satisfy any federal, state or local tax withholding obligation by any of the following means, or by a combination of such means: (a) tendering a cash payment; (b) authorizing the Company to withhold Common Shares from the Common Shares otherwise issuable or deliverable to the Grantee as a result of the vesting of the Restricted Shares; *provided, however*, that no Common Shares shall be withheld with a value exceeding the minimum amount of tax required to be withheld by law; or (c) delivering to the Company previously owned and unencumbered Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding ("**Tax-Related Items**"), the ultimate liability for all Tax-Related Items is and remains the Grantee's responsibility and the Company (a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant or vesting of the Restricted Shares or the subsequent sale of any shares; and (b) does not commit to structure the Restricted Shares to reduce or eliminate the Grantee's liability for Tax-Related Items.

11. <u>Section 83(b) Election</u>. The Grantee may make an election under Code Section 83(b) (a "**Section 83(b) Election**") with respect to the Restricted Shares. Any such election must be made within thirty (30) days after the Grant Date. If the Grantee elects to make a Section 83(b) Election, the Grantee shall provide the Company with a copy of an executed version and satisfactory evidence of the filing of the executed Section 83(b) Election with the US Internal Revenue Service. The Grantee agrees to assume full responsibility for ensuring that the Section 83(b) Election is actually and timely filed with the US Internal Revenue Service and for all tax consequences resulting from the Section 83(b) Election.

12. <u>Non-competition and Non-solicitation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. In consideration of the Restricted Shares, the Grantee agrees and covenants not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) contribute his or her knowledge, directly or indirectly, in whole or in part, as an employee, officer, owner, manager, advisor, consultant, agent, partner, director, shareholder, volunteer, intern or in any other similar capacity to an entity engaged in the same or similar business as the Company and its Affiliates for a period of one year following the Grantee's termination of Continuous Service;

&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) directly or indirectly, solicit, hire, recruit, attempt to hire or recruit, or induce the termination of employment of any employee of the Company or its Affiliates for one year following the Grantee's termination of Continuous Service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) directly or indirectly, solicit, contact (including, but not limited to, e-mail, regular mail, express mail, telephone, fax, and instant message), attempt to contact or meet with the current, former or prospective customers of the Company or any of its Affiliates for purposes of offering or accepting goods or services similar to or competitive with those offered by the Company or any of its Affiliates for a period of one year following the Grantee's termination of Continuous Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. If the Grantee breaches any of the covenants set forth in Section 10.1:

&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) all unvested Restricted Shares shall be immediately forfeited; 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;(b) the Company shall have the right, but not the obligation, during the one-year period following the termination of the Participant's Continuous Service to acquire any vested Restricted Shares that vested during the one-year period preceding the termination of the Participant's Continuous Service that continue to be held by the Participant at the purchase price, if any, paid by the Participant for such vested Restricted Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Grantee hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages or other available forms of relief.

13. <u>Compliance with Law</u>. The issuance and transfer of Common Shares shall be subject to compliance by the Company and the Grantee with the laws of the Province of British Columbia, Canada, including all applicable provisions of the Business Corporations Act (British Columbia) (the "**BCBCA**"), and the federal laws of Canada applicable therein as they relate to the Company and its Common Shares, with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company's Common Shares may be listed. No Common Shares shall be issued or transferred unless and until any then applicable requirements of the laws of the Province of British Columbia, Canada, state and federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. The Grantee understands that the Company is under no obligation to register the Common Shares with the Securities and Exchange Commission, any state securities commission or any stock exchange to effect such compliance.

14. <u>Legends</u>. A legend may be placed on any certificate(s) or other document(s) delivered to the Grantee indicating restrictions on transferability of the Restricted Shares pursuant to this Agreement or any other restrictions that the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any applicable federal or state securities laws or any stock exchange on which the Common Shares are then listed or quoted.

15. <u>Notices</u>. Any notice required to be delivered to the Company under this Agreement shall be in writing and addressed to the Chief Executive Officer of the Company at the Company's principal corporate offices. Any notice required to be delivered to the Grantee under this Agreement shall be in writing and addressed to the Grantee at the Grantee's address as shown in the records of the Company. Either party may designate another address in writing (or by such other method approved by the Company) from time to time.

16. <u>Governing Law</u>. This Agreement will be construed and interpreted in accordance with the laws of the Province of British Columbia, Canada, including all applicable provisions of the BCBCA, and the federal laws of Canada applicable therein without regard to conflict of law principles.

17. <u>Interpretation</u>. Any dispute regarding the interpretation of this Agreement shall be submitted by the Grantee or the Company to the Committee for review. The resolution of such dispute by the Committee shall be final and binding on the Grantee and the Company.

18. <u>Restricted Shares Subject to Plan</u>. This Agreement is subject to the Plan and is not required to be approved by the Company's shareholders. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.

19. <u>Successors and Assigns</u>. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Grantee and the Grantee's beneficiaries, executors, administrators and the person(s) to whom the Restricted Shares may be transferred by will or the laws of descent or distribution.

20. <u>Severability</u>. The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable to the extent permitted by law.

21. <u>Discretionary Nature of Plan</u>. The Plan is discretionary and may be amended, cancelled or terminated by the Company at any time, in its discretion. The grant of the Restricted Shares in this Agreement does not create any contractual right or other right to receive any Restricted Shares or other Awards in the future. Future Awards, if any, will be at the sole discretion of the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and conditions of the Grantee's employment with the Company.

22. <u>Amendment</u>. The Committee has the right to amend, alter, suspend, discontinue or cancel the Restricted Shares, prospectively or retroactively; *provided, that*, no such amendment shall adversely affect the Grantee's material rights under this Agreement without the Grantee's consent.

23. <u>No Impact on Other Benefits</u>. The value of the Grantee's Restricted Shares is not part of his normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance or similar employee benefit.

24. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

25. <u>Acceptance</u>. The Grantee hereby acknowledges receipt of a copy of the Plan and this Agreement. The Grantee has read and understands the terms and provisions thereof, and accepts the Restricted Shares subject to all of the terms and conditions of the Plan and this Agreement. The Grantee acknowledges that there may be adverse tax consequences upon the grant or vesting of the Restricted Shares or disposition of the shares and that the Grantee has been advised to consult a tax advisor prior to such grant, vesting or disposition.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

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| | | |
|:---|:---|:---|
| **<u>COMPANY</u>:** | **<u>COMPANY</u>:** | **<u>COMPANY</u>:** |
| **LANNISTER MINING CORP.** | **LANNISTER MINING CORP.** | **LANNISTER MINING CORP.** |
| By: |  |  |
|  | Name: | James Greig |
|  | Title: | Chief Executive Officer |

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| | |
|:---|:---|
| Address: | |
| **<u>GRANTEE</u>:** | **<u>GRANTEE</u>:** |
|  | (Signature) |
|  | (Name) |
| Address: | |
| SSN: | |

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**<u>Exhibit A</u>**

**GRANTEE Questionnaire**

***Non-U.S. Persons:***

(A) ____ I hereby represent and warrant that I AM NOT a U.S. domestic Person.

 ****

***U.S. Persons:***

(B) ____ I hereby represent and warrant that I AM a U.S. domestic Person. (**Please also indicate below which category of Accredited Investor is applicable)**

**[To be completed below ONLY IF you ARE a U.S. Person]**

 ****

The purpose of this Questionnaire is to determine whether you are an "accredited investor" as that term is defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended (the "***Securities Act***"), in connection with your Restricted Share Award ("***Award***") from Concorde International Group Ltd (the "***Company***").

Your answers to the questions contained herein must be true and correct in all respects, and a false representation by you may constitute a violation of law. All information supplied will be treated in strict confidence. This Questionnaire may be provided to such parties as deemed appropriate by the Company to establish the availability of an exemption from registration under the Securities Act and under state securities laws.

**A.** **GENERAL INFORMATION**

**PLEASE ANSWER *<u>EACH</u>* QUESTION**. (Please print or type.) If the answer to any question is "None" or "Not Applicable," please so state.

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| | | | | |
|:---|:---|:---|:---|:---|
| 1. | Name: |  |  |  |
| 2. | Address: |  |  |  |
|  |  | *Number and street (no p.o. boxes)* | *Number and street (no p.o. boxes)* | *Number and street (no p.o. boxes)* |
|  |  | *City, state and zip code* | *City, state and zip code* | *City, state and zip code* |
| 3. | Telephone: | Home |  | Work |
| 4. | Fax (*if any*): | Home |  | Work |
| 5. | Email address: |  |  |  |
| 6. | Send mail to: (*check one*): | Send mail to: (*check one*): | Home | Office |
|  |  |  | Other: (*address*) |  |
| 7. | Social Security Number (or, if entity, EIN): | Social Security Number (or, if entity, EIN): | Social Security Number (or, if entity, EIN): |  |
| 8. | Date of Birth: |  |  |  |
| 9. | Account Registration Type (*check one*): | Account Registration Type (*check one*): | Account Registration Type (*check one*): |  |
|  | <br> ☐ Individual Account<br> ☐ Joint Account<br> ☐ Individual Retirement Account<br> ☐ Corporation/Partnership/Other<br> ☐ Trust | <br> ☐ Individual Account<br> ☐ Joint Account<br> ☐ Individual Retirement Account<br> ☐ Corporation/Partnership/Other<br> ☐ Trust | <br> ☐ Individual Account<br> ☐ Joint Account<br> ☐ Individual Retirement Account<br> ☐ Corporation/Partnership/Other<br> ☐ Trust |  |

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**B.** **ACCREDITED INVESTOR QUALIFICATION**

The undersigned understands that the representations contained below are made for the purpose of qualifying him or her as an "accredited investor" as that term is defined in Regulation D of the General Rules and Regulations promulgated under the Securities Act and for the purpose of inducing a sale of the securities to him or her. The undersigned hereby represents that the statement or statements initialed below are true and correct in all respects. The undersigned understands that a false representation may constitute a violation of law, and that any person who suffers damage as a result of a false representation may have a claim against the undersigned for damages.

☐ The undersigned certifies that he or she is an "accredited investor" by virtue of being at least one of the following (CHECK ALL THAT ARE APPLICABLE):

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| | |
|:---|:---|
| ____(1) | I had individual income in excess of $200,000 in each of the two most recent years or joint income with my or spousal equivalent in excess of $300,000 in each of those years and have a reasonable expectation of reaching the same income level in the current year. |

---

---

| | |
|:---|:---|
| ____(2) | My individual net worth, or joint net worth with my spouse or spousal equivalent, exceeds $1,000,000. For purposes of calculating net worth under this paragraph my primary residence is not included as an asset; indebtedness that is secured by my primary residence, up to the estimated fair market value of the primary residence at the time of the purchase of securities, is not included as a liability (except that if the amount of such indebtedness outstanding at the time of purchase of securities 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 is included as a liability); and indebtedness that is secured by my primary residence in excess of the estimated fair market value of the primary residence at the time of the purchase of securities is included as a liability. |

---

____(3) I am a director or executive officer of the Company.

____(4) I hold one of the following licenses in good standing: General Securities Representative license (Series 7), the Private Securities Offerings Representative license (Series 82), or the Investment Adviser Representative license (Series 65).

☐ The undersigned is not an "accredited investor".

**C. REPRESENTATIONS AND SIGNATURE** 

The undersigned hereby represents that all the information supplied herein is true, correct and complete as of the date hereof. The undersigned understands that the answers to the questions submitted will be relied on by the Company in connection with the Award. ***The undersigned agrees to notify the Company immediately of any change in the foregoing answers.***

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| | |
|:---|:---|
| Print Name | Print Name |
| By: |  |
|  | Signature of Authorized Signatory |

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## Exhibit 10.15

**Exhibit 10.15**

**RESTRICTED SHARE UNIT AWARD AGREEMENT**

This Restricted Share Unit Award Agreement (this "**Agreement**") is made and entered into as of _______________ (the "**Grant Date**"), by and between Lannister Mining Corp., a corporation existing under the laws of the Province of British Columbia, Canada (the "**Company**"), and ______________ (the "**Grantee**").

**WHEREAS**, the Company has adopted the Lannister Mining Corp. 2025 Equity Incentive Plan (the "**Plan**") pursuant to which awards of Restricted Share Units may be granted; and

**WHEREAS**, the Committee has determined that it is in the best interests of the Company and its shareholders to grant the award of Restricted Share Units provided for herein.

**NOW, THEREFORE**, the parties hereto, intending to be legally bound, agree as follows:

1. <u>Grant of Restricted Share Units</u>. Pursuant to Section 7.2 of the Plan, the Company hereby issues to the Grantee on the Grant Date _______________ Restricted Share Units (the "**Restricted Share Units**"). Each Restricted Share Unit represents an unfunded, unsecured right to receive one Common Share of the Company on the Payment Date(s) specified in Section 3.4, subject to the terms and conditions set forth in this Agreement and the Plan. Capitalized terms that are used but not defined herein have the meaning ascribed to them in the Plan.

2. <u>Consideration</u>. The grant of the Restricted Share Units is made in consideration of the services to be rendered by the Grantee to the Company.

3. <u>Vesting; Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. Except as otherwise provided herein, provided that the Grantee remains in Continuous Service through the applicable vesting date, the Restricted Share Units will vest in accordance with the following schedule (each, a "**Vesting Date**"):

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| | |
|:---|:---|
| **Vesting Date** | **Restricted Share Units** |
| [VESTING DATE] | [NUMBER OR PERCENTAGE OF SHARES THAT VEST ON THE VESTING DATE] |
| [VESTING DATE] | [NUMBER OR PERCENTAGE OF SHARES THAT VEST ON THE VESTING DATE] |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. The foregoing vesting schedule notwithstanding, if the Grantee's Continuous Service terminates for any reason at any time before all of his or her Restricted Share Units have vested, the Grantee's unvested Restricted Share Units shall be automatically forfeited upon such termination of Continuous Service and neither the Company nor any Affiliate shall have any further obligations to the Grantee under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. The foregoing vesting schedule notwithstanding, in the event of the Grantee's death or if the Grantee's Continuous Service is terminated by the Company or an Affiliate due to the Grantee's Disability, 100% of the unvested Restricted Share Units shall vest as of the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. The Company shall, as soon as reasonably, practicable following a Vesting Date (and in no event later than March 15th of the calendar year following the calendar year in which the Applicable Vesting Date occurs) (each a "**Payment Date**"), deliver (or cause to be delivered) to the Participant one Common Share with respect to each vested Restricted Share Unit, as settlement of such Restricted Share Unit and each such Restricted Share Unit shall thereafter be cancelled.

4. <u>Restricted Share Unit Transfer Restrictions</u>. Subject to any exceptions set forth in this Agreement or the Plan, the Restricted Share Units may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Share Units or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the Restricted Share Units shall be forfeited by the Grantee and all of the Grantee's rights to such Restricted Share Units shall immediately terminate without any payment or consideration by the Company.

5. <u>Rights as Shareholder; Dividend Equivalents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. The Grantee shall have no rights as a shareholder of the Company with respect to Common Shares covered by the Restricted Share Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. With respect to ordinary cash dividends in respect of Common Shares covered by any outstanding Restricted Share Units, the Grantee shall have the right to receive an amount in cash equal to (i) the amount of any ordinary cash dividend paid with respect to one Common Share, multiplied by (ii) the number of Common Shares covered by such Restricted Share Units (a "**Dividend Equivalent**"). A Dividend Equivalent shall be subject to the same vesting restrictions as the Restricted Share Units to which such Dividend Equivalent relates, as set forth in Section 3.1. Unless otherwise determined by the Committee, Dividend Equivalents shall be held, without interest thereon, until delivered to the Grantee within 30 days after the date the Restricted Share Units to which such Dividend Equivalents related vest, in each case, subject to Section 8. Any Dividend Equivalents in respect of Restricted Share Units that do not vest, shall be forfeited and retained by the Company. In no event shall a Dividend Equivalent be paid that would result in the Grantee receiving both the Dividend Equivalent and the actual dividend with respect to a Restricted Share Unit and the corresponding Common Share.f

6. <u>No Right to Continued Service</u>. Neither the Plan nor this Agreement shall confer upon the Grantee any right to be retained in any position, as an Employee, Consultant or Director of the Company. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company to terminate the Grantee's Continuous Service at any time, with or without Cause.

7. <u>Adjustments</u>. If any change is made to the outstanding Common Shares or the capital structure of the Company, if required, the Common Shares underlying the Restricted Share Units shall be adjusted or terminated in any manner as contemplated by Section 11 of the Plan.

8. <u>Tax Liability and Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. Solely to the extent applicable, the Grantee shall be required to pay to the Company, and the Company shall have the right to deduct from any compensation paid to the Grantee pursuant to the Plan, the amount of any required withholding taxes in respect of the Restricted Share Units and to take all such other action as the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes. The Committee may permit the Grantee to satisfy any federal, state or local tax withholding obligation by any of the following means, or by a combination of such means: (a) tendering a cash payment; (b) authorizing the Company to withhold Common Shares from the Common Shares otherwise issuable or deliverable to the Grantee as a result of the settlement of the Restricted Stock Units; *provided, however*, that no Common Shares shall be withheld with a value exceeding the minimum amount of tax required to be withheld by law; or (c) delivering to the Company previously owned and unencumbered Common Shares. Notwithstanding the foregoing, if the Company's Common Shares are publicly-traded, in the event a taxable event with respect to this Agreement occurs during a "blackout" period (whether scheduled or unscheduled) during which Participants in the Plan, including the Grantee, are prohibited by Company policy from selling Common Shares, the Grantee's statutorily required withholding obligation will be satisfied by the Company automatically withholding from the Common Shares otherwise deliverable to the Grantee a number of Common Shares having an aggregate Fair Market Value equal to the Grantee's statutorily required withholding obligation (with any fraction of one Common Share required to satisfy such obligation being disregarded and the amount due paid instead in cash by the Participant); *provided*, *however*, the Grantee may elect, by written notice to the Committee during an open trading window, to satisfy his or her applicable federal, state or local tax withholding obligation, in which case the Grantee shall be required, prior to any applicable taxable event, to remit to the Company an amount in cash sufficient to satisfy his or her applicable federal, state or local tax withholding obligations in connection with such taxable event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding ("**Tax-Related Items**"), the ultimate liability for all Tax-Related Items is and remains the Grantee's responsibility and the Company (a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting, or settlement of the Restricted Share Units or the subsequent sale of any shares; and (b) does not commit to structure the Restricted Share Units to reduce or eliminate the Grantee's liability for Tax-Related Items.

9. <u>Non-competition and Non-solicitation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. During the Grantee's Continuous Service, in consideration of the Restricted Share Units, the Grantee agrees and covenants not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) contribute his or her knowledge, directly or indirectly, in whole or in part, as an employee, officer, owner, manager, advisor, consultant, agent, partner, director, shareholder, volunteer, intern or in any other similar capacity to an entity engaged in the same or similar business as the Company and its Affiliates;

&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) directly or indirectly, solicit, hire, recruit, attempt to hire or recruit, or induce the termination of employment of any employee of the Company or its Affiliates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) directly or indirectly, solicit, contact (including, but not limited to, e-mail, regular mail, express mail, telephone, fax, and instant message), attempt to contact or meet with the current, former or prospective customers of the Company or any of its Affiliates for purposes of offering or accepting goods or services similar to or competitive with those offered by the Company or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.2. If the Grantee breaches any of the covenants set forth in Section 9.1:

&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) all unvested Restricted Share Units or vested Restricted Share Units that have not been settled shall be immediately forfeited; 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;(b) the Grantee hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages or other available forms of relief.

10. <u>Compliance with Law</u>. The granting of the Restricted Share Units and the issuance and transfer of Common Shares shall be subject to compliance by the Company and the Grantee with the laws of the Province of British Columbia, Canada, including all applicable provisions of the *Business Corporations Act* (British Columbia) (the "**BCBCA**"), and the federal laws of Canada applicable therein as they relate to the Company and its Common Shares, with all applicable requirements of federal, state and provincial securities laws and with all applicable requirements of any stock exchange on which the Company's Common Shares may be listed. No Restricted Share Units shall be granted and no Common Shares shall be issued or transferred unless and until any then applicable requirements of the laws of the Province of British Columbia, Canada, state and federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. The Grantee understands that the Company is under no obligation to register the Common Shares with the Securities and Exchange Commission, any state or provincial securities commission or any stock exchange to effect such compliance.

11. <u>Notices</u>. Any notice required to be delivered to the Company under this Agreement shall be in writing and addressed to the Chief Executive Officer of the Company at the Company's principal corporate offices. Any notice required to be delivered to the Grantee under this Agreement shall be in writing and addressed to the Grantee at the Grantee's address as shown in the records of the Company. Either party may designate another address in writing (or by such other method approved by the Company) from time to time.

12. <u>Governing Law</u>. This Agreement will be construed and interpreted in accordance with the laws of the Province of British Columbia, Canada, including all applicable provisions of the BCBCA, and the federal laws of Canada applicable therein without regard to conflict of law principles.

13. <u>Section 409A</u>. Although the Company makes no guarantee with respect to the tax treatment of the Restricted Share Units, the award of Restricted Share Units and Dividend Equivalents pursuant to this Agreement is intended to comply with, or to be exempt from, Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent. The Restricted Share Units and Dividend Equivalents shall be limited, construed and interpreted in accordance with such intent; <u>provided</u> that the Company does not guarantee to the Grantee any particular tax treatment of the Restricted Share Units or Dividend Equivalents. In no event whatsoever shall the Company or its Affiliates be liable for any additional tax, interest or penalties that may be imposed on the Grantee by Section 409A of the Code or any damages for failing to comply with Section 409A of the Code. Dividend Equivalents shall be treated separately from the Restricted Share Units and the rights arising in connection therewith for purposes of the designation of time and form of payments required by Section 409A of the Code. Each payment under this Agreement shall be treated as a separate payment for purposes of Section 409A of the Code. In no event may the Grantee, directly or indirectly, designate the calendar year of any payment to be made under this Agreement.

14. <u>Interpretation</u>. Any dispute regarding the interpretation of this Agreement shall be submitted by the Grantee or the Company to the Committee for review. The resolution of such dispute by the Committee shall be final and binding on the Grantee and the Company.

15. <u>Restricted Share Units Subject to Plan</u>. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan shall govern and prevail.

16. <u>Successors and Assigns</u>. The Company may assign any of its rights under this Agreement. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement shall be binding upon the Grantee and the Grantee's beneficiaries, executors, administrators and the person(s) to whom the Restricted Share Units may be transferred by will or the laws of descent or distribution.

17. <u>Severability</u>. The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable to the extent permitted by law.

18. <u>Discretionary Nature of Plan</u>. The Plan is discretionary and may be amended, cancelled or terminated by the Company at any time, in its discretion. The grant of the Restricted Share Units in this Agreement does not create any contractual right or other right to receive any Restricted Share Units or other Awards in the future. Future Awards, if any, shall be at the sole discretion of the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and conditions of the Grantee's employment with the Company.

19. <u>Amendment</u>. The Committee has the right to amend, alter, suspend, discontinue or cancel the Restricted Stock Units, prospectively or retroactively; *provided, that,* no such amendment shall adversely affect the Grantee's material rights under this Agreement without the Grantee's consent.

20. <u>No Impact on Other Benefits</u>. The value of the Grantee's Restricted Share Units is not part of his normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance or similar employee benefit.

21. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, shall have the same effect as physical delivery of the paper document bearing an original signature.

22. <u>Acceptanc</u>e. The Grantee hereby acknowledges receipt of a copy of the Plan and this Agreement. The Grantee has read and understands the terms and provisions thereof, and accepts the Restricted Share Units subject to all of the terms and conditions of the Plan and this Agreement. The Grantee acknowledges that there may be adverse tax consequences upon the grant, vesting, or settlement of the Restricted Share Units or disposition of the shares and that the Grantee has been advised to consult a tax advisor prior to such grant, vesting or disposition.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **<u>COMPANY</u>:** | **<u>COMPANY</u>:** |
| **LANNISTER MINING CORP.** | **LANNISTER MINING CORP.** |
| By: |  |
| Name: | James Greig |
| Title: | Chief Executive Officer |

---

---

| | |
|:---|:---|
| Address: | |
| **<u>GRANTEE</u>:** | **<u>GRANTEE</u>:** |
|  | (Signature) |
|  | (Name) |
| Address: | |
| SSN: | |

---

## Exhibit 21.1

**Exhibit 21.1**

**LIST OF SUBSIDIARIES**

---

| | | |
|:---|:---|:---|
| **Name of Subsidiary** | **Jurisdiction of<br> Organization** | **Percentage of<br> Ownership** |
| 60431 Montana Ltd. | Montana, United States | 100% |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent the use of our auditor's report dated February 24, 2025 with respect to the consolidated financial statements of Lannister Mining Corp. as at September 30, 2024 and 2023 and for each of the years in the two-year periods ended September 30, 2024 and 2023, included in the Amendment No. 4 to the Registration Statement on Form F-1 as filed with the United States Securities Exchange Commission.

We also consent to the reference to our firm under the heading "Experts" in the aforementioned Registration Statement.

/s/ MNP LLP

Chartered Professional Accountants

October 21, 2025

Vancouver, Canada

---

| | |
|:---|:---|
| **MNP LLP** |  |
| Suite 2400 - 609 Granville Street, PO Box 10203 LCD Pacific Centre, Vancouver B.C., V7Y 1E7 | 1.877.688.8408 T: 604.685.8408 F: 604.685.8594 |
| ![](ex23-1_002.jpg) | **MNP.ca** |

---

## Exhibit 99.1

**Exhibit 99.1** 

**Lannister Mining Corp.** 

**Code of Ethics and Business Conduct**

1. <u>Introduction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. The Board of Directors of Lannister Mining Corp. (together with its subsidiaries, the "**Company**") has adopted this Code of Ethics and Business Conduct (this "**Code**") in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission (the "**SEC**") and in other public communications made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promote compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) deter wrongdoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ensure accountability for adherence to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. All directors, officers and employees, including principal executive officer, principal financial officer and principal accounting officer are required to be familiar with this Code, comply with its provisions and report any suspected violations as described below in Section 6.

2. <u>Honest and Ethical Conduct</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. The Company's policy is to promote high standards of integrity by conducting its affairs honestly and ethically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. Each director, officer and employee must act with integrity and observe the highest ethical standards of business conduct in his or her dealings with the Company's customers, suppliers, partners, service providers, competitors, employees and anyone else with whom he or she has contact in the course of performing his or her job.

3. <u>Conflicts of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. A conflict of interest occurs when an individual's private interest (or the interest of a member of his or her family) interferes, or even appears to interfere, with the interests of the Company as a whole. A conflict of interest can arise when an employee, officer or director (or a member of his or her family) takes actions or has interests that may make it difficult to perform his or her work for the Company objectively and effectively. Conflicts of interest also arise when an employee, officer or director (or a member of his or her family) receives improper personal benefits as a result of his or her position in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. Loans by the Company to, or guarantees by the Company of obligations of, employees or their family members are of special concern and could constitute improper personal benefits to the recipients of such loans or guarantees, depending on the facts and circumstances. Loans by the Company to, or guarantees by the Company of obligations of, any director (or person connected with a director) are expressly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Whether or not a conflict of interest exists or will exist can be unclear. Conflicts of interest should be avoided unless specifically authorized as described in Section 3.4. In the event that a director has a material interest in a contract or a proposed contract with the Company the director must declare the nature of his or her interest at a meeting of the Board in accordance with the laws of the Province of British Columbia, Canada, including all applicable provisions of the Business Corporations Act (British Columbia) (the "**BCBCA**"), and the federal laws of Canada applicable therein and the articles of the Company. The Company shall keep a record of every such declaration made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. Persons other than directors and executive officers who have questions about a potential conflict of interest or who become aware of an actual or potential conflict should discuss the matter with, and seek a determination and prior authorization or approval from, their supervisor or the Chief Compliance Officer. If the Company does not have a Chief Compliance Officer, then references in this Code to Chief Compliance Officer shall be deemed to be references to the Company's Chief Financial Officer. A supervisor may not authorize or approve conflict of interest matters or make determinations as to whether a problematic conflict of interest exists without first providing the Chief Compliance Officer with a written description of the activity and seeking the Chief Compliance Officer's written approval. If the supervisor is himself involved in the potential or actual conflict, the matter should instead be discussed directly with the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. Directors and executive officers must seek determinations and prior authorizations or approvals of potential conflicts of interest exclusively from the Audit Committee, or the Board of Directors if no Audit Committee exists.

4. <u>Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. Employees, officers and directors should comply, both in letter and spirit, with all applicable laws, rules and regulations in the cities, states and countries in which the Company operates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. Although not all employees, officers and directors are expected to know the details of all applicable laws, rules and regulations, it is important to know enough to determine when to seek advice from appropriate personnel. Questions about compliance should be addressed to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. No director, officer or employee may purchase or sell any Company securities while in possession of material non-public information regarding the Company, nor may any director, officer or employee purchase or sell another company's securities while in possession of material non-public information regarding that company. It is against Company policies and illegal for any director, officer or employee to use material non-public information regarding the Company or any other company to (a) obtain profit for himself or herself; or (b) directly or indirectly "tip" others who might make an investment decision on the basis of that information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. In the event that a director has a material interest in a contract or a proposed contract with the Company the director must declare the nature of his or her interest at a meeting of the Board in accordance with the laws of the Province of British Columbia, Canada, including all applicable provisions of the BCBCA, and the federal laws of Canada applicable therein and the articles of the Company. The Company shall keep a record of every such declaration made.

5. <u>Disclosure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. The Company's annual reports and other documents filed with the SEC, including all financial statements and other financial information, must comply with applicable federal securities laws and the SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. Each director, officer and employee who contributes in any way to the preparation or verification of the Company's financial statements and other financial information must ensure that the Company's books, records and accounts are accurately maintained. Each director, officer and employee must cooperate fully with the Company's accounting and internal audit departments, as well as the Company's independent public accountants and counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. Each director, officer and employee who is involved in the Company's disclosure process must: (a) be familiar with and comply with the Company's disclosure controls and procedures and its internal control over financial reporting; and (b) take all necessary steps to ensure that all filings with the SEC and all other public communications about the financial and business condition of the Company provide full, fair, accurate, timely and understandable disclosure.

6. <u>Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. Actions prohibited by this Code involving directors or executive officers must be reported to the Audit Committee, or the Board of Directors if no Audit Committee exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. Actions prohibited by this Code involving any other person must be reported to the reporting person's supervisor or the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. After receiving a report of an alleged prohibited action, the Audit Committee, or the Board of Directors if no Audit Committee exists, the relevant supervisor, or the Chief Compliance Officer must promptly take all appropriate actions necessary to investigate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. All directors, officers and employees are expected to cooperate in any internal investigation of misconduct.

7. <u>Enforcement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. The Company must ensure prompt and consistent action against violations of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. If, after investigating a report of an alleged prohibited action by a director or executive officer, the Audit Committee determines that a violation of this Code has occurred, the Audit Committee will report such determination to the full Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. If, after investigating a report of an alleged prohibited action by any other person, the relevant supervisor or the Chief Compliance Officer determines that a violation of this Code has occurred, the supervisor or the Chief Compliance Officer will report such determination to the Chief Executive Officer or the General Counsel, if the Company has a General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. Upon receipt of a determination that there has been a violation of this Code, the Board of Directors or the Chief Executive Officer or General Counsel will take such preventative or disciplinary action as it deems appropriate, including, but not limited to, reassignment, demotion, dismissal and, in the event of criminal conduct or other serious violations of the law, notification of appropriate governmental authorities.

8. <u>Waivers and Amendments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. Each of the Audit Committee or the Board of Directors if no Audit Committee exists (in the case of a violation by a director or executive officer) and the Chief Executive Officer or General Counsel (in the case of a violation by any other person) may, in its discretion, waive any violation of this Code or make any amendment of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. Any waiver for a director or an executive officer or any amendment of this Code shall be disclosed as required by SEC rules and the applicable rules of any trading market on which the Company's securities are listed or quoted, or on the Company's website within four (4) business days following the date of such amendment or waiver.

9. <u>Prohibition on Retaliation</u>.

The Company does not tolerate acts of retaliation against any director, officer or employee who makes a good faith report of known or suspected acts of misconduct or other violations of this Code.

Adopted by the Board of Directors on August 15, 2024.

## Exhibit 99.2

**Exhibit 99.2**

**LANNISTER MINING CORP. AUDIT COMMITTEE CHARTER**

**Adopted on August 15, 2024**

**I.** <u>**PURPOSE**</u> .

The Audit Committee (the "**Committee**") is appointed by the Board of Directors (the "**Board**") of Lannister Mining, Corp. (the "**Company**"). The purpose of the Committee is to assist the Board in fulfilling its oversight responsibility relating to (i) the integrity of the Company's and its subsidiaries' financial statements and financial reporting process and the Company's and its subsidiaries' systems of internal accounting and financial controls, (ii) the performance of the internal audit services function, (iii) the annual independent audit of the Company's and subsidiaries' financial statements, the engagement of the independent auditors and the evaluation of the independent auditors' qualifications, independence and performance, (iv) the compliance by the Company with legal and regulatory requirements, including the Company's disclosure of controls and procedures, (v) the approval of related party transactions, (vi) the evaluation of enterprise risk issues, and (vii) the fulfillment of the other responsibilities set out herein.

The Audit Committee shall prepare the report required by the U.S. Securities and Exchange Commission (the "**SEC**") to be included in the Company's public filing.

**II.** <u>**MEMBERSHIP, STRUCTURE AND QUALIFICATIONS**</u> .

<u>Membership and Structure</u>. The Committee shall not consist of fewer than three (3) directors. The Committee members shall be elected annually by the Board, upon the recommendation of the Nominating and Corporate Governance Committee, for terms of one (1) year, or until their successors shall be duly elected and qualified.

<u>Qualifications</u>. All Committee members shall meet all applicable independence requirements of the NYSE American Company Guide (the "**NYSE Guide**") and of Rule 10A-3 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), subject to the exemptions provided in Rule 10A-3(c) under the Exchange Act, and other applicable rules and regulations of the SEC. Additionally, no member of the Committee shall have participated in the preparation of the financial statements of the Company or any current subsidiary of the Company at any time during the preceding three (3) years and all members of the Committee must be able to read and understand fundamental financial statements, including a balance sheet, income statement, and cash flow statement.

<u>Financial Expert</u>. The Committee must also have at least one member who is financially sophisticated, in that he or she has past employment experience in finance or accounting, requisite professional certification in accounting, or any other comparable experience or background which results in the individual's financial sophistication, including but not limited to being or having been a chief executive officer, chief financial officer, other senior officer with financial oversight responsibilities. A director who qualifies as an "audit committee financial expert" under Item 407(d)(5) of Regulation S-K is presumed to qualify as financially sophisticated. The Committee shall report to the Board for further action as appropriate, including, but not limited to, a determination by the Board that the Committee membership includes or does not include one or more "audit committee financial experts" and any related disclosure to be made concerning this matter. The designation of a member of the Committee as an "audit committee financial expert" will not increase the duties, obligations or liability of the designee as compared to the duties, obligations and liability imposed on the designee as a member of the Committee and of the Board.

<u>Chairman</u>. Unless the Chairman of the Committee (the "**Chairman**") is elected by the full Board, the Committee members may designate a Chairman consistent with any recommendation of the Nominating and Corporate Governance Committee.

<u>Resignation, Removal and Replacement</u>. Any director may resign from the Committee at any time upon notice of such resignation to the Company. An independent director who ceases to be independent under the NYSE Guide shall promptly resign to the extent required for the Company to comply with applicable laws, rules and regulations. The Board shall have the power at any time to remove a member of the Committee with or without cause, to fill all vacancies, and to designate alternate members, upon the recommendation of the Committee, to replace any absent or disqualified members, so long as the Committee shall at all times have at least three (3) members and be composed solely of independent board members.

**III.** <u>**MEETINGS AND OTHER ACTIONS**</u> .

All meetings of and other actions by the Committee shall be held and taken pursuant to the certificate of incorporation and articles of the Company (as may be amended from time to time, the "**Charter Documents**"), including provisions governing notice of meetings and waiver thereof, the number of Committee members required to take action at meetings and by written consent, and other related matters. The Committee may invite any director who is not a member of the Committee, management, counsel, representatives of service providers or other persons to attend meetings and provide information as the Committee, in its sole discretion, considers appropriate.

Unless otherwise authorized by the Board, the Committee shall not delegate any of its authority to any subcommittee.

**IV.** <u>**GOALS, RESPONSIBILITIES AND AUTHORITY**</u> .

The function of the Committee is to oversee the Company's management and independent accountants in the production of the Company's financial statements, as well as all controls and procedures relating thereto, for the purpose of overseeing the accounting and financial reporting processes of the Company and the audits of the financial statements of the Company. The Company's management is primarily responsible for the preparation and presentation of the Company's financial statements and for maintaining appropriate systems for accounting and financial reporting principles and policies and internal controls and procedures that provide for compliance with accounting standards and applicable laws and regulations. The Company's independent accountants are primarily responsible for planning and carrying out a proper audit of the Company's annual financial statements, reviewing the Company's unaudited interim financial statements and auditing management's assessment of effectiveness of internal control over financial reporting in accordance with the standards of the Public Company Accounting Oversight Board (the "**PCAOB**") and other procedures. The independent accountants are accountable to the Board and the Committee, as representatives of the Company's stockholders. The Board and the Committee have the ultimate authority and responsibility to select, evaluate and, where appropriate, replace the Company's independent accountants. For purposes of this Charter, the term "**management**" means the appropriate officers of each of the Company and its subsidiaries and the phrase "**internal accounting staff**" means the appropriate officers and employees of each of the Company and its subsidiaries.

In fulfilling their responsibilities hereunder, it is recognized that members of the Committee are not full-time employees of the Company or members of management and are not, and do not represent themselves to be, accountants or auditors by profession. As such, it is not the duty or the responsibility of the Committee or its members to conduct "field work" or other types of auditing or accounting reviews or procedures to determine if the financial statements are complete and accurate and whether they have been prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board, or to set auditor independence standards.

Each member of the Committee shall be entitled to rely on (i) the integrity of those persons within and outside the Company and management from which it receives information, (ii) the accuracy of the financial and other information provided to the Committee absent actual knowledge to the contrary (which shall be promptly reported to the Board), and (iii) statements made by the officers and employees of the Company and its subsidiaries or other third parties as to any information technology, internal audit and other non-audit services provided by the independent accountants to the Company. In carrying out its responsibilities, the Committee's policies and procedures shall be adapted, as appropriate, to best react to changing markets and regulatory environments.

Nothing in this Charter shall be interpreted as diminishing or derogating the duties, responsibilities or obligations of the Board. Subject to the requirements of the Charter Documents, the Committee shall have the following responsibilities:

Retention of Independent Accountants and Approval of Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Select or retain each year a firm or firms of independent accountants to audit the accounts and records of the Company and its subsidiaries, to approve the terms of compensation of such independent accountants (including negotiating and executing on behalf of the Company engagement letters) and to terminate such independent accountants as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Pre-approve any independent accountants' engagement to render audit and/or permissible non-audit services (including the fees charged and proposed to be charged by the independent accountants), subject to the *de minimus* exceptions under Section 10A(i)(1)(B) of the Exchange Act, and as otherwise required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Committee may delegate its pre-approval responsibilities to one (1) or more of its members. The member(s) to whom such responsibility is delegated must report, for informational purposes only, any pre-approval decisions to the Committee at its next scheduled meeting.

Oversight of the Independent Accountants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Obtain and review a report from the independent accountants at least annually regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the independent accountants' internal quality-control
procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any material issues raised by the most recent internal quality-control review, peer review, or review
by the PCAOB, of the firm, or by any inquiry or investigation by governmental or professional authorities within the preceding five (5)
years respecting one (1) or more independent audits carried out by the firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any steps taken with regard to the issues identified in (a) or (b) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all relationships between the independent accountants and the Company and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Obtain from the independent accountants annually a formal written statement of the fees billed in each of the last two (2) fiscal years for each of the following categories of services rendered by the independent accountants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the audit of the Company's annual financial statements and the reviews of the financial statements
included in the Company's interim reports or services that are normally provided by the independent accountants in connection with
statutory or regulatory filings or engagements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that are reasonably related to the performance of the audit or review of the Company's financial
statements, in the aggregate and by each service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) tax compliance, tax advice and tax planning services, in the aggregate and by each service; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all other products and services rendered by the independent accountants, in the aggregate and by each
service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Evaluate the qualifications, performance and independence of the independent accountants, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evaluating the performance of the lead (or coordinating) audit partner, and the quality and depth of the
professional staff assigned to the Company and its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) considering whether the accountant's quality controls are appropriate and adequate in light of the
standards and requirements established by the PCAOB and under applicable law at such time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) considering whether the provision of permitted non-audit services is compatible with maintaining the accountant's
independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Consider the opinions of management and the internal accounting staff in connection with the foregoing responsibilities. The Committee shall present its conclusions with respect to the independent accountants to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Monitor the rotation required by applicable law of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Oversee compliance with the following guidelines relating to the Company's hiring of employees or former employees of the independent accountants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no member of the audit team that is auditing the Company can be hired by the Company in a financial reporting
oversight role (as defined in the SEC's Regulation S-X) for a period of one (1) year following association with that audit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company's Chief Financial Officer shall report annually to the Committee the profile of the
preceding year's hires from the independent accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10. Consider the effect on the Company of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any changes in accounting principles or practices proposed by management or the independent accountants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any changes in service providers, such accountants, that could impact the Company's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any changes in schedules (such as fiscal or tax year-end changes) or structures or transactions that require
special accounting activities, services or resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Review any presentations or reports prepared by the independent accountants with respect to any applicable tax matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Annually review a formal written statement from the independent accountants delineating all relationships between the independent accountants and the Company, consistent with applicable requirements and standards of the SEC and the PCAOB, and discuss with the independent accountants their methods and procedures for ensuring independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Evaluate the efficiency and appropriateness of the services provided by the independent accountants, including any significant difficulties with the audit or any restrictions on the scope of their activities or access to required records, data and information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Interact with the independent accountants, including reviewing and, where necessary, resolving any problems or difficulties the independent accountants may have encountered in connection with the annual audit or otherwise, any management letters provided to the Committee and the Company's responses. Such review shall address any difficulties encountered in the course of the audit work, including any restrictions on the scope of activities or access to required information, any disagreements that have arisen between management and the independent accountants regarding financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Review with the independent accountants the effect of regulatory and accounting initiatives, as well as off-balance sheet structures, on the financial statements of the Company.

Financial Statements and Disclosure Matters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Review and discuss with management and the independent accountants the annual audited financial statements, including disclosures made in management's discussion and analysis of financial condition and results of operations, and recommend to the Board whether the audited financial statements should be included in the Company's Annual Report on Form 20-F.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Review and discuss with management and the independent accountants the Company's interim financial statements, including disclosures made in management's discussion and analysis of financial condition and results of operations, prior to the filing of its reports on Form 6-K, including the results of the independent accountants' reviews of the interim financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Review with the Company's Chief Executive Officer, Chief Financial Officer and independent accountants, the adequacy and effectiveness of the Company's and its subsidiaries' internal control over financial reporting and review periodically, but in no event less frequently than semiannually, management's conclusions about the effectiveness of such internal control over financial reporting, including any significant deficiencies and material weaknesses in, or material non-compliance with, such internal control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Review with the Company's Chief Executive Officer, Chief Financial Officer and independent accountants, the adequacy and effectiveness of the Company's and its subsidiaries' disclosure controls and procedures and review periodically, but in no event less frequently than semiannually, management's conclusions about the effectiveness of such disclosure controls and procedures, including any significant deficiencies in, or material non-compliance with, such controls and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Review disclosures made to the Committee by the Company's Chief Executive Officer and Chief Financial Officer, or persons performing similar roles, during their certification process for the Company's Annual Report on Form 20-F and reports on Form 6-K concerning any significant deficiencies in the design or operation of disclosure controls and procedures and, when applicable, internal control over financial reporting, or material weaknesses in such control, and any fraud involving management or other employees who have a significant role in the Company's disclosure controls and procedures and internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Review and discuss the types of information to be disclosed and the types of presentation to be made in connection with earnings releases by the Company and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Review and discuss the types of financial and non-financial information and earning guidance to be provided to analysts and ratings agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Meet with the Company's independent accountants at least four times during each fiscal year, including private meetings, and review written materials prepared by the independent accountants, as appropriate. At these meetings, the Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review the arrangements for and the scope of the annual audit and any special audits or other special
permissible services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) review the Company's financial statements and to discuss any matters of concern arising in connection
with audits of such financial statements, including any adjustments to such statements recommended by the independent accountants or any
other results of the audits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) consider and review, as appropriate and in consultation with the independent accountants, the appropriateness
and adequacy of the Company's financial and accounting policies, internal control over financial reporting and, as appropriate,
the internal controls of key service providers, and to review management's responses to the independent accountants' comments
relating to those policies, procedures and controls, and to take any necessary action in light of material control deficiencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) review with the independent accountants their opinions as to the fairness of the financial statements;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) review and discuss semiannual reports from the independent accountants relating to: (1) all critical accounting
policies and practices to be used; (2) all alternative treatment of financial information within IFRS that have been discussed with management,
ramifications of the use of such alternative disclosures and treatments and the treatment preferred by the independent accountants; and
(3) other material written communications between the independent accountant and management, such as any management letter or schedule
of unadjusted differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Prepare the report and filing required by the SEC to be included in the Company's public filing.

Compliance Oversight

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Administer the following procedures relating to the receipt, retention and treatment of complaints received by the Company regarding questionable accounting, internal accounting controls over financial reporting or auditing matters, and the confidential, anonymous submission by employees of the Company of concerns regarding questionable accounting or auditing matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall forward to the Committee any complaints or concerns that it has received regarding questionable
financial statement disclosures, accounting, internal accounting controls or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company shall establish and publish on its website an e-mail address for receiving anonymous complaints
or concerns related to questionable financial statement
disclosures, accounting, internal accounting controls or auditing matters, provided that the Company may engage the services of a third-party
service provider to receive such complaints on behalf of the Company via telephone, email or other appropriate method;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any employee of the Company may submit, on a confidential, anonymous basis if the employee so desires,
any concerns regarding questionable financial statement disclosures, accounting, internal accounting controls or auditing matters by setting
forth such concerns in writing and forwarding them in a sealed envelope to the Chairman of the Committee, such envelope to be labeled
with a legend such as "To be opened by the Committee only" (employees may deposit such envelope in the Company's internal
mail system or deliver it by hand to a member of the Committee and if an employee would like to discuss any matter with the Committee,
the employee should indicate this in the submission and include a telephone number at which he or she might be contacted if the Committee
deems it appropriate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Committee shall review and consider any such complaints and concerns that it has received and take
any action that it deems appropriate in order to respond thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Committee may request special treatment for any complaint or concern, including the retention of outside
counsel or other advisors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Committee shall retain any such complaints or concerns for a period of no less than five (5) years.

The Committee shall annually reassess the effectiveness of the procedures described immediately above and modify them as necessary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. The Committee will be designated as and serve as the Qualified Legal Compliance Committee (the "QLCC") for the Company in accordance with the provisions of Section 307 of Sarbanes-Oxley Act of 2002. Upon receipt of a report of evidence of a material legal violation, the Committee will notify the Board of such report, investigate and recommend appropriate measures to the Board. If the Company does not appropriately respond, the Committee may take further appropriate action, including notification to the SEC. In its capacity as the QLCC, the Committee shall have responsibility for the matters set forth in <u>Appendix A</u> to this charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Review with management or any external counsel as the Committee considers appropriate, any legal matters (including the status of pending litigation) that may have a material impact on the Company and any material reports or inquiries from regulatory or governmental agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Review with management the adequacy and effectiveness of the Company's procedures to ensure compliance with its legal and regulatory responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29. Oversee compliance with the Company's Code of Ethics and Business Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. Discuss with management, the independent accountants, outside counsel, as appropriate, and, in the judgment of the Committee, such special counsel, separate accounting firm and other consultants and advisors as the Committee deems appropriate, any correspondence with regulators or governmental agencies and any published reports which raise material issues regarding the Company's financial statements, accounting policies or internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. Obtain reports from management, the internal or external auditor or internal or external audit service provider, as the case may be, and the independent auditor regarding compliance with applicable legal and regulatory requirements.

Oversight of Company's Internal And External Audit Function

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. The internal and external auditor or internal and external audit service provider, as the case may be, shall report periodically to the Committee regarding any significant deficiencies in the design or operation of the Company's and its subsidiaries' internal control over financial reporting, material weaknesses in the internal control over financial reporting and any fraud (regardless of materiality) involving persons having a significant role in the internal control over financial reporting, as well as any significant changes in internal control over financial reporting implemented by management during the most recent reporting period of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. Discuss with management, the internal and external auditor or internal and external audit service provider, as the case may be, and the independent accountant the Company's major risk exposures (whether financial, operations or both) and the steps management has taken to monitor and control such exposures, including the Company's risk assessment and risk management policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. With respect to any internal and external audit services that may be outsourced, engage, evaluate and terminate internal and external audit service providers and approve fees to be paid to such internal and external audit service providers.

Financial Oversight

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. Review and approve decisions by the Company and its subsidiaries to enter into derivative transactions (including, but limited to, swaps, put and call options or combinations thereof, caps, floors, collars, and forward or spot exchanges) and related matters, as appropriate, as well as non-cleared swaps that are exempt from the clearing and trade execution requirements established under applicable federal law, rules and regulations, including swaps that are entered into in reliance upon the "end-user exceptions" to the mandatory execution and clearing requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulations. The Committee may review and approve swap transactions submitted to it by management on (a) an individual transaction basis or (b) a blanket basis, with respect to all non- cleared swaps that are exempt from the federal clearing and trade execution requirements, which approval must be reviewed at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. Periodically review, at least on an annual basis, or more often (particularly in the event of a material change in hedging strategy) and approve the Company's policies for the use of swaps that are entered into in reliance upon the end-user exceptions.

Other

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37. Prepare the disclosure required by Item 407(d)(3)(i) of Regulation S-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38. Report its activities to the Board on a regular basis and to make such recommendations with respect to the matters described above and other matters as the Committee may deem necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. Perform an annual self-evaluation of the Committee's performance and annually review and reassess the adequacy of and, if appropriate, propose to the Board, any desired changes in, this Charter, all to supplement the oversight authority by the Nominating and Corporate Governance Committee with respect to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. The Committee shall have such further responsibilities as are given to it from time to time by the Board. The Committee shall consult, on an ongoing basis, with management, the independent accountants and counsel as to legal or regulatory developments affecting its responsibilities, as well as relevant tax, accounting and industry developments.

The foregoing list of duties is not exhaustive, and the Committee may, in addition, perform such other functions as may be necessary or appropriate for the performance of its duties.

**V.** <u>**ADDITIONAL RESOURCES**</u> .

The Committee shall have the right to use reasonable amounts of time of the Company's independent accountants, outside lawyers and other internal staff and also shall have the right to hire independent experts, lawyers and other consultants to assist and advise the Committee in connection with its responsibilities. The Committee shall also be given the funding and resources, as determined by the Committee, for payment of (i) compensation to any registered independent public accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company, (ii) compensation to any independent experts, lawyers and other consultants hired to assist and advise the Committee in connection with its responsibilities, and (iii) ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties. The Committee shall keep the Company's Chief Financial Officer advised as to the general range of anticipated expenses for outside consultants, and shall obtain the concurrence of the Board in advance for any expenditures.

**VI.** <u>**AMENDMENTS**</u> .

Any amendments to this Charter must be approved or ratified by a majority vote of the Company's Board, including a majority of independent directors.

**VII.** <u>**DISCLOSURE OF CHARTER**</u> .

This Charter will be made available on the Company's website at https://lannistermining.com/.

 **

***Adopted, by the Board of Directors on August 15, 2024***

 **

<u>**APPENDIX A**</u>

**THE AUDIT COMMITTEE'S RESPONSIBILITIES AS A<br> QUALIFIED LEGAL COMPLIANCE COMMITTEE**

In its capacity as the Qualified Legal Compliance Committee, the Audit Committee shall have responsibility for the following matters:

● To review any report by an attorney or a legal counsel representing the Company and/or its subsidiaries of a material violation of U.S. federal, state securities law or applicable local law, a material breach of fiduciary duty arising under U.S. federal law, state law or applicable local law, or a similar material violation of any U.S. federal law, state law or applicable local law (each, a "material violation").

● Any report or referral under this charter shall be made in the first instance to the Chair of the Audit Committee by direct communication, either in person or by telephone. If it is an exigent matter and the Chair of the Audit Committee is unavailable, then an attorney or a legal counsel representing the Company and/or its subsidiaries shall report the matter to another member of the Audit Committee.

● A reporting attorney or legal counsel shall ensure that the person to whom he or she reports is expressly advised that the attorney is making a report or referral under this charter.

● Reports to the Audit Committee by an attorney or a legal counsel representing the Company and/or its subsidiaries shall be subject to the attorney-client privilege. The Audit Committee shall maintain the confidentiality of such reports, except to the extent the Audit Committee deems it necessary to disclose such reports or related information in carrying out its functions under this charter and the SEC rules.

● Upon receipt of a report, the Audit Committee shall:

● inform Chief Executive Officer of such report, unless such notification would be futile; and

● determine whether an investigation is necessary regarding any report of evidence of a material violation by the Company, its officers, directors, employees or agents.

● If the Audit Committee determines an investigation is necessary or appropriate, the Audit Committee shall:

notify the Board of Directors; and initiate an investigation, which may be conducted by an attorney or a legal counsel representing the Company and/or its subsidiaries.

● At the conclusion of any such investigation, the Audit Committee shall:

recommend that the Company implement an appropriate response to the evidence of a material violation, which appropriate response may include:

● a finding that no material violation has occurred, is ongoing or is about to occur;

● the adoption of appropriate remedial measures, including appropriate steps or sanctions to stop any material violations that are ongoing, to prevent any material violation that has yet to occur, and to remedy or otherwise appropriately address any material violation that has already occurred and to minimize the likelihood of its recurrence; or

● retaining or directing an attorney or a legal counsel representing the Company and/or its subsidiaries to review the reported evidence of a material violation, and either (i) the Company substantially implements any remedial recommendations made by an attorney or a legal counsel representing the Company and/or its subsidiaries after a reasonable investigation and evaluation of the reported evidence, or (ii) the attorney or legal counsel representing the Company and/or its subsidiaries advises the Company that he or she may, consistent with his or her professional obligations, assert a colorable defense on behalf of the Company or its officers, directors, employees or agents, in any investigation or judicial or administrative proceeding relating to the reported evidence or a material violation; and

● inform the Chief Executive Officer and the Board of Directors of the results of any such investigation initiated by the Audit Committee, and the appropriate remedial measures to be adopted.

● The Audit Committee may take all other appropriate action, including notifying the SEC, if the Company fails in any material respect to implement an appropriate response that the Audit Committee has recommended that the Company take.

## Exhibit 99.3

**Exhibit 99.3**

**LANNISTER MINING CORP.**

**COMPENSATION COMMITTEE CHARTER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.**  **<u>Purpose</u>** .

The Compensation Committee (the "**Committee**") is established by the Board of Directors (the "**Board**"**)** of Lannister Mining Corp. (the "**Company**") as a committee of the Board. The purpose of the Committee is to assist the Board in fulfilling its oversight responsibilities related to the Company's compensation structure and compensation, including equity compensation, and other remunerations paid by the Company.

The Committee has overall responsibility for (i) reviewing and approving the compensation of the Company's Chief Executive Officer, Chief Financial Officer and any other executive officers that serve in executive officer capacities for the Company, (ii) evaluating and making recommendations to the Board regarding the compensation of the directors of the Company; (iii) evaluating and making recommendations to the Board regarding equity-based and incentive-compensation plans, policies and programs that are subject to Board approval; and (iv) the fulfillment of the other responsibilities set out herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. <u>Membership, Structure and Qualifications</u>.

<u>Membership and Structure</u>. The Committee shall consist of two (2) or more independent directors. The Committee members shall be elected by the Board, upon the recommendation of the Nominating and Corporate Governance Committee, on such terms as may be specified by the Board.

<u>Qualifications</u>. All Committee members shall meet all applicable independence requirements of the NYSE American Company Guide (the "**NYSE Guide**") and applicable rules and regulations of the

U.S. Securities and Exchange Commission (the "**SEC**"). In addition, each member of the Committee also shall satisfy all requirements necessary from time to time to be "non-employee directors" under Rule 16b- 3 of the Exchange Act of 1934, as amended. In addition, in affirmatively determining the independence of any director who will serve on the Committee, the Board must consider all factors specifically relevant to determining whether a director has a relationship to the Company which is material to that director's ability to be independent from management in connection with the duties of a Committee member, including, but not limited to: (i) the source of compensation of such director, including any consulting, advisory or other compensatory fee paid by the Company to such director; and (ii) whether such director is affiliated with the Company, a subsidiary of the Company or an affiliate of a subsidiary of the Company.

<u>Chairman</u>. Unless the Chairman of the Committee (the "**Chairman**"**)** is elected by the full Board, the Committee members may designate a Chairman consistent with any recommendation of the Nominating and Corporate Governance Committee.

<u>Resignation, Removal and Replacement</u>. Any director may resign from the Committee at any time upon notice of such resignation to the Company. An independent director who ceases to be independent under the NYSE Guide shall promptly resign to the extent required for the Company to comply with applicable laws, rules and regulations. The Board shall have the power at any time to remove a member of the Committee with or without cause, to fill all vacancies, and to designate alternate members, upon the recommendation of the Committee, to replace any absent or disqualified members, so long as the Committee shall at all times have at least two (2) members and be composed solely of independent board members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. <u>Meetings and Other Actions</u>.

All meetings of and other actions by the Committee shall be held and taken pursuant to the certificate of incorporation and articles of the Company (as may be amended from time to time, the "**Charter Documents**"), including provisions governing notice of meetings and waiver thereof, the number of Committee members required to take action at meetings and by written consent, and other related matters. The Committee may invite any director who is not a member of the Committee, management, counsel, representatives of service providers or other persons to attend meetings and provide information as the Committee, in its sole discretion, considers appropriate.

Unless otherwise authorized by the Board, the Committee shall not delegate any of its authority to any subcommittee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. <u>Goals, Responsibilities and Authority</u>.

The following are the general goals, responsibilities and authority of the Committee and are set forth only for its guidance. The Committee, however, may diverge from these responsibilities and/or may assume such other responsibilities as the Board may delegate from time to time and/or as the Committee may deem necessary or appropriate from time to time in performing its functions in accordance with the Charter Documents and other governance documents of the Company and with applicable law (it being understood that the Committee may condition its approval of any compensation on Board ratification to the extent so required to comply with applicable tax law).

Nothing in this Charter shall be interpreted as diminishing or derogating the duties, responsibilities or obligations of the Board. Subject to the requirements of the Charter Documents, the Committee shall have the following responsibilities:

Executive Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review from time to time, modify if necessary, and approve the Company's corporate goals and objectives relevant to compensation and the Company's executive compensation structure and compensation range to ensure that it is designed to achieve the objectives of rewarding the Company's executive officers appropriately for their contributions to corporate growth and profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Evaluate the Chief Executive Officer's performance in light of such goals and objectives and, either as a Committee or together with the other independent directors (as directed by the Board), determine and approve the Chief Executive Officer's compensation based on this evaluation. The Chief Executive Officer may not be present during voting or deliberations on his or her compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Annually review and determine the compensation of the Company's Chief Executive Officer and other executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Upon the engagement of and annually thereafter, determine and approve the compensation paid to the Company's Chief Financial Officer and any other executive officers that serve in executive officer capacities for the Company.

Director Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Select peer groups of companies that shall be used for purposes of determining competitive director compensation packages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Periodically evaluate and make recommendations to the Board concerning the reimbursement of directors' expenses, if any, for attendance of each meeting of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Periodically evaluate and make recommendations to the Board concerning the total compensation package for directors including, without limitation, the annual retainer fee, the meeting fee, incentives, equity-based compensation and other benefits paid to directors, taking into account the compensation of directors at selected peer groups of companies. The Committee shall recommend to the Board any adjustments in director compensation that the Committee considers appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Recommend to the Board the terms and awards of any share compensation for members of the Board.

Long-Term Incentive Plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Approve all long-term incentive awards for the executive officers of the Company and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Periodically evaluate (and approve any proposed amendments to) the terms and administration of the Company's and its subsidiaries' annual and long-term incentive plans to assure that they are structured and administered in a manner consistent with the Company's and its subsidiaries' goals and objectives as to participation in such plans, target annual incentive awards, corporate financial goals, actual awards paid to the executive officers of the Company's subsidiaries, and total funds reserved for payment under the compensation plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Determine when it is necessary (based on advice of counsel) or otherwise desirable: (a) to modify, discontinue or supplement any such plans; or (b) to submit such amendment or adoption to a vote of the full Board and/or the Company's shareholders to the extent required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Evaluate and make recommendations to the Board concerning the adoption of any new equity-based and incentive-compensation plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Oversee the administration of any equity incentive plans of the Company in accordance with their terms, construe all terms, provisions, conditions and limitations of such plan and make factual determinations required for the administration of such plans. The Committee may amend or terminate such plans at any time, subject to the terms of the plans.

Compensation Advisers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. In its sole discretion, retain or obtain the advice of a compensation consultant, independent legal counsel or other adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Have the direct responsibility for the appointment, compensation and oversight of the work of any compensation consultant, independent legal counsel or other adviser retained by the Committee. The Company must provide for appropriate funding, as determined by the Committee, for payment of reasonable compensation to a compensation consultant, independent or legal counsel that is not independent or any other adviser retained by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Prior to retaining or obtaining any compensation consultant, independent legal counsel or other adviser (other than in-house legal counsel), the Committee must conduct an independence assessment of such compensation consultant, legal counsel or other adviser, including the consideration of all relevant factors to that person's independence from management. Such factors include, but are not limited to, the following: (a) the provision of other services to the Company by the person that employs the compensation consultant, legal counsel or other adviser; (b) the amount of fees received from the Company by the person that employs the compensation consultant, legal counsel or other adviser, as a percentage of the total revenue of the person that employs the compensation consultant, legal counsel or other adviser; (c) the policies and procedures of the person that employs the compensation consultant, legal counsel or other adviser that are designed to prevent conflicts of interest; (d) any business or personal relationship of the compensation consultant, legal counsel or other adviser with a Committee member; (e) any shares of the Company owned by the compensation consultant, legal counsel or other adviser; and (f) any business or personal relationship of the compensation consultant, legal counsel, other adviser or the person employing the adviser with an executive officer of the Company. Only after the Committee has considered the preceding independence factors, the Committee may select or receive advice from any compensation advisor they prefer, including those who are not independent. The Committee is not required to conduct any independence assessment if, pursuant to Regulation S-K Item 407, disclosure of the engagement of such compensation consultant, legal counsel or other adviser is not required.

Other

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Fulfill any disclosure, reporting or other requirements imposed on or required of the Committee by the SEC, NYSE American, or other applicable laws, rules and regulations, as the forgoing may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18. Review organizational and staffing matters with respect to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Prepare the disclosure required by Item 407(e)(5) of Regulation S-K or any equivalent disclosure of filing mandated or required by the laws of the Province of British Columbia, Canada, including all applicable provisions of the Business Corporations Act (British Columbia) (the "BCBCA"), and the federal laws of Canada applicable therein or other applicable local law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Grant the right to receive indemnification and right to be paid by the Company the expenses incurred in defending any proceeding in advance to its disposition, to any employees in their capacity as officer, director employee or agent of the Company, any of directors the Company and any of the Company's and its subsidiaries' executive officers to the fullest extent of the provisions of the Charter Documents and other governance documents of the Company and with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Perform an annual self-evaluation of the Committee's performance and annually review and reassess the adequacy of and, if appropriate, propose to the Board, any desired changes in, the Committee's Charter, all to supplement the oversight authority by the Nominating and Corporate Governance Committee with respect to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Perform such other duties and responsibilities as may be assigned to the Committee, from time to time, by the Board of the Company and/or the Chairman of the Board, or as designated in plan documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Make regular reports to the Board and propose any necessary action to the Board. Such reports shall provide information with respect to any delegation of authority by the Committee to the Company and its subsidiaries' executive officers or to a third party.

The foregoing list of duties is not exhaustive, and the Committee may, in addition, perform such other functions as may be necessary or appropriate for the performance of its duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. <u>Additional Resources</u>.

Subject to the approval of the Board, the Committee shall have the right to use reasonable amounts of time of the Company's independent accountants, outside lawyers and other internal staff to assist and advise the Committee in connection with its responsibilities. The Committee shall keep the Company's Chief Financial Officer informed as to the general range of anticipated expenses for outside consultants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. <u>Amendments</u>.

Any amendments to this Charter must be approved or ratified by a majority vote of the Company's Board, including a majority of independent directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. <u>Disclosure of Charter</u>.

This Charter will be made available on the Company's website at https://lannistermining.com.

Adopted by the Board of Directors on August 15, 2024.

## Exhibit 99.4

**Exhibit 99.4**

**LANNISTER MINING CORP.**

**NOMINATING AND CORPORATE GOVERNANCE COMMITTEE CHARTER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.**  **<u>Purpose</u>** .

The Nominating and Corporate Governance Committee (the "**Committee**") is appointed by the Board of Directors (the "**Board**") of Lannister Mining, Corp. (the "**Company**") as a committee of the Board. The purpose of the Committee is to assist the Board in fulfilling its oversight responsibility to assure that the Company is governed in a manner consistent with the interests of the Company's shareholders and in compliance with applicable laws, regulations, rules and orders.

The Committee has overall responsibility for: (i) identifying and evaluating individuals qualified to become members of the Board by reviewing nominees for election to the Board and recommending to the Board director nominees for election to fill any vacancies on the Board and whether at general meeting of the Company or otherwise, (ii) advising the Board with respect to Board organization, desired qualifications of Board members, the membership, function, operation, structure and composition of committees (including any committee authority to delegate to subcommittees), and self-evaluation and policies, (iii) advising on matters relating to corporate governance, in each case subject to the requirements of the certificate of incorporation and articles of the Company (as may be amended from time to time, the "**Charter Documents**") and monitoring developments in the law and practice of corporate governance, and

(iv) overseeing compliance with the Company's Code of Ethics and Business Conduct and conduct of the Company's officers and directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. <u>Membership, Structure and Qualifications</u>.

<u>Membership and Structure</u>. The Committee shall consist of three (3) or more directors. The Company decided to rely on home country practice to allow one executive director to serve as a member of the Committee. The Committee members shall be elected annually by the Board, upon the recommendation of the Committee, for terms of one (1) year, or until their successors shall be duly elected and qualified.

<u>Qualifications</u>. All Committee members shall meet all applicable independence requirements of the NYSE American Company Guide (the "**NYSE Guide**") and applicable rules and regulations of the U.S. Securities and Exchange Commission (the "**SEC**").

<u>Chairman</u>. Unless the Chairman of the Committee (the "**Chairman**") is elected by the full Board, the Committee members may designate a Chairman consistent with any recommendation of the Committee.

<u>Resignation, Removal and Replacement</u>. Any director may resign from the Committee at any time upon notice of such resignation to the Company. An independent director who ceases to be independent under the NYSE Guide shall promptly resign to the extent required for the Company to comply with applicable laws, rules and regulations. The Board shall have the power at any time to remove a member of the Committee with or without cause, to fill all vacancies, and to designate alternate members, upon the recommendation of the Committee, to replace any absent or disqualified members, so long as the Committee shall at all times have at least two (2) members and be composed majority of independent board members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. <u>Meetings and Other Actions</u>.

All meetings of and other actions by the Committee shall be held and taken pursuant to the Charter Documents, including provisions governing notice of meetings and waiver thereof, the number of Committee members required to take actions at meetings and by written consent, and other related matters. The Committee may invite any director who is not a member of the Committee, management, counsel, representatives of service providers or other persons to attend meetings and provide information as the Committee, in its sole discretion, considers appropriate.

Unless otherwise authorized by the Board, the Committee shall not delegate any of its authority to any subcommittee.

In the event that the Committee's Chairman is unable to perform any of his or her functions or obligations hereunder, the Chairman of the Company's Compensation Committee is hereby authorized and directed to act in the place and stead of the Chairman of this Committee and fulfill any and all functions or obligations that would otherwise be the responsibility of the Chairman of this Committee, without any further action or authorization by this Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. <u>Goals, Responsibilities and Authority</u>.

The following are the general goals, responsibilities and authority of the Committee and are set forth only for its guidance. The Committee, however, may diverge from these responsibilities and/or may assume such other responsibilities as the Board may delegate from time to time and/or as the Committee may deem necessary or appropriate from time to time in performing its functions in accordance with the Charter Documents and other governance documents of the Company with applicable law.

Nothing in this Charter shall be interpreted as diminishing or derogating the duties, responsibilities or obligations of the Board. Subject to the requirements of the Charter Documents and/or applicable law, the Committee shall have the following responsibilities:

Nominating Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Evaluate periodically the desirability of and recommend to the Board any changes in the size and composition of the Board or the qualifications for Board membership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Select and evaluate nominated directors, nominated either by the Board or the shareholders, in accordance with the general and specific considerations set forth below:

&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) <u>General Considerations</u>*.* The Board shall be comprised of at least enough independent directors to comply with the requirements of the NYSE Guide as well as applicable rules and regulations of the SEC (each such independent director, an "**Independent Director**" and collectively, the "**Independent Directors**"). In making its recommendations, the Committee may consider some or all of the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the candidate's judgment, skill, experience with other organizations of comparable purpose, complexity and size, and subject to similar legal restrictions and oversight;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the interplay of the candidate's experience with the experience of other Board members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the extent to which the candidate would be a desirable addition to the Board and any committee thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. whether or not the person has any relationships that might impair his or her independence, including, but not limited to, business, financial or family relationships with the Company's management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. the candidate's ability to contribute to the effective management of the Company, taking into account the needs of the Company and such factors as the individual's experience, perspective, skills and knowledge of the industries in which the Company's subsidiaries operate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Specific Considerations</u>. In addition to the foregoing general considerations, the Committee shall develop, reevaluate at least annually and modify as appropriate a set of specific considerations outlining the skills, experiences (whether in business or in other areas such as public service, academia or scientific communities), particular areas of expertise, specific backgrounds, and other characteristics for which there is a specific need on the Board and which would enhance the effectiveness of the Board and its committees given its current composition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Evaluate each new director candidate and each incumbent director before recommending that the Board nominate or re-nominate such individual for election or reelection (or that the Board elect such individual on an interim basis) as a director based upon the extent to which such individual satisfies the general criteria above and will contribute significantly to satisfying the overall mix of specific criteria identified above. Each decision to re-nominate an incumbent director should be based upon a careful consideration of such individual's contributions, including the value of his or her experience as a director of the Company, the availability of new director candidates who may offer unique contributions and the Company's changing needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Seek to identify potential director candidates who will strengthen the Board and will contribute to the overall mix of considerations identified above. This process should include establishing procedures for soliciting and reviewing potential nominees from directors and shareholders and for notifying those who suggest nominees of the outcome of such review. The Committee shall have sole authority to retain and terminate any search firm to be used to identify director candidates, including sole authority to approve any such search firm's fees and other terms of retention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Submit to the Board the candidates for director to be recommended by the Board for election at by the meetings of shareholders or otherwise and to be added to the Board at any other times due to any expansion of the Board, director resignations or retirements or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. In the event of a vacancy on the Board, following determination by the Board that such vacancy shall be filled, identify candidates for director qualified to fill such vacancy that satisfies the general criteria above.

Board of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Monitor performance of the Board and its individual members based upon the general criteria and the specific criteria applicable to the Board and each of its members. If any serious issues are identified with any director, work with such director to resolve such issues or, if necessary, seek such director's resignation or recommend to the Board such person's removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8. Review director compensation process, self-evaluation and policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Develop and periodically evaluate initial orientation guidelines and continuing education guidelines for each member of the Board and each member of each committee thereof regarding his or her responsibilities as a director generally and as a member of any applicable committee of the Board, and monitor and evaluate annually (and at any additional time a new member joins the Board or any committee thereof).

Board Committees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Review and evaluate at least annually the adequacy of the Committee's own performance and Charter and provide a report on such evaluation and recommended proposed changes to the Charter to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Evaluate at least annually the performance, authority, operations, charter and composition of each standing or *ad hoc* committee of the Board (including any authority of a committee to delegate to a subcommittee) and the performance of each committee member and recommend any changes considered appropriate in the authority, operations, charter, number or membership of each committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Submit to the Board annually (and at any additional times that any committee members are to be selected) recommendations regarding candidates for membership on each committee of the Board.

Evaluation of and Succession Planning for Executive Officers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Assist the Board in evaluating the performance of and other factors relating to the retention of executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Develop and periodically review and revise as appropriate a management succession plan and related procedures. Consider and recommend to the Board candidates for successor to executive officers.

Corporate Governance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Develop, monitor and make recommendations to the Board on matters of Company policies and practices relating to corporate governance, including the Company's corporate governance guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Review and make recommendations to the Board regarding proposals of shareholders that relate to corporate governance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17. Oversee the evaluation of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Oversee compliance with the Company's Code of Ethics and Business Conduct. OTHER MATTERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Perform such other duties and responsibilities as may be assigned to the Committee, from time to time, by the Board and/or the Chairman of the Board, or as designated in the Charter Documents or by applicable law.

The forgoing list of duties is not exhaustive, and the Committee may, in addition, perform such other functions as may be necessary or appropriate for the performance of its duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. <u>Additional Resources</u>.

Subject to the approval of the Board, the Committee shall have the right to use reasonable amounts of time of the Company's independent accountants, outside lawyers and other internal staff and also shall have the right to hire independent experts, lawyers and other consultants to assist and advise the Committee in connection with its responsibilities. The Committee shall keep the Company's Chief Financial Officer informed as to the general range of anticipated expenses for outside consultants, and shall obtain the approval of the Board in advance for any expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. <u>Amendments</u>.

Any amendments to this Charter must be approved or ratified by a majority vote of the Company's Board, including a majority of independent directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. <u>Disclosure of Charter</u>.

This Charter will be made available on the Company's website at https://lannistermining.com/.

Adopted by the Board of Directors on August 15, 2024.

## Exhibit 99.5

**Exhibit 99.5**

**LANNISTER MINING CORP.**

**CLAWBACK POLICY**

A. OVERVIEW

In accordance with the applicable rules of The NYSE American Company Guide (the "**NYSE American Rules**"), Section 10D and Rule 10D-1 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") ("**Rule 10D-1**"), the Board of Directors (the "**Board**") of Lannister Mining Corp. (the "**Company**") has adopted this Policy (the "**Policy**") to provide for the recovery of erroneously awarded Incentive-based Compensation from Executive Officers. All capitalized terms used and not otherwise defined herein shall have the meanings set forth in Section H, below.

B. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In the event of an Accounting Restatement, the Company will reasonably promptly recover the Erroneously Awarded Compensation Received in accordance with NYSE American Rules and Rule 10D-1 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) After an Accounting Restatement, the Compensation Committee of the Board (the "**Committee** ")
shall determine the amount of any Erroneously Awarded Compensation Received by each Executive Officer and shall promptly notify each Executive
Officer with a written notice containing the amount of any Erroneously Awarded Compensation and a demand for repayment or return of such
compensation, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For Incentive-based Compensation based on (or derived from)
the Company's stock price or total shareholder return, where the amount of Erroneously Awarded Compensation is not subject to mathematical
recalculation directly from the information in the applicable Accounting Restatement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The amount to be repaid or returned shall be determined by the Committee based
on a reasonable estimate of the effect of the Accounting Restatement on the Company's stock price or total shareholder return upon
which the Incentive-based Compensation was Received; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The Company shall maintain documentation of the determination of such reasonable
estimate and provide the relevant documentation as required to the NYSE American.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Committee shall have discretion to determine the appropriate means of recovering
Erroneously Awarded Compensation based on the particular facts and circumstances. Notwithstanding the foregoing, except as set forth in
Section B(2) below, in no event may the Company accept an amount that is less than the amount of Erroneously Awarded Compensation in satisfaction
of an Executive Officer's obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the extent that the Executive Officer has already reimbursed the Company for
any Erroneously Awarded Compensation Received under any duplicative recovery obligations established by the Company or applicable law,
it shall be appropriate for any such reimbursed amount to be credited to the amount of Erroneously Awarded Compensation that is subject
to recovery under this Policy.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To the extent that an Executive Officer fails to repay all Erroneously Awarded
Compensation to the Company when due, the Company shall take all actions reasonable and appropriate to recover such Erroneously Awarded
Compensation from the applicable Executive Officer. The applicable Executive Officer shall be required to reimburse the Company for any
and all expenses reasonably incurred (including legal fees) by the Company in recovering such Erroneously Awarded Compensation in accordance
with the immediately preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding anything herein to the contrary, the Company shall not be required to take the actions contemplated by Section B(1) above if the Committee determines that recovery would be impracticable *and* any of the following two conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Committee has determined that the direct expenses paid to a third party to
assist in enforcing the Policy would exceed the amount to be recovered. Before making this determination, the Company must make a reasonable
attempt to recover the Erroneously Awarded Compensation, document such attempt(s) and provide such documentation to the NYSE American;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Recovery would likely cause an otherwise tax-qualified retirement plan, under which
benefits are broadly available to employees of the Company, to fail to meet the requirements of Section 401(a)(13) or Section 411(a) of
the Internal Revenue Code of 1986, as amended, and regulations thereunder.

C. DISCLOSURE REQUIREMENTS

The Company shall file all disclosures with respect to this Policy required by applicable U.S. Securities and Exchange Commission ("**SEC**") filings and rules.

D. PROHIBITION OF INDEMNIFICATION

The Company shall not be permitted to insure or indemnify any Executive Officer against (i) the loss of any Erroneously Awarded Compensation that is repaid, returned or recovered pursuant to the terms of this Policy, or (ii) any claims relating to the Company's enforcement of its rights under this Policy. Further, the Company shall not enter into any agreement that exempts any Incentive-based Compensation that is granted, paid or awarded to an Executive Officer from the application of this Policy or that waives the Company's right to recovery of any Erroneously Awarded Compensation, and this Policy shall supersede any such agreement (whether entered into before, on or after the Effective Date of this Policy). It is hereby acknowledged that Rule 10D-1(b)(1)(v) and Section 811 of the NYSE American Rules provide that the Company is prohibited from indemnifying any executive officer or former executive officer against the loss of erroneously awarded compensation. It is therefore acknowledged that such indemnification is prohibited by applicable law for all purposes, including any and all such agreements.

E. ADMINISTRATION AND INTERPRETATION

This Policy shall be administered by the Committee, and any determinations made by the Committee shall be final and binding on all affected individuals.

The Committee is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy and for the Company's compliance with NYSE American Rules, Section 10D, Rule 10D-1 and any other applicable law, regulation, rule or interpretation of the SEC or NYSE American promulgated or issued in connection therewith.

Page \| 2

F. AMENDMENT; TERMINATION

The Committee may amend this Policy from time to time in its discretion and shall amend this Policy as it deems necessary. Notwithstanding anything in this Section F to the contrary, no amendment or termination of this Policy shall be effective if such amendment or termination would (after taking into account any actions taken by the Company contemporaneously with such amendment or termination) cause the Company to violate any federal securities laws, SEC rule or NYSE American rule.

G. OTHER RECOVERY RIGHTS

This Policy shall be binding and enforceable against all Executive Officers and, to the extent required by applicable law or guidance from the SEC or NYSE American, their beneficiaries, heirs, executors, administrators or other legal representatives. The Committee intends that this Policy will be applied to the fullest extent required by applicable law. Any employment agreement, equity award agreement, compensatory plan or any other agreement or arrangement with an Executive Officer shall be deemed to include, as a condition to the grant of any benefit thereunder, an agreement by the Executive Officer to abide by the terms of this Policy. Any right of recovery under this Policy is in addition to, and not in lieu of, any other remedies or rights of recovery that may be available to the Company under applicable law, regulation or rule or pursuant to the terms of any policy of the Company or any provision in any employment agreement, equity award agreement, compensatory plan, agreement or other arrangement.

H. DEFINITIONS

For purposes of this Policy, the following capitalized terms shall have the meanings set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) "**Accounting Restatement**" means an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements (a "Big R" restatement), or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (a "little r" restatement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "**Clawback Eligible Incentive Compensation**" means all Incentive-based Compensation Received by an Executive Officer (i) on or after the effective date of the applicable NYSE American rules, (ii) after beginning service as an Executive Officer, (iii) who served as an Executive Officer at any time during the applicable performance period relating to any Incentive-based Compensation (whether or not such Executive Officer is serving at the time the Erroneously Awarded Compensation is required to be repaid to the Company), (iv) while the Company has a class of securities listed on a national securities exchange or a national securities association, and (v) during the applicable Clawback Period (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "**Clawback Period**" means, with respect to any Accounting Restatement, the three completed fiscal years of the Company immediately preceding the Restatement Date (as defined below), and if the Company changes its fiscal year, any transition period of less than nine months within or immediately following those three completed fiscal years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) "**Erroneously Awarded Compensation**" means, with respect to each Executive Officer in connection with an Accounting Restatement, the amount of Clawback Eligible Incentive Compensation that exceeds the amount of Incentive-based Compensation that otherwise would have been Received had it been determined based on the restated amounts, computed without regard to any taxes paid.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) "**Executive Officer**" means each individual who is currently or was previously designated as an "officer" of the Company as defined in Rule 16a-1(f) under the Exchange Act. For the avoidance of doubt, the identification of an executive officer for purposes of this Policy shall include each executive officer who is or was identified pursuant to Item 401(b) of Regulation S-K or Item 6.A of Form 20-F, as applicable, as well as the principal financial officer and principal accounting officer (or, if there is no principal accounting officer, the controller).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) "**Financial Reporting Measures**" means measures that are determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and all other measures that are derived wholly or in part from such measures. Stock price and total shareholder return (and any measures that are derived wholly or in part from stock price or total shareholder return) shall, for purposes of this Policy, be considered Financial Reporting Measures. For the avoidance of doubt, a Financial Reporting Measure need not be presented in the Company's financial statements or included in a filing with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) "**Incentive-based Compensation**" means any compensation that is granted, earned or vested based wholly or in part upon the attainment of a Financial Reporting Measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) "**NYSE American**" means NYSE American LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) "**Received**" means, with respect to any Incentive-based Compensation, actual or deemed receipt, and Incentive-based Compensation shall be deemed received in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive-based Compensation award is attained, even if the payment or grant of the Incentive-based Compensation to the Executive Officer occurs after the end of that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) "**Restatement Date**" means the earlier to occur of (i) the date the Board, a committee of the Board or the officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement, or (ii) the date a court, regulator or other legally authorized body directs the Company to prepare an Accounting Restatement.

Effective as of October 15, 2025.

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## Exhibit 99.6

**Exhibit 99.6**

**LANNISTER MINING CORP.**

**RELATED PARTY TRANSACTIONS POLICY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **INTRODUCTION** 

The Board of Directors (the "**Board**") of Lannister Mining, Corp. (the "**Company**") recognizes that certain transactions present a heightened risk of conflicts of interest or the perception thereof. Therefore, the Board has adopted this Related Party Transactions Policy (this "**Policy**") to ensure that all Interested Transactions with Related Parties, as those terms are defined in this Policy, shall be subject to approval or ratification in accordance with the procedures set forth below. The Board has determined that the Audit Committee of the Board (the "**Committee**") is best suited to review and approve all Interested Transactions with Related Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. DEFINITIONS

An "**Interested Transaction**" is any transaction, arrangement or relationship or series of similar transactions, arrangements or relationships (including the incurrence or issuance of any indebtedness or the guarantee of indebtedness) (1) which are material to the Company or the Related Party, or any transactions that are unusual in their nature or conditions, involving goods, services, or tangible or intangible assets, to which the Company or any of its parent or subsidiaries was a party, (2) in which the Company or any of its subsidiaries is a participant, and (3) in which any Related Party has or will have a direct or indirect interest (other than solely as a result of being a director or a less than ten percent beneficial owner of another entity).

A "**Related Party**" is any (a) key member of management, that is, those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including directors and senior management and close members of such individuals' families; (b) individual owning, directly or indirectly, an interest in the voting power of the Company that gives such individual significant influence over the Company, and close members of any such individual's family; (c) enterprise that directly or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Company; and (d) enterprise in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in (a) or (b) or over which such a person is able to exercise significant influence. This includes enterprises owned by directors or major shareholders of the Company and enterprises that have a member of key management in common with the Company. Close members of an individual's family are those that may be expected to influence, or be influenced by, that person in their dealings with the Company. Significant influence over an enterprise is the power to participate in the financial and operating policy decisions of the enterprise but is less than control over those policies. Shareholders beneficially owning a 10% interest in the voting power of the company are presumed to have a significant influence on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. PROCEDURES

Prior to the entry of any Interested Transaction, such Interested Transaction shall be reported to the Company's Chief Financial Officer. The Chief Financial Officer will undertake an evaluation of the Interested Transaction. If that evaluation indicates that the Interested Transaction would require the Committee's approval, the Chief Financial Officer will report the Interested Transaction, together with a summary of material facts, to the Committee. The Committee shall review the material facts of all Interested Transactions that require the Committee's approval and either approve or disapprove of the entry into the Interested Transaction, subject to the exceptions described below. If advance Committee approval of an Interested Transaction is not feasible, then the Interested Transaction shall be considered and, if the Committee determines it to be appropriate, ratified at the Committee's next regularly scheduled meeting. In determining whether to approve or ratify an Interested Transaction, the Committee will take into account, as it deems appropriate for the circumstances, the factors listed under Section 4, "Standards for Review" below.

Each director and executive officer of the Company completes a questionnaire at least annually, which is designed to elicit information about any existing or potential Interested Transactions. In the event the Company's Chief Executive Officer or Chief Financial Officer becomes aware of an Interested Transaction that was not previously approved or ratified under this Policy, such person shall promptly notify the Chair of the Committee and the Committee or, if it is not practicable for the Company to wait for the entire Committee to consider the matter, the Chair of the Committee, shall consider whether the Interested Transaction should be ratified or rescinded or other action should be taken. The Chair of the Committee shall report to the Committee at the next Committee meeting any actions taken under this Policy pursuant to the authority delegated in this paragraph.

The Committee has reviewed the Interested Transactions described below in "Standing Pre-Approval for Certain Interested Transactions" and determined that each of the Interested Transactions described therein shall be deemed to be pre-approved or ratified (as applicable) by the Committee under the terms of this Policy, unless specifically determined otherwise by the Committee. A summary of each new Interested Transaction deemed pre-approved pursuant to paragraph (3) or (4) under Section 5, "Standing Pre-Approval for Certain Interested Transactions," below and each new Interested Transaction pre-approved by the Chair of the Committee in accordance with the previous paragraph shall be provided to the Committee for its review at the next Committee meeting.

No director shall participate in any discussion or approval of an Interested Transaction for which he or she is a Related Party, except that the director shall provide all material information concerning the Interested Transaction to the Committee.

If an Interested Transaction will be ongoing, the Committee may establish guidelines for the Company's management to follow in its ongoing dealings with the Related Party. Thereafter, the Committee, on at least an annual basis, shall review and assess ongoing relationships with the Related Party to ensure that they are in compliance with the Committee's guidelines and that the Interested Transaction remains appropriate.

Additionally, in the event that an Interested Transaction involving a member of the Board may constitute an actual or potential director conflict of interest, the Chief Financial Officer shall notify the Chair of the Nominating and Corporate Governance Committee of such Interested Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. STANDARDS FOR REVIEW

An Interested Transaction reviewed under this Policy will be considered approved or ratified if it is authorized by the Committee or the Chair of the Committee, as applicable, in accordance with the standards set forth in this Policy after full disclosure of the Related Party's interests in the transaction. As appropriate for the circumstances, the Committee or the Chair of the Committee, as applicable, shall review and consider:

● the nature and extent of the Related Party's interest in the Interested Transaction;

● the approximate dollar value of the amount involved in the Interested Transaction;

● the approximate dollar value of the amount of the Related Party's interest in the transaction without regard to the amount of any profit or loss;

● whether the transaction was undertaken in the ordinary course of business of the Company;

● the material terms of the transaction, including whether the transaction with the Related Party is proposed to be, or was, entered into on terms no less favorable to the Company than terms that could have been reached with an unrelated third party;

● the business purpose of, and the potential benefits to the Company of, the Interested Transaction;

● whether the Interested Transaction would impair the independence of an outside director;

● required public disclosure, if any; and

● any othe r information regarding the Interested Transaction or the Related Party in the context of the proposed transaction that would be material to the Committee's decision, in its business judgment, in light of the circumstances of the particular transaction.

The Committee will review all relevant material information available to it about the Interested Transaction. The Committee, or the Chair of the Committee, as applicable, may approve or ratify the Interested Transaction only if the Committee, or the Chair of the Committee, as applicable, determines in good faith that, under all of the circumstances, the transaction is just and reasonable as to the Company. The Committee, in its sole discretion, may impose such conditions as it deems appropriate on the Corporation or the Related Party in connection with approval of the Interested Transaction.

The review, approval or ratification of a transaction, arrangement or relationship pursuant to this Policy does not necessarily imply that such transaction, arrangement or relationship is required to be disclosed with the Securities and Exchange Commission (the "**SEC**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. STANDING PRE-APPROVAL FOR CERTAIN INTERESTED TRANSACTIONS

The Committee has reviewed the types of Interested Transactions described below and determined that each of the following Interested Transactions shall be deemed to be pre- approved by the Committee, unless otherwise specifically determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Employment of executive officers</u>. Any employment by the Company of an executive
officer of the Company or any of its subsidiaries if the related compensation is approved (or recommended to the Board for approval) by
the Compensation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Director compensation</u>. Any compensation paid to a director if the compensation
is consistent with the Company's director compensation policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Certain transactions with other companies</u>. Any transaction with another
company at which a Related Person's only relationship is as an employee (other than an executive officer or director) or beneficial
owner of less than ten percent of that company's equity, if the aggregate amount involved does not exceed the greater of $500,000,
or two percent of that company's total annual revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Certain charitable contributions</u>. Any charitable contribution, grant or
endowment by the Company to a charitable organization, foundation or university at which a Related Person's only relationship is
as an employee (other than an executive officer or director), if the aggregate amount involved does not exceed the greater of $500,000,
or two percent of the charitable organization's total annual receipts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Transactions where all shareholders receive proportional benefits</u>. Any
transaction where the Related Person's interest arises solely from the ownership of the Company's ordinary shares and all
holders of the Company's ordinary shares received the same benefit on a pro rata basis (e.g., dividends).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. DISCLOSURE

All Interested Transactions that are required to be disclosed in the Company's filings with the SEC, as required by the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and related rules and regulations, shall be so disclosed in accordance with such laws, rules and regulations.