# EDGAR Filing Document

**Accession Number:** 0002086771
**File Stem:** 0001062993-25-017238
**Filing Date:** 2025-12
**Character Count:** 303299
**Document Hash:** 220d286de270027b30ce4f8c8e22e8bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-017238.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001062993-25-017238

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 27

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251208

**EFFECTIVENESS DATE**: 20251209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elemental Royalty Corp
- **CENTRAL INDEX KEY:** 0002086771
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292011
- **FILM NUMBER:** 251557352

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 905 - 815 W. HASTINGS ST.
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6C 1B4
- **BUSINESS PHONE:** 604-243-6511

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 905 - 815 W. HASTINGS ST.
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6C 1B4

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Elemental Altus Royalties Corp.
- **DATE OF NAME CHANGE:** 20250918

------

As filed with the Securities and Exchange Commission on December 8, 2025

Registration No. 333-

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM S-8**

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

**<u>ELEMENTAL ROYALTY CORPORATION</u>**

(Exact name of Registrant as specified in its charter) <br>

---

| | |
|:---|:---|
| <u>**British Columbia**</u><br>(State or other jurisdiction of<br>incorporation or organization) | <u>**Not Applicable**</u><br>(I.R.S. Employer<br>Identification No.) |
| **902 - 815 W. Hastings St.**<br><u>**Vancouver, British Columbia, Canada**</u> <br>(Address of Principal Executive Offices) | <u>**V6C 1B4**</u><br>(Zip Code) |

---

**Elemental Altus Royalties Corp. 2020 Incentive Compensation Plan**

<u>**Altus Strategies plc 2019 Share Options Plan**</u>

<br> (Full title of the plan)

**C T Corporation System**

**28 Liberty Street**

<u>**New York, NY 10005**</u>

(Name and address of agent for service)

<u>**(212) 894-8940**</u>

(Telephone number, including area code, of agent for service)

*Copies to:*

---

| | |
|:---|:---|
| David Gossen<br>Chief Legal Officer<br>Elemental Royalty Corporation<br>902 -815 W. Hastings Street<br>Vancouver, British Columbia V6C 1B4,<br>Canada<br>(604) 688-6390 | Thomas M. Rose<br>Shona C. Smith<br>Troutman Pepper Locke LLP<br>111 Huntington Avenue, 9th Floor<br>Boston, Massachusetts 02199-7613<br>United States<br>(757) 687-7715 |

---

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934, as amended.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act of 1933, as amended. ☐

------

**EXPLANATORY NOTE**

On August 16, 2022, Elemental Royalty Corporation (formerly Elemental Altus Royalties Corp.) (the "**Registrant**") completed a scheme of arrangement with Altus Strategies plc ("**Altus**") pursuant to which the Registrant acquired all of the issued and outstanding share capital of Altus (the "**Arrangement**"). In connection with the Arrangement, the options of Altus (the "**Altus Options**") outstanding under the Altus Strategies plc 2019 Share Options Scheme (the "**Altus Option Plan**") were exchanged for options (the "**Replacement Options**") to purchase common shares of the Registrant (the "**Common Shares**"), governed by the terms of the Altus Option Plan.

The Registrant has prepared this registration statement (this "**Registration Statement**") in accordance with the requirements of Form S-8 under the United States Securities Act of 1933, as amended (the "**Securities Act**"), to register (i) 104,545 Common Shares that are reserved for issuance upon the exercise of the Replacement Options; (ii) 1,385,208 shares that are reserved for issuance upon the exercise of options under the Registrant's 2020 Incentive Compensation Plan; (iii) 196,640 shares that are reserved for issuance upon the settlement of Restricted Stock Units under the Registrant's 2020 Incentive Compensation Plan; and, (iv) 4,795,461 Common Shares that are reserved for issuance pursuant to the grant of future equity awards under the Registrant's 2020 Incentive Compensation Plan.

**PART I - INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS**

Item 1. <u>Plan Information</u>. \*

Item 2. <u>Registrant Information and Employee Plan Annual Information</u>.\*

\* The documents containing the information specified in "Item 1. Plan Information" and "Item 2. Registrant Information and Employee Plan Annual Information" of Form S-8 will be sent or given to participants, as specified by Rule 428(b)(1) under the Securities Act. Such documents are not required to be, and are not, filed with the United States Securities and Exchange Commission (the "**Commission**") either as part of this Registration Statement or as a prospectus or prospectus supplement pursuant to Rule 424 under the Securities Act. These documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of Form S-8, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**PART II - INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

Item 3. <u>Incorporation of Documents by Reference</u>.

The following documents filed by the Registrant with the Commission are incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's registration statement on [Form 40-F (File No. 001-42900) filed with the Commission on October 8, 2025](http://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_40fr12b.htm), as amended on [November 17, 2025](http://www.sec.gov/Archives/edgar/data/2086771/000110465925113285/tm2531218d1_40fa.htm), and declared effective on [November 24, 2025](http://www.sec.gov/Archives/edgar/data/2086771/999999999525003366/xslEFFECTX01/primary_doc.xml) (the "**Form 40-F**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All documents filed by the Registrant pursuant to Section 13(a) or 15(d) of the United States Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), subsequent to the date of the Form 40-F (excluding any documents or portions of such documents that are furnished under Item 2.02 or Item 7.01 of any current report on Form 8-K and any exhibits included with such Items), and prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof commencing on the respective dates on which such documents are filed; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The description of the Registrant's common shares contained under the heading "Description of Capital Structure" in [Exhibit 99.83](http://www.sec.gov/Archives/edgar/data/2086771/000110465925097978/tm2527697d1_ex99-83.htm) to the Form 40-F, including any amendment or report filed for the purposes of updating such description.

Item 4. <u>Description of Securities</u>.

Not applicable.

Item 5. <u>Interests of Named Experts and Counsel</u>.

Not applicable.

Item 6. <u>Indemnification of Directors and Officers</u>.

Under the *Business Corporations Act* (British Columbia) (the "**BCBCA**"), the Registrant may indemnify a present or former director or officer of the Registrant or another individual who acts or acted at the Registrant's request as a director or officer, or an individual acting in a similar capacity, of another entity, against all "eligible penalties" (as defined in the BCBCA), costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of an "eligible proceeding" (as defined in the BCBCA) in which the individual is involved because of that association with the Registrant or other entity. The Registrant may not indemnify such an individual unless the individual acted honestly and in good faith with a view to the best interests of the Registrant, or, as the case may be, to the best interests of the other entity for which the individual acted as a director or officer or in a similar capacity at the Registrant's request and in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the individual had reasonable grounds for believing that the individual's conduct was lawful. With approval of a court and subject to the sentence above, the Registrant may indemnify such individuals in respect of an action by or on behalf of the Registrant or other entity to procure a judgment in its favor, to which the individual is made a party because of the individual's association with the Registrant or other entity as described above. The Registrant may advance "expenses" (as defined in the BCBCA) to an individual described above for the costs, charges and expenses of an "eligible proceeding" described above; however, the individual shall repay the "expenses" if the individual does not fulfill the conditions set out above in the second sentence under this heading. The aforementioned individuals are entitled to indemnification from the Registrant in respect of all "eligible penalties" costs, charges and expenses reasonably incurred by the individual in connection with the defense of any "eligible proceeding" to which the individual's association with the Registrant or other entity as described above if the individual was not judged by the court or other competent authority to have committed any fault or omitted to do anything that the individual described above ought to have done provided the individual fulfills the conditions set out above in the second sentence under this heading.

The articles of the Registrant provide that, subject to the BCBCA, the Registrant must indemnify a director or former director of the Registrant and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and the Registrant must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each director and alternate director is deemed to have contracted with the Registrant on the terms of this indemnity. In addition, the articles of the Registrant provide that, subject to any restrictions in the BCBCA, the Registrant may indemnify any person. Furthermore, the Registrant may purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who: (1) is or was a director, alternate director, officer, employee or agent of the Registrant; (2) is or was a director, alternate director, officer, employee or agent of a corporation at a time when the corporation is or was an affiliate of the Registrant; (3) at the request of the Registrant, is or was a director, alternate director, officer, employee or agent of a corporation or of a partnership, trust, joint venture or other unincorporated entity; or (4) at the request of the Registrant, holds or held a position equivalent to that of a director, alternate director or officer of a partnership, trust, joint venture or other unincorporated entity; against any liability incurred by him or her as such director, alternate director, officer, employee or agent or person who holds or held such equivalent position.

------

Item 7. <u>Exemption from Registration Claimed</u>.

Not applicable.

Item 8. <u>Exhibits</u>.

The exhibits listed under the caption "Exhibit Index" of this Registration State are incorporated by reference herein.

Item 9. <u>Undertakings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned Registrant hereby undertakes:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in the volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;

*Provided, however,* that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.

------

(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement 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.

(h) 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 Commission 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.

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit** <br><u>**No.**</u> | <u>**Description**</u> |
| [4.1](exhibit4-1.htm) | [Elemental Royalty Corporation Notice of Articles](exhibit4-1.htm) |
| [4.2](exhibit4-2.htm) | [Certificate of Change of Name](exhibit4-2.htm) |
| [4.3](exhibit4-3.htm) | [Articles of Elemental Royalty Corporation](exhibit4-3.htm) |
| [4.4](exhibit4-4.htm) | [Elemental Royalty Corporation form of common share certificate](exhibit4-4.htm) |
| [4.5](exhibit4-5.htm) | [Elemental Royalty Corporation (formerly Elemental Altus Royalties Corp.) 2020 Incentive Compensation Plan](exhibit4-5.htm) |
| [4.6](exhibit4-6.htm) | [Altus Strategies plc 2019 Share Options Scheme](exhibit4-6.htm) |
| [5.1](exhibit5-1.htm) | [Opinion of Fasken Marineau DuMoulin LLP](exhibit5-1.htm) |
| [23.1](exhibit5-1.htm) | [Consent of Fasken Marineau DuMoulin LLP (contained in Exhibit 5.1 hereto)](exhibit5-1.htm) |
| [23.2](exhibit23-2.htm) | [Consent of PricewaterhouseCoopers LLP](exhibit23-2.htm) |
| [24.1](#page_8) | [Powers of Attorney (included on the signature page of this Registration Statement).](#page_8) |
| [107](exhibitfilingfees.htm) | [Filing Fee Table](exhibitfilingfees.htm) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Littleton, Colorado Country of United States of America, on December 8, 2025.

---

| | |
|:---|:---|
| **ELEMENTAL ROYALTY CORPORATION** | **ELEMENTAL ROYALTY CORPORATION** |
| By: | <u>/s/ David M. Cole</u><br>Name: David M. Cole<br>Title: Chief Executive Officer |

---

------

**POWERS OF ATTORNEY**

**AND**

**SIGNATURES**

Each person whose signature appears below constitutes and appoints David M. Cole, Stefan Wenger, or David Gossen, or either of them, as his or her true and lawful attorneys-in-fact and agents, each of whom may act alone, with full powers of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments to this registration statement, including post-effective amendments to this registration statement, registration statements filed pursuant to Rule 429 under the Securities Act, and any related registration statements necessary to register additional securities, and to file the same, with all exhibits thereto, and other documents and in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or substitutes may lawfully do or cause to be done by virtue hereof.

This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities indicated on December 8, 2025.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ David M. Cole | Chief Executive Officer |
| David M. Cole | (principal executive officer) |
| /s/ Stefan Wenger | Chief Financial Officer |
| Stefan Wenger | (principal financial and accounting officer) |
| /s/ Juan Sartori | Executive Chairman |
| Juan Sartori |  |
| /s/ Sunny Lowe | Director |
| Sunny Lowe |  |
| /s/ Ravi Sood | Director |
| Ravi Sood |  |
| /s/ Antonio Simon Vumbaca | Director |
| Antonio Simon Vumbaca |  |

---

------

**AUTHORIZED REPRESENTATIVE**

Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, as amended, the undersigned has signed this Form S-8, solely in its capacity as duly authorized representative of Elemental Royalty Corporation in the United States, on December 8, 2025.

---

| | |
|:---|:---|
|  | AUTHORIZED REPRESENTATIVE |
| By: | /s/ Donald J. Puglisi |
| Name: | Donald J. Puglisi |
| Title: | Managing Director |

---

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## Exhibit 4.1

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![](exhibit4-1xu004.jpg)

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![](exhibit4-1xu005.jpg)

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![](exhibit4-1xu006.jpg)

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## Exhibit 4.2

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![](exhibit4-2xu002.jpg)

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## Exhibit 4.3

------

---

| | |
|:---|:---|
| Amended by Special Resolutions consented on Aug 8, 2022 and effective as of Sept 26, 2022 for change of name of Company from Elemental Royalties Corp. to Elemental Altus Royalties Corp. |  |
|  | Incorporation Number <u>C1083309&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
| Amended by Special Resolutions consented on November 4, 2025 and effective as of November 13, 2025 for the change of name of Company from Elemental Altus Royalties Corp. to Elemental Royalty Corporation |  |

---

**ARTICLES**

**OF**

**ELEMENTAL ROYALTIES CORP.** 

**ELEMENTAL ALTUS ROYALTIES CORP.**

**ELEMENTAL ROYALTY CORPORATION** 

**PROVINCE OF BRITISH COLUMBIA** 

***BUSINESS CORPORATIONS ACT***

------

**TABLE OF CONTENTS**

<u>**Page**</u>

---

| | | |
|:---|:---|:---|
| Article 1 |  |  |
| [INTERPRETATION](#page_8) | [INTERPRETATION](#page_8) | [1](#page_8) |
| &nbsp;&nbsp;&nbsp;&nbsp;[1.1.](#page_8) | &nbsp;&nbsp;&nbsp;&nbsp;[Definitions](#page_8) | [1](#page_8) |
| &nbsp;&nbsp;&nbsp;&nbsp;[1.2.](#page_8) | &nbsp;&nbsp;&nbsp;&nbsp;[Business Corporations Act and Interpretation Act Definitions Applicable](#page_8) | [1](#page_8) |
| Article 2 |  |  |
| [SHARES AND SHARE CERTIFICATES](#page_8) | [SHARES AND SHARE CERTIFICATES](#page_8) | [1](#page_8) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2.1.](#page_8) | &nbsp;&nbsp;&nbsp;&nbsp;[Authorized Share Structure](#page_8) | [1](#page_8) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2.2.](#page_9) | &nbsp;&nbsp;&nbsp;&nbsp;[Form of Share Certificate](#page_9) | [2](#page_9) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2.3.](#page_9) | &nbsp;&nbsp;&nbsp;&nbsp;[Shareholder Entitled to Certificate or Acknowledgement](#page_9) | [2](#page_9) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2.4.](#page_9) | &nbsp;&nbsp;&nbsp;&nbsp;[Delivery by Mail](#page_9) | [2](#page_9) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2.5.](#page_9) | &nbsp;&nbsp;&nbsp;&nbsp;[Replacement of Worn Out or Defaced Certificate or Acknowledgement](#page_9) | [2](#page_9) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2.6.](#page_9) | &nbsp;&nbsp;&nbsp;&nbsp;[Replacement of Lost, Stolen or Destroyed Certificate or Acknowledgement](#page_9) | [2](#page_9) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2.7.](#page_9) | &nbsp;&nbsp;&nbsp;&nbsp;[Splitting Share Certificates](#page_9) | [2](#page_9) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2.8.](#page_10) | &nbsp;&nbsp;&nbsp;&nbsp;[Certificate Fee](#page_10) | [3](#page_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;[2.9.](#page_10) | &nbsp;&nbsp;&nbsp;&nbsp;[Recognition of Trusts](#page_10) | [3](#page_10) |
| Article 3 |  |  |
| [ISSUE OF SHARES](#page_10) | [ISSUE OF SHARES](#page_10) | [3](#page_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;[3.1.](#page_10) | &nbsp;&nbsp;&nbsp;&nbsp;[Directors Authorized](#page_10) | [3](#page_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;[3.2.](#page_10) | &nbsp;&nbsp;&nbsp;&nbsp;[Commissions and Discounts](#page_10) | [3](#page_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;[3.3.](#page_10) | &nbsp;&nbsp;&nbsp;&nbsp;[Brokerage](#page_10) | [3](#page_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;[3.4.](#page_10) | &nbsp;&nbsp;&nbsp;&nbsp;[Conditions of Issue](#page_10) | [3](#page_10) |
| &nbsp;&nbsp;&nbsp;&nbsp;[3.5.](#page_10) | &nbsp;&nbsp;&nbsp;&nbsp;[Share Purchase Warrants and Rights](#page_10) | [3](#page_10) |
| Article 4 |  |  |
| [SHARE REGISTERS](#page_11) | [SHARE REGISTERS](#page_11) | [4](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;[4.1.](#page_11) | &nbsp;&nbsp;&nbsp;&nbsp;[Central Securities Register](#page_11) | [4](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;[4.2.](#page_11) | &nbsp;&nbsp;&nbsp;&nbsp;[Closing Register](#page_11) | [4](#page_11) |
| Article 5 |  |  |
| [SHARE TRANSFERS](#page_11) | [SHARE TRANSFERS](#page_11) | [4](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;[5.1.](#page_11) | &nbsp;&nbsp;&nbsp;&nbsp;[Registering Transfers](#page_11) | [4](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;[5.2.](#page_11) | &nbsp;&nbsp;&nbsp;&nbsp;[Form of Instrument of Transfer](#page_11) | [4](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;[5.3.](#page_11) | &nbsp;&nbsp;&nbsp;&nbsp;[Transferor Remains Shareholder](#page_11) | [4](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;[5.4.](#page_11) | &nbsp;&nbsp;&nbsp;&nbsp;[Signing of Instrument of Transfer](#page_11) | [4](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;[5.5.](#page_12) | &nbsp;&nbsp;&nbsp;&nbsp;[Enquiry as to Title Not Required](#page_12) | [5](#page_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;[5.6.](#page_12) | &nbsp;&nbsp;&nbsp;&nbsp;[Transfer Fee](#page_12) | [5](#page_12) |

---

i

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---

| | | |
|:---|:---|:---|
| Article 6 |  |  |
| [TRANSMISSION OF SHARES](#page_12) | [TRANSMISSION OF SHARES](#page_12) | [5](#page_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;[6.1.](#page_12) | &nbsp;&nbsp;&nbsp;&nbsp;[Legal Personal Representative Recognized on Death](#page_12) | [5](#page_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;[6.2.](#page_12) | &nbsp;&nbsp;&nbsp;&nbsp;[Rights of Legal Personal Representative](#page_12) | [5](#page_12) |
| Article 7 |  |  |
| [PURCHASE OF SHARES](#page_12) | [PURCHASE OF SHARES](#page_12) | [5](#page_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;[7.1.](#page_12) | &nbsp;&nbsp;&nbsp;&nbsp;[Company Authorized to Purchase Shares](#page_12) | [5](#page_12) |
| &nbsp;&nbsp;&nbsp;&nbsp;[7.2.](#page_13) | &nbsp;&nbsp;&nbsp;&nbsp;[Purchase When Insolvent](#page_13) | [6](#page_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;[7.3.](#page_13) | &nbsp;&nbsp;&nbsp;&nbsp;[Sale and Voting of Purchased Shares](#page_13) | [6](#page_13) |
| Article 8 |  |  |
| [BORROWING POWERS](#page_13) | [BORROWING POWERS](#page_13) | [6](#page_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;[8.1.](#page_13) | &nbsp;&nbsp;&nbsp;&nbsp;[Borrowing Powers](#page_13) | [6](#page_13) |
| Article 9 |  |  |
| [ALTERATIONS](#page_13) | [ALTERATIONS](#page_13) | [6](#page_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;[9.1.](#page_13) | &nbsp;&nbsp;&nbsp;&nbsp;[Alteration of Authorized Share Structure](#page_13) | [6](#page_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;[9.2.](#page_14) | &nbsp;&nbsp;&nbsp;&nbsp;[Special Rights and Restrictions](#page_14) | [7](#page_14) |
| &nbsp;&nbsp;&nbsp;&nbsp;[9.3.](#page_14) | &nbsp;&nbsp;&nbsp;&nbsp;[Change of Name](#page_14) | [7](#page_14) |
| &nbsp;&nbsp;&nbsp;&nbsp;[9.4.](#page_14) | &nbsp;&nbsp;&nbsp;&nbsp;[Other Alterations](#page_14) | [7](#page_14) |
| Article 10 |  |  |
| [MEETINGS OF SHAREHOLDERS](#page_14) | [MEETINGS OF SHAREHOLDERS](#page_14) | [7](#page_14) |
| &nbsp;&nbsp;&nbsp;&nbsp;[10.1.](#page_14) | &nbsp;&nbsp;&nbsp;&nbsp;[Annual General Meetings](#page_14) | [7](#page_14) |
| &nbsp;&nbsp;&nbsp;&nbsp;[10.2.](#page_15) | &nbsp;&nbsp;&nbsp;&nbsp;[Resolution Instead of Annual General Meeting](#page_15) | [8](#page_15) |
| &nbsp;&nbsp;&nbsp;&nbsp;[10.3.](#page_15) | &nbsp;&nbsp;&nbsp;&nbsp;[Calling of Meetings of Shareholders](#page_15) | [8](#page_15) |
| &nbsp;&nbsp;&nbsp;&nbsp;[10.4.](#page_15) | &nbsp;&nbsp;&nbsp;&nbsp;[Notice for Meetings of Shareholders](#page_15) | [8](#page_15) |
| &nbsp;&nbsp;&nbsp;&nbsp;[10.5.](#page_15) | &nbsp;&nbsp;&nbsp;&nbsp;[Record Date for Notice](#page_15) | [8](#page_15) |
| &nbsp;&nbsp;&nbsp;&nbsp;[10.6.](#page_15) | &nbsp;&nbsp;&nbsp;&nbsp;[Record Date for Voting](#page_15) | [8](#page_15) |
| &nbsp;&nbsp;&nbsp;&nbsp;[10.7.](#page_16) | &nbsp;&nbsp;&nbsp;&nbsp;[Failure to Give Notice and Waiver of Notice](#page_16) | [9](#page_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;[10.8.](#page_16) | &nbsp;&nbsp;&nbsp;&nbsp;[Notice of Special Business at Meetings of Shareholders](#page_16) | [9](#page_16) |
| Article 11 |  |  |
| [PROCEEDINGS AT MEETINGS OF SHAREHOLDERS](#page_16) | [PROCEEDINGS AT MEETINGS OF SHAREHOLDERS](#page_16) | [9](#page_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.1.](#page_16) | &nbsp;&nbsp;&nbsp;&nbsp;[Special Business](#page_16) | [9](#page_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.2.](#page_17) | &nbsp;&nbsp;&nbsp;&nbsp;[Special Majority](#page_17) | [10](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.3.](#page_17) | &nbsp;&nbsp;&nbsp;&nbsp;[Quorum](#page_17) | [10](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.4.](#page_17) | &nbsp;&nbsp;&nbsp;&nbsp;[One Shareholder May Constitute Quorum](#page_17) | [10](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.5.](#page_17) | &nbsp;&nbsp;&nbsp;&nbsp;[Other Persons May Attend](#page_17) | [10](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.6.](#page_17) | &nbsp;&nbsp;&nbsp;&nbsp;[Requirement of Quorum](#page_17) | [10](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.7.](#page_17) | &nbsp;&nbsp;&nbsp;&nbsp;[Lack of Quorum](#page_17) | [10](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.8.](#page_17) | &nbsp;&nbsp;&nbsp;&nbsp;[Lack of Quorum at Succeeding Meeting](#page_17) | [10](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.9.](#page_18) | &nbsp;&nbsp;&nbsp;&nbsp;[Chair](#page_18) | [11](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.10.](#page_18) | &nbsp;&nbsp;&nbsp;&nbsp;[Selection of Alternate Chair](#page_18) | [11](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.11.](#page_18) | &nbsp;&nbsp;&nbsp;&nbsp;[Adjournments](#page_18) | [11](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.12.](#page_18) | &nbsp;&nbsp;&nbsp;&nbsp;[Notice of Adjourned Meeting](#page_18) | [11](#page_18) |

---

ii

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[11.13.](#page_18) | &nbsp;&nbsp;&nbsp;&nbsp;[Decision by Show of Hands or Poll](#page_18) | [11](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.14.](#page_18) | &nbsp;&nbsp;&nbsp;&nbsp;[Declaration of Result](#page_18) | [11](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.15.](#page_18) | &nbsp;&nbsp;&nbsp;&nbsp;[Motion Need Not be Seconded](#page_18) | [11](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.16.](#page_18) | &nbsp;&nbsp;&nbsp;&nbsp;[Casting Vote](#page_18) | [11](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.17.](#page_19) | &nbsp;&nbsp;&nbsp;&nbsp;[Manner of Taking Poll](#page_19) | [12](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.18.](#page_19) | &nbsp;&nbsp;&nbsp;&nbsp;[Demand for Poll on Adjournment](#page_19) | [12](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.19.](#page_19) | &nbsp;&nbsp;&nbsp;&nbsp;[Chair Must Resolve Dispute](#page_19) | [12](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.20.](#page_19) | &nbsp;&nbsp;&nbsp;&nbsp;[Casting of Votes](#page_19) | [12](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.21.](#page_19) | &nbsp;&nbsp;&nbsp;&nbsp;[Demand for Poll](#page_19) | [12](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.22.](#page_19) | &nbsp;&nbsp;&nbsp;&nbsp;[Demand for Poll Not to Prevent Continuance of Meeting](#page_19) | [12](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.23.](#page_19) | &nbsp;&nbsp;&nbsp;&nbsp;[Retention of Ballots and Proxies](#page_19) | [12](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[11.24.](#page_19) | &nbsp;&nbsp;&nbsp;&nbsp;[Meeting by Telephone or Other Communications Medium](#page_19) | [12](#page_19) |
| Article 12 |  |  |
| [VOTES OF SHAREHOLDERS](#page_20) | [VOTES OF SHAREHOLDERS](#page_20) | [13](#page_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.1.](#page_20) | &nbsp;&nbsp;&nbsp;&nbsp;[Number of Votes by Shareholder or by Shares](#page_20) | [13](#page_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.2.](#page_20) | &nbsp;&nbsp;&nbsp;&nbsp;[Votes of Persons in Representative Capacity](#page_20) | [13](#page_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.3.](#page_20) | &nbsp;&nbsp;&nbsp;&nbsp;[Votes by Joint Holders](#page_20) | [13](#page_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.4.](#page_20) | &nbsp;&nbsp;&nbsp;&nbsp;[Legal Personal Representatives as Joint Shareholders](#page_20) | [13](#page_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.5.](#page_20) | &nbsp;&nbsp;&nbsp;&nbsp;[Representative of a Corporate Shareholder](#page_20) | [13](#page_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.6.](#page_21) | &nbsp;&nbsp;&nbsp;&nbsp;[Proxy Provisions Do Not Apply to All Companies](#page_21) | [14](#page_21) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.7.](#page_21) | &nbsp;&nbsp;&nbsp;&nbsp;[Appointment of Proxy Holders](#page_21) | [14](#page_21) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.8.](#page_21) | &nbsp;&nbsp;&nbsp;&nbsp;[Alternate Proxy Holders](#page_21) | [14](#page_21) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.9.](#page_21) | &nbsp;&nbsp;&nbsp;&nbsp;[When Proxy Holder Need Not Be Shareholder](#page_21) | [14](#page_21) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.10.](#page_22) | &nbsp;&nbsp;&nbsp;&nbsp;[Deposit of Proxy](#page_22) | [15](#page_22) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.11.](#page_22) | &nbsp;&nbsp;&nbsp;&nbsp;[Validity of Proxy Vote](#page_22) | [15](#page_22) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.12.](#page_22) | &nbsp;&nbsp;&nbsp;&nbsp;[Form of Proxy](#page_22) | [15](#page_22) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.13.](#page_23) | &nbsp;&nbsp;&nbsp;&nbsp;[Revocation of Proxy](#page_23) | [16](#page_23) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.14.](#page_23) | &nbsp;&nbsp;&nbsp;&nbsp;[Revocation of Proxy Must Be Signed](#page_23) | [16](#page_23) |
| &nbsp;&nbsp;&nbsp;&nbsp;[12.15.](#page_23) | &nbsp;&nbsp;&nbsp;&nbsp;[Production of Evidence of Authority to Vote](#page_23) | [16](#page_23) |
| Article 13 |  |  |
| [DIRECTORS](#page_23) | [DIRECTORS](#page_23) | [16](#page_23) |
| &nbsp;&nbsp;&nbsp;&nbsp;[13.1.](#page_23) | &nbsp;&nbsp;&nbsp;&nbsp;[First Directors; Number of Directors](#page_23) | [16](#page_23) |
| &nbsp;&nbsp;&nbsp;&nbsp;[13.2.](#page_24) | &nbsp;&nbsp;&nbsp;&nbsp;[Change in Number of Directors](#page_24) | [17](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;[13.3.](#page_24) | &nbsp;&nbsp;&nbsp;&nbsp;[Directors' Acts Valid Despite Vacancy](#page_24) | [17](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;[13.4.](#page_24) | &nbsp;&nbsp;&nbsp;&nbsp;[Qualifications of Directors](#page_24) | [17](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;[13.5.](#page_24) | &nbsp;&nbsp;&nbsp;&nbsp;[Remuneration of Directors](#page_24) | [17](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;[13.6.](#page_24) | &nbsp;&nbsp;&nbsp;&nbsp;[Reimbursement of Expenses of Directors](#page_24) | [17](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;[13.7.](#page_24) | &nbsp;&nbsp;&nbsp;&nbsp;[Special Remuneration for Directors](#page_24) | [17](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;[13.8.](#page_24) | &nbsp;&nbsp;&nbsp;&nbsp;[Gratuity, Pension or Allowance on Retirement of Director](#page_24) | [17](#page_24) |
| Article 14 |  |  |
| [ELECTION AND REMOVAL OF DIRECTORS](#page_25) | [ELECTION AND REMOVAL OF DIRECTORS](#page_25) | [18](#page_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14.1.](#page_25) | &nbsp;&nbsp;&nbsp;&nbsp;[Election at Annual General Meeting](#page_25) | [18](#page_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14.2.](#page_25) | &nbsp;&nbsp;&nbsp;&nbsp;[Consent to be a Director](#page_25) | [18](#page_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14.3.](#page_25) | &nbsp;&nbsp;&nbsp;&nbsp;[Failure to Elect or Appoint Directors](#page_25) | [18](#page_25) |

---

iii

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[14.4.](#page_25) | &nbsp;&nbsp;&nbsp;&nbsp;[Places of Retiring Directors Not Filled](#page_25) | [18](#page_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14.5.](#page_26) | &nbsp;&nbsp;&nbsp;&nbsp;[Directors May Fill Casual Vacancies](#page_26) | [19](#page_26) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14.6.](#page_26) | &nbsp;&nbsp;&nbsp;&nbsp;[Remaining Directors Power to Act](#page_26) | [19](#page_26) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14.7.](#page_26) | &nbsp;&nbsp;&nbsp;&nbsp;[Shareholders May Fill Vacancies](#page_26) | [19](#page_26) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14.8.](#page_26) | &nbsp;&nbsp;&nbsp;&nbsp;[Additional Directors](#page_26) | [19](#page_26) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14.9.](#page_26) | &nbsp;&nbsp;&nbsp;&nbsp;[Ceasing to be a Director](#page_26) | [19](#page_26) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14.10.](#page_26) | &nbsp;&nbsp;&nbsp;&nbsp;[Removal of Director by Shareholders](#page_26) | [19](#page_26) |
| &nbsp;&nbsp;&nbsp;&nbsp;[14.11.](#page_27) | &nbsp;&nbsp;&nbsp;&nbsp;[Removal of Director by Directors](#page_27) | [20](#page_27) |
| Article 15 |  |  |
| [POWERS AND DUTIES OF DIRECTORS](#page_27) | [POWERS AND DUTIES OF DIRECTORS](#page_27) | [20](#page_27) |
| &nbsp;&nbsp;&nbsp;&nbsp;[15.1.](#page_27) | &nbsp;&nbsp;&nbsp;&nbsp;[Powers of Management](#page_27) | [20](#page_27) |
| &nbsp;&nbsp;&nbsp;&nbsp;[15.2.](#page_27) | &nbsp;&nbsp;&nbsp;&nbsp;[Appointment of Attorney of Company](#page_27) | [20](#page_27) |
| Article 16 |  |  |
| [DISCLOSURE OF INTEREST OF DIRECTORS](#page_27) | [DISCLOSURE OF INTEREST OF DIRECTORS](#page_27) | [20](#page_27) |
| &nbsp;&nbsp;&nbsp;&nbsp;[16.1.](#page_27) | &nbsp;&nbsp;&nbsp;&nbsp;[Obligation to Account for Profits](#page_27) | [20](#page_27) |
| &nbsp;&nbsp;&nbsp;&nbsp;[16.2.](#page_27) | &nbsp;&nbsp;&nbsp;&nbsp;[Restrictions on Voting by Reason of Interest](#page_27) | [20](#page_27) |
| &nbsp;&nbsp;&nbsp;&nbsp;[16.3.](#page_27) | &nbsp;&nbsp;&nbsp;&nbsp;[Interested Director Counted in Quorum](#page_27) | [20](#page_27) |
| &nbsp;&nbsp;&nbsp;&nbsp;[16.4.](#page_28) | &nbsp;&nbsp;&nbsp;&nbsp;[Disclosure of Conflict of Interest or Property](#page_28) | [21](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;[16.5.](#page_28) | &nbsp;&nbsp;&nbsp;&nbsp;[Director Holding Other Office in the Company](#page_28) | [21](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;[16.6.](#page_28) | &nbsp;&nbsp;&nbsp;&nbsp;[No Disqualification](#page_28) | [21](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;[16.7.](#page_28) | &nbsp;&nbsp;&nbsp;&nbsp;[Professional Services by Director or Officer](#page_28) | [21](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;[16.8.](#page_28) | &nbsp;&nbsp;&nbsp;&nbsp;[Director or Officer in Other Corporations](#page_28) | [21](#page_28) |
| Article 17 |  |  |
| [PROCEEDINGS OF DIRECTORS](#page_28) | [PROCEEDINGS OF DIRECTORS](#page_28) | [21](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.1.](#page_28) | &nbsp;&nbsp;&nbsp;&nbsp;[Meetings of Directors](#page_28) | [21](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.2.](#page_28) | &nbsp;&nbsp;&nbsp;&nbsp;[Voting at Meetings](#page_28) | [21](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.3.](#page_28) | &nbsp;&nbsp;&nbsp;&nbsp;[Chair of Meetings](#page_28) | [21](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.4.](#page_29) | &nbsp;&nbsp;&nbsp;&nbsp;[Meetings by Telephone or Other Communications Medium](#page_29) | [22](#page_29) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.5.](#page_29) | &nbsp;&nbsp;&nbsp;&nbsp;[Calling of Meetings](#page_29) | [22](#page_29) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.6.](#page_29) | &nbsp;&nbsp;&nbsp;&nbsp;[Notice of Meetings](#page_29) | [22](#page_29) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.7.](#page_29) | &nbsp;&nbsp;&nbsp;&nbsp;[When Notice Not Required](#page_29) | [22](#page_29) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.8.](#page_30) | &nbsp;&nbsp;&nbsp;&nbsp;[Meeting Valid Despite Failure to Give Notice](#page_30) | [23](#page_30) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.9.](#page_30) | &nbsp;&nbsp;&nbsp;&nbsp;[Waiver of Notice of Meetings](#page_30) | [23](#page_30) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.10.](#page_30) | &nbsp;&nbsp;&nbsp;&nbsp;[Quorum](#page_30) | [23](#page_30) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.11.](#page_30) | &nbsp;&nbsp;&nbsp;&nbsp;[Validity of Acts Where Appointment Defective](#page_30) | [23](#page_30) |
| &nbsp;&nbsp;&nbsp;&nbsp;[17.12.](#page_30) | &nbsp;&nbsp;&nbsp;&nbsp;[Consent Resolutions in Writing](#page_30) | [23](#page_30) |
| Article 18 |  |  |
| [EXECUTIVE AND OTHER COMMITTEES](#page_30) | [EXECUTIVE AND OTHER COMMITTEES](#page_30) | [23](#page_30) |
| &nbsp;&nbsp;&nbsp;&nbsp;[18.1.](#page_30) | &nbsp;&nbsp;&nbsp;&nbsp;[Appointment and Powers of Executive Committee](#page_30) | [23](#page_30) |
| &nbsp;&nbsp;&nbsp;&nbsp;[18.2.](#page_31) | &nbsp;&nbsp;&nbsp;&nbsp;[Appointment and Powers of Other Committees](#page_31) | [24](#page_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;[18.3.](#page_31) | &nbsp;&nbsp;&nbsp;&nbsp;[Obligations of Committees](#page_31) | [24](#page_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;[18.4.](#page_31) | &nbsp;&nbsp;&nbsp;&nbsp;[Powers of Board](#page_31) | [24](#page_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;[18.5.](#page_32) | &nbsp;&nbsp;&nbsp;&nbsp;[Committee Meetings](#page_32) | [25](#page_32) |

---

iv

------

---

| | | |
|:---|:---|:---|
| Article 19 |  |  |
| [OFFICERS](#page_32) | [OFFICERS](#page_32) | [25](#page_32) |
| &nbsp;&nbsp;&nbsp;&nbsp;[19.1.](#page_32) | &nbsp;&nbsp;&nbsp;&nbsp;[Directors May Appoint Officers](#page_32) | [25](#page_32) |
| &nbsp;&nbsp;&nbsp;&nbsp;[19.2.](#page_32) | &nbsp;&nbsp;&nbsp;&nbsp;[Functions, Duties and Powers of Officers](#page_32) | [25](#page_32) |
| &nbsp;&nbsp;&nbsp;&nbsp;[19.3.](#page_32) | &nbsp;&nbsp;&nbsp;&nbsp;[Qualifications](#page_32) | [25](#page_32) |
| &nbsp;&nbsp;&nbsp;&nbsp;[19.4.](#page_32) | &nbsp;&nbsp;&nbsp;&nbsp;[Remuneration and Terms of Appointment](#page_32) | [25](#page_32) |
| Article 20 |  |  |
| [INDEMNIFICATION](#page_33) | [INDEMNIFICATION](#page_33) | [26](#page_33) |
| &nbsp;&nbsp;&nbsp;&nbsp;[20.1.](#page_33) | &nbsp;&nbsp;&nbsp;&nbsp;[Definitions](#page_33) | [26](#page_33) |
| &nbsp;&nbsp;&nbsp;&nbsp;[20.2.](#page_33) | &nbsp;&nbsp;&nbsp;&nbsp;[Mandatory Indemnification of Directors and Former Directors](#page_33) | [26](#page_33) |
| &nbsp;&nbsp;&nbsp;&nbsp;[20.3.](#page_33) | &nbsp;&nbsp;&nbsp;&nbsp;[Indemnification of Other Persons](#page_33) | [26](#page_33) |
| &nbsp;&nbsp;&nbsp;&nbsp;[20.4.](#page_33) | &nbsp;&nbsp;&nbsp;&nbsp;[Non-Compliance with Business Corporations Act](#page_33) | [26](#page_33) |
| &nbsp;&nbsp;&nbsp;&nbsp;[20.5.](#page_33) | &nbsp;&nbsp;&nbsp;&nbsp;[Company May Purchase Insurance](#page_33) | [26](#page_33) |
| Article 21 |  |  |
| [DIVIDENDS](#page_34) | [DIVIDENDS](#page_34) | [27](#page_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.1.](#page_34) | &nbsp;&nbsp;&nbsp;&nbsp;[Payment of Dividends Subject to Special Rights](#page_34) | [27](#page_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.2.](#page_34) | &nbsp;&nbsp;&nbsp;&nbsp;[Declaration of Dividends](#page_34) | [27](#page_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.3.](#page_34) | &nbsp;&nbsp;&nbsp;&nbsp;[No Notice Required](#page_34) | [27](#page_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.4.](#page_34) | &nbsp;&nbsp;&nbsp;&nbsp;[Record Date](#page_34) | [27](#page_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.5.](#page_34) | &nbsp;&nbsp;&nbsp;&nbsp;[Manner of Paying Dividend](#page_34) | [27](#page_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.6.](#page_34) | &nbsp;&nbsp;&nbsp;&nbsp;[Settlement of Difficulties](#page_34) | [27](#page_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.7.](#page_34) | &nbsp;&nbsp;&nbsp;&nbsp;[When Dividend Payable](#page_34) | [27](#page_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.8.](#page_35) | &nbsp;&nbsp;&nbsp;&nbsp;[Dividends to be Paid in Accordance with Number of Shares](#page_35) | [28](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.9.](#page_35) | &nbsp;&nbsp;&nbsp;&nbsp;[Receipt by Joint Shareholders](#page_35) | [28](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.10.](#page_35) | &nbsp;&nbsp;&nbsp;&nbsp;[Dividend Bears No Interest](#page_35) | [28](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.11.](#page_35) | &nbsp;&nbsp;&nbsp;&nbsp;[Fractional Dividends](#page_35) | [28](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.12.](#page_35) | &nbsp;&nbsp;&nbsp;&nbsp;[Payment of Dividends](#page_35) | [28](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;[21.13.](#page_35) | &nbsp;&nbsp;&nbsp;&nbsp;[Capitalization of Surplus](#page_35) | [28](#page_35) |
| Article 22 |  |  |
| [DOCUMENTS, RECORDS AND REPORTS](#page_35) | [DOCUMENTS, RECORDS AND REPORTS](#page_35) | [28](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;[22.1.](#page_35) | &nbsp;&nbsp;&nbsp;&nbsp;[Recording of Financial Affairs](#page_35) | [28](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;[22.2.](#page_35) | &nbsp;&nbsp;&nbsp;&nbsp;[Inspection of Accounting Records](#page_35) | [28](#page_35) |
| Article 23 |  |  |
| [NOTICES](#page_35) | [NOTICES](#page_35) | [28](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;[23.1.](#page_35) | &nbsp;&nbsp;&nbsp;&nbsp;[Method of Giving Notice](#page_35) | [28](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;[23.2.](#page_36) | &nbsp;&nbsp;&nbsp;&nbsp;[Deemed Receipt of Mailing](#page_36) | [29](#page_36) |
| &nbsp;&nbsp;&nbsp;&nbsp;[23.3.](#page_36) | &nbsp;&nbsp;&nbsp;&nbsp;[Certificate of Sending](#page_36) | [29](#page_36) |
| &nbsp;&nbsp;&nbsp;&nbsp;[23.4.](#page_37) | &nbsp;&nbsp;&nbsp;&nbsp;[Notice to Joint Shareholders](#page_37) | [30](#page_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;[23.5.](#page_37) | &nbsp;&nbsp;&nbsp;&nbsp;[Notice to Trustees](#page_37) | [30](#page_37) |

---

v

------

---

| | | |
|:---|:---|:---|
| Article 24 | Article 24 |  |
| [SEAL AND EXECUTION OF DOCUMENTS](#page_37) | [SEAL AND EXECUTION OF DOCUMENTS](#page_37) | [30](#page_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;[24.1.](#page_37) | &nbsp;&nbsp;&nbsp;&nbsp;[Who May Attest Seal](#page_37) | [30](#page_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;[24.2.](#page_37) | &nbsp;&nbsp;&nbsp;&nbsp;[Sealing Copies](#page_37) | [30](#page_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;[24.3.](#page_37) | &nbsp;&nbsp;&nbsp;&nbsp;[Mechanical Reproduction of Seal](#page_37) | [30](#page_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;[24.4.](#page_38) | &nbsp;&nbsp;&nbsp;&nbsp;[Execution of Documents Generally](#page_38) | [31](#page_38) |
| Article 25 |  |  |
| [PROHIBITIONS](#page_38) | [PROHIBITIONS](#page_38) | [31](#page_38) |
| &nbsp;&nbsp;&nbsp;&nbsp;[25.1.](#page_38) | &nbsp;&nbsp;&nbsp;&nbsp;[Definitions](#page_38) | [31](#page_38) |
| &nbsp;&nbsp;&nbsp;&nbsp;[25.2.](#page_38) | &nbsp;&nbsp;&nbsp;&nbsp;[Application](#page_38) | [31](#page_38) |
| &nbsp;&nbsp;&nbsp;&nbsp;[25.3.](#page_39) | &nbsp;&nbsp;&nbsp;&nbsp;[Consent Required for Transfer of Shares or Designated Securities](#page_39) | [32](#page_39) |

---

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Incorporation Number <u>C1083309</u>

**ARTICLES**

**ELEMENTAL ROYALTIES CORP.** 

**ELEMENTAL ALTUS ROYALTIES CORP.**

**ELEMENTAL ROYALTY CORPORATION** 

<u>**(the "Company")**</u>

**ARTICLE 1**<br>**INTERPRETATION**

**1.1. Definitions.** In these Articles, unless the context otherwise requires:

"**board of directors**", "**directors**" and "**board**" mean the directors or sole director of the Company for the time being;

***"Business Corporations Act"*** means the Business Corporations Act (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;

**"legal personal representative"** means the personal or other legal representative of the shareholder;

**"registered address"** of a shareholder means the shareholder's address as recorded in the central securities register;

**"seal"** means the seal of the Company, if any.

**1.2. Business Corporations Act and Interpretation Act Definitions Applicable**. The definitions in the *Business Corporations Act* and the definitions and rules of construction in the *Interpretation Act,* with the necessary changes, so far as applicable, and unless the context requires otherwise, apply to these Articles as if they were an enactment. If there is a conflict between a definition in the *Business Corporations Act* and a definition or rule in the *Interpretation Act* relating to a term used in these Articles, the definition in the *Business Corporations Act* will prevail in relation to the use of the term in these Articles. If there is a conflict between these Articles and the *Business Corporations Act,* the *Business Corporations Act* will prevail.

**ARTICLE 2**<br>**SHARES AND SHARE CERTIFICATES**

**2.1. Authorized Share Structure.** The authorized share structure of the Company consists of shares of the class or classes and series, if any, described in the Notice of Articles of the Company.

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**2.2. Form of Share Certificate.** Each share certificate issued by the Company must comply with, and be signed as required by, the *Business Corporations Act.*

**2.3. Shareholder Entitled to Certificate or Acknowledgement.** Each shareholder is entitled, without charge, to (a) one share certificate representing the shares of each class or series of shares registered in the shareholder's name or (b) a non-transferable written acknowledgement of the shareholder's right to obtain such a share certificate, provided that in respect of a share held jointly by several persons, the Company is not bound to issue more than one share certificate and delivery of a share certificate for a share to one of several joint shareholders or to one of the shareholders' duly authorized agents will be sufficient delivery to all.

**2.4. Delivery by Mail.** Any share certificate or non-transferable written acknowledgement of a shareholder's right to obtain a share certificate may be sent to the shareholder by mail at the shareholder's registered address and neither the Company nor any director, officer or agent of the Company is liable for any loss to the shareholder because the share certificate or acknowledgement is lost in the mail or stolen.

**2.5. Replacement of Worn Out or Defaced Certificate or Acknowledgement**. If the directors are satisfied that a share certificate or a non-transferable written acknowledgement of the shareholder's right to obtain a share certificate is worn out or defaced, they must, on production to them of the share certificate or acknowledgement, as the case may be, and on such other terms, if any, as they think fit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) order the share certificate or acknowledgement, as the case may be, to be cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue a replacement share certificate or acknowledgement, as the case may be.

**2.6. Replacement of Lost, Stolen or Destroyed Certificate or Acknowledgement.** If a share certificate or a non-transferable written acknowledgement of a shareholder's right to obtain a share certificate is lost, stolen or destroyed, a replacement share certificate or acknowledgement, as the case may be, must be issued to the person entitled to that share certificate or acknowledgement, as the case may be, if the directors receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) proof satisfactory to them that the share certificate or acknowledgement is lost, stolen or destroyed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any indemnity the directors consider adequate.

**2.7. Splitting Share Certificates.** If a shareholder surrenders a share certificate to the Company with a written request that the Company issue in the shareholder's name two or more share certificates, each representing a specified number of shares and in the aggregate representing the same number of shares as the share certificate so surrendered, the Company must cancel the surrendered share certificate and issue replacement share certificates in accordance with that request.

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**2.8. Certificate Fee.** There must be paid to the Company, in relation to the issue of any share certificate under Articles 2.5, 2.6 or 2.7, the amount, if any and which must not exceed the amount prescribed under the *Business Corporations Act,* determined by the directors.

**2.9. Recognition of Trusts.** Except as required by law or statute or these Articles, no person will be recognized by the Company as holding any share upon any trust, and the Company is not bound by or compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial interest in any share or fraction of a share or (except as by law or statute or these Articles provided or as ordered by a court of competent jurisdiction) any other rights in respect of any share except an absolute right to the entirety thereof in the shareholder.

**ARTICLE 3**<br>**ISSUE OF SHARES**

**3.1. Directors Authorized.** Subject to the *Business Corporations Act* and the rights of the holders of issued shares of the Company, the Company may issue, allot, sell or otherwise dispose of the unissued shares, and issued shares held by the Company, at the times, to the persons, including directors, in the manner, on the terms and conditions and for the issue prices (including any premium at which shares with par value may be issued) that the directors may determine. The issue price for a share with par value must be equal to or greater than the par value of the share.

**3.2. Commissions and Discounts.** The Company may at any time, pay a reasonable commission or allow a reasonable discount to any person in consideration of that person purchasing or agreeing to purchase shares of the Company from the Company or any other person or procuring or agreeing to procure purchasers for shares of the Company.

**3.3. Brokerage.** The Company may pay such brokerage fee or other consideration as may be lawful for or in connection with the sale or placement of its securities.

**3.4. Conditions of Issue.** Except as provided for by the *Business Corporations Act,* no share may be issued until it is fully paid. A share is fully paid when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consideration is provided to the Company for the issue of the share by one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) past services performed for 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;(ii) property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) money; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the value of the consideration received by the Company equals or exceeds the issue price set for the share under Article 3 .1.

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**ARTICLE 4**<br>**SHARE REGISTERS**

**4.1. Central Securities Register.** As required by and subject to the *Business Corporations Act,* the Company must maintain in British Columbia a central securities register. The directors may, subject to the *Business Corporations Act,* appoint an agent to maintain the central securities register. The directors may also appoint one or more agents, including the agent which keeps the central securities register, as transfer agent for its shares or any class or series of its shares, as the case may be, and the same or another agent as registrar for its shares or such class or series of its shares, as the case may be. The directors may terminate such appointment of any agent at any time and may appoint another agent in its place.

**4.2. Closing Register.** The Company must not at any time close its central securities register.

**ARTICLE 5**<br>**SHARE TRANSFERS**

**5.1. Registering Transfers.** A transfer of a share of the Company must not be registered unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a duly signed instrument of transfer in respect of the share has been received by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a share certificate has been issued by the Company in respect of the share to be transferred, that share certificate has been surrendered to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if a non-transferable written acknowledgement of the shareholder's right to obtain a share certificate has been issued by the Company in respect of the share to be transferred, that acknowledgement has been surrendered to the Company.

**5.2. Form of Instrument of Transfer.** The instrument of transfer in respect of any share of the Company must be either in the form, if any, on the back of the Company's share certificates or in any other form that may be approved by the directors from time to time.

**5.3. Transferor Remains Shareholder.** Except to the extent that the *Business Corporations Act* otherwise provides, the transferor of shares is deemed to remain the holder of the shares until the name of the transferee is entered in a securities register of the Company in respect of the transfer.

**5.4. Signing of Instrument of Transfer.** If a shareholder, or his or her duly authorized attorney, signs an instrument of transfer in respect of shares registered in the name of the shareholder, the signed instrument of transfer constitutes a complete and sufficient authority to the Company and its directors, officers and agents to register the number of shares specified in the instrument of transfer or specified in any other manner, or, if no number is specified, all the shares represented by the share certificates or set out in the written acknowledgements deposited with the instrument of transfer:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the name of the person named as transferee in that instrument of transfer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no person is named as transferee in that instrument of transfer, in the name of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered.

**5.5. Enquiry as to Title Not Required.** Neither the Company nor any director, officer or agent of the Company is bound to inquire into the title of the person named in the instrument of transfer as transferee or, if no person is named as transferee in the instrument of transfer, of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered or is liable for any claim related to registering the transfer by the shareholder or by any intermediate owner or holder of the shares, of any interest in the shares, of any share certificate representing such shares or of any written acknowledgement of a right to obtain a share certificate for such shares.

**5.6. Transfer Fee.** There must be paid to the Company, in relation to the registration of any transfer, the amount, if any, determined by the directors.

**ARTICLE 6**<br>**TRANSMISSION OF SHARES**

**6.1. Legal Personal Representative Recognized on Death.** In case of the death of a shareholder, the legal personal representative, or if the shareholder was a joint holder, the surviving joint holder, will be the only person recognized by the Company as having any title to the shareholder's interest in the shares. Before recognizing a person as a legal personal representative, the directors may require proof of appointment by a court of competent jurisdiction, a grant of letters probate, letters of administration or such other evidence or documents as the directors consider appropriate.

**6.2. Rights of Legal Personal Representative.** The legal personal representative has the same rights, privileges and obligations that attach to the shares held by the shareholder, including the right to transfer the shares in accordance with these Articles, provided the documents required by the *Business Corporations Act* and the directors have been deposited with the Company.

**ARTICLE 7**<br>**PURCHASE OF SHARES**

**7.1. Company Authorized to Purchase Shares.** Subject to Article 7.2, the special rights and restrictions attached to the shares of any class or series and the *Business Corporations Act,* the Company may, if authorized by the directors, purchase or otherwise acquire any of its shares at the price and upon the terms specified in such resolution.

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**7.2. Purchase When Insolvent.** The Company must not make a payment or provide any other consideration to purchase or otherwise acquire any of its shares if there are reasonable grounds for believing that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company is insolvent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) making the payment or providing the consideration would render the Company insolvent.

**7.3. Sale and Voting of Purchased Shares.** If the Company retains a share redeemed, purchased or otherwise acquired by it, the Company may sell, gift or otherwise dispose of the share, but, while such share is held by the Company, it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is not entitled to vote the share at a meeting of its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must not pay a dividend in respect of the share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) must not make any other distribution in respect of the share.

**ARTICLE 8**<br>**BORROWING POWERS**

**8.1. Borrowing Powers.** The Company, if authorized by the directors, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) borrow money in the manner and amount, on the security, from the sources and on the terms and conditions that they consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 they consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) guarantee the repayment of money by any other person or the performance of any obligation of any other person; and

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

**ARTICLE 9**<br>**ALTERATIONS**

**9.1. Alteration of Authorized Share Structure**. Subject to Article 9.2 and the *Business Corporations Act,* the Company may by special resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) create one or more classes or series of shares or, if none of the shares of a class or series of shares are allotted or issued, eliminate that class or series of shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) increase, reduce or eliminate the maximum number of shares that the Company is authorized to issue out of any class or series of shares or establish a maximum number of shares that the Company is authorized to issue out of any class or series of shares for which no maximum is established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subdivide or consolidate all or any of its unissued, or fully paid issued, shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the Company is authorized to issue shares of a class of shares with par value:

&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) decrease the par value of those shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if none of the shares of that class of shares are allotted or issued, increase the par value of those shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) change all or any of its unissued, or fully paid issued, shares with par value into shares without par value or any of its unissued shares without par value into shares with par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) alter the identifying name of any of its shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) otherwise alter its shares or authorized share structure when required or permitted to do so by the *Business Corporations Act.*

**9.2. Special Rights and Restrictions.** Subject to the *Business Corporations Act,* the Company may by special resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) create special rights or restrictions for, and attach those special rights or restrictions to, the shares of any class or series of shares, whether or not any or all of those shares have been issued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) vary or delete any special rights or restrictions attached to the shares of any class or series of shares, whether or not any or all of those shares have been issued.

**9.3. Change of Name.** The Company may by special resolution authorize an alteration of its Notice of Articles in order to change its name.

**9.4. Other Alterations.** If the *Business Corporations Act* does not specify the type of resolution and these Articles do not specify another type of resolution, the Company may by special resolution alter these Articles.

**ARTICLE 10**<br>**MEETINGS OF SHAREHOLDERS**

**10.1. Annual General Meetings.** Unless an annual general meeting is deferred or waived in accordance with the *Business Corporations Act,* the Company must hold its first annual general meeting within 18 months after the date on which it was incorporated or otherwise recognized, and after that must hold an annual general meeting at least once in each calendar year and not more than 15 months after the last annual reference date at such time and place as may be determined by the directors.

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**10.2. Resolution Instead of Annual General Meeting.** If all the shareholders who are entitled to vote at an annual general meeting consent by a unanimous resolution under the *Business Corporations Act* to all of the business that is required to be transacted at that annual general meeting, the annual general meeting is deemed to have been held on the date of the unanimous resolution. The shareholders must, in any unanimous resolution passed under this Article 10.2, select as the Company's annual reference date a date that would be appropriate for the holding of the applicable annual general meeting.

**10.3. Calling of Meetings of Shareholders.** The directors may, whenever they think fit, call a meeting of shareholders.

**10.4. Notice for Meetings of Shareholders.** The Company must send notice of the date, time and location of any meeting of shareholders, in the manner provided in these Articles, or in such other manner, if any, as may be prescribed by ordinary resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless these Articles otherwise provide, at least the following number of days before the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if and for so long as the Company is a public company, 21 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, 10 days.

**10.5. Record Date for Notice.** The directors may set a date as the record date for the purpose of determining shareholders entitled to notice of any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the *Business Corporations Act,* by more than four months. The record date must not precede the date on which the meeting is held by fewer than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if and for so long as the Company is a public company, 21 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, 10 days.

If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

**10.6. Record Date for Voting.** The directors may set a date as the record date for the purpose of determining shareholders entitled to vote at any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the *Business Corporations Act,* by more than four months. If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

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**10.7. Failure to Give Notice and Waiver of Notice.** The accidental omission to send notice of any meeting to, or the non-receipt of any notice by, any of the persons entitled to notice does not invalidate any proceedings at that meeting. Any person entitled to notice of a meeting of shareholders may, in writing or otherwise, waive or reduce the period of notice of such meeting.

**10.8. Notice** of Special Business at Meetings of Shareholders. If a meeting of shareholders is to consider special business within the meaning of Article 11.1, the notice of meeting must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) state the general nature of the special business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the special business includes considering, approving, ratifying, adopting or authorizing any document or the signing of or giving of effect to any document, have attached to it a copy of the document or state that a copy of the document will be available for inspection by shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the Company's records office, or at such other reasonably accessible location in British Columbia as is specified in the notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during statutory business hours on any one or more specified days before the day set for the holding of the meeting.

**ARTICLE 11**<br>**PROCEEDINGS AT MEETINGS OF SHAREHOLDERS**

**11.1. Special Business.** At a meeting of shareholders, the following business is special business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at a meeting of shareholders that is not an annual general meeting, all business is special business except business relating to the conduct of or voting at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at an annual general meeting, all business is special business except for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) business relating to the conduct of or voting at the meeting;

&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) consideration of any financial statements of the Company presented to the meeting;

&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) consideration of any reports of the directors or auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the setting or changing of the number of directors;

&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) the election or appointment of directors;

&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) the appointment of an auditor;

&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) the setting of the remuneration of an auditor;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) business arising out of a report of the directors not requiring the passing of a special resolution or an exceptional resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any other business which, under these Articles or the *Business Corporations Act,* may be transacted at a meeting of shareholders without prior notice of the business being given to the shareholders.

**11.2. Special Majority.** The majority of votes required for the Company to pass a special resolution at a meeting of shareholders is two-thirds of the votes cast on the resolution.

**11.3. Quorum.** Subject to the special rights and restrictions attached to the shares of any class or series of shares, the quorum for the transaction of business at a meeting of shareholders is two persons who are, or who represent by proxy, shareholders who, in the aggregate, hold at least 5% of the issued shares entitled to be voted at the meeting.

**11.4. One Shareholder May Constitute Quorum.** If there is only one shareholder entitled to vote at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the quorum is one person who is, or who represents by proxy, that shareholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that shareholder, present in person or by proxy, may constitute the meeting.

**11.5. Other Persons May Attend.** The directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the Company, the auditor of the Company and any other persons invited by the directors are entitled to attend any meeting of shareholders, but if any of those persons does attend a meeting of shareholders, that person is not to be counted in the quorum and is not entitled to vote at the meeting unless that person is a shareholder or proxy holder entitled to vote at the meeting.

**11.6. Requirement of Quorum.** No business, other than the election of a chair of the meeting and the adjournment of the meeting, may be transacted at any meeting of shareholders unless a quorum of shareholders entitled to vote is present at the commencement of the meeting, but such quorum need not be present throughout the meeting.

**11.7. Lack of Quorum.** If, within one-half hour from the time set for the holding of a meeting of shareholders, a quorum is not present:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a general meeting requisitioned by shareholders, the meeting is dissolved, and

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

**11.8. Lack of Quorum at Succeeding Meeting.** If, at the meeting to which the meeting referred to in Article 11.7(b) was adjourned, a quorum is not present within one-half hour from the time set for the holding of the meeting, the person or persons present and being, or representing by proxy, one or more shareholders entitled to attend and vote at the meeting constitute a quorum.

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**11.9. Chair.** The following individual is entitled to preside as chair at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the chair of the board, if any; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the chair of the board is absent or unwilling to act as chair of the meeting, the president, if any.

**11.10. Selection of Alternate Chair.** If, at any meeting of shareholders, there is no chair of the board or president present within 15 minutes after the time set for holding the meeting, or if the chair of the board and the president are unwilling to act as chair of the meeting, or if the chair of the board and the president have advised the secretary, if any, or any director present at the meeting, that they will not be present at the meeting, the directors present must choose one of their number to be chair of the meeting or if all of the directors present decline to take the chair or fail to so choose or if no director is present, the shareholders entitled to vote at the meeting who are present in person or by proxy may choose any person present at the meeting to chair the meeting.

**11.11. Adjournments.** The chair of a meeting of shareholders may, and if so directed by the meeting must, adjourn the meeting from time to time and from place to place, but no business may be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.

**11.12. Notice of Adjourned Meeting.** It is not necessary to give any notice of an adjourned meeting or of the business to be transacted at an adjourned meeting of shareholders except that, when a meeting is adjourned for 30 days or more, notice of the adjourned meeting must be given as in the case of the original meeting.

**11.13. Decision by Show of Hands or Poll.** Subject to the *Business Corporations Act,* every motion put to a vote at a meeting of shareholders will be decided on a show of hands unless a poll, before or on the declaration of the result of the vote by show of hands, is directed by the chair or demanded by at least one shareholder entitled to vote who is present in person or by proxy.

**11.14. Declaration of Result.** The chair of a meeting of shareholders must declare to the meeting the decision on every question in accordance with the result of the show of hands or the poll, as the case may be, and that decision must be entered in the minutes of the meeting. A declaration of the chair that a resolution is carried by the necessary majority or is defeated is, unless a poll is directed by the chair or demanded under Article 11.13, conclusive evidence without proof of the number or proportion of the votes recorded in favour of or against the resolution.

**11.15. Motion Need Not be Seconded.** No motion proposed at a meeting of shareholders need be seconded unless the chair of the meeting rules otherwise, and the chair of any meeting of shareholders is entitled to propose or second a motion.

**11.16. Casting Vote.** In case of an equality of votes, the chair of a meeting of shareholders does not, either on a show of hands or on a poll, have a second or casting vote in addition to the vote or votes to which the chair may be entitled as a shareholder.

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**11.17. Manner of Taking Poll.** Subject to Article 11.18, if a poll is duly demanded at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the poll must be taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the meeting, or within seven days after the date of the meeting, as the chair of the meeting directs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the manner, at the time and at the place that the chair of the meeting directs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the result of the poll is deemed to be the decision of the meeting at which the poll is demanded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the demand for the poll may be withdrawn by the person who demanded it.

**11.18. Demand for Poll on Adjournment.** A poll demanded at a meeting of shareholders on a question of adjournment must be taken immediately at the meeting.

**11.19. Chair Must Resolve Dispute.** In the case of any dispute as to the admission or rejection of a vote given on a poll, the chair of the meeting must determine the dispute, and his or her determination made in good faith is final and conclusive.

**11.20. Casting of Votes.** On a poll, a shareholder entitled to more than one vote need not cast all the votes in the same way.

**11.21. Demand for Poll.** No poll may be demanded in respect of the vote by which a chair of a meeting of shareholders is elected.

**11.22. Demand for Poll Not to Prevent Continuance of Meeting.** The demand for a poll at a meeting of shareholders does not, unless the chair of the meeting so rules, prevent the continuation of a meeting for the transaction of any business other than the question on which a poll has been demanded.

**11.23. Retention of Ballots and Proxies.** The Company must, for at least three months after a meeting of shareholders, keep each ballot cast on a poll and each proxy voted at the meeting, and, during that period, make them available for inspection during normal business hours by any shareholder or proxy holder entitled to vote at the meeting. At the end of such three month period, the Company may destroy such ballots and proxies.

**11.24. Meeting by Telephone or Other Communications Medium.** A shareholder or proxy holder may participate in a meeting of the shareholders in person or by telephone if all shareholders or proxy holders participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other. A shareholder or proxy holder may participate in a meeting of the shareholders by a communications medium other than telephone if all shareholders or proxy holders participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other and if all shareholders or proxy holders who wish to participate in the meeting agree to such participation. A shareholder or proxy holder who participates in a meeting in a manner contemplated by this Article 11.24 is deemed for all purposes of the *Business Corporations Act* and these Articles to be present at the meeting and to have agreed to participate in that manner.

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**ARTICLE 12**<br>**VOTES OF SHAREHOLDERS**

**12.1. Number of Votes by Shareholder or by Shares.** Subject to any special rights or restrictions attached to any shares and to the restrictions imposed on joint shareholders under Article 12.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on a vote by show of hands, every person present who is a shareholder or proxy holder and entitled to vote on the matter has one vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on a poll, every shareholder entitled to vote on the matter has one vote in respect of each share entitled to be voted on the matter and held by that shareholder and may exercise that vote either in person or by proxy.

**12.2. Votes of Persons in Representative Capacity.** A person who is not a shareholder may vote at a meeting of shareholders, whether on a show of hands or on a poll, and may appoint a proxy holder to act at the meeting, if, before doing so, the person satisfies the chair of the meeting, or the directors, that the person is a legal personal representative or a trustee in bankruptcy for a shareholder who is entitled to vote at the meeting.

**12.3. Votes by Joint Holders.** If there are joint shareholders registered in respect of any share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any one of the joint shareholders may vote at any meeting, either personally or by proxy, in respect of the share as if that joint shareholder were solely entitled to it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if more than one of the joint shareholders is present at any meeting, personally or by proxy, and more than one of them votes in respect of that share, then only the vote of the joint shareholder present whose name stands first on the central securities register in respect of the share will be counted.

**12.4. Legal Personal Representatives as Joint Shareholders.** Two or more legal personal representatives of a shareholder in whose sole name any share is registered are, for the purposes of Article 12.3, deemed to be joint shareholders.

**12.5. Representative of a Corporate Shareholder.** If a corporation, that is not a subsidiary of the Company, is a shareholder, that corporation may appoint a person to act as its representative at any meeting of shareholders of the Company, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for that purpose, the instrument appointing a representative must:

&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) be received at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice for the receipt of proxies, or if no number of days is specified, two business days before the day set for the holding of the meeting; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be provided, at the meeting, to the chair of the meeting or to a person designated by the chair of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a representative is appointed under this Article 12.5:

&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 representative is entitled to exercise in respect of and at that meeting the same rights on behalf of the corporation that the representative represents as that corporation could exercise if it were a shareholder who is an individual, including, without limitation, the right to appoint a proxy holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the representative, if present at the meeting, is to be counted for the purpose of forming a quorum and is deemed to be a shareholder present in person at the meeting.

Evidence of the appointment of any such representative may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages.

**12.6. Proxy Provisions Do Not Apply to All Companies.** Articles 12.7 to 12.15 do not apply to the Company if and for so long as it is a public company or a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply.

**12.7. Appointment of Proxy Holders.** Every shareholder of the Company, including a corporation that is a shareholder but not a subsidiary of the Company, entitled to vote at a meeting of shareholders of the Company may, by proxy, appoint one or more (but not more than five) proxy holders to attend and act at the meeting in the manner, to the extent and with the powers conferred by the proxy.

**12.8. Alternate Proxy Holders.** A shareholder may appoint one or more alternate proxy holders to act in the place of an absent proxy holder.

**12.9. When Proxy Holder Need Not Be Shareholder.** A person must not be appointed as a proxy holder unless the person is a shareholder, although a person who is not a shareholder may be appointed as a proxy holder if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the person appointing the proxy holder is a corporation or a representative of a corporation appointed under Article 12.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company has at the time of the meeting for which the proxy holder is to be appointed only one shareholder entitled to vote at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the shareholders present in person or by proxy at and entitled to vote at the meeting for which the proxy holder is to be appointed, by a resolution on which the proxy holder is not entitled to vote but in respect of which the proxy holder is to be counted in the quorum, permit the proxy holder to attend and vote at the meeting.

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**12.10. Deposit of Proxy.** A proxy for a meeting of shareholders must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be received at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice, or if no number of days is specified, two business days before the day set for the holding of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless the notice provides otherwise, be provided, at the meeting, to the chair of the meeting or to a person designated by the chair of the meeting.

A proxy may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages.

**12.11. Validity of Proxy Vote.** A vote given in accordance with the terms of a proxy is valid notwithstanding the death or incapacity of the shareholder giving the proxy and despite the revocation of the proxy or the revocation of the authority under which the proxy is given, unless notice in writing of that death, incapacity or revocation is received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the registered office of the Company, at any time up to and including the last business day before the day set for the holding of the meeting at which the proxy is to be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the chair of the meeting, before the vote is taken.

**12.12. Form of Proxy.** A proxy, whether for a specified meeting or otherwise, must be either in the following form or in any other form approved by the directors or the chair of the meeting:

*[Name of Company]* <br>(the "Company")

The undersigned, being a shareholder of the Company, hereby appoints *[name]* or, failing that person, *[name],* as proxy holder for the undersigned to attend, act and vote for and on behalf of the undersigned at the meeting of shareholders of the Company to be held on *[month, day, year]* and at any adjournment of that meeting.

Number of shares in respect of which this proxy is given (if no number is specified, then this proxy if given in respect of all shares registered in the name of the shareholder): ________________.

Signed this ______ day of __________, _____.

(Signature of shareholder) <br>____________________________________<br>(Name of shareholder - printed)

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**12.13. Revocation of Proxy.** Subject to Article 12.14, every proxy may be revoked by an instrument in writing that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) received at the registered office of the Company at any time up to and including the last business day before the day set for the holding of the meeting at which the proxy is to be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provided, at the meeting, to the chair of the meeting.

**12.14. Revocation of Proxy Must Be Signed**. An instrument referred to in Article 12.13 must be signed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the shareholder for whom the proxy holder is appointed is an individual, the instrument must be signed by the shareholder or his or her legal personal representative or trustee in bankruptcy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the shareholder for whom the proxy holder is appointed is a corporation, the instrument must be signed by the corporation or by a representative appointed for the corporation under Article 12.5.

**12.15. Production of Evidence of Authority to Vote.** The chair of any meeting of shareholders may, but need not, inquire into the authority of any person to vote at the meeting and may, but need not, demand from that person production of evidence as to the existence of the authority to vote.

**ARTICLE 13**<br>**DIRECTORS**

**13.1. First Directors; Number of Directors.** The first directors are the persons designated as directors of the Company in the Notice of Articles that applies to the Company when it is recognized under the *Business Corporations Act.* The number of directors, excluding additional directors appointed under Article 14.8, is set at:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to paragraphs (b) and (c), the number of directors that is equal to the number of the Company's first directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company is a public company, the greater of three and the most recently set of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the number of directors set by ordinary resolution (whether or not previous notice of the resolution was given); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of directors set under Article 14.4;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company is not a public company, the most recently set of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the number of directors set by ordinary resolution (whether or not previous notice of the resolution was given); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of directors set under Article 14.4.

**13.2. Change in Number of Directors.** If the number of directors is set under Articles 13.1(b)(i) or 13.1(c)(i):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the shareholders may elect or appoint the directors needed to fill any vacancies in the board of directors up to that number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the shareholders do not elect or appoint the directors needed to fill any vacancies in the board of directors up to that number contemporaneously with the setting of that number, then the directors may appoint, or the shareholders may elect or appoint, directors to fill those vacancies.

**13.3. Directors**' **Acts Valid Despite Vacancy.** An act or proceeding of the directors is not invalid merely because fewer than the number of directors set or otherwise required under these Articles is in office.

**13.4. Qualifications of Directors.** A director is not required to hold a share in the capital of the Company as qualification for his or her office but must be qualified as required by the *Business Corporations Act* to become, act or continue to act as a director.

**13.5. Remuneration of Directors.** The directors are entitled to the remuneration for acting as directors, if any, as the directors may from time to time determine. If the directors so decide, the remuneration of the directors, if any, will be determined by the shareholders. That remuneration may be in addition to any salary or other remuneration paid to any officer or employee of the Company as such, who is also a director.

**13.6. Reimbursement of Expenses of Directors.** The Company must reimburse each director for the reasonable expenses that he or she may incur in and about the business of the Company.

**13.7. Special Remuneration for Directors.** If any director performs any professional or other services for the Company that in the opinion of the directors are outside the ordinary duties of a director, or if any director is otherwise specially occupied in or about the Company's business, he or she may be paid remuneration fixed by the directors, or, at the option of that director, fixed by ordinary resolution, and such remuneration may be either in addition to, or in substitution for, any other remuneration that he or she may be entitled to receive.

**13.8. Gratuity, Pension or Allowance on Retirement of Director.** Unless otherwise determined by ordinary resolution, the directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any director who has held any salaried office or place of profit with the Company or to his or her spouse or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

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**ARTICLE 14**<br>**ELECTION AND REMOVAL OF DIRECTORS**

**14.1. Election at Annual General Meeting.** At every annual general meeting and in every unanimous resolution contemplated by Article 10.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the shareholders entitled to vote at the annual general meeting for the election of directors must elect, or in the unanimous resolution appoint, a board of directors consisting of the number of directors for the time being set under these Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all the directors cease to hold office immediately before the election or appointment of directors under paragraph (a), but are eligible for re-election or re-appointment.

**14.2. Consent to be a Director.** No election, appointment or designation of an individual as a director is valid unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that individual consents to be a director in the manner provided for in the *Business Corporations Act;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that individual is elected or appointed at a meeting at which the individual is present and the individual does not refuse, at the meeting, to be a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to first directors, the designation is otherwise valid under the *Business Corporations Act.*

**14.3. Failure to Elect or Appoint Directors**. If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company fails to hold an annual general meeting, and all the shareholders who are entitled to vote at an annual general meeting fail to pass the unanimous resolution contemplated by Article 10.2, on or before the date by which the annual general meeting is required to be held under the *Business Corporations Act;* or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the shareholders fail, at the annual general meeting or in the unanimous resolution contemplated by Article 10.2, to elect or appoint any directors;

then each director then in office continues to hold office until the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which his or her successor is elected or appointed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date on which he or she otherwise ceases to hold office under the *Business Corporations Act* or these Articles.

**14.4. Places of Retiring Directors Not Filled.** If, at any meeting of shareholders at which there should be an election of directors, the places of any of the retiring directors are not filled by that election, those retiring directors who are not re-elected and who are asked by the newly elected directors to continue in office will, if willing to do so, continue in office to complete the number of directors for the time being set pursuant to these Articles until further new directors are elected at a meeting of shareholders convened for that purpose. If any such election or continuance of directors does not result in the election or continuance of the number of directors for the time being set pursuant to these Articles, the number of directors of the Company is deemed to be set at the number of directors actually elected or continued in office.

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**14.5. Directors May Fill Casual Vacancies.** Any casual vacancy occurring in the board of directors may be filled by the directors.

**14.6. Remaining Directors Power to Act.** The directors may act notwithstanding any vacancy in the board of directors, but if the Company has fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the directors may only act for the purpose of appointing directors up to that number or of summoning a meeting of shareholders for the purpose of filling any vacancies on the board of directors or, subject to the *Business Corporations Act,* for any other purpose.

**14.7. Shareholders May Fill Vacancies.** If the Company has no directors or fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the shareholders may elect or appoint directors to fill any vacancies on the board of directors.

**14.8. Additional Directors.** Notwithstanding Articles 13.1 and 13.2, between annual general meetings or unanimous resolutions contemplated by Article 10.2, the directors may appoint one or more additional directors, but the number of additional directors appointed under this Article 14.8 must not at any time exceed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one-third of the number of first directors, if, at the time of the appointments, one or more of the first directors have not yet completed their first term of office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other case, one-third of the number of the current directors who were elected or appointed as directors other than under this Article 14.8.

Any director so appointed ceases to hold office immediately before the next election or appointment of directors under Article 14.1(a), but is eligible for re-election or re- appointment

**14.9. Ceasing to be a Director.** A director ceases to be a director when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the term of office of the director expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the director dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the director resigns as a director by notice in writing provided to the Company or a lawyer for the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the director is removed from office pursuant to Articles 14.10 or 14.11.

**14.10. Removal of Director by Shareholders.** The Company may remove any director before the expiration of his or her term of office by special resolution. In that event, the shareholders may elect, or appoint by ordinary resolution, a director to fill the resulting vacancy. If the shareholders do not elect or appoint a director to fill the resulting vacancy contemporaneously with the removal, then the directors may appoint or the shareholders may elect, or appoint by ordinary resolution, a director to fill that vacancy.

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**14.11. Removal of Director by Directors.** The directors may remove any director before the expiration of his or her term of office if the director is convicted of an indictable offence, or if the director ceases to be qualified to act as a director of a company and does not promptly resign, and the directors may appoint a director to fill the resulting vacancy.

**ARTICLE 15**<br>**POWERS AND DUTIES OF DIRECTORS**

**15.1. Powers of Management.** The directors must, subject to the *Business Corporations Act* and these Articles, manage or supervise the management of the business and affairs of the Company and have the authority to exercise all such powers of the Company as are not, by the *Business Corporations Act* or by these Articles, required to be exercised by the shareholders of the Company.

**15.2. Appointment of Attorney of Company.** The directors may from time to time, by power of attorney or other instrument, under seal if so required by law, appoint any person to be the attorney of the Company for such purposes, and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the directors under these Articles and excepting the power to fill vacancies in the board of directors, to remove a director, to change the membership of, or fill vacancies in, any committee of the directors, to appoint or remove officers appointed by the directors and to declare dividends) and for such period, and with such remuneration and subject to such conditions as the directors may think fit. Any such power of attorney may contain such provisions for the protection or convenience of persons dealing with such attorney as the directors think fit. Any such attorney may be authorized by the directors to sub-delegate all or any of the powers, authorities and discretions for the time being vested in him or her.

**ARTICLE 16**<br>**DISCLOSURE OF INTEREST OF DIRECTORS**

**16.1. Obligation to Account for Profits.** A director or senior officer who holds a disclosable interest (as that term is used in the *Business Corporations Act)* in a contract or transaction into which the Company has entered or proposes to enter is liable to account to the Company for any profit that accrues to the director or senior officer under or as a result of the contract or transaction only if and to the extent provided in the *Business Corporations Act.*

**16.2. Restrictions on Voting by Reason of Interest.** A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter is not entitled to vote on any directors' resolution to approve that contract or transaction, unless all the directors have a disclosable interest in that contract or transaction, in which case any or all of those directors may vote on such resolution.

**16.3. Interested Director Counted in Quorum.** A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter and who is present at the meeting of directors at which the contract or transaction is considered for approval may be counted in the quorum at the meeting whether or not the director votes on any or all of the resolutions considered at the meeting.

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**16.4. Disclosure of Conflict of Interest or Property.** A director or senior officer who holds any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual's duty or interest as a director or senior officer, must disclose the nature and extent of the conflict as required by the *Business Corporations Act.*

**16.5. Director Holding Other Office in the Company.** A director may hold any office or place of profit with the Company, other than the office of auditor of the Company, in addition to his or her office of director for the period and on the terms (as to remuneration or otherwise) that the directors may determine.

**16.6. No Disqualification.** No director or intended director is disqualified by his or her office from contracting with the Company either with regard to the holding of any office or place of profit the director holds with the Company or as vendor, purchaser or otherwise, and no contract or transaction entered into by or on behalf of the Company in which a director is in any way interested is liable to be voided for that reason.

**16.7. Professional Services by Director or Officer.** Subject to the *Business Corporations Act,* a director or officer, or any person in which a director or officer has an interest, may act in a professional capacity for the Company, except as auditor of the Company, and the director or officer or such person is entitled to remuneration for professional services as if that director or officer were not a director or officer.

**16.8. Director or Officer in Other Corporations.** A director or officer may be or become a director, officer or employee of, or otherwise interested in, any person in which the Company may be interested as a shareholder or otherwise, and, subject to the *Business Corporations Act,* the director or officer is not accountable to the Company for any remuneration or other benefits received by him or her as director, officer or employee of, or from his or her interest in, such other person.

**ARTICLE 17**<br>**PROCEEDINGS OF DIRECTORS**

**17.1. Meetings of Directors.** The directors may meet together for the conduct of business, adjourn and otherwise regulate their meetings as they think fit, and meetings of the directors held at regular intervals may be held at the place, at the time and on the notice, if any, as the directors may from time to time determine.

**17.2. Voting at Meetings.** Questions arising at any meeting of directors are to be decided by a majority of votes and, in the case of an equality of votes, the chair of the meeting does not have a second or casting vote.

**17.3. Chair of Meetings.** The following individual is entitled to preside as chair at a meeting of directors:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the chair of the board, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the absence of the chair of the board, the president, if any, if the president is a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other director chosen by the directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) neither the chair of the board nor the president, if a director, is present at the meeting within 15 minutes after the time set for holding the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the chair of the board nor the president, if a director, is willing to chair the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the chair of the board and the president, if a director, have advised the secretary, if any, or any other director, that they will not be present at the meeting.

**17.4. Meetings by Telephone or Other Communications Medium**. A director may participate in a meeting of the directors or of any committee of the directors in person or by telephone if all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other. A director may participate in a meeting of the directors or of any committee of the directors by a communications medium other than telephone if all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other and if all directors who wish to participate in the meeting agree to such participation. A director who participates in a meeting in a manner contemplated by this Article 17.4 is deemed for all purposes of the *Business Corporations Act* and these Articles to be present at the meeting and to have agreed to participate in that manner.

**17.5. Calling of Meetings.** A director may, and the secretary or an assistant secretary of the Company, if any, on the request of a director must, call a meeting of the directors at any time.

**17.6. Notice of Meetings.** Other than for meetings held at regular intervals as determined by the directors pursuant to Article 17.1, reasonable notice of each meeting of the directors, specifying the place, day and time of that meeting must be given to each of the directors by any method set out in Article 23.1 or orally or by telephone.

**17.7. When Notice Not Required.** It is not necessary to give notice of a meeting of the directors to a director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the meeting is to be held immediately following a meeting of shareholders at which that director was elected or appointed, or is the meeting of the directors at which that director is appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the director has waived notice of the meeting.

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**17.8. Meeting Valid Despite Failure to Give Notice.** The accidental omission to give notice of any meeting of directors to, or the non-receipt of any notice by, any director does not invalidate any proceedings at that meeting.

**17.9. Waiver of Notice of Meetings.** Any director may send to the Company a document signed by him or her waiving notice of any past, present or future meeting or meetings of the directors and may at any time withdraw that waiver with respect to meetings held after that withdrawal. After sending a waiver with respect to all future meetings and until that waiver is withdrawn, no notice of any meeting of the directors need be given to such director and all meetings of the directors so held are deemed not to be improperly called or constituted by reason of notice not having been given to such director.

**17.10. Quorum**. The quorum necessary for the transaction of the business of the directors may be set by the directors and, if not so set, is deemed to be set at two directors or, if the number of directors is set at one, is deemed to be set at one director, and that director may constitute a meeting.

**17.11. Validity of Acts Where Appointment Defective.** Subject to the *Business Corporations Act,* an act of a director or officer is not invalid merely because of an irregularity in the election or appointment or a defect in the qualification of that director or officer.

**17.12. Consent Resolutions in Writing.** A resolution of the directors or of any committee of the directors consented to in writing by all of the directors entitled to vote on it, whether by signed document, fax, email or any other method of transmitting legibly recorded messages, is as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors duly called and held. Such resolution may be in two or more counterparts which together are deemed to constitute one resolution in writing. A resolution passed in that manner is effective on the date stated in the resolution or on the latest date stated on any counterpart. A resolution of the directors or of any committee of the directors passed in accordance with this Article 17.12 is deemed to be a proceeding at a meeting of directors or of the committee of the directors and to be as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors that satisfies all the requirements of the *Business Corporations Act* and all the requirements of these Articles relating to meetings of the directors or of a committee of the directors.

**ARTICLE 18**<br>**EXECUTIVE AND OTHER COMMITTEES**

**18.1. Appointment and Powers of Executive Committee.** The directors may, by resolution, appoint an executive committee consisting of the director or directors that they consider appropriate, and this committee has, during the intervals between meetings of the board of directors, all of the directors' powers, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the power to fill vacancies in the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the power to remove a director;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the power to change the membership of, or fill vacancies in, any committee of the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other powers, if any, as may be set out in the resolution or any subsequent directors' resolution.

**18.2. Appointment and Powers of Other Committees**. The directors may, by resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) appoint one or more committees (other than the executive committee) consisting of the director or directors that they consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) delegate to a committee appointed under paragraph (a) any of the directors' powers, except:

&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 power to fill vacancies in the board of directors;

&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 power to remove a director;

&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 power to change the membership of, or fill vacancies in, any committee of the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the power to appoint or remove officers appointed by the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make any delegation referred to in paragraph (b) subject to the conditions set out in the resolution or any subsequent directors' resolution.

**18.3. Obligations of Committees.** Any committee appointed under Articles 18.1 or 18.2, in the exercise of the powers delegated to it, must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) conform to any rules that may from time to time be imposed on it by the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) report every act or thing done in exercise of those powers at such times as the directors may require.

**18.4. Powers of Board.** The directors may, at any time, with respect to a committee appointed under Articles 18.1 or 18.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) revoke or alter the authority given to the committee, or override a decision made by the committee, except as to acts done before such revocation, alteration or overriding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) terminate the appointment of, or change the membership of, the committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) fill vacancies in the committee.

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**18.5. Committee Meetings.** Subject to Article 18.3(a) and unless the directors otherwise provide in the resolution appointing the committee or in any subsequent resolution, with respect to a committee appointed under Articles 18.1 or 18.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the committee may meet and adjourn as it thinks proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the committee may elect a chair of its meetings but, if no chair of a meeting is elected, or if at a meeting the chair of the meeting is not present within 15 minutes after the time set for holding the meeting, the directors present who are members of the committee may choose one of their number to chair the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a majority of the members of the committee constitutes a quorum of the committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) questions arising at any meeting of the committee are determined by a majority of votes of the members present, and in case of an equality of votes, the chair of the meeting does not have a second or casting vote.

**ARTICLE 19**<br>**OFFICERS**

**19.1. Directors May Appoint Officers.** The directors may, from time to time, appoint such officers, if any, as the directors determine and the directors may, at any time, terminate any such appointment.

**19.2. Functions, Duties and** Powers of Officers. The directors may, for each officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine the functions and duties of the officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) entrust to and confer on the officer any of the powers exercisable by the directors on such terms and conditions and with such restrictions as the directors think fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) revoke, withdraw, alter or vary all or any of the functions, duties and powers of the officer.

**19.3. Qualifications.** No officer may be appointed unless that officer is qualified in accordance with the *Business Corporations Act.* One person may hold more than one position as an officer of the Company. Any person appointed as the chair of the board or as the managing director must be a director. Any other officer need not be a director.

**19.4. Remuneration and Terms of Appointment.** All appointments of officers are to be made on the terms and conditions and at the remuneration (whether by way of salary, fee, commission, participation in profits or otherwise) that the directors thinks fit and are subject to termination at the pleasure of the directors, and an officer may in addition to such remuneration be entitled to receive, after he or she ceases to hold such office or leaves the employment of the Company, a pension or gratuity.

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**ARTICLE 20**<br>**INDEMNIFICATION**

**20.1. Definitions**. In this Article 20:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **"eligible penalty"** means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, an eligible proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **"eligible proceeding"** means a legal proceeding or investigative action, whether current, threatened, pending or completed, in which a director or former director of the Company (an "eligible party") or any of the heirs and legal personal representatives of the eligible party, by reason of the eligible party being or having been a director 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;(i) is or may be joined as a party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **"expenses"** has the meaning set out in the *Business Corporations Act.*

**20.2. Mandatory Indemnification of Directors and Former Directors.** Subject to the *Business Corporations Act,* the Company must indemnify a director or former director of the Company and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each director is deemed to have contracted with the Company on the terms of the indemnity contained in this Article 20.2.

**20.3. Indemnification of Other Persons.** Subject to any restrictions in the *Business Corporations Act,* the Company may indemnify any person.

**20.4. Non-Compliance with Business Corporations Act.** The failure of a director or officer of the Company to comply with the *Business Corporations Act* or these Articles does not invalidate any indemnity to which he or she is entitled under this Article 20.

**20.5. Company May Purchase Insurance.** The Company may purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or was a director, officer, employee or agent of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or was a director, officer, employee or agent of a corporation at a time when the corporation is or was an affiliate of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at the request of the Company, is or was a director, officer, employee or agent of a corporation or of a partnership, trust, joint venture or other unincorporated entity;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at the request of the Company, holds or held a position equivalent to that of a director or officer of a partnership, trust, joint venture or other unincorporated entity;

against any liability incurred by him or her as such director, officer, employee or agent or person who holds or held such equivalent position.

**ARTICLE 21**<br>**DIVIDENDS**

**21.1. Payment of Dividends Subject to Special Rights.** The provisions of this Article 21 are subject to the rights, if any, of shareholders holding shares with special rights as to dividends.

**21.2. Declaration of Dividends.** Subject to the *Business Corporations Act* and the rights of the holders of issued shares of the Company, the directors may from time to time declare and authorize payment of such dividends as they may deem advisable.

**21.3. No Notice Required.** The directors need not give notice to any shareholder of any declaration under Article 21.2.

**21.4. Record Date.** The directors may set a date as the record date for the purpose of determining shareholders entitled to receive payment of a dividend. The record date must not precede the date on which the dividend is to be paid by more than two months. If no record date is set, the record date is 5 p.m. on the date on which the directors pass the resolution declaring the dividend.

**21.5. Manner of Paying Dividend.** A resolution declaring a dividend may direct payment of the dividend wholly or partly by the distribution of specific assets or of fully paid shares or of bonds, debentures or other securities of the Company, or in any one or more of those ways.

**21.6. Settlement of Difficulties.** If any difficulty arises in regard to a distribution under Article 21.5, the directors may settle the difficulty as they deem advisable, and, in particular, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) set the value for distribution of specific assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) determine that cash payments in substitution for all or any part of the specific assets to which any shareholders are entitled may be made to any shareholders on the basis of the value so fixed in order to adjust the rights of all parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest any such specific assets in trustees for the persons entitled to the dividend.

**21.7. When Dividend Payable.** Any dividend may be made payable on such date as is fixed by the directors.

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**21.8. Dividends to be Paid in Accordance with Number of Shares.** All dividends on shares of any class or series of shares must be declared and paid according to the number of such shares held.

**21.9. Receipt by Joint Shareholders.** If several persons are joint shareholders of any share, any one of them may give an effective receipt for any dividend, bonus or other money payable in respect of the share.

**21.10. Dividend Bears No Interest.** No dividend bears interest against the Company.

**21.11. Fractional Dividends.** If a dividend to which a shareholder is entitled includes a fraction of the smallest monetary unit of the currency of the dividend, that fraction may be disregarded in making payment of the dividend and that payment represents full payment of the dividend.

**21.12. Payment of Dividends.** Any dividend or other distribution payable in cash in respect of shares may be paid by cheque, made payable to the order of the person to whom it is sent, and mailed to the address of the shareholder, or in the case of joint shareholders, to the address of the joint shareholder who is first named on the central securities register, or to the person and to the address the shareholder or joint shareholders may direct in writing. The mailing of such cheque will, to the extent of the sum represented by the cheque (plus the amount of the tax required by law to be deducted), discharge all liability for the dividend unless such cheque is not paid on presentation or the amount of tax so deducted is not paid to the appropriate taxing authority.

**21.13. Capitalization of Surplus.** Notwithstanding anything contained in these Articles, the directors may from time to time capitalize any surplus of the Company and may from time to time issue, as fully paid, shares or any bonds, debentures or other securities of the Company as a dividend representing the surplus or any part of the surplus.

**ARTICLE 22**<br>**DOCUMENTS, RECORDS AND REPORTS**

**22.1. Recording of Financial Affairs.** The directors must cause adequate accounting records to be kept to record properly the financial affairs and condition of the Company and to comply with the *Business Corporations Act.*

**22.2. Inspection of Accounting Records.** Unless the directors determine otherwise, or unless otherwise determined by ordinary resolution, no shareholder of the Company is entitled to inspect or obtain a copy of any accounting records of the Company.

**ARTICLE 23**<br>**NOTICES**

**23.1. Method of Giving Notice.** Unless the *Business Corporations Act* or these Articles provides otherwise, a notice, statement, report or other record required or permitted by the *Business Corporations Act* or these Articles to be sent by or to a person may be sent by any one of the following methods:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mail addressed to the person at the applicable address for that person as follows:

&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) for a record mailed to a shareholder, the shareholder's registered address;

&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) for a record mailed to a director or officer, the prescribed address for mailing shown for the director or officer in the records kept by the Company or the mailing address provided by the recipient for the sending of that record or records of that class;

&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) in any other case, the mailing address of the intended recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) delivery at the applicable address for that person as follows, addressed to the person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for a record delivered to a shareholder, the shareholder's registered address;

&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) for a record delivered to a director or officer, the prescribed address for delivery shown for the director or officer in the records kept by the Company or the delivery address provided by the recipient for the sending of that record or records of that class;

&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) in any other case, the delivery address of the intended recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sending the record by fax to the fax number provided by the intended recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sending the record by email to the email address provided by the intended recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) physical delivery to the intended recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) as otherwise permitted by any securities legislation (together with all regulations and rules made and promulgated thereunder and all administrative policy statements, blanket orders, and rulings, notices, and other administrative directions issued by securities commissions or similar authorities appointed thereunder) in any province or territory of Canada or in the federal jurisdiction of the United States or in any state of the United States that is applicable to the Company.

**23.2. Deemed Receipt of Mailing.** A record that is mailed to a person by ordinary mail to the applicable address for that person referred to in Article 23.1 is deemed to be received by the person to whom it was mailed on the day, Saturdays, Sundays and holidays excepted, following the date of mailing.

**23.3. Certificate of Sending.** A certificate signed by the secretary, if any, or other officer of the Company or of any other corporation acting in that behalf for the Company stating that a notice, statement, report or other record was addressed as required by Article 23.1, prepaid and mailed or otherwise sent as permitted by Article 23.1 is conclusive evidence of that fact.

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**23.4. Notice to Joint Shareholders.** A notice, statement, report or other record may be provided by the Company to the joint shareholders of a share by providing the notice to the joint shareholder first named in the central securities register in respect of the share.

**23.5. Notice to Trustees.** A notice, statement, report or other record may be provided by the Company to the persons entitled to a share in consequence of the death, bankruptcy or incapacity of a shareholder by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mailing the record, addressed to them:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by name, by the title of the legal personal representative of the deceased or incapacitated shareholder, by the title of trustee of the bankrupt shareholder or by any similar description; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the address, if any, supplied to the Company for that purpose by the persons claiming to be so entitled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if an address referred to in paragraph (a)(ii) has not been supplied to the Company, by giving the notice in a manner in which it might have been given if the death, bankruptcy or incapacity had not occurred.

**ARTICLE 24**<br>**SEAL AND EXECUTION OF DOCUMENTS**

**24.1. Who May Attest Seal.** Except as provided in Articles 24.2 and 24.3, the Company's seal, if any, must not be impressed on any record except when that impression is attested by the signatures of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any two directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any officer, together with any director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company only has one director, that director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any one or more directors or officers or persons as may be determined by the directors.

**24.2. Sealing Copies.** For the purpose of certifying under seal a certificate of incumbency of the directors or officers of the Company or a true copy of any resolution or other document, despite Article 24.1, the impression of the seal may be attested by the signature of any director or officer.

**24.3. Mechanical Reproduction of Seal.** The directors may authorize the seal to be impressed by third parties on share certificates or bonds, debentures or other securities of the Company as they may determine appropriate from time to time. To enable the seal to be impressed on any share certificates or bonds, debentures or other securities of the Company, whether in definitive or interim form, on which facsimiles of any of the signatures of the directors or officers of the Company are, in accordance with the *Business Corporations Act* or these Articles, printed or otherwise mechanically reproduced, there may be delivered to the person employed to engrave, lithograph or print such definitive or interim share certificates or bonds, debentures or other securities one or more unmounted dies reproducing the seal and the chair of the board or any senior officer together with the secretary, treasurer, secretary-treasurer, an assistant secretary, an assistant treasurer or an assistant secretary-treasurer may in writing authorize such person to cause the seal to be impressed on such definitive or interim share certificates or bonds, debentures or other securities by the use of such dies. Share certificates or bonds, debentures or other securities to which the seal has been so impressed are for all purposes deemed to be under and to bear the seal impressed on them.

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**24.4. Execution of Documents Generally.** The Directors may from time to time by resolution appoint any one or more persons, officers or Directors for the purpose of executing any instrument, document or agreement in the name of and on behalf of the Company for which the seal need not be affixed, and if no such person, officer or Director is appointed, then any one officer or Director of the Company may execute such instrument, document or agreement.

**ARTICLE 25**<br>**PROHIBITIONS**

**25.1. Definitions**. In this Article 25:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**designated security**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a voting security 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;(ii) a security of the Company that is not a debt security and that carries a residual right to participate in the earnings of the Company or, on the liquidation or winding up of the Company, in its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a security of the Company convertible, directly or indirectly, into a security described in paragraph (i) or (ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **"security"** has the meaning assigned in the *Securities Act* (British Columbia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **"voting security"** means a security of the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is not a debt security, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) carries a voting right either under all circumstances or under some circumstances that have occurred and are continuing.

**25.2. Application.** Article 25.3 does not apply to the Company if and for so long as it is a public company or a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply.

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**25.3. Consent Required for Transfer of Shares or Designated Securities.** No share or designated security may be sold, transferred or otherwise disposed of without the consent of the directors and the directors are not required to give any reason for refusing to consent to any such sale, transfer or other disposition.

Dated <u>July 19</u> , 2016.

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| |
|:---|
| **FULL NAME AND SIGNATURE OF ONE OF THE DIRECTORS PURSUANT TO S. 302(1)(C) OF THE** ***BUSINESS CORPORATIONS ACT*** **(BRITISH COLUMBIA)** |
| <u>/s/ Giles Edward Baynham</u><u> </u> |
| Print Name: **Giles Edward Baynham** |

---

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## Exhibit 4.4

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![](exhibit4-4xu005.jpg)

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![](exhibit4-4xu006.jpg)

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## Exhibit 4.5

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<u>**ELEMENTAL ALTUS ROYALTIES CORP.**</u>

<u>**2020 INCENTIVE COMPENSATION PLAN**</u>

**ARTICLE 1**<br>**ESTABLISHMENT, PURPOSE AND DURATION**

1.1. <u>Establishment of the Plan</u>. The following is the omnibus equity incentive compensation plan of Elemental Altus Royalties Corp. (the "**Company**") pursuant to which share based compensation Awards (as defined below) may be granted to eligible Participants (as defined below). The name of the plan is the Elemental 2020 Incentive Compensation Plan (the "**Plan**").

The Plan permits the grant of Options, Restricted Share Units and Performance Share Units (as such terms are defined below). The Plan was approved by the Board (as defined below) on July 28, 2020, and an amendment to the Plan was approved by the Board on August 8, 2023 and October 28, 2024, and the Plan will be effective upon ratification of Company shareholders (the "**Effective Date**") until the date it is terminated by the Board in accordance with the Plan.

1.2. <u>Purposes of the Plan</u>. The purposes of the Plan are to: (i) provide the Company with a mechanism to attract, retain and motivate highly qualified directors, officers, employees and consultants of the Company and its Affiliates; (ii) align the interests of Participants with that of other shareholders of the Company generally; and (iii) enable and encourage Participants to participate in the long-term growth of the Company through the acquisition of Shares (as defined below) as long-term investments.

1.3. <u>Successor Plan</u>. This Plan shall, in respect of Options (as defined below), serve as the successor to the Company's share option plan most recently reapproved by the holders of the Company's Shares on October 18, 2019 (the "**Predecessor Plan**"). No further awards shall be made under the Predecessor Plan from and after the Effective Date of the Plan.

**ARTICLE 2**<br>**DEFINITIONS**

2.1. Whenever used in the Plan, the following terms shall have the respective meanings set forth below, unless the context clearly requires otherwise, and when such meaning is intended, such term shall be capitalized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Affiliate**" means any corporation, partnership or other entity (i) in which the Company, directly or indirectly, has majority ownership interest or (ii) which the Company controls. For the purposes of this definition, the Company is deemed to "control" such corporation, partnership or other entity if the Company possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such corporation, partnership or other entity, whether through the ownership of voting securities, by contract or otherwise, and includes a corporation which is considered to be a subsidiary for purposes of consolidation under International Financial Reporting Standards.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Award**" means, individually or collectively, a grant under the Plan of Options, Restricted Share Units or Performance Share Units, in each case subject to the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Award Agreement**" means either (i) a written agreement entered into by the Company or an Affiliate of the Company and a Participant setting forth the terms and provisions applicable to Awards granted under the Plan; or (ii) a written statement issued by the Company or an Affiliate of the Company to a Participant describing the terms and provisions of such Award. All Award Agreements shall be deemed to incorporate the provisions of the Plan, subject to such modifications or additions as the Committee may, in its sole discretion, determine appropriate. An Award Agreement need not be identical to other Award Agreements either in form or substance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Blackout Period**" means a period of time during which the Participant cannot sell Shares, due to applicable law or policies of the Company in respect of insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Board**" or "**Board of Directors**" means the Board of Directors of the Company as may be constituted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Cause**" means (i) if the Participant has a written agreement pursuant to which he or she offers his or her services to the Company and the term "cause" is defined in such agreement, "cause" as defined in such agreement; or otherwise (ii) (a) the inability of the Participant to perform his or her duties due to a legal impediment such as an injunction, restraining order or other type of judicial judgment, decree or order entered against the Participant; (b) the failure of the Participant to follow the Company's reasonable instructions with respect to the performance of his or her duties; (c) any material breach by the Participant of his or her obligations under any code of ethics, any other code of business conduct or any lawful policies or procedures of the Company; (d) excessive absenteeism, flagrant neglect of duties, serious misconduct, or conviction of crime or fraud; and (e) any other act or omission of the Participant which would in law permit an employer to, without notice or payment in lieu of notice, terminate the employment of an employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Change of Control**" means the occurrence of any one or more of the following events:

&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) a consolidation, merger, amalgamation, arrangement or other reorganization or acquisition involving the Company as a result of which the holders of Shares prior to the completion of the transaction hold or beneficially own, directly or indirectly, less than 50% of the outstanding Voting Securities of the successor corporation after completion of the transaction;

&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 sale, lease, exchange or other disposition, in a single transaction or a series of related transactions, of all or substantially all of the assets of the Company and/or any of its subsidiaries to any other person or entity, other than a disposition to a wholly-owned subsidiary in the course of a reorganization of the assets of the Company and its subsidiaries;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a resolution is adopted to wind-up, dissolve or liquidate 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;(iv) an acquisition by any person, entity or group of persons or entities acting jointly or in concert of beneficial ownership of more than 50% of the Voting Securities, or securities convertible into, exercisable for or carrying the right to purchase more than 50% of the Voting Securities on a post-conversion basis, assuming only the conversion or exercise of securities beneficially owned by the acquiror; 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;(v) the Board adopts a resolution to the effect that a Change of Control as defined herein has occurred or is imminent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Committee**" means the Board of Directors or if so delegated in whole or in part by the Board, any duly authorized committee of the Board appointed by the Board to administer the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Company**" means Elemental Altus Royalties Corp., a company existing under the *Business Corporations Act* (British Columbia), and any successor thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Consultant**" has the meaning set out in Policy 4.4 of the Exchange or such replacement definition for so long as the Shares are listed on the Exchange, and if the Shares are not so listed, shall have the meaning, if any, that applies to a listing of the Shares on such other exchange as the Shares are then listed on.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Corporate Reorganization**" shall have the meaning ascribed to such term under section herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Director**" means any individual who is a member of the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Disability**" means the disability of the Participant which would entitle the Participant to receive disability benefits pursuant to the long-term disability plan of the Company (if one exists) then covering the Participant, provided that the Board may, in its sole discretion, determine that, notwithstanding the provisions of any such long-term disability plan, the Participant is permanently disabled for the purposes of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Dividend Equivalent**" means a right with respect to an Award to receive cash, Shares or other property equal in value and form to dividends declared by the Board and paid with respect to outstanding Shares. Dividend Equivalents shall not apply to an Award unless specifically provided for in the Award Agreement, and if specifically provided for in the Award Agreement shall be subject to such terms and conditions set forth in the Award Agreement as the Committee shall determine.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Employee**" means any employee or officer of the Company or an Affiliate of the Company. Directors who are not otherwise employed by the Company or an Affiliate of the Company shall not be considered Employees under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Exchange**" means the TSX Venture Exchange, or if the Shares are not listed on the TSX Venture Exchange, such other principal market on which the Shares of the Company are then traded as designated by the Committee from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Exchange Hold Period**" means a four month resale restriction imposed by the Exchange, as set forth in the Exchange Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Exchange Policies**" mean the policies of the Exchange, including those set forth in the Corporate Finance Manual of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**FMV**" means, unless otherwise required by any applicable provision of any regulations thereunder or by any applicable accounting standard for the Company's desired accounting for Awards or by the rules of the Exchange, a price that is determined by the Committee, provided that such price cannot be less than the last closing price of the Shares on the Exchange less any discount permitted by the rules or policies of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Insider**" shall have the meaning ascribed thereto in Exchange Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Investor Relations Activities**" shall have the meaning ascribed thereto in Exchange Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Non-Employee Director**" means a Director who is not an Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Notice Period**" means any period of contractual notice or reasonable notice that the Company or an Affiliate of the Company may be required at law, by contract or otherwise agrees to provide to a Participant upon termination of employment, whether or not the Company or Affiliate elects to pay severance in lieu of providing notice to the Participant, provided that where a Participant's employment contract provides for an increased severance or termination payment in the event of termination following a Change of Control, the Notice Period for the purposes of the Plan shall be the Notice Period under such contract applicable to a termination which does not follow a Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Option**" means the conditional right to purchase Shares at a stated Option Price for a specified period of time subject to the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Option Price**" means the price at which a Share may be purchased by a Participant pursuant to an Option, as determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Participant**" means an Employee, Non-Employee Director or Consultant who has been selected to receive an Award, or who has an outstanding Award granted under the Plan or the Predecessor Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Performance Period**" means the period of time during which the assigned performance criteria must be met in order to determine the degree of payout and/or vesting with respect to an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Performance Share Unit**" means an Award granted under Article 9 herein and subject to the terms of the Plan, denominated in units, the value of which at the time it is payable is determined as a function of the extent to which corresponding performance criteria have been achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Period of Restriction**" means the period when an Award of Restricted Share Units is subject to forfeiture based on the passage of time, the achievement of performance criteria, and/or upon the occurrence of other events as determined by the Committee, in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Person**" shall have the meaning ascribed to such term in Exchange Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Reserve**" shall have the meaning ascribed to such term under section 4.1 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Restricted Share Unit**" means an Award denominated in units subject to a Period of Restriction, with a right to receive Shares upon settlement of the Award, granted under Article 7 herein and subject to the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Retirement**" or "**Retire**" means a Participant's permanent withdrawal from employment or office with the Company or an Affiliate of the Company on terms and conditions accepted and determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Shares**" means common shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Share Units**" means Performance Share Units and Restricted Share Units, including any Dividend Equivalent granted with respect to a Performance Share Unit and/or Restricted Share Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Termination Date**" means the date on which a Participant ceases to be eligible to participate under the Plan as a result of a termination of employment, officer position, board service or consulting arrangement with the Company or any Affiliate of the Company for any reason, including death, Retirement, resignation or termination with or without Cause. For the purposes of the Plan, a Participant's employment, officer position, board service or consulting arrangement with the Company or an Affiliate of the Company shall be considered to have terminated effective on the last day of the Participant's actual and active employment, officer position or board or consulting service with the Company or the Affiliate whether such day is selected by agreement with the individual, unilaterally by the Company or the Affiliate and whether with or without advance notice to the Participant. For the avoidance of doubt, no period of notice or pay in lieu of notice that is given or that ought to have been given under applicable law in respect of such termination of employment that follows or is in respect of a period after the Participant's last day of actual and active employment shall be considered as extending the Participant's period of employment for the purposes of determining his or her entitlement under the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Voting Securities**" shall mean any securities of the Company ordinarily carrying the right to vote at elections of directors and any securities immediately convertible into or exchangeable for such securities.

**ARTICLE 3**<br>**ADMINISTRATION**

3.1. <u>General</u>. The Committee shall be responsible for administering the Plan. The Committee may employ legal counsel, consultants, accountants, agents and other individuals, any of whom may be an Employee, and the Committee, the Company, and its officers and Directors shall be entitled to rely upon the advice, opinions or valuations of any such persons. All actions taken and all interpretations and determinations made by the Committee shall be final, conclusive and binding upon the Participants, the Company, and all other interested parties. No member of the Committee will be liable for any action or determination taken or made in good faith with respect to the Plan or Awards granted hereunder. Each member of the Committee shall be entitled to indemnification by the Company with respect to any such determination or action in the manner provided for by the Company and its subsidiaries.

3.2. <u>Authority of the Committee</u>. The Committee shall have full and exclusive discretionary power to determine the terms and provisions of Award Agreements, to interpret the terms and the intent of the Plan and any Award Agreement or other agreement ancillary to or in connection with the Plan, to determine eligibility for Awards, and to adopt such rules, regulations and guidelines for administering the Plan as the Committee may deem necessary or proper. Such authority shall include, but not be limited to, selecting Award recipients, establishing all Award terms and conditions, including grant, exercise price, issue price and vesting terms, determining any performance goals applicable to Awards and whether such performance goals have been achieved, and, subject to Article 13, adopting modifications and amendments to the Plan or any Award Agreement, including, without limitation, any that are necessary or appropriate to comply with the laws or compensation practices of the jurisdictions in which the Company and its Affiliates operate. All costs incurred in connection with this Plan shall be for the account of the Company. This Plan shall be administered in accordance with the Exchange Policies by the Committee so long as the Shares are listed on the Exchange.

3.3. <u>Delegation</u>. The Committee may delegate to one or more of its members any of the Committee's administrative duties or powers as it may deem advisable; provided, however, that any such delegation must be permitted under applicable corporate law.

3.4. <u>Record Keeping</u>. The Company shall maintain a register in which shall be recorded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name and address of each Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of Shares subject to Awards granted to each Participant; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the aggregate number of Shares subject to Awards.

**ARTICLE 4**<br>**SHARES SUBJECT TO THE PLAN AND MAXIMUM AWARDS**

4.1. <u>Maximum Number of Shares Available for Awards</u>. The maximum number of Shares available for issuance pursuant to the exercise or redemption, as applicable of Awards granted under the Plan, will be 10% of the total outstanding Shares from time to time less the number of Shares issuable pursuant to any Share Units issued hereunder and other security-based compensation arrangements of the Company (the "**Reserve**"). For greater certainty, the aggregate number of Shares available for issuance pursuant to settlement of Options shall not exceed 10% of the Company's outstanding share capital. Shares in respect of which Options have not been exercised and are no longer subject to being purchased pursuant to the terms of any Options shall be available for further Options under the Plan. The Plan with respect to the Options is a "rolling plan" and as a result, any and all increases in the number of issued and outstanding Shares will result in an increase to the Reserve.

4.2. <u>Maximum Number of Shares Available for the Settlement of Share Units</u>. For so long as the Company is listed on the TSX Venture Exchange or on another exchange that requires the Company to fix the number of Shares to be issued in settlement of Share Units, the maximum number of Shares available for issuance pursuant to the settlement of Share Units shall be 6,895,109 Shares. For greater certainty, the aggregate number of Shares available for issuance pursuant to settlement of Share Units shall not exceed the lesser of (i) 10% of the Company's outstanding Share capital less the number of Options outstanding; and (ii) 6,895,109 less the number of Share Units redeemed for Shares.

4.3. <u>Award Grants to Individuals</u>. The aggregate number of Shares for which Awards may be issued to any one Participant in any 12-month period shall not exceed 5% of the outstanding Shares, calculated on the date an Award is granted to the Participant, unless the Company obtains disinterested shareholder approval as required by the policies of the Exchange. The aggregate number of Shares for which Awards may be issued to any one Consultant within any 12-month period shall not exceed 2% of the outstanding Shares, calculated on the date an Award is granted to the Consultant.

4.4. <u>Award Grants to Persons Providing Investor Relations Activities</u>. The aggregate number of Shares for which Options may be issued to any Persons retained to provide Investor Relations Activities within any 12-month period shall not exceed 2% of the outstanding Shares, calculated on the date an Option is granted to such Persons. Awards other than Options may not be granted to Persons retained to provide Investor Relations Activities, except if such person is also an employee of the Company.

4.5. <u>Award Grants to Insiders</u>. Unless disinterested shareholder approval as required by the policies of the Exchange is obtained: (i) the maximum number of Shares for which Awards may be issued to Insiders (as a group) at any point in time shall not exceed 10% of the outstanding Shares; and the aggregate number of Awards granted to Insiders (as a group), within any 12-month period, shall not exceed 10% of the outstanding Shares, calculated at the date an Award is granted to any Insider.

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4.6. <u>Adjustments in Authorized Shares</u>. In the event of any corporate event or transaction (collectively, a "**Corporate Reorganization**") (including, but not limited to, a change in the Shares of the Company or the capitalization of the Company) such as a merger, arrangement, amalgamation, consolidation, reorganization, recapitalization, separation, stock dividend, extraordinary dividend, stock split, reverse stock split, split up, spin-off or other distribution of stock or property of the Company, combination of securities, exchange of securities, dividend in kind, or other like change in capital structure or distribution (other than normal cash dividends) to shareholders of the Company, or any similar corporate event or transaction, the Committee shall make or provide for such adjustments or substitutions, as applicable, in the number and kind of Shares that may be issued under the Plan, the number and kind of Shares subject to outstanding Awards, the Option Price, grant price or exercise price applicable to outstanding Awards, the limit on issuing Awards other than Options granted with an Option Price equal to at least the FMV of a Share on the date of grant and any other value determinations applicable to outstanding Awards or to the Plan, as are equitably necessary to prevent dilution or enlargement of Participants' rights under the Plan that otherwise would result from such corporate event or transaction. In connection with a Corporate Reorganization, the Committee shall have the discretion to permit a holder of Options to purchase (at the times, for the consideration, and subject to the terms and conditions set out in the Plan and the applicable Award Agreement) and the holder will then accept on the exercise of such Option, in lieu of the Shares that such holder would otherwise have been entitled to purchase, the kind and amount of shares or other securities or property that such holder would have been entitled to receive as a result of the Corporate Reorganization if, on the effective date thereof, that holder had owned all Shares that were subject to the Option. Such adjustments shall be made automatically, without the necessity of Committee action, on the customary arithmetical basis in the case of any stock split, including a stock split effected by means of a stock dividend, and in the case of any other dividend paid in Shares.

The Committee shall also make appropriate adjustments in the terms of any Awards under the Plan as are equitably necessary to reflect such Corporate Reorganization and may modify any other terms of outstanding Awards, including modifications of performance criteria and changes in the length of Performance Periods. The determination of the Committee as to the foregoing adjustments, if any, shall be conclusive and binding on Participants under the Plan, provided that any such adjustments must comply with all regulatory requirements.

Subject to the provisions of Article 11, acceptance of the Exchange, shareholder approval (except as allowed for under the Exchange Policies) and any applicable law or regulatory requirement, without affecting the number of Shares reserved or available hereunder, the Committee may authorize the issuance, assumption, substitution or conversion of Awards under the Plan in connection with any Corporate Reorganization, upon such terms and conditions as it may deem appropriate. Additionally, the Committee may amend the Plan, or adopt supplements to the Plan, in such manner as it deems appropriate to provide for such issuance, assumption, substitution or conversion as provided in the previous sentence.

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**ARTICLE 5**<br>**ELIGIBILITY AND PARTICIPATION**

5.1. <u>Eligibility</u>. Awards under the Plan shall be granted only to bona fide Employees, Non-Employee Directors and Consultants, as per the policies of the Exchange.

5.2. <u>Actual Participation</u>. Subject to the provisions of the Plan, the Committee may, from time to time, in its sole discretion select from among eligible Employees, Non-Employee Directors and Consultants, those to whom Awards shall be granted under the Plan, and shall determine in its discretion the nature, terms, conditions and amount of each Award.

**ARTICLE 6**<br>**STOCK OPTIONS**

6.1. <u>Grant of Options</u>. Subject to the terms and provisions of the Plan, Options may be granted to Participants in such number, and upon such terms, and at any time and from time to time as shall be determined by the Committee in its discretion.

6.2. <u>Award Agreement</u>. Each Option grant shall be evidenced by an Award Agreement that shall specify the Option Price, the duration of the Option, the number of Shares to which the Option pertains, the conditions, if any, upon which an Option shall become vested and exercisable, and any such other provisions as the Committee shall determine. The Award Agreement for the grant of Options shall be in such form or forms as the Committee may from time to time approve.

6.3. <u>Option Price</u>. The Option Price for each grant of an Option under the Plan shall be determined by the Committee and shall be specified in the Award Agreement. The Option Price for an Option shall be not less than the FMV of the Shares on the date of grant.

6.4. <u>Vesting of Options</u>. Subject to any provisions of the Plan or the applicable Award Agreement relating to acceleration of vesting of Options, Options shall vest subject to Exchange Policies, and the Committee may, in its sole discretion, determine the time during which an Option shall vest and the method of vesting, or that no vesting restriction shall exist. If the Committee does not determine a vesting schedule at the time of grant of any particular Option, such Option shall be exercisable in whole at any time, or in part from time to time, during the term of the Option, subject to the applicable requirements of the Exchange. Options issued to any Persons retained to provide Investor Relations Activities must vest in stages over a period of not less than 12 months, with no more than 1/4 of the Options vesting in any three month period.

6.5. <u>Duration of Options</u>. Each Option granted to a Participant shall expire at such time as the Committee shall determine at the time of grant; provided, however, that, subject to section 6.6, no Option shall be exercisable later than the tenth (10) anniversary date of its grant.

6.6. <u>Blackout Periods</u>. If the date on which an Option is scheduled to expire occurs within the Blackout Period applicable to such Participant, then the expiry date for such Option shall be extended to the last day of such 10 business day period.

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6.7. <u>Exercise of Options</u>. Options granted under this Article 6 shall be exercisable at such times and on the occurrence of such events, and be subject to such restrictions and conditions, as the Committee shall in each instance approve, which need not be the same for each grant or for each Participant.

6.8. <u>Payment</u>. Options granted under this Article 6 shall be exercised by the delivery of a notice of exercise to the Company or an agent designated by the Company in a form specified or accepted by the Committee, or by complying with any alternative procedures which may be authorized by the Committee, setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment of the Option Price.

The Option Price upon exercise of any Option shall be payable to the Company in full in cash, certified cheque or wire transfer.

As soon as practicable after receipt of a notification of exercise and full payment of the Option Price, the Shares in respect of which the Option has been exercised shall be issued as fully-paid and non- assessable common shares of the Company. As of the business day the Company receives such notice and such payment, the Participant (or the person claiming through a Participant, as the case may be) shall be entitled to be entered on the share register of the Company as the holder of the number of Shares in respect of which the Option was exercised and to receive as promptly as possible thereafter, but in any event, on or before the 15th day of the third month of the year following the year in which the Option was exercised, a certificate or evidence of book entry representing the said number of Shares. The Company shall cause to be delivered to or to the direction of the Participant Share certificates or evidence of book entry Shares in an appropriate amount based upon the number of Shares purchased under the Option(s).

Shares shall not be issued pursuant to the exercise of an Option unless the exercise of such Option and the issuance and delivery of such Shares pursuant thereto shall comply with all relevant provisions of applicable Canadian and U.S. securities law, including, without limitation, the 1933 Act, the United States Securities and Exchange Act of 1934, as amended, applicable U.S. state laws, the rules and regulations promulgated thereunder, and the requirements of any stock exchange or consolidated stock price reporting system on which prices for the Shares are quoted at any given time. As a condition to the exercise of an Option, the Company may require the person exercising such Option to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required by law.

6.9. <u>Death, Disability, Retirement and Termination or Resignation of Employment</u>. If the Award Agreement does not specify the effect of a termination, cessation or resignation of employment then the following default rules will apply, provided, however that such Option grants shall expire within a reasonable period, and in any event not exceeding 12 months, following the date the Participant ceases to be an eligible Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Death: If a Participant dies while an Employee, Director of, or Consultant to, the Company or an Affiliate of the Company:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all unvested Options as at the Termination Date shall automatically and immediately vest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all vested Options (including those that vested pursuant to (i) above) shall continue to be subject to the Plan and exercisable for a period of 12 months after the Termination Date, provided that any Options that have not been exercised within 12 months after the Termination Date shall automatically and immediately expire and be forfeited on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Disability: If a Participant ceases to be eligible to be a Participant under the Plan as a result of their Disability then all Options remain and continue to vest (and are exercisable) in accordance with the terms of the Plan for a period of 12 months after the Termination Date, provided that any Options that have not been exercised (whether vested or not) within 12 months after the Termination Date shall automatically and immediately expire and be forfeited on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Retirement: If a Participant Retires then the Board shall have the discretion, with respect to such Participant's Options, to determine: (i) whether to accelerate vesting of any or all of such Options, (ii) whether any of such Options shall be cancelled, with or without payment, and (iii) how long, if at all, such Options may remain outstanding following the Termination Date; provided, however, that in no event shall such Options be exercisable for more than 12 months after the Termination Date. Notwithstanding the foregoing, there can be no acceleration of the vesting requirements applicable to Options granted to Persons retained to provide Investor Relations Activities without the prior written approval of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Termination for Cause: If a Participant ceases to be eligible to be a Participant under the Plan as a result of their termination for Cause, then all Options, whether vested or not, as at the Termination Date shall automatically and immediately expire and be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Termination without Cause or Voluntary Resignation: If a Participant ceases to be eligible to be a Participant under the Plan for any reason, other than as set out in sections 6.9(a)- (d), then, unless otherwise determined by the Board in its sole discretion, as of the Termination 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;(i) all unvested Options shall automatically and immediately expire and be 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;(ii) all vested Options shall continue to be subject to the Plan and exercisable for a period of 90 days after the Termination Date, provided that any Options that have not been exercised within 90 days after the Termination Date shall automatically and immediately expire and be forfeited on such date.

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6.10. <u>Non-transferability of Options</u>. An Option granted under this Article 6 may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, subject to Section 9.1, the requirements of the Exchange or as otherwise allowed by the Exchange.

**ARTICLE 7**<br>**RESTRICTED SHARE UNITS**

7.1. <u>Grant of Restricted Share Units</u>. Subject to the terms and conditions of the Plan, the Committee, at any time and from time to time, may grant Restricted Share Units to Participants in such amounts and upon such terms as the Committee shall determine.

7.2. <u>Restricted Share Unit Agreement</u>. Each Restricted Share Unit grant shall be evidenced by an Award Agreement that shall specify the Period(s) of Restriction, the number of Restricted Share Units granted, and the settlement date for Restricted Share Units, and any such other provisions as the Committee shall determine, provided that unless otherwise determined by the Committee or as set out in any Award Agreement, no Restricted Share Unit shall vest earlier (i.e., Restricted Share Units shall not vest earlier than one year after the date of the grant of the Restricted Share Unit) or later than allowed by the polices of the Exchange. The Committee shall impose, in the Award Agreement at the time of grant, such other conditions and/or restrictions on any Restricted Share Units granted pursuant to the Plan as it may deem advisable, including, without limitation, restrictions based upon the time-based restrictions on vesting and, restrictions under applicable laws or under the requirements of the Exchange.

7.3. <u>Vesting of Restricted Share Units</u>. Subject to any provisions of the Plan or the applicable Award Agreement relating to acceleration of vesting of Restricted Share Units, Restricted Share Units shall vest at the discretion of the Committee, and subject to the policies of the Exchange, but in no case will any Restricted Share Unit vest or payment be made in respect of that Restricted Share Unit later than December 15 of the third calendar year following the year in which that Restricted Share Unit was granted.

7.4. <u>Blackout Periods</u>. If the date on which a Restricted Share Unit is scheduled to expire occurs within the Blackout Period applicable to such Participant, then the expiry date for such Award shall be extended to the last day of such 10 business day period.

7.5. <u>Non-transferability of Restricted Share Units</u>. The Restricted Share Units granted herein may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated until the date of settlement through delivery or other payment, or upon earlier satisfaction of any other conditions, as specified by the Committee in its sole discretion and set forth in the Award Agreement at the time of grant or thereafter by the Committee. All rights with respect to the Restricted Share Units granted to a Participant under the Plan shall be available during such Participant's lifetime only to such Participant.

7.6. <u>Dividends and Other Distributions</u>. During the Period of Restriction, Participants holding Restricted Share Units granted hereunder may, if the Committee so determines, be credited with amounts equal to the cash dividends or Dividend Equivalents paid with respect to the underlying Shares while they are so held in a manner determined by the Committee in its sole discretion. Dividend Equivalents shall apply to an Award unless specifically provided for in the Award Agreement. The Committee may apply any restrictions to such dividend amounts or Dividend Equivalents that the Committee deems appropriate. The Committee, in its sole discretion, may determine the form of payment of such dividend amounts or Dividend Equivalents, including cash, Shares or Restricted Share Units. The Committee, in its sole discretion, may settle such entitlements with cash where it does not have sufficient Shares available to satisfy the obligation in Shares, or where the issuance of Shares would result in the Company breaching a limit on grants or issuances contained in the Plan.

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7.7. <u>Death, Disability, Retirement and Termination or Resignation of Employment</u>. If the Award Agreement does not specify the effect of a termination or resignation of employment then the following default rules will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Death: If a Participant dies while an Employee, Director of, or Consultant to, the Company or an Affiliate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all unvested Restricted Share Units as at the Termination Date shall automatically and immediately vest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all vested Restricted Share Units (including those that vested pursuant to (i) above) shall be paid to the Participant's estate in accordance with the terms of the Plan and the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Disability: If a Participant ceases to be eligible to be a Participant under the Plan as a result of their Disability, then all Restricted Share Units remain and continue to vest in accordance with the terms of the Plan for a period of 12 months after the Termination Date, provided that any Restricted Share Units that have not vested within 12 months after the Termination Date shall automatically and immediately expire and be forfeited on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Retirement: If a Participant Retires then the Board shall have the discretion, with respect to such Participant's Restricted Share Units, to determine: (i) whether to accelerate vesting of any or all of such Restricted Share Units, (ii) whether any of such Restricted Share Units shall be cancelled, with or without payment, and (iii) how long, if at all, such Restricted Share Units may remain outstanding following the Termination Date; provided, however, that in no event shall such Restricted Share Units remain outstanding for more than 12 months after the Termination Date. Notwithstanding the above, for U.S. Participants, the treatment of Restricted Share Units upon retirement shall be provided for in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Termination for Cause: If a Participant ceases to be eligible to be a Participant under the Plan as a result of their termination for Cause, then all Restricted Share Units, whether vested or not, as at the Termination Date shall automatically and immediately be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Termination without Cause or Voluntary Resignation: If a Participant ceases to be eligible to be a Participant under the Plan for any reason, other than as set out in sections 7.7(a)- (d), then, unless otherwise determined by the Board in its sole discretion, as of the Termination Date:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all unvested Restricted Share Units shall automatically and immediately be 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;(ii) all vested Restricted Share Units shall be paid to the Participants in accordance with the terms of the Plan and the Award Agreement.

7.8. <u>Payment in Settlement of Restricted Share Units</u>. When and if Restricted Share Units become payable, the Participant issued such Restricted Share Units shall be entitled to receive payment from the Company in settlement of such Restricted Share Units: (i) in a number of Shares (issued from treasury) equal to the number of Restricted Share Units being settled, or (ii) in any other form, all as determined by the Committee at its sole discretion. The Committee's determination regarding the form of payout shall be set forth or reserved for later determination in the Award Agreement for the grant of the Restricted Share Units.

**ARTICLE 8**<br>**PERFORMANCE SHARE UNITS**

8.1. <u>Grant of Performance Share Units</u>. Subject to the terms and conditions of the Plan and the policies of the Exchange, the Committee, at any time and from time to time, may grant Performance Share Units to Participants in such amounts and upon such terms as the Committee shall determine.

8.2. <u>Value of Performance Share Units</u>. Each Performance Share Unit shall have an initial value equal to the FMV of a Share on the date of grant. The Committee shall set performance criteria for a Performance Period in its discretion, which, depending on the extent to which they are met, will determine, in the manner determined by the Committee and set forth in the Award Agreement, the value and/or number of each Performance Share Unit that will be paid to the Participant.

8.3. <u>Earning of Performance Share Units</u>. Subject to the terms of the Plan and the applicable Award Agreement, after the applicable Performance Period has ended, the holder of Performance Share Units shall be entitled to receive payout on the value and number of Performance Share Units, determined as a function of the extent to which the corresponding performance criteria have been achieved. Notwithstanding the foregoing, the Company shall have the ability to require the Participant to hold any Shares received pursuant to such Award for a specified period of time.

8.4. <u>Form and Timing of Payment of Performance Share Units</u>. Payment of earned Performance Share Units shall be as determined by the Committee and as set forth in the Award Agreement. Subject to the terms of the Plan, the Committee, in its sole discretion, may pay earned Performance Share Units in the form of a number of Shares issued from treasury equal to the number of earned Performance Share Units at the end of the applicable Performance Period. Any Shares may be granted subject to any restrictions deemed appropriate by the Committee. The determination of the Committee with respect to the form of payout of such Awards shall be set forth in the Award Agreement for the grant of the Award or reserved for later determination. Other than as determined by the Committee in writing, in no event will delivery of such Shares or other form of payment or consideration under a Performance Share Unit be made later than the earlier of: (i) 3 months after the close of the year in which such conditions or restrictions were satisfied or lapsed and (ii) December 31 of the third year following the year of the grant date. Notwithstanding the foregoing, the Company may not grant Awards that are not Options to any persons conducting Investor Relations Activities and any Performance Share Units cannot vest earlier than one year after the date of grant.

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8.5. <u>Dividends and Other Distributions</u>. Participants holding Performance Share Units granted hereunder may, if the Committee so determines, be credited with dividends paid with respect to the underlying Shares or Dividend Equivalents while they are so held in a manner determined by the Committee in its sole discretion. Dividend Equivalents shall not apply to an Award unless specifically provided for in the Award Agreement. The Committee may apply any restrictions to the dividends or Dividend Equivalents that the Committee deems appropriate. The Committee, in its sole discretion, may determine the form of payment of dividends or Dividend Equivalents, including cash, Shares or Performance Share Units. The Committee, in its sole discretion, may settle such entitlements with cash where it does not have sufficient Shares available to satisfy the obligation in Shares, or where the issuance of Shares would result in the Company breaching a limit on grants or issuances contained in the Plan.

8.6. <u>Termination of Employment, Consultancy or Directorship</u>. Each Award Agreement shall set forth the extent to which the Participant shall have the right to retain Performance Share Units following termination of the Participant's employment or other relationship with the Company or its Affiliates. Such provisions shall be determined in the sole discretion of the Committee, need not be uniform among all Performance Share Units issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination, provided that the provisions shall comply with applicable rules of the Exchange.

8.7. <u>Non-transferability of Performance Share Units</u>. Performance Share Units may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, subject to Section 9.1. Further, a Participant's rights under the Plan shall inure during such Participant's lifetime only to such Participant.

**ARTICLE 9**<br>**BENEFICIARY DESIGNATION**

9.1. <u>Beneficiary</u>. A Participant's "beneficiary" is the person or persons entitled to receive payments or other benefits or exercise rights that are available under the Plan in the event of the Participant's death. A Participant may designate a beneficiary or change a previous beneficiary designation at such times as prescribed by the Committee and by using such forms and following such procedures approved or accepted by the Committee for that purpose. If no beneficiary designated by the Participant is eligible to receive payments or other benefits or exercise rights that are available under the Plan at the Participant's death, the beneficiary shall be the Participant's estate. Following the death of a Participant, a designated beneficiary will be entitled to make a claim for a maximum of 12 months.

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9.2. <u>Discretion of the Committee</u>. Notwithstanding the provisions above, the Committee may, in its discretion, after notifying the affected Participants, modify the foregoing requirements, institute additional requirements for beneficiary designations, or suspend the existing beneficiary designations of living Participants or the process of determining beneficiaries under this Article 10, or both, in favor of another method of determining beneficiaries.

**ARTICLE 10**<br>**RIGHTS OF PERSONS ELIGIBLE TO PARTICIPATE**

10.1. <u>Employment</u>. Nothing in the Plan or an Award Agreement shall interfere with or limit in any way the right of the Company or an Affiliate of the Company to terminate any Participant's employment, consulting or other service relationship with the Company or the Affiliate at any time, nor confer upon any Participant any right to continue in the capacity in which he or she is employed or otherwise serves the Company or the Affiliate.

Neither an Award nor any benefits arising under the Plan shall constitute part of an employment or service contract with the Company or an Affiliate of the Company, and, accordingly, subject to the terms of the Plan, the Plan may be terminated or modified at any time in the sole and exclusive discretion of the Committee or the Board without giving rise to liability on the part of the Company or its Affiliates for severance payments or otherwise, except as provided in the Plan.

For purposes of the Plan, unless otherwise provided by the Committee, a transfer of employment of a Participant between the Company and an Affiliate or among Affiliates of the Company, shall not be deemed a termination of employment. The Committee may provide, in a Participant's Award Agreement or otherwise, the conditions under which a transfer of employment to an entity that is spun off from the Company or an Affiliate of the Company shall not be deemed a termination of employment for purposes of an Award.

10.2. <u>Participation</u>. No Employee or other Person eligible to participate in the Plan shall have the right to be selected to receive an Award. No person selected to receive an Award shall have the right to be selected to receive a future Award, or, if selected to receive a future Award, the right to receive such future Award on terms and conditions identical or in proportion in any way to any prior Award.

10.3. <u>Rights as a Shareholder</u>. A Participant shall have none of the rights of a shareholder with respect to Shares covered by any Award until the Participant becomes the holder of such Shares.

**ARTICLE 11**<br>**CHANGE OF CONTROL**

11.1. <u>Change of Control and Termination of Employment</u>. Subject to section 12.2 and the terms and provisions of any Award Agreement, if there is a Change of Control, any Awards held by a Participant shall automatically vest following such Change of Control, on the Termination Date, if the Participant is an Employee, officer or a Director and their employment, or officer or Director position is terminated within 12 months following the Change of Control, provided that no acceleration of Awards shall occur in the case of a Participant that was retained to provide Investor Relations Activities unless the approval of the Exchange is either obtained or not required.

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11.2. <u>Discretion to Board</u>. Notwithstanding any other provision of the Plan, in the event of an actual or potential Change of Control, the Board may, in its sole discretion, without the necessity or requirement for the agreement of any Participant: (i) accelerate, conditionally or otherwise, on such terms as it sees fit (including, but not limited to those set out in (iii) and (iv) below), the vesting date of any Awards; (ii) permit the conditional redemption or exercise of any Awards, on such terms as it sees fit; (iii) otherwise amend or modify the terms of any Awards, including for greater certainty by (1) permitting Participants to exercise or redeem any Awards to assist the Participants to participate in the actual or potential Change of Control, or (2) providing that any Awards exercised or exercised shall be exercisable or redeemed for, in lieu of Shares, such property (including shares of another entity or cash) that shareholders of the Company will receive in the Change of Control; and (iv) terminate, following the successful completion of a Change of Control, on such terms as it sees fit, the Awards not exercised or redeemed prior to the successful completion of such Change of Control.

11.3. <u>Non-Occurrence of Change of Control</u>. In the event that any Awards are conditionally exercised pursuant to section 12.2 above and the Change of Control does not occur, the Board may, in its sole discretion, determine that any (i) Awards so exercised shall be reinstated as the type of Award prior to such exercise, and (ii) Shares issued be cancelled and any exercise or similar price received by the Company shall be returned to the Participant.

11.4. <u>Agreement with Purchaser in a Change of Control</u>. In connection with a Change of Control, the Board may be permitted to condition any acceleration of vesting on the Participant entering into an employment, confidentiality or other agreement with the purchaser as the Board deems appropriate.

**ARTICLE 12**<br>**AMENDMENT AND TERMINATION**

12.1. <u>Amendment and Termination</u>. The Board may, at any time, suspend or terminate the Plan. Subject to compliance with any applicable law, including the rules of the Exchange, the Board may also, at any time, amend or revise the terms of the Plan and any Award Agreement. No such amendment of the Plan or Award Agreement may be made if such amendment would materially and adversely impair any rights arising from any Awards previously granted to a Participant under the Plan without the consent of the Participant or the representatives of his or her estate, as applicable. The Board may, by resolution, make any amendment to this Plan or any Share Units granted under it (together with any related Award Agreement) without shareholder approval, provided however, that the Board will not be entitled to amend this Plan or any Share Unit granted under it without shareholder (disinterested shareholder approval if applicable) and, if applicable, TSXV approval, in order to: (i) increase the maximum number of Shares issuable pursuant to this Plan; (ii) cancel a Share Unit and subsequently issue to the holder of such Share Unit a new Share Unit in replacement thereof; (iii) extend the term of a Share Unit, but not beyond the Expiry Date; (iv) permit the assignment or transfer of a Share Unit other than as provided for in this Plan; (v) add to the categories of persons eligible to participate in this Plan; or (v) in any other circumstances where TSXV and shareholder approval is required by the TSXV. Any renewal of this plan will be subject to disinterested shareholder approval, and TSXV approval as applicable.

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12.2. <u>Reduction of Option Price or Grant Price</u>. Disinterested shareholder approval as required by the policies of the Exchange shall be obtained for any reduction in the Option Price or extension of the expiry date of an Option grant if the Participant is an Insider of the Company at the time of the proposed amendment.

**ARTICLE 13**<br>**WITHHOLDING**

13.1. <u>Withholding</u>. The Company or any of its Affiliates shall have the power and the right to deduct or withhold from any payment owed to the Participant, or require a Participant to remit to the Company or the Affiliate, an amount sufficient to satisfy federal, provincial and local taxes or domestic or foreign taxes required by law or regulation to be withheld with respect to any taxable event arising from or as a result of the Plan or any Award hereunder. The Committee may provide for Participants to satisfy withholding requirements by having the Company withhold and sell Shares or the Participant making such other arrangements, including the sale of Shares, in either case on such conditions as the Committee specifies.

13.2. <u>Acknowledgement</u>. Participant acknowledges and agrees that the ultimate liability for all taxes legally payable by Participant is and remains Participant's responsibility and may exceed the amount actually withheld by the Company. Participant further acknowledges that the Company: (a) makes no representations or undertakings regarding the treatment of any taxes in connection with any aspect of the Plan; and (b) does not commit to and is under no obligation to structure the terms of the Plan to reduce or eliminate Participant's liability for taxes or achieve any particular tax result. Further, if Participant has become subject to tax in more than one jurisdiction, Participant acknowledges that the Company may be required to withhold or account for taxes in more than one jurisdiction.

**ARTICLE 14**<br>**SUCCESSORS**

14.1. Any obligations of the Company or its Affiliates under the Plan with respect to Awards granted hereunder shall be binding on any successor to the Company or its Affiliates, respectively, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially all of the businesses and/or assets of the Company or the Affiliate, as applicable.

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**ARTICLE 15**<br>**GENERAL PROVISIONS**

15.1. <u>Delivery of Title</u>. The Company shall have no obligation to issue or deliver evidence of title for Shares issued under the Plan prior to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Obtaining any approvals from governmental agencies that the Company determines are necessary or advisable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Completion of any registration or other qualification of the Shares under any applicable law or ruling of any governmental body that the Company determines to be necessary or advisable.

If for any reason Shares cannot be issued to a Participant, the obligation of the Company to issue such Shares shall terminate.

15.2. <u>Conflict</u>. To the extent there is any inconsistency or ambiguity between this Plan and any employment contract, the terms of such employment contract shall govern to the extent of such inconsistency or ambiguity, subject only to compliance with applicable law and Exchange Policies.

15.3. <u>Investment Representations</u>. The Committee may require each Participant receiving Shares pursuant to an Award under the Plan to represent and warrant in writing that the Participant is acquiring the Shares for investment and without any present intention to sell or distribute such Shares.

15.4. <u>Legends and Resale Restrictions</u>. The certificates for Shares may include any legend that the Committee deems appropriate to reflect any restrictions on transfer of such Shares, in addition to any resale restrictions under applicable securities laws and any other circumstance in which the Exchange Hold Period may apply.

15.5. <u>Uncertificated Shares</u>. To the extent that the Plan provides for issuance of certificates to reflect the transfer of Shares, the transfer of such Shares may be effected on a non-certificated basis to the extent not prohibited by applicable law or the rules of the Exchange.

15.6. <u>No Fractional Shares</u>. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award Agreement. In such an instance, unless the Committee determines otherwise, fractional Shares and any rights thereto shall be forfeited or otherwise eliminated.

15.7. <u>Other Compensation and Benefit Plans</u>. Nothing in the Plan shall be construed to limit the right of the Company or an Affiliate of the Company to establish other compensation or benefit plans, programs, policies or arrangements. Except as may be otherwise specifically stated in any other benefit plan, policy, program or arrangement, no Award shall be treated as compensation for purposes of calculating a Participant's rights under any such other plan, policy, program or arrangement.

15.8. <u>No Constraint on Corporate Action</u>. Nothing in the Plan shall be construed (i) to limit, impair or otherwise affect the Company's or its Affiliates' right or power to make adjustments, reclassifications, reorganizations or changes in its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell or transfer all or any part of its business or assets, or (ii) to limit the right or power of the Company or its Affiliates to take any action which such entity deems to be necessary or appropriate.

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15.9. <u>Compliance with Canadian Securities Laws</u>. All Awards and the issuance of Shares underlying such Awards issued pursuant to the Plan will be issued pursuant to an exemption from the prospectus requirements of Canadian securities laws where applicable.

15.10. <u>Compliance with U.S. Securities Laws</u>. All Awards and the issuance of Shares underlying such Awards issued pursuant to the Plan will be issued pursuant to the registration requirements of the U.S. Securities Act of 1933, as amended or an exemption from such registration requirements. If the Awards or Shares are not so registered and no such registration exemption is available, the Company shall not be required to issue any Shares otherwise issuable hereunder.

**ARTICLE 16**<br>**LEGAL CONSTRUCTION**

16.1. <u>Gender and Number</u>. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine, the plural shall include the singular, and the singular shall include the plural.

16.2. <u>Severability</u>. In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

16.3. <u>Requirements of Law</u>. The granting of Awards and the issuance of Shares under the Plan shall be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or securities exchanges as may be required. The Company or an Affiliate of the Company shall receive the consideration required by law for the issuance of Awards under the Plan.

The inability of the Company or an Affiliate of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company or the Affiliate to be necessary for the lawful issuance and sale of any Shares hereunder, shall relieve the Company or the Affiliate of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.

16.4. <u>Governing Law</u>. The Plan and each Award Agreement shall be governed by the laws of the Province of British Columbia and the laws of Canada applicable therein excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan to the substantive law of another jurisdiction.

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## Exhibit 4.6

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![](exhibit4-6x001.jpg)

Rules of Altus Strategies plc

2019 Share Options Scheme

Approved and Adopted by the Board on 24 April 2019

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1 <br>

---

| | |
|:---|:---|
| No. Rule | Page |
| [1 INTERPRETATION](#page_3) | [2](#page_3) |
| [2 GRANT OF OPTIONS](#page_12) | [11](#page_12) |
| [3 LIMITS AND OTHER RESTRICTIONS OF THE SCHEME RULES](#page_15) | [14](#page_15) |
| [4 NON-ASSIGNABILITY OF OPTIONS](#page_17) | [16](#page_17) |
| [5 EXERCISE CONDITIONS](#page_18) | [17](#page_18) |
| [6 EXERCISE OF OPTION](#page_19) | [18](#page_19) |
| [7 TAX LIABILITY](#page_21) | [20](#page_21) |
| [8 LAPSE OF OPTION](#page_22) | [21](#page_22) |
| [9 CESSATION OF EMPLOYMENT](#page_23) | [22](#page_23) |
| [10 CHANGE OF CONTROL OF THE COMPANY](#page_24) | [23](#page_24) |
| [11 EXERCISE IN ADVANCE OF A CHANGE OF CONTROL](#page_27) | [26](#page_27) |
| [12 REPLACEMENT OPTIONS](#page_28) | [27](#page_28) |
| [13 REORGANISATIONS](#page_29) | [28](#page_29) |
| [14 WINDING-UP OF THE COMPANY](#page_30) | [29](#page_30) |
| [15 GENERAL PROVISIONS ON CHANGE OF CONTROL AND WINDING UP](#page_31) | [30](#page_31) |
| [16 VARIATION OF CAPITAL](#page_32) | [31](#page_32) |
| [17 ALTERATIONS TO THE RULES](#page_33) | [32](#page_33) |
| [18 EMPLOYMENT RIGHTS](#page_34) | [33](#page_34) |
| [19 ADMINISTRATION](#page_35) | [34](#page_35) |
| [20 OBLIGATION TO ENSURE SUFFICIENT AVAILABLE SHARES](#page_37) | [36](#page_37) |
| [21 DATA PROTECTION](#page_38) | [37](#page_38) |
| [22 THIRD PARTY RIGHTS](#page_39) | [38](#page_39) |
| [23 GOVERNING LAW](#page_40) | [39](#page_40) |

---

Altus Strategies plc 2019 Share Options Scheme - Scheme Rules<br>

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1 INTERPRETATION

1.1 In these Rules the following words and expressions shall have the following meanings:

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| | |
|:---|:---|
| **"Acquiring Corporation"** | a corporation which obtains Control of the Company; |
| **"Admission"** | the first occasion on which ordinary shares in the capital of the Company are permitted to be traded or dealt in on a Relevant EEA Market or a Relevant Market; |
| **"Adoption Date"** | the date on which this Scheme is adopted by the Board; |
| **"AIM"** | the market of that name operated by the London Stock Exchange Plc;<br>|
| **"AIM Rules"** | the rules published by the London Stock Exchange governing admission to, and operation of, AIM; |
| **"Announcement"** | following Admission, the preliminary announcement to the London Stock Exchange and the TSX-V of the results of the Company for any financial period; |
| **"Any Other EMI Scheme"** | any scheme (other than this Scheme) adopted by the Company or any Group Company or by the Board which provides for the grant of options to acquire Shares which are Qualifying Options; |
| **"Any Other Scheme"** | any scheme (other than this Scheme) approved by the Company in general meeting or adopted by the Board which provides for the acquisition of Shares by or on behalf of employees or directors of the Group; |
| **"Articles of Association"** | the articles of association of the Company (as amended from time to time); |
| **"Associated Company"** | has the meaning given to that expression by Section 416 ICTA; |
| **"Board"** | the board of directors for the time being of the Company or a committee thereof duly authorised for the purposes of this Scheme at which a quorum is present; |
| **"Business Sale"** | an unconditional agreement being entered into for the sale of the whole or substantially the whole of the business and assets of the Company to an unconnected third party; |
| **"Capital"** | the issued ordinary share capital of the Company; |

---

Altus Strategies plc 2019 Share Options Scheme - Scheme Rules<br>

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3 <br>

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| | |
|:---|:---|
| **"Change of Control"** | a change in person or persons having Control of the Company arising from circumstances set out in Rule 10; |
| **"Close Period"** | any period where there are restrictions on dealing in the Shares as stipulated by a relevant authority including under the rules of AIM or under any share dealing code adopted by the Company; |
| **"Company"** | Altus Strategies plc registered in England & Wales with registration number 10746796 and whose registered address is The Orchard Centre, 14 Station Road, Didcot, Oxfordshire, OX11 7LL; |
| **"Connected Time"** | has the meaning given in paragraph 26 of Schedule 5 ITEPA; |
| **"Connected"** | a Trustee or any other person as set out in section 718 ITEPA and "**unconnected**" shall be interpreted accordingly; |
| **"Control"** | has the meaning given to it by section 719 ITEPA and **"controlled"** shall be construed accordingly; |
| **"Date of Grant"** | the date on which an Option was or is to be granted under Rule 2 or on which an Option is or was treated as being granted pursuant to Rule 12; |
| **"Dealing Day"** | a day on which the London Stock Exchange is open for business; |
| **"Deferment Period"** | a period of two years following the Date of Grant, during which the Option may not be exercised by the Option Holder; |
| **"Demerger"**<br>| a transfer by the Company to either;<br>(a) all or any of the members in any Group Company; or<br>(b) another corporation (the "**transferee corporation**")<br>of substantially the whole of its interest in a trade or business or substantially the whole of its Shares in one or more of its subsidiaries where (in relation to (b) above) the transfer is in return for the issue of shares in the transferee corporation to the Company's members; |
| **"Directors"** | the board of directors of the Company or a duly authorised committee of the directors; |

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4 <br>

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| | |
|:---|:---|
| **"Eligible Employee"** | an employee or director of the Company or of a Qualifying Subsidiary:<br>(a) who also is an employee of the Company or a Qualifying Subsidiary or who meets such other employment requirement prescribed by paragraph 25 of Schedule 5 ITEPA from time to time; and<br>(b) whose average Working Time is 25 hours a week, or, if less, whose committed time amounts to 75% of the employee's Working Time or who otherwise satisfies the requirements of paragraph 26 of Schedule 5 ITEPA or such other relevant statutory threshold as may apply from time to time; and<br>(c) who also does not have a material interest of 30% or more (or other limits as may be prescribed from time to time) within the meaning of paragraphs 29 and 30 of Schedule 5 ITEPA in the Company or any member of the Group; |
| **"EMI Code"** | the provisions set out in sections 527 to 541 ITEPA (inclusive), Schedule 5 ITEPA and Part 4 Schedule 7D TCGA; |
| **"EMI Option"** | a right (for the time being subsisting) to acquire Shares under this Scheme in accordance with these Rules and which is a Qualifying Option; |
| **"Employee"** | a full or part-time employee (including an executive director) of any member of the Group and **"Employer"** shall be construed accordingly; |
| **"Exercise Conditions"** | conditions, if any, determined by the Grantor at the Date of Grant, and as set out in the Appendix to the Option Certificate, required to be satisfied before the Option can be exercised, such conditions being subject to the provisions set out in Rule 5; |
| **"Exercise Period"** | the period during which the Option Holder may exercise the Option determined by the Grantor (which must end before the tenth anniversary of the Date of Grant) and as set out in the Option Certificate; |
| **"Exercise Price"** | the price at which each Share may be acquired on the exercise of an Option determined by the Grantor at the Date of Grant being not less than the nominal value of the Shares on the Date of Grant or $0.05 CAD, whichever is greater, subject to Rule 16; |

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5 <br>

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| | |
|:---|:---|
| **"Form of Acceptance"** | in relation to an Option, a form (to be executed by the Option Holder as a deed) accepting the grant of such Option substantially in the form set out in Schedule 3 to these Rules (or such other form as the Board may specify from time to time) and references to "**Acceptance of Grant"** shall be construed accordingly; |
| **"FSMA"** | the Financial Services and Markets Act 2000; |
| **"Grant Period"** | the period from the Adoption Date to Admission; |
| **"Grantor"** | in relation to an Option, the person who has granted or intends to grant that Option being the Company or a Trustee or any other person who has confirmed to the Company that it will comply with the terms of this Scheme; |
| **"Group"** | the Company and its Subsidiaries and the phrases "**Group Company**" and "**Group Employee**" shall be construed accordingly; |
| **"HMRC"** | Her Majesty's Revenue and Customs; |
| **"ICTA"** | the Income and Corporation Taxes Act 1988; |
| **"ITEPA"** | the Income Tax (Earnings and Pensions) Act 2003; |
| **"Joint Election"** | a joint election pursuant to section 425, 430 or 431 ITEPA; |
| **"Leaving Date"** | in relation to an Option Holder, the date on which such Option Holder ceases employment with the Company or with any Qualifying Subsidiary in the case of an EMI Option or of any Group Company in the case of an Unapproved Option or, if earlier, gives or receives notice of termination of employment with the Company or with any Qualifying Subsidiary in the case of an EMI Option or of any Group Company in the case of an Unapproved Option; |
| **"Letter of Invitation"** | a letter substantially in the form set out in Schedule 5 to these Rules provided by the Company to an Eligible Employee inviting him to accept the grant of an Option; |
| **"Market Value"** | has the same meaning as it has for the purposes of part VIII TCGA and which shall be deemed to be:<br>(a) the average middle market quotation for a share as decided from the official List for three dealing days immediately preceding the Date of Grant; or<br>(b) (if the shares are not for the time being so quoted) the price determined by the Board as being the market value of a Share on the day prior to the day on which the Option in question is granted<br>and, for an EMI Option, the value agreed by HMRC Share and Asset Valuations; |

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| | |
|:---|:---|
| **"NIC"** | National Insurance Contributions; |
| **"NIC Election"** | an election or agreement to indemnify the Eligible Employee's Employer against Secondary NIC Liability; |
| **"Notice of Exercise"** | a notice of exercise substantially in the form set out in Schedule 4 to these Rules; |
| **"Notice of Grant"** | in the case of Options which are to be EMI Options, a notification to HMRC to be jointly signed by;<br>(a) the employer corporation of the Option Holder, and<br>(b) the Option Holder,<br>in such form and within such time limits as may be required by HMRC from time to time; |
| **"Official List"** | the official listing as referred to in Part VI FSMA; |
| **"Old Option"** | an Option which is replaced pursuant to Rule 12.1 by a Replacement Option; |
| **"Operating Agreement"** | an agreement entered into between the Company and the Grantor the purpose of which is to set out the obligations and rights for each of the Company and Grantor in respect of the Grantor's rights and obligations under and pursuant to these Rules; |
| **"Option"** | a right to acquire Shares granted or to be granted pursuant to Rule 2, whether an EMI Option or an Unapproved Option; |
| **"Option Certificate"** | in relation to an Option, a notice in writing of the grant of such Option which specifies:<br>(a) the number of Option Shares;<br>(b) the Exercise Price;<br>(c) the Date of Grant;<br>(d) the Exercise Period;<br>(e) the Exercise Conditions (if any); and<br>(f) in respect of an EMI Option that it is granted under the provisions of Schedule 5 ITEPA,<br>and is otherwise substantially in the form set out in Schedule 2 to these Rules (or such other form as the Board may specify) and is accompanied by a Form of Acceptance; |

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| | |
|:---|:---|
| **"Option Holder"** | a person who holds an Option or (where the context admits) his Personal Representatives; |
| **"Option Shares"** | the Shares over which an Option subsists; |
| **"Personal Data"** | has the meaning it bears for the purposes of the Data Protection Act 1998; |
| **"Personal Representatives"** | in relation to an Option Holder, the personal representatives of the Option Holder (being either the executives of his will to whom a valid grant of probate has been made or, if he dies intestate, the duly appointed administrator(s) of his estate) who have produced evidence of the appointment as such; |
| **"Qualifying Option"** | an Option which at the time of grant meets the requirements of Schedule 5 ITEPA and in respect of which a Notice of Grant has been executed; |
| **"Qualifying Subsidiary"** | a Subsidiary over whose Shares EMI Options may be granted satisfying the requirements of paragraph 11 of Schedule 5 ITEPA; |
| **"Qualifying Exchange of Shares"** | an exchange of shares meeting the criteria in paragraph 40(1) of Schedule 5 ITEPA |
| **"Relevant CSOP Option"** | an Option to acquire Shares under a Company Share Option Plan approved by HMRC pursuant to the provisions of Schedule 4 ITEPA; |
| **"Relevant EEA Market"** | has the same meaning as that term is defined in paragraph 68(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended or re-issued from time to time; |
| **"Relevant Market"** | has the same meaning as that term defined in paragraph 69(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended or re-issued from time to time; |

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| | |
|:---|:---|
| **"Replacement Option"** | an Option which is granted to replace an Old Option on a Change of Control which satisfies the requirements of paragraph 43 of Schedule 5 ITEPA at the time of release of the Old Option, including grant by reason of the Option Holder's employment with the Acquiring Corporation; |
| **"Resolution of Grant"** | a Board resolution or members' resolution substantially in the forms set out in Schedule 1 Part I and Part II respectively pursuant to which Options are granted by a Grantor who is not an individual or a Trustee; |
| **"Rules"** | these rules of this Scheme as the same may be amended from time to time and "**Rule**" shall be construed accordingly; |
| **"Scheme"** | this Altus Strategies plc 2019 Share Options Scheme constituted and governed by the Rules with, and subject to, any amendments thereto properly effected; |
| **"Secondary NIC Liability"** | any employer's secondary Class 1 NIC arising on the exercise or release of an Option; |
| **"Share"** | an ordinary share of the Company which is a share in the ordinary share capital within the meaning of Section 832(1) of ICTA of the Company being a share that is fully paid up and not redeemable, of a class which is to specified in the Option Certificate; |
| **"Subsidiary"** | a corporation which is under the Control of the Company and is a "Subsidiary" as defined in section 1159 and Schedule 6 of the Companies Act 2006; |
| **"Subsisting Option"** | an Option which has been granted and which has not lapsed, been surrendered, renounced or exercised in full; |
| **"Tax Liabilities"** | any income tax and employee's NIC charge arising as a consequence of the exercise or release of the Option or in respect of the Shares acquired pursuant to the exercise of such Option and including that arising under a Joint Election or receipt of money or money's worth in connection with such Option or Shares acquired in connection with that Option, for which the Company or a Group Company or any other Grantor has accounted or is required to account to HMRC; |
| **"TCGA"** | the Taxation of Chargeable Gains Act 1992; |

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| | |
|:---|:---|

| **"TSX-V"** | the TSX Venture Exchange; |
| **"TSX-V Policy"** | Policy 4.4 *Incentive Stock Options* of the TSX-V; |
| **"UK Listing"** | the Financial Services Authority acting in its capacity as the competent authority for the purposes of Part VI Financial Services and Markets Act 2000; |
| **"Unapproved Option"** | an Option to acquire Shares granted under this Scheme and subject to these Rules which:<br>(a) is designated an Unapproved Option; and/or<br>(b) does not fall within the provisions of Schedule 3, 4 or 5 of ITEPA and does not satisfy the EMI Code but which has been granted pursuant to these Rules; |
| **"Unrestricted Market Value"** | the Market Value of the Shares on the Date of Grant if any restrictions (as defined in section 423 ITEPA) were disregarded; |
| **"Vested Shares"** | Shares which, subject to the following Rules of this Scheme, may be acquired by the exercise of an Option in accordance with Clause 3 of the Option Certificate either immediately or at some future time in consequence of having met in whole or in part any Exercise Conditions set in that Option Certificate; |
| **"Working Time"** | the working time of an Employee as defined in paragraph 27(1) Schedule 5 ITEPA. |

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1.2 In these Rules, except insofar as the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words denoting the singular shall include the plural and vice versa and words importing a gender shall include every gender and references to a person shall include bodies corporate and unincorporated and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) rule headings are inserted for convenience only and are to be ignored in construing these Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) references in these Rules to any statute shall be deemed to include every modification, amendment, extension and/or re-enactment by statute or sub-ordinate legislation for the time being in force and shall include any orders, regulations, instruments or other sub-ordinate legislation made under the relevant statute;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) references in these Rules to "**month**" shall be deemed to be references to a calendar month; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) words shall have the same meanings as in ITEPA unless the context otherwise requires.

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2 GRANT OF OPTIONS

2.1 In its absolute discretion, the Grantor has the power to grant Options (whether EMI Options or Unapproved Options) under this Scheme to Employees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to the limitations and conditions contained in these Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provided they are not prohibited by law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for commercial reasons in order to recruit, retain or incentivise an Employee.

2.2 An Option intended to qualify as an EMI Option may only be granted to an Eligible Employee and shall be granted subject to the provisions of Schedule 5 ITEPA. Options may be granted under this Scheme by the Grantor at any time or times during the Grant Period but not later than the tenth anniversary of the Adoption Date.

2.3 The procedure for granting Options shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Grantor shall (by Resolution of Grant if not an individual or a Trustee):

&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) select those Employees to whom Options shall be granted and the intended Date of 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;(ii) determine the maximum number of Shares which each such Group Employee shall be entitled to acquire on the exercise of the Options;

&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) determine the Exercise Price, the Exercise Period, and any Exercise Conditions to apply to the Option to 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;(iv) specify which Options shall be EMI Options and which shall be Unapproved Options;

&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) determine if the Option Holder is to enter into a Joint Election and/or NIC Election prior to the exercise of an 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;(vi) determine if the Option Holder is to indemnify the relevant Employer Group Company against Secondary NIC Liability in accordance with Rule 2.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Grantor shall execute an Option Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As soon as practicable after an Option has been granted, the Grantor (if not the Company) shall notify the Board of the grant and the Grantor shall send to each Option Holder the following documents to notify him of the grant and invite him to accept the 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) a Letter of Invitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Form of Acceptance;

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&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 Option Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a copy of this Scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any explanatory notes (if prepared);

&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) the Articles of Association;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a Joint Election (if the Board or the Grantor determines such election is required);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) an NIC Election (if the Board or the Grantor determines that such liability is to be transferred) and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) in the case of an EMI Option, a Notice of Grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An Option shall not in any event be capable of being exercised (and shall lapse) unless the person to whom it has been granted has, within the period of 30 days beginning with the Date of Grant (or such longer period as the Board may specify), executed such Form of Acceptance and, in the case of an EMI Option, completed the Notice of Grant and delivered them to the secretary of the Company (or such other person as may be specified in the Form of Acceptance).

2.4 If an Option is intended to be an EMI Option in whole or in part, the extent to which it is intended to be granted as an EMI Option shall be stated in any Resolution of Grant and in the Option Certificate, PROVIDED THAT any Option designated as an EMI Option but which is granted in excess of the limits in Rule 3 shall be an Unapproved Option over the number of whole Shares by which the grant exceeds the limits set out in Rule 3 plus one share or in the case of the limit in Rule 3.5 , the whole of the Option; the balance of the Option below such limits in Rule 3 shall be an EMI Option. To the extent that any Option or part of an Option is not designated as an EMI Option, it shall be an Unapproved Option.

2.5 For an EMI Option, the Option Holder and the Company shall complete and submit to HMRC within 92 days of the Date of Grant, a Notice of Grant as required by paragraph 44 of Schedule 5 ITEPA in respect of such Option.

2.6 It shall be a condition of the grant of an Option that the Option Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) indemnifies the Company and any other Group Company or any other person treated as an employer to the extent permitted by law against any Tax Liabilities and where the Board so requires and permitted by law, Secondary NIC Liability (or their equivalent) (together referred to as "**Liabilities**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enters into a Joint Election should the Board so require at any time prior to and as a condition of the exercise of the Option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees not to disclose, publish or communicate to any person (other than legal, tax or other professional advisors) and not to otherwise make use of any information relating to the Option prior to the announcement or other publication of such details by any Group Company.

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2.7 An Option Holder may renounce his Option in whole or in part at any time by giving notice to that effect and returning the relevant Option Certificate to the Grantor (and where the Grantor is not the Company the Grantor shall notify the Board of such renouncement) and the Option shall thereupon lapse. Where an Option is renounced not later than 30 days after the Date of Grant of that Option, then the Option shall lapse and shall for all purposes be taken never to have been granted.

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3 LIMITS AND OTHER RESTRICTIONS OF THE SCHEME RULES

3.1 An EMI Option granted to an Eligible Employee under these Rules shall be limited and take effect so that the aggregate Unrestricted Market Value at the Date of Grant of Option Shares which may be acquired on the exercise of that EMI Option when added to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate Unrestricted Market Value at the Date of Grant of any additional shares which may be acquired on exercise of any Qualifying Options (that are Subsisting Options) granted to him pursuant to this Scheme and Any Other EMI Scheme; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the aggregate Unrestricted Market Value at the Date of Grant of Shares which may be acquired on the exercise of any Relevant CSOP Option held by such Eligible Employee at the Date of Grant,

shall not exceed £250,000 or such other sum as determined under paragraph 5 Schedule 5 ITEPA from time to time.

3.2 To the extent that the aggregate Unrestricted Market Value of Shares under any EMI Option exceeds such sum as referred to in Rule 3.1, any Option granted over Shares representing the excess shall be granted as an Unapproved Option.

3.3 Pursuant to Rule 3.1 the Unrestricted Market Value of Option Shares shall be calculated at the Date of Grant of that Option or such other time as agreed in writing by HMRC.

3.4 If an Eligible Employee has previously been granted Qualifying Options under this Scheme or Any Other EMI Scheme over Shares with an aggregate Unrestricted Market Value of £250,000 as referred to in Rule 3.1 above (including EMI Options which have since been exercised or released) then any Option which shall be granted to such Eligible Employee within three years of the Date of Grant of the last such Qualifying Option shall be an Unapproved Option.

3.5 Ignoring any other provisions of these Rules, the Grantor may not issue Qualifying Options under this Scheme or Any Other EMI Scheme such that the Unrestricted Market Value at the date of grant of Shares subject to such Qualifying Options exceeds £3 million or such other sum as stated in paragraph 7 Schedule 5 ITEPA.

3.6 Ignoring any other provisions of these Rules, at the time of granting an Option under this Scheme, the aggregate number of Option Shares subject to issuance under all outstanding Options under this Scheme and Any Other EMI Scheme:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) held by all Option Holders, cannot exceed 10% of the number of outstanding Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) granted in a 12 month period to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Option Holder, cannot exceed 5% of the number of outstanding 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;(ii) any Consultant (as defined in the TSX-V Policy), cannot exceed 2% of the number of outstanding Shares, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all Option Holders carrying out Investor Relations Activities (as defined in the TSX-V Policy), cannot exceed 2% of the number of outstanding Shares and must vest over a period of not less than 12 months with no more than one quarter vesting in any three month period.

3.7 Ignoring any other provisions of these Rules, the minimum exercise price of an Option granted under this Scheme shall not be less than the Discounted Market Price (as defined in the TSX-V Policy) of the Shares on the date of granting and, if an Option is granted at less than the Market Price (as defined in the TSX-V Policy), the Option Shares shall be subject to the Exchange Holder Period (as defined in the TSX-V Policy) of four months from the date on which the Option was granted and any share certificate evidencing such Option Shares shall be endorsed with a legend in accordance with the TSX-V Policy.

3.8 All Option Shares issuable under Options granted to directors and officers of the Company shall be subject to the Exchange Holder Period (as defined in the TSX-V Policy) of four months from the date on which the Option was granted and any share certificate evidencing such Option Shares shall be endorsed with a legend in accordance with the TSX-V Policy.

3.9 Ignoring any other provisions of these Rules, no Qualifying Option may be issued or granted if, the total aggregate number of full-time equivalent employees of the Group is 250 or more.

3.10 The Board may require that the Grantor enters into an Operating Agreement for the purpose of this Scheme prior to the grant of any Option.

3.11 This Scheme shall be subject to annual approval of the Corporation's members by way of an ordinary "simple majority" resolution and, if not approved, no further Options may be granted under this Scheme but all Options then outstanding shall continue in full force and effect.

3.12 Any requirement or restriction contained in the TSX-V Policy and not set out in this Scheme shall be deemed incorporated into this Scheme.

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4 NON-ASSIGNABILITY OF OPTIONS

Except as otherwise specifically provided in these Rules, each Option shall be exercisable only by the Option Holder to whom it is granted and may not be transferred, assigned or charged, and on any purported transfer, assignment or charge the Option shall automatically lapse. For the avoidance of doubt, this Rule 4 shall not prevent the Option of a deceased Option Holder being exercised by his Personal Representative(s) within the terms of these Rules.

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5 EXERCISE CONDITIONS

5.1 Exercise Conditions (if any) shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be in respect of dates or events or profits or individual or collective performance criteria for a period which begins no earlier than the start of the accounting period in which the Date of Grant falls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be measurable and capable of independent objective assessment with a view to determining whether they have been satisfied which for the avoidance of doubt, shall not be dependent upon the further discretion of any person other than the Board acting fairly and reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provide for the Exercise Conditions to be pro-rated if Options otherwise become exercisable under rules 10 and 11;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) be set out in detail at the Date of Grant in an appendix to the Option Certificate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) state, if they remain otherwise unfulfilled at the date of a Change of Control, whether they will be deemed to have been fulfilled at that date.

5.2 Different Exercise Conditions may be specified in respect of different proportions of Option Shares comprised in the same Option.

5.3 Subject to the provisions of these Rules where an Option has been granted subject to Exercise Conditions, the Grantor or, if different, the Board shall as soon as reasonably practicable following the satisfaction of any Exercise Conditions give written notice to inform the Option Holder concerned that his Option has become exercisable subject always to the provisions of Rule 6.

5.4 Where events occur which cause the Board to consider that the Exercise Conditions are no longer appropriate, the Board, at its entire discretion, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vary the Exercise Conditions provided that the new Exercise Conditions are not more difficult to satisfy than the original Exercise Conditions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) remove the Exercise conditions as a requirement of the exercise of the Option

PROVIDED that the Option Holder is given notice in writing of the variation or removal as soon as practicable (and if the Grantor is not the Company, a copy of such notice shall be given to the Company).

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6 EXERCISE OF OPTION

6.1 An Option shall be exercised:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pursuant to the terms of exercise set out in the Option Certificate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by lodging with the Grantor, or such other person as the Grantor may specify, the relevant Option Certificate (and if the Grantor or Board requests together with a signed Form of Acceptance), a duly completed Notice of Exercise and the payment (in such form as the board may determine) required in respect of the Exercise Price and any Tax Liabilities and, unless the Board otherwise directs, Secondary NIC Liability. If the Grantor is not the Company, the Grantor shall promptly notify the Board of such pending exercise and shall provide all such documents the Board may stipulate and if required by the Board or Grantor, a duly completed Joint Election and/or NIC Election; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where the Grantor exercises its discretion under Rule 11.2, if the Option Holder enters into an agreement as set out in Rule 11.2 .

6.2 The procedure for the Exercise of Options shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the obtaining of any necessary consent from H.M. Treasury, the Bank of England, the UK Listing Authority, the London Stock Exchange Plc or other relevant 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;(ii) the terms of any such consent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) receipt by the Grantor of the appropriate payment for Shares to be acquired on exercise in a form determined by the Board or, with consent of the Grantor, the Option Holder has entered into an arrangement to secure payment,

the Grantor shall (subject to Rule 6.1) within 30 days of its receipt of a valid Notice of Exercise or as soon as practicable thereafter (in the case of the Company) issue to or in the case of the Company or any other Grantor arrange the transfer to the Option Holder of the number of Shares in respect of which the Option has been exercised (but if during a Close Period such issue or transfer shall be effected as soon as reasonably practicable after the end of the Close Period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Grantor in its absolute discretion considers it to be appropriate to satisfy the exercise of an Option by directing a person to transfer the required number of their shares to the Option Holder, the Exercise Price payable by the Option Holder shall be received by the Grantor as trustee for such persons and the Grantor shall procure the transfer of Shares by such persons upon exercise of the Option.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All Shares issued on exercise of Options shall rank equally in all respects with all other Shares, save that the Shares issued under this Scheme will not rank for any dividends or other distributions declared or recommended the record date for which falls on or prior to the date when the Option is exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) When an Option is exercised in part, the balance shall remain exercisable on the same terms as originally applied to the Option and a new Option Certificate in respect of the balance shall be issued by the Grantor as soon as practicable after the partial exercise.

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7 TAX LIABILITY

It being a condition of the grant of an Option that each Option Holder indemnifies the Company and any other Group Company against Tax Liabilities and, unless the Board otherwise directs, to include Secondary NIC Liabilities (together "**Liabilities**") pursuant to Rule 2.6(a), to the extent that the Liabilities cannot be (or are not) deducted from payments made by the Company or Group Company to the Option Holder, the Company shall be authorised by the Option Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to retain and sell on the Option Holder's behalf sufficient Shares issued or acquired on exercise of the Option to raise the necessary funds to meet the Liabilities and to apply such funds in discharging the Liabilities or reimbursing the Company or the relevant Group Company; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to make such other arrangements with the Option Holder in question as the Board deems appropriate for the reimbursement to the Company or relevant Group Company of the Liabilities.

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8 LAPSE OF OPTION

8.1 An Option shall cease to be exercisable and shall lapse entirely (except as specified in c) below) immediately upon the occurrence of the earliest of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 5:00 pm on the last working day before the tenth anniversary of the grant of the Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Option Holder being adjudicated bankrupt or an interim order being made because he intends to propose a voluntary arrangement to his creditors under the Insolvency Act 1986 or any other voluntary arrangement or plan being made in relation to his debts with his creditors or any section of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the surrendering of all or any part of the Option by the Option Holder to the extent so surrendered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if an executed Form of Acceptance and in addition in the case of an EMI Option, an executed Notice of Grant have not been returned to the Company in accordance with Rule 2.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in accordance with Rule 9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the case of a cessation of employment other than that set out in Rule 8 , the Option ceases to be exercisable on the Leaving Date and shall lapse on the date of cessation of employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if the Option is transferred or assigned (other than to the Personal Representatives of the Option Holder), mortgaged, charged or otherwise disposed of by the Option Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if the Grantor determines that the Option Holder is to enter into a Joint Election and/or an NIC Election pursuant to Rule 2.3(a), an executed Joint Election and/or an NIC Election has not been returned to the Board or Grantor within any time period specified by the Grantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as otherwise in accordance with the provisions of Rules 10 and 14 ; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a breach of the agreement pursuant to Rule 2.6(c).

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9 CESSATION OF EMPLOYMENT

9.1 Subject to Rule 5 (including the Board in its absolute discretion having waived or amended any Exercise conditions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an Option Holder ceases employment within the Group otherwise than by reason of death (a "**Leaver**") then any Option shall cease to be exercisable and shall lapse 40 days after such cessation unless within that period of 40 days the Board in its absolute discretion shall permit the Option to be exercised in whole or in part with a period specified by the Board (not exceeding the Exercise Period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If an Option Holder ceases employment by reason of death, his Personal Representatives may if the Board in its discretion so determines exercise such Options within the period for exercise specified by the Board, such specified period not exceeding 12 months from the date of death. If exercise has not taken place within such period, such Option shall then lapse and cease to be exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A notice given pursuant to Rule 9.1(a) shall specify:

&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 number of Vested Shares in respect of which the benefit of an Option may be retained and exercised (in accordance with the provisions of Rule 5); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the time at which such Option shall lapse and cease to be exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In respect of any options held by a Leaver not exercisable in accordance with the provisions of this Rule 9, an Option Holder shall be treated for the purposes of these Rules as ceasing employment on his Leaving Date.

9.2 An Option Holder absent from work by reason of statutory or contractual maternity, paternity, parental or adoption leave or compulsory national military service shall be treated for the purposes of these Rules as not having ceased to be such an Employee until such time as he no longer has any right under the relevant legislation to return to work at the end of any such period of absence.

9.3 If an Option becomes exercisable in circumstances as detailed in Rule 9.1(a) and Rule 9.1(b) , the Board may direct that exercise of such Option is to the extent of the number of Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that are Vested Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if none are Vested Shares, such proportion of the period prior to the Exercise Period that has elapsed at the date on which the Option Holder ceases employment.

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10 CHANGE OF CONTROL OF THE COMPANY

10.1 **General Offer**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In respect of an Option, a right of exercise shall arise, if any person obtains Control of the Company as a result of making:

&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) a general offer to acquire the whole of the issued Shares (other than that which is already owned by him) which is unconditional or which is made on a condition such that if it is satisfied the person making the offer will have Control 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;(ii) a general offer to acquire all the Shares (other than shares which are already owned by him) in the Company which are of the same class as shares subject to a Subsisting Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board shall notify all Option Holders and the Grantors of this event as soon as is practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subsisting Options may, subject to Rules 5 , 11 , 13 and 14 be exercised during the period starting on the date of such notice and ending on the day falling 40 days after the day on which the person making the offer obtains Control of the Company and any condition subject to which the offer is made is satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to Rules 11 and 15.1 at the end of the Exercise Period as set out in this Rule 10.1, all subsisting Options shall cease to be exercisable and shall lapse six months following the date on which the person obtained Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Rule 10.1 shall not apply if the person who obtains Control of the Company is Connected with the person who previously had Control of the Company

10.2 **Court sanctioned compromise or arrangement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In respect of an Option, a right of exercise shall arise, if under section 899 of the Companies Act 2006 it is proposed that the Court sanction a compromise or arrangement likely to result in any other person obtaining Control of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the same time that the Company sends notices to members calling the meeting to consider the proposal the Board shall give notice thereof to all Option Holders and the Grantors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subsisting Options may, subject to Rules 5, 11, 13 and 14, be exercised during the period starting with the date of such notice and ending on the day on which the Court sanctions the proposal. The exercise of any Option pursuant to this Rule 10.2 shall be a conditional exercise and not take effect until the proposal has been sanctioned by the Court and becomes effective. To the extent that the Shares have been acquired on the exercise of an Option and are not subject to such compromise or arrangement then the Option Holder shall transfer or otherwise deal with the Shares acquired by him so as to place himself in the same position (so far as possible) as would have been the case if such Shares had been subject to such compromise or arrangement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to Rule 11 and 15.1 , at the end of the Exercise Period as set out in this Rule 10.2, all Subsisting Options shall cease to be exercisable and shall lapse six months following the date on which the Court sanctioned the compromise or arrangement.

10.3 **Takeover**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In respect of an Option a right of exercise shall arise, if any person becomes bound or entitled to acquire Shares in the Company under sections 974 to 987 of the Companies Act 2006.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Once such a person becomes so bound or entitled, the Board shall notify all Option Holders and the Grantors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subsisting Options may, subject to Rules 5, 11, 13 and 14 be exercised during the Period of 40 days commencing on the first day on which the person in question becomes so bound or entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to Rules 11 and 15.1 at the end of the Exercise Period as set out in this Rule 10.3 , all Subsisting Options shall cease to be exercisable and shall lapse three months after the person becomes so bound or entitled.

10.4 **Other change of control**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In respect of an Option a right of exercise shall arise, if any person obtains Control of the Company other than as a result of the events specified in Rules 10.1, 10.2, 10.3 or 10.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board shall notify all Participants and the Grantors as soon as practicable after the Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subsisting Options may, subject to Rules 5, 11, 13 and 14 be exercised during the period starting with the date of that notice and ending on the day falling 40 days after the day when the person obtains Control of the Company and any condition subject to which the offer is made has been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to Rules 11 and 15.1 at the end of the Exercise Period as set out in this Rule 10.4, all Subsisting Options shall cease to be exercisable and shall lapse three months after the day on which the person obtained Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Rule 10.4 shall not apply if the person who obtains Control of the Company is Connected with the person who previously had Control of the Company.

10.5 **Demerger**

If notice is given to members of the Company of a proposed Demerger or of any Subsidiary the Board may give notice ("**Demerger Notice**") to the Option Holder and the Grantor that Options may then be exercised within the period specified and in respect of such proportion of Shares as the Board may specify in the Demerger Notice (being no less than the proportion that the Option Holder was entitled to exercise at the date of the Demerger Notice), and if the Options are not exercised in accordance with the Demerger Notice they shall lapse. If the Board gives notice under this Rule 10.5, this Rule shall take priority over other Rules in Rule 10.

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10.6 **Business Sale**

If the Board receives notice that the terms of a Business Sale have been concluded in circumstances not arising under Rule 14 (winding-up of the Company), it may (in its absolute discretion) immediately so inform all Option Holders and Grantors and each Option Holder shall be entitled to exercise his Options which have not lapsed within such time limit permitted by the Board prior to but subject to completion of a Business Sale but if there is no such completion any Notice of Exercise shall be deemed never to have been served.

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11 EXERCISE IN ADVANCE OF A CHANGE OF CONTROL

11.1 Notwithstanding the provisions of Rule 10, if a person makes an offer or proposes an acquisition or transaction (as the case may be) as is referred to in Rule 10, or makes an offer to acquire the whole or substantially the whole of the Company's business, the Board may, in their absolute discretion and by notice in writing to all Option Holders and the Grantors declare all Subsisting Options to be exercisable subject to Rule 5 during a limited period specified in such notice. If the Board so declares, all Subsisting Options may be exercised during such period and/or (if so specified by the Board) may be exercised on the basis that such exercise is conditional and will only take effect immediately prior to the occurrence of an event specified in such notice. In the event of such a declaration all unexercised Options will lapse at the expiry of the specified period. In the event of a conditional exercise of an Option which is only to take effect immediately prior to the occurrence of a specified event, if that event does not take place such conditional exercise shall be deemed for all purposes never to have taken place.

11.2 The Grantor, in its absolute discretion, may direct that the exercise of an Option be conditional upon the Option Holder agreeing to enter into any agreement (that the Grantor considers reasonable to enter into) to achieve a sale of Shares under and pursuant to Rule 10.

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12 REPLACEMENT OPTIONS

12.1 If as a result of the events specified in Rules 10.1, 10.2, 10.4 or on a Qualifying Exchange of Shares a corporation has obtained Control of the Company, or a corporation has become bound or entitled as mentioned in Rule 10.3, the Option Holder may (or, if the Board or Grantor so directs, shall), if the Acquiring Corporation so agrees, release any Subsisting Option he holds in consideration for the grant of a Replacement Option.

12.2 A Replacement Option issued in consideration of the release of an Option shall be evidenced by an Option Certificate and so far as is possible the total market value of the Shares under a Subsisting Option shall substantially be equivalent to the total Market Value of the shares under the Replacement Option and the total amount payable on exercise by an Option Holder for the acquisition of shares under the Replacement Option shall be substantially equivalent to the amount payable under the Subsisting Option.

12.3 A Replacement Option shall, for all other purposes of this Scheme, be treated as having been acquired at the same time as the corresponding replaced Option.

12.4 A Replacement Option shall not be exercisable, nor shall it lapse by virtue of the event pursuant to which it was granted.

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13 REORGANISATIONS

If as a result of the event specified in Rules 10.1, 10.2 or 10.4 the shareholders of the Acquiring Corporation are substantially the same members of the Company (in all material respects) immediately before the Change of Control, Subsisting Options will not become exercisable as a result the operation of Rule 10 provided that this Rule 13 applies only where an offer is made with the agreement of the Acquiring Corporation for the grant of Replacement Options pursuant to Rule 12 in consideration of the release of all Subsisting Options. Such an offer ("**an Exchange Offer**") must have been made before the end of the period ending on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 30 days following the date of Change of Control referred to in Rule 10.1 or 10.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 30 days following the Court sanctioning a compromise or arrangement referred to in Rule 10.2; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 21 days following the first day of the period during which a person is bound or entitled to acquire Shares referred to in Rule 10.3.

If no Exchange Offer is made within the periods so defined, Rule 10 shall apply. For the avoidance of doubt, this Rule does not affect the date the Options lapse under Rule 10.

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14 WINDING-UP OF THE COMPANY

14.1 If at any time while any Option remains unexercised notice is duly given of a general meeting of the members of the Company at which a resolution will be proposed for the voluntary liquidation of the Company, subject to Rule 5, every Option which has not lapsed prior to such resolution shall be exercisable in whole or in parts until the commencement of such winding-up within the meaning of section 86 of the Insolvency Act 1986.

14.2 Pursuant to the above Rule 14.1, the Company shall give to each Option Holder and Grantor notice of any meeting called for the purpose of considering a resolution for the voluntary liquidation of the Company and shall at the same time give him notice of his rights under this Rule 14 and subject to the foregoing, all options shall lapse on the commencement of any liquidation of the Company.

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15 GENERAL PROVISIONS ON CHANGE OF CONTROL AND WINDING UP

15.1 Where under Rules 10, 11 or 14 a right of exercise of an Option arises, then subject to Rule 11, the date of lapse of an Option shall be the earliest date of lapse which arises under any provision of Rule 10, 11 or 14, notwithstanding that it relates to a right of exercise which was not the earliest right of exercise to arise under those Rules.

15.2 For the purpose of Rules 10 to 12 inclusive a person shall be deemed to have obtained Control of a Company if he and others acting in concert with him have together obtained Control of the Company.

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16 VARIATION OF CAPITAL

16.1 Subject to Rules 16.2 and 16.3 below, in the event of any increase or variation of the Capital (whenever effected) by way of capitalisation or rights issue, or sub-division, consolidation or reduction, the Grantor may make such adjustments as they consider appropriate under Rule 16.2 below.

16.2 An adjustment made under this Rule 16 shall be to one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the number of Shares in respect of which any Option granted under this Scheme may be exercised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the price at which Shares may be acquired by the exercise of any such Option; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where any such Option has been exercised but no Shares have been transferred pursuant to such exercise, the number of Shares which may be so transferred and the price at which they may be acquired.

16.3 No adjustments under Rule 16.2 above shall be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which would affect EMI Options which are Qualifying Options without the prior approval of HMRC if so required; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as a result of which the aggregate amount payable on the exercise of an Option in full would be increased or reduced.

16.4 An adjustment under Rule 16.2 above may have the effect of reducing the price for which Shares may be subscribed by the exercise of the Option to less than their nominal value, but only if and to the extent that the Board shall be authorised by resolution of the Company to capitalise from the reserves of the Company a sum equal to the amount by which the nominal value of the Shares in respect of which the Option is exercised and which are to be allotted pursuant to such exercise exceeds the price at which the same may be subscribed for, and to apply such sum in paying up such amount on such Shares, and so that on exercise of any Options in respect of which such a reduction shall have been made, the Board shall capitalise such sum (if any) and apply the same in paying up such amount as aforesaid.

16.5 As soon as reasonably practicable after making any adjustment under Rule 16.2 above, the Grantor shall give notice in writing thereof to the Company (if not the Grantor) and to each Option Holder.

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17 ALTERATIONS TO THE RULES

17.1 The Board may, by resolution at any time, make, subject to such approval of the Company's members as may be required by the TSX-V Policy, any alteration to the Rules which it thinks fit subject to the provisions of this Rule 17 provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no such alteration shall take effect where the Grantor is not the Company so as to materially affect the liabilities of the Grantor without the prior written consent of the Grantor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no such alteration shall take effect which would materially increase the liability of any Option Holder or which would materially decrease the value of his subsisting rights attached to any Option without the prior written consent of the Option Holder.

17.2 No such alteration which would affect an EMI Option which is a Qualifying Option shall take effect if the result would be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to increase the aggregate Market Value of the shares that are the subject of such Qualifying Options; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the requirements of Schedule 5 ITEPA would cease to be met in relation to such EMI Option.

17.3 As soon as reasonably practicable after making any alterations under Rule 17.1 above the Board shall give notice in writing thereof to each Option Holder and the Grantor (if not the Company).

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18 EMPLOYMENT RIGHTS

Any option granted pursuant to the Rules shall not form part of the contract of employment of any person who participates in this Scheme. The rights and obligations of any individual under the terms of his office or employment with any Group Company shall not be affected by his participation in this Scheme or any right which he may have to participate therein, and an individual who participates therein shall waive any and all rights to compensation or damages in consequence of the termination of his office or employment for any reason whatsoever (including unfair or wrongful dismissal) insofar as those rights arise or may arise from his ceasing to have right under or be entitled to exercise any Option under this Scheme as a result of such termination. No such participation, rights or benefits shall be taken into account for the purposes of calculation the amount payable to any pension fund. Options granted pursuant to this Scheme shall not constitute any representation or warranty that any benefit will accrue to any individual who is granted an Option.

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19 ADMINISTRATION

19.1 This Scheme shall in all respects be administered by the Board which may from time to time make and vary such rules and regulations for its conduct not inconsistent with these Rules and may from time to time establish such procedures for administration and implementation of this Scheme and Rules as it thinks fit and in the event of any dispute or disagreement as to the interpretation of the Rules, or of any rule regulation or procedure, or as to any question or right arising from or related to this Scheme, the decision of the Board shall be final and binding upon all.

19.2 Any Group Company may provide money to the trustees of any trust or any other person to enable them or him to acquire Shares to be held for the purposes of this Scheme, or enter into any guarantee or indemnity for these purposes, to the extent permitted by the Companies Acts 1985 or 2006, as the case maybe.

19.3 The costs of introduction and administering this Scheme shall be borne by the Company or any Group Company and shall be allocated at the discretion of the Board.

19.4 Subject to Rule 20, the existence of any Option shall not affect in any way the right or power of the Company or its members to make or authorise any or all adjustments, capitalisation, reorganisation, reductions of capital, purchase or redemption of its own shares pursuant to the Companies Act 1985 or 2006 or any other changes in the Company's capital structure or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference stock ahead of or convertible into, or otherwise affecting the Shares or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceedings, whether of a similar character or otherwise.

19.5 Neither the grant of any Option nor any benefit which may accrue to an Option Holder on the exercise of an Option shall form part of that Option Holder's pensionable remuneration for the purposes of any pension scheme or similar arrangement which may be operated by any Group Company.

19.6 Any notice or other communication under or in connection with the Rules may be given by personal delivery or by sending the same by post or email in the case of a corporation to its registered office or address shown on the corporation website and in the case of an individual to his last known address, or where he is a director or employee of a corporation participating in this Scheme, either to his last known address or to the address of the place of business at which he performs the whole or substantially the whole of the duties of his office or employment including his email address, and where a notice or other communication is given by first-class post, it shall be deemed to have been received 48 hours after it was put into the post properly addressed and stamped or in the case of an email when opened. For the avoidance of doubt, the Grantor may dispense with the requirement to tender an Option Certificate on the exercise of the relevant Options where they authorise any system permitting the exercise of Options by means of email or other electronic notification. A requirement under these Rules for the making of any payment may be discharged by the electronic transmission of an authorisation to charge any account or credit card.

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19.7 The Board shall maintain all necessary books of account and records relating to this Scheme.

19.8 Subject to the Articles of Association, an Option Holder who is a director of the Company may, notwithstanding his interest, vote on any resolution concerning this Scheme (other than in respect of his own participation therein) and may retain any benefits under this Scheme.

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20 OBLIGATION TO ENSURE SUFFICIENT AVAILABLE SHARES

The Board shall at all times keep available sufficient unissued Shares or shall procure that there are available sufficient Shares to satisfy the exercise of all Options granted under this Scheme. For this purpose, the Board may enter into an agreement with any individual, corporation or the trustees of any employee benefit trusts for the provision by such persons of Shares to satisfy Options.

Altus Strategies plc 2019 Share Options Scheme - Scheme Rules<br>

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21 DATA PROTECTION

By accepting the grant of an Option, the Option Holder shall agree and consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the collection, use and processing by the Grantor, the Company, any members of the Group, any administrator of this Scheme and the Company's advisers, brokers or registrars of Personal Data relating of the Option Holder or any other person as a holder of Shares acquired pursuant to the exercise of an Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company, any member of the Group, the Grantor, any administrator of this Scheme and the Company's advisers, brokers or registrars transferring Personal Data to or between any such person for all purposes reasonably connected with the administration of this Scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the use of such Personal Data by any such person for such purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the transfer to and retention of such Personal Data by any third party for such purposes wherever located and where necessary transmitted outside of the United Kingdom.

Altus Strategies plc 2019 Share Options Scheme - Scheme Rules<br>

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22 THIRD PARTY RIGHTS

Except as otherwise expressly stated to the contrary, and in respect of Group Companies, neither this Scheme nor the making of any Option shall have the effect of giving any third party any rights under this Scheme pursuant to the Contracts (Rights of Third Parties) Act 1999 and that Act shall not apply to this Scheme or the terms of any Option under it.

Altus Strategies plc 2019 Share Options Scheme - Scheme Rules<br>

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23 GOVERNING LAW

The Rules and this Scheme shall in all respects be governed by and construed in accordance with the laws of England and be subject to the exclusive jurisdiction of the English Courts.

Altus Strategies plc 2019 Share Options Scheme - Scheme Rules<br>

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## Exhibit 5.1

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December 8, 2025

Elemental Royalty Corporation

1020-800 West Pender Street

Vancouver, BC V6X 2V6

Canada

Ladies and Gentlemen:

**Re:** <u>**Elemental Royalty Corporation - Registration Statement on Form S-8**</u>

We have acted as Canadian counsel to Elemental Royalty Corporation (the "Company"), a corporation organized under the Business Corporations Act (British Columbia) (the "BCBCA") in connection with the Registration Statement on Form S-8 (the "Registration Statement") filed by the Company with the U.S. Securities and Exchange Commission (the "SEC") on December 8, 2025, relating to the registration under the Securities Act of 1933, as amended, of 6,481,854 common shares in the capital of the Company (the "Shares") comprised of: (i) 1,385,208 Shares issuable upon the exercise of outstanding options (the "Elemental Options") granted under the Company's 2020 Incentive Compensation Plan, as amended (the "Elemental Plan"); (ii) 196,640 Shares issuable pursuant to the settlement of outstanding restricted share units (the "Elemental RSUs") granted under the Elemental Plan; (iii) 104,545 Shares issuable upon the exercise of outstanding options of the Company ("Altus Replacement Options") that were issued upon the exchange of options ("Altus Options") issued by Altus Strategies plc ("Altus") under the Altus Strategies plc 2019 Share Option Scheme (the "Altus Option Plan" and, together with the Elemental Plan, the "Plans") pursuant to a scheme of arrangement with Altus (the "Scheme") pursuant to which the Company acquired all of the issued and outstanding share capital of Altus; and (iv) 4,795,461 Shares that are reserved for issuance upon the exercise or settlement of awards of options, restricted share units and/or performance share units (collectively, "Awards") that may be issued in the future under the Elemental Plan. The Altus Replacement Options are governed by the Altus Option Plan, while the Elemental Options, Elemental RSUs and any future Awards granted by the Company are or will be governed by the Elemental Plan.

<u>Examinations</u>

In order to render our opinion, we have examined and are relying on originals or copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certificate of an officer of the Company dated as of the date hereof certifying certain factual matters (the "Opinion Support Certificate"), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the articles 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;(ii) the notice of articles of the Company;

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&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) resolutions of the shareholders of the Company approving the Elemental Plan and the Shares issuable pursuant to Awards granted under the Elemental Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) resolutions of the Board of Directors of the Company approving the Elemental Plan and the allotment and reservation of Shares under the Elemental Plan, and resolutions of the Board of Directors of the Company ratifying the allotment and reservation for issuance of up to 1,581,848 Shares issuable pursuant to exercise of Elemental Options and Elemental RSUs granted under the Elemental 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;(v) resolutions of the Board of Directors of the Company authorizing, among other things, the issuance of the Altus Replacement Options and reserving for issuance the Shares issuable pursuant to the exercise of the Altus Replacement Options; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a certificate of good standing dated the date hereof issued under the *Business Corporations Act* (British Columbia) in respect of the Company.

We have considered such questions of law and examined such statues and regulations of the Province of British Columbia and of Canada applicable therein as they exist on the date hereof, as we considered necessary or relevant as a basis for our opinion.

<u>Jurisdiction</u>

The opinion expressed herein is limited to the laws of the Province of British Columbia and the federal laws of Canada applicable therein having the force of law on the date hereof (collectively, "**British Columbia Law**"). We express no opinion as to whether the laws of any particular jurisdiction other than British Columbia Law are applicable to the subject matter hereof. Our opinion is expressed as of the date hereof and we assume no obligation to revise or supplement this opinion should British Columbia Law change subsequent to the date hereof by legislative action, judicial decisions or otherwise or if there is a change in any fact or facts after the date hereof.

<u>Reliance and Assumptions</u>

As a basis for our opinion, we have made the following assumptions and have relied upon the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the authenticity of all documents submitted to us as originals, the genuineness of all signatures and the conformity to authentic originals of all documents submitted to us as copies and that all facts set forth in official public records and certificates and other documents supplied by public officials or otherwise conveyed to us by public officials are complete, true and accurate as of, and at all material times prior to, the date of this opinion letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the parties to all executed documents or documents to be executed, including the Company, have legal capacity, had or will have the power, corporate or other, to enter into and perform all obligations thereunder and have also assumed the due authorization by all requisite action, corporate or other, and execution and delivery by such parties of such documents and, the validity, binding effect, and enforceability of such documents on all such parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such proceedings taken and proposed to be taken by the Company in connection with the authorization and issuance of the Shares will be or were timely and properly completed, in accordance with all requirements of the British Columbia Law, in the manner presently proposed;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all facts set forth and statements made in certificates supplied by directors and/or officers of the Company, including the Opinion Support Certificate, are and remain true, accurate and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) all Elemental Options and Elemental RSUs have been, and all future Awards will be, granted by the Company only in accordance with the terms of the Elemental Plan, and (ii) the Shares will be duly authorized and issued and sold only in accordance with the terms of and upon the due exercise or vesting, as applicable, of Elemental Options, Elemental RSUs and future Awards granted in accordance with the Elemental Plan, and otherwise in accordance with the terms of the Elemental Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) all Altus Replacement Options have been duly authorized and issued by the Company in accordance with the terms of the Altus Option Plan, (ii) the Altus Option Plan governs the Altus Replacement Options, (iii) the Shares will be issued and sold only in accordance with the terms of and upon the due exercise or vesting, as applicable, of the Altus Replacement Options in accordance with the Altus Option Plan, and (iv) the Altus Replacement Options were issued pursuant to the Altus Option Plan in exchange for an equal number of Altus Options, and such Altus Options were duly authorized and issued pursuant to the Altus Option Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all legal matters related to the meeting of the securityholders of Altus called to consider the Scheme were duly complied with and that the Scheme was completed in accordance with all applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all signatures on documents submitted to us are genuine, all documents submitted to us as originals are authentic and complete, and all documents submitted to us as copies conform to authentic and complete original documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) none of the documents, originals or copies of which we have examined, has been amended supplemented or revoked; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all relevant individuals had full legal capacity at all relevant times.

As to questions of fact material to our opinions, we have relied upon certificates of officers of the Company and of public officials. We have relied upon the certificates and other documents referred to above with respect to the accuracy of the factual matters contained therein and we have not performed any independent check or verification of such factual matters.

When our opinion refers to the Shares of the Company as being "fully-paid and non-assessable", we express no opinion as to actual receipt by the Company of the consideration for the issuance of such Shares or as to the sufficiency of the consideration received by the Company therefor.

------

<u>Opinion</u>

On the basis of the foregoing and subject to the qualifications and limitations herein expressed, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Up to an aggregate of 1,385,208 Shares, upon the due exercise of the Elemental Options in accordance with the terms of the Elemental Plan, including receipt by the Company of the full consideration therefor, will be issued as fully-paid and non-assessable common shares in the capital of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Up to an aggregate of 196,640 Shares, upon the due exercise or vesting, as applicable, of Elemental RSUs in accordance with terms of the Elemental Plan, including receipt by the Company of the full consideration therefor, will be issued as fully-paid and non-assessable common shares in the capital of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Up to an aggregate of 104,545 Shares, upon the due exercise of the Altus Replacement Options in accordance with the terms of the Altus Option Plan, including receipt by the Company of the full consideration therefor, will be issued as fully-paid and non-assessable common shares in the capital of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Up to an aggregate of 4,795,461 Shares issuable pursuant to future Awards granted in accordance with the Elemental Plan, upon the due exercise or vesting, as applicable, of such Awards in accordance with the terms of the Elemental Plan and their respective grant, including receipt by the Company of the full consideration therefor, will be issued as fully-paid and non-assessable common shares in the capital of the Company.

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<u>Qualification and Limitations</u>

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement. In giving this consent, we do not hereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act, or the rules or regulations of the SEC promulgated thereunder.

This opinion is furnished solely for the benefit of the Company in connection with the registration of the Shares pursuant to the Registration Statement. This opinion may not be relied upon by any other person or used for any other purpose without our prior written consent.

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| |
|:---|
| Yours truly, |
| **/s/Fasken Martineau DuMoulin LLP** |
| Fasken Martineau DuMoulin LLP |

---

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## Exhibit 23.2

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**Consent of Independent Auditor**

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Elemental Royalty Corporation (the Company) of our report dated April 16, 2025 relating to the consolidated financial statements of Elemental Royalty Corporation (formerly Elemental Altus Royalties Corp.) as at and for the years ended December 31, 2024 and 2023, which is filed as Exhibit 99.57 to the Company's Amendment No. 1 to the Registration Statement on Form 40-F (Form 40-F/A).

We also consent to the incorporation by reference in this Registration Statement on Form S-8 our report dated April 16, 2024 relating to the consolidated financial statements of Elemental Royalty Corporation (formerly Elemental Altus Royalties Corp.) as at and for the years ended December 31, 2023 and 2022, which is filed as Exhibit 99.6 to the Form 40-F/A.

We also consent to the references to us under the heading "Interest of Experts", in the Annual Information Form dated April 29, 2024 which is filed as Exhibit 99.11 and the Annual Information Form dated August 18, 2025, which is filed as Exhibit 99.83 to the Form 40-F/A.

/s/ PricewaterhouseCoopers LLP

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Canada<br>December 8, 2025

------

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Elemental Royalty Corp**  |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per 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;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Common Shares, no par value | Other | 4992101 | $14.68 | $73284042.68 | 0.0001381 | $10120.53 |
| 2 | Equity | Common Shares, no par value | Other | 1489753 | $11.84 | $17638675.52 | 0.0001381 | $2435.90 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $90922718.20  |  | $12556.43  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $12556.43  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Note 1.a. Represents common shares, no par value (the "Common Shares"), of Elemental Royalty Corporation (the "Registrant") (i) issuable upon the settlement of 196,640 Restricted Stock Units granted by the Registrant and governed by the terms of the 2020 Incentive Compensation Plan of the Registrant (the "ICP"), and (ii) issuable pursuant to the grant of future equity awards of the Registrant governed by the terms of the ICP, both as registered herein. Note 1.b. Estimated for the purpose of calculating the registration fee in accordance with Rules 457(c) and 457(h) under the Securities Act of 1933, as amended (the "Securities Act"), based on the average of the high and low prices of the Common Shares reported on the Nasdaq Stock Market on December 4, 2025. Note 1.c. Pursuant to Rule 416 promulgated under the Securities Act, this registration statement also covers an indeterminate number of additional Common Shares of the Registrant that may be offered or issued by reason of certain corporate transactions or events, including any stock dividend, stock split or any other similar transaction effected which results in an increase in the number of Common 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;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> Note 2.a. Represents Common Shares of the Registrant issuable upon the exercise of the Registrant's outstanding stock options. Includes options granted pursuant to the ICP as of the date of this registration statement, registered herein. Also includes replacement options of the Registrant governed by the terms of the Altus Strategies plc 2019 Share Options Scheme ("Altus Option Plan"), registered herein. Note 2.b. Estimated solely for the purpose of calculating the registration fee pursuant to 457(h) under the Securities Act and based upon the weighted average exercise price of the outstanding options under the ICP and the Altus Option Plan. Note 2.c. Pursuant to Rule 416 promulgated under the Securities Act, this registration statement also covers an indeterminate number of additional Common Shares of the Registrant that may be offered or issued by reason of certain corporate transactions or events, including any stock dividend, stock split or any other similar transaction effected which results in an increase in the number of Common Shares.

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| | |
|:---|:---|
| | |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

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