Document:

Exhibit 10.2

 

COMMON STOCK PURCHASE AGREEMENT

 

This Common Stock Purchase
Agreement (this “Agreement”), is made as of March 18, 2016, by and between SEARCHLIGHT MINERALS CORP.,
a Nevada corporation (the “Company”), and the investors listed on Schedule I hereto (each, an
“Investor” and together the “Investors”).

 

RECITALS:

 

A.The Company and
the Investors are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded
by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 of
Regulation D (“Regulation D”) as promulgated by the United States Securities and Exchange Commission
(the “SEC”) under the Securities Act.

 

B.The Investors
wish to purchase and the Company wishes to sell, upon the terms and conditions stated in this Agreement, an aggregate of 42,857,143
shares (the “Shares”) of the Company’s common stock, $0.001 par value per share (the “Common
Stock”) at a purchase price of $0.035 per Share, for an aggregate consideration of One Million Five Hundred Thousand
U.S. Dollars ($1,500,000.00).

 

C.The Company intends
to use the proceeds from the sale of the Shares to the Investors for working capital purposes.

 

NOW, THEREFORE,
the Company and the Investors hereby agree as follows:

 

SECTION 1

 

Purchase, Sale and
Issuance of Shares

 

1.1Sale
and Issuance of Shares.  Subject to the terms and conditions of this Agreement, at the Closing (as defined below),
the each Investor agrees to purchase, and the Company agrees to sell and issue to each Investor, Shares set forth opposite the
Investor’s name on Schedule I hereto.

 

1.2Purchase
Price. The purchase price for the Shares to be purchased by each Investor shall be the amount set forth opposite such Investor’s
name on Schedule I hereto (collectively, the “Purchase Price”).

 

SECTION 2

 

Closing Date and Delivery

 

2.1Closing.
The purchase, sale and issuance of the Shares shall take place at a closing (the “Closing”) at the
offices of Baker & Hostetler LLP, 11601 Wilshire Blvd., Suite 1400, Los Angeles, California 90025, on March 22, 2016, or at
such other location or time or on such other date as the parties may agree. The date on which the Closing will occur is referred
to herein as the “Closing Date.”

 

    	 	1	 

     

    

 

 

2.2Closing
Deliveries.  At the Closing, (i) the Investor shall pay the Company the Purchase Price by wire transfer of
immediately available funds in accordance with the Company’s written wire instructions, (ii) the Company shall deliver to
each Investor one or more stock certificates evidencing the Shares duly executed on behalf of the Company and registered in the
name of such Investor and (iii) the Company and each Investor shall execute and deliver the Registration Rights Agreement, the
form of which is attached hereto as Exhibit A (the “Registration Rights Agreement”).

 

SECTION 3

 

Representations and
Warranties of the Company

 

The Company hereby
represents and warrants to the Investors that, except as disclosed in the Annual Report on Form 10-K of Company for the year ended
December 31, 2014 (the “Company Form 10-K”) and the Quarterly Reports on Form 10-Q and the Current Reports
on Form 8-K of the Company (the “Company SEC Filings”), in each case, filed from the date of the filing
of the Company Form 10-K to the date of this Agreement, which Company SEC Filings shall be deemed a part hereof and shall qualify
any representation or otherwise made herein, the following representations and warranties are true and complete as of the date
of this Agreement and shall be true and complete as of the Closing Date.

 

3.1Due Incorporation,
Qualification, etc.  The Company (i) is a corporation duly organized, validly existing and in good standing under the laws
of the State of Nevada; (ii) has the power and authority to own, lease and operate its properties and carry on its business as
now conducted; and (iii) is duly qualified, licensed to do business and in good standing as a foreign corporation in each jurisdiction
where the failure to be so qualified or licensed could reasonably be expected to have a Material Adverse Effect. For the purposes
of this Agreement, “Material Adverse Effect” shall mean any effect on the business, operations, properties
or financial condition of the Company that is material and adverse to the Company and its Subsidiaries and affiliates, taken as
a whole, and/or any condition, circumstance, or situation that would prohibit or otherwise materially interfere with the ability
of the Company to enter into and perform any of its obligations under this Agreement. For the purposes of this Agreement,
“Subsidiary” shall mean, with respect to any Person, each corporation or other entity of which (a) such
Person or any other Subsidiary of such Person is a general partner or a manager or (b) at least 50% of the securities or other
ownership interests having by their terms ordinary voting power to elect at least 50% of the board of directors or other Persons
performing similar functions is directly or indirectly owned or controlled by such Person, by any one or more of its Subsidiaries
or by such Person and one or more of its Subsidiaries.

 

3.2Authority.
The execution, delivery and performance by the Company of this Agreement and all such other documents required by the terms of
this Agreement to be executed by the Company (collectively, the “Transaction Documents”) and the consummation
of the transactions contemplated hereby and thereby (i) are within the power of the Company and (ii) have been duly authorized
by all necessary actions on the part of the Company.

 

3.3Enforceability.
Each Transaction Document has been, or will be, duly executed and delivered by the Company and constitutes, or will constitute,
a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited
by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’ rights
generally and general principles of equity.

 

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3.4Non-Contravention.
The execution and delivery by the Company of the Transaction Documents and the performance and consummation of the transactions
contemplated thereby do not and will not (i) violate the Company’s or the Company’s Subsidiaries, as applicable, Articles
of Incorporation, Certificate of Formation, Bylaws or other organizational or governance documents, as the case may be (“Charter
Documents”), or any material judgment, order, writ, decree, statute, rule or regulation applicable to the Company
or any of its Subsidiaries; (ii) violate any provision of, or result in the breach or the acceleration of, or entitle any
other Person to accelerate (whether after the giving of notice or lapse of time or both), any material mortgage, indenture, agreement,
instrument or contract to which the Company or any of its Subsidiaries is a party or by which it is bound; or (iii) result
in the creation or imposition of any lien upon any property, asset or revenue of the Company or any of its Subsidiaries or the
suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization or approval applicable
to the Company or any of their Subsidiaries, their respective businesses or operations, or any of their respective assets or properties.
For the purposes of this Agreement, “Person” shall mean and include an individual, a partnership, a corporation
(including a business trust), a joint stock company, a limited liability company, an unincorporated association, a joint venture
or other entity or a governmental authority.

 

3.5Litigation.
No actions (including, without limitation, derivative actions), suits, proceedings or investigations are pending or, to the knowledge
of the Company, threatened against the Company or any of its Subsidiaries at law or in equity in any court or before any other
governmental authority that seeks to enjoin, either directly or indirectly, the execution, delivery or performance by the Company
of this Agreement or the transactions contemplated thereby.

 

3.6SEC Reports.
The Company has filed all reports, schedules, forms, statements and other documents required to be filed by it with the SEC (the
“SEC Documents”) pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). As of their respective filing dates, the SEC Documents complied in all material
respects with the requirements of the Exchange Act and other federal, state and local laws, rules and regulations applicable to
it, and, as of their filing dates, the SEC Documents did not contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. The financial statements of the Company included in the SEC Documents comply as to
form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect
thereto.

 

3.7Issuance
of Shares. The Shares to be issued under this Agreement have been or will be (prior to issuance to the Investor hereunder)
duly authorized by all necessary corporate action and, when paid for and issued in accordance with the terms hereof, the Shares
shall be validly issued and outstanding, fully paid and nonassessable, and the Investor shall be entitled to all rights accorded
to a holder of Common Stock. Furthermore, the Company shall have duly authorized by all necessary corporate action, the Investor
to purchase the Shares without being deemed to be an “Acquiring Person” under that certain Rights Agreement dated August
24, 2009, by and among the Company and Empire Stock Transfer Inc., a Nevada corporation, as Rights Agent.

 

 

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3.8General
Solicitation. Neither the Company, nor any of its affiliates, nor any Person acting on its or their behalf, has engaged
in any form of general solicitation or general advertising (within the meaning of Regulation D promulgated under the Securities
Act) in connection with the offer or sale of the Shares.

 

SECTION 4

 

Representations and
Warranties of the Investors

 

Each Investor hereby
represents and warrants to the Company that the following representations and warranties are true and complete as of the date of
this Agreement and shall be true and complete as of the Closing Date:

 

4.1Authority
and Binding Obligation. The Investor is an entity duly organized, validly existing and in good standing under the laws
of the jurisdiction of its organization. The execution, delivery and performance by the Investor of the Transaction Documents,
and the consummation of the transactions contemplated hereby and thereby (i) are within the power of the Investor and (ii)
have been duly authorized by all necessary corporate or similar actions on the part of the Investor. Each Transaction Document
has been, or will be, duly executed and delivered by the Investor and constitutes, or will constitute, a legal, valid and binding
obligation of the Investor, enforceable against the Investor in accordance with its terms, except as limited by bankruptcy, insolvency
or other laws of general application relating to or affecting the enforcement of creditors’ rights generally and general
principles of equity.

 

4.2No Public
Sale or Distribution. The Investor understands that the Shares are “restricted securities” and have not been
registered under the Securities Act or any applicable state securities law, and the Investor is acquiring the Shares in the ordinary
course of business for its own account and not with a view towards, or for resale in connection with, the public sale or distribution
thereof, except pursuant to sales registered or exempted under the Securities Act, and the Investor does not have a present arrangement
to effect any distribution of the Shares to or through any person or entity.

 

4.3Securities
Law Compliance. The Investor understands that the Shares are being offered and sold to it in reliance on specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying in part upon
the truth and accuracy of, and the Investor’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Investor set forth herein in order to determine the availability of such exemptions and the eligibility
of the Investor to acquire the Shares. The Investor has such knowledge and experience in financial and business matters that the
Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment
and is able to bear the economic risk of such investment for an indefinite period of time. At the time the Investor was offered
the Shares, it was, and at the date hereof it is, an “accredited investor” as such term is defined in Rule 501
of Regulation D under the Securities Act.

 

    	 	4	 

     

    

 

4.4Access
to Information. The Investor and its advisors, if any, have been furnished with all materials relating to the business,
finances and operations of the Company and materials relating to the offer and sale of the Shares which have been requested by
the Investor. The Investor and its advisors, if any, have been afforded the opportunity to ask questions of the Company. Neither
such inquiries nor any other due diligence investigations conducted by the Investor or its advisors, if any, or its representatives
shall modify, amend or affect the Investor’s right to rely on the Company’s representations and warranties contained
herein. The Investor has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment
decision with respect to its acquisition of the Shares.

 

4.5No Governmental
Review. The Investor understands that no United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Shares or the fairness or suitability of the investment in
the Shares nor have such authorities passed upon or endorsed the merits of the offering of the Shares.

 

4.6Transfer
or Resale. The Investor understands that: (i) the Shares have not been and are not being registered under the Securities
Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (a) subsequently registered
thereunder, (b) the Investor shall have delivered to the Company an opinion of counsel, in a form reasonably acceptable to the
Company, to the effect that such Shares to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an
exemption from such registration, or (c) the Investor provides the Company with reasonable assurance that such Shares can be sold,
assigned or transferred pursuant to Rule 144 or Rule 144A promulgated under the Securities Act (collectively, “Rule
144”); and (ii) any sale of the Shares made in reliance on Rule 144 may be made only in accordance with the terms
of Rule 144 and further, if Rule 144 is not applicable, any resale of the Shares under circumstances in which the seller (or the
Person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the Securities Act) may require
compliance with some other exemption under the Securities Act or the rules and regulations of the SEC thereunder.

 

4.7Legends.
The Investor understands that the certificates or other instruments representing the Shares shall bear any legend as required by
the “blue sky” laws of any state and a restrictive legend in substantially the following form (and a stop-transfer
order may be placed against transfer of such stock certificates):

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE
STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL, IN A FORM
REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144
UNDER SAID ACT.”

 

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4.8Broker-Dealer
Status. The Investor is a not a registered broker-dealer or an affiliate of any registered broker-dealer, and is not required
to be registered as a broker-dealer under Section 15 of the Exchange Act.

 

4.9Residence.
If the Investor is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as
amended), the Investor’s subscription and payment for and continued beneficial ownership of the Shares will not violate any
applicable securities or other laws of the Investor’s jurisdiction.

 

SECTION 5

 

Certain Agreements

 

5.1SEC Filings.
Following the Closing, each of the Company and the Investors agree to file within the time periods specified by the Exchange Act
and the rules promulgated thereunder, all forms, schedules, statements and other documents required to be filed by such party by
the Exchange Act and the rules promulgated thereunder in connection with the sale of the Shares. The Company may request the Investors
to furnish the Company with such information with respect to the Investors as the Company may from time to time reasonably request
in writing or as shall be required by law or by the SEC, and the Investor agrees to furnish the Company with such information.

 

5.2Optional
Investments.

 

(a)The Company hereby
grants an option (the “Option”) to each Investor to purchase an additional amount of shares of Common
Stock, at a purchase price of $0.035 per share (the “Option Purchase Price”), after any holder of the
Company’s Secured Convertible Promissory Notes that were issued pursuant to that certain Secured Convertible Note Purchase
Agreement, dated as of September 13, 2013 (each, a “Convertible Note” and collectively, the “Convertible
Notes”), elects to convert the outstanding principal amount and accrued and unpaid interest owing under such holder’s
Convertible Note. The maximum number of shares of Common Stock that the Investors may collectively purchase following any conversion
of a Convertible Note shall be the number of shares of Common Stock issued to the holder of such Convertible Note pursuant to such
conversion. The Company shall promptly notify the Investors any time a holder of a Convertible Note notifies the Company that it
is electing to convert its Convertible Note, and each Investor may exercise the Option with respect to the conversion of such Convertible
Note by written notice (the “Exercise Notice”) to the Company within five (5) Business Days after the
Investors receive the Company’s notice of a conversion. The Exercise Notice shall specify the number of shares of Common
Stock to be purchased by each Investor. The closing of any purchase of shares of Common Stock after the Investors exercise the
Option shall be held at a place and time mutually agreed upon by the parties. At any such closing, (ii) the Company shall deliver
to the Investors exercising the Option one or more stock certificates evidencing the number of shares set forth in the Exercise
Notice(s), duly executed on behalf of the Company and registered in the name of each Investor exercising the Option, with the legend
set forth in Section 4.7 hereof, and (ii) the Investors exercising the Option shall pay the Company the Option Purchase
Price for such shares of Common Stock by wire transfer of immediately available funds in accordance with the Company’s written
wire instructions.

 

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(b)All shares of
Common Stock issued following the exercise of the Option (i) shall have been duly authorized by all necessary corporate action
and (ii) when paid for and issued in accordance with the terms hereof, be validly issued and outstanding, fully paid and nonassessable.
In addition, the shares issued pursuant to the Option shall be “Registrable Securities” for the purposes of the Registration
Rights Agreement. Notwithstanding anything in this Section 5.2 to the contrary, (i) the Option shall expire and be of no
further force and effect at such time that an amendment to the Company’s Articles of Incorporation to increase the number
of authorized shares of Common Stock becomes effective, (ii) none of the Investors may exercise the Option if, as a result thereof,
a “Change of Control” (as such term is defined in the Convertible Notes) shall occur or (iii) the Company shall not
issue any shares of Common Stock as to which an Investor exercised its Option if such shares would exceed the available amount
of authorized shares of the Common Stock.

 

5.3Indemnification
of Investors. Subject to the provisions of this Section 5.3, the Company shall indemnify and hold each Investor
and its directors, officers, managers, stockholders, members, partners, employees and agents (and any other Persons with a functionally
equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls
such Person (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers,
managers, stockholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a
Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, an “Investor
Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses,
including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation
that any such Investor Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties,
covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted
against an Investor in any capacity or its affiliates, by any stockholder of the Company who is not an affiliate of the Investor,
with respect to any of the transactions contemplated by the Transaction Documents (unless such action is based upon a breach of
such Investor’s representations, warranties or covenants under the Transaction Documents or any agreements or understandings
such Investor may have with any such stockholder or any violations by such Investor of state or federal securities laws or any
conduct by such Investor which constitutes fraud, gross negligence, willful misconduct or malfeasance).

   

SECTION 6

 

Conditions to the Investors’
Obligation to Close

 

Each Investor’s
obligations at the Closing are subject to the fulfillment, on or prior to the Closing Date, of all of the following conditions,
any of which may be waived in whole or in part by the Investor:

 

6.1Representations
and Warranties. Except for representations and warranties that are expressly made as of a particular date, the representations
and warranties of the Company in this Agreement shall be true and correct in all material respects as of the date when made and
as of the Closing Date as though made at that time.

 

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6.2Performance.
The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Investor on or before the Closing.

 

6.3Governmental
Approvals and Filings. The Company shall have obtained all governmental approvals required in connection with the lawful
sale and issuance of the Shares.

 

6.4No Litigation.
No action, suit or proceeding before any arbitrator or any governmental authority shall have been commenced, and no investigation
by any governmental authority shall have been threatened, against the Company or any of the officers, directors or affiliates of
the Company seeking to restrain, prevent or change the transactions contemplated by this Agreement, or seeking damages in connection
with such transactions.

 

6.5Transaction
Documents. The Company shall have duly executed and delivered each of the Transaction Documents to the Investor.

 

SECTION 7

 

Conditions to Company’s
Obligation to Close

 

The Company’s
obligation to issue and sell the Shares at the Closing is subject to the fulfillment, on or prior to the Closing Date, of the following
conditions, any of which may be waived in whole or in part by the Company:

 

7.1Representations
and Warranties. Except for representations and warranties that are expressly made as of a particular date, the representations
and warranties of the Investors in this Agreement shall be true and correct in all material respects as of the date when made and
as of the Closing Date as though made at that time.

 

7.2Performance.
The Investors shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Investor on or before the Closing.

 

7.3Governmental
Approvals and Filings. The Company shall have obtained all governmental approvals required in connection with the lawful
sale and issuance of the Shares.

 

7.4No Litigation.
No action, suit or proceeding before any arbitrator or any governmental authority shall have been commenced, and no investigation
by any governmental authority shall have been threatened, against the Company or any of the officers, directors or affiliates of
the Company seeking to restrain, prevent or change the transactions contemplated by this Agreement, or seeking damages in connection
with such transactions.

 

7.5 Transaction
Documents. The Investors shall have duly executed and delivered this Agreement and the Registration Rights Agreement to
the Company.

 

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7.6Purchase
Price. The Investors shall have delivered the Purchase Price to the Company.

 

SECTION 8

 

Termination

 

8.1Termination
Events. This Agreement may, by notice given prior to or at the Closing, be terminated, (i) by the mutual consent of the
Company and the Investors, (ii) by the Company if any of the conditions in Section 7 has not been satisfied as of the Closing
Date or if satisfaction of such a condition is or becomes impossible (other than through the failure of the Company to comply with
its obligations under this Agreement) and the Company has not waived such condition on or before the Closing Date; or (iii) by
the Investors if any of the conditions in Section 6 has not been satisfied as of the Closing Date or if satisfaction of
such a condition is or becomes impossible (other than through the failure of an Investor to comply with its obligations under this
Agreement) and the Investors have not waived such condition on or before the Closing Date.

 

8.2Effect
of Termination. If this Agreement is terminated as provided in Section 8.1 hereof, this Agreement shall become void
and of no further force and effect, except with respect to Sections 9.1, 9.3 and 9.8 hereof. Nothing in this
Section 8.2 shall be deemed to release the Company or the Investor from any liability for any breach under this Agreement
or to impair the rights of the Company and the Investors to compel specific performance by the other party of its obligations under
this Agreement.

 

SECTION 9

 

Miscellaneous

 

9.1Fees and
Expenses. Each party shall bear its own fees and expenses related to the transactions contemplated by this Agreement.

 

9.2Finder’s
Fees and Commissions. Each party represents that it neither is nor will be obligated for any finder’s fee or commission
in connection with this transaction. Each Investor agrees to indemnify and to hold harmless the Company from any liability for
any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the
costs and expenses of defending against such liability or asserted liability) for which such Investor or its officers, employees,
or representatives is responsible. The Company agrees to indemnify and hold harmless the Investor from any liability for any commission
or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and
expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees or
representatives is responsible.

 

9.3Public
Announcements. Neither the Company nor the Investors shall make any public announcement with respect to this Agreement
or the transactions contemplated hereby, without the written consent of the other party hereto; provided, however,
that the Company shall not be required to obtain such consent if: (i) required by applicable laws, rules or regulations, or (ii)
a governmental entity specifically requests disclosure. In any instance where consent is not required as set forth in this Section
9.3, the Company shall provide the Investors with prior notice of such disclosure permitted under this Section.

 

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9.4Waivers
and Amendments. Any provision of this Agreement may be amended, waived or modified only upon the written consent of the
Company and the Investors.

 

9.5Delays
or Omissions.  Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing
to either party to this Agreement upon any breach or default of the other party under this Agreement shall impair any such right,
power or remedy of such non-defaulting party, nor shall it be construed to be a waiver of any such breach or default, or an acquiescence
therein, or of or in any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be
deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of
any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any
party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically
set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party to this Agreement,
shall be cumulative and not alternative.

 

9.6Attorneys’
Fees. In the event that any suit or action is instituted to enforce any provisions in this Agreement, the prevailing party
in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such
prevailing party under or with respect to this Agreement, including without limitation, such reasonable fees and expenses of attorneys
and accountants, which shall include, without limitation, all fees, costs and expenses of appeals.

 

9.7Governing
Law; Jurisdiction. This Agreement and all actions arising out of or in connection with this Agreement shall be governed
by and construed in accordance with the laws of the State of Nevada, without regard to the conflicts of law provisions of the State
of Nevada or of any other state. The Company agrees that all legal proceedings concerning the interpretations, enforcement and
defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, employees or agents) may be brought against it in the state and federal courts sitting in the
City of New York. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting
in the City of New York for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein (including with respect to the enforcement of this Agreement), and hereby irrevocably waives, agrees
not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court.

 

9.8Survival.
The representations, warranties, covenants and agreements made herein shall survive the execution and delivery of this Agreement.

 

9.9Successors
and Assigns. This Agreement, and any and all rights, duties and obligations hereunder, shall not be assigned, transferred,
delegated or sublicensed by either party without the prior written consent of the non-assigning party. Any attempt by either party
without such permission to assign, transfer, delegate or sublicense any rights, duties or obligations that arise under this Agreement
shall be void. Subject to the foregoing and except as otherwise provided herein, the provisions of this Agreement shall inure to
the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto.

 

 

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9.10No Third
Party Beneficiaries. Except as provided in Section 5.3, this Agreement is intended for the benefit of the parties
hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision be enforced
by, any other Person.

 

9.11Entire
Agreement. This Agreement together with the other Transaction Documents constitute and contain the entire agreement between
the Company and the Investors and supersede any and all prior agreements, negotiations, correspondence, understandings and communications
among the parties, whether written or oral, respecting the subject matter hereof.

 

9.12Notices.
Any notices, consents or other communications required or permitted to be given under the terms of this Agreement must be in writing
and will be deemed to have been delivered: (i) upon receipt when delivered personally; (ii) upon receipt when sent by facsimile
(provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii)
one (1) Business Day after timely deposit with a nationally recognized overnight delivery service, in each case properly addressed
to the party to receive the same. The addresses and facsimile numbers for such communications shall be:

 

	If
    to the Company:	Searchlight
    Minerals Corp.
	 	2360 West Horizon Ridge Parkway,
    #100 B
 Henderson, Nevada 89052
	 	Telephone: (702) 939-5247
	 	Fax: (702) 451-4939
	 	Attn: Jordan Estra

 

 

	With
    copies to:	Baker &
    Hostetler LLP
	 	11601 Wilshire Blvd., Suite
    1400
	 	Los Angeles, CA 90025
	 	Telephone: (310) 820-8800
	 	Fax: (310) 820-8859
	 	Attn: Jeffrey P. Berg

 

	If
    to an Investor:	c/o Luxor
    Capital Group, LP
	 	1114 Avenue of the Americas, 29th Floor
	 	New York, NY 10036
	 	Telephone: (212) 763-8000
	 	Fax: (212) 763-8001
	 	Attn: Norris Nissim

 

or at such other address
and/or facsimile number and/or to the attention of such other person as the recipient party has specified by written notice given
to each other party one (1) Business Day prior to the effectiveness of such change. For purposes of this Agreement, “Business
Day” shall mean any day other than a Saturday, Sunday or a day on which banking institutions in Los Angeles, California
are authorized or obligated by law or executive order to close.

 

    	 	11	 

     

    

 

 

9.13Severability. 
If any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or
void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement,
and such court will replace such illegal, void or unenforceable provision of this Agreement with a valid and enforceable provision
that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable
provision. The balance of this Agreement shall be enforceable in accordance with its terms.

 

9.14Headings.
The headings contained in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation
of this Agreement 

 

9.15Further
Assurances.  Each party hereto agrees to execute and deliver, by the proper exercise of its corporate, limited liability
company, partnership or other powers, all such other and additional instruments and documents and do all such other acts and things
as may be necessary to more fully effectuate this Agreement.

 

9.16Counterparts.
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party; provided,
however, that a facsimile or pdf (or other electronic reproduction) signature shall be considered due execution and shall
be binding upon the signatory thereto with the same force and effect as if the signature were an original, not a facsimile or pdf
(or other electronic reproduction) signature.

 

9.17Construction.
The following rules shall be applied by the parties and all other Persons (including any court or arbitrator) in the determination,
evaluation, interpretation and enforcement of the provisions of this Agreement, unless another provision of the Agreement expressly
applies another rule: (i) as used herein, (a) “or” means “and/or” and (b) “including” or “include”
means “including without limitation”; (ii) the plural includes the singular; (iii) the masculine gender includes the
feminine and neuter and vice versa; (iv) references to a law include any rule or regulation issued under the law, any amendment
to a law, rule or regulation, any successor law, rule or regulation and all applicable judicial interpretations of any such law,
rule or regulation; and (v) the language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

[Remainder of page
intentionally left blank]

 

    	 	12	 

     

    

 

 

IN WITNESS WHEREOF,
the Investors and the Company have executed this Agreement as of the date first written above.

 
	 	 
	 	COMPANY:
	 	 
	 	SEARCHLIGHT
    MINERALS CORP.,
	 	a
    Nevada corporation
	 	 
	 	 
	 	By:	/s/
    Carl
    Ager 
	 	 	Carl
    Ager
	 	 	Vice
    President

 

 

[Investor Signature Pages Follow]

 

 

SIGNATURE PAGE TO PURCHASE AGREEMENT

 

     

     

    

 

 

IN WITNESS WHEREOF,
the Investors and the Company have executed this Agreement as of the date first written above.

 

 
	 	INVESTORS:
	 	 
	 	LUXOR
    CAPITAL PARTNERS, LP,
	 	a
    Delaware limited partnership
	 	 
	 	 
	 	By:	/s/
    Norris
    Nissim 
	 	 	Norris
    Nissim
	 	 	General
    Counsel
	 	 	Luxor
    Capital Group, LP
	 	 	Investment
    Manager
	 	 
	 	 
	 	LUXOR
    CAPITAL PARTNERS OFFSHORE MASTER FUND, LP,
	 	a
    Cayman Islands exempted limited partnership
	 	 
	 	 
	 	By:	/s/ Norris
    Nissim
	 	 	Norris
    Nissim
	 	 	General
    Counsel
	 	 	Luxor
    Capital Group, LP
	 	 	Investment
    Manager

 

SIGNATURE PAGE TO PURCHASE AGREEMENT

 

     

     

    

  

SCHEDULE I

  

 

SCHEDULE OF INVESTORS

 

 

 

 

	
         

         

        Name
	
         

         

        Number of Shares
	
         

         

        Purchase Price

	
         

        Luxor Capital Partners,
        LP
	
         

         

        11,144,914
	
         

         

        $390,072

	
         

        Luxor Capital Partners
        Offshore Master Fund, LP
	
         

         

        31,712,229
	
         

         

        $1,109,928

 

 

     

     

    

 

EXHIBIT A

 

 

REGISTRATION RIGHTS
AGREEMENTExhibit 10.3

 

REGISTRATION
RIGHTS AGREEMENT

 

This Registration Rights
Agreement (this “Agreement”) is made and entered into as of March 18, 2016, between Searchlight Minerals Corp.,
a Nevada corporation (the “Company”), and each of the several purchasers signatory hereto (each purchaser, a
“Purchaser” and collectively, the “Purchasers”).

 

This Agreement is made
pursuant to the Common Stock Purchase Agreement, dated as of the date hereof, between the Company and each Purchaser (the “Purchase
Agreement”), with respect to the acquisition of Common Stock at a purchase price of $0.035 for an aggregate consideration
of $1,500,000.

 

The Company and the
Purchasers hereby agree as follows:

 

		1.	Definitions

 

Capitalized terms used
and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given such terms in the Purchase
Agreement. As used in this Agreement, the following terms shall have the following meanings:

 

“Advice”
shall have the meaning set forth in Section 6(c).

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Effectiveness
Date” means, with respect to the initial Registration Statement required to be filed hereunder, the 120th calendar day
following the date hereof and with respect to any additional Registration Statements which may be required pursuant to Section
3(c), the 120th calendar day following the date on which an additional Registration Statement is required to be filed hereunder;
provided, however, that in the event the Company is notified by the Commission that one or more of the above Registration Statements
will not be reviewed or is no longer subject to further review and comments, the Effectiveness Date as to such Registration Statement
shall be the fifth Trading Day following the date on which the Company is so notified if such date precedes the dates otherwise
required above.

 

“Effectiveness
Period” shall have the meaning set forth in Section 2(a).

 

“Event”
shall have the meaning set forth in Section 2(b).

 

“Event Date”
shall have the meaning set forth in Section 2(b).

 

“Filing Date”
means, with respect to the initial Registration Statement required hereunder, the meaning set forth in Section 2(a), and,
with respect to any additional Registration Statements which may be required pursuant to Section 3(c), the earliest practical
date on which the Company is permitted by SEC Guidance to file such additional Registration Statement related to the Registrable
Securities.

 

“Holder”
or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities that
have not been sold to the public or pursuant to Rule 144 promulgated under the Securities Act.

 

    	 		 

     

    

  

“Indemnified
Party” shall have the meaning set forth in Section 5(b).

 

“Indemnifying
Party” shall have the meaning set forth in Section 5(b).

 

“Initial Registration
Statement” means the initial Registration Statement filed pursuant to this Agreement.

 

“Initial Shares”
means a number of shares of Common Stock equal to one-third of the number of shares of Common Stock issued and outstanding and
held by non-Affiliates of the Company immediately prior to the filing date of the Initial Registration Statement.

 

“Losses”
shall have the meaning set forth in Section 5(a).

 

“OTCBB”
means the OTC Bulletin Board on which the Common Stock is currently quoted for trading.

 

“Plan of Distribution”
shall have the meaning set forth in Section 2.

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of
any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference
in such Prospectus.

 

“Registrable
Securities” means (i) all Shares, and (ii) any securities issued or issuable upon any stock split, dividend or other
distribution, recapitalization or similar event with respect to the foregoing; excluding in all cases, however, any Registrable
Securities sold to the public or sold pursuant to Rule 144 promulgated under the Securities Act.

 

“Registration
Statement” means the registration statement required to be filed hereunder and any additional registration statements
contemplated by Section 3(c), including (in each case) the Prospectus, amendments and supplements to such registration statement
or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or
deemed to be incorporated by reference in such registration statement.

 

“Rule 415”
means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

    	 	2	 

     

    

  

“Selling Stockholder
Questionnaire” shall have the meaning set forth in Section 3(a).

 

“SEC Guidance”
means (i) any publicly-available written or oral guidance, comments, requirements or requests of the SEC staff and (ii) the Securities
Act.

 

“Shares”
means the shares of Common Stock issued to the Purchasers pursuant to the Purchase Agreement, including any shares of Common Stock
issued to Purchase upon exercise of its Option.

 

“Trading Day”
means (i) a day on which the Common Stock is traded on a Trading Market or (ii) if the Common Stock is not listed or quoted
on any Trading Market, a day on which the Common Stock is quoted on the OTCBB; provided, that in the event that the Common Stock
is not listed or quoted as set forth in (i) or (ii) hereof, then Trading Day shall mean a Business Day.

 

“Trading Market”
means whichever of the New York Stock Exchange, the NASDAQ Global Select Market, the NASDAQ Global Market or the NASDAQ
Capital Market on which the Common Stock is listed or quoted for trading on the date in question. 

 

		2.	Demand Registration.

 

(a)If at any time
after the date of this Agreement, the Company receives a request from Holders of the majority-in-interest of the Registrable Securities
that the Company file a registration statement with respect to the Registrable Securities, then the Company shall as soon
as practicable, and in any event within 60 days after the date such request is given by such Holders (the “Filing Date”),
the Company shall prepare and file with the Commission a Registration Statement covering the resale of all or such portion of the
Registrable Securities as permitted by SEC Guidance (provided that the Company shall use diligent efforts to advocate with the
Commission for the registration of all of the Registrable Securities in accordance with the SEC Guidance, including without limitation,
the Manual of Publicly Available Telephone Interpretations D.29) that are not then registered on an effective Registration Statement
for an offering to be made on a continuous basis pursuant to Rule 415. The Registration Statement shall be on Form S-3 (except
if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration
shall be on another appropriate form in accordance herewith) and shall contain (unless otherwise directed by at least a 75% majority
in interest of the Holders) substantially the “Plan of Distribution” attached hereto as Annex A. Subject
to the terms of this Agreement, the Company shall use its best efforts to cause a Registration Statement to be declared effective
under the Securities Act as promptly as possible after the filing thereof, but in any event prior to the applicable Effectiveness
Date, and shall use its best efforts to keep such Registration Statement continuously effective under the Securities Act until
all Registrable Securities covered by such Registration Statement have been sold, or may be sold without any restriction
pursuant to Rule 144, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed
and acceptable to the Company’s transfer agent and the affected Holders (the “Effectiveness Period”).
The Company shall telephonically request effectiveness of a Registration Statement as of 5:00 p.m. New York City time on a Trading
Day. The Company shall immediately notify the Holders via facsimile or by e-mail delivery of a “.pdf” format data file
of the effectiveness of a Registration Statement on the same Trading Day that the Company telephonically confirms effectiveness
with the Commission, which shall be the date requested for effectiveness of a Registration Statement. The Company shall, by 9:30
a.m. New York City time on the Trading Day after the Effective Date, file a final Prospectus with the Commission as required by
Rule 424. Notwithstanding any other provision of this Agreement, and subject to the payment of liquidated damages in Section
2(b), if any SEC Guidance sets forth a limitation of the number of Registrable Securities permitted to be registered on a particular
Registration Statement (and notwithstanding that the Company used diligent efforts to advocate with the Commission for the registration
of all or a greater number of Registrable Securities), unless otherwise directed in writing by a Holder as to its Registrable Securities,
the number of Registrable Securities to be registered on such Registration Statement will be reduced by Registrable Securities
represented by Shares (applied, in the case that some Shares may be registered, to the Holders on a pro rata basis based on the
total number of unregistered Shares held by such Holders).

 

    	 	3	 

     

    

  

(b)If: (i) the
Initial Registration Statement is not filed on or prior to its Filing Date (if the Company files the Initial Registration Statement
without affording the Holders the opportunity to review and comment on the same as required by Section 3(a) herein, the
Company shall be deemed to have not satisfied this clause (i)), or (ii) the Company fails to file with the Commission a request
for acceleration of a Registration Statement in accordance with Rule 461 promulgated under the Securities Act, within five (5)
Trading Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the Commission that such
Registration Statement will not be “reviewed” or not be subject to further review, or (iii) prior to the Effectiveness
Date of a Registration Statement, the Company fails to file a pre-effective amendment and otherwise respond in writing to comments
made by the Commission in respect of such Registration Statement within 60 calendar days after the receipt of comments by or notice
from the Commission that such amendment is required in order for such Registration Statement to be declared effective, or (iv)
as to, in the aggregate among all Holders on a pro-rata basis based on their purchase of the Securities pursuant to the Purchase
Agreement, a Registration Statement registering for resale all of the Initial Shares is not declared effective by the Commission
by the Effectiveness Date of the Initial Registration Statement, or (v) all of the Registrable Securities are not registered for
resale pursuant to one or more effective Registration Statements on or before the Effectiveness Date, or (vi) after the Effectiveness
Date of a Registration Statement, such Registration Statement ceases for any reason to remain continuously effective as to all
Registrable Securities included in such Registration Statement, or the Holders are otherwise not permitted to utilize the Prospectus
therein to resell such Registrable Securities, and the Registrable Securities may not be sold pursuant to exemption under Rule
144 of the Securities Act, for more than 30 consecutive calendar days or more than an aggregate of 60 calendar days during any
12-month period (which need not be consecutive calendar days) (any such failure or breach being referred to as an “Event”,
and for purposes of clause (i), (iv) or (v) the date on which such Event occurs, or for purposes of clause (ii) the date on which
such five (5) Trading Day period is exceeded, or for purposes of clause (iii) the date which such 60 calendar day period is exceeded,
or for purposes of clause (vi) the date on which such 30 or 60 calendar day period, as applicable, is exceeded being referred to
as “Event Date”), then, in addition to any other rights the Holders may have hereunder or under applicable law
(including specific performance of the Company’s obligations under this Agreement), on each such Event Date and on each monthly
anniversary of each such Event Date (if the applicable Event shall not have been cured by such date) until the applicable Event
is cured, the Company shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to
1.0% of the aggregate purchase price paid by such Holder pursuant to the Purchase Agreement for any unregistered Registrable Securities
then held by such Holder. The parties agree that the maximum aggregate liquidated damages payable to a Holder under this Agreement
shall be 3.0% of the aggregate Subscription Amount paid by such Holder pursuant to the Purchase Agreement. If the Company fails
to pay any partial liquidated damages pursuant to this Section in full within seven calendar days after the date payable, the Company
will pay interest thereon at a rate of 10% per annum (or such lesser maximum amount that is permitted to be paid by applicable
law) to the Holder, accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest
thereon, are paid in full. The partial liquidated damages pursuant to the terms hereof shall apply on a daily pro rata basis for
any portion of a month prior to the cure of an Event.

 

    	 	4	 

     

    

  

3. Registration Procedures.
In connection with the Company’s registration obligations hereunder, the Company shall, as expeditiously as possible (unless
another time period is so specified therein):

 

(a)Not less than
two (2) Trading Days prior to the filing of each Registration Statement and not less than one Trading Day prior to the filing of
any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated or deemed to be
incorporated therein by reference), the Company shall (i) furnish to each Holder, copies of all such documents proposed to be filed,
which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the review of such
Holder, and (ii) cause its officers and directors, counsel and independent certified public accountants to respond to such inquiries
as shall be necessary, in the reasonable opinion of respective counsel to each Holder, to conduct a reasonable investigation within
the meaning of the Securities Act. The Company shall not file a Registration Statement or any such Prospectus or any amendments
or supplements thereto to which the Holders of a majority of the Registrable Securities shall reasonably object in good faith,
provided that the Company is notified of such objection in writing no later than two (2) Trading Days after the Holders have been
so furnished copies of a Registration Statement or one (1) Trading Day after the Holders have been so furnished copies of any related
Prospectus or amendments or supplements thereto. Each Holder agrees to furnish to the Company on the date hereof a completed questionnaire
in the form attached to this Agreement as Annex B (a “Selling Stockholder Questionnaire”). For purposes
of clarity, the opportunity of review by the Holders and their representative set forth herein shall be on a one time basis only
with respect to a particular filing, and shall not be construed to commence additional review periods or opportunities which may
otherwise interfere with the Company’s ability to file any documents hereunder in a timely manner in order to avoid incurring
liquidated damages hereunder.

 

(b)(i) Prepare
and file with the Commission such amendments, including post-effective amendments, to a Registration Statement and the Prospectus
used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to the applicable Registrable
Securities for the Effectiveness Period and prepare and file with the Commission such additional Registration Statements in order
to register for resale under the Securities Act all of the Registrable Securities; (ii) cause the related Prospectus to be amended
or supplemented by any required Prospectus supplement (subject to the terms of this Agreement), and, as so supplemented or amended,
to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible to any comments received from the Commission
with respect to a Registration Statement or any amendment thereto and provide as promptly as reasonably possible to the Holders
true and complete copies of all correspondence from and to the Commission relating to a Registration Statement (provided that the
Company may excise any information contained therein which would constitute material non-public information as to any Holder which
has not executed a confidentiality agreement with the Company); and (iv) comply in all material respects with the provisions of
the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by a Registration
Statement during the applicable period in accordance (subject to the terms of this Agreement) with the intended methods of disposition
by the Holders thereof set forth in such Registration Statement as so amended or in such Prospectus as so supplemented.

 

    	 	5	 

     

    

  

(c)If during the
Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of shares of Common Stock then
registered in a Registration Statement, then the Company shall file as soon as reasonably practicable, an additional Registration
Statement covering the resale by the Holders of not less than the number of such Registrable Securities.

 

(d)Notify the Holders
of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi) hereof, be accompanied by an instruction
to suspend the use of the Prospectus until the requisite changes have been made) as promptly as reasonably possible (and, in the
case of (i)(A) below, not less than one (1) Trading Day prior to such filing) and (if requested by any such Person) confirm such
notice in writing no later than one (1) Trading Day following the day (i)(A) when a Prospectus or any Prospectus supplement or
post-effective amendment to a Registration Statement is proposed to be filed; (B) when the Commission notifies the Company whether
there will be a “review” of such Registration Statement and whenever the Commission comments in writing on such Registration
Statement; and (C) with respect to a Registration Statement or any post-effective amendment, when the same has become effective;
(ii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to a Registration
Statement or Prospectus or for additional information; (iii) of the issuance by the Commission or any other federal or state governmental
authority of any stop order suspending the effectiveness of a Registration Statement covering any or all of the Registrable Securities
or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the
suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction,
or the initiation or threatening of any Proceeding for such purpose; (v) of the occurrence of any event or passage of time that
makes the financial statements included in a Registration Statement ineligible for inclusion therein or any statement made in a
Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any
material respect or that requires any revisions to a Registration Statement, Prospectus or other documents so that, in the case
of a Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading; and (vi) of the occurrence or existence of any pending corporate development with respect
to the Company that the Company believes may be material and that, in the determination of the Company, makes it not in the best
interest of the Company to allow continued availability of a Registration Statement or Prospectus, provided that any and all of
such information shall remain confidential to each Holder until such information otherwise becomes public, unless disclosure by
a Holder is required by law; provided, further, that notwithstanding each Holder’s agreement to keep such information confidential,
each such Holder makes no acknowledgement that any such information is material, non-public information.

 

    	 	6	 

     

    

  

(e)Use its best
efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping or suspending the effectiveness
of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable
Securities for sale in any jurisdiction, at the earliest practicable moment.

 

(f)Furnish to each
Holder, without charge, at least one (1) conformed copy of each such Registration Statement and each amendment thereto, including
financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent
requested by such Person, and all exhibits to the extent requested by such Person (including those previously furnished or incorporated
by reference) promptly after the filing of such documents with the Commission; provided, that any such item which is available
on the EDGAR system need not be furnished in physical form.

 

(g)Subject to the
terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by
each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and
any amendment or supplement thereto, except after the giving of any notice pursuant to Section 3(d).

 

(h)Prior to any
resale of Registrable Securities by a Holder, use its commercially reasonable efforts to register or qualify or cooperate with
the selling Holders in connection with the registration or qualification (or exemption from the Registration or qualification)
of such Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions within
the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom)
effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition
in such jurisdictions of the Registrable Securities covered by each Registration Statement; provided, that the Company shall not
be required to qualify generally to do business in any jurisdiction where it is not then so qualified, subject the Company to any
material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in any such
jurisdiction.

 

(i)Cooperate with
such Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered
to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted by the Purchase
Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in
such names as any such Holder may request.

 

    	 	7	 

     

    

  

(j)Upon the occurrence
of any event contemplated by Section 3(d), as promptly as reasonably possible under the circumstances taking into account
the Company’s good faith assessment of any adverse consequences to the Company and its stockholders of the premature disclosure
of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration Statement or a supplement
to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required
document so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading. If the Company notifies the Holders in accordance with
clauses (iii) through (vi) of Section 3(d) above to suspend the use of any Prospectus until the requisite changes to such
Prospectus have been made, then the Holders shall suspend use of such Prospectus. The Company will use its best efforts to ensure
that the use of the Prospectus may be resumed as promptly as is practicable. The Company shall be entitled to exercise its right
under this Section 3(j) to suspend the availability of a Registration Statement and Prospectus, subject to the payment of
partial liquidated damages otherwise required pursuant to Section 2(b), for a period not to exceed 60 calendar days (which
need not be consecutive days) in any 12 month period.

 

(k)Comply with
all applicable rules and regulations of the Commission.

 

(l)The Company
may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock beneficially
owned by such Holder and, if required by the Commission, the natural persons thereof that have or share voting and dispositive
control over the shares. During any periods that the Company is unable to meet its obligations hereunder with respect to the registration
of the Registrable Securities solely because any Holder fails to furnish such information within three (3) Trading Days of the
Company’s request, any liquidated damages that are accruing at such time as to such Holder only shall be tolled and any Event
that may otherwise occur solely because of such delay shall be suspended as to such Holder only, until such information is delivered
to the Company. In the event a Holder fails to provide such information to the Company, the Company may rely on the beneficial
ownership information in such Holder’s Selling Stockholder Questionnaire.

 

4. Registration Expenses. All
fees and expenses incident to the performance of or compliance with this Agreement by the Company shall be borne by the Company
whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the
foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees
and expenses of the Company’s counsel and auditors) (A) with respect to filings made with the Commission, (B) with respect
to filings required to be made with the OTCBB or any Trading Market on which the Common Stock is then quoted or listed for trading,
and (C) in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company in writing (including,
without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications or exemptions
of the Registrable Securities), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable
Securities), (iii) fees and disbursements of counsel for the Company, (iv) fees and disbursements of one counsel selected by the
Holders, (v) Act liability insurance, if the Company so desires such insurance, and (vi) fees
and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated
by this Agreement. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the
consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its
officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred
in connection with the quotation or listing of the Registrable Securities on any securities exchange as required hereunder. In
no event shall the Company be responsible for any broker or similar commissions of any Holder.

 

    	 	8	 

     

    

  

		5.	Indemnification.

 

(a)Indemnification
by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder,
the officers, directors, members, partners, agents, brokers (including brokers who offer and sell Registrable Securities as principal
as a result of a pledge or any failure to perform under a margin call of shares of Common Stock), investment advisors and employees
(and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title
or any other title) of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) and the officers, directors, members, stockholders, partners, agents and employees
(and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title
or any other title) of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and
all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses
(collectively, “Losses”), as incurred, arising out of or relating to (1) any untrue or alleged untrue statement
of a material fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement
thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto,
in light of the circumstances under which they were made) not misleading or (2) any violation or alleged violation by the Company
of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder, in connection with the
performance of its obligations under this Agreement, except to the extent, but only to the extent, that (i) such untrue statements
or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly
for use therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution
of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration
Statement, such Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A
hereto for this purpose) or (ii) in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi),
the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus
is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section 6(d). The Company
shall notify the Holders promptly of the institution, threat or assertion of any Proceeding arising from or in connection with
the transactions contemplated by this Agreement of which the Company is aware.

 

    	 	9	 

     

    

  

(b)Indemnification
by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers,
agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section
20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted
by applicable law, from and against all Losses, as incurred, to the extent arising out of or based solely upon: (x) such Holder’s
failure to comply with the prospectus delivery requirements of the Securities Act or (y) any untrue or alleged untrue statement
of a material fact contained in any Registration Statement, any Prospectus, or in any amendment or supplement thereto or in any
preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading (i) to the extent, but only to the extent, that such untrue
statement or omission is contained in any information so furnished in writing by such Holder to the Company specifically for inclusion
in such Registration Statement or such Prospectus or (ii) to the extent that such information relates to such Holder or such Holder’s
proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly
for use in a Registration Statement (it being understood that the Holder has approved Annex A hereto for this purpose), such Prospectus
or in any amendment or supplement thereto or (ii) in the case of an occurrence of an event of the type specified in Section
3(d)(iii)-(vi), the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder
in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section
6(d). In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net
proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation.

 

(c)Notice of
Claims. Promptly after receipt by any Indemnified Party (as defined below in Section 5(d)) of a notice of a claim or
the beginning of any action in respect of which indemnity is to be sought against an indemnifying person pursuant to this Section
5, such Indemnified Party shall notify the Indemnifying Party (as defined below in Section 5(d)) in writing of such
claim or of the commencement of such action, but the omission to so notify the Indemnifying Party will not relieve it from any
liability which it may have to any Indemnified Party under this Section 5 (except to the extent that such omission materially
and adversely affects the Indemnifying Party’s ability to defend such action) or from any liability otherwise than under
this Section 5(c).

 

(d)Defense of
Claims. Subject to the provisions hereinafter stated, in case any such action shall be brought against an Indemnified Party,
the Indemnifying Party shall be entitled to participate therein, and, to the extent that it shall elect by written notice delivered
to the Indemnified Party promptly after receiving the aforesaid notice from such Indemnified Party, shall be entitled to assume
the defense thereof, with counsel reasonably satisfactory to such Indemnified Party. After notice from the Indemnifying Party to
such Indemnified Party of its election to assume the defense thereof (unless it has failed to assume the defense thereof and appoint
counsel reasonably satisfactory to the Indemnified Party, in each case within a reasonable time after notice of commencement of
the action), such Indemnifying Party shall not be liable to such Indemnified Party for any legal expenses subsequently incurred
by such Indemnified Party in connection with the defense thereof; provided, however, that if (i) there exists or shall exist a
conflict of interest that would make it inappropriate, in the reasonable opinion of counsel to the Indemnified Party, for the same
counsel to represent both the Indemnified Party and such Indemnifying Party or any affiliate or associate thereof, (ii) the employment
of separate counsel for such Indemnified Party shall have been authorized in writing by one of the Indemnifying Party in connection
with the defense of such action or (iii) the Indemnifying Party does not diligently defend the action after assumption of the defense
in the reasonably opinion of such Indemnified Party, then in each case the Indemnified Party shall be entitled to retain its own
counsel (who shall not be the same as the opining counsel) at the expense of such Indemnifying Party; provided, however, that no
Indemnifying Party shall be responsible for the fees and expenses of more than one separate counsel (together with appropriate
local counsel) for all Indemnified Parties, which, counsel, in the case of the Indemnified Parties described in Section 5(a),
shall be designated by Holders of the majority-in-interest of the then outstanding Registrable Securities, and, in the case of
the Indemnified Parties described in Section 5(b), shall be designated by the Company. In no event shall any Indemnifying
Party be liable in respect of any amounts paid in settlement of any action unless the Indemnifying Party shall have approved the
terms of such settlement; provided that such consent shall not be unreasonably withheld. No Indemnifying Party shall, without the
prior written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which
any Indemnified Party is or could reasonably have been a party and indemnification could have been sought hereunder by such Indemnified
Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are
the subject matter of such proceeding.

 

    	 	10	 

     

    

  

(e)Expenses.
Subject to the terms of this Agreement, all reasonable fees and expenses of any Person entitled to indemnity hereunder (an “Indemnified
Party”) shall be paid to the Indemnified Party, as incurred, within ten (10) Trading Days of written notice thereof to
the Person from whom indemnity is sought (the “Indemnifying Party”); provided, that the Indemnified Party shall
promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to such actions for which such
Indemnified Party is judicially determined to be not entitled to indemnification hereunder.

 

(f)Contribution.
If the indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient to hold
an Indemnified Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable by such
Indemnified Party, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified
Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable
considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among
other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or
alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party
or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include,
subject to the limitations set forth in this Agreement, any reasonable attorneys’ or other reasonable fees or expenses incurred
by such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses
if the indemnification provided for in this Section was available to such party in accordance with its terms.

 

The parties hereto
agree that it would not be just and equitable if contribution pursuant to this Section 5(f) were determined by pro rata
allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the
immediately preceding paragraph. Notwithstanding the provisions of this Section 5(f), no Holder shall be required to contribute,
in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Holder from the sale of
the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.

 

    	 	11	 

     

    

  

The indemnity and contribution
agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to the Indemnified
Parties.

 

		6.	Miscellaneous.

 

(a)Remedies.
In the event of a breach by the Company or by a Holder of any of their respective obligations under this Agreement, each Holder
or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement,
including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. The Company and each
Holder agree that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it
of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance
in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

 

(b)Compliance.
Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
to it in connection with sales of Registrable Securities pursuant to a Registration Statement.

 

(c)Discontinued
Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of a notice from the Company
of the occurrence of any event of the kind described in Section 3(d)(iii) through (vi), such Holder will forthwith
discontinue disposition of such Registrable Securities under a Registration Statement until it is advised in writing (the “Advice”)
by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company
will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as it practicable.

 

(d)Piggy-Back
Registrations. If at any time during the Effectiveness Period there is not an effective Registration Statement covering all
of the Registrable Securities and the Company shall determine to prepare and file with the Commission a registration statement
relating to an offering for its own account or the account of others under the Securities Act of any of its equity securities,
other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity
securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection
with the Company’s stock option or other employee benefit plans, then the Company shall send to each Holder a written notice
of such determination and, if within 15 calendar days after the date of such notice, any such Holder shall so request in writing,
the Company shall include in such registration statement all or any part of such Registrable Securities such Holder requests to
be registered; provided, however, that the Company shall not be required to register any Registrable Securities pursuant to this
Section 6(d) that are eligible for resale pursuant to Rule 144 promulgated under the Securities Act or that are the subject
of a then effective Registration Statement.

 

    	 	12	 

     

    

  

(e)Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed
by the Company and the Holders of a majority of the then outstanding Registrable Securities (including, for this purpose any Registrable
Securities issuable upon exercise or conversion of any Security). If a Registration Statement does not register all of the Registrable
Securities pursuant to a waiver or amendment done in compliance with the previous sentence, then the number of Registrable Securities
to be registered for each Holder shall be reduced pro rata among all Holders and each Holder shall have the right to designate
which of its Registrable Securities shall be omitted from such Registration Statement. Notwithstanding the foregoing, a waiver
or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of some Holders
and that does not directly or indirectly affect the rights of other Holders may be given by Holders of all of the Registrable Securities
to which such waiver or consent relates; provided, however, that the provisions of this sentence may not be amended, modified,
or supplemented except in accordance with the provisions of the first sentence of this Section 6(e).

 

(f)Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered as
set forth in the Purchase Agreement.

 

(g)Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each
of the parties and shall inure to the benefit of each Holder; provided, however, the rights under this Agreement shall not be assignable
if the Registrable Securities are transferred pursuant to an effective registration statement under the Securities Act or Rule
144 under the Securities Act. The Company may not assign (except by merger) its rights or obligations hereunder without the prior
written consent of all of the Holders of the then-outstanding Registrable Securities. Except as set forth herein, each Holder may
assign their respective rights hereunder in the manner and to the Persons as permitted under the Purchase Agreement.

 

(h)No Inconsistent
Agreements. Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the Company or any
of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities, that would
have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof.

 

(i)Execution
and Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by
facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if
such facsimile or “.pdf” signature page were an original thereof.

 

    	 	13	 

     

    

  

(j)Governing
Law. This Agreement and all actions arising out of or in connection with this Agreement shall be governed by and construed
in accordance with the laws of the State of New York, without regard to the conflicts of law provisions of the State of New York
or of any other state.

 

(k)Delays or
Omissions; Cumulative Remedies. It is agreed that no delay or omission to exercise any right, power or remedy accruing to Holder,
upon breach, default or noncompliance of the Company under this Agreement shall impair any such right, power or remedy, nor shall
it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of any similar breach,
default or noncompliance thereafter occurring. The remedies provided herein are cumulative and not exclusive of any other remedies
provided by law.

 

(l)Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

(m)Headings.
The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and shall not be deemed to limit
or affect any of the provisions hereof.

 

(n)Independent
Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are several and not joint with the
obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations
of any other Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no
action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the Holders are in any way acting in concert with respect
to such obligations or the transactions contemplated by this Agreement. Each Holder shall be entitled to protect and enforce its
rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Holder
to be joined as an additional party in any proceeding for such purpose.

 

(o)Construction.
The parties agree that each of them and/or their respective counsel has reviewed and had an opportunity to revise the Transaction
Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of the Transaction Documents or any amendments hereto.

 

    	 	14	 

     

    

  

(p)Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

********************

 

 

[Signature pages follow]

 

    	 	15	 

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	SEARCHLIGHT MINERALS CORP.
	 	 	 
	 	 	 
	 	By:	/s/ Carl Ager
	 	 	Name: Carl Ager
	 	 	Title: Vice President

 

 

[SIGNATURE PAGES OF HOLDERS FOLLOW]

 

    	 	16	 

     

    

 

[SIGNATURE PAGE OF HOLDER]

 

 

Name of Holder:  Luxor Capital Partners, LP

 

Signature of Authorized Signatory of Holder: /s/
Norris Nissim                             

 

Name of Authorized Signatory:  Norris Nissim                             

 

Title of Authorized Signatory: General
Counsel, Luxor Capital Group, LP

 

    	 	17	 

     

    

  

[SIGNATURE PAGE OF HOLDER]

 

 

Name of Holder: Luxor Capital Partners Offshore Master Fund,
LP,

 

Signature of Authorized Signatory of Holder:
/s/ Norris Nissim                             

 

Name of Authorized Signatory:  Norris Nissim                             

 

Title of Authorized Signatory: General Counsel, Luxor Capital
Group, LP

 

    	 	18	 

     

    

  

Annex A

Plan of Distribution

 

Each Selling Stockholder
(the “Selling Stockholders”) of the shares of common stock and any of their pledgees, assignees and successors-in-interest
may, from time to time, sell any or all of their shares of common stock on the OTC Bulletin Board or any other stock exchange,
market or trading facility on which the shares are traded or in private transactions. These sales may be at fixed or negotiated
prices. A Selling Stockholder may use any one or more of the following methods when selling shares:

 

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

 

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

 

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

 

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

 

		·	privately negotiated transactions;

 

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

 

		·	broker-dealers may agree with the Selling Stockholders to sell a specified number of such shares at a stipulated price per
share;

 

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

 

		·	a combination of any such methods of sale; or

 

		·	any other method permitted pursuant to applicable law.

 

The Selling Stockholders
may also sell shares of common stock under Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”),
if available, rather than under this prospectus.

 

Broker-dealers engaged
by the Selling Stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser)
in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction
not in excess of a customary brokerage commission in compliance with FINRA Rule 2440; and in the case of a principal transaction
a markup or markdown in compliance with FINRA IM-2440.

 

    	 	19	 

     

    

  

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

 

The Selling Stockholders
and any broker-dealers or agents that are involved in selling the shares may be deemed to be “underwriters” within
the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. Each Selling Stockholder has informed the Company that it does not have any written or oral agreement
or understanding, directly or indirectly, with any person to distribute the common stock. In no event shall any broker-dealer receive
fees, commissions and markups which, in the aggregate, would exceed eight percent (8%).

 

The Company is required
to pay certain fees and expenses incurred by the Company incident to the registration of the shares. The Company has agreed to
indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities
Act.

 

Because Selling Stockholders
may be deemed to be “underwriters” within the meaning of the Securities Act, they will be subject to the prospectus
delivery requirements of the Securities Act including Rule 172 thereunder. In addition, any securities covered by this prospectus
which qualify for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than under this prospectus.
There is no underwriter or coordinating broker acting in connection with the proposed sale of the resale shares by the Selling
Stockholders.

 

We agreed to keep this
prospectus effective until the earlier of (i) the date on which the shares may be resold by the Selling Stockholders without registration
and without regard to any volume limitations by reason of Rule 144 under the Securities Act or any other rule of similar effect
or (ii) all of the shares have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of
similar effect. The resale shares will be sold only through registered or licensed brokers or dealers if required under applicable
state securities laws. In addition, in certain states, the resale shares may not be sold unless they have been registered or qualified
for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied
with.

 

Under applicable rules
and regulations under the Exchange Act, any person engaged in the distribution of the resale shares may not simultaneously engage
in market making activities with respect to the shares of common stock for the applicable restricted period, as defined in Regulation
M, prior to the commencement of the distribution. In addition, the Selling Stockholders will be subject to applicable provisions
of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and
sales of shares of common stock by the Selling Stockholders or any other person. We will make copies of this prospectus available
to the Selling Stockholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior
to the time of the sale (including by compliance with Rule 172 under the Securities Act).

 

    	 	20	 

     

    

  

Annex B

 

SEARCHLIGHT MINERALS CORP.

 

Selling Securityholder Notice and Questionnaire

 

The undersigned beneficial
owner of common stock (the “Registrable Securities”) of Searchlight Minerals Corp., a Nevada corporation (the
“Company”), understands that the Company has filed or intends to file with the Securities and Exchange Commission
(the “Commission”) a registration statement (the “Registration Statement”) for the registration
and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the Registrable
Securities, in accordance with the terms of the Registration Rights Agreement (the “Registration Rights Agreement”)
to which this document is annexed. A copy of the Registration Rights Agreement is available from the Company upon request at the
address set forth below. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration
Rights Agreement.

 

Certain legal consequences
arise from being named as a selling securityholder in the Registration Statement and the related prospectus. Accordingly, holders
and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences
of being named or not being named as a selling securityholder in the Registration Statement and the related prospectus.

 

NOTICE

 

The undersigned beneficial
owner (the “Selling Securityholder”) of Registrable Securities hereby elects to include the Registrable Securities
owned by it in the Registration Statement.

 

    	 	21	 

     

    

 

The undersigned hereby provides the following information to
the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

		1.	Name.

 

		(a)	Full Legal Name of Selling Securityholder
	 	 	 
	 	 	 

  

		(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:
	 	 	 
	 	 	 

 

		(c)	Full Legal Name of Natural Control Person(s) (which means all natural person(s) who directly or indirectly alone or with others
has or shares power to vote or dispose of the securities covered by the questionnaire):
	 	 	 
	 	 	 

 

 

Voting Power:______________________________________________________________

 

 

 

Dispositive Power:___________________________________________________________

 

 

		2.	Address for Notices to Selling Securityholder:
	 	 	 
	 	 	 
	 	 	 
	 	 	 

Telephone:_________________________________________

Fax:______________________________________________

Contact Person:_____________________________________

e-mail Address______________________________________

 

    	 	22	 

     

    

  

		3.	Broker-Dealer Status:

 

		(a)	Are you a broker-dealer?

 

Yes [_]No [_]

 

		(b)	If “yes” to Section 3(a), did you receive your Registrable Securities as compensation for investment banking
services to the Company.

 

Yes [_]No [_]

 

		Note:	If no, the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes [_]No [_]

 

		(d)	If you are an affiliate of a broker-dealer, do you certify that you bought the Registrable Securities in the ordinary course
of business, and at the time of the purchase of the Registrable Securities to be resold, you had no agreements or understandings,
directly or indirectly, with any person to distribute the Registrable Securities?

 

Yes [_]No [_]

 

		Note:	If no, the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

		4.	Beneficial Ownership of Securities of the Company Owned by the Selling Securityholder.

 

Except as set forth below in this Item 4, the undersigned
is not the beneficial or registered owner of any securities of the Company other than the securities issuable pursuant to the Purchase
Agreement.

 

		(a)	Type and Amount of other securities beneficially owned by the Selling Securityholder:
	 	 	 
	 	 	 
	 	 	 

 

    	 	23	 

     

    

 

		5.	Relationships with the Company:

 

Except as set forth below, neither the undersigned
nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity securities of the
undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors or
affiliates) during the past three years.

 

State any exceptions here:

 

 

The undersigned agrees
to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Registration Statement remains effective.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person
or by its duly authorized agent.

 

	Dated:	 	Beneficial Owner:	 
	 	 	 	 
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

PLEASE FAX OR E-MAIL A COPY OF THE COMPLETED
AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

Searchlight Minerals Corp.

2360 W. Horizon Ridge Parkway

Suite 100

Henderson, Nevada 89052

Attention: Carl Ager

Fax: (702) 939-5249

cager@searchlightminerals.com

 

    	 	24

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