Document:

Exhibit 10.4

 

SEARCHLIGHT MINERALS CORP.

2360 West Horizon Ridge Parkway, #100B

Henderson, Nevada 89052

 

 

March 18, 2016

 

Luxor Capital Partners, LP

c/o Luxor Capital Group, LP

1114 Avenue of the Americas

29th Floor

New York, New York 10036

Attention: Norris Nissim

 

 

Ladies and Gentlemen:

 

We hereby refer to the Secured Convertible
Promissory Notes (the “Note”), dated September 18, 2013, as amended March 18, 2016, in the aggregate original principal
amount of $2,600,000, made by Searchlight Minerals Corp. (“we”, “us” or “our”), held by Luxor
Capital Partners, LP (“Luxor” or “you”) and certain of its affiliates. Capitalized terms not defined in
this letter shall have their respective meanings as set forth in the Note.

 

Luxor and its affiliates have converted
all of the outstanding principal amount and accrued and unpaid interest of the Note in the amount of $2,691,000 into 76,885,714
shares of our Common Stock at the Conversion Price of $0.035 per share, and Luxor has acquired 42,857,143 shares of Common Stock
at purchase price of $0.035 per share, for an aggregate purchase price of $1,500,000. In addition, our Board of Directors has agreed
(i) to waive certain provisions of our Rights Agreement, dated August 24, 2009, with respect to accounts managed by Luxor, (ii)
to authorize and put to our stockholders for a vote certain amendments to our Articles of Incorporation that, among other things,
would eliminate a classified Board of Directors and increase the number of authorized shares of our capital stock, and (iii) to
nominate three designees of Luxor for election by our stockholders to our Board of Directors. The Board of Directors shall take
all necessary steps to call a meeting of the stockholders to effectuate items (ii) and (iii) by June 1, 2016, provided that Luxor
acknowledges and agrees that such meeting may fall on a later date because of matters outside our control, including but not limited
to the time period required by the SEC to review and comment on our proxy statement.

 

As a further inducement to our Board of
Directors for taking such action, you have agreed to the following:

 

1.Luxor shall invest an additional
$1,250,000 in new shares of our Common Stock, at a purchase price of $0.045 per share, upon the completion of certain milestones
set forth in a purchase agreement entered into between Luxor and us on the date hereof.

 

     

     

    

 

2.Neither Luxor nor any of its affiliates
shall exercise any of its warrants to acquire shares of Common Stock if the number of shares to be issued upon exercise would exceed
the available amount of authorized shares of our Common Stock.

 

If the foregoing correctly sets forth your
understanding, please execute this letter in the space provided below and a return a copy to us.

  

	 	Very
truly yours,

 

SEARCHLIGHT
MINERALS CORP.

	 	 
	 	 
	 	By:	/s/
    Carl
    Ager 
	 	 	Carl
    Ager
	 	 	Vice
    President

 

	AGREED TO
    AND ACCEPTED	 
	AS OF THE
    DATE FIRST WRITTEN ABOVE:	 
	 	 
	LUXOR CAPITAL
    PARTNERS, LP	 
	 	 
	 	 
	By:	/s/
    Norris Nissim 	 
	 	Norris
    Nissim	 
	 	General
    Counsel	 
	 	Luxor
    Capital Group, LP	 
	 	Investment
    ManagerExhibit 10.5

 

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 LUXOR CAPITAL GROUP, LP, a Delaware limited partnership (“Luxor”).

 

RECITALS:

 

A.The Company and
Luxor 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.Luxor is entering
this Agreement on behalf of itself and certain of its affiliates (each, an “Investor” and, collectively,
the “Investors”), whereby the Investors shall purchase, upon the terms and conditions stated in this
Agreement, an aggregate of 27,777,778 shares (collectively, the “Shares”) of the Company’s common
stock, $0.001 par value per share (the “Common Stock”), at a purchase price of $0.045 per Share, for
an aggregate consideration of One Million Two Hundred Fifty Thousand Dollars ($1,250,000.00).

 

C.The Company wishes
to sell to the Investors the Shares upon the terms and conditions stated in this Agreement and intends to use the proceeds from
the sale of the Shares to the Investors for working capital purposes.

 

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

 

SECTION 1 

 

Purchase, Sale and
Issuance of Shares

 

1.1             
Sale and Issuance of Shares. 

 

(a)               
Subject to the terms and conditions of this Agreement, at the Closing (as defined below), each Investor shall purchase,
and the Company shall sell and issue to each Investor, Shares in the number set forth opposite the Investor’s name on a schedule
of investors (the “Schedule of Investors”), which shall be annexed hereto and made a part hereof. Luxor
shall provide the Schedule of Investors to the Company by Luxor no later than five (5) Business Days (as defined below) prior to
the Closing Date (as defined below).

 

(b)              
The completion of the purchase and sale of the Shares shall occur following the fulfillment by the Company of the milestones
set forth on Exhibit A hereto (the “Milestones”) in accordance with this Section 1.1(b).
The Company shall notify Luxor, on behalf of the Investors, in writing (the “Milestones Notice”) after
it has determined that the Milestones have been fulfilled, and Luxor shall within ten (10) Business Days of receipt of the Milestones
Notice notify the Company whether Luxor, in its sole discretion, agrees with such determination. If Luxor fails to respond within
such ten (10) Business Day period it shall be deemed to have agreed with such determination. The parties acknowledge and agree
that the Company may send another Milestones Notice and repeat the process set forth in this Section 1.1(b) after it has
complied with comments made by Luxor with respect to the Company’s failure to fulfill the Milestones. For the avoidance of
doubt, the Investors shall not be obligated to complete the purchase and sale herein if Luxor does not agree (or shall be deemed
to have agreed in accordance with this Section 1.1(b)) with the determination in the Milestone Notice.

 

    	 		 

     

    

  

1.2             
Purchase 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 the Schedule of Investors (collectively, the “Purchase Price”).

 

SECTION 2 

 

Closing Date and Delivery

 

2.1             
Closings. 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, within ten (10) days
after Luxor agrees, or is deemed to have agreed, with the Company’s fulfillment of the Milestones, or at such other location
or time or on such other date as the parties may agree (each, a “Closing Date”).

 

2.2             
Closing Deliveries.  At the Closing, (i) the Investors shall pay the Company the Purchase Price
by wire transfer of immediately available funds in accordance with the Company’s written wire instructions, (ii) each Investor
shall execute and deliver to the Company the investor signature page annexed hereto (“Investor Signature Page”),
and (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. In addition, on the Closing Date, the Company and the Investors shall
execute and deliver the Registration Rights Agreement, the form of which is attached hereto as Exhibit B (the “Registration
Rights Agreement”).

 

SECTION 3 

 

Representations and
Warranties of the Company

 

The Company hereby
represents and warrants to Luxor and 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.

 

3.1             
Due 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.

 

    	 	2	 

     

    

  

3.2             
Authority. 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.

 

3.3             
Enforceability. 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.

 

3.4             
Non-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.

 

3.5             
Litigation. 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	 

     

    

  

3.6             
SEC 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.

 

3.7             
Issuance of Shares. The Shares to be issued under this Agreement have been or will be (prior to issuance to
the Investors 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 Investors 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 Investors 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.

 

3.8             
General 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 Luxor and the Investors

 

Luxor 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. Each Investor hereby represents and warrants to the Company that the following
representations and warranties are true and complete as of the Closing Date:

 

4.1             
Authority and Binding Obligation. Luxor and each 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 Luxor and each
Investor of the Transaction Documents to which it is a party, and the consummation of the transactions contemplated hereby and
thereby (i) are within the power of Luxor and such 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
Luxor and such 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	 

     

    

  

4.2             
No Public Sale or Distribution. Luxor and each Investor understands that the Shares are “restricted
securities” and have not been registered under the Securities Act or any applicable state securities law, and that each 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 Luxor
and such Investor does not have a present arrangement to effect any distribution of the Shares to or through any person or entity.

 

4.3             
Securities Law Compliance. Luxor and each 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 Luxor and such Investor’s compliance with, the
representations, warranties, agreements, acknowledgments and understandings of Luxor and such Investor set forth herein in order
to determine the availability of such exemptions and the eligibility of the Investors to acquire the Shares. Luxor and each Investor
has such knowledge and experience in financial and business matters that Luxor and such 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 Luxor and such 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             
Access to Information. Luxor, each Investor and their respective 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. Luxor, each Investor and their respective 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
Luxor, each Investor or their respective 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. Luxor and each 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.

 

4.5             
No Governmental Review. Luxor and each 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.

 

4.6             
Transfer or Resale. Luxor and each Investor understand 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) such 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) such 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.

 

    	 	5	 

     

    

  

4.7             
Legends. Luxor and each 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.”

 

4.8             
Broker-Dealer Status. Neither Luxor nor any Investor is 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.

 

4.9             
Residence. If an Investor is not a United States person (as defined by Section 7701(a)(30) of the Internal
Revenue Code of 1986, as amended), such 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

 

5.1             
SEC Filings. Following the Closing Date, 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 Investors agree
to furnish the Company with such information.

 

5.2             
Indemnification of Investors. Subject to the provisions of this Section 5.2, the Company shall indemnify
and hold Luxor, each Investor and their respective 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 such 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).

 

    	 	6	 

     

    

  

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:

 

6.1             
Representations 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.

 

6.2             
Performance. 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 Date.

 

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

 

6.4             
No 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	 

     

    

  

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

 

6.6             
Milestones Notice. Luxor shall have agreed (or shall be deemed to have agreed in accordance with this Section
1.1(b) hereof) with the determination in the Milestone Notice.

 

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:

 

7.1             
Representations 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.

 

7.2             
Performance. 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 Date.

 

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

 

7.4             
No 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. Each Investor shall have duly executed and delivered an Investor Signature Page and
the Registration Rights Agreement to the Company.

 

7.5Schedule
of Investors. Luxor shall have delivered the Schedule of Investors to the Company.

 

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

 

SECTION 8 

 

Termination

 

8.1             
Termination or Suspension of Purchase Obligations. The Investors acknowledge and agree that their obligation
to purchase the Shares is subject only to the conditions set forth in Section 6, the delivery by the Company of the Milestones
Notice and the agreement by Luxor, in accordance with Section 1.1, that the Milestones have been fulfilled.

 

    	 	8	 

     

    

  

8.2             
Termination Event. This Agreement may be terminated only by the mutual consent of the Company and Luxor.

 

8.3             
Effect of Termination. If this Agreement is terminated as provided in Section 8.2 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 8.3 shall be deemed to release the Company or the Investors from any liability for any breach under
this Agreement.

 

SECTION 9 

 

Miscellaneous

 

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

 

9.2             
Finder’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. Luxor and each Investor agree 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 any of its officers, employees, or representatives is responsible. The Company agrees to indemnify and hold harmless
Luxor and and each 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.

 

9.3             
Public Announcements. Neither the Company, on the one hand, nor Luxor and the Investors, on the other hand,
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.

 

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

 

9.5             
Delays 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	 

     

    

  

9.6             
Attorneys’ 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.

 

9.7             
Governing 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.

 

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

 

9.9             
Successors and Assigns. This Agreement, and any and all rights, duties and obligations hereunder, shall not
be assigned, transferred, delegated or sublicensed by any party without the prior written consent of the non-assigning parties.
Any attempt by any 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.

 

9.10         
No Third Party Beneficiaries. Except as provided in Section 5.2, 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.

 

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

 

9.12         
Notices. 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:

 

    	 	10	 

     

    

  

		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 Luxor or 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.

 

9.13         
Severability.  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.

 

9.14         
Headings. 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 

 

9.15         
Further 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.

 

    	 	11	 

     

    

  

9.16         
Counterparts. 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.

 

9.17         
Construction. 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,
Luxor 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
	 	 	 
	 	LUXOR:
	 	 	 
	 	LUXOR CAPITAL GROUP, LP,
	 	a Delaware limited partnership
	 	 	 
	 	 	 
	 	By:	/s/ Norris Nissim
	 	 	Norris Nissim
	 	 	General Counsel
	 	 	Luxor Capital Group, LP
	 	 	Investment
Manager

 

    	 		 

     

    

  

INVESTOR SIGNATURE
PAGE

 

By execution and delivery
of this signature page, the undersigned hereby agrees to be bound by the terms and conditions of, subject to the obligations of,
and entitled to the benefits of, the Agreement as an “Investor” thereunder, and the undersigned authorizes this signature
page to be attached to the Agreement, or counterparts thereof.

Name of Investor: _____________________________________________

 

Signature of Authorized
Signatory of Investor: _______________________

 

Name of Authorized Signatory:
___________________________________

 

Title of Authorized
Signatory: ____________________________________

 

    	 		 

     

    

  

EXHIBIT A

 

MILESTONES

 

 

 

1.Confirmation by
a reputable third-party mining lab (other than Arrakis), as determined by the Investor in its sole discretion, that the Company’s
process economically recovers, on a repeatable basis, across a randomly sampled portion of the slag pile greater than or equal
to 0.4 ounces per ton of gold from slag; and

 

2.Identification
by a reputable third-party mining lab (other than Arrakis), as determined by the Investor in its sole discretion, of a fire assay,
or other technique, that will allow the company to generate a SEC or 43-101 compliant proven reserve consistent with head grade
values greater than or equal to 0.4 ounces per ton.

 

    	 		 

     

    

  

EXHIBIT B

 

REGISTRATION RIGHTS
AGREEMENT

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