Document:

Exhibit 4.2

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is made and entered into as of October __, 2018 by and among MAGELLAN
GOLD CORPORATION, a Nevada corporation (the “Company”), and the undersigned signatories (the “Buyers”).

 

RECITALS

 

A.       In
connection with a Subscription Agreement by and between the Company and Buyers of even date herewith (the “Purchase Agreement”),
the Company has agreed, upon the terms and subject to the conditions of the Purchase Agreement, to issue and sell to Buyers and
Buyers have agreed to purchase, shares of the Company’s authorized but unissued Common Stock (the “Shares”)
and Common Stock Purchase Warrants (the “Warrants”) (collectively the Shares and Warrants and Shares issuable
upon exercise of the Warrants (“Warrant Shares”) are the “Securities”).

 

B.       To
induce Buyers to execute and deliver the Purchase Agreement, the Company has agreed to provide certain registration rights under
the U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder, and applicable state securities laws.

 

Now,
Therefore, in consideration of the recitals and the mutual promises,
representations, warranties, and covenants set forth in this Agreement and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

AGREEMENT

 

SECTION 1: Definitions.

 

In addition to the terms that are defined
elsewhere in this Agreement, the following terms shall have the following meanings:

 

“Affiliate”
with respect to any specified person, has the meaning specified in Rule 144.

 

“Common Stock”
means the Company’s common stock, par value $0.001 per share.

 

“Deferral Notice”
has the meaning specified in Section 3(d) hereof.

 

“Deferral Period”
has the meaning specified in Section 3(d) hereof.

 

“Effectiveness Deadline
Date” has the meaning specified in Section 2(a) hereof.

 

“Effectiveness Period”
means the period commencing on the date the Registration Statement becomes effective and ending on the date that all Registrable
Securities have ceased to be Registrable Securities.

 

 

 

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“Exchange Act”
means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Filing Deadline Date”
has the meaning specified in Section 2(a) hereof.

 

“Holder” means
Buyers, any transferee or assignee thereof to whom Buyers assign their rights under this Agreement and who agrees to become bound
by the provisions of this Agreement in accordance with Section 8(a) and any transferee or assignee thereof to whom a transferee
or assignee assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance
with Section 8(a).

 

“Initial Resale Registration
Statement” has the meaning specified in Section 2(a) hereof.

 

“Material Event”
has the meaning specified in Section 3(d) hereof.

 

“Notice and Questionnaire”
means a written notice delivered to the Company containing substantially the information called for by the Selling Securityholder
Notice and Questionnaire attached as Annex A to this Agreement.

 

“Notice Holder”
means on any date, any Holder that has delivered a Notice and Questionnaire to the Company on or prior to such date.

 

“Prospectus”
means the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 415 promulgated
under the Securities Act), as amended or supplemented by any amendment or prospectus supplement, including post-effective amendments,
and all materials incorporated by reference or explicitly deemed to be incorporated by reference in such Prospectus.

 

“Purchase Agreement”
has the meaning set forth in the Recitals.

 

“Registrable Securities”
means the Shares and Warrants issued to Buyers under the Purchase Agreement (including the Shares issuable upon exercise of the
Warrants) and any security issued with respect thereto upon any stock dividend, split, merger or similar event until, in the case
of any such security, the earlier of (i) the sale of such security pursuant to Rule 144 under the Securities Act or pursuant to
an effective registration statement registering such security for resale, or (ii) the first date on which the Registrable Securities
may be sold pursuant to Rule 144 without being subject to the volume restrictions set forth in Rule 144(e).

 

“Registration Statement”
means any registration statement of the Company that covers any of the Registrable Securities pursuant to the provisions of this
Agreement, including the Prospectus, amendments and supplements to such registration statement, including post-effective amendments,
all exhibits, and all materials incorporated by reference or explicitly deemed to be incorporated by reference in such registration
statement.

 

 

 

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“Resale Registration Statement”
means the Initial Resale Registration Statement and any Subsequent Resale Registration Statements.

 

“Rule 144” means
Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar or successor rule or regulation
hereafter adopted by the SEC having substantially the same effect as such Rule.

 

“SEC” means the
United States Securities and Exchange Commission and any successor agency.

 

“Securities Act”
means the United States Securities Act of 1933, as amended, and the rules and regulations promulgated by the SEC thereunder.

 

“Shares” has
the meaning set forth in the Recitals.

 

“Subsequent Resale Registration
Statement” has the meaning specified in Section 2(b) hereof.

 

SECTION 2: Resale
Registration.

 

		(a)	The Company shall prepare and file or cause to be prepared and filed with the SEC no later than November
30, 2018 (the “Filing Deadline Date”) a Registration Statement (the “Initial Resale Registration Statement”)
registering the resale from time to time by Buyers of all of the Registrable Securities. The Initial Resale Registration Statement
shall be on Form S-1 or another appropriate form permitting registration of such Registrable Securities for resale by Buyers in
accordance with the methods of distribution set forth in the Initial Resale Registration Statement. The Company shall use its commercially
reasonable efforts to promptly respond to comments from the SEC regarding the Initial Resale Registration Statement, to cause the
Initial Resale Registration Statement to be declared effective under the Securities Act no later than March 31, 2019 (the “Effectiveness
Deadline Date”), and to keep the Initial Resale Registration Statement (or any Subsequent Resale Registration Statement)
continuously effective under the Securities Act until the expiration of the Effectiveness Period.

 

		(b)	If the Initial Resale Registration Statement or any Subsequent Resale Registration Statement ceases
to be effective for any reason at any time during the Effectiveness Period, the Company shall use its commercially reasonable efforts
to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within thirty (30) days
of such cessation of effectiveness amend the Resale Registration Statement in a manner reasonably expected by the Company to obtain
the withdrawal of the order suspending the effectiveness thereof, or file an additional Resale Registration Statement covering
all of the securities that as of the date of such filing are Registrable Securities (a “Subsequent Resale Registration
Statement”). If a Subsequent Resale Registration Statement is filed, the Company shall use commercially reasonable efforts
to cause the Subsequent Resale Registration Statement to become effective as promptly as is reasonably practicable after such filing
or, if filed during a Deferral Period, after the expiration of such Deferral Period, and to keep such Registration Statement (or
Subsequent Resale Registration Statement) continuously effective until the end of the Effectiveness Period.

 

 

 

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		(c)	The Company shall supplement and amend the Initial or any Subsequent Resale Registration Statement
if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Resale Registration
Statement, if required by the Securities Act.

 

		(d)	Each Holder of Registrable Securities agrees that if such Holder wishes to sell Registrable Securities
pursuant to a Resale Registration Statement and related Prospectus, it will do so only in accordance with this Section 2(d), Section
3(d) and Section 4. Each Holder of Registrable Securities wishing to sell Registrable Securities pursuant to any Resale Registration
Statement and related Prospectus agrees to deliver a Notice and Questionnaire to the Company promptly upon becoming a Holder and
notify the Company of any change in such information at least five (5) business days prior to the filing of the Initial Resale
Registration Statement or Subsequent Resale Registration Statement, as applicable. From and after the date the Initial Resale Registration
Statement is declared effective, the Company shall, as promptly as is reasonably practicable after the date a fully completed and
legible Notice and Questionnaire is received by the Company, (i) if required by applicable law, file with the SEC a post-effective
amendment to the Resale Registration Statement or prepare and, if required by applicable law, file a supplement to the related
Prospectus or a supplement or amendment to any document incorporated therein by reference or file any other document required by
the SEC so that the Holder delivering such Notice and Questionnaire is named as a selling security holder in the Resale Registration
Statement and the related Prospectus in such a manner as to permit such Holder to deliver such Prospectus to purchasers of the
Registrable Securities in accordance with applicable law (other than laws not generally applicable to all Holders of Registrable
Securities wishing to sell Registrable Securities pursuant to the Resale Registration Statement and related Prospectus) and using
the manner of sale specified in the Notice and Questionnaire, and, if the Company shall file a post-effective amendment to the
Resale Registration Statement, use commercially reasonable efforts to cause such post-effective amendment to be declared effective
under the Securities Act as promptly as is reasonably practicable; (ii) provide such Holder copies of any documents filed pursuant
to Section 2(d)(i); and (iii) notify such Holder as promptly as is reasonably practicable after the effectiveness under the Securities
Act of any post-effective amendment filed pursuant to Section 2(d)(i); provided, that if such Notice and Questionnaire is delivered
during a Deferral Period, the Company shall so inform the Holder delivering such Notice and Questionnaire and shall take the actions
set forth in clauses (i), (ii) and (iii) above upon expiration of the Deferral Period in accordance with Section 3(d), provided,
further, that if under applicable law the Company has more than one option as to the type or manner of making any such filing,
the Company will make the required filing or filings in the manner or of a type that is reasonably expected to result in the earliest
availability of the Prospectus for effecting resales of Registrable Securities. Notwithstanding anything contained herein to the
contrary, the Company shall be under no obligation to name any Holder that is not a Notice Holder as a selling security holder
in any Registration Statement or related Prospectus; provided, however, that any Holder that becomes a Notice Holder pursuant to
the provisions of this Section 2(d) of this Agreement (whether or not such Holder was a Notice Holder at the time the Registration
Statement was initially declared effective) shall be named as a selling security holder in the Registration Statement or related
Prospectus subject to and in accordance with the requirements of this Section 2(d).

 

 

 

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		(e)	If a Registration Statement covering all the Registrable Securities required to be covered thereby
and required to be filed by the Company pursuant to this Agreement is (A) not filed with the SEC on or before the Filing Deadline
Date (a “Filing Failure”) or (B) not declared effective by the SEC on or before the Effectiveness Deadline Date
(an “Effectiveness Failure”), then, as liquidated damages to Buyers by reason of any such delay in or reduction
of its ability to sell the Shares (which remedy shall be the exclusive remedy for any Filing Failure or Effectiveness Failure (each,
a “Failure”)), the Company shall pay to Buyers an amount equal to 0.1% of the aggregate purchase price paid
by Buyers for the Shares for every sixty (60) days following the Filing Deadline Date that the Registration Statement is not filed
(in the case of a Filing Failure) and for every sixty (60) days following the Effectiveness Deadline Date that the Registration
Statement is not effective (in the case of an Effectiveness Failure), as the case may be, on a per diem basis (the “Liquidated
Damages”); provided, however, that the maximum Liquidated Damages payable to Buyers under this Section
2(e) shall not exceed 1.0% of the aggregate purchase price of the Shares. Liquidated Damages, if any, shall be paid by the Company
within ten (10) days following the end of each sixty (60) day period (or shorter period, if applicable) for which Liquidated Damages
are payable. The Company shall pay interest on Liquidated Damages not paid when due at a rate of interest equal to eight percent
(8.0%) per annum. In the event a Registration Statement is filed but is withdrawn by the Company prior to being declared effective
by the SEC, then such Registration Statement will be deemed to have not been filed for the purpose of this Section 2(e).

 

SECTION 3: Registration
Procedures.

 

In connection with the registration obligations
of the Company under Section 2 hereof, the Company shall:

 

		(a)	Prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement
as may be necessary to keep such Registration Statement continuously effective for the applicable period specified in Section 2(a);
cause the related Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant
to Rule 424 (or any similar provisions then in force) under the Securities Act; and use commercially reasonable efforts to comply
with the provisions of the Securities Act applicable to it with respect to the disposition of all securities covered by such Registration
Statement during the Effectiveness Period in accordance with the intended methods of disposition by the sellers thereof set forth
in such Registration Statement as so amended or such Prospectus as so supplemented.

 

		(b)	Submit to the SEC, within five (5) Business Days after the Company learns that no review of a particular
Registration Statement will be made by the staff of the SEC or that the staff has no further comments on a particular Registration
Statement, as the case may be, a request for acceleration of effectiveness of such Registration Statement to a time and date not
later than 48 hours after the submission of such request.

 

		(c)	Use commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness
of a Registration Statement or the lifting of any suspension of the qualification (or exemption from qualification) of any of the
Registrable Securities for sale in any jurisdiction in which they have been qualified for sale, in either case at the earliest
possible moment or, if any such order or suspension is made effective during any Deferral Period, at the earliest possible moment
after the expiration of such Deferral Period.

 

 

 

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		(d)	Upon (A) the issuance by the SEC of a stop order suspending the effectiveness of the Resale Registration
Statement or the initiation of proceedings with respect to the Resale Registration Statement under Section 8(d) or 8(e) of the
Securities Act, (B) the occurrence of any event or the existence of any fact (a “Material Event”) as a result
of which any Registration Statement shall 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 not misleading, or any Prospectus shall contain any untrue statement
of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading (including, in any such case, as a result of the non-availability of financial statements),
or (C) the occurrence or existence of any development, event, fact, situation or circumstance relating to the Company that, in
the discretion of the Company, makes it appropriate to suspend the availability of the Resale Registration Statement and the related
Prospectus, (i) in the case of clause (B) above, subject to the next sentence, as promptly as is reasonably practicable prepare
and file a post-effective amendment to such Registration Statement or a supplement to the related Prospectus or any document incorporated
therein by reference or file any other required document that would be incorporated by reference into such Registration Statement
and Prospectus so that such Registration Statement does 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 not misleading, and such Prospectus does
not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading, as thereafter delivered to the purchasers of the
Registrable Securities being sold thereunder, and, in the case of a post-effective amendment to a Registration Statement, subject
to the next sentence, use commercially reasonable efforts to cause it to be declared effective as promptly as is reasonably practicable,
and (ii) give notice (via facsimile, telephone or electronic mail followed by a written notice by internationally recognized overnight
courier) to the Notice Holders that the availability of the Resale Registration Statement is suspended (a “Deferral Notice”)
and, upon receipt of any Deferral Notice, each Notice Holder agrees not to sell any Registrable Securities pursuant to the Registration
Statement until such Notice Holder’s receipt of copies of the supplemented or amended Prospectus provided for in clause (i)
above, or until it is advised in writing by the Company that the Prospectus may be used, and has received copies of any additional
or supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus. The Company will use commercially
reasonable efforts to ensure that the use of the Prospectus may be resumed (x) in the case of clause (A) above, as promptly as
is reasonably practicable, (y) in the case of clause (B) above, as soon as, in the sole reasonable judgment of the Company, public
disclosure of such Material Event would not be prejudicial to or contrary to the interests of the Company or, if necessary to avoid
unreasonable burden or expense, as soon as reasonably practicable thereafter and (z) in the case of clause (C) above, as soon as,
in the reasonable discretion of the Company, such suspension is no longer appropriate. The period during which the availability
of the Registration Statement and any Prospectus is suspended (the “Deferral Period”) is not to exceed (i) 20
consecutive days at any one time; (ii) 30 days in the aggregate in any three-month period; or (iii) 60 days in the aggregate during
any 12-month period, or as otherwise required by applicable regulatory authority; provided that, the number of days the Company
is required to keep the Registration Statement effective shall be extended by the number of days equal to the aggregate Deferral
Period(s). The first day of any Deferral Period must be at least two (2) trading days after the last day of any prior Deferral
Period.

 

		(e)	During the Effectiveness Period (except during such periods that a Deferral Notice is outstanding
and has not been revoked), deliver to each Notice Holder in connection with any sale of Registrable Securities pursuant to a Registration
Statement, without charge, as many copies of the Prospectus or Prospectuses relating to such Registrable Securities and any amendment
or supplement thereto as such Notice Holder may reasonably request; and the Company hereby consents (except during such periods
that a Deferral Notice is outstanding and has not been revoked) to the use of such Prospectus or each amendment or supplement thereto
by each Notice Holder in connection with any offering and sale of the Registrable Securities covered by such Prospectus or any
amendment or supplement thereto in the manner set forth therein.

 

 

 

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		(f)	Subject to Section 3(d), prior to any public offering of the Registrable Securities pursuant to the
Resale Registration Statement, use commercially reasonable efforts to register or qualify or cooperate with the Notice Holders
in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable
Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any Notice
Holder reasonably requests in writing (which request may be included in the Notice and Questionnaire), it being agreed that no
such registration or qualification will be made unless so requested; prior to any public offering of the Registrable Securities
pursuant to the Resale Registration Statement, use commercially reasonable efforts to keep each such registration or qualification
(or exemption therefrom) effective during the Effectiveness Period in connection with such Notice Holder’s offer and sale
of Registrable Securities pursuant to such registration or qualification (or exemption therefrom) and do any and all other acts
or things necessary to enable the disposition in such jurisdictions of such Registrable Securities in the manner set forth in the
relevant Registration Statement and the related Prospectus; provided, that the Company will not be required to (i) qualify as a
foreign corporation or as a dealer in securities in any jurisdiction where it is not otherwise qualified or (ii) take any action
that would subject it to general service of process in suits or to taxation in any such jurisdiction where it is not then so subject.

 

SECTION 4:
Holder’s Obligations.

 

Each Holder agrees, by acquisition of the
Registrable Securities, that no Holder of Registrable Securities shall be entitled to sell any of such Registrable Securities pursuant
to a Registration Statement or to receive a Prospectus relating thereto, unless such Holder has furnished the Company with a properly
completed Notice and Questionnaire as required pursuant to this Section 4 (including the information required to be included in
such Notice and Questionnaire) and the information set forth in the next sentence. Each Holder agrees to deliver a Notice and Questionnaire
to the Company promptly upon becoming a Holder and notify the Company of any change in such information at least five (5) business
days prior to the filing of the Initial Resale Registration Statement or Subsequent Resale Registration Statement, as applicable.
Each Notice Holder agrees promptly to furnish to the Company in writing all information required to be disclosed in order to make
the information previously furnished to the Company by such Notice Holder not misleading, any other information regarding such
Notice Holder and the distribution of such Registrable Securities as may be required to be disclosed in the Registration Statement
under applicable law or pursuant to SEC comments and any information otherwise required by the Company to comply with applicable
law or regulations. Each Holder further agrees, following termination of the Effectiveness Period, to notify the Company, within
ten (10) Business Days of a request, of the amount of Registrable Securities sold pursuant to the Registration Statement and, in
the absence of a response, the Company may assume that all of the Holder’s Registrable Securities were so sold.

 

SECTION 5:
Registration Expenses.

 

The Company shall bear all fees and expenses
incurred in connection with the performance by the Company of its obligations under Sections 2 and 3 of this Agreement whether
or not any of the Registration Statements are declared effective. Such fees and expenses shall include, without limitation, (i)
all registration and filing fees (including, without limitation, fees and expenses (x) with respect to filings required to be made
with such U.S. national securities exchange or quotation medium on which the Common Stock is then listed or quoted) and (y) of
compliance with U.S. federal and state securities or “Blue Sky” laws to the extent such filings or compliance are required
pursuant to this Agreement (including, without limitation, reasonable fees and disbursements of the counsel specified in the next
sentence in connection with Blue Sky qualifications of the Registrable Securities under the laws of such jurisdictions as the Notice
Holders of a majority of the Registrable Securities being sold pursuant to a Registration Statement may designate)), (ii) printing
expenses, (iii) duplication expenses relating to copies of any Registration Statement or Prospectus delivered to any Holders hereunder,
and (iv) fees and disbursements of counsel for the Company in connection with the Resale Registration Statement, provided, however,
that the Company shall not be responsible for any brokers' fees, commissions or discounts in connection with the sale of Registrable
Securities or the fees and expenses of legal counsel for the Holders.

 

 

 

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SECTION 6:
Information Requirements.

 

The Company covenants that, if at any time
before the end of the Effectiveness Period the Company is not subject to the reporting requirements of the Exchange Act, it will
cooperate with any Holder of Registrable Securities and take such further reasonable action as any Holder of Registrable Securities
may reasonably request in writing (including, without limitation, making such reasonable representations as any such Holder may
reasonably request), all to the extent required from time to time to enable such Holder to sell Registrable Securities without
registration under the Securities Act within the limitations of Rule 144 under the Securities Act and customarily taken in connection
with sales pursuant to such exemptions. Upon the written request of any Holder of Registrable Securities, the Company shall deliver
to such Holder a written statement as to whether it has complied with the filing requirements of Rule 144.

 

SECTION 7: Indemnification and
Contribution.

 

		(a)	The Company agrees to indemnify and hold harmless each Holder of Registrable Securities covered by
the Resale Registration Statement, the directors, officers, employees, Affiliates and agents of each such Holder and each person
who controls any such Holder within the meaning of either the Securities Act or the Exchange Act against any and all losses, claims,
damages or liabilities, joint or several, to which they or any of them may become subject under the Securities Act, the Exchange
Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in the Resale Registration Statement or in any amendment thereof, in each case at the time such became
effective under the Securities Act, or in any preliminary Prospectus or the Prospectus, or in any amendment thereof or supplement
thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein (in the case of any preliminary Prospectus or the Prospectus, in the light
of the circumstances under which they were made) not misleading, and agrees to reimburse each such indemnified party, as incurred,
for any legal or other expenses reasonably incurred by it in connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however, that the Company will not be liable in any such case to the extent that any such loss,
claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or
alleged omission made therein in reliance upon and in conformity with written information furnished to the Company by or on behalf
of the party claiming indemnification specifically for inclusion therein. This indemnity shall be in addition to any liability
that the Company may otherwise have.

 

		(b)	Each Holder of securities covered by the Resale Registration Statement severally and not jointly agrees
to indemnify and hold harmless the Company, each of its directors, each of its officers who signs the Resale Registration Statement
and each person who controls the Company within the meaning of either the Securities Act or the Exchange Act, to the same extent
as the foregoing indemnity from the Company to each such Holder, but only with reference to information relating to such Holder
furnished to the Company by or on behalf of such Holder specifically for inclusion in the documents referred to in the foregoing
indemnity. This indemnity agreement shall be acknowledged by each Notice Holder that is not the Buyers in such Notice Holder's
Notice and Questionnaire and shall be in addition to any liability that any such Notice Holder may otherwise have.

 

 

 

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		(c)	Promptly after receipt by an indemnified party under this Section 7 of notice of the commencement
of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this
Section 7, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying
party (i) will not relieve it from liability under paragraph (a) or (b) above unless such failure results in the forfeiture by
the indemnifying party of substantial rights and defenses or otherwise materially prejudices the indemnifying party; and (ii) will
not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification
obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel (including local
counsel) of the indemnifying party's choice at the indemnifying party's expense to represent the indemnified party in any action
for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and
expenses of any separate counsel, other than local counsel if not appointed by the indemnifying party, retained by the indemnified
party or parties except as set forth below); provided, however, that such counsel shall be reasonably satisfactory to the indemnified
party. Notwithstanding the indemnifying party's election to appoint counsel (including one local counsel) to represent the indemnified
party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying
party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying
party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential defendants
in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall
have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties that are different
from or additional to those available to the indemnifying party; (iii) the indemnifying party shall not have employed counsel reasonably
satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution
of such action; or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense
of the indemnifying party. An indemnifying party will not, without the prior written consent of the indemnified parties, settle
or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding
in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual
or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of
each indemnified party from all liability arising out of such claim, action, suit or proceeding.

 

		(d)	If the indemnification to which an indemnified party is entitled under this Section 7 is for any reason
unavailable to or insufficient although applicable in accordance with its terms to hold harmless an indemnified party in respect
of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the
aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, in
such proportion as is appropriate to reflect the relative fault of the indemnifying party or parties on the one hand and of the
indemnified party on the other hand in connection with the statements or omissions which resulted in such losses, liabilities,
claims, damages or expenses, as well as any other relevant equitable considerations.

 

The relative fault of the Company
on the one hand and the Holders of the Registrable Securities on the other hand shall be determined by reference to, among other
things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material
fact relates to information supplied by the Company or by the Holder of the Registrable Securities and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

The parties hereto agree that it would
not be just and equitable if contribution pursuant to this Section 7(d) were determined by pro rata allocation or by any other
method of allocation which does not take account of the equitable considerations referred to above in this Section 7(d). The aggregate
amount of losses, liabilities, claims, damages, and expenses incurred by an indemnified party and referred to above in this Section
7(d) shall be deemed to include any out-of-pocket legal or other expenses reasonably incurred by such indemnified party in investigating,
preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced
or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission.

 

 

 

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Notwithstanding the provisions of
this Section 7, no Holder of any Registrable Securities shall be required to indemnify or contribute any amount in excess of the
amount by which the proceeds received from the sale of the Registrable Securities by such Holder of Registrable Securities exceeds
the amount of any damages that such Holder of Registrable Securities has otherwise been required to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission.

 

No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation.

 

For purposes of this Section 7(d),
each person, if any, who controls Buyers or any Holder of Registrable Securities within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act shall have the same rights to contribution as Buyers or such Holder, and each person, if
any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have
the same rights to contribution as the Company.

 

		(e)	The provisions of this Section 7 shall remain in full force and effect, regardless of any investigation
made by or on behalf of any Holder or the Company or any of the indemnified persons referred to in this Section 7, and shall survive
the sale by a Holder of Registrable Securities covered by the Resale Registration Statement.

 

SECTION 8: Miscellaneous

 

		(a)	Successors and Assigns. Neither this Agreement nor any of the rights, interests or obligations
hereunder shall be assigned by any of the parties hereto without the prior written consent of the other parties. Subject to the
preceding sentence, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the parties and their
respective permitted successors and assigns. If any permitted transferee of any Holder shall acquire Registrable Securities, such
Registrable Securities shall be subject to all of the terms of this Agreement and by taking and holding such Registrable Securities
such person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement.
Nothing in this Agreement is intended to confer upon any party other than the parties hereto or their respective permitted successors
and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided
in this Agreement.

 

		(b)	Notices. Unless otherwise provided herein, any notice, request, waiver, instruction,
consent or document or other communication required or permitted to be given by this Agreement shall be effective only if it is
in writing and (i) delivered by hand or sent by certified mail, return receipt requested, (ii) if sent by a nationally-recognized
overnight delivery service with delivery confirmed, or (iii) if sent by facsimile (or other similar electronic means), with receipt
confirmed as follows:

 

	 	Company:	
        2010A Harbison Drive # 312, 

        Vacaville, CA 95687

        Attn: W. Pierce Carson, CEO

        Email: pierce.carson@gmail.com

	 	 	 
	 	
        with a copy to:
	
        

        Clifford L. Neuman PC

        6800 N. 79th Street, Suite 200

        Niwot, CO 80503

        Attn: Clifford Neuman

        Email: clneuman@neuman.com

	 	 	 
	 	
        Buyers:
	
        See attached Schedule A

 

 

 

    	 	10	 

     

    

 

	 	
        with a copy to:
	
        

 

The parties shall
promptly notify each other of any change in their respective addresses or facsimile numbers or of the individual or entity or office
to receive notices, requests or other communications under this Section 8(b). All notices shall be deemed to have been given
(i) if personally delivered or sent by certified mail, as of the date when so delivered, (ii) if sent by nationally-recognized
overnight delivery service, two days after mailing, or (iii) if sent by facsimile (or other similar electronic means) as of the
date sent, if during normal business hours of the recipient, and otherwise on the next business day.

 

		(c)	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, without the written consent of the Company and the Holders of a majority of the then outstanding Registrable Securities.
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 Holders of Registrable Securities whose securities are being sold pursuant to a Registration Statement and that
does not directly or indirectly affect the rights of other Holders of Registrable Securities may be given by Holders of at least
a majority of the Registrable Securities being sold by such Holders pursuant to such Registration Statement; provided, that the
provisions of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of the immediately
preceding sentence. Each Holder of Registrable Securities outstanding at the time of any such amendment, modification, supplement,
waiver or consent or thereafter shall be bound by any such amendment, modification, supplement, waiver or consent effected pursuant
to this Section 8(c), whether or not any notice, writing or marking indicating such amendment, modification, supplement, waiver
or consent appears on the Registrable Securities or is delivered to such Holder.

 

		(d)	Severability. Any term or provision of this Agreement that is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable in any situation in any jurisdiction shall not affect the
validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term
or provision in any other situation or in any other jurisdiction. If the final judgment of a court of competent jurisdiction or
other authority declares that any term or provision hereof is invalid, void or unenforceable, the parties agree that the court
making such determination shall have the power to reduce the scope, duration, area or applicability of the term or provision, to
delete specific words or phrases, or to replace any invalid, void or unenforceable term or provision with a term or provision that
is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision.

 

		(e)	Governing Law. This Agreement shall be governed by and construed in accordance with
the internal laws (as opposed to the conflicts of law provisions) of the State of Colorado.

 

		(f)	Submission to Jurisdiction. The parties hereby submit to the non-exclusive jurisdiction
of any court of the State of Colorado or the United States District Court for the District of Colorado for the purpose of any suit,
action, or other proceeding arising out of this Agreement, and waive any and all objections to jurisdiction that they may have
under the laws of the State of Colorado or the United States and any claim or objection that any such court is an inconvenient
forum.

 

		(g)	Entire Agreement. This Agreement constitutes the full and entire understanding and agreement
between the parties with regard to the subjects hereof and thereof.

 

		(h)	Counterparts. This Agreement may be executed in two or more counterparts (including
by facsimile or similar means of electronic communication), each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

 

 

    	 	11	 

     

    

 

		(i)	Specific Performance. Buyers and the Company each agree that irreparable damage would
occur in the event that any of the provisions of this Agreement were not performed by them in accordance with the terms hereof
and that each party shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or equity.
Each party hereto expressly waives any requirement that any other party hereto obtain any bond or provide any indemnity in connection
with any action seeking injunctive relief or specific enforcement of the provisions of the Agreement.

 

		(j)	Expenses. All reasonable, documented out-of-pocket costs and expenses incurred by the
parties in connection with the negotiation, preparation, execution and delivery of this Agreement, including the fees, expenses
and disbursements of legal counsel and accountants, shall be paid by the Company. Except as otherwise set forth in this Agreement,
costs and expenses incurred by the parties in connection with the performance of its obligations under this Agreement shall be
paid by the party incurring such expenses. The prevailing party in any litigation or other proceeding to collect Liquidated Damages
pursuant to this Agreement shall be entitled to collect from the non-prevailing party all reasonable costs and fees associated
with such litigation or proceeding, including reasonable attorneys’ fees.

 

		(k)	Approval of Holders. Whenever the consent or approval of Holders of a specified percentage
of Registrable Securities is required hereunder, Registrable Securities held by the Company or its Affiliates (other than Buyers
or subsequent Holders of Registrable Securities if such subsequent Holders are deemed to be such Affiliates solely by reason of
their holdings of such Registrable Securities) shall not be counted in determining whether such consent or approval was given by
the Holders of such required percentage.

 

		(l)	Termination. This Agreement and the obligations of the parties hereunder shall terminate
upon the earlier to occur of (i) the expiration of the Effectiveness Period or (ii) such time as there shall be no Registrable
Securities.

 

 

* * * * *

 

 

 

 

 

 

 

 

 

    	 	12	 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this REGISTRATION RIGHTS AGREEMENT as of the
date first written above.

 

 

MAGELLAN GOLD CORPORATION

 

 

          /s/
Pierce Carson          

Name: Pierce Carson

Title: CEO

 

	 	 
	 	 
	By:	/s/                          
	Name: 	 
	Title: 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	13	 

     

    

 

ANNEX A

 

FORM OF SELLING SECURITYHOLDER NOTICE
AND QUESTIONNAIRE.

 

The undersigned beneficial owner (the “Selling
Securityholder”) of Registrable Securities hereby gives notice to the Company of its intention to sell or otherwise dispose
of Registrable Securities beneficially owned by it and listed below in Item 3 (unless otherwise specified under such Item 3) pursuant
to the Resale Registration Statement. The undersigned, by signing and returning this Notice and Questionnaire, understands that
it will be bound by the terms and conditions of this Notice and Questionnaire and the Registration Rights Agreement.

 

Pursuant to the Registration Rights Agreement,
the undersigned has agreed to indemnify and hold harmless the Company's directors and officers and each person, if any, who controls
the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), from and against certain losses arising in connection with statements concerning the
undersigned made in the Company's Resale Registration Statement or the related prospectus in reliance upon the information provided
in this Notice and Questionnaire.

 

If the Selling Securityholder transfers all
or any portion of the Registrable Securities listed in Item 3 below after the date on which such information is provided to the
Company, the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer of its rights and obligations
under the registration Rights Agreement and that the transferee must complete this Notice and Questionnaire in order to avail itself
of the rights under the Registration Rights Agreement.

 

[CONTINUED NEXT PAGE]

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	14	 

     

    

 

QUESTIONNAIRE

 

Please respond to every item, even if your
response is “none.” If you need more space for any response, please attach additional sheets of paper. Please be sure
to indicate your name and the number of the item being responded to on each such additional sheet of paper, and to sign each such
additional sheet of paper before attaching it to this Questionnaire. Please note that you may be asked to answer additional questions
depending on your responses to the following questions.

 

COMPLETED QUESTIONNAIRES SHOULD BE RETURNED
TO

MAGELLAN GOLD CORPORATION AS FOLLOWS:

 

ONE (1) COPY BY FACSIMILE TO FAX: (303)
449-1045 OR EMAIL PDF TO CLNEUMAN@NEUMAN.COM

 

WITH THE ORIGINAL COPY TO FOLLOW TO:

 

MAGELLAN GOLD CORPORATION

 

_________________________________

 

ATTENTION: CHIEF EXECUTIVE OFFICER

 

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

 

		1.	Your Identity and Background as the Beneficial Owner of The Registrable Securities.

 

		(a)	Your full legal name:

 

___________________________

 

		(b)	Your business address (including street address) (or residence if no business address), telephone
number and facsimile number:

 

Address:___________________________

 

__________________________________

 

Telephone No.:___________________________

 

Fax No.:___________________________

 

		(c)	Are you a broker-dealer registered pursuant to Section 15 of the Exchange Act?

 

[_] Yes.

 

[_] No.

 

 

 

    	 	15	 

     

    

 

		(d)	If your response to Item 1(c) above is no, are you an “affiliate” of a broker-dealer registered
pursuant to Section 15 of the Exchange Act?

 

[_] Yes.

 

[_] No.

 

For the purposes of this Item 1(d),
an “affiliate” of a registered broker-dealer shall include any company that directly, or indirectly through one or
more intermediaries, controls, or is controlled by, or is under common control with, such broker-dealer, and does not include any
individuals employed by such broker-dealer or its affiliates.

 

		(e)	Full legal name of person or entity in whose name you hold the Registrable Securities—(i.e.
name of your broker, if applicable, through which your Registered Securities are held):

 

Record Stockholder: ___________________________

 

Name of broker: ___________________________

 

Contact person: ___________________________

 

Telephone No.: ___________________________

 

		2.	Your Relationship With Magellan Gold Corporation

 

		(a)	Have you or any of your affiliates, officers, directors or principal equity holders (owners of 5%
or more of the equity securities of the undersigned) held any position or office or have you had any other material relationship
with Magellan Gold Corporation (or its predecessors or affiliates) within the past three years?

 

[_] Yes.

 

[_] No.

 

		(b)	If your response to Item 2(a) above is yes, please state the nature and duration of your relationship
with Magellan Gold Corporation:

 

		3.	Your Interest in the Registrable Securities.

 

		(a)	State the number of such Registrable Securities beneficially owned by you.

 

___________________________

 

		(b)	Other than as set forth in your response to Item 3(a) above, do you beneficially own any other securities
of Magellan Gold Corporation?

 

[_] Yes.

 

[_] No.

 

 

    	 	16	 

     

    

 

		(c)	If your answer to Item 3(b) above is yes, state the type, the aggregate amount and CUSIP No. (if applicable)
of such other securities of Magellan Gold Corporation beneficially owned by you:

 

Type: ___________________________

 

Aggregate amount: ___________________________

 

CUSIP No.: ___________________________

 

		(d)	Did you acquire the securities listed in Item 3(a) above in the ordinary course of business?

 

[_] Yes.

 

[_] No.

 

		(e)	At the time of your purchase of the securities listed in Item 3(a) above, did you have any agreements
or understandings, directly or indirectly, with any person to distribute the securities?

 

[_] Yes.

 

[_] No.

 

		(f)	If your response to Item 3(e) above is yes, please describe such agreements or understandings:

 

		4.	Nature of Your Beneficial Ownership.

 

		(a)	If the name of the beneficial owner of the Registrable Securities set forth in your response to Item
1(a) above is that of a limited partnership or corporation, state the names of the general partners of such limited partnership
or the officers and directors of such corporation:

 

___________________________

 

___________________________

 

___________________________

 

 

 

    	 	17	 

     

    

 

		(b)	With respect to each general partner listed in Item 4(a) above who is not a natural person, and is
not publicly held, name each shareholder (or holder of partnership interests, if applicable) of such general partner. If any of
these named shareholders are not natural persons or publicly held entities, please provide the same information. This process should
be repeated until you reach natural persons or a publicly held entity.

 

___________________________

 

___________________________

 

___________________________

 

		(c)	Name your controlling shareholder(s) or other person or entity who has the ability to exercise control
over you (the “Controlling Entity”). If the Controlling Entity is not a natural person and is not a publicly held entity,
name each shareholder of such Controlling Entity. If any of these named shareholders are not natural persons or publicly held entities,
please provide the same information. This process should be repeated until you reach natural persons or a publicly held entity.

 

		(A)(i)	Full legal name of Controlling Entity(ies) or natural person(s) with who have sole or shared voting
or dispositive power over the Registrable Securities:

 

Business address
(including street address) (or residence if no business address), telephone number and facsimile number of such person(s):

 

Address: ___________________________

Telephone: ___________________________

Fax: ___________________________

Name of Shareholder:

___________________________

 

___________________________

 

		(B)(i)	Full legal name of Controlling Entity(ies):

 

Business address (including street
address) (or residence if no business address), telephone number and facsimile number of such person(s):

Address: ___________________________

Telephone: ___________________________

Fax: ___________________________

Name of Shareholders:

___________________________

 

___________________________

 

If you need more space for this response,
please attach additional sheets of paper. Please be sure to indicate your name and the number of the item being responded to on
each such additional sheet of paper, and to sign each such additional sheet of paper before attaching it to this Questionnaire.
Please note that you may be asked to answer additional questions depending on your responses to the following questions.

 

 

 

    	 	18	 

     

    

 

		5.	Plan of Distribution.

 

The undersigned (including its
donees or pledgees) intends to distribute the Registrable Securities listed above in Item 3 pursuant to the Resale Registration
Statement only as follows (if at all): Such Registrable Securities may be sold from time to time directly by the undersigned or,
alternatively, through underwriters, broker-dealers or agents. If the Registrable Securities are sold through underwriters, broker-dealers
or agents, the Selling Securityholder will be responsible for underwriting discounts or commissions or agents' commissions. Such
Registrable Securities may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of sale,
at varying prices determined at the time of sale or at negotiated prices. Such sales may be effected in transactions (which may
involve block transactions) (i) on any national securities exchange or quotation service on which the Registrable Securities may
be listed or quoted at the time of sale, (ii) in the over-the-counter market, or (iii) in transactions otherwise than on such exchanges
or services or in the over-the-counter market.

 

DATED this _____ day of _________________,
_____.

 

 

	 	 
	 	Signature of Holder
	 	 
	 	 
	 	 
	 	(Print name)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	19Exhibit 4.3

 

THIS NOTE HAS NOT BEEN REGISTERED
WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

 

	No. [2018A-____]	U.S. $ _____,000

Original Issue Date: ___________, 2018

 

SERIES 2018A 10% UNSECURED CONVERTIBLE
PROMISSORY NOTE 

DUE ___________ 2019

 

THIS NOTE is one of a duly authorized issue
of Notes of MAGELLAN GOLD CORPORATION, a Nevada corporation (the “Company”), designated as its Series
2018A 10% Unsecured Convertible Promissory Notes (the “Notes”) due on ____________, 2018 (which date may be extended
at the option of the Company for up to an additional 12 months) (the “Maturity Date”), in an aggregate principal
amount of up to $500,000 plus accrued and unpaid interest.

 

FOR VALUE RECEIVED,
the Company promises to pay to _______ , the registered holder hereof (the "Holder"), the principal sum
of __________ Thousand and 00/100 Dollars (US $____,000.00) and to pay interest on the principal sum outstanding from time to time
in arrears at the rate of 10% per annum, calculated from the date of initial issuance of this Note (the “Issue Date”)
and payable quarterly in cash beginning ___________, 2019. Accrual of interest shall commence on the first such business day to
occur after the Issue Date and shall continue to accrue on a daily basis until payment in full of the principal sum has been made
or duly provided for.

 

The Company shall pay
all accrued and unpaid interest, in arrears, on each Interest Payment Date, as provided herein, and shall pay the outstanding principal
balance hereof on the earlier of (i) the Conversion Date, or (ii) the Maturity Date.

 

This Note is being
issued pursuant to the terms of the Subscription Agreement (the “Subscription Agreement”), to which the Company and
the Holder (or the Holder’s predecessor in interest) are parties. Capitalized terms not otherwise defined herein shall have
the meanings ascribed to them in the Subscription Agreement.

 

This Note is subject to the following additional
provisions.

 

Section 1.    No
Collateral/Pari Passu.

 

(a)          This Note is one of a series of unsecured Notes known as the Series 2018A 10% Unsecured Convertible Promissory Notes in a total
principal amount of up to $500,000 plus accrued but unpaid interest. No payments will be made to the holder of this Note unless
a proportional payment (based on outstanding principal amount) is made with respect to all other Notes. Upon liquidation, this
Note will be treated in pari passu with all other Notes issued in this Series.

 

(b)          The Company’s obligations under this Note are unsecured.

 

(c)          All holders of Notes issued in this Series shall execute and be bound by an Agreement Among Lenders pursuant to which all such
Holders will agree to act in concert with respect to the Notes as determined by Holders owning a Majority in Interest of the Notes.

 

 

 

    	 	1	 

     

    

 

Section 2.    No Sale or Transfer.
This Note may not be sold, transferred, assigned, hypothecated or divided into two or more Notes of smaller denominations
except to the extent such sale, transfer, assignment, hypothecation or division is in compliance with federal and applicable state
securities laws, the compliance with which must be established to the reasonable satisfaction of the Company.

 

Section 3.    No Limitations
on Debt. The existence of this Note does not preclude the Company from incurring other indebtedness.

 

Section 4.    Provisions
Regarding Payment of Interest. Interest hereunder will be paid to the Holder, calculated from the date of initial issuance
of this Note (the “Issue Date”) and payable quarterly in arrears beginning ___________, 2019 (each an “Interest
Payment Date”). At the option of the Company, accrued interest may be paid (i) in cash or (ii) in shares of restricted
Common Stock valued at the 20 day VWAP ending on the last day of the quarter for which interest is payable. If not paid previously,
all interest will be payable at the Maturity Date.

 

Section 5.    (a) “Event of Default”
wherever used herein, means any one of the following events (whatever the reason and whether it shall be voluntary or involuntary
or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of
any administrative or governmental body):

 

(i)          Any default
in the payment of the principal of or interest on this Note as and when the same shall become due and payable, (whether on the
Maturity Date or by acceleration or otherwise);

 

(ii)         The Company shall fail to observe or perform any other covenant, agreement or warranty contained in, or otherwise commit any breach
of, this Note or and such failure or breach shall not have been remedied within 30 days after the date on which notice of such
failure or breach shall have been given;

 

(iii)        The
Company shall commence a voluntary case under the United States Bankruptcy Code or insolvency laws as now or hereafter in effect
or any successor thereto (the “Bankruptcy Code”); or an involuntary case is commenced against the Company under
the Bankruptcy Code and the petition is not controverted within 30 days, or is not dismissed within 60 days, after commencement
of such involuntary case; or a “custodian” (as defined in the Bankruptcy Code) is appointed for, or takes charge of,
all or any substantial part of the property of the Company or the Company commences any other proceeding under any reorganization,
arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether
now or hereafter in effect relating to the Company or there is commenced against the Company any such proceeding which remains
undismissed for a period of 60 days; or the Company is adjudicated insolvent or bankrupt; or any order of relief or other order
approving any such case or proceeding is entered; or the Company suffers any appointment of any custodian or the like for it or
any substantial part of its property which continues undischarged or unstayed for a period of 60 days; or the Company makes a general
assignment for the benefit of creditors; or the Company shall fail to pay, or shall state that it is unable to pay its debts generally
as they become due; or the Company shall call a meeting of all of its creditors with a view to arranging a composition or adjustment
of its debts; or the Company shall by any act or failure to act indicate its consent to, approval of or acquiescence in any of
the foregoing; or any corporate or other action is taken by the Company for the purpose of effecting any of the foregoing.

 

(b)       Remedies.
The Holder may declare a default under Section 5(a)(i) upon not less than 15 days’ written notice to the Company. If the
Company fails to cure an Event of Default within such period (or if the cure cannot be reasonably completed within such period,
commence the cure of the Event of Default and diligently pursue such cure), then the principal amount hereof together with all
accrued and unpaid interest up to the date of default shall thereafter accrue interest at the default interest rate of 12% per
annum and the Holders may:

 

 

 

    	 	2	 

     

    

 

(i)          Declare all amounts due under the Notes immediately due and owing and exercise all rights with respect thereto permitted by law;

 

(ii)         Convert all of the Notes into shares of Common Stock of the Company; or

 

(iii)        Assert any other remedy available at law or in equity.

 

Section 6.     Intentionally
Omitted

 

Section 7.     Definitions.
For the purposes hereof, the following terms shall have the following meanings:

 

“Business Day” means any day except
Saturday, Sunday and any day which shall be a legal holiday or a day on which banking institutions in the State of Colorado are
authorized or required by law or other government action to close.

 

“Company” means Magellan Gold Corporation,
a Nevada corporation.

 

“Conversion Amount” shall mean
the total of unpaid principal and accrued but unpaid interest at the date such amount is determined.

 

“Conversion Price” shall mean $0.02
per share, as adjusted as set forth in Section 8(d), below.

 

“Conversion Shares” shall mean
the shares of the Company’s Common Stock, $.001 par value, issued or issuable upon conversion of the Notes.

 

“Notes” means the Notes, or any
of them, as the context may require.

 

“Holder” means any Person who is
a registered holder of this Note as listed in the books of the Company.

 

“Interest Payment Date” The Notes
accrue interest at the rate of 10% per annum, payable quarterly in arrears.

 

“Market Price” at any date shall
be deemed to be (i) if the principal trading market for such securities is any exchange, the last reported sale price, on each
Trading Day for which determination is made as officially reported on any consolidated tape, (ii) if the principal market for such
securities is the over-the-counter market, the closing prices (or, if no closing price, the closing bid price) on such Trading
Days as set forth by Nasdaq or the OTC.QB of the OTC Markets Group, Inc. (whichever is the principal market for the Company’s
common stock) as reported at http://finance.yahoo.com or, (iii) if the security is not quoted on Nasdaq or the OTC.QB, the average
bid and asked price as set forth on OTC.Pink of the OTC Markets Group, Inc. listing such securities for such day. Notwithstanding
the foregoing, if there is no reported closing price or bid price, as the case may be, on any of the ten trading days preceding
the event requiring a determination of Market Price hereunder, then the Market Price shall be determined in good faith by resolution
of the Board of Directors of the Company, based on the best information available to it.

 

“Material Adverse Effect” means
a material adverse effect upon the business, operations, properties, assets or condition (financial or otherwise) of the Company
taken as a whole.

 

 

 

    	 	3	 

     

    

 

“Maturity Date” means the date
defined in the first paragraph or (if earlier) the date of any prepayment or acceleration.

 

“Original Issue Date” shall mean
the date this Note is purchased by the initial holder.

 

“Person” means a corporation, an
association, a partnership, organization, a business, an individual, a government or political subdivision thereof or a governmental
agency.

 

“Trading Day” means a day in which
the market on which shares of the Company’s common stock are principally traded is open for trading, whether or not any shares
of the Company’s common stock are actually traded on that day.

 

Section 8.     Conversion.

 

a.       Voluntary
Conversion. At any time before this Note has been paid, upon written notice to the Company, the Holder may convert the
Conversion Amount into Conversion Shares determined by dividing the Conversion Amount by the Conversion Price.

 

b.       Mandatory
Conversion. The Conversion Amount shall automatically be converted into Conversion Shares in the event (i) there exists
a public market for the Company’s common stock, (ii) the closing price of the common stock in the principal trading market
has been $0.25 per share or higher for the preceding ten (10) trading days, and (iii) either (A) there is an effective registration
statement registering for resale under the Securities Act of 1933, as amended (“Securities Act”) the Conversion Shares
or (B) the Conversion Shares are eligible to be resold by non-affiliates of the Company without restriction under Rule 144 under
the Securities Act.

 

c.       Limitation on Conversion.Notwithstanding any other provision
hereof, in no event (except (i) as specifically provided herein as an exception to this provision, or (ii) while there is outstanding
a tender offer for any or all of the shares of the Company’s Common Stock) shall the Holder be entitled to convert any portion
of this Note, or shall the Company have the obligation to convert such Note to the extent that, after such conversion, the sum
of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common Stock
which may be deemed beneficially owned through the ownership of the unconverted portion of the Notes or other convertible securities
or of the unexercised portion of warrants or other rights to purchase Common Stock), and (2) the number of shares of Common Stock
issuable upon conversion of the Common Stock which are issuable upon the conversion of the Notes with respect to which the determination
of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more than 4.99% of the
outstanding shares of Common Stock (after taking into account the shares to be issued to the Holder upon such conversion). For
purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section
13(d) of the Securities Exchange Act of 1934, as amended, except as otherwise provided in clause (1) of such sentence. The Holder,
by its acceptance of this Note, further agrees that if the Holder transfers or assigns any of the Notes to a party who or which
would not be considered such an affiliate, such assignment shall be made subject to the transferee’s or assignee’s
specific agreement to be bound by the provisions of this Section 4(C) as if such transferee or assignee were the original Holder
hereof. Nothing herein shall preclude the Holder from disposing of a sufficient number of other shares of Common Stock beneficially
owned by the Holder so as to thereafter permit the continued conversion of this Note. The
provisions of this Section 8(c) (i) do not apply to any Holder who is the beneficial owner of 5% or more of the outstanding Common
Stock of the Company without regard to the conversion of this Note, and (ii) may be waived by agreement of the Company and the
Holder.

 

 

 

    	 	4	 

     

    

 

d.       Conversion
Price Dilution Adjustment. In order to prevent dilution of the conversion rights granted under this Section, the Conversion
Price will be subject to adjustment from time to time pursuant to this Section 8d.

 

(i)       If,
for as long as this Note remains outstanding, the Company enters into a merger (other than where the Company is the surviving entity)
or consolidation with another corporation or other entity or a sale or transfer of all or substantially all of the assets of the
Company to another person (collectively, a "Sale"), the Company will require, in the agreements reflecting such transaction,
that the surviving entity expressly assume the obligations of the Company hereunder. Notwithstanding the foregoing, if the Company
enters into a Sale and the holders of the Common Stock are entitled to receive stock, securities or property in respect of or in
exchange for Common Stock, then as a condition of such Sale, the Company and any such successor, purchaser or transferee will agree
that the Note may thereafter be converted on the terms and subject to the conditions set forth above into the kind and amount of
stock, securities or property receivable upon such merger, consolidation, sale or transfer by a holder of the number of shares
of Common Stock into which this Note might have been converted immediately before such merger, consolidation, sale or transfer,
subject to adjustments which shall be as nearly equivalent as may be practicable. In the event of any such proposed Sale, (i) the
Holder hereof shall have the right to convert by delivering a Notice of Conversion to the Company within fifteen (15) days of receipt
of notice of such Sale from the Company.

 

(ii)       If,
at any time while any portion of this Note remains outstanding, the Company spins off or otherwise divests itself of a part of
its business or operations or disposes of all or of a part of its assets in a transaction (the “Spin Off”) in which
the Company, in addition to or in lieu of any other compensation received and retained by the Company for such business, operations
or assets, causes securities of another entity (the “Spin Off Securities”) to be issued to security holders of the
Company, the Company shall cause (i) to be reserved Spin Off Securities equal to the number thereof which would have been issued
to the Holder had all of the Holder’s Notes outstanding on the record date (the “Record Date”) for determining
the amount and number of Spin Off Securities to be issued to security holders of the Company (the “Outstanding Notes”)
been converted as of the close of business on the trading day immediately before the Record Date (the “Reserved Spin Off
Shares”), and (ii) to be issued to the Holder on the conversion of all or any of the Outstanding Notes, such amount of the
Reserved Spin Off Shares equal to (x) the Reserved Spin Off Shares multiplied by (y) a fraction, of which (I) the numerator is
the principal amount of the Outstanding Notes then being converted, and (II) the denominator is the principal amount of the Outstanding
Notes.

 

(iii)       If,
at any time while any portion of this Note remains outstanding, the Company effectuates a stock split or reverse stock split of
its Common Stock or issues a dividend on its Common Stock consisting of shares of Common Stock, the Conversion Price and any other
amounts calculated as contemplated hereby or by any of the other Transaction Agreements shall be equitably adjusted to reflect
such action. By way of illustration, and not in limitation, of the foregoing, (i) if the Company effectuates a 2:1 split of its
Common Stock, thereafter, with respect to any conversion for which the Company issues shares after the record date of such split,
the Conversion Price shall be deemed to be one-half of what it had been immediately prior to such split; (ii) if the Company effectuates
a 1:10 reverse split of its Common Stock, thereafter, with respect to any conversion for which the Company issues shares after
the record date of such reverse split, the Conversion Price shall be deemed to be ten times what it had been calculated to be
immediately prior to such split; and (iii) if the Company declares a stock dividend of one share of Common Stock for every 10
shares outstanding, thereafter, with respect to any conversion for which the Company issues shares after the record date of such
dividend, the Conversion Price shall be deemed to be such amount multiplied by a fraction, of which the numerator is the number
of shares (10 in the example) for which a dividend share will be issued and the denominator is such number of shares plus the
dividend share(s) issuable or issued thereon (11 in the example).

 

 

 

    	 	5	 

     

    

 

(iv)       If
the Company at any time subdivides (by any stock split, stock dividend or otherwise) its outstanding shares of common stock into
a greater number of shares, the Conversion Price and the Strike Price in effect immediately prior to such subdivision will be proportionately
reduced, and if the Company at any time combines (by reverse stock split or otherwise) its outstanding shares of common stock into
a smaller number of shares, the Conversion Price and the Strike Price in effect immediately prior to such combination will be proportionately
increased.

 

(v)       In
the event of a judicial or non-judicial dissolution of the Company, the conversion rights and privileges of the Holder shall terminate
on a date, as fixed by the Board of Directors of the Company, not more than 45 days and not less than 30 days before the date of
such dissolution. The reference to shares of common stock herein shall be deemed to include shares of any class into which said
shares of common stock may be changed.

 

e.       Manner
of Converison. Conversion shall be effectuated by faxing a Notice of Conversion (as defined below) to the Company as
provided in this paragraph. The Notice of Conversion shall be executed by the Holder of this Note and shall evidence such
Holder's intention to convert this Note or a specified portion hereof in the form annexed hereto as Exhibit A. No fractional
shares of Common Stock or scrip representing fractions of shares will be issued on conversion, but the number of shares
issuable shall be rounded to the nearest whole share. The date on which notice of conversion is given (the "Conversion
Date") shall be deemed to be the date on which the Holder faxes or otherwise delivers the conversion notice
("Notice of Conversion") to the Company so that it is received by the Company on or before such specified date,
provided that, if such conversion would convert the entire remaining principal of this Note, the Holder shall deliver to the
Company the original Notes being converted no later than five (5) business days thereafter. Facsimile delivery of the Notice
of Conversion shall be accepted by the Company at facsimile number (303) 449-1045: Attention Clifford L. Neuman. Certificates
representing Common Stock upon conversion (“Conversion Certificates”) will be delivered to the Holder at the
address specified in the Notice of Conversion (which may be the Holder’s address for notices as contemplated by the
Subscription Agreement or a different address), via express courier, by electronic transfer or otherwise, as provided
in Section 8(d)(iii) below, and, if interest is paid by Common Stock, the Interest Payment Date. The Holder shall be deemed
to be the holder of the shares issuable to it in accordance with the provisions of this Section 8(c) on the Conversion Date.

 

f.       Nature
of Conversion Shares and Conversion Securities Issued.

 

(i)       When issued upon conversion of the Notes pursuant to Section 8(a) hereof, the Conversion Shares and Conversion Securities will
be legally and validly issued, fully-paid and non-assessable.

 

(ii)      Upon any conversion, this Note will be deemed cancelled and of no further force and effect, representing only the right to receive
the Conversion Shares and Conversion Securities, regardless whether the Holder delivers this Note to the Company for cancellation.

 

(iii)     As
soon as possible after a conversion has been effected (and subject to the Holder having returned the Note to the Company for cancellation),
the Company will deliver to the converting holder a certificate or certificates representing the Conversion Shares and Conversion
Securities issuable by reason of such conversion in such name or names and such denomination or denominations as the converting
holder has specified If any fractional share of Common Stock would be issuable upon any conversion, the Company will pay the holder
of the Conversion Shares an amount equal to the Market Price of such fractional share.

 

(iv)     The
issuance of certificates for Conversion Shares and Conversion Securities will be made without charge.

 

 

 

    	 	6	 

     

    

 

(v)      The
Company will not close its books against the transfer of the Conversion Shares or Conversion Securities issued or issuable in any
manner which interferes with the conversion of this Note.

 

Section 9.     No Impairment.
Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of, and interest on, this Note at the time, place, and rate, and in the coin or currency,
herein prescribed. This Note is a direct obligation of the Company.

 

Section 10.     No Rights
as a Shareholder. This Note shall not entitle the Holder to any of the rights of a Member of the Company, including without
limitation, the right to vote, to receive dividends and other distributions, or to receive any notice of, or to attend, meetings
of Members or any other proceedings.

 

Section 11.     No recourse shall
be had for the payment of the principal of, or the interest on, this Note, or for any claim based hereon, or otherwise in respect
hereof, against any incorporator, member, shareholder, manager, officer or director, as such, past, present or future, of the Company
or any successor entity, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment
or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof,
expressly waived and released.

 

Section 12.     All payments
contemplated hereby to be made “in cash” shall be made in immediately available good funds of United States of America
currency by wire transfer to an account designated in writing by the Holder to the Company (which account may be changed by notice
similarly given). All payments of cash and each delivery of shares of Common Stock issuable to the Holder as contemplated hereby
shall be made to the Holder at the address last appearing on the Note Register of the Company as designated in writing by the Holder
from time to time; except that the Holder can designate, by notice to the Company, a different delivery address for any one or
more specific payments or deliveries.

 

Section 13.     The Holder of
the Note, by acceptance hereof, agrees that this Note is being acquired for investment and that such Holder will not offer, sell
or otherwise dispose of this Note or the shares of Common Stock issuable upon conversion thereof except under circumstances which
will not result in a violation of the Act or any applicable state Blue Sky or foreign laws or similar laws relating to the sale
of securities.

 

Section 14.     The Notes will
initially be issued in denominations determined by the Company, but are exchangeable for an equal aggregate principal amount of
Notes of different denominations, as requested by the Holder surrendering the same. No service charge will be made for such registration
or transfer or exchange.

 

Section
15.     The Company shall be entitled to withhold from all payments of principal of, and interest on, this Note any amounts
required to be withheld under the applicable provisions of the United States income tax laws or other applicable laws at the time
of such payments, and Holder shall execute and deliver all required documentation in connection therewith.

 

Section
16.     This Note has been issued subject to investment representations of the original purchaser hereof and may be
transferred or exchanged only in compliance with the Securities Act of 1933, as amended (the "Act"), and other
applicable state and foreign securities laws and the terms of the Subscription Agreement. In the event of any proposed
transfer of this Note, the Company may require, prior to issuance of a new Note in the name of such other person, that it
receive reasonable transfer documentation that is sufficient to evidence that such proposed transfer complies with the Act
and other applicable state and foreign securities laws and the terms of the Subscription Agreement. Prior to due presentment
for transfer of this Note, the Company and any agent of the Company may treat the person in whose name this Note is duly
registered on the Company's Note Register as the owner hereof for the purpose of receiving payment as herein provided and for
all other purposes, whether or not this Note be overdue, and neither the Company nor any such agent shall be affected by
notice to the contrary.

 

 

 

    	 	7	 

     

    

 

Section 17.     Mutilated,
Lost or Stolen Notes. If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver, in
exchange and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen or
destroyed Note, a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed but only upon receipt
of evidence of such loss, theft or destruction of such Note, and of the ownership hereof, and adequate indemnity, if requested,
all reasonably satisfactory to the Company.

 

Section 18.     Governing
Law. This Note shall be governed by and construed in accordance with the laws of the State of Colorado. Each of the parties
consents to the exclusive jurisdiction of the federal courts whose districts encompass any part of State of Colorado, or the state
courts of the State of Colorado sitting in Denver, Colorado in connection with any dispute arising under this Agreement and hereby
waives, to the maximum extent permitted by law, any objection, including any objection based on forum non coveniens, to
the bringing of any such proceeding in such jurisdictions. To the extent determined by such court, the Company shall reimburse
the Holder for any reasonable legal fees and disbursements incurred by the Holder in enforcement of or protection of any of its
rights under any of this Note.

 

Section 19.     Waiver
of Jury Trial; No Other Waivers. The Company and the Holder hereby waive the right to a trial by jury in any action, proceeding
or counterclaim in respect of any matter arising out or in connection with this Note. Any waiver by the Company or the Holder
of a breach of any provision of this Note shall not operate as or be construed to be a waiver of any other breach of such provision
or of any breach of any other provision of this Note. The failure of the Company or the Holder to insist upon strict adherence
to any term of this Note on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter
to insist upon strict adherence to that term or any other term of this Note. Any waiver must be in writing.

 

Section 20.     Severability.
If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if
any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and
circumstances.

 

Section 21.     Obligations Due on a Business
Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall
be made on the next succeeding Business Day (or, if such next succeeding Business Day falls in the next calendar month, the preceding
Business Day in the appropriate calendar month).

 

IN WITNESS WHEREOF, the Company has
caused this instrument to be duly executed by an officer duly authorized for such purpose, as of the date first above indicated.

 

MAGELLAN GOLD CORPORATION

 

 

By:____________________________

 

 

 

    	 	8	 

     

    

 

Accepted this _____ day of _______ 2018
by the undersigned, thereunto duly authorized, in accordance with the terms stated herein and the Subscription Agreement pursuant
to which the undersigned acquired this Note.

 

Name of Holder: ___________________

 

 

By:______________________________

 

 

Tax Identification Number: SS. __________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	9	 

     

    

 

NOTICE OF CONVERSION

 

 

(To be Executed by the Registered Holder

in order to Convert the Notes)

 

The undersigned hereby
irrevocably elects to convert $__________ principal amount of the Note (defined below) and $___________ in accrued and unpaid interest
due under the Note into shares of common stock, par value $.001 per share (“Common Stock”), of MAGELLAN GOLD
CORPORATION, a Nevada corporation (the “Company”) according to the conditions of the convertible Note of the
Company dated as of ___________, 2018 (the “Note”), as of the date written below. If securities are to be issued
in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and
is delivering herewith such certificates. No fee will be charged to the Holder for any conversion, except for transfer taxes, if
any. The original certificate evidencing the Note is delivered herewith (or evidence of loss, theft or destruction thereof).

 

The Company shall electronically
transmit the Common Stock issuable pursuant to this Notice of Conversion to the account of the undersigned or its nominee with
DTC through its Deposit Withdrawal Agent Commission system (“DWAC Transfer”).

 

Name of DTC Prime Broker: ____________________

 

Account Number:  ____________________

 

In lieu of receiving
shares of Common Stock issuable pursuant to this Notice of Conversion by way of a DWAC Transfer, the undersigned hereby requests
that the Company issue a certificate or certificates for the number of shares of Common Stock set forth below (which numbers are
based on the Holder’s calculation attached hereto) in the name(s) specified immediately below or, if additional space is
necessary, on an attachment hereto:

 

Name:  ______________________________

 

Address: _________________________________________________

 

 

 

    	 	10	 

     

    

 

The undersigned represents
and warrants that all offers and sales by the undersigned of the securities issuable to the undersigned upon conversion of the
Note shall be made pursuant to registration of the securities under the Securities Act of 1933, as amended (the “Act”),
or pursuant to an exemption from registration under the Act.

 

Date of Conversion:___________________________

 

Applicable Conversion Price:____________________

 

Number of Shares of Common Stock
to be Issued Pursuant to

Conversion of the Notes:___________________

 

Signature:___________________________________

 

Name:______________________________________

 

Address:____________________________________

 

___________________________________________

 

SS or Tax I.D. No.____________________________

 

The Company shall issue and deliver shares
of Common Stock to an overnight courier not later than three business days following receipt of the original Note(s) to be converted,
and shall make payments pursuant to the Notes for the number of business days such issuance and delivery is late.

 

 

 

 

 

 

 

    	 	11

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