Document:

vtvt-ex102_6.htm

Exhibit 10.2

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT, dated as of December 10, 2020, by and between vTv Therapeutics LLC, a Delaware limited liability company (the “Company”), and Rudy C. Howard (the “Executive”), and for certain purposes specified herein, only, vTv Therapeutics Inc., a Delaware corporation (“vTv”).

WHEREAS, the Company desires to continue to employ the Executive, and the Executive is willing to serve the Company for the period and upon such other terms and conditions of this Agreement.

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

1.Employment, Duties and Acceptance.

1.1Employment, Duties.  The Company hereby employs the Executive for the Term (as defined in Section 2.1), to render exclusive and full-time services to the Company as the Executive Vice President and Chief Financial Officer of the Company, and to perform such other duties consistent with such position as may be assigned to the Executive by the Chief Executive Officer of the Company (the “CEO”) and the Board of Directors of the Company (the “Board”).  During the Term, the Executive shall report solely to the CEO and the Board.

1.2Acceptance.  The Executive hereby accepts such employment and agrees to render the services described above.  During the Term, the Executive agrees to serve the Company faithfully and to the best of the Executive’s ability, to devote the Executive’s entire business time, energy and skill to such employment, and to use the Executive’s best efforts, skill and ability to promote the Company’s interests.  The Executive further agrees to accept election, and to serve during all or any part of the Term, as an officer or director of the Company and of any Subsidiary or Affiliate of the Company, without any compensation therefor other than that specified in this Agreement, if elected to any such position by the shareholders or by the Board of any Subsidiary or Affiliate, as the case may be.  The Executive shall not engage in any other business activity or serve in any industry, trade, professional, governmental or academic position during the Term, except as may be expressly approved in advance by the Chief Executive Officer or unless set forth on Annex A hereto. The Executive shall be permitted to serve on the board of an entity that does not compete with the Company, subject to the advance written approval by the Chief Executive Officer and the Executive shall also be permitted to engage in charitable, community or personal investment activities; provided, that, such activities and investments do not conflict with or interfere with the Executive’s obligations under this Agreement and that such investments are in compliance with the Company’s policies and procedures.

1.3Location.  The duties to be performed by the Executive hereunder shall be performed primarily at the offices of the Company in North Carolina 

 

 

or at such other permitted location, subject to reasonable travel requirements on behalf of the Company.  

2.Term of Employment; Certain Post-Term Benefits.

2.1The Term.  This Agreement and the term of the Executive’s employment under this Agreement (the “Term”) shall become effective as of December 10, 2020 (the “Effective Date”) and will continue until December 31, 2021 (the “Termination Date”), subject to earlier termination pursuant to Section 4.

2.2End-of-Term Provisions.  Prior to the end of the Term, the Company and the Executive shall meet to discuss whether the Term should be extended.  The Company shall have the right at any time, however, to give written notice of non-renewal of the Term.  In the event of non-renewal of the Term by the Company and the Executive’s employment is terminated by the Company after the end of the Term, other than (i) for Cause (as defined below) or (ii) due to death or Disability (as defined below), then such termination shall be treated as a termination without Cause and the NC Restricted Period (as such term is defined in Section 8 of this Agreement) shall be reduced to a period of one year post termination of employment (the “Reduced NC Restricted Period”).  During such Reduced NC Restricted Period, the Executive shall receive as severance pay, an amount equal to the greater of (A) 50% of the payments set forth in Sections 4.4(i) and 4.4(ii) or (B) severance and benefits in accordance with Company policy as in effect at that time, in each case payable in installments in accordance with the Company’s normal payroll practices, subject to Executive’s signing and not revoking the release of claims as set forth in Section 4.6.  If the Executive’s employment is terminated by the Company after the end of the Term (x) for Cause, the Executive will not be entitled to receive any severance or other benefits or (y) due to death or Disability, the Executive will receive severance and benefits in accordance with Company policy as in effect at that time.  If the Company is willing to extend the Term and the Executive does not agree to extend the Term, then upon termination of employment at or after the end of the Term, the NC Restricted Period shall not be reduced and the Executive shall not be entitled to receive any severance benefits with respect to such termination of employment.  For the avoidance of doubt, except for the potential reduction in the duration of the NC Restricted Period, this Section 2.2 does not otherwise modify the terms of Sections 6 through 12 of this Agreement (collectively, the “Restrictive Covenants”) and the Executive shall, notwithstanding the termination of his employment with the Company, continue to be bound by the obligations contained therein.

3.Compensation; Benefits; Equity.

3.1Salary.  As compensation for all services to be rendered pursuant to this Agreement during the Term, the Company agrees to pay the Executive a base salary, payable in accordance with the Company’s normal payroll practices, at the annual rate of not less than $325,000 less such deductions or amounts to be withheld as required by applicable law and regulations (the “Base Salary”).  In the event that the Board, from time to time, increases the Base Salary, such increased amount shall, from 

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and after the effective date of the increase, constitute “Base Salary” for purposes of this Agreement.

3.2Incentive Compensation.

3.2.1Annual Cash Bonus.  Commencing with the 2021 fiscal year, the Executive shall be eligible to receive, to the extent earned based on individual and corporate performance as determined by the compensation committee of vTv (the “Compensation Committee”), an annual cash performance bonus (a “Cash Bonus”) in respect of each fiscal year that ends during the Term.  Executive’s Cash Bonus for each such fiscal year shall equal up to 40% of his Base Salary in effect at the time such performance is evaluated (the “Target Cash Bonus”), with greater or lesser amounts (including zero) paid based upon individual and corporate performance as determined by the Compensation Committee. Subject to the Executive’s continued employment at the end of each applicable fiscal year, the amount earned in respect of any Target Cash Bonus shall be determined by the Compensation Committee after the end of the fiscal year for which such Target Cash Bonus is granted and shall be paid to the Executive on or prior to March 15th of the following calendar year. Notwithstanding anything in this Agreement to the contrary, it is acknowledged and agreed that no Cash Bonus shall be required to be paid to Executive, if the Compensation Committee determines that the Company does not have sufficient cash liquidity to pay cash bonuses (after taking into account the Company’s current and projected future liabilities).

3.2.2Annual Equity Bonus.  Commencing with fiscal year 2021, the Executive shall be eligible to receive, to the extent earned based on individual and corporate performance as determined by the Compensation Committee, an annual equity performance bonus (an “Equity Bonus”) in respect of each fiscal year that ends during the Term.  The type of award shall be determined by the Compensation Committee in its sole discretion.  Subject to the Executive’s continued employment through the date of grant, the amount earned in respect of any Equity Bonus shall be determined by the Compensation Committee after the end of the fiscal year for which such Equity Bonus is granted and shall be granted to the Executive on or prior to March 15 of such following year.  Notwithstanding anything in this Agreement, the Compensation Committee may, in its sole discretion, provide for payment of the Equity Bonus in cash as opposed to equity or equity-based compensation, subject to similar vesting conditions.  With respect to each Equity Bonus, (i) with respect to the portion of such Equity Bonus that consists of options to purchase Class A Common Stock, par value $0.01 (the “Common Stock”), the exercise price per share of Common Stock subject thereto will equal the fair market value of one share of Common Stock on the date of grant, as determined by the Compensation Committee in its sole discretion, subject to applicable law and the terms of the vTv 2015 Omnibus Incentive Plan, as the same shall be in effect from time to time (the “vTv Plan”); (ii) subject to the Executive’s continued services hereunder, each such grant will vest and, if applicable, become exercisable with respect to 33.33% of the shares of Common Stock subject thereto on each of the first three anniversaries of the applicable grant date, and (iii) the award will have other 

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customary terms and conditions as are consistent with the vTv Plan and with applicable law.

3.3Business Expenses.  The Company shall pay or reimburse the Executive for all reasonable expenses actually incurred or paid by the Executive during the Term in the performance of the Executive’s services under this Agreement, upon presentation of expense statements or vouchers or such other supporting information as the Company customarily may require of its officers; provided, however, that the maximum amount available for such expenses during any period may be fixed in advance by the Board.

3.4Vacation.  During the Term, the Executive shall be entitled to a vacation period or periods of four (4) weeks during any calendar year taken in accordance with the vacation policy of the Company during each year of the Term.  

3.5Fringe Benefits.  During the Term, the Executive shall be entitled to all benefits for which the Executive shall be eligible under any qualified pension plan, 401(k) plan, group insurance or other so-called “fringe” benefit plan which the Company provides to its executive employees generally, which benefits may be amended, modified or terminated in the Company’s sole discretion.

4.Termination.

4.1Death.  If the Executive dies during the Term, the Term shall terminate forthwith upon the Executive’s death.  The Company shall pay to the Executive’s estate: (i) any Base Salary earned but not paid; (ii) a Pro Rata Cash Bonus (defined below), payable at the time and in the manner that Cash Bonuses are paid to other executives receiving such bonus payment; and (iii) Cash Bonus for the year prior to the year in which the Executive dies if at the time of death the Executive has earned a Cash Bonus payment for such prior year and has not yet been paid such Cash Bonus, which prior year Cash Bonus will be paid at the time and in the manner such prior year Cash Bonus is paid to other executives receiving such prior year Cash Bonus.  The Executive shall have no further rights to any compensation or any other benefits under this Agreement, except to the extent already earned and vested as of the day immediately prior to his death, or as is earned, vested, or accrued by virtue of his death.  “Pro Rata Cash Bonus” shall mean a pro-rata portion of the Cash Bonus granted to the Executive for the year in which the date of termination occurs equal to a fraction, the numerator of which is the number of calendar days during such year through (and including) the date of termination and the denominator of which is 365, with such pro-rata portion earned in an amount based on the degree to which the applicable performance goals are achieved for the entire year in which the date of termination occurs.

4.2Disability.  If, during the Term the Executive is unable to perform his duties hereunder due to a physical or mental incapacity for a period of 6 months within any 12 month period (hereinafter a “Disability”), the Company shall have the right at any time thereafter to terminate the Term upon sending written notice of termination to the Executive.  If the Company elects to terminate the Term by reason of 

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Disability, the Company shall pay to the Executive promptly after the notice of termination: (i) any Base Salary earned but not paid; (ii) a Pro Rata Cash Bonus paid at the time and in the manner such Cash Bonus is paid to other executives receiving such bonus payment; and (iii) a Cash Bonus for the year prior to the year in which the Executive is terminated if at the time of termination the Executive has earned a Cash Bonus payment for such prior year and has not yet been paid such Cash Bonus, which prior year Cash Bonus will be paid at the time and in the manner such prior year Cash Bonus is paid to other executives receiving such prior year Annual Cash Bonus, in each case less any other benefits payable to the Executive under any disability plan provided for hereunder or otherwise furnished to the Executive by the Company. The Executive shall have no further rights to any compensation or any other benefits under this Agreement except to the extent already earned and vested as of the day immediately prior to his termination by reason of Disability, or as earned, vested, or accrued by virtue of his Disability.

4.3Cause.  The Company may at any time by written notice to the Executive terminate the Term for “Cause” (as defined below) and, upon such termination, this Agreement shall terminate and the Executive shall be entitled to receive no further amounts or benefits hereunder, except for any Base Salary earned but not paid prior to such termination.  For the purposes of this Agreement, “Cause” means: (i) continued neglect by the Executive of the Executive’s duties hereunder, (ii) continued incompetence or unsatisfactory attendance, (iii) conviction of any felony, (iv) violation of the rules, regulations, procedures or instructions relating to the conduct of employees, directors, officers and/or consultants of the Company, (v) willful misconduct by the Executive in connection with the performance of any material portion of the Executive’s duties hereunder, (vi) breach of fiduciary obligation owed to the Company or commission of any act of fraud, embezzlement, disloyalty or defalcation, or usurpation of a Company opportunity, (vii) breach of any provision of this Agreement, including any non-competition, non-solicitation and/or confidentiality provisions hereof, (viii) any act that has a material adverse effect upon the reputation of and/or the public confidence in the Company, (ix) failure to comply with a reasonable order, policy or rule that constitutes material insubordination, (x) engaging in any discriminatory or sexually harassing behavior, or (xi) using, possessing or being impaired by or under the influence of illegal drugs or the abuse of controlled substances or alcohol on the premises of the Company or any of its Subsidiaries or Affiliates or while working or representing the Company or any of its Subsidiaries or Affiliates.  A termination for Cause by the Company of any of the events described in clauses (i), (ii), (iv), (ix), (x) and (xi) shall only be effective on 15 days advance written notification, providing the Executive the opportunity to cure, if reasonably capable of cure within said 15-day period; provided, however, that no such notification is required if the Cause event is not reasonably capable of cure or the Board determines that its fiduciary obligation requires it to effect a termination of the Executive for Cause immediately.

4.4Termination by Company without Cause or by the Executive for Good Reason.  If the Executive’s employment is terminated by the Company without Cause (other than by reason of death or Disability) or by the Executive for Good Reason (as defined below), the Term shall terminate and the Executive shall 

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receive: (i) as severance pay, an amount equal to one times the Base Salary payable in installments in accordance with the Company’s normal payroll practices, (ii) continuation for a 12-month period following the date of termination of group health plan benefits to the extent authorized by and consistent with 29 U.S.C. § 1161 et seq. (commonly known as “COBRA”), with the cost of the regular premium for such benefits shared in the same relative proportion by the Company and the Executive as in effect on the date of termination (provided that the Company shall not be required to pay any portion of the premium if such payment would result in penalty taxes imposed on the Company), (iii) a Pro Rata Cash Bonus (provided, that, if the Executive’s employment is terminated pursuant to this Section 4.4 on or within twelve (12) months following a Change-in-Control (as such term is defined in the vTv Plan), the Executive shall receive, instead of a Pro Rata Cash Bonus, payment of his Target Cash Bonus) paid at the time and in the manner such Cash Bonus is paid to other executives receiving such bonus payment, and (iv) a Cash Bonus for the year prior to the year in which the Executive is so terminated if at the time of termination the Executive has earned a Cash Bonus payment for such prior year and such Cash Bonus has not yet been paid, which prior year Cash Bonus will be paid at the time and in the manner such prior year Cash Bonus is paid to other executives receiving such prior year Cash Bonus.  The Executive shall have no further rights to any compensation or any other benefits under this Agreement.  For purposes of this Agreement, “Good Reason” means, without the advance written consent of the Executive: (i) a reduction in Base Salary, (ii) a material and continuing reduction in the Executive’s responsibilities or (iii) if on or during the 12 month period following a Change-in-Control, the Executive is required to relocate to a principal place of employment which increases his one way commute by more than 50 miles; provided, that, a termination by the Executive for Good Reason under clauses (i), (ii) or (iii) shall be effective only if the Executive provides the Company with written notice specifying the event which constitutes Good Reason within thirty (30) days following the occurrence of such event or date the Executive became aware or should have become aware of such event and the Company fails to cure the circumstances giving rise to Good Reason within 30 days after such notice.

4.5Termination by the Executive other than for Good Reason.  The Executive is required to provide the Company with 30 days’ prior written notice of termination to the Company.  Subject to Section 4.4, upon termination of employment by the Executive, the Term shall terminate and the Executive shall receive any Base Salary earned but not paid prior to such termination and shall have no further rights to any compensation (including any Base Salary or Cash Bonus) or any other benefits under this Agreement, except to the extent already earned and vested as of the day immediately prior to such termination.

4.6Release.  Notwithstanding any other provision of this Agreement to the contrary, the Executive acknowledges and agrees that any and all payments, other than payment of any accrued and unpaid Base Salary to which the Executive is entitled under this Section 4 are conditioned upon and subject to the Executive’s execution of a general waiver and release (for the avoidance of doubt, the Restrictive Covenants shall survive the termination of this Agreement), in such form as may be prepared by the Company of all claims, except for such matters covered by 

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provisions of this Agreement which expressly survive the termination of this Agreement.  Notwithstanding anything to the contrary, the severance payments and benefits are conditioned on the Executive’s execution, delivery and nonrevocation of the general waiver and release of claims within fifty-five (55) days following the Executive’s termination of employment (the “Release Condition”).  Payments and benefits of amounts which do not constitute nonqualified deferred compensation and are not subject to Section 409A (as defined below) shall commence five (5) days after the Release Condition is satisfied and payments and benefits which are subject to Section 409A shall commence on the 60th day after termination of employment (subject to further delay, if required pursuant to Section 4.7.2 below) provided that the Release Condition is satisfied.

4.7Section 409A.

4.7.1This Agreement is intended to satisfy the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code,” and such section, “Section 409A”) with respect to amounts, if any, subject thereto and shall be interpreted and construed and shall be performed by the parties consistent with such intent.  If either party notifies the other in writing that one or more provisions of this Agreement contravenes any Treasury Regulations or guidance promulgated under Section 409A or causes any amounts to be subject to interest, additional tax or penalties under Section 409A, the parties shall agree to negotiate in good faith to make amendments to this Agreement as the parties mutually agree, reasonably and in good faith are necessary or desirable, to (i) maintain to the maximum extent reasonably practicable the original intent of the applicable provisions without violating the provisions of Section 409A or increasing the costs to the Company of providing the applicable benefit or payment and (ii) to the extent possible, to avoid the imposition of any interest, additional tax or other penalties under Section 409A upon the parties.

4.7.2To the extent the Executive would otherwise be entitled to any payment or benefit under this Agreement, or any plan or arrangement of the Company or its Affiliates, that constitutes a “deferral of compensation” subject to Section 409A and that, if paid during the six (6) months beginning on the date of termination of the Executive’s employment, would be subject to the Section 409A additional tax because the Executive is a “specified employee” (within the meaning of Section 409A and as determined by the Company), the payment or benefit will be paid or provided to the Executive on the earlier of the first day following the six (6) month anniversary of the Executive’s termination of employment or death.

4.7.3Any payment or benefit due upon a termination of the Executive’s employment that represents a “deferral of compensation” within the meaning of Section 409A shall be paid or provided to the Executive only upon a “separation from service” as defined in Treas. Reg. § 1.409A-1(h).  Each payment made under this Agreement shall be deemed to be a separate payment for purposes of Section 409A.  Amounts payable under this Agreement shall be deemed not to be a “deferral of compensation” subject to Section 409A to the 

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extent provided in the exceptions in Treasury Regulation §§ 1.409A-1(b)(4) (“short-term deferrals”) and (b)(9) (“separation pay plans,” including the exception under subparagraph (iii)) and other applicable provisions of Treasury Regulation § 1.409A-1 through A-6.

4.7.4Notwithstanding anything to the contrary in this Agreement, any payment or benefit under this Agreement or otherwise that is exempt from Section 409A pursuant to Treasury Regulation § 1.409A-1(b)(9)(v)(A) or (C) (relating to certain reimbursements and in-kind benefits) shall be paid or provided to the Executive only to the extent that the expenses are not incurred, or the benefits are not provided, beyond the last day of the second calendar year following the calendar year in which the Executive’s “separation from service” occurs; and provided further that such expenses are reimbursed no later than the last day of the third calendar year following the calendar year in which the Executive’s “separation from service” occurs.  To the extent any expense reimbursement or the provision of any in-kind benefit is determined to be subject to Section 409A (and not exempt pursuant to the prior sentence or otherwise), the amount of any such expenses eligible for reimbursement, or the provision of any in-kind benefit, in one calendar year shall not affect provision of in-kind benefits or expenses eligible for reimbursement in any other calendar year (except for any life-time or other aggregate limitation applicable to medical expenses), and in no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in which the Executive incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit.

5.Restrictive Covenant Acknowledgments; Reasonableness.

The Executive acknowledges that (i) his employment and job duties for the Company, including under this Agreement, have resulted and will continue to result in the Executive’s access and exposure to, and familiarity with, Confidential Information (as such term is defined in Section 9 of this Agreement) and that the disclosure or unauthorized use of such Confidential Information by the Executive will injure the Company’s business; (ii) the Company’s business would suffer great competitive harm if its Confidential Information should be disclosed to its competitors or to the general public, and the Company would also suffer great harm if the Executive were to exploit the relationships which have been established with the Company’s customers for the benefit of a competitor; (iii) the Company is entering into this Agreement in order to prevent the disclosure of trade secrets and other competitively sensitive information relating to the Company’s business, and in order to facilitate and induce the disclosure of Confidential Information among employees of the Company with the assurance that such information will not be used in unfair competition against the Company; (iv) he has had the opportunity to be represented by counsel in the negotiation and execution of this Agreement; and (v) that the covenants set forth in Sections 6 through 12 of this Agreement are reasonable in terms of duration, scope and area restrictions and are necessary for the protection of the legitimate business interests of the Company and its Affiliates.  If, at the time of enforcement of such covenants, a court shall hold that the duration, scope or area restrictions stated therein are unreasonable under circumstances 

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then existing, the Executive and the Company agree that the maximum duration, scope or area reasonable under such circumstances shall be substituted for the stated duration, scope or area and that the court shall be allowed and directed to revise the covenants to cover the maximum period, scope and area permitted by applicable law.  For purposes of Sections 5 through 10, 12, and 13 of this Agreement, the term “Company” shall include the Company, its Subsidiaries and its Affiliates.

	
 
	
6.
	
Covenants Relating to Ownership of Notes, Records and Documents.

All memoranda, notes, records and other documents (and copies thereof), whether in hard copy or electronic format, made or compiled by the Executive or made available to the Executive during his employment concerning the business of the Company, including, without limitation, all technical or scientific data, ideas, intellectual property, records, notes, experiment books, bidding data and other technical material of the Company shall be the Company’s property; provided, that, the Executive shall be entitled to keep a copy of this Agreement and compensation and benefit plans to which the Executive is entitled to receive benefits thereunder.  All such property shall be delivered to Company on the date of termination of the Executive’s employment or upon request at any time by the Company, regardless of whether such property contains Confidential Information.  

7.Non-Solicitation Covenants.

7.1During (i) the Executive’s employment with the Company and (ii) for a period of three (3) years following termination of the Executive’s employment for any reason (the “NS Restricted Period”), the Executive shall not, directly or indirectly, solicit, divert or take away (or attempt to solicit, divert or take away) the business of any client, customer or supplier of the Company (each such party, a “Restricted Party”) or encourage any Restricted Party to cease doing business with the Company or to reduce the amount of business such Restricted Party does with the Company.

7.2Executive shall not, for the duration of the NS Restricted Period, directly or indirectly, solicit or encourage (or cause to be solicited or encouraged) any person who (i) is an employee of, or consultant then under contract with, the Company or (ii) who was an employee of, or consultant with, the Company within the six-month period preceding such solicitation, to cease employment with, or the provision of services to, the Company.

8.Noncompetition Covenant.

In support of the Executive’s commitment to maintain the confidentiality of the Company’s Confidential Information, (i) during the Executive’s employment with the Company and (ii) for a period of two (2) years following termination of the Executive’s employment for any reason (the “NC Restricted Period”), the Executive shall not, directly or indirectly, (a) enter the employ of, or render services to (including as a 

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salesperson, consultant or in strategic planning role), any “Competing Business” within the “Territory” (as such terms are defined below), (b) engage in any Competing Business within the Territory for his own account, or (c) become interested in a Competing Business within the Territory as a partner, shareholder (whether or not a controlling shareholder), director, officer, principal, agent, trustee, or in any other relationship or capacity.  For purposes of this Agreement, “Competing Business” shall be defined as any business that engages in clinical research in drug development; provided, however, that this definition shall only apply to clinical research and development activities which involve products and services similar to those provided by the Company during the Term or which, during the Term, the Company anticipates providing; provided, that, as applied to conduct by the Executive following the Term, a Competing Business shall only include such activities that the Company was engaged in, or that the Company anticipated engaging in, as of the last day of the Term.  For purposes of this Agreement, “Territory” shall be defined as each and all of the geographic areas and locations where (x) the Company carries on or transacts its business, (y) the Company sells or markets its products or services, or (z) the Company’s customers are located.

9.Covenant Not to Disclose Confidential Information.

The Executive agrees that he has not and shall not, at any time during or after the Term, use, reveal or divulge (i) any trade secrets (as defined under applicable state law), (ii) any other confidential information, including business plans, customer information, formulae, financial information, pricing information, technical scientific data, technical processes, clinical or pre-clinical data, protocols, research projects, results, information technology programs or processes, database, or other information which the Company deems to be confidential or commercially sensitive, or (iii) any material confidential information whatsoever concerning any director, officer, employee, shareholder, partner, customer or agent of the Company or their respective family members learned by the Executive heretofore or hereafter (clauses (i) through (iii), collectively, “Confidential Information”).  

10.Non-disparagement Covenant.

Executive agrees that, during the Executive’s employment with the Company and at all times thereafter, the Executive shall not issue, circulate, publish or utter any false or disparaging statements, remarks or rumors about the Company or the customers, employees, directors, managers, officers, products, partners, shareholders or services of the Company; provided, that, nothing herein shall prohibit the Executive from providing truthful testimony if such testimony is required by law.

11.Inventions Covenant.

11.1During the course of employment, the Executive agrees to promptly disclose in confidence to the Company all inventions, improvements, designs, original works of authorship, formulae, processes, algorithms, compositions of matter, computer software programs, databases, mask works, and trade secrets (“Inventions”) that the Executive makes or conceives or first reduces to practice or creates, either alone 

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or jointly with others, whether or not in the course of his employment, and whether or not such Inventions are patentable, copyrightable, or protectable as trade secrets.  

11.2The Executive understands that, under copyright laws, any copyrightable works prepared by the Executive within the course and scope of his employment is “works for hire.”  Consequently, the Company will be considered the author and owner of such works.

11.3The Executive agrees that all Inventions that (a) are developed using equipment, supplies, facilities or trade secrets of the Company, (b) result from work performed by the Executive for the Company, or (c) relate to the Company’s business or current or anticipated research and development, will be the sole and exclusive property of the Company.  The Executive hereby assigns and agrees to transfer to the Company any and all intellectual property, including all intellectual property rights, registrations, trade secrets rights as well as worldwide rights in any intellectual property or other forms of protection.

11.4The Executive also waives and agrees never to assert any “Moral Rights” the Executive might have in or with respect to any Invention even after the Executive leaves the Company.  “Moral Rights” means any right (or similar right existing under the judicial or statutory law of any country or treaty) to claim authorship of any Invention, to object or prevent modification of any Invention, or to withdraw from circulation or to control the publication distribution of any Invention.

11.5The Executive agrees to execute, acknowledge, make and deliver to Company or its attorneys, without additional compensation, but without expense to the Executive, any and all instruments, including, without limitation, United States and foreign patent applications, trademark and copyright applications, applications for securing, protecting or registering any property rights embraced within this Agreement, powers of attorney, assignments, oaths or affirmations, supplemental oaths and sworn statements, and to do any and all lawful acts that, in the judgment of the Company or its attorneys, may be necessary or desirable to vest in or secure for, or maintain for the benefit of, the Company, adequate patent and other property rights in the United States and all foreign countries with respect to any and all such Inventions.

11.6The Executive has attached hereto a list describing all inventions, original works of authorship, developments, improvements, and trade secrets which were made by the Executive prior to employment with the Company (collectively referred to as “Prior Inventions”), which belong to the Executive, which relate to the Company’s proposed business, products or research and development, and which are not assigned to the Company hereunder; or, if no such list is attached, the Executive represents that there are no such Prior Inventions.  The Executive agrees that he will not incorporate, or permit to be incorporated, any Prior Invention owned by the Executive or in which he has an interest into a Company product or process without the Company’s prior written consent.  Notwithstanding the foregoing sentence, if, in the course of the Executive’s employment, the Executive incorporates into a Company product or process a Prior Invention owned by the Executive or in which he has an interest, the Company is 

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hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide license to make, have made, modify, use and sell such Prior Invention as part of or in connection with such product or process.

12.Property of the Company.

The Executive acknowledges that from time to time in the course of providing services pursuant to this Agreement he shall have the opportunity to inspect and use certain property, both tangible and intangible, of the Company, and the Executive hereby agrees that said property shall remain the exclusive property of the Company, and the Executive shall have no right or proprietary interest in such property, whether tangible or intangible, including, without limitation, the Company’s customer and supplier lists, contract forms, books of account, computer programs and similar property.  The Executive acknowledges and agrees that he has no expectation of privacy with respect to the Company’s telecommunications, networking or information processing systems (including, without limitation, files, e-mail messages and voice messages) and that the Executive’s activity and any files or messages on or using any of those systems may be monitored at any time without notice.  The Executive further agrees that any property situated on the Company’s premises and owned by the Company, including disks and other storage media, filing cabinets or other work areas, is subject to inspection by Company personnel without notice.

 

13.Remedies.

13.1The Executive and the Company agree and acknowledge that any breach or threatened breach of this Agreement by the Executive would result in continuing material and irreparable harm and injury to the Company and/or its Affiliates, and because either (i) money damages will not provide an adequate remedy to the Company or (ii) it would be difficult or impossible to establish the full monetary value of such damages, the Company shall be entitled to equitable relief (including, without limitation, specific performance, account for profits, or injunctive relief) in the event of the Executive’s breach or threatened breach of this Agreement.  Any equitable relief is in addition to any other available remedy, including, damages.  In connection with the bringing of any legal or equitable action for the enforcement of this Agreement, the Company shall be entitled to recover, regardless of whether the Company seeks equitable relief, and regardless of the nature of the relief afforded, such reasonable attorneys’ fees and expenses as the Company may incur in such legal action.    

13.2In addition to any other remedy which may be available (i) at law or in equity or (ii) pursuant to any other provision of this Agreement, the continued payments by the Company of Base Salary and the regular premium for group health benefits pursuant to Section 4.4 (as modified by Section 2.2, if applicable) will cease as of the date on which such violation first occurs.  In addition, if the Executive breaches any of the Restrictive Covenants and the Company obtains injunctive relief with respect thereto (that is not later reversed or otherwise terminated or vacated by judicial order), the period during which the Executive is required to comply with that particular covenant shall be extended by the same period that the Executive was in breach of such covenant prior to the effective date of such injunctive relief.

12

 

13.3Notwithstanding anything to the contrary contained herein, nothing in this Agreement shall prohibit Executive from reporting possible violations of federal law or regulation to or otherwise cooperating with or providing information requested by any governmental agency or entity, including, but not limited to, the Department of Justice, the Securities and Exchange Commission, the United States Congress, any state legislative and executive agency, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Executive does not need the prior authorization of the Company to make any such reports or disclosures and Executive is not required to notify the Company that Executive has made such reports or disclosures.

14.Executive Representation.  The Executive hereby represents and warrants that (i) the execution, delivery and performance of this Agreement by the Executive does not and will not conflict with, breach, violate, or cause a default under any agreement, contract, or instrument to which the Executive is a party or any judgment, order, or decree to which the Executive is subject and (ii) the Executive is not a party or bound by any other employment agreement, noncompetition agreement, or confidentiality agreement with any other person or entity, other than the Company.  The Executive further represents that he shall provide a copy of this Agreement to any new employer during the Term and for three (3) years thereafter and that the Company shall have a right to provide a copy of this Agreement to any new employer of the Executive during such period.   

15.Notices.

All notices, requests, consents, and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given if delivered personally, sent by overnight courier or mailed first class, postage prepaid, by registered or certified mail (notices mailed shall be deemed to have been given on the date mailed), as follows (or to such other address as either party shall designate by notice in writing to the other in accordance herewith):

If to the Company, to:

vTv Therapeutics LLC
3980 Premier Drive, Suite 310
High Point, NC 27265
Attention:  Chief Executive Officer  

If to vTv, to:

vTv Therapeutics Inc.
3980 Premier Drive, Suite 310
High Point, NC 27265
Attention:  Chief Executive Officer  

13

 

If to the Executive, to:

Such address as shall most currently appear on the records of the Company.

16.Governing Law; Dispute Resolution.

16.1It is the intent of the parties hereto that all questions with respect to the construction of this Agreement and the rights and liabilities of the parties hereunder shall be determined in accordance with the laws of the State of Delaware, without regard to principles of conflicts of laws thereof that would call for the application of the substantive law of any jurisdiction other than the State of Delaware.

16.2Each party irrevocably agrees for the exclusive benefit of the other that any and all suits, actions or proceedings relating to this Agreement (a “Proceeding”) shall be maintained in either the courts of the State of Delaware or the federal District Courts sitting in Wilmington, Delaware (collectively, the “Chosen Courts”) and that the Chosen Courts shall have exclusive jurisdiction to hear and determine or settle any such Proceeding and that any such Proceedings shall only be brought in the Chosen Courts.  Each party irrevocably waives any objection that it may have now or hereafter to the laying of the venue of any Proceedings in the Chosen Courts and any claim that any Proceedings have been brought in an inconvenient forum and further irrevocably agrees that a judgment in any Proceeding brought in the Chosen Courts shall be conclusive and binding upon it and may be enforced in the courts of any other jurisdiction.

16.3Each of the parties hereto agrees that this Agreement involves at least $100,000 and that this Agreement has been entered into in express reliance on Section 2708 of Title 6 of the Delaware Code.  Each of the parties hereto irrevocably and unconditionally agrees that (i) to the extent such party is not otherwise subject to service of process in the State of Delaware, it will appoint (and maintain an agreement with respect to) an agent in the State of Delaware as such party’s agent for acceptance of legal process and notify the other parties hereto of the name and address of said agent, (ii) service of process may also be made on such party by pre-paid certified mail with a validated proof of mailing receipt constituting evidence of valid service sent to such party at the address set forth in Section 15 of this Agreement, as such address may be changed from time to time pursuant hereto, and (iii) service made pursuant to clause (i) or (ii) above shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party personally within the State of Delaware.

17.General.

17.1JURY TRIAL WAIVER.  THE PARTIES EXPRESSLY AND KNOWINGLY WAIVE ANY RIGHT TO A JURY TRIAL IN THE EVENT ANY ACTION ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT OR 

14

 

THE EXECUTIVE’S EMPLOYMENT WITH THE COMPANY IS LITIGATED OR HEARD IN ANY COURT.

17.2Continuation of Employment.  Unless the parties otherwise agree in writing, continuation of the Executive’s employment with the Company beyond the expiration of the Term shall be deemed an employment “at will” and shall not be deemed to extend any of the provisions of this Agreement, and the Executive’s employment may thereafter be terminated “at will” by the Executive or the Company and the Executive will be entitled to fringe benefits which the Executive is eligible to receive for so long as the Executive continues to be employed with the Company and the Executive shall be eligible for severance in accordance with the terms of the Company’s severance policy then in effect. Notwithstanding the foregoing, the Executive shall be subject to the Restrictive Covenants set forth in Sections 6 through 12 of this Agreement for the NC Restricted Period, the NS Restricted Period, the Reduced NC Restricted Period, or such other duration specified in the section of this Agreement applicable to such Restrictive Covenant, as applicable.

17.3Headings.  The section headings contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.

17.4Entire Agreement.  This Agreement sets forth the entire agreement and understanding of the parties relating to the Executive’s employment by the Company, and supersedes all prior agreements, arrangements and understandings, written or oral, relating to the Executive’s employment by the Company and its Affiliates including, without limitation, effective as of the Effective Date, and any severance, retention, change in control or similar types of benefits.  No representation, promise or inducement has been made by either party that is not embodied in this Agreement, and neither party shall be bound by or liable for any alleged representation, promise or inducement not so set forth.  The parties hereto understand and agree that, with respect to conduct occurring prior to the Term, the covenants in (i) the Noncompetition, Nonsolicitation, and Nondisclosure Agreement by and between the Executive and the Company dated as of June 15, 2015, (ii) the Employment Agreement by and between the Executive and the Company, dated as of July 16, 2015, and (iii) the Employment Agreement by and between the Executive and the Company, dated as of March 7, 2019, shall apply, such agreements not being superseded or voided in respect of their applicability to any such conduct.

17.5Assignment; Successors.  This Agreement, and the Executive’s rights and obligations hereunder, may not be assigned by the Executive.  The Company may assign its rights, together with its obligations, hereunder (i) to any Affiliate or (ii) to third parties in connection with any sale, transfer or other disposition of all or substantially all of the business or assets of the Company; in any event the obligations of the Company hereunder shall be binding on its successors or assigns, whether by merger, consolidation or acquisition of all or substantially all of its business or assets.  For the avoidance of doubt, the Company may assign this Agreement to vTv in connection with any internal reorganization.

15

 

17.6Waiver.  This Agreement may be amended, modified, superseded, canceled, renewed or extended and the terms or covenants hereof may be waived, only by a written instrument executed by all of the parties hereto, or in the case of a waiver, by the party waiving compliance.  The failure of either party at any time or times to require performance of any provision hereof shall in no manner affect the right at a later time to enforce the same.  No waiver by either party of the breach of any term or covenant contained in this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement.

17.7Withholding Taxes.  The Company may withhold from any amounts payable under this Agreement such federal, state, local and other taxes as may be required to be withheld pursuant to any applicable law or regulation.

18.Subsidiaries and Affiliates.

18.1As used herein, the term “Subsidiary” shall mean any corporation or other business entity controlled directly or indirectly by the corporation or other business entity in question, and the term “Affiliate” shall mean and include any corporation or other business entity directly or indirectly controlling, controlled by or under common control with the corporation or other business entity in question.

[Remainder of Page Intentionally Left Blank]

16

Exhibit 10.2

ANNEX A

 

 

 

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

 

VTV THERAPEUTICS LLC

 

 

		
	
By:
	
/s/ Stephen L. Holcombe

	
Name:
	
Stephen L. Holcombe

	
Title:
	
President and Chief Executive Officer

 

 

For purposes of Section 3.2.2 hereof, only:

 

VTV THERAPEUTICS INC.

 

 

		
	
By:
	
/s/ Stephen L. Holcombe

	
Name:
	
Stephen L. Holcombe

	
Title:
	
President and Chief Executive Officer

 

		
	
By:
	
/s/ Rudy C. Howard

	
Name:
	
Rudy C. Howard

 

 

 

 

 

18Exhibit
10.1

 

OPTION AGREEMENT BETWEEN:

 

GOLDEN MINERALS COMPANY

 

AND

 

MINERA DE CORDILLERAS, S. DE R.L. DE
C.V.

 

AND

 

FABLED SILVER GOLD CORP.

 

AND

 

FABLED SILVER GOLD MEXICO CORP., S.A.
DE C.V.

 

DATED DECEMBER 4, 2020

 

    Page 1 of 87

     

    

 

OPTION
AGREEMENT

 

THIS AGREEMENT is made as of the 4th day of
December, 2020,

 

BETWEEN:

GOLDEN MINERALS COMPANY

 

(hereinafter called “GMC”)

 

AND:

 

MINERA DE CORDILLERAS, S. DE R.L. DE C.V.

 

(hereinafter called “GMC Mexico”
or the “Optionor”))

 

(together GMC and GMC Mexico are the “GMC
Parties”)

 

AND:

 

FABLED SILVER GOLD CORP.

 

(hereinafter called “Fabled”)

 

AND:

 

FABLED SILVER GOLD MEXICO CORP., S.A. DE C.V.

 

(hereinafter called “Fabled Mexico”)

 

(together Fabled and Fabled Mexico are the “Fabled
Parties”)

 

WHEREAS, GMC and Fabled entered into the Letter
of Intent on July 14, 2020, as amended September 29, 2020 and October 29, 2020, regarding the transactions contemplated by this
Agreement

 

AND WHEREAS GMC Mexico is the legal and beneficial
owner of options to acquire up to a 100% undivided interest in and to the Property (as hereinafter defined) subject to certain
terms and conditions as set out in the GMC Option Agreements (as hereinafter defined);

 

AND WHEREAS GMC is the indirect beneficial
owner of all of the shares of GMC Mexico save and except less than one percent of the shares which are owned by the GMC Nominee
Shareholder;

 

AND WHEREAS, Fabled desires to explore for
minerals on the Property and, if appropriate, to develop a mine on the Property;

 

AND WHEREAS, Fabled is the beneficial owner
of 100% of the shares of Fabled Mexico save and except one share owned by the Fabled Nominee Shareholder;

 

AND WHEREAS, Fabled Mexico desires to acquire
from the Optionor, and the Optionor desires to grant to Fabled Mexico, an option to acquire a 100% undivided interest in and to
the Property subject to certain terms and conditions;

 

    Page 2 of 87

     

    

 

NOW THEREFORE for good and valuable consideration,
including the sum of $100 now paid by Fabled to GMC (the receipt and sufficiency of which is hereby acknowledged) and the covenants
and agreements hereinafter set forth, the Parties hereto agree as follows:

 

		1.	INTERPRETATION

 

		1.1	Definitions. In this Agreement, the following terms shall have the following meanings:

 

		(a)	“Acquired Rights” has the meaning assigned to it in Section 12.2;

 

		(b)	“Acquiring Party” has the meaning assigned to it in Section 12.2;

 

		(c)	“Affiliate” means any person, partnership, limited liability company, joint venture, corporation, or other
form of enterprise that directly or indirectly controls, or is controlled by or is under common control with, a Party. The term
 “control” as used in this definition means the rights to the exercise of, directly or indirectly, more than 50% of
the voting rights attributable to the shares or ownership interests of the controlled entity;

 

		(d)	“Agreement” means this Agreement and the Schedules attached hereto;

 

		(e)	“Annual Holding Costs” means the mining taxes due to a Governmental Authority to keep the Property in good
standing and which are payable in January and July of every 12 month period commencing on the anniversary date of the applicable
concession;

 

		(f)	“Area of Interest” has the meaning assigned to it in Section 12.1;

 

		(g)	“Assignment Agreements” has the meaning assigned to it in Section 5.1;

 

		(h)	“Business Day” means a day, which is not a Saturday or Sunday, or a statutory holiday in the Province of
British Columbia or the State of Colorado or Mexico;

 

		(i)	“Cash Payments” has the meaning assigned to it in Section 4.2(a);

 

		(j)	“Cervantes” means Mr. Jose Alfredo Cervantes Rivera, a GMC Optionor;

 

		(k)	“Cervantes Option Agreement” means the option agreement covering the Maria, Martia III and Maria II Frac.
Concessions, as described in Section 1.1(z)(ii) below and in Part A of Schedule A;

 

		(l)	“Chavez” means Mr. Joaquin Rolando Chavez Gonzalez, a GMC Optionor, as well as his heirs, executors, successors
and assigns;

 

		(m)	“Chavez Option Agreement” means the option agreement covering the Santa Maria and Punto Com Concessions,
as described in Section 1.1(z)(i) below and in Part B of Schedule A;

 

		(n)	“Closing Date” means the later of (i) the date of this Agreement; or (ii) the date the Exchange issues a
final bulletin accepting the transactions contemplated in this Agreement;

 

		(o)	“Concessions” means the mineral concessions covered by the GMC Option Agreements, as described in Schedule A
to this Agreement.

 

    Page 3 of 87

     

    

 

		(p)	“Consideration Shares” has the meaning assigned to it in Section 4.2(b);

 

		(q)	“Disclosure Schedule” means the Disclosure Schedule from the GMC Parties concerning certain matters applicable
to the Property or the GMC Option Agreements, attached to this Agreement as Schedule E;

 

		(r)	“Encumbrance” means any mortgage, charge, pledge, lien, licence, privilege, security interest, royalty,
encumbrance, claim or right or interest attaching to or affecting property or assets, in each case whether registered or unregistered,
and whether arising by agreement, statute or otherwise under applicable Laws;

 

		(s)	“Environmental Compliance” means actions performed during or after operations to comply with the requirements
of all Environmental Laws or contractual commitments related to reclamation of the Property or other compliance with Environmental
Laws;

 

		(t)	“Environmental Laws” means all applicable Laws relating to the protection of health or the environment resulting
from the exploration, mining, operation, reclamation or restoration of the Property, including but not limited to the following:
abatement of pollution; protection of the environment; protection of wildlife, including endangered species; ensuring public safety
from environmental hazards; protection of cultural or historic resources; management, storage or control of hazardous materials
and substances; releases or threatened releases of pollutants, contaminants, chemicals or industrial, toxic or hazardous substances
as wastes into the environment, including ambient air, surface water and groundwater; and all other applicable Laws relating to
the manufacturing, processing, distribution, use, treatment, storage, disposal, handling or transport of pollutants, contaminants,
chemicals or industrial, toxic or hazardous substances, radioactive materials or hazardous wastes;

 

		(u)	“Exchange” means the TSX Venture Exchange;

 

		(v)	“Existing Data” has the meaning assigned to it in Section 7.1;

 

		(w)	“Exploration” means all activities directed toward ascertaining the existence, location, quantity, quality
or commercial value of deposits of minerals, including the right to enter upon the Property for purposes of surveying, exploring,
testing, sampling, trenching, bulk sampling, prospecting and drilling for minerals, and to construct and use roads and drill pads.

 

		(x)	“Fabled Nominee Shareholder” means Fabled Holdings Ltd., a British Columbia corporation wholly owned by
Fabled;

 

		(y)	“Force Majeure” means any cause, whether foreseeable or unforeseeable, beyond Fabled’s reasonable
control, including but not limited to, any changes in Law; action or inaction of civil or military authority; any judicial or governmental
action, order, proclamation, request or instruction; interference or opposition by Indigenous Groups, communities or community
groups, non-government organizations (NGOs), environmentalists or other activists which materially impedes Fabled Mexico’s
ability to obtain required permits for Operations from any Governmental Authority; war, hostilities (whether or not war has been
declared), threat of war, act of public enemy, blockade, revolution, riot, civil unrest, insurrection, public demonstration, civil
commotion, invasion or armed conflict; acts of terrorism; sabotage or acts of vandalism, criminal damage or the threat of such
acts; any outbreak or continuance of epidemic, famine or plague; inability to obtain, or undue delay in obtaining,
any licence, permit or other authorization that may be required to conduct Operations on reasonable terms and conditions and after
diligent efforts to obtain the same; curtailment or suspension of activities to remedy or avoid an actual or alleged, present or
prospective violation of any Environmental Laws or any other Laws; inability after commercially reasonable effort to obtain contractors,
subcontractors, workmen, labour, parts, equipment, materials or supplies on reasonable terms and conditions; failure, delay or
suspension of transportation; strike, lock out or labour disputes; unplanned shutdown; accidents; breakdown or loss or damage to,
or failure of plant, machinery, equipment, materials or facilities; natural disasters or other extreme weather or environmental
conditions including lightning, earthquake, flooding, wind, storm, fire, landslip, natural disasters and phenomena including meteorites
and volcanic eruptions and other acts of God; but not including lack of funds;

 

    Page 4 of 87

     

    

 

		(z)	“GMC Option Agreements” means (i) the Exploration with the right to do Exploitation and Option Agreement
entered into between Chavez and the Optionor and dated November 19, 2018; and (ii) the Exploration and Option Agreement entered
into between Cervantes and his wife, Peralta, and the Optionor on November 28, 2017 and duly filed, before the Mining Public Registry
of Mexico, on November 28, 2017, under number 268 volume 40;

 

		(aa)	“GMC Nominee Shareholder” means Apex Mining Partners Limited.

 

		(bb)	“GMC NSR Royalty” has the meaning assigned to it in Section 4.7(a) of this Agreement;

 

		(cc)	“GMC NSR Royalty Agreement” has the meaning assigned to it in Section 4.7(a) of this Agreement;

 

		(dd)	“GMC Optionors” means each of Chavez, Cervantes and Peralta;

 

		(ee)	“Governmental Authority” means any governmental entity or authority of any nature, including any governmental
ministry, agency, branch, department or official, and any court, regulatory board or other tribunal;

 

		(ff)	“Indigenous Group” means any indigenous band, community, group, council or other indigenous organization
in Mexico, including groups formed to promote rights of indigenous peoples;

 

		(gg)	“Knowledge” means to the actual knowledge of the corporate officers of a Party, without independent inquiry;

 

		(hh)	“Law” or “Laws” means all applicable federal, state, provincial and local laws (statutory
and common), rules, ordinances, treaties, regulations, judgments, decrees, and other valid governmental restrictions, including
permits and other similar requirements, whether legislative, municipal, administrative or judicial in nature;

 

		(ii)	“Letter of Intent” means the letter of intent between GMC and Fabled, entered into on July 14, 2020, as
amended on September 29, 2020 and October 29, 2020;

 

		(jj)	“Loss” or “Losses” means any and all loss, liability, obligation, damage, cost, expense,
charge, fine, penalty or assessment, suffered, incurred, sustained or required to be paid by the Person seeking indemnification under this Agreement
(including reasonable lawyers’, experts’ and consultants’ fees and expenses), but excluding loss of profits,
indirect, incidental, special, punitive and consequential damages;

 

    Page 5 of 87

     

    

 

		(kk)	“Mining Law” means the laws relating to the establishment and maintenance of mining concessions, the conduct
of operations thereon and rights related thereto in Mexico and the applicable regulations made thereunder.

 

		(ll)	“NI 43-101” means National Instrument 43-101, “Standards of Disclosure for Mineral Projects”
applicable to all companies listed on a Canadian stock exchange, as the same may be amended from time to time.

 

		(mm)	“Notices” has the meaning assigned to it in Section 10.1;

 

		(nn)	“Operations” includes any and every kind of mineral prospecting and Exploration activities, reclamation
and remediation work and all assessments, studies and reports relating thereto and all associated activities undertaken in accordance
with this Agreement in respect of the Property, but shall not include any rights to engage in mineral development, mine construction
or mining or any related activities;

 

		(oo)	“Option” has the meaning assigned to it in Section 4.1;

 

		(pp)	“Other Party” has the meaning assigned to it in Section 12.2;

 

		(qq)	“Party” means a party to this Agreement and its permitted successors and assigns;

 

		(rr)	“Peralta” means Ms. Claudia Guadalupe Peralta Alcaraz, a GMC Optionor;

 

		(ss)	“Permitted Encumbrances” means, with respect to the Property, (i) the Underlying Royalty, (ii) Encumbrances
for assessments, obligations under workers’ compensation or other social welfare legislation or other requirements, charges
or levies of any Governmental Authority, in each case not yet overdue; (iii) Encumbrances with respect to taxes that are not yet
due and payable; (iv) easements, servitudes, rights-of-way and other rights, exceptions, reservations, conditions, limitations,
covenants and other restrictions that will not materially interfere with, materially impair or materially impede operations on
the Property, (v) Encumbrances arising by, through or under a Person other than GMC or GMC Mexico; and (vi) the rights reserved
to or vested in any Governmental Authority to control or regulate the Property.

 

		(tt)	“Person” means any individual, partnership, limited partnership, joint venture, syndicate, sole proprietorship,
company or corporation with or without share capital, unincorporated association, limited liability company, trust, trustee, executor,
administrator or other legal personal representative, Governmental Authority or entity however designated or constituted;

 

		(uu)	“Property” means the Concessions, and any claims, leases or other form of mineral tenure which may replace
the same, and any and all surface, water, access and other non-mineral rights of and to any lands wholly or partially within the
Area of Interest held by or for the GMC Parties including surface rights held in fee or under lease, licence, easement, right of
way or other rights of any kind and all renewals, extensions and amendments thereof or substitutions therefor, subject to such
reductions as agreed between the Parties from time to time and additions thereto by operation of Section 12;

 

    Page 6 of 87

     

    

 

		(vv)	“Qualified Person” means an individual who (i) is an engineer or geoscientist with at least five years’
experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these; (ii)
has experience relevant to the subject matter of the mineral project and the technical report; and (iii) is a member in good standing
of a professional association. The Parties acknowledge and agree that the definition of “Qualified Person” under this
Agreement will be deemed to be automatically modified if the definition of that term is modified in NI 43-101;

 

		(ww)	“Shares” means common shares of the Fabled;

 

		(xx)	“Technical Report” means a report prepared, filed and certified in accordance with NI 43-101F1.

 

		(yy)	“Transfer” means, with respect to the Property or any interest in and to the Property or the Agreement,
a sale, assignment, transfer, conveyance, gift, exchange or other disposition, whether the disposition is voluntary or involuntary
and including any disposition by merger, exchange, consolidation or bankruptcy;

 

		(zz)	“Underlying Royalty” means the Underlying Royalty set out in Schedule B to this Agreement; and

 

		(aaa)	“Underlying Royalty Claims” means the Underlying Royalty Claims set out in Schedule B to this Agreement.

 

		(bbb)	“VAT” means any applicable value added or similar tax.

 

		1.2	Gender, Number and Other Terms. Unless the context otherwise requires, words importing the singular include the plural
and vice versa, words importing gender include all genders, words importing persons includes individuals, partnerships, associations,
trusts, unincorporated organizations and corporations, “or” is not exclusive and “including” is not limiting,
whether or not non-limiting language (such as “without limitation”) is used.

 

		1.3	Headings. The inclusion of headings in this Agreement is for convenience only and does not affect the construction or
interpretation of this Agreement.

 

		1.4	Statutes. Unless otherwise stated, any reference to a statute includes and is a reference to such statute and to the
regulations made pursuant to it, with all amendments thereto, and to any statute or regulations that may be passed that supplement
or supersede such statute or such regulations.

 

		1.5	No Contra Preferentum. The Parties intend that the language in this Agreement be construed as a whole and neither strictly
for nor strictly against any of the Parties.

 

		1.6	Governing Law and Attornment. Subject to matters of real property and title thereto which are subject to the laws of
Mexico, this Agreement is governed by and construed in accordance with the Laws of the State of Colorado, without regard to principles
of conflicts of law that would impose a law of another jurisdiction. The Parties shall refer all disputes and claims, whether for
damages, specific performance, injunction, declaration or otherwise, both at law and equity, arising out of, or in any way connected
with, this Agreement to the federal courts in the State of Colorado and each of the Parties hereby attorns to the jurisdiction
of the federal courts of the State of Colorado.

 

    Page 7 of 87

     

    

 

		1.7	Schedules. Attached to and forming part of this Agreement are the following Schedules:

 

Schedule A-Description of
the Concessions

Schedule B-Underlying Royalty and Underlying Royalty Claims

Schedule C-GMC NSR Royalty Agreement

Schedule D-Assignment Agreements

Schedule E - Disclosure Schedule

Schedule F-Issued and Outstanding Capital of Fabled

 

		1.8	Currency. All dollar amounts are expressed in United States dollars.

 

		2.	REPRESENTATIONS, WARRANTIES AND COVENANTS

 

		2.1	GMC Parties’ Representations and Warranties. The GMC Parties jointly and severally represent and warrant to the Fabled
Parties that as of the date of this Agreement and as of the Closing Date (except as otherwise specifically set forth in this Section
2.1):

 

		(a)	GMC is a corporation duly organized and validly existing in the jurisdiction of its incorporation;

 

		(b)	GMC Mexico is a corporation duly organized and validly existing in the jurisdiction of its incorporation and is qualified to
do business and is in good standing under the laws of the jurisdiction in which the Property is located;

 

		(c)	GMC Mexico has the sole and exclusive right and option to acquire 100% of the right, title and interest in and to the Concessions
and upon fulfillment of the terms of the GMC Option Agreements and the acquisition of the Concessions pursuant to the exercise
of the options thereunder, subject to the exceptions set forth in the Disclosure Schedule, will be the legal and beneficial owner
of the Concessions, free and clear of all Encumbrances other than Permitted Encumbrances; to the Knowledge of the GMC Parties no
Person (other than the parties to the GMC Option Agreements, or the GMC Parties and the Fabled Parties pursuant to this Agreement)
has any interest in or to the Concessions or any right to acquire any interest in or to the Concessions; and, without limiting
the generality of the foregoing, the GMC Parties are not a party to, or bound by, and to the Knowledge of the GMC Parties there
are no, agreements or options to grant, convey or reserve any interest or any right capable of becoming an interest in the Concessions
(save and except the GMC Option Agreements) or to pay any royalties with respect to the Concessions save and except the Underlying
Royalty;

 

		(d)	the GMC Option Agreements have not been amended or modified in any manner except as disclosed to Fabled, and the GMC Parties
have not waived any of their rights or entitlements under the GMC Option Agreements;

 

		(e)	neither of the GMC Parties is in default in respect of any of their obligations under any terms of the GMC Option Agreements
and the GMC Option Agreements are in all regards in good standing;

 

		(f)	to the Knowledge of the GMC Parties, no Person has any royalty or other interest whatsoever in production from all or any part
of the Concessions save and except the Underlying Royalty;

 

		(g)	to the Knowledge of the GMC Parties, no mining concessions other than the Underlying Royalty Claims are the subject of the
Underlying Royalty;

 

    Page 8 of 87

     

    

 

		(h)	to the Knowledge of the GMC Parties, except as set forth in the Disclosure Schedule, the Concessions have been duly and validly
staked, registered, recorded and issued pursuant to the Mining Law and are in good standing and the information in Schedule A is
accurate; no proceedings have been instituted to invalidate or assert an adverse claim or challenge against or to the ownership
of the Concessions, nor is there any basis therefor and no other Person is entitled to an agreement or option to acquire or purchase
the whole or any part of the Concessions or any interest therein;

 

		(i)	from and after the effective dates of the GMC Option Agreements, all rentals, taxes, duties, royalties, rates, charges, fees
or other levies of every nature and kind heretofore levied against the Concessions covered thereby have been fully paid and satisfied;

 

		(j)	from and after the effective dates of the GMC Option Agreements, all requisite minimum assessment work has been performed and
reported on the Concessions covered thereby pursuant the Mining Law;

 

		(k)	except as set forth in the Disclosure Schedule, all activities undertaken by GMC Mexico on or in relation to the Concessions
up to the Closing Date have been in material compliance with all applicable Laws including all Environmental Laws, and no conditions
exist with respect to any such activities engaged in by GMC Mexico which could reasonably be expected to give rise to the making
of a remediation order or similar order in respect of the Property. Without limiting the foregoing, except as set forth in the
Disclosure Schedule:

 

		(i)	the GMC Parties have not received from any Governmental Authority any notice of, or communication relating to, any actual or
alleged breach of any Environmental Laws, regulations, policies or requirements, and there are no outstanding work orders or actions
required to be taken by GMC Mexico or, to the Knowledge of the GMC Parties, the GMC Optionors, relating to environmental matters
respecting the Concessions or any operations carried out thereon by GMC Mexico; and

 

		(ii)	to the Knowledge of the GMC Parties, there have been no material spills, discharges, leaks, emissions, ejections, escapes,
dumpings or other releases of any kind of any toxic or hazardous substances in, on or under the Concessions or the environment
surrounding them;

 

		(l)	except as set forth in the Disclosure Schedule, to the Knowledge of the GMC Parties, the Property is free and clear of all
unprotected open mine shafts, mine openings or workings, open pits, rock stockpiles, mine tailings or waste materials;

 

		(m)	the GMC Parties have the requisite corporate power and authority to enter into this Agreement, to grant to the Fabled Parties
the rights provided in this Agreement and to carry out their obligations under this Agreement and this Agreement has been duly
authorized, executed and delivered by the GMC Parties;

 

		(n)	the GMC Parties have the unrestricted right to deliver copies of the Existing Data to the Fabled Parties pursuant to this Agreement;

 

		(o)	the execution and delivery of this Agreement and the performance by the GMC Parties of their respective obligations under this
Agreement will not conflict with or be in contravention of any Law or conflict with rights of third parties or result in a breach
of or default under any agreement or other instrument of obligation
to which the GMC Parties are a party or by which the GMC Parties, the Concessions, or the Existing Data may be bound;

 

    Page 9 of 87

     

    

 

		(p)	this Agreement constitutes a legal, valid and binding obligation of each of the GMC Parties, enforceable against them in accordance
with its terms; provided, however, that no representation or warranty is made as to (i) the availability of equitable
remedies for the enforcement of this Agreement or any other agreement contemplated hereby or (ii) rights to indemnity under
this Agreement for securities law liability. Additionally, this representation is limited by applicable bankruptcy, insolvency,
moratorium, and other similar laws affecting generally the rights and remedies of creditors and secured parties;

 

		(q)	there are not any suits, actions, prosecutions, proceedings, or investigations in which the GMC Parties are named parties,
actual, pending or to the Knowledge of the GMC Parties, threatened, against or affecting the GMC Parties and pertaining to the
Concessions or GMC Mexico’s activities thereon or that relate to or have an adverse effect on the Concessions and to the
Knowledge of the GMC Parties there are no grounds on which any such suit, action, prosecution, investigation or proceeding might
be commenced;

 

		(r)	to the Knowledge of the GMC Parties, there are no rights or interests of Indigenous Groups that are currently asserted in respect
of the Property;

 

		(s)	the GMC Parties have disclosed to the Fabled Parties the nature and substance of any material negotiations or engagement between
the GMC Parties and any Indigenous Groups that have taken place with respect to the Concessions;

 

		(t)	neither the granting of the Option nor Fabled Mexico’s exercise of the Option constitutes a disposition by GMC of all
or substantially all of its assets or undertaking;

 

		(u)	the GMC Parties have disclosed to the Fabled Parties and provided or made available to the Fabled Parties copies of all currently
applicable exploration plans, licenses or permits issued or approved by applicable Governmental Authorities in respect of GMC Mexico’s
activities on the Concessions; neither the GMC Parties nor any of their Affiliates has received any notice of proceedings relating
to the revocation or adverse modification of any such exploration permit, plan or license, nor have any of them received notice
of the revocation or cancellation of, or any intention to revoke or cancel, any of the Concessions;

 

		(v)	the GMC Parties have obtained all required third party consents to allow them to grant the rights being granted under this
Agreement;

 

		(w)	All negotiations relative to this Agreement and the transactions contemplated hereby have been carried on by GMC and GMC Mexico
in such manner as not to give rise to any valid claim against the Fabled Parties or any third Person for a brokerage commission,
finder’s fee or other fee or commission arising by reason of the transactions contemplated by this Agreement; and

 

		(x)	GMC is an “accredited investor” as defined in National Instrument 45-106 - Prospectus Exemptions.

 

		2.2	Fabled Parties’ Representations and Warranties. The Fabled Parties jointly and severally represent and warrant
to the GMC Parties that as of the date hereof and as of the Closing Date:

 

    Page 10 of 87

     

    

 

		(a)	they each are a corporation duly organized and validly existing in the jurisdiction of their respective incorporation, and
Fabled Mexico is qualified to do business and is in good standing under the Laws of the jurisdiction in which the Property is located;

 

		(b)	the Fabled Parties have the requisite corporate power and authority to enter into this Agreement, to grant to the GMC Parties
the consideration provided in this Agreement and to carry out their obligations under this Agreement and this Agreement has been
duly authorized, executed and delivered by the Fabled Parties;

 

		(c)	the execution and delivery of this Agreement and the performance by the Fabled Parties of their respective obligations under
this Agreement will not conflict with or be in contravention of any Law or result in a breach of or default under any agreement
or other instrument of obligation to which the Fabled Parties are a party or by which they may be bound;

 

		(d)	this Agreement constitutes a legal, valid and binding obligation of the Fabled Parties, enforceable against them in accordance
with its terms; provided, however, that no representation or warranty is made as to (i) the availability of equitable
remedies for the enforcement of this Agreement or any other agreement contemplated hereby or (ii) rights to indemnity under
this Agreement for securities law liability. Additionally, this representation is limited by applicable bankruptcy, insolvency,
moratorium, and other similar laws affecting generally the rights and remedies of creditors and secured parties; and

 

		(e)	All negotiations relative to this Agreement and the transactions contemplated hereby have been carried on by Fabled and Fabled
Mexico in such manner as not to give rise to any valid claim against the GMC Parties or any third Person for a brokerage commission,
finder’s fee or other fee or commission arising by reason of the transactions contemplated by this Agreement.

 

		(f)	Fabled is a “reporting issuer” within the meaning of securities laws in British Columbia, Alberta and Saskatchewan
(the “Reporting Jurisdictions”), and is not in default of any requirement of any applicable securities laws
and is not on the list of defaulting issuers maintained by any securities regulatory authority of any of the Reporting Jurisdictions.
No order, ruling or determination having the effect of suspending the sale or ceasing the trading of the Shares or any other security
of Fabled has been issued or made by any securities regulatory authority or stock exchange or any other regulatory authority and
is continuing in effect and no proceedings for that purpose have been instituted or are pending or, to the knowledge of Fabled,
are contemplated or threatened by any such authority;

 

		(g)	The common shares of Fabled are listed for trading on the Exchange and Fabled is not in default of any requirement of the Exchange;

 

		(h)	The Exchange has provided its final approval to the transactions contemplated by this Agreement, including approval to list
the Consideration Shares on the Exchange from and after completion of the transactions contemplated by this Agreement;

 

		(i)	Fabled has the corporate power, capacity and authority to issue the Consideration Shares and the Consideration Shares have
been duly authorized and, upon issuance of the Consideration Shares in accordance with this Agreement, the Consideration Shares
will be duly and validly issued and outstanding as fully
paid and non-assessable shares in the capital of Fabled;

 

    Page 11 of 87

     

    

 

		(j)	The Consideration Shares have not been and will not have been issued in violation of or subject to any pre-emptive or contractual
rights to purchase securities issued or granted by Fabled;

 

		(k)	All annual reports, annual and interim financial statements, annual information forms, business acquisition reports, management
discussion and analysis of financial condition and results of operations, information circulars, material change reports, press
releases and all other information or documents required to be filed or furnished by Fabled under applicable securities laws of
the Reporting Jurisdictions complies in all material respects with all applicable requirements of Canadian securities laws and
none of such documents, as of their respective filing dates, contained any misrepresentation (as defined in securities laws of
the Reporting Jurisdictions);

 

		(l)	The authorized share capital of Fabled consists of an unlimited number of common shares without par value of which as of the
date of this Agreement 47,051,903 Fabled Shares are issued and outstanding as fully paid and non-assessable shares, subject only
to the issuance of additional Fabled Shares upon exercise of outstanding options described in Schedule F;

 

		(m)	The Fabled Parties have conducted such due diligence investigations concerning the Property and the GMC Option Agreements as
they have determined to be appropriate. With respect to the exploration potential of the Property, title to or environmental conditions
at the Property, Environmental Compliance, the validity of the Concessions and all other matters concerning the Property which
are not specifically addressed by the GMC Parties’ representations and warranties in this Agreement, the Fabled Parties have
relied exclusively upon their due diligence investigation, including the advice of their own experts or consultants, as they have
determined to be necessary or desirable in their sole discretion.

 

		2.3	Exclusive Benefit of Representations and Warranties.

 

		(a)	The representations and warranties contained in Section 2.1:

 

		(i)	are provided for the exclusive benefit of Fabled Parties and a breach of any one or more of them may be waived by Fabled Parties
in writing in whole or in part at any time without prejudice to their rights in respect of any other breach of the same or any
other representation or warranty; and

 

		(ii)	shall survive the execution and delivery of this Agreement, the exercise of the Option hereunder by Fabled Mexico and the termination
of this Agreement, provided that any claims in respect of a breach of representations and warranties given as of the Closing
Date under paragraphs (f), (g), (h), (i), (j), (n) and (s) of Section 2.1 are required to be initiated within a period of 2 years
from the date of transfer of title to the Concessions to Fabled Mexico in accordance with Section 5.1 or the termination of this
Agreement pursuant to paragraphs (c) or (d) of Section 8, as applicable.

 

    Page 12 of 87

     

    

 

 

		(b)	The representations and warranties contained in Section 2.2:

 

		(i)	are provided for the exclusive benefit of the GMC Parties and a breach of any one or more of them may be waived by either the
GMC Parties in whole or in part at any time without prejudice to its rights in respect of any other breach of the same or any other
representation or warranty; and

 

		(ii)	shall survive the execution and delivery of this Agreement, the exercise of the Option hereunder by Fabled Mexico and the termination
of this Agreement.

 

		2.4	Indemnity. Each of the GMC Parties, on the one hand, and the Fabled Parties, on the other hand, will jointly and severally
defend, indemnify and save harmless each other and their Affiliates and their personnel from and against any and all claims, debts,
demands, suits, actions and causes of action whatsoever which may be brought or made against one or more of them by any Person
and all Losses which may be suffered or incurred by them arising out of or in connection with or in any way referable to, whether
directly or indirectly any breach of the indemnifying Party’s representations and warranties and all covenants of the indemnifying
Party under this Agreement. The provisions of this Section 2.4 shall survive the termination of this Agreement.

 

		2.5	Limitation of Warranties. It is agreed between the Parties that, other than where such information is fraudulent, any
technical, economic or geological information of any nature, including the Existing Data and any other studies, reports, mining
models, assays, drill hole data, geochemical reports, recovery reports and other information concerning the Property and the existence,
location, quantity, quality or value of any minerals thereon or therein, provided to, or made available by one Party to the others
under this Agreement or prior to the Closing Date, is provided without representation or warranty and is at the sole risk of the
Party receiving the same. Such information is provided “AS IS, WHERE IS” and EACH PARTY EXPRESSLY DISCLAIMS ALL EXPRESS
OR IMPLIED WARRANTIES CONCERNING THE SAME, AND EXPRESSLY EXCLUDES ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR
PURPOSE. It is further agreed that Fabled Parties shall not be obligated to provide to any Party any information that is subject
to a separate confidentiality arrangement with a third person, or is otherwise confidential or is obtained by the use of any proprietary
or confidential methodologies or techniques, including those under license or agreement with any third person, for ascertaining
the existence, location, quantity, quality or value of any minerals. It is further agreed that the GMC Parties make no representations
or warranties concerning title to or ownership of the surface of the lands covered by the Concessions, or the rights of the holder
of the Concessions to make any use thereof.

 

		3.	GRANT OF EXPLORATION RIGHTS AND RELATED OBLIGATIONS

 

		3.1	Grant of Exploration Rights. The GMC Parties, as of the Closing Date, to the extent they have the legal and contractual
rights to do so, grant, and to the extent required under the GMC Option Agreements, assign, to Fabled Mexico, its servants, agents
and independent contractors, the sole and exclusive right and option to:

 

		(a)	carry out Operations on the Property as Fabled Mexico may in its sole discretion determine;

 

		(b)	bring and install on the Property and remove from time to time such buildings, plant, machinery, equipment, tools, appliances
and supplies as the Fabled Mexico may deem necessary to conduct its Operations; and

 

		(c)	remove from the Property reasonable quantities of rocks, ores, minerals and metals and to transport the same for the purpose
of sampling, testing and assaying.

 

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		3.2	Standard of Conduct. In exercising their rights under Section 3.1, the Fabled Parties shall comply, and shall cause
their servants, agents and independent contractors to comply, with all applicable Laws and shall carry out all Operations in a
good and workmanlike manner and in substantial accordance with sound mining and other applicable industry standards and practices.

 

		3.3	Control of Operations During Option Periods. During the term of this Agreement, the Fabled Parties have the sole right
to determine the nature, timing, scope, extent and method of all Operations without any obligation to obtain the approval or consent
of the GMC Parties.

 

		3.4	Maintenance of Property. The Fabled Parties shall carry out all Operations (including required assessment work) and
incur all expenditures (including Annual Holding Costs) required to keep the Property in good standing under applicable Law and
relevant contractual arrangements (including the GMC Option Agreements), as further set forth in Article 4.

 

		3.5	Insurance. Fabled Mexico agrees to carry such insurance, covering all persons working at or on the Property for Fabled
Mexico, as will fully comply with the requirements of the Laws of Mexico and the State of Chihuahua pertaining to worker’s
compensation and occupational disease and disabilities as are now in force or as may be hereafter amended or enacted. In addition,
during the Option Period, Fabled Mexico agrees to carry liability insurance with respect to such operations in reasonable amounts
not less than the greater of the minimum levels required by Law or as set forth below:

 

		(a)	Commercial General Liability Insurance with limits of not less than $2,000,000 per occurrence.

 

		(b)	Automobile Liability Insurance, with:

 

		(i)	Limits of not less than $1,000,000 Combined Single Limit per accident; and

 

		(ii)	Coverage applying to any auto.

 

The GMC Parties shall be named as additional insureds
on the liability policies described in this Section 3.5. Prior to conducting any Operations on the Property, Fabled shall provide
to GMC certificates evidencing the required amounts of insurance coverage and naming the GMC Parties as additional insureds, which
such certificates shall provide for at least 30 days prior written notice of cancellation to the GMC Parties. Such policies shall
contain a cross-liability and severability endorsement. Fabled Mexico’s liability insurance policies shall also be primary
insurance, without right of contribution from any policy carried by the GMC Parties.

 

		3.6	Inspection. During the Option Period, GMC Mexico and its authorized agents, at their sole risk and expense, shall have
the right, exercisable during regular business hours, at a mutually convenient time, in compliance with Fabled Mexico’s safety
rules and regulations, and in a reasonable manner so as not to interfere with Fabled Mexico’s Operations, to go upon the
Property for the purpose of confirming that Fabled Mexico is conducting its Operations in the manner required by this Agreement.

 

		3.7	Liens and Encumbrances. Fabled Mexico shall keep the title to the Property free and clear of all Encumbrances resulting
from its Operations hereunder; provided, however, that Fabled Mexico may refuse to pay any claims asserted against it which
it disputes in good faith. At its sole cost and expense, Fabled Mexico shall contest any suit, demand or action commenced to enforce
such a claim and, if the suit, demand or action is decided by a court or other authority of ultimate and final jurisdiction against
Fabled Mexico or the Property, the Fabled Parties shall promptly pay the judgment and shall post any bond
and take all other action necessary to prevent any sale or loss of the Property or any part thereof.

 

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		3.8	Reclamation. If this Agreement is terminated and Fabled Mexico does not acquire the Property, Fabled Mexico shall reclaim
and remediate the Property, to the extent disturbed by Fabled Mexico during the Option Period, in accordance with applicable Laws.
GMC Mexico, to the extent it may legally and contractually do so, hereby agrees to grant to Fabled Mexico such access to the Property
following termination as is reasonably necessary to complete such reclamation work.

 

		3.9	Data. Fabled Mexico shall provide to GMC Mexico (a) a semi-annual report summarizing its activities on the Property,
on or before July 31st and January 31st of each year during the Option Period. Each such report shall include information relating
to title to the Property or environmental conditions at or pertaining to the Property, and all maps, assays, surveys, drill logs,
samples, and metallurgical, geological, geophysical, geochemical and engineering data (and interpretive reports derived therefrom),
developed by Fabled Mexico with respect to the Property during the previous six-month (or shorter) period; provided, however,
that Fabled Mexico shall have no obligation to make any interpretive data or reports developed by it or on its behalf available
to Fabled Mexico if such interpretive data or reports are proprietary to or constitute trade secrets of Fabled Mexico or any consultant.

 

		4.	OPTION

 

		4.1	Grant of Option. The GMC Parties, as of the Closing Date, grant to the Fabled Parties, for a period of two years from
and after the Closing Date (the “Option Period”), the sole and exclusive right and option (the “Option”)
to acquire an undivided one hundred percent (100%) interest in and to the Concessions and the Existing Data free and clear of all
charges and Encumbrances other than Permitted Encumbrances, as described herein. The Option Period may be extended pursuant to
the provisions of Section 4.10.

 

		4.2	Conditions to Exercise the Option. To allow Fabled Mexico to exercise the Option, Fabled must:

 

		(a)	timely pay to GMC Mexico the following cash payments (the “Cash Payments”):

 

	Option Payment Timing	 	Payment Amount	 
	On the Closing Date	 	$	500,000	 
	On or before the 12 month anniversary of the Closing Date	 	$	1,500,000	 
	On or before the 24 month anniversary of the Closing Date	 	$	2,000,000	 

 

		(b)	on the Closing Date, issue to GMC 1,000,000 Shares subject to the provisions of Section 4.4 (the “Consideration Shares”);

 

		(c)	forward to GMC Mexico, at least 15 days prior to their due dates (except with respect to the final $100,000 payment due under
the Chavez Option Agreement, which GMC Mexico has paid into the probate court as described in Section 4.5(d) below and which shall
be reimbursed by the Fabled Parties to GMC Mexico on the Closing Date), the amount required for GMC Mexico to make all payments
under the GMC Option

 

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Agreements (the “GMC Option Payments”),
such due dates and payments consisting of the following:

 

	Option Payments
	Claims	Date	Option Payment US$	Payment to
	Santa Maria + Punto Com	11/9/2020	 $        100,000.00 	Chavez
	Las Marias	2/4/2021	 $        120,000.00 	Cervantes/Peralta
	Las Marias	8/4/2021	 $        120,000.00 	Cervantes/Peralta
	Las Marias	2/4/2022	 $        140,000.00 	Cervantes/Peralta

 

		(d)	timely pay all Annual Holding Costs and any other costs payable to the applicable Governmental Authority to maintain the Concessions
in good standing in accordance with the provisions of Section 4.6 and generally keep the Property in good standing;

 

		(e)	grant to GMC Mexico, upon exercise of the Option, the GMC NSR Royalty on the terms set out in Section 4.7 hereof; and

 

		(f)	simultaneous with the making of any payments under this Section 4.2 and with the Transfer of the Concessions to Fabled Mexico
upon exercise of the Option, pay all VAT associated therewith.

 

		4.3	Cash Payments.

 

		(a)	The reimbursement of the $100,000 option payment made by GMC Mexico to the probate court pursuant to Section 4.5(d) and all
Cash Payments shall be made by wire transfer in immediately available funds to a bank account designated by GMC on or before the
date upon which such Cash Payment is due hereunder and in accordance with Section 10.2 hereof.

 

		(b)	Fabled shall be entitled to accelerate any time period for making the Cash Payments pursuant to Section 4.2(a) hereof.

 

		4.4	Share Issuance.

 

		(a)	GMC acknowledges that the Consideration Shares are subject to “hold period” resale restrictions under applicable
securities laws of the Reporting Jurisdictions and, absent an exemption from the prospectus requirements of applicable securities
laws of the Reporting Jurisdictions, the Consideration Shares must not be traded or resold in Canada until four months and one
day after the date of this Agreement.

 

		(b)	GMC covenants and agrees with Fabled to abide by all resale restrictions applicable to the Consideration Shares in Canada.

 

		(c)	In the event of the issue of the Consideration Shares after the occurrence of one or more events involving the capital reorganization,
reclassification, subdivision or consolidation of the Shares, or the merger, amalgamation or other corporate combination of Fabled
with one or more other entities, or of any other event in which new securities of any nature are delivered in exchange for the
issued and outstanding Shares and such issued Shares are cancelled (“Fundamental Changes”), in lieu of issuing
Shares which, but for the Fundamental Change and this provision, would have been issued, Fabled or its successor shall issue instead
such number of new securities as would have been delivered as a result of the Fundamental Change in exchange for
those Shares which GMC would have been entitled to receive if such issue had occurred immediately prior to the Fundamental Change.

 

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		4.5	GMC Option Payments.

 

		(a)	Except as otherwise set forth in Section 4.5(d) below, GMC will deliver to Fabled promptly and no later than 30 days prior
to the date for payment by GMC of a GMC Option Payment a statement setting out the details of such GMC Option Payment (including
any applicable VAT). Fabled shall be entitled, acting reasonably, to request further information with respect to any item in such
statement, to dispute the accuracy of any item in such statement, and GMC shall furnish additional information, if available.

 

		(b)	Except as otherwise set forth in Section 4.5(d) below, Fabled shall make payment of the amount of each GMC Option Payment (including
any applicable VAT) to GMC Mexico at least 15 days prior to its due date, and GMC Mexico, subject to performance of any required
obligations of the GMC Optionors under the GMC Option Agreements (including the presentation of facturas), shall timely
make payment of each GMC Option Payment to the GMC Optionors. GMC will provide Fabled with evidence such payment has been made.

 

		(c)	For the avoidance of doubt, during the term of this Agreement GMC Mexico, except as otherwise set forth in this Article 4,
must comply with all other relevant terms of the GMC Option Agreements, and Fabled on the request of GMC shall promptly furnish
such additional information or execute such additional documents as are required to keep the GMC Options in good standing

 

		(d)	Notwithstanding any of the provisions of this Section 4.5 to the contrary, the Parties acknowledge and agree that the $100,000
payment due under the Chavez Option Agreement on or before November 9, 2020 was paid by GMC Mexico into the probate court prior
to the Closing Date, and that because the estate of Mr. Chavez, one of the GMC Optionors, is currently being probated, GMC Mexico
did not and will not timely receive the facturas for that payment. As recommended by its outside counsel in Mexico, GMC
Mexico made that payment directly to the probate court where the estate of Mr. Chavez is being probated. The GMC Parties shall
have no liability to the Fabled Parties or otherwise, and shall not be in default under this Agreement, if it is later determined
that the payment made by GMC Mexico into the probate court was not in compliance with the provisions of the Chavez Option Agreement
or the Mining Law.

 

		4.6	Annual Holding Costs.

 

		(a)	GMC will deliver to Fabled promptly and no later than 30 days prior to their due dates an itemized statement setting out the
details of the Annual Holding Costs (including any applicable VAT) incurred in the prior 6 month period. Fabled shall be entitled,
acting reasonably, to request further information with respect to any item in such itemized statement to dispute the accuracy of
any item in the itemized statement of Annual Holding Costs, and GMC shall promptly furnish additional information, if available.

 

		(b)	Fabled shall make payment of the amount of the Annual Holding Costs (including any applicable VAT) to the relevant Governmental
Authority, and provide GMC with evidence of such payment, at least 20 days prior to the date each such payment is due. If
GMC does not timely receive such information, GMC Mexico may (but shall not be obligated to) make such payments directly to the relevant
Governmental Authority on or prior to the date any such payment is due. In that event, GMC Mexico will provide Fabled with evidence
such payment has been made, and Fabled shall promptly reimburse GMC Mexico for the amount of such payment.

 

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		4.7	GMC Royalty and Underlying Royalty.

 

		(a)	Upon exercise of the Option, simultaneous with the execution and delivery of the conveyance of the Concessions to Fabled Mexico
pursuant to Section 5.2, the Parties shall enter into a Royalty Agreement by which Fabled Mexico grants to GMC Mexico a 1% net
smelter return royalty interest in all minerals processed and sold from the Property, on the terms set forth in the Royalty Agreement
attached as Schedule C to this Agreement (the “GMC NSR Royalty Agreement”).

 

		(b)	Fabled acknowledges and agrees that to the extent described in Schedule C, the Property will be subject to the GMC NSR Royalty.

 

		(c)	In addition, Fabled will upon exercise of the Option assume responsibility for payment of the Underlying Royalty from GMC Mexico
and will, upon exercise of the Option enter into such documents as are required by GMC and the GMC Optionors to assume such responsibilities
and relieve GMC of any ongoing responsibility or liability therefor.

 

		(d)	The Parties agree that, at the time of granting the GMC NSR Royalty and the assumption of the Underlying Royalty, they will
take such additional steps and enter into such additional documents as reasonably requested by GMC and the GMC Optionors, including
preparing a short form of the GMC NSR Royalty Agreement prepared in the Spanish language reflecting the terms of this Agreement
adapted to the applicable legal requirements of Mexico and governed by Mexican law or entering into “back to back”
royalty agreements amongst the Parties and their Affiliates.

 

		4.8	Assessment Work. During the Option Period, Fabled Mexico must conduct sufficient Operations during each applicable time
period as will satisfy the assessment work obligations for each of the Concessions for each such period. Fabled Mexico shall provide
evidence of the performance of such Operations, and related back-up information as is reasonably required, to GMC Mexico at least
30 days prior to the date that proof of the performance of such assessment work must be filed with the appropriate Governmental
Authority under the Mining Law. GMC Mexico shall file proof of the performance of that work with the appropriate Governmental Authority
at least 15 days prior to the applicable filing deadline.

 

		4.9	Security and other Ancillary Needs. During the Option Period, Fabled Mexico shall be responsible for payments required
under the agreement for security services for the Concessions, and for any other Property maintenance expenses that are reasonably
required.

 

		4.10	Vesting of 100% Interest. During the Option Period, once all of the required payments have been made under the Chavez
Option Agreement, and the probate proceedings with respect to the estate of Mr. Chavez have been completed and are not subject
to appeal, GMC Mexico shall exercise its option to acquire the Concessions covered thereby. If those probate proceedings are not
completed by the last day of the Option Period, then the Option Period shall be extended until the earlier of (a) the third anniversary
of the Closing Date, or (b) the date that is 30 days after the date on which those probate proceedings are completed. Upon Fabled
satisfying the requirements of Sections 4.2-4.9, if it desires to exercise the Option, Fabled shall provide notice to GMC of its
decision to exercise the Option at any time during the Option Period, and the date of GMC’s receipt of such notice shall be the “Exercise
Date.” Upon timely receipt of Fabled’s notice of its desire to exercise of the Option, GMC Mexico shall promptly
exercise the option under the Cervantes Option Agreement, and upon its receipt of a conveyance of the Concessions covered by the
Cervantes Option Agreement, GMC Mexico will then convey all of the Concessions and any other interest it owns in the Property to
Fabled Mexico, all in accordance with the provisions of Section 5.2, and Fabled Mexico will thereupon acquire and be deemed
to have acquired and be vested, in consideration making the payments and granting the GMC NSR Royalty, with a 100% ownership interest
in the Concessions, free and clear of all Encumbrances other than Permitted Encumbrances.

 

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		5.	ASSIGNMENT AND TITLE

 

		5.1	Assignment of Exploration Rights under GMC Option Agreements. Promptly after the Closing Date, GMC Mexico will take
all required actions to properly assign its exploration rights under the GMC Option Agreements, in accordance with and subject
to the provisions of Section 3.1, to Fabled Mexico pursuant to separate assignment agreements in the form attached hereto as Schedule
D to the this Agreement (the “Assignment Agreements”).

 

		5.2	Title Transfer. Upon Fabled exercising the Option, GMC shall exercise the options under the GMC Option Agreements as
described in Section 4.10 and upon GMC Mexico acquiring title to the Concessions thereunder, GMC Mexico shall convey the Concessions
to Fabled Mexico, all pursuant to instruments of Transfer acceptable to the Parties’ respective Mexican counsel, acting reasonably.

 

		5.3	Title Curative. If title to all or any part of the Concessions is now or at any time hereafter (except as a direct result
of the Fabled Parties conducting their Operations): (i) defective or encumbered save and except as disclosed in this Agreement;
or (ii) contested or challenged by any Person, then, the Fabled Parties shall have the right to terminate this Agreement without
further obligation (including being excused from any obligation to make any payment subsequently coming due hereunder) and/or,
to the extent permitted by the terms and conditions of the GMC Option Agreements, in cooperation with the GMC Parties and, to the
extent required under the terms and conditions of the GMC Option Agreements, the GMC Optionors, shall have the right, but not the
obligation, at their sole expense, to attempt to remedy, perfect or defend title. If the Fabled Parties elect to remedy, perfect
or defend title, the Fabled Parties shall not be liable to the GMC Parties if the Fabled Parties are unsuccessful in, withdraw
from, or discontinue litigation or other curative work, so long as the same is permissible under and has been conducted in accordance
with the terms and conditions of the GMC Option Agreements and industry standards. If the Fabled Parties do attempt to perfect
or defend title, the Optionor shall execute all documents and shall take such other actions as are reasonably necessary to assist
the Fabled Parties in their efforts. Any improvement or perfection of title to the Property shall enure to the benefit of the GMC
Optionors and the GMC Parties in the same manner and to the same extent as if such improvement or perfection has been made prior
to the execution of this Agreement.

 

		5.4	No Encumbrance. The GMC Parties will not lease, pledge as collateral or security, mortgage or encumber or cause or allow
any Encumbrance created, directly or indirectly, by or against the GMC Parties to be placed against this Agreement or their interest
in the Property, nor grant any other right or interest in or to the Property, without the prior written consent of Fabled, which
consent may be withheld in its sole discretion.

 

    Page 19 of 87

     

    

 

		6.	INDEMNIFICATION

 

		6.1	The Fabled Parties’ Indemnification of the GMC Parties. The Fabled Parties shall jointly and severally defend,
indemnify and save harmless the GMC Parties from and against any and all claims, debts, demands, suits, actions and causes of action
whatsoever that may be brought or made against the GMC Parties by any Person and all Losses that may be suffered or incurred by
the GMC Parties arising out of or in connection with (a) the Fabled Parties’ activities on the Property including without
limitation bodily injuries or death or damage to property, unless and to the extent due to the acts or omissions of the GMC Parties
or their servants or agents, and (b) any environmental conditions associated with Fabled Mexico’s activities of, at, in or
under the Property or of any facilities on the Property.

 

		6.2	The GMC Parties’ Indemnification of the Fabled Parties. The GMC Parties shall jointly and severally defend, indemnify
and save harmless the Fabled Parties and their Affiliates and their personnel from and against any and all claims, debts, demands,
suits, actions and causes of action whatsoever that may be brought or made against one or more of them by any Person and all Losses
that may be suffered or incurred by them arising out of or in connection with or relating to, whether directly or indirectly:

 

		(a)	any visits to the Property by the GMC Parties and their officers, employees, invitees and licensees including without limitation
bodily injuries or death at any time resulting therefrom or damage to property except to the extent the same arises out of the
negligence or misconduct of the Fabled Parties or their agents, servants or independent contractors; and

 

		(b)	any activities or operations conducted by GMC Mexico on or with respect to the Property on or prior to the Closing Date, or
any environmental condition associated with GMC Mexico’s activities of, at, in, or under the Property or of any facilities
on the Property, on or prior to the Closing Date.

 

		6.3	Indemnification Procedure. Either Party who has a claim giving
rise to indemnification liability pursuant to this Agreement (an “Indemnified Party”), which results from a
claim by a third party or otherwise, shall give prompt notice to the other Party (the “Indemnifying Party”)
of such claim, together with a reasonable description thereof. Failure to provide such notice shall not relieve a Party of any
of its indemnification obligations hereunder except to the extent materially prejudiced thereby. With respect to any claim by a
third party against any Party to this Agreement which is subject to indemnification under this Agreement, the Indemnifying Party
shall be afforded the opportunity, at its expense, to defend or settle the claim if it utilizes counsel reasonably satisfactory
to the Indemnified Party, and promptly commences the defense of such claim and pursues such defense with diligence; provided,
however, that the Indemnifying Party shall secure the consent of the Indemnified Party to any settlement, which consent shall
not be unreasonably withheld. The Indemnified Party may participate in the defense of any claim at its expense, and until the Indemnifying
Party has agreed to defend such claim, the Indemnified Party may file any motion, answer or other pleading or take such other action
as it deems appropriate to protect its interests or those of the Indemnifying Party. If an Indemnifying Party does not elect to
contest any third-party claim, the Indemnifying Party shall be bound by the results obtained with respect thereto by the Indemnified
Party, including any settlement of such claim. The terms and provisions of this Article 6 shall survive the termination of this
Agreement. 

 

    Page 20 of 87

     

    

 

		7.	DATA

 

		7.1	Delivery of Data to Fabled. Concurrently with the execution of this Agreement, the GMC Parties will deliver or make
available to Fabled copies of all relevant technical, economic, geological and other information of any nature within their possession
or control and which they have the legal and contractual right to make available to third Persons, including without limitation
any studies, reports, mining models, assays, drill hole data, geochemical reports, recovery reports and other information concerning
the Property (the “Existing Data”).

 

		8.	TERMINATION

 

		8.1	This Agreement shall forthwith terminate in circumstances where:

 

		(a)	Subject to Section 8.2, the Fabled Parties fail to make the Cash Payments, issue the Consideration Shares, advance the GMC
Option Payments or pay the Annual Holding Costs as required in Section 4.2 of this Agreement and within the time periods contemplated
by Sections 4.2 and 4.6 hereof;

 

		(b)	The Fabled Parties breach any other covenants herein which are not timely cured under Section 8.2;

 

		(c)	Fabled gives thirty (30) days’ notice of termination to GMC which it shall be at liberty to do at any time;

 

		(d)	The Fabled Parties do not exercise the Option during the Option Period; or

 

		(e)	the Parties mutually agree in writing.

 

		8.2	Notice to Cure. Notwithstanding anything in this Agreement to the contrary if any Party (a “Defaulting Party”)
is in default of any requirement herein set forth the Party affected by such default shall give written notice to the Defaulting
Party specifying the default and the Defaulting Party shall not lose any rights under this Agreement, (a) in the event of
a default in making any required payment hereunder, if within five (5) days after failing to make the Cash Payments, advance the
GMC Option Payments or pay the Annual Holding Costs as required under Sections 4.2 and 4.6 of this Agreement, the Fabled Parties
make such payments, or (b) in the event of any other default hereunder, unless thirty (30) days after the giving of notice
of default by the affected Party, the Defaulting Party has failed to take reasonable steps to cure the default by the appropriate
performance, and if the Defaulting Party fails within such periods to cure (with respect to defaults under clause (a) above) or
to take reasonable steps to cure (with respect to defaults under clause (b) above) any such default, the affected Party shall be
entitled to terminate this Agreement or to seek any other remedy it may have on account of such default.

 

		8.3	Actions Following Termination of Agreement. If this Agreement is terminated pursuant to Section 8.1 Fabled shall:

 

		(a)	pay to Golden Mexico the amount of any Annual Holding Costs that are due within 30 days following the date of termination;

 

		(b)	provide evidence of performance of Operations that would qualify as assessment work for the current applicable time period
to GMC Mexico; and

 

    Page 21 of 87

     

    

 

		(c)	promptly following such termination, and no later than ninety (90) days thereafter, reclaim and remediate the Property in respect
of Fabled’s directed activities on the Property, in substantial compliance with Laws, but Fabled shall have no obligation
to reclaim and remediate any environmental conditions that existed prior to the Closing Date, except to the extent redisturbed
by its activities hereunder.

 

For the avoidance of doubt
if this Agreement is terminated prior to the date any Cash Payment pursuant to Section 4.2 becomes due Fabled will have no liability
to make such payment. Notwithstanding any termination of this Agreement, GMC shall be entitled to receive and retain (i) all Cash
Payments that are due and payable, or paid, prior to such termination and (ii) all of the Consideration Shares.

 

		8.4	Return of Data. As soon as practicable upon the termination of this Agreement, if the Fabled Parties have not exercised
the Option, they shall return to GMC any of the Existing Data furnished to the Fabled Parties by the GMC Parties. At such time,
Fabled shall make available to GMC for examination and copying all information relating to title to the Property or environmental
conditions at or pertaining to the Property, and all surveys, maps, drill hole logs, samples, sample locations, geological, geophysical,
geochemical and engineering data from the Property, as well as assays developed by Fabled with respect to the Property during the
term of this Agreement and not previously made available to GMC.

 

		8.5	Release. Upon termination of this Agreement during the Option Period, if Fabled Mexico has not exercised the Option,
the Fabled Parties shall provide the GMC Parties with a written release, in recordable form, of their rights hereunder with respect
to the Property.

 

		8.6	Surrender of Possession and Removal of Equipment. Upon termination of this Agreement,
if the Fabled Parties have not exercised the Option, Fabled Mexico shall surrender possession of the Property, subject to the condition
that it shall have the right at any time within six months after such surrender or termination of this Agreement to remove all
of its tools, equipment, machinery, supplies, fixtures, buildings, structures and other property erected or placed on the Property
by Fabled Mexico. Title to such property not removed within the time period set forth above shall, at the election of GMC, pass
to GMC Mexico, or GMC Mexico may have such property removed from the Property, in which case the Fabled Parties shall be obligated
to promptly reimburse the GMC Parties for the costs of such removal.

 

		9.	RESTRICTION ON ASSIGNMENT

 

		9.1	Restriction of GMC’s Transfer. The GMC Parties may not Transfer all or any part of their rights and interests
in or with respect to this Agreement or the Assignment Agreements without the prior written consent of the Fabled, save and except
to an Affiliate, which in such case the consent of the Fabled will not be required.

 

		9.2	Restriction on Fabled’s Transfer. Save and except as expressly permitted in accordance with this Agreement, the
Fabled Parties may not Transfer, or agree to Transfer, any of their rights and interests in or with respect to the Property and
under, or by virtue, of this Agreement or the Assignment Agreements without the prior written consent of GMC, which consent GMC
may withhold in its sole discretion, and any such Transfer shall be void unless the Fabled Parties comply with the provisions of
this Article 9.

 

    Page 22 of 87

     

    

 

		9.3	Transfer to an Affiliate. Each of the Fabled Parties shall have the right without restriction to Transfer all its respective
rights and interests in or with respect to the Property to an Affiliate of Fabled without the prior written consent of GMC and
provided that such Affiliate first complies with the provisions of Section 9.5 and agrees with
GMC in writing to retransfer such rights and interests to Fabled or another Affiliate of Fabled before ceasing to be an Affiliate
of Fabled. For the avoidance of doubt the Transfer by the Fabled Parties to an Affiliate shall not have the effect of transferring
or extinguishing Fabled’s obligations under this Agreement which shall continue until such time as this Agreement has been
terminated or as otherwise set out in this Agreement.

 

		9.4	Restrictions on Indirect Transfers. Fabled may not Transfer, or agree to Transfer, directly or indirectly, any of its
rights and interests in Fabled Mexico, or any subsequent Affiliate to which a Transfer is made under Section 9.3 hereof, without
the prior written consent of GMC, which consent GMC may withhold in its sole discretion. Fabled Mexico, or any subsequent Affiliate
to which a Transfer is made under Section 9.3 hereof, shall not, and Fabled shall not permit the Fabled Mexico, or any subsequent
Affiliate to which a Transfer is made under Section 9.3 hereof, or any other wholly or partially owned subsidiary of Fabled that
holds, directly or indirectly any shares of the Fabled Mexico, including but not limited to the Fabled Nominee Shareholder, or
any subsequent Affiliate to which a Transfer is made under Section 9.3 hereof,, to issue any shares or other securities to any
Person save and except Fabled, without the prior written consent of GMC, which consent GMC may withhold in its sole discretion.
Notwithstanding anything contained in this Article 9, nothing in this Agreement shall prevent Fabled itself from undertaking a
change of control, merger, amalgamation, a sale of assets other than the Property or the Existing Data, or any other corporate
transaction and no such transaction shall trigger any right of consent on the part of GMC hereunder.

 

		9.5	Transferee to Execute Counterpart. A Party transferring its rights and interests as permitted or required by this Agreement
shall require any transferee to execute a counterpart of this Agreement and thereby to agree to be bound by the contractual terms
hereof in the same manner and to the same extent as though a Party hereto in the first instance.

 

		10.	NOTICES

 

		10.1	Notices. All notices, payments and other required communications (“Notices”) to one of Fabled Parties
or the GMC Parties by the other shall be in writing and shall be addressed respectively as follows:

 

If to the Fabled Parties

 

Fabled Silver Gold Corp.

480 – 1500 West Georgia Street

Vancouver, British Columbia V6G 2Z6

E-Mail: david@fabledfco.com

Attention: Chairman

 

If to the GMC Parties

 

Golden Minerals Company

350 Indiana Street, Suite 650

Golden, Colorado, 80401

Email: warren.rehn@goldenminerals.com

Attention: Warren Rehn, CEO

 

    Page 23 of 87

     

    

 

All Notices shall be
given (1) by personal delivery or delivery by commercial courier to the addressee, or (2) by electronic communication, or (3)
by registered or certified mail return receipt requested. All Notices shall be effective and shall be deemed delivered (1) if
by personal delivery or commercial courier on the date of delivery on a Business Day before 5:00pm (in the place of
delivery), and, if not delivered on a Business Day before 5:00pm (in the place of delivery), on the next Business Day
following delivery, (2) if by electronic communication, on the date of delivery if delivered on a Business Day before 5:00pm
(in the place of delivery), and, if not delivered on a Business Day before 5:00pm (in the place of delivery), on the next
Business Day following delivery, and (3) if solely by mail on the next Business Day after actual receipt. A Party may change
its address by Notice to the other Party.

 

		10.2	Payments. All payments by Fabled to GMC under this Agreement shall be made by wire transfer in immediately available
funds to an account designated by GMC, on or before the date on which such payment is to be made.

 

		11.	CONFIDENTIALITY

 

		11.1	Obligation of Confidentiality. Subject to Section 11.2 and Section 12.5, all information received or obtained by any
Party hereunder or pursuant hereto shall be kept confidential by it and no part thereof may be disclosed or published without the
prior written consent of the other except: (a) to such Party’s Affiliates and its and its Affiliates’ representatives
who have a need to know such information; and (b) such information as may be required to be disclosed or published by Law or applicable
stock exchange rule, provided that any such required disclosure shall be strictly limited in scope and content to the extent
reasonably possible; and except that either Party may disclose information to any Person or Persons with whom it proposes to contract
pursuant to Section 12.1 or 12.3 (as applicable) and who have agreed in writing to hold the same in confidence to the same extent
as the Parties are obligated under this Section 11. The Party making any disclosure of information under this Section 11.1 shall
be fully responsible for and defend and indemnify the other Party for all Losses incurred by the other Party in connection with
any disclosure of such information made by any third Person to whom such disclosure is made. The terms and provisions of this Article
11 shall survive the termination of this Agreement for a period of two years after the effective date of such termination.

 

		11.2	Exclusions from Confidential Information. Confidential information shall not include the following:

 

		(a)	information that, at the time of disclosure, is in the public domain;

 

		(b)	information that, after disclosure, is published or otherwise becomes part of the public domain through no fault of the recipient;

 

		(c)	information that the recipient can show already was in the possession of the recipient at the time of disclosure;

 

		(d)	information that the recipient can show was received by it after the time of disclosure, from a third party who was under no
obligation of confidence to the disclosing Party at the time of disclosure.

 

		11.3	No Disclosure of Agreement. Except as required by Law or securities regulatory authority, neither Fabled nor GMC shall
make any public announcements or statements concerning this Agreement or the Property without the prior approval of the other,
not to be unreasonably withheld.

 

		11.4	Public Announcements. The text of any public announcements or statements including news releases which a Party intends
to make pursuant to the exception in Section 11.1 shall be made available to the other Party not less than five Business
Days prior to publication and the other Party shall have the right to make suggestions for changes therein.

 

    Page 24 of 87

     

    

 

 

		11.5	Liability for Announcement. In providing its consent of
                                         a public announcement or statement, a Party does not thereby assume any liability or
                                         responsibility for the contents thereof, which shall be the sole responsibility of the
                                         disclosing Party, and the disclosing Party shall indemnify, defend and save the other
                                         Party harmless from any Losses it may incur in that regard. This provision shall survive
                                         expiration or earlier termination of this Agreement.

 

		11.6	Consequential Damage. Except in the case of fraud, gross
                                         negligence or willful misconduct, and despite any other provision of the Agreement to
                                         the contrary, no Party or its Affiliates will be liable to the other Party or its Affiliates
                                         for or in relation to any indirect or consequential loss, liability or damage, including:

 

		(i)	loss of use of property which has not been physically lost,
                                         damaged or destroyed;

 

		(ii)	loss of reputation, goodwill or any opportunity;

 

		(iii)	business interruption, loss of actual or anticipated revenue,
                                         income or profits; or

 

		(iv)	special damages, however arising and despite any knowledge,
                                         awareness, expectation, representation, reliance or dependency on the part of either
                                         Party at the time of entry into the Agreement, under or in connection with it.

 

		12.	AREA
                                         OF INTEREST

 

		12.1	Area of Interest. The Area of Interest shall be that area
                                         within five kilometers of the outermost circumambient boundaries of the Property as of
                                         the Closing Date.

 

		12.2	Acquisition Within the Area of Interest. If at any time
                                         during the term of the Agreement either the Fabled Parties or any Affiliates or the GMC
                                         Parties or any Affiliates (in this Section only called the “Acquiring Party”)
                                         stakes or otherwise acquires, directly or indirectly, any right to or interest in any
                                         mineral disposition, mining claim, license, lease, grant, concession, permit, patent,
                                         or other mineral property or surface rights or water rights located wholly within the
                                         Area of Interest (collectively, “Acquired Rights”), the Acquiring
                                         Party shall forthwith give Notice to the other (the “Other Party”)
                                         of that staking or acquisition, the cost thereof and all details in possession of that
                                         Party with respect to the nature of the Acquired Rights and the known mineralization.

 

		12.3	Election by Other Party. The Other Party may, within 30
                                         days of receipt of the Acquiring Party’s Notice, elect, by Notice to the Acquiring
                                         Party, to require that the Acquired Rights and the right or interest acquired be included
                                         in and thereafter form part of the Property for all purposes of this Agreement (except
                                         that, with respect to any Acquired Rights acquired by the Fabled Parties or any Affiliates,
                                         such Acquired Rights shall not constitute a part of the Property with respect to the
                                         representations and warranties set forth in Section 2.1 or the indemnity obligations
                                         of the GMC Parties set forth in Section 2.4). If Fabled Mexico has acquired any
                                         such Acquired Rights which become part of the Property, and then elects not to or fails
                                         to timely exercise the Option, Fabled Mexico shall, promptly upon receipt of written
                                         request from GMC Mexico, convey those Acquired Rights to GMC Mexico, free and clear of
                                         all Encumbrances arising by, through or under the Fabled Parties, pursuant to conveyance
                                         documents acceptable to the Parties and their respective Mexican counsel, acting reasonably.

 

    Page 25 of 87

     

    

 

		12.4	If Election not made by Other Party. If the Other Party
                                         does not make the election aforesaid within that period of 30 days, the Acquired Rights
                                         shall not form part of the Property and the Acquiring Party shall be solely entitled
                                         thereto.

 

		12.5	Freedom to Use Data and Information. Each Party acknowledges
                                         that the other Party may be actively exploring and acquiring mineral properties in the
                                         vicinity of the Property and elsewhere and, subject only to the provisions in Sections
                                         12.1 to 12.4, notwithstanding anything else to the contrary in this Agreement or in law
                                         or equity, neither this Agreement nor the delivery of any data contemplated hereunder
                                         to a Party will in any way restrict or limit or result in a restriction or limitation
                                         on that Party’s freedom to use such data and any and all information derived from
                                         Operations hereunder to explore for and acquire mineral properties through option, joint
                                         venture, staking or otherwise now or in the future, within or outside the Property, and
                                         each Party shall be free to use such data and all information derived from Operations
                                         hereunder for such purposes or any purpose without restriction or obligation to the other
                                         Party.

 

		13.	MISCELLANEOUS

 

		13.1	Entire Agreement. This Agreement terminates and replaces
                                         all prior agreements, either written, oral or implied, between the Fabled Parties and
                                         the GMC Parties with respect to the Property and/or the Other Assets, including the Letter
                                         of Intent (subject only to the provisions of Section 13.4) and constitutes the entire
                                         agreement between the Parties with respect to the Property and the Existing Data.

 

		13.2	Void or Invalid Provision. If any term, provision, covenant
                                         or condition of this Agreement, or any application thereof, should be held by a court
                                         of competent jurisdiction to be invalid, void or unenforceable, all provisions, covenants
                                         and conditions of this Agreement, and all applications thereof not held invalid, void
                                         or unenforceable shall continue in full force and effect and in no way be affected, impaired
                                         or invalidated thereby.

 

		13.3	Recording. The Assignment Agreements shall be recorded
                                         with the relevant Governmental Agency to the extent that such recording is allowed under
                                         the Mining Law or any other applicable Law. Each Party will cooperate to make all filings
                                         with the relevant Governmental Agency necessary to record the Spanish language version
                                         of this Agreement. As soon as practicable following the Closing Date, the Parties shall
                                         register the Assignment Agreements in the Spanish and English language at the Mining
                                         Public Registry in Mexico.

 

		13.4	Waivers. On the Closing Date the Parties hereby agree that
                                         all conditions precedent set out in the Letter of Intent have been met and expressly
                                         waive any conditions precedent set out in the Letter of Intent but not met as at the
                                         Closing Date (except to the extent such conditions precedent are set forth in this Agreement).
                                         Notwithstanding the foregoing the failure of any Party to insist upon strict adherence
                                         to any provision of this Agreement on any occasion shall not be considered a waiver or
                                         deprive that Party of the right thereafter to insist upon strict adherence to such provision
                                         or any other provision of this Agreement. No purported waiver shall be effective as against
                                         any Party unless consented to in writing by such Party. The waiver by any Party of a
                                         breach of any provision of this Agreement shall not operate or be construed as a waiver
                                         of any subsequent or other breach.

 

		13.5	Additional Documents. Each Party shall do and perform all
                                         such acts and things, and execute all such deeds, documents and writings, and give all
                                         such assurances, as may be reasonably necessary to give effect to this Agreement, including
                                         entering into, or causing GMC Mexico and Fabled Mexico to enter into, a Spanish language
                                         version of this Agreement if recommended by the Parties’ respective Mexican counsel.

 

    Page 26 of 87

     

    

 

		13.6	Binding Effect. This Agreement shall enure to the benefit
                                         of and be binding upon the Parties hereto and their respective successors and permitted
                                         assigns. Except as specifically set forth in Sections 2.4, 6.1 and 6.2, there are no
                                         third party beneficiaries under this Agreement.

 

		13.7	Counterparts. This Agreement may
                                         be executed in counterparts and by electronic transmission, each of which shall be deemed
                                         to be an original and all of which shall constitute one and the same document.

 

		13.8	Technical Reports. Where either Party hereto or any Affiliate
                                         (collectively, the “Discloser”) desires or is required by NI 43-101,
                                         to file a Technical Report (as defined in NI 43-101) with respect to the Properties,
                                         (a) the Discloser shall be entitled to prepare and file that Technical Report, and may
                                         include in that Technical Report all information concerning the Property that is required
                                         by applicable Law or stock exchange rule; (b) neither the non-disclosing Party nor its
                                         Affiliates shall have any obligation to the Discloser to prepare or provide the Technical
                                         Report or any part thereof, or to provide or make available any Qualified Person (as
                                         defined in NI 43-101) to the Discloser; (c) the Discloser shall not designate the other
                                         Party or any associate, Affiliate or employee of or retained by the other Party, or any
                                         Qualified Person of the other Party, as the Qualified Person of the Discloser, without
                                         the prior written consent of the other Party; (d) the Discloser shall be responsible
                                         for the cost of preparing or providing the Technical Report; and (e) the non-disclosing
                                         Party shall be entitled to access to all pertinent information related to that portion
                                         of the Technical Report pertaining to the Properties and shall be afforded a reasonable
                                         opportunity to review and the opportunity (but not the obligation) to require reasonable
                                         changes to that portion of the Technical Report prior to the filing of the Technical
                                         Report with applicable regulatory authorities.

 

		13.9	Conflict. In the event of any conflict between the terms
                                         and provisions of this Agreement and the terms and provisions of the Assignment Agreements,
                                         the terms and provisions of this Agreement shall control.

 

[Signature Page Follows]

 

    Page 27 of 87

     

    

 

	FABLED SILVER GOLD CORP.
	 	 	 
	Per:	 	 
	 	/s/ Peter Hawley	 
	 	Name:	Peter Hawley 	 
	 	Title:	President and Chief Executive Officer 	 

 

	FABLED SILVER GOLD MEXICO CORP., S.A. DE C.V.
	 	 	 
	Per:	 	 
	 	/s/ Peter Hawley	 
	 	Name:	Peter Hawley	 
	 	Title:	Director	 

 

	GOLDEN MINERALS COMPANY
	 	 	 
	Per:	 	 
	 	/s/ Warren Rehn	 
	 	Name:	Warren Rehn	 
	 	Title:	Chief Executive Officer	 

 

	MINERA DE CORDILLERAS, S. DE R.L. DE C.V.
	 	 	 
	Per:	 	 
	 	/s/ Warren Rehn	 
	 	Name: 	Warren Rehn	 
	 	Title:	Gerente Administrador 	 

 

    Page 28 of 87

     

    

 

SCHEDULE A

 

Description
of the Concessions

 

Part A

 

Contract of Mining Exploration and of Promise of
Assignment of Rights and Obligations by and between Mr. Jose Alfredo Cervantes Rivera his wife, Ms. Claudia Guadalupe Peralta
Alcaraz and Minera de Cordilleras, S. de R.L. de C.V., dated August 4, 2017.

 

	Matamoros,

    Chihuahua Area	Title/Concession

        #
	Year

    Concession

    Awarded	Year
    

    Concession

    Expires	Concession

    Area

    (Hectares)
	Maria	226591	02/01/2006	02/01/2056	10.84
	Martia
    III	231703	04/14/2008	04/14/2058	41.97
	Maria
    II Frac. I	230200	07/30/2007	07/30/2057	24.33

 

Part B

 

Contratos de Exploración de Minera Con Derecho
a Explotación de Minerales y de Promesa de Cesión de Derechos by and between Joaquin Rolando Chavez Gonzalez and
Minera de Cordilleras, S. de R.L. de C.V., dated November 9, 2018.

 

	Santa
    Barbara, 

    Chihuahua Area	Title/Concession

        #
	Year

    Concession

    Awarded	Year

    Concession

    Expires	Concession

    Area

    (Hectares)
	Santa
    Maria	216532	05/16/2002	05/16/2052	17.97
	Punto
    Com	228022	09/28/2006	09/28/2056	5.96

 

    Page 29 of 87

     

    

 

SCHEDULE B

 

Underlying
Royalty and Underlying Royalty Claims

 

Underlying Royalty

 

		1.	Net smelter returns royalty of 2% pursuant
                                         to the Contract of Mining Exploration and of Promise of Assignment of Rights and Obligations
                                         by and between Mr. Jose Alfredo Cervantes Rivera his wife, Ms. Claudia Guadalupe Peralta
                                         Alcaraz and Minera de Cordilleras, S. de R.L. de C.V., dated August 4, 2017.

 

Underlying Royalty Claims

 

		1.	In respect of Underlying Royalty 1 above:

 

	Matamoros,
    

    Chihuahua Area	Title/Concession

        #
	Year

    Concession

    Awarded	Year

    Concession

    Expires	Concession

    Area

    (Hectares)
	Maria	226591	02/01/2006	02/01/2056	10.84
	Martia
    III	231703	04/14/2008	04/14/2058	41.97
	Maria
    II Frac. I	230200	07/30/2007	07/30/2057	24.33

 

    Page 30 of 87

     

    

 

SCHEDULE
C

NET SMELTER RETURN ROYALTY AGREEMENT

 

THIS AGREEMENT made as of the ___day of,
__________, ______ (the “Effective Date”)

 

BETWEEN:

 

MINERA DE CORDILLERAS, S. DE R.L. DE C.V.

 

(hereinafter called “Royalty Holder”)

 

AND:

 

FABLED SILVER GOLD MEXICO CORP., S.A. DE C.V.

 

(hereinafter called “Fabled Mexico”)

 

AND:

 

FABLED SILVER GOLD CORP.

 

(hereinafter called “Fabled”)

 

(together Fabled and Fabled Mexico are the “Payor”)

 

WHEREAS Fabled Mexico
is the legal and beneficial owner of the Property and Fabled is the beneficial owner of 100% of the shares of Fabled Mexico (save
and except for one share held by a Fabled nominee shareholder);

 

AND WHEREAS the Payor
has agreed to grant and pay a net smelter return royalty on all Products derived from the Property to and in favour of the Royalty
Holder, on the terms and conditions set forth herein.

 

NOW THEREFORE THIS AGREEMENT
WITNESSES THAT in consideration for the respective covenants and agreements herein contained and other good and valuable consideration
(the receipt and sufficiency of which are hereby acknowledged by each of the Parties), it is hereby agreed by and among the Parties
as follows:

 

		1.	INTERPRETATION

 

		1.1	For the purpose of this Agreement, including the recitals hereto,
                                         unless expressly stated or the context otherwise requires, the following terms shall
                                         have the respective meanings set out below and grammatical variations of such terms shall
                                         have corresponding meanings:

 

		(a)	“Affiliate” means, with respect to any person,
                                         any person which directly or indirectly Controls, or is Controlled by, or is under common
                                         Control with, that person;

 

		(b)	“Allowable Deductions” for a calendar quarter
                                         means the following costs, charges, expenses and deductions actually incurred by Payor
                                         during such calendar quarter in connection with the smelting, refining and/or sale of
                                         Product removed from the Property:

 

		(i)	smelting and refining charges and penalties, including all costs
                                         of assaying, analyzing, sampling or representation, umpire charges, metal deductions
                                         and losses, penalties for impurities and charges for treating, refining, storing and
                                         handling the Product levied by any smelter or refinery;

 

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		(ii)	costs of transporting Product (including loading, freight, insurance,
                                         security, storage or stockpiling, transportation, shipping, taxes, handling, port, demurrage,
                                         delay and forwarding expenses incurred by reason of or in the course of transportation)
                                         from the Property or from a concentrator, whether situated on or off the Property, to
                                         any smelter or refinery;

 

		(iii)	sales, use, severance, excise or any other taxes, customs duties
                                         or other charges of any Governmental Authority, but not including royalties, payable
                                         in respect of the production, removal, sale, processing, import, export, transportation
                                         or disposition, value or quantity of Product, but excluding income taxes of the Payor
                                         or its Affiliates or other operators of the Property, or sales or goods and services
                                         taxes payable by the purchaser or purchasers of the Product; and

 

		(iv)	reasonable marketing and other sales costs and fees actually
                                         incurred in selling the Product, including sales commissions, insurance, consignment,
                                         agency fees and brokerage costs and fees and that are paid and/or incurred by the Payor
                                         or its Affiliates with respect to Product.

 

provided that if smelting
or refining is carried out in facilities owned or controlled, in whole or in part, by the Payor or its Affiliates, then the Allowable
Deductions shall include the lesser of: (A) the amount that the Payor would have incurred if such smelting or refining were carried
out at facilities not owned or controlled by the Payor then offering comparable services for comparable products on prevailing
terms and (B) the actual charges and costs incurred by the Payor with respect to such smelting or refining;

 

		(c)	“Area of Interest” means that area within
                                         five kilometers of the outermost circumambient boundaries of the Property as they existed
                                         on December 4, 2020,

 

		(d)	“Auditor” has the meaning ascribed to it
                                         in Section 3.4;

 

		(e)	“Business Day” means any day, save and except
                                         a Saturday, Sunday or statutory holiday in Toronto, Ontario, on which commercial banks
                                         are open for business;

 

		(f)	“Canadian GAAP” means accounting principles
                                         generally accepted in Canada, which are applicable as at the date on which any applicable
                                         calculation made hereunder is to be effective or as at the date of any financial statements
                                         referred to herein, as the case may be;

 

		(g)	“Control” means possession, directly or
                                         indirectly, of the power to direct or cause the direction of management and policies
                                         through ownership of voting shares, interests or securities, or by contract, voting trust
                                         or otherwise, and “Controlled” and “Controlling”
                                         shall have corresponding meanings;

 

		(h)	“Governmental Authority” means any governmental
                                         authority having jurisdiction in respect of the matters in this Agreement, including
                                         the governments of Mexico, the United States, Canada and any political subdivision thereof
                                         and includes any agency, department, commission, board, bureau, court or other authority
                                         thereof, or any other body exercising, any executive, legislative, judicial, administrative,
                                         regulatory or taxing authority or power of any nature and having actual jurisdiction
                                         in respect of the matters in this Agreement;

 

    Page 32 of 87

     

    

 

		(i)	“Governmental Authorization” means any permit,
                                         licence, franchise, approval, certificate, consent, ratification, permission, confirmation,
                                         endorsement, waiver, certification, registration, transfer, qualification or other authorization
                                         issued, granted, given or otherwise made available by or under the authority of any Governmental
                                         Authority or pursuant to any Legal Requirement;

 

		(j)	“Gross Revenues” in any calendar quarter
                                         means the amount of revenues actually received by, or with respect to Trading Activities,
                                         credited to the account of, the Payor or its Affiliates during that calendar quarter
                                         from the sale of Product to a person save and except an Affiliate of the Payor, or any
                                         insurance proceeds received by the Payor in respect thereof. For purposes of calculating
                                         Gross Revenues in the event the Payor, in connection with any Trading Activities, elects
                                         not to sell any portion of any gold or silver extracted and produced from the Property,
                                         but instead elects to have the final product of any such gold or silver credited to or
                                         held for its account with any smelter, refiner or broker, such gold will be deemed to
                                         have been sold at the London P.M. fix for gold (or the London A.M. fix if there is no
                                         London P.M. fix on the day in question) as quoted in the Financial Times (or such other
                                         source as is mutually agreeable if the information is no longer available from the Financial
                                         Times), on the day such gold is actually credited to or placed in the Payor’s account,
                                         and such silver will be deemed to have been sold at the London fix for silver (as quoted
                                         in the Financial Times, or such other source as is mutually agreeable if the information
                                         is no longer available from the Financial Times) on the day such silver is actually credited
                                         to or placed in the Payor’s account;

 

		(k)	“Legal Requirement” means any applicable
                                         law, statute, ordinance, decree, requirement, order, treaty, proclamation, convention,
                                         rule or regulation (or interpretation of any of the foregoing) of any Governmental Authority,
                                         and the terms of any Governmental Authorization;

 

		(l)	“Materials” has the meaning ascribed to
                                         it in Section 2.5;

 

		(m)	“Mining Rights” means all mining rights
                                         with respect to the Property, and any other applicable mining claim, mining concession,
                                         mining lease, mining licence and mining right;

 

		(n)	“Net Smelter Returns”
                                         for a calendar quarter means the amount determined by subtracting the Allowable Deductions
                                         for the calendar quarter from the Gross Revenues for the calendar quarter;

 

		(o)	“NI 43-101 compliant resource estimate”
                                         means an estimate of mineral resources made in compliance with National Instrument 43-101
                                         – Standards of Disclosure for Mineral Projects;

 

		(p)	“Party” means the Payor or the Royalty Holder
                                         and “Parties” means the Payor and the Royalty Holder, collectively;

 

		(q)	“Payment Date”
                                         for the Royalty in respect of a calendar quarter means the 30th day after the end of
                                         that calendar quarter or, if such day is not a Business Day, the Business Day that next
                                         follows;

 

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		(r)	“Payor” has the meaning set forth in the
                                         recitals hereto;

 

		(s)	“Product” means any ores, concentrates,
                                         precipitates, doré, cathodes, leach solutions, refined metal or any other primary,
                                         intermediate or final products or any other product containing economically recoverable
                                         minerals obtained from ore mined, produced or extracted from the Property; for greater
                                         certainty, subject to Section 5, “Product” does not include any ores, concentrates,
                                         precipitates, doré, cathodes, leach solutions, refined metal, products or any
                                         other product containing minerals that are mined, produced or extracted from any property
                                         other than the Property even if such ores, concentrates, precipitates, doré, cathodes,
                                         leach solutions, refined metal, products or any other product containing minerals are
                                         processed, stored or stockpiled in any way on the Property;

 

		(t)	“Property” means
                                         the property described in Schedule A annexed hereto and forming an integral part hereof
                                         and any property acquired by the Payor within the Area of Interest;

 

		(u)	“Royalty” means the percentage of Net Smelter
                                         Returns to which the Royalty Holder is entitled under Section 2(a); and

 

		(v)	“Royalty Holder” has the meaning set forth
                                         in the recitals.

 

		(w)	“Trading Activities” has the meaning set
                                         forth in Section 2.6.

 

		1.2	In this Agreement:

 

		(a)	the terms “Agreement”, “this Agreement”,
                                         “the Agreement”, “hereto”, “hereof”, “herein”,
                                         “hereby”, “hereunder” and similar expressions refer to this Agreement
                                         in its entirety and not to any particular provision hereof;

 

		(b)	references to a “Section” or “Schedule”
                                         followed by a number or letter refer to the specified Section of or Schedule to this
                                         Agreement;

 

		(c)	the division of this Agreement into sections and the insertion
                                         of headings are for convenience of reference only and shall not affect the construction
                                         or interpretation of this Agreement;

 

		(d)	the terms “Party” and “the Parties”
                                         refer to a party or the parties to this Agreement;

 

		(e)	words importing the singular number only shall include the
                                         plural and vice versa and words importing the masculine gender shall include the feminine
                                         and neuter genders and vice versa;

 

		(f)	unless otherwise indicated, any reference to a statute, regulation
                                         or rule shall be construed to be a reference thereto as the same may from time to time
                                         be amended, re-enacted or replaced, and any reference to a statute shall include any
                                         regulations or rules made thereunder;

 

		(g)	the words “include”, “includes” and
                                         “including” mean “include”, “includes” or “including”,
                                         in each case, “without limitation”;

 

		(h)	reference to any agreement or other
                                         instrument in writing means such agreement or other instrument in writing as amended,
                                         modified, replaced or supplemented from time to time;

 

		(i)	unless otherwise indicated, time periods within which a payment
                                         is to be made or any other action is to be taken hereunder shall be calculated excluding
                                         the day on which the period commences and including the day on which the period ends;
                                         and

 

		(j)	whenever any payment to be made or action to be taken hereunder
                                         is required to be made or taken on a day other than a Business Day, such payment shall
                                         be made or action taken on the next following Business Day.

 

    Page 34 of 87

     

    

 

 

		1.3	Time shall be of the essence of this Agreement.

 

		1.4	This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes
all prior agreements, understandings, negotiations and discussions, whether written or oral. There are no conditions, covenants,
agreements, representations, warranties or other provisions, express or implied, collateral, statutory or otherwise, relating to
the subject matter hereof except as provided herein.

 

		1.5	The failure of any Party to insist upon strict adherence to any provision of this Agreement on any occasion shall not be considered
a waiver or deprive that Party of the right thereafter to insist upon strict adherence to such provision or any other provision
of this Agreement. No purported waiver shall be effective as against any Party unless consented to in writing by such Party. The
waiver by any Party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent
or other breach.

 

		1.6	If any provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or unenforceable
in any respect, all other provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic
or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party hereto.
Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties hereto as closely as
possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the extent possible.

 

		1.7	Unless otherwise indicated, all dollar amounts in this Agreement are expressed in US currency.

 

		2.	GRANT, CALCULATION AND PAYMENT OF ROYALTY

 

		2.1	The Payor hereby grants and agrees to pay to the Royalty Holder, its successors and assigns, a royalty in respect of each applicable
calendar quarter equal to the Relevant Percentage multiplied by the Net Smelter Returns for such calendar quarter.

 

		2.2	For certainty, the Royalty shall be calculated and payable by the Payor on all quantities of Product produced from the Property
where the Payor receives any proceeds or is credited with any proceeds or metals by any smelter or refiner.

 

		2.3	The obligation to pay the Royalty shall accrue once the Payor has received actual payment or credit for the sale or other disposition
of Product. The amount of the Royalty payment due to the Royalty Holder in respect of any calendar quarter shall be paid to the
Royalty Holder on the Payment Date by the delivery to the Royalty Holder of a certified cheque, bank draft or wire transfer (as
directed by the Royalty Holder in writing in its sole and absolute discretion, subject to applicable Legal Requirements) in the
amount owed. Subject to applicable Legal Requirements, all Royalty payments hereunder shall be made in US dollars and shall not
be offset by the amounts of taxes (if any) which the Payor is required to withhold and remit under Legal Requirements to any relevant Governmental Authorities.
Any Royalty payment not timely made shall bear interest from the due date through the date of actual payment at an annual rate
of 10%, calculated and compounded monthly.

 

    Page 35 of 87

     

    

 

		2.4	At the time each Royalty payment is made, the Payor shall deliver to the Royalty Holder a statement setting forth (i) the quantities
and grades of Product produced and sold or deemed sold by or credited to the account of the Payor in the applicable calendar quarter,
(ii) the Gross Revenues for Product on which the Royalty is calculated in the applicable calendar quarter, (iii) the applicable
Allowable Deductions, and (iv) such other pertinent information in sufficient detail to explain the calculation of the Royalty
Payment.

 

		2.5	All tailings, residues, waste rock, spoiled leach materials, and other materials (collectively, “Materials”)
resulting from the Payor’s operations and activities on the Property shall be the sole property of the Payor, but shall remain
subject to the Royalty should the same be processed or reprocessed, as the case may be, in the future and result in the production
of Products. Notwithstanding the foregoing, the Payor shall have the right to dispose of Materials from the Property on or off
the Property and to commingle the same with materials from other properties. If Materials are processed or reprocessed, as the
case may be, the Royalty payable thereon shall be determined on a pro rata basis as determined by using the best mine processing
and technical practices then available

 

		2.6	The Royalty Holder acknowledges that the Payor shall have the right to market and sell or refrain from selling refined gold,
silver and other metals produced from the Property in any manner it may elect, and that the Payor shall have the right to engage
in forward sales, future trading or commodity options trading, and other price hedging, price protection, and speculative arrangements
(“Trading Activities”), which may involve the possible delivery of gold, silver or other metals produced from
the Property, and that the Royalty Holder shall not be entitled to participate in the proceeds, or be obligated to shares in any
losses, generated by the Payor’s actual marketing or sales practices or by its Trading Activities. The Payor shall have no
obligation, express or implied, to engage (or not) in any Trading Activities with respect to Product. Proceeds received or losses
incurred by the Payor from any such Trading Activities shall not be considered in calculation of Gross Revenues or Allowable Deductions.

 

		3.	ACCOUNTING MATTERS

 

		3.1	All calculations relating to the Royalty payments to be made to the Royalty Holder hereunder shall be carried out on a consistent
basis in accordance with Canadian GAAP to the extent that such principles are not inconsistent with the provisions of this Agreement.
In the event of any inconsistency between Canadian GAAP and the provisions of this Agreement, the latter shall prevail.

 

		3.2	The Payor will cause to be kept proper books of account, records and supporting materials covering all matters relevant to
the calculation of the Royalty payments payable to the Royalty Holder hereunder. Upon not less than 10 Business Days’ prior
written request from the Royalty Holder, duly authorized representatives of the Royalty Holder (which may include representatives
of the Royalty Holder’s auditors) shall be entitled, at the Royalty Holder’s cost and expense, not more frequently
than once per calendar year, unless previous audits have revealed a payment discrepancy in excess of 5%, to inspect and audit such
books of account, records and supporting materials and the opportunity to discuss issues raised by its audit with the Payor, for
the purposes of confirming any information contained in a statement delivered to the Royalty Holder pursuant to Section 2.4.

 

    Page 36 of 87

     

    

 

		3.3	Any payment made hereunder shall be considered final and in full satisfaction of all obligations of the Payor hereunder in
respect of that payment unless the Royalty Holder provides written notice of its objection to the Payor within 24 months after
the receipt by the Royalty Holder of a statement prepared in compliance with Section 2.4 that relates to that payment.

 

		3.4	If a dispute arises with respect to the calculation of the Royalty, the Parties shall use their best endeavors to successfully
settle the matter. To this effect, they shall consult and negotiate with each other to reach a resolution satisfactory to both
Parties, failing which the Parties shall promptly retain a third party accounting firm mutually agreed between the Royalty Holder
and the Payor and experienced in the calculation of royalties of the nature of the Royalty (an “Auditor”) to
conduct an audit solely in respect of the payment(s) in dispute. The Auditor will reach a conclusion on the dispute within 90 days
of its appointment and the decision of the Auditor will be binding on the Parties.

 

		3.5	If the Parties agree or the Auditor determines that there has been a deficiency or an excess in the payment made to the Royalty
Holder, such deficiency or excess will be resolved by adjusting the next Royalty payment due under this Agreement. If production
has ceased, settlement will be made between the Parties by cash payment within 10 Business Days of the determination by the Auditor.

 

		3.6	Any audit or other examination permitted under this Agreement shall be completed diligently. All expenses of any audit or other
examination permitted hereunder shall be paid by the Royalty Holder, unless such audit or examination determines, or the Parties
agree, that the discrepancies in the calculation of the Royalty payment that are challenged by the Royalty Holder are more than
five percent (5%) of the correct value of the Royalty payment, as determined by the audit, in which case the Payor shall be responsible
for the expenses of that particular audit or other review or examination.

 

		4.	OPERATIONS

 

		4.1	The Payor may, but is not obliged to stockpile, store, treat, mill, sort, concentrate, refine or otherwise process, beneficiate
or upgrade Product at sites located on or off the Property, prior to sale, transfer or conveyance to a purchaser, user or consumer.
If the Payor elects to stockpile, store or place and such materials on property other than the Property, the Payor shall first
secure from the property owner a written agreement, in recordable form, and irrevocable so long as any such materials are on such
property, which provides, inter alia, that (a) the Royalty Holder’s rights in such materials pursuant to this Agreement
shall continue in full force and effect; (b) the Royalty Holder’s rights in and to such materials shall be the same as if
the materials were situated on the Property; and (c) the Royalty Holder’s rights in such materials shall have precedence
over the rights of the property owner, as well as the creditors of the property owner.

 

		4.2	In the event the Payor sells or otherwise disposes of Product to an Affiliate of the Payor or to any shareholder of the Payor,
then those sales or dispositions will be deemed, for purposes of this Agreement, to have been sold at prices and on terms no less
favourable to the Payor than those which would be extended by an unaffiliated third party in an arm’s length transaction
under similar circumstances.

 

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		5.	GENERAL ROYALTY MATTERS

 

		5.1	If Product is produced from the Property, such activities may occur as part of a single operation with other mining properties
owned by the Payor or its Affiliates or in which the Payor or its Affiliates have a direct or indirect interest, in which event
the Parties agree that (notwithstanding separate ownership thereof) ores, metals, minerals
or mineral products mined therefrom may be mixed or commingled with ores, metals, minerals or products from other properties (“Other
Materials”) at the time of mining or at any time thereafter and the Royalty shall be paid hereunder only with respect
to Product mined or derived from the Property; provided, however, that the Payor or its Affiliates shall calculate
from representative samples the average grade thereof and other measures as are appropriate, and shall determine the weight or
volume of and sample and analyse/assay all such Product, and the Other Materials, before the same are so mixed or commingled. Any
such determination of grade, weight or volume, sampling and analysis shall be made in accordance with sound and generally accepted
sampling and analytic procedures and practices consistently applied. The weight or volume and the analysis so derived shall be
used as the basis of proportionate allocation of payments in the event of a sale of Product so mixed or commingled. In addition,
comparable procedures may be used by the Payor to apportion among any commingled Product and Other Materials any penalties and
other charges and deductions, if any, imposed by the smelter, refiner or purchaser of such Product. Representative samples of the
Product and Other Materials shall be retained by the Payor and any commingling shall not disproportionately disadvantage the Royalty
Holder’s interest in such Product relative to the Payor’s interest in such Other Materials, including any disadvantage
on recovery of any payable metal contained in such Product or Other Materials. The Payor shall keep records showing moisture, assays
of metal, commercial minerals, and other appropriate content and penalty substances and gross metal content of Product and records
showing appropriate content of Other Materials (and shall provide copies of the same to Grantee under Section 3.2). Following the
expiration of the period for objection described above in Section 3.3, and absent timely objection, if any, made by the Royalty
Holder, the Payor may dispose of the materials and data required to be kept and produced by this Section 5.1.

 

		5.2	The Payor shall use commercially reasonable efforts to ensure that customary and usual practices and procedures are adopted
and employed for weighing, determining moisture content, sampling and assaying and determining recovery factors for the Products
and other materials not from the Property, and shall record such data in order to determine the amount of economically recoverable
materials extracted or derived from such minerals, metals and concentrates and materials not from the Property.

 

		5.3	For the purpose of determining the amount of the Royalty payments required to be made to the Royalty Holder pursuant to Section
2, where applicable, all receipts and disbursements in a non-US currency will be converted into US currency on the basis of the
noon rate of exchange quoted by the Bank of Montreal on the Business Day immediately preceding the date of receipt or disbursement,
as the case may be.

 

		5.4	Neither the Payor nor any of its Affiliates shall have any obligation of any nature whatsoever pursuant to this Agreement to
conduct exploration, development, production or mining activities or operations on or in respect of the Property. For certainty
the Royalty Holder acknowledges and agrees that all decisions regarding the methods, procedures and techniques of any: (i) exploration,
development and mining related to the Property, including spending on capital expenditures; (ii) leaching, milling, processing
or extraction; (iii) materials to be introduced on or to the Property; and (iv) sales of Product and terms thereof, shall be made
by the Payor, in its reasonable discretion.

 

		6.	REAL PROPERTY INTEREST

 

The Royalty shall attach to
any amendments, relocations and conversions of any Mining Rights, including any tenement, licence, lease, concession, mining
claim or right, permit or other tenure comprising the Property or Mining Rights, or to any renewals or extensions thereof.
The Royalty shall be a real property interest that runs with the Property and the Mining Rights and shall be binding upon the
Payor, its successors and permitted assigns and any other successor in interest or title and other right of ownership of the
Property or the Mining Rights or both. Royalty Holder shall be entitled to register this Agreement, or notice thereof, on the
title to the Property and Payor shall execute such documents as may be necessary to effect such registration.

 

    Page 38 of 87

     

    

 

		7.	ASSIGNMENT OF INTERESTS

 

		7.1	The Royalty Holder may, at any time, without the consent of the Payor, assign, transfer or otherwise convey not less than all
of its rights or obligations under this Agreement to any person or persons (including by way of security or encumbrance); provided,
however, that that no such assignment, transfer or conveyance shall be effective unless the transferee has first executed
and delivered to the Payor an instrument pursuant to which the transferee agrees to be bound by the terms hereof and by all of
the liabilities and obligations of the transferor hereunder in the same manner and to the same extent as though the transferee
was an original party hereto.

 

		7.2	The Payor may sell, assign, transfer or otherwise convey or dispose of (including by way of security or encumbrance) all or
a portion of the Property or the Mining Rights or any interest therein in any manner whatsoever, or assign, transfer or otherwise
convey or dispose (including by way of security or encumbrance) of this Agreement or all or any of its rights or obligations hereunder,
in whole or in part, in connection with any assignment, transfer or conveyance (including by way of security or encumbrance) of
all or a portion of the Property or the Mining Rights or any interest therein in any manner whatsoever; provided, however,
that that no such sale, assignment, transfer or conveyance shall be effective unless the transferee has first executed and delivered
to the Royalty Holder an instrument pursuant to which the transferee agrees to be bound by the terms hereof and by all of the liabilities
and obligations of the transferor hereunder in the same manner and to the same extent as though the transferee was an original
party hereto.

 

		7.3	Notwithstanding the foregoing, no transfer, assignment, or conveyance or any rights or obligations under this Agreement will
be made by either party to any person who is deemed a listed person under the Consolidated United Nations Security Council Sanctions
List or the Consolidated Canadian Autonomous Sanctions List.

 

		8.	REPORTING OBLIGATIONS OF PAYOR and Inspection Rights

 

		8.1	The Payor shall keep the Royalty Holder advised of all Mining Operations on the Property by submitting in writing to the Royalty
Holder (i) quarterly progress reports (to be delivered within 30 days after the end of each calendar quarter) in respect of mining
Operations commencing for the calendar year ending after the Effective Date which report shall include all pertinent data including,
without limitation, the status of the Work Program, a statement of Expenditures incurred, drill logs and assay results, survey
results, geological and resource figures and production reports (an “Annual Report”); (ii) copies of all reports
concerning mining Operations; and (iii) reports of all significant assay results as soon as assay results are available. At all
reasonable times the Payor shall provide the representative of the Royalty Holder access to and the right to copy all maps, drill
logs, core tests, reports, surveys, assays, analyses, production reports, operations, technical, accounting and financial records
and other information acquired in conducting operations.

 

		8.2	Inspection. GMC Mexico and its authorized agents, at their sole risk and expense, shall have the right, exercisable
during regular business hours, at a mutually convenient time, in compliance with Fabled Mexico’s safety rules and regulations,
and in a reasonable manner so as not to interfere with Fabled Mexico’s operations, to
go upon the Property for the purpose of confirming that Fabled Mexico is conducting its operations in the manner required by this
Agreement.

 

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		9.	RETURN OF MINING CLAIMS TO BE ABANDONED BY PAYOR

 

		9.1	The Payor may at any time abandon some or all of the Property provided that the Property, or portion thereof, to be abandoned
(the “Abandoned Claims”) shall be in good standing for a period of at least six (6) months from the date the
Payor notifies the Royalty Holder in writing that it is abandoning its interest in the Abandoned Claims and delivers all reports,
maps and data in its possession with respect to the Abandoned Claims to the Royalty Holder (the “Abandonment Notice”).
The Royalty Holder shall have the right, within thirty (30) days of receipt of the Abandonment Notice, to accept or reject some
or all of the Abandoned Claims. If the Royalty Holder wishes to accept some or all of the Abandoned Claims (the “Accepted
Claims”), it shall deliver notice in writing to the Payor setting out the particulars of the Accepted Claims and the
Payor shall transfer the Accepted Claims to the Royalty Holder at the expense of the Payor within ten (10) days of receipt of such
Acceptance Notice.

 

		10.	MISCELLANEOUS

 

		10.1	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado
and the federal laws applicable therein (without regard to its laws relating to any conflicts of laws). The United Nations Vienna
Convention on Contracts for International Sale of Goods shall not apply to this Agreement.

 

		10.2	Notices. Any notice or other communication required or permitted to be given hereunder shall be in writing and shall
be sufficiently given if delivered personally (including by courier service) or if sent by facsimile or sent by electronic mail
in PDF format addressed as follows:

 

		(a)	if to the Payor:

                                         

                                         Fabled Silver Gold Corp.

                                         480 – 1500 West Georgia Street

                                         Vancouver, British Columbia V6G 2Z6

                                         E-Mail: david@fabledfco.com

                                         Attention: Chairman

 

		(b)	if to the Royalty Holder:

                                         

                                         Minera de Cordilleras, S. de R.L. de C.V., c/o Golden Minerals Company

                                         350 Indiana Street, Suite 650

                                         Golden, Colorado, 80401

                                         Email: warren.rehn@goldenminerals.com

                                         Attention: Warren Rehn, CEO

 

Any such notice or other
communication given in accordance with this Section, if delivered personally as aforesaid shall be deemed to have been
validly and effectively given on the date of such delivery if such date is a Business Day and such delivery is received
before 4:00 p.m. at the place of delivery; otherwise it shall be deemed to be validly and effectively given on the next
following Business Day. Any notice or communication which is transmitted by facsimile transmission or electronic mail as
aforesaid shall be deemed to have been validly and effectively given on the date of transmission if such day is a Business
Day and such transmission is received before 4:00 p.m. at the place of receipt; otherwise it shall be deemed to have been
validly and effectively given on the next following Business Day.

 

Any Party may at any time change
its address for service from time to time by notice given in accordance with this Section 10.2.

 

    Page 40 of 87

     

    

 

		10.3	Term. This Agreement shall continue in perpetuity. If any right, power or interest of either Party under this Agreement
would violate the rule against perpetuities, as same may be amended or expressed by any relevant law or statute, then such right,
power or interest shall terminate at the expiration of the earlier of (a) 99 years from the date hereof or (b) the termination
of the period, if shorter than 99 years from the date hereof, that constitutes the longest period for which the right, power or
interest could exist given the rule against perpetuities, as same may be amended or expressed by any relevant law or statute.

 

		10.4	Successors and Assigns. This Agreement shall enure to the benefit of, and shall be binding upon, the Parties and their
respective successors and permitted assigns.

 

		10.5	Further Assurances. Each of the Parties to this Agreement shall from time to time and at all times do all such further
acts and execute and deliver all further deeds and documents as shall be reasonably required in order fully to perform and carry
out the terms of this Agreement.

 

		10.6	Amendments. This Agreement may only be amended, supplemented or otherwise modified by written agreement signed by each
of the Parties.

 

		10.7	No Partnership. Nothing in this Agreement will be deemed to constitute any Party as the partner, agent or legal representative
of the other Party. It is not the intention of the Parties to create, nor shall this Agreement be construed to create, any mining,
commercial or other partnership.

 

		10.8	Waivers. Any waiver of, or consent to depart from, the requirements of any provision of this Agreement shall be effective
only if it is in writing and signed by the Party giving it, and only in the specific instance and for the specific purpose for
which it has been given. No failure on the part of any Party to exercise, and no delay in exercising, any right under this Agreement
shall operate as a waiver of such right. No single or partial exercise of any such right shall preclude any other or further exercise
of such right or the exercise of any other right.

 

		10.9	No restriction of Competition. Except as expressly provided in this Agreement or any subsequent agreement in writing
executed by the Parties, each Party will have the right to independently engage in and receive full benefits from business activities,
whether or not competitive with the other’s activities, without consulting the other Parties. Notwithstanding any other provision
of this Agreement, each Party will be free to acquire for its own account, free of any liability, duty or obligation to the other
Parties arising out of this Agreement, any mineral rights located anywhere outside the Area of Interest, without regard to any
doctrine of “corporate opportunity” or “business opportunity”.

 

		10.10	Counterparts. This Agreement may be executed in one or more counterparts, each of which, once executed, shall constitute
an original and all of which together shall constitute one and the same agreement.

 

[The remainder of this
page has been left blank intentionally]

 

    Page 41 of 87

     

    

 

IN WITNESS WHEREOF this Agreement has been
executed by the Parties on the date first written above.

 

	FABLED SILVER GOLD CORP.
	 
	Per:	
        
	 
	 	Name: 	 
	 	Title:   	 

 

	FABLED SILVER GOLD MEXICO CORP, S.A. DE C.V.
	 
	Per:	
        
	 
	 	Name: 	 
	 	Title:   	 

 

	MINAS DE CORDILLERAS, S. DE R.L. DE C.V.
	 
	Per:	
        
	 
	 	Name:  	 
	 	Title:     	 

 

    Page 42 of 87

     

    

 

SCHEDULE A

(to Schedule C)

 

Description
of Property

 

    Page 43 of 87

     

    

 

SCHEDULE
D

 

ASSIGNMENT
AGREEMENts

  

[see
attached]

 

    Page 44 of 87

     

    

 

 

	CONTRATO DE EXPLORACIÓN Y PROMESA DE CESIÓN DE DERECHOS MINEROS QUE CELEBRAN POR UNA PARTE LA PERSONA MORAL FABLED SILVER GOLD MEXICO CORP., S.A. DE C.V., REPRESENTADA EN ESTE ACTO POR EL SEÑOR LUC PELCHAT, Y POR LA OTRA PARTE, MINERA DE CORDILLERAS, S. DE R.L. DE C.V., REPRESENTADA EN ESTE ACTO POR EL SEÑOR WARREN MICHAEL REHN MISMO QUE SUJETAN AL TENOR DE LAS SIGUIENTES DEFINICIONES, DECLARACIONES Y CLÁUSULAS:	EXPLORATION AGREEMENT WITH PROMISE TO ASSIGN MINING RIGHTS ENTERED INTO FORCE BETWEEN THE COMPANY FABLED SILVER GOLD MEXICO CORP., S.A. DE C.V., REPRESENTED IN THIS ACT BY MR. LUC PELCHAT AND ON THE OTHER HAND, MINERA DE CORDILLERAS, S. DE R.L. DE C.V., REPRESENTED IN THIS ACT BY MR. WARREN MICHAEL REHN; SUBJECT TO THE FOLLOWING DEFINITIONS, STATEMENTS AND CLAUSES:
	 	 
	D E F I N I C I O N E S:	D E F I N I T I O N S:
	 	 
	Las partes acuerdan que, para los efectos de este Contrato, las definiciones utilizadas en el mismo tendrán los siguientes significados:	Both parties agree that, for the purpose of this Agreement, the definitions used herein will have the following meanings:
	 	 
	FABLED: FABLED SILVER GOLD MEXICO CORP., S.A. DE C.V., así como sus causahabientes y cesionarios, y cualesquiera personas, sociedad o entidad jurídica, nacional o extranjera, que ésta designase para el ejercicio de cualquiera de los derechos derivados de este Contrato y que se encuentre legalmente capacitada para ello.	FABLED: FABLED SILVER GOLD MEXICO CORP., S.A. DE C.V., as well as its constituents, and any other individual, corporation or legal entity, domestic or foreign, that this would designate for the exercise of any of the rights derived from this Agreement and that is duly able to do so.
	 	 
	CORDILLERAS: MINERA DE CORDILLERAS, S. DE R.L. DE C.V., así como sus causahabientes y cesionarios, y cualesquiera personas, sociedad o entidad jurídica, nacional o extranjera, que ésta designase para el ejercicio de cualquiera de los derechos derivados de este Contrato y que se encuentre legalmente capacitada para ello.	CORDILLERAS: MINERA DE CORDILLERAS, S. DE R.L. DE C.V., as well as its constituents and any other individual, corporation or legal entity, domestic or foreign, that this would designate for the exercise of any of the rights derived from this Agreement and that is duly able to do so.
	 	 
	CONTRATO DE EXPLORACIÓN: El Contrato de Exploración Minera Con Derecho a Explotación de Minerales y de Promesa de Cesión de Derechos celebrado entre el señor Joaquín Rolando Chávez González (finado) y CORDILLERAS, de fecha 9 de noviembre de 2018, con respecto a las concesiones mineras Santa María, Título: 216532 y Punto Com Título: 228022, en trámite de inscripción ante el REGISTRO, copia del cual se adjunta a este documento como Anexo 1, formando parte integral del mismo. 	EXPLORATION AGREEMENT: The Contract of Mining Exploration with Exploitation Rights and Promise of Assignment of Rights and Obligations entered into by and between Mr. Joaquin Rolando Chavez Gonzalez (deceased) and CORDILLERAS, dated November 9th, 2018, regarding the following mining claims: Concession named Santa María, Title number: 216532 and Concession named Punto Com, Title number: 228022, this last in process of being recorded against title with the REGISTRY, copy of such agreement is attach to this document as an Appendix 1, being an integral part of this document. 

 

    Page 45 of 87

     

    

 

	LOTES: Las concesiones mineras Santa Maria, título número: 216532, con vigencia hasta el 16 de mayo de 2052, ubicada en el Municipio de Santa Bárbara, Chihuahua, con una superficie de 17.9668 hectáreas; y Punto Com, título número: 228022, con vigencia hasta el 28 de septiembre de 2056, ubicada en el Municipio de Santa Bárbara, Chihuahua, con una superficie de 5.9595 hectáreas, copia de los títulos de concesión minera de dichos LOTES se adjunta a este documento como Anexo 2, formando parte integral del mismo.	LOTS: The mining concessions named Santa María, title number: 216532, effective until May 16, 2052, located in the Municipality of Santa Barbara, Chihuahua, and a surface area of 17.9668 hectares; and Punto Com, title number: 228022, effective until September 28, 2056, located in the Municipality of Santa Barbara, Chihuahua, with a surface area of 5.9595 hectares, copies of the mining certificates of the LOTS are attach to this document as an Appendix 2, being and integral part of this document.
	 	 
	SUCESIÓN DE JOAQUÍN CHÁVEZ: El juicio de sucesión legítima del señor Joaquín Rolando Chávez González, tramitado bajo el expediente número 354/20 ante el Segundo Juzgado de lo Civil, en la Ciudad de Chihuahua, Chihuahua, con respecto de sus bienes, incluyendo a los LOTES.	JOAQUÍN CHAVEZ ESTATE: The court procedure regarding the inheritance of Mr. Joaquin Rolando Chavez Gonzalez, held under file number 354/20 before the Second Civil Court, based in the City of Chihuahua, covering all of his assets, including the LOTS.
	 	 
	DERECHOS: Los derechos de exploración y explotación minera derivados de los títulos de concesión minera con respecto a los LOTES.	RIGHTS: Rights of exploration and exploitation derived from the title of mining concessions concerning the LOTS.
	 	 
	CONDICIONES: Las siguientes condiciones que cada una de partes, respectivamente, deberá de cumplir para que se puedan transmitir, en su caso, el 100% de los derechos y la titularidad de los LOTES a favor de FABLED:	CONDITIONS: The following conditions that each of the parties, respectively, shall fulfill in order to be able to transfer, if that is the case, the 100% of the rights and ownership of the LOTS in favor of FABLED:
	 	 
	1.	FABLED deberá estar debidamente capacitada para
ser titular de concesiones mineras conforme a la LEY y su REGLAMENTO.	1.	FABLED
shall be duly authorized in order to be holder of mining concessions in accordance with the LAW and its REGULATION.

 

    Page 46 of 87

     

    

 

	2 .	CORDILLERAS deberá consignar el último
pago previsto en el CONTRATO DE EXPLORACIÓN para el 9 de noviembre de 2020, en el juzgado ante el cual se está tramitando
la SUCESIÓN DE DON JOAQUÍN CHÁVEZ, y con ello adquirir de manera fehaciente el 100% de los derechos y la
titularidad de los LOTES, y convertirse en la titular registrada de los mismos ante el REGISTRO.	2.	CORDILLERAS
shall deposit the last payment to acquire 100% of the ownership and rights of the LOTS, scheduled for November 9, 2020, before
the court on which is being heard the ESTATE OF JOAQUÍN CHÁVEZ, and acquire reliably the 100% of the rights and
ownership of the LOTS, and become the registered holder of the same before the REGISTRY.
	 	 
	3.	 FABLED deberá pagar a CORDILLERAS todos y cada
uno de los pagos previstos en la Cláusula Segunda inciso 5, del presente Contrato, y cumplir con todas sus obligaciones
en los términos del presente Contrato.	3.	 FABLED shall pay to CORDILLERAS each and all payments
provided in the Clause Second, section 5, of this Agreement, and perform all of its obligations hereunder.
	 	 
	GRAVÁMENES PERMITIDOS: con respecto a los LOTES, (i) Gravámenes por evaluación, obligaciones de pago por indemnizaciones laborales o cualesquiera previstas en la legislación laboral y de previsión social, cargas o gravámenes impuestos por cualquier autoridad gubernamental, y que no estén todavía vencidas; (ii) Gravámenes por créditos fiscales que no estén aún vencidos; (iii) ocupaciones temporales, servidumbres, derechos de paso y otros derechos, reservaciones, condiciones, limitaciones, comodatos o restricciones que no interfieran materialmente con, materialmente afectar o materialmente impedir la operación en los LOTES; (iv) Gravámenes provenientes de, o solicitados por una persona o entidad distinta a CORDILLERAS; y (v) los derechos reservados o conferidos a cualquier autoridad gubernamental que controle o regule a los LOTES.	PERMITTED ENCUMBRANCES: with respect to the LOTS, (i) Encumbrances for assessments, obligations under workers compensation or other social welfare legislation or other requirements, charges or levies of any governmental authority, in each case not yet overdue; (ii) Encumbrances with respect to taxes that are not yet due and payable; (iii) easements, servitudes, rights-of-way and other rights, exceptions, reservations, conditions, limitations, covenants and other restrictions that will not materially interfere with, materially impair or materially impede operations on the LOTS; (iv) Encumbrances arising by, through or under a person or entity other than CORDILLERAS; and (v) the rights reserved to or vested in any governmental authority to control or regulate the LOTS.
	 	 
	LEY: Ley Minera.	LAW: Mining Law
	 	 
	REGLAMENTO: Reglamento de la Ley Minera.	REGULATION: Regulations of the Mining Law. 
	 	 
	REGISTRO: Registro Público de Minería.	REGISTRY: Mining Public Registry.

 

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	IVA:
    Impuesto al Valor Agregado.	IVA:
    Value Added Tax.
	 	 
	LFD:
    Ley Federal de Derechos.	LFD:
    Federal Fees Law.
	 	 
	LISR:
    Ley del Impuesto Sobre la Renta. 	LISR:
    Income Tax Law. 
	 	 
	D
    E C L A R A C I O N E S:	D
    E C L A R A T I O N S:
	 	 
	I.   
    Declara el representante de CORDILLERAS bajo protesta de decir verdad que:	I.CORDILLERAS’s
    legal representative hereby states, under truthful oath that: 
	 	 
	1.	 Su representada es una sociedad minera, mexicana, constituida
conforme a las Leyes de los Estados Unidos Mexicanos, de conformidad con la escritura pública número 42,114 de fecha
9 de noviembre de 1994, otorgada ante el licenciado Javier del Valle Palazuelos, Notario Público número 61 del Distrito
Federal (ahora Ciudad de México), e inscrita en el Registro Público de la Propiedad y del Comercio de Agua Prieta,
Estado de Sonora, el día 21 de diciembre de 1994, bajo el número 129, de la Sección Comercio, volumen dos,
libro primero, con Registro Federal de Contribuyentes MCO941109LQ2, y legalmente capacitada para ser titular de concesiones mineras,
así como explorar, explotar y ceder las mismas, de conformidad con lo establecido en la LEY, el REGLAMENTO y el CONTRATO
DE EXPLORACIÓN, por lo tanto capacitada para celebrar el presente Contrato. 	1.	The company he represents is a Mexican mining company,
incorporated pursuant to the laws of the United Mexican States, as it shows in public deed number 42,114 dated November 9, 1994,
certified and attested to by Mr. Javier del Valle Palazuelos, Notary Public number 61 for the Federal District (now Mexico City),
and register with the Public Registry of Property and Commerce of Agua Prieta, State of Sonora, on December 21, 1994, under the
entry 129, of the Commerce Section, volume two, book first, , with TAX ID Number MCO941109LQ2; with the capacity of holding mining
concessions, as well as to explore, exploit, and assign mining concessions, pursuant to what is established in the LAW and its
REGULATION and the EXPLORATION AGREEMENT, and therefore, duly authorized to enter into this Agreement.
	 	 
	2.	Tiene
facultades suficientes para actuar en nombre y representación de CORDILLERAS, obligándola en los términos
de este Contrato; facultades que a la fecha de la firma de estos documentos no le han sido revocadas o modificadas en forma alguna. 	2.	Has
full powers and faculties to represent CORDILLERAS, binding it under the terms of this Agreement; powers and faculties that have
not been revoked or modified in any manner whatsoever, as of the date hereof. 

 

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	3.	El CONTRATO
    DE EXPLORACIÓN se encuentra vigente, y CORDILLERAS al corriente respecto del cumplimiento de sus obligaciones establecidas
    en el mismo, al momento de celebrar el presente Contrato. 	3.	The
    EXPLORATION AGREEMENT is in place, and CORDILLERAS is in full compliance in respect to its obligations under the said agreement,
    upon the execution of this Agreement.
	 	 	 	 
	 	De conformidad con
    el Calendario de Pagos establecido en el CONTRATO DE EXPLORACIÓN, CORDILLERAS consignó la cantidad de $100,000.00
    (cien mil 00/100) Dólares de los EUA, correspondientes el último pago para adquirir el 100% de los derechos
    y la titularidad de los LOTES, previsto para el 9 de noviembre de 2020 (el “Pago Final”), en el juzgado
    competente, toda vez que hasta la fecha, la SUCESIÓN DE JOAQUÍN CHÁVEZ no ha obtenido el nombramiento
    de Albacea respectivo y, por lo tanto, no está en posibilidad de recibir dicho pago ni celebrar el contrato definitivo
    de cesión de derechos previsto en el CONTRATO DE EXPLORACIÓN, a favor de CORDILLERAS. 	 	Pursuant to the
    Schedule of Payments provided in the EXPLORATION AGREEMENT, CORDILLERAS made the $100,000.00 deposit (one hundred thousand
    00/100) US Dollars, corresponding to the last payment to acquire 100% of the ownership and rights of the LOTS, scheduled for
    November 9, 2020 (the “Final Payment”), before the probate court, since JOAQUÍN CHÁVEZ ESTATE
    has not obtained the appointment of the corresponding Executor, as of the date hereof and therefore, said estate is not able
    to receive such payment nor enter into the definitive assignment of rights agreement provided in the EXPLORATION AGREEMENT. 
	 	 	 	 
	4.	CORDILLERAS adquirió
    el derecho de exclusivo de explorar y explotar los LOTES y la promesa de cesión de derechos de los mismos, de conformidad
    con el CONTRATO DE EXPLORACIÓN.	4.	CORDILLERAS acquired the exploration and exploitation
    rights of the LOTS and the promise of assignment of rights of such according to the EXPLORATION AGREEMENT.
	 	 	 	 
	 	En ese sentido,
    actualmente, CORDILLERAS es titular de los derechos de exploración y explotación sobre los LOTES. 	 	In this sense, CORDILLERAS
    currently holds the exploration and exploitation rights over the LOTS. 
	 	 	 	 
	 	Asimismo, y de conformidad
    con la Cláusula Décima Tercera del CONTRATO DE EXPLORACIÓN, CORDILLERAS tiene la facultad y/o el derecho
    de ceder total o parcialmente los derechos adquiridos y reconocidos en dicho instrumento, sin necesidad del consentimiento
    del titular de los LOTES. 	 	Likewise, and according
    to the Thirteenth Clause of the EXPLORATION AGREEMENT, CORDILLERAS is entitled to totally or partially assign the rights acquired
    and recognized in such agreement, without the consent of the holder of the LOTS.

 

 

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	5.	Que
    los derechos y capacidad legal de CORDILLERAS, respecto a los LOTES no han sido limitados ni revocados, y que no ha incurrido
    en causal de nulidad, suspensión o insubsistencia de derechos y que, con excepción de la SUCESIÓN DE
    JOAQUÍN CHÁVEZ, no se encuentra en conocimiento de oposición alguna de cualquier tercero respecto de
    la firma de este documento y la celebración del CONTRATO DE EXPLORACIÓN establecido en el mismo, ni de la celebración
    de cualesquiera otros Contratos o documentos que de éste derivan.	5. 	That
    the rights and legal capacity of CORDILLERAS regarding the LOTS, has not been limited or revoked and that it has not incurred
    in grounds of nullity, suspension or lack of subsistence of rights and that, except for JOAQUÍN CHÁVEZ ESTATE,
    it is not aware of any opposition from any third party regarding the signing of this document and the conclusion of the EXPLORATION
    AGREEMENT established therein, nor of the conclusion of any other contracts or documents deriving therefrom.
	 	 	 	 
	6.	Los
    DERECHOS se encuentran libres de todo gravamen, afectación, carga o limitación de dominio de cualquier naturaleza,
    con excepción de los GRAVÁMENES PERMITIDOS y que, con excepción de este documento y de las obligaciones
    contenidas en el CONTRATO DE EXPLORACIÓN, no ha celebrado, ni celebrará contrato alguno, ni ha ejecutado, o
    ejecutará, acto alguno, que grave, afecte o limite, en cualquier forma, estos DERECHOS.	6.	The
    RIGHTS are free from any lien, limit, debt, encumbrance or ownership limitation of any nature other than PERMITTED ENCUMBRANCES
    and that, with the exception of this document, and the obligations contained in the EXPLORATION AGREEMENT, has neither executed
    entered nor will enter into any contract whatsoever, and has not performed and will not perform any act regarding the assets
    and rights that may burden, encumber, affect or limit in any form those RIGHTS.
	 	 	 	 
	7.	A
    la fecha, los LOTES se encuentran vigentes y en cumplimiento de sus obligaciones, no obstante que, las partes reconocen y
    aceptan que la titularidad de la concesión denominada Punto Com y la posibilidad de que CORDILLERAS adquiera y subsecuentemente
    transfiera la misma está sujeta a la aceptación e inscripción de los documentos pendientes en el REGISTRO,
    y el ejercicio de la opción para adquirir y transmitir la titularidad de los LOTES está sujeta a la adjudicación
    de los bienes de la SUCESIÓN DE JOAQUÍN CHÁVEZ, además de la inscripción correspondiente
    en el REGISTRO.	7.	That
    at this date, the LOTS are currently valid and in good standing provided, however, that the parties acknowledge and agree
    that title to the Punto Com Concession and CORDILLERAS’ ability to acquire and subsequently transfer it is subject to
    acceptance and recording of pending documents at the REGISTRY, and completion of the option to purchase and the transfer of
    title to the LOTS is subject to the adjudication and settlement of JOAQUÍN CHÁVEZ ESTATE in addition to recording
    at the REGISTRY.

 

 

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	8.	Por
    medio del presente documento, desea transmitir a FABLED, el derecho exclusivo a explorar los LOTES en los términos
    y condiciones establecidas en el CONTRATO DE EXPLORACIÓN y el presente instrumento legal, y en su caso, celebrar una
    Cesión de Derechos Definitivo que se definirá debidamente en las siguientes Cláusulas, y sujeto al cumplimiento
    de las CONDICIONES.	8.	That
    by means of this document it is willing to transfer in favor of FABLED the exclusive right to explore the LOTS, according
    to the terms and conditions provided in the EXPLORATION AGREEMENT and the ones provided herein, and if applicable, enter into
    a Definitive Assignment Agreement defined below, and subject to the fulfillment of the CONDITIONS.
	 	 
	II.
    Declara el representante de FABLED bajo protesta de decir verdad que: 	II.
    The legal representative of FABLED declares under truthful oath that:
	 	 
	1.	Su
    representada es una sociedad minera, mexicana, constituida conforme a las leyes de los Estados Unidos Mexicanos, como consta
    en la póliza número 14,955 de fecha 5 de Agosto de 2020, otorgada ante el Lic. Luis Arevalo Contreras, Corredor
    Público Número 1, en la ciudad de Acapulco, Estado de Guerrero, inscrita en el Registro Público de Comercio
    de dicha ciudad, bajo el folio mercantil electrónico número N-2020043055, el 7 de Agosto de 2020 y en trámite
    de registro en el Libro de Sociedades Mineras del REGISTRO.	1. 
	The
    company he represents is a Mexican mining company, incorporated pursuant to the laws of the United Mexican States, as it shows
    in public deed number 14,955 dated August 5, 2020, granted before Lic. Luis Arevalo Contreras, Notary Public Number -1 of
    Acapulco, Guerrero, registered in the Commerce Public Registry of said city, under electronic commercial folio N-2020043055
    on August 7, 2020 and in process in the Book of Mining Companies of the REGISTRY.
	 	 
	2.	Tiene
    facultades suficientes para actuar en nombre y representación de FABLED, obligándola en los términos
    de este Contrato; facultades que a la fecha de la firma de este documento no le han sido revocadas o modificadas en forma
    alguna.	2.
	Has
    sufficient authority to act in the name and representation of FABLED, binding it under the terms of this Agreement, authority
    that upon the date of execution of this document has not been revoked or modified in any form.
	 	 
	3.	FABLED desea adquirir
    los derechos de exploración derivados del CONTRATO DE EXPLORACIÓN, celebrar el presente Contrato, en los términos
    y condiciones que aquí se indican.	3.
	FABLED wishes to
    acquire the exploration rights derived from the EXPLORATION AGREEMENT enter this agreement, under the terms and conditions
    provided herein.
	 	 
	Dadas
    las declaraciones anteriores, las partes convienen en las siguientes:	In
                                         virtue the above-mentioned representations and warranties, the parties agree upon the
                                         following:

	 	 
	C
    L Á U S U L A S: 	C
                                         L A U S E S:

	 	 
	PRIMERA.
    Por medio del presente Contrato, CORDILLERAS, en los términos de las disposiciones legales aplicables, transmite
    a favor de FABLED los derechos exclusivos para la exploración (pero no de explotación) de los LOTES. 	FIRST.
                                         Through this Agreement and in the terms of the applicable legal dispositions, CORDILLERAS
                                         transfers in favor of FABLED the exclusive rights for the exploration (but not the exploitation)
                                         of the LOTS.

	 	 
	Adicionalmente,
    CORDILLERAS otorga a FABLED durante la vigencia del presente Contrato, la opción exclusiva e irrevocable para adquirir
    el 100% (cien por ciento) de los derechos derivados de los LOTES, a través del ejercicio de la Opción de acuerdo
    con los términos que serán descritos más adelante (referida en los sucesivo como la OPCIÓN DE
    FABLED).	In
                                         addition, CORDILLERAS grants to FABLED during the term of this Agreement, the exclusive
                                         and irrevocable option to acquire 100% (one hundred percent) interest in the rights derived
                                         from the LOTS, by means of exercising the Option in the terms described herein below
                                         (hereinafter referred as the FABLED OPTION).

 

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	Ambas
    partes reconocen expresamente que los DERECHOS que se otorgan por medio del presente Contrato, así como la OPCIÓN
    DE FABLED que CORDILLERAS otorga a favor de FABLED, se encuentran libres de todo gravamen, y/o cualquier otra afectación
    legal que pudiese limitar y/o restringir su ejercicio, salvo por los GRAVÁMENES PERMITIDOS y las obligaciones pactadas
    en el CONTRATO DE EXPLORACIÓN. 	Both
                                         parties expressly recognize that the RIGHTS granted through this Agreement, as well as
                                         the FABLED OPTION granted by CORDILLERAS in favor of FABLED, are free of encumbrances,
                                         liens, and/or any legal affection that could limit and/or restricts it duly exercise,
                                         except for PERMITTED ENCUMBRANCES and the agreed in the EXPLORATION AGREEMENT.

	 	 
	Están
    de acuerdo, las partes que CORDILLERAS deberá entregar a la SUCESIÓN DE JOAQUÍN CHAVEZ, un aviso respecto
    de la celebración del presente Contrato, en el que se le informe que FABLED ha adquirido los derechos de exploración
    de los LOTES, según lo dispuesto por la Cláusula Decima Tercera del CONTRATO DE EXPLORACIÓN.	Both
    parties agree, that CORDILLERAS shall deliver to THE ESTATE OF JOAQUÍN CHÁVEZ, a notice regarding the execution
    of this Agreement, in which they are informed that FABLED has acquired the exploration rights of the LOTS, according to Clause
    Thirteenth of such document.
	 	 
	El
    derecho exclusivo de explorar los LOTES iniciará a partir de la fecha de ratificación ante Notario Público
    de este documento por ambas partes y seguirá en vigor durante los siguientes 24 (veinticuatro) meses, mismo plazo que
    será forzoso para CORDILLERAS y voluntario para FABLED, por lo que ésta última podrá darlo por
    terminado, en cualquier momento, mediante una notificación por escrito dirigida a CORDILLERAS, sin responsabilidad
    adicional alguna, excepto por las obligaciones de remediación y aquellos derechos sobre minería y demás
    obligaciones que le correspondan en virtud de este instrumento, en forma proporcional a la fecha en que éste se dé
    por terminado. 	The
                                         sole right to explore the LOTS will start from the date
                                         of ratification before Notary Public of this document by both parties and will continue
                                         in force during the following 24 (twenty four) months, same term which will be
                                         binding for CORDILLERAS, and voluntary for the FABLED, therefore, FABLED will be able
                                         to terminate it at any time, by written notice addressed to CORDILLERAS, with no other
                                         liability, except for reclamation obligations and those mining rights and other obligations
                                         which correspond to it by virtue of this instrument, in a proportional way to the date
                                         on which this is terminated.

	 	 
	La
    exploración objeto de este Contrato comprende, entre otros, los trabajos que permitan localizar, identificar y cuantificar
    las substancias minerales existentes en los LOTES, consistentes en investigaciones, reconocimientos y exploraciones geológicas,
    geofísicas y geoquímicas, incluyendo trabajos topográficos, perforaciones de cualquier clase y obras
    mineras tales como tajos, socavones, frentes, cruceros, tiros y demás que la FABLED considere convenientes para los
    fines de la exploración minera. 	The
                                         Exploration object hereof, covers among others, the works which allow to locate, identify
                                         and quantify the existing mineral substances in the LOTS, consisting on investigations,
                                         recognitions and geological, geo-physical and geo-chemical explorations, including topographic
                                         works, drillings of any kind and mining works such as cuts, galleries, fronts, cleavages,
                                         shafts and other which FABLED deems convenient for the purposes of the mineral exploration.

 

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	FABLED
    queda facultada para ejecutar, a su costo y riesgo, todas las obras, así como para construir las estructuras, mejoras,
    vías de acceso y demás, así como para instalar y emplear toda la maquinaria y equipo que se requiera
    para la exploración, los que podrán ser retirados en cualquier momento, durante la vigencia de este Contrato
    de Exploración Minera y durante un plazo adicional de 90 (noventa) días naturales contados a partir de la fecha
    de su terminación. Queda entendido que las obras permanentes de fortificación, los ademes y, en general, las
    obras necesarias para la seguridad y estabilidad de las minas no podrán ser retiradas, de acuerdo con lo previsto por
    la Fracción V del Artículo 27 de la LEY.	FABLED
                                         remains empowered to execute, at its cost and risk, all works, as well as to construct
                                         the structures, buildings, improvements, access roads, and others, as well as to install
                                         and use all machinery and equipment required for the exploration, which may be withdrawn
                                         at any time, during the term of this Agreement and during an additional term of 90 (ninety)
                                         calendar days as of the date of its termination. It is understood that the permanent
                                         fortification works, pit props, and in general, necessary works for the safety and stability
                                         of mines may not be withdrawn, pursuant to Fraction V of Article 27 of the LAW.

	 	 
	CORDILLERAS,
    por su parte, coadyuvará con FABLED para, de ser necesario, negociar con los propietarios o poseedores de la superficie
    que abarcan los LOTES, el otorgamiento de cualesquier autorizaciones, permisos o servidumbres que fuesen necesarios para realizar
    las obras y construcciones, sean temporales o permanentes, a que se refiere el punto anterior, incluyendo el solicitar y obtener
    las expropiaciones, ocupaciones temporales o constitución de servidumbre de los terrenos indispensables para llevar
    a cabo las obras y trabajos de exploración, conforme la Fracción IV del Artículo 19 de la LEY, en tanto
    no se celebre el Contrato Definitivo de Cesión de Derechos que se mencionará más delante. Asimismo, desde
    ahora CORDILLERAS se obliga a coadyuvar con FABLED en todos y cada uno de los trámites que sean necesarios realizar
    ante la Secretaría de Medio Ambiente y Recursos Naturales, a efecto de realizar las OPERACIONES en los términos
    de estos Contratos.	CORDILLERAS,
                                         on its side, will assist FABLED, if necessary, to negotiate with the owners or possessors
                                         of the surface covered by the LOTS, the granting of any authorizations, permits or easements
                                         which were to be necessary to undertake the works and constructions, temporary or permanent,
                                         referred by the previous item, including to request and to obtain expropriations, temporary
                                         occupations or establishment of easement of indispensable lands to undertake the works
                                         and exploration activities, pursuant to Fraction IV of Article 19 of the LAW, while the
                                         final Rights Assignment Agreement is not entered into which will be mentioned below.
                                         Likewise, as of this moment, CORDILLERAS binds to help FABLED in any and all necessary
                                         processes to be performed before the Natural Resources and Environment Secretariat, for
                                         the purpose to undertake the OPERATIONS in the terms hereof.

 

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	Cada seis (6) meses según sea requerido, CORDILLERAS entregará sin demora a FABLED y en cualquier caso antes de los treinta (30) días previos a la fecha de pago un estado de cuenta detallando los derechos sobre minería que se deberán ser pagados respecto de los LOTES (más el correspondiente IVA).	Every six (6) months as required, CORDILLERAS will deliver to
FABLED promptly and no later than thirty (30) days prior to their due dates an itemized statement of the mining taxes due for the
LOTS (plus any applicable IVA).

	 	 
	FABLED deberá realizar el pago de los derechos sobre minería respecto de los LOTES, y deberá proporcionar copia de dichos pagos de derechos, con por lo menos veinte (20) días de anticipación a la fecha en que se venzan dichos pago y si CORDILLERAS no recibe dicha información en tiempo y forma, CORDILLERAS podrá (más no estará obligada) a realizar dichos pagos directamente a la autoridad correspondiente en o el día previo a la fecha de vencimiento de dichos pagos. En tal caso, CORDILLERAS deberá entregar los recibos correspondientes de los pagos realizados, y FABLED deberá reembolsar a CORDILLERAS la cantidad que corresponda por dichos pagos.	FABLED shall make payment of the required amount of the mining
taxes over the LOTS, and provide CORDILLERAS with evidence of such payment, at least twenty (20) days prior to the date each such
payment is due. If CORDILLERAS does not timely receive such information, CORDILLERAS may (but shall not be obligated to) make such
payments directly to the relevant governmental authority on or prior to the date any such payment is due. In that event, CORDILLERAS
will provide FABLED with evidence such payment has been made and FABLED shall promptly reimburse CORDILLERAS for the amount of
such payment.

	 	 
	Durante el término del presente Contrato, FABLED deberá realizar los trabajos y obras suficientes durante cada periodo de tiempo para cumplir con los montos mínimos de inversión y las comprobaciones de obras en los LOTES por cada periodo. FABLED deberá proporcionar evidencia de la realización de dichos trabajos, facturas y la información que soporte los mismos y sea razonablemente suficiente, a CORDILLERAS con por lo menos treinta (30) días de anticipación a la fecha en la cual se deban de presentar los informes de comprobación de obras ante la autoridad correspondiente en los términos de la LEY. CORDILLERAS deberá presentar los informes de comprobación de obras ante la autoridad gubernamental correspondiente por lo menos quince (15) días de anticipación a la fecha de vencimiento para presentar los mismos.	During the term of this Agreement, FABLED must conduct sufficient
operations during each applicable time period as will satisfy the minimum expenditure amounts and the assessment work obligations
for each of the LOTS for each such period. FABLED shall provide evidence of the performance of such operations, invoices and related
back-up information as is reasonably required, to CORDILLERAS at least thirty (30) days prior to the date that proof of the performance
of such assessment work must be filed with the appropriate governmental authority under the LAW. CORDILLERAS shall file proof of
the performance of that work with the appropriate governmental authority at least fifteen (15) days prior to the applicable filing
deadline.

 

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	En la ejecución de la exploración, FABLED se obliga a:	In the execution of the exploration purpose hereof, FABLED binds to:
	 	 
	a)	Ejecutar los trabajos de exploración conforme a los usos y costumbres del buen minero, de acuerdo con la LEY y el REGLAMENTO y demás disposiciones legales relacionadas con las actividades mineras.	a)	Execute the exploration works according to the usages
and customs of the good miner, pursuant to the LAW and the REGULATION and other legal provisions related to mining activities.
	 	 
	 	 
	b)	Cubrir los derechos sobre minería a que se refiere el Artículo correspondiente de la LFD respecto a los LOTES, siempre que este documento se encuentre vigente.	b)	Cover the fees on mining referred by the corresponding
Article of the LFD on mining concessions in respect to the LOTS, as long as this document is in force.
	 	 
	 	 
	c)	Reparar y cuidar la conservación de la mojonera del punto de partida de los LOTES, para lo cual, CORDILLERAS se obliga a entregar a FABLED la documentación correspondiente, tal como trabajos periciales, certificados de amojonamiento y demás que se requieran.	c)	Repair and take care of the keeping of the landmark
from the starting point of the LOTS, for which, CORDILLERAS binds to deliver to FABLED the corresponding documentation, such as
expert works, landmark certificates and others which were required.
	 	 
	 	 
	d)	Entregar a CORDILLERAS, dentro de un plazo de 60 ( sesenta) días naturales posteriores a la terminación de este Contrato, si no se llegase a celebrar el Contrato definitivo de Cesión de Derechos que se mencionará más adelante, una información de los datos relacionados con la ejecución de trabajos efectuados en los LOTES por el tiempo en que estuviese vigente este Contrato; en la información general de los datos se incluirá copias de los planos geológicos, topográficos y de las perforaciones efectuadas. Asimismo, FABLED pondrá a disposición de CORDILLERAS los sobrantes y testigos de las muestras producidas por la barrenación que se hubiese desarrollado en los LOTES.	d)	Deliver CORDILLERAS, within a 60 ( sixty) calendar day
term after the termination of this Agreement, if the final Rights Assignment Agreement which will be mentioned below were not
entered into, all information generated, in addition to the documentation related to the execution of works made during the last
calendar year during which this Agreement was in force; which will include assaying which would have been made, with copies of
the geological, topographic drawings and of the drillings made. Likewise, FABLED will make available to CORDILLERAS the remnants
and samples produced by the boring which would have taken place on the LOTS.
	 	 
	 	 
	e)	Responder por las obligaciones en materia laboral, de seguridad social, fiscal y demás, respecto al personal de FABLED que labore en los LOTES con motivo de los trabajos de exploración que realice conforme a este Contrato.	e)	Be responsible for the labor, social security, tax and
other obligations, in respect to FABLED'S staff who works on the LOTS due to the exploration works it undertakes pursuant to this
Agreement.
	 	 
	 	 
	f)	Cumplir con las disposiciones a que se refieren los Artículos 34 y 39 de la LEY, por lo que FABLED será la única responsable de mitigar aquellos impactos ambientales que pudiesen surgir como resultado de sus actividades exploratorias en los LOTES.	f)	Comply with provisions referred by Articles 34 and 39
of the LAW, so FABLED will be solely responsible for mitigating those environmental impacts which could arise as a result of its
exploratory activities in the LOTS,

 

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	En la ejecución de la exploración objeto del presente documento, FABLED se subroga única y exclusivamente respecto de las obligaciones de CORDILLERAS establecidas en la Cláusula Primera, numeral 6., del CONTRATO DE EXPLORACIÓN. , es decir única y exclusivamente respecto de la ejecución de los trabajos de exploración.	In the execution of the exploration subject of this document, FABLED is subrogated with respect solely to the obligations provided in the Clause First, section 6., of the EXPLORATION AGREEMENT. , that is only and exclusively in respect to the execution of the exploration works.
	 	 
	PROMESA DE CESIÓN DE DERECHOS	RIGHTS ASSIGNMENT PROMISE
	 	 
	SEGUNDA.
    CORDILLERAS, en este acto, promete y se obliga, en forma irrevocable, a ceder en propiedad a FABLED, y una vez que se hayan
    cumplido las CONDICIONES, en los términos de las disposiciones aplicables, sin reserva ni limitación alguna,
    libre de toda carga, limitación o gravamen, los DERECHOS, al solicitárseles la cesión de éstos,
    mediante aviso por escrito con 5 (cinco) días naturales de anticipación a la fecha en que se desee ejercitar el
    derecho de que se trata, en los términos del Artículo 83 del REGLAMENTO y conforme a lo siguiente:	SECOND. CORDILLERAS in this act, promises and binds, in an irrevocable way, to assign the property to FABLED, and subject to the fulfillment of the CONDITIONS, in the terms of the applicable provisions, without reserve neither any limitation, free from all burden, limitation or encumbrance, the RIGHTS, by requesting the assignment of these, by written notice with 5 (five) calendar days in advance to the date in which it is desired to exercise the corresponding right, in the terms of Article 83 of the REGULATION and pursuant to the following:
	 	 
	1. El plazo dentro del cual FABLED, y sujeto al cumplimiento de las CONDICIONES, podrá ejercitar el derecho a que CORDILLERAS le ceda el 100% de la titularidad y los DERECHOS derivados de los LOTES, es de 24 (veinticuatro) meses, contados a partir de la fecha de firma y ratificación ante Notario Público de este documento por ambas partes.	1. The term within which FABLED, and subject to the fulfillment of the CONDITIONS, will be able to exercise, the right for CORDILLERAS to assign the 100% ownership and the RIGHTS derived from the LOTS, is of 24 (twenty-four) months, as of the date of signature and ratification before a Public Notary hereof by both Parties.
	 	 
	En caso de que el juicio respecto de la SUCESIÓN DE JOAQUÍN CHÁVEZ no haya concluido para el ultimo día del periodo de 24 (veinticuatro) meses, aquí previsto, entonces el periodo para que FABLED ejercite la OPCIÓN FABLED deberá extenderse hasta que ocurra lo primero entre: (a) el periodo de treinta y seis (36) meses contados a partir de la fecha de firma y ratificación del presente Contrato ante Notario Público por ambas partes o (b) la fecha que sea treinta (30) días posteriores a la fecha en que concluya dicho juicio, siempre y cuando FABLED haya cumplido con los pagos mencionados en el numeral 5 de la presente Cláusula y haya cumplido con todas sus obligaciones en términos de la Cláusula Primera anterior.	If the probate proceedings for the JOAQUÍN CHÁVEZ ESTATE are not completed by the last day of that twenty four (24) month period, then the period for FABLED to exercise the FABLED OPTION shall be extended until the earlier of (a) the period that is thirty six (36) months from the date of signature and ratification of this Agreement before a Public Notary by both parties or (b) the date that is thirty (30) days after the date on which those probate proceedings are completed, as long as FABLED has complied with the payments mentioned in point 5 of this Clause and performed all of its obligations under Clause First above.

 

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	2. FABLED tendrá el derecho de adquirir el 100% de la titularidad y los DERECHOS derivados de los LOTES, en cualquier momento durante el periodo de 24 (veinticuatro) meses mencionado arriba, siempre y cuando se hayan cumplido todas las CONDICIONES establecidas en el presente Contrato.	2. FABLED shall be entitled to acquire 100% of the ownership and the RIGHTS derived from the LOTS, at any time during the 24 (twenty-four) month period referred above, provided that all of the conditions provided in this Agreement have been fulfilled.
	 	 
	3. CORDILLERAS se obliga a que, durante el plazo señalado, no gravará, ni limitará, en forma alguna, los DERECHOS, ni celebrará contrato alguno respecto a los LOTES, salvo con FABLED, por lo que garantiza la existencia, legitimidad y disponibilidad de los derechos referidos. Asimismo, CORDILLERAS se obliga a no solicitar el desistimiento o reducción de la superficie concesionada que amparan los LOTES, sin autorización expresa y por escrito por parte de FABLED que establezca el común acuerdo de esa acción.	3. CORDILLERAS binds, during the indicated term, not to burden, neither to limit in any way, the RIGHTS, nor enter into any contract in respect to the LOTS, except with FABLED, therefore, guarantees the existence, legitimacy and availability of said rights. Likewise, CORDILLERAS binds not to file the voluntary dismissal of action or reduction of the surface covering the LOTS, without express written authorization by FABLED which sets forth the common agreement of that action.
	 	 
	4. FABLED se obliga a cumplir de conformidad con la LEY, con la ejecución y comprobación de obras o trabajos de exploración, además de las de pagos de derechos mineros, proporcionando a CORDILLERAS las evidencias que demuestren el cumplimiento de dichas obligaciones.	4. FABLED binds to comply with the execution and verification of works of exploration works and other obligations referred by the LAW, and binds to perform them in addition to payments of mining fees, providing CORDILLERAS evidences which demonstrate the compliance of such obligations.
	 	 
	5. Por el otorgamiento de los derechos objeto de este Contrato, FABLED pagará a CORDILLERAS, las cantidades que se indican a continuación y dentro de los plazos que se expresan, sujeto a lo señalado en los siguientes incisos de este punto:	5. For the granting of the rights object of this Agreement, the FABLED will pay to the CORDILLERAS, the amounts which are indicated herein below and within the terms which are expressed, subject to that indicated on the following incises hereof:
	 	 
	a)	A FABLED deberá reembolsar a CORDILLERAS el Pago
Final, más el IVA correspondiente, a la firma y ratificación del presente documento por ambas partes, y en ese mismo
momento pagará a CORDILLERAS la cantidad total de $ 250,000.00 (Doscientos cincuenta mil 00/100 USD) Dólares Americanos,
como contraprestación para que el derecho exclusivo de adquirir los DERECHOS se extienda por 12 (Doce) meses a partir de
esta fecha.	a)	Upon the signature and ratification of this document
by both parties FABLED shall reimburse the Final Payment, plus the applicable IVA, to CORDILLERAS at the time of signature and
ratification of this document by both parties, and at the same time pay to CORDILLERAS the amount of $250,000.00 (Two hundred
and fifty thousand 00/100 USD) Dollars as a consideration so the exclusive right to acquire the RIGHTS is extended for 12 (Twelve)
months as of this date.

 

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	b)	A más tardar el día en que se cumplan
12 (doce) meses a partir de la fecha de firma y ratificación del presente documento por ambas partes, o al siguiente día
hábil si no lo fuese, o al siguiente día hábil si no lo fuese, $750,000.00 (Setecientos cincuenta mil 00/100
USD) Dólares Americanos como contraprestación para que el derecho exclusivo de adquirir los DERECHOS se extienda
por 12 (Doce) meses a partir de esta fecha.	b)	At the latest, the day when the 12 (twelve) months elapse
from the date of this Agreement is duly executed and ratified by both parties, or the next business day if it were not, the amount
of $750,000.00 (Seven hundred and fifty thousand 00/100 USD), Dollars as a consideration so the exclusive right to acquire the
RIGHTS is extended for 12 (Twelve) months as of this date.
	 	 
	c) 	De llegarse a ejercer la opción por parte de
FABLED para adquirir los DERECHOS, a más tardar el día en que se cumplan los 24 (veinticuatro) meses contados a
partir de la fecha de firma y ratificación del presente documento por ambas partes, o al siguiente día hábil
si el último día del periodo de 24 (veinticuatro) meses es inhábil de conformidad con las leyes de México.
Las partes acuerdan que FABLED solo podrá ejercer la OPCIÓN FABLED si ejerce al mismo tiempo la opción para
adquirir las concesiones denominadas María, Martia III y María II Fracc. I, de conformidad con lo establecido en
el Contrato de Exploración y Promesa de Cesión de Derechos que con esta misma fecha están celebrando las
partes.	c)	If FABLED would exercise the option to acquire the RIGHTS,
at the latest when the 24 (Twenty four) months elapse from the date of signature and ratification of the foregoing document by
both Parties, or the next business day if the last day of that 24-month period is not a business day under the laws of Mexico.
The parties agree that FABLED may exercise the FABLED OPTION only if it exercises at the same time its option to purchase the
Maria, Martia III and Maria II Fracc. I concessions as contemplated in that Exploration Agreement with Promise to Assign Mining
Rights between the parties of even date herewith.
	 	 
	La cantidad de $1,000,000.00 (Un millón 00/100 USD) Dólares Americanos, pago que será entregado por FABLED a CORDILLERAS como contraprestación total por la Cesión de los DERECHOS.	The amount of $1,000,000.00 (One million 00/100 USD) , Dollars, payment that will be delivered by FABLED to CORDILLERAS as a total consideration for the assignment of RIGHTS.
	 	 
	 	 
	Asimismo, ambas partes pactaron que una vez adquirida los DERECHOS derivados de los LOTES, FABLED pagará una regalía sobre las Liquidaciones Netas de Fundición (NSR) de los minerales proveniente de los LOTES, según se indica a continuación:	Likewise, both parties agree that once the ownership of the LOTS and the RIGHTS over the LOTS are acquired by FABLED, it shall pay a royalty calculated over the Net Smelter Returns (NSR) from the minerals from the LOTS, according to the following:
	 	 
	“Siempre y cuando FABLED, sus causahabientes o cesionarios, o la persona física o moral que ésta designe, a su total discreción, y lleve a cabo trabajos de explotación en los LOTES, pagará a CORDILLERAS, regalías del 1% (uno por ciento) sobre las Liquidaciones Netas de Fundición (NSR), por las ventas de minerales provenientes de los LOTES que llegase a explotar FABLED, sin incluir subsidio alguno o devoluciones de impuestos que el Gobierno Federal pudiese otorgar a FABLED por cualquier motivo.	“Provided FABLED, its successors or assignors or the individual or corporation appointed, at its total discretion, carry out the exploitation works on the LOTS, it shall pay to CORDILLERAS, a royalty of 1% (One percent) of the Net Smelter Returns from the revenue of minerals produced from the LOTS that FABLED exploits, without including any subsidy or tax returns that the Federal Government could grant to FABLED by any reason, according to Annex 2, attached hereto.

 

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	Las partes están de acuerdo en que a los pagos anteriores se les agregará el IVA correspondiente a tales cantidades, las cuales podrán ser cubiertas en su equivalente en Moneda Nacional al tipo de cambio vigente en el momento de efectuar el pago en base al tipo de cambio para solventar obligaciones denominadas en moneda extranjera pagaderas en la República Mexicana, publicadas por el Banco de México en el Diario Oficial de la Federación.	The parties agree that the IVA corresponding to such amounts will be added to the previous payments, which may be covered in their equivalent in National Currency at the exchange rate in force at the time of payment based on the exchange rate to settle obligations denominated in foreign currency payable in Mexican Republic, published by the Bank of Mexico in the Federal Official Gazette.
	 	 
	6.       Queda expresamente convenido que FABLED tendrá el derecho a dar por terminado este Contrato en cualquier momento, mediante una notificación por escrito dirigida a CORDILLERAS y sin mayores obligaciones que las aquí pactadas, quedando liberada del pago de las cantidades a que se refieren los incisos b) al c) del Punto 5, anterior, cuyas fechas no se hubiesen cumplido.	6.        It is expressly agreed that the FABLED will be entitled to terminate this Agreement at any time, by written notice addressed to CORDILLERAS and with no further obligations than those agreed herein, being released from the payment of the amounts referred by clauses b) to c). of the previous item 5., whose dates have not elapsed.
	 	 
	OTROS ACUERDOS	OTHER AGREEMENTS
	 	 
	CUARTA. Las partes se obligan, mutua y expresamente, a cumplir fielmente con las obligaciones a que se refiere el Artículo 27 de la LEY, en lo que les corresponde a cada una de ellas en virtud de este Contrato y, a no incurrir en ninguna de las causas de nulidad, cancelación, suspensión e insubsistencia de derechos a que se refieren los Artículos correspondientes de la LEY y el REGLAMENTO, de lo contrario, desde ahora, se compromete una para con la otra a solucionar y, en su caso, reparar los daños y perjuicios que la parte cuyo incumplimiento de alguna de sus obligaciones hubiese ocasionado a la otra parte. Sin embargo, FABLED, si así lo decide, podrá coadyuvar con CORDILLERAS en la defensa de los DERECHOS, de ser el incumplimiento imputable a este último, en el entendido de que los honorarios y demás gastos que esto genere serán descontados de los pagos a que se ha hecho referencia en el Punto 5 de la Cláusula SEGUNDA.	FOURTH.
    Parties bind, mutually and expressly, to comply truly with obligations referred by Article 27 of the LAW, as to what
    corresponds to each one of them by virtue of this Agreement and, not to incur in any of the nullity, cancellation, suspension
    and inexistence of rights cause referred by the corresponding Articles of the LAW and the REGULATION, otherwise, from now on,
    commits one to the other to solve and in its case, to repair tort which the Party whose default of any of its obligations
    would have caused to the other Party. However, FABLED, if it decides, may assist with CORDILLERAS in the defense of the
    RIGHTS, if the default is chargeable to the latter, in the understanding that the fees and other expenses that this
    generates, will be discounted from the payments referred on item 5 of the SECOND article.

 

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	QUINTA.
    Los honorarios de notario público que se causen con motivo del otorgamiento e inscripción de este Contrato,
    así como del otorgamiento del Contrato definitivo de Cesión de Derechos, serán por cuenta de FABLED,
    salvo el Impuesto Sobre la Renta, que será a cargo de CORDILLERAS, quien se obliga a expedir las facturas
    correspondientes por las cantidades que reciba, en los términos de la LISR, las que deberán ser presentadas a
    FABLED a más tardar en la fecha del pago que le corresponda; asimismo, CORDILLERAS se obliga a dar cumplimiento con
    todas las obligaciones que le imponen las leyes fiscales vigentes, en virtud de haber manifestado a FABLED estar inscrito en
    el RFC y que su actividad preponderante es la que la LISR califica como Persona Moral.	 FIFTH. The Public Notary honorarium and fees and taxes which are caused due to the registration and granting of this Agreement, as well as the granting of the final Rights Assignment Agreement, will be on account of FABLED, except the ISR on account of CORDILLERAS who binds to issue the corresponding invoices in the amounts they receive in the terms of the LISR, which should be presented to FABLED at the latest on the payment date which corresponds to them; likewise, CORDILLERAS binds to comply with all obligations ordered by the tax laws in force, by virtue of having stated to FABLED to be registered in the RFC and that their prevailing activity is that which the LISR rates as individuals with entrepreneurial activity.
	 	 
	Conforme a los términos de la Ley del IVA, las partes, por cada pago que reciban, trasladarán y desglosarán en forma expresa el IVA correspondiente, conforme a los Artículos 1, 4, 8 y demás aplicables de la citada Ley, así como el Artículo 14 y demás relativos del Código Fiscal de la Federación.	Pursuant to the terms of the IVA Law, the Parties, for each payment they receive, will transfer and will break down in an express manner the corresponding IVA, according to Articles 1, 4, 8 and other applicable, as well as Article 14 and others related of the Federal Tax Code.
	 	 
	SEXTA.CORDILLERAS se obliga a proporcionar a FABLED toda la información razonable necesaria que se le solicite en lo que concierne a este Contrato y el Contrato Definitivo de Cesión de Derechos s, así como, firmar, acreditar y cumplir cualquier otro requisito necesario, a fin de que FABLED pueda ejercitar los derechos que aquí se le confieren.	SIXTH. CORDILLERAS binds to provide FABLED all reasonable needed information requested to it as to this Agreement and the Final Rights Assignment Agreement, as well as to sign, to credit and to meet any other necessary requirement, so that FABLED may exercises the rights granted herein.
	 	 
	FABLED se obliga expresamente a inscribir este Contrato en el REGISTRO, para lo cual, CORDILLERAS se compromete a cooperar con FABLED en todo lo que fuese necesario para que la mencionada inscripción se lleve a cabo sin contratiempos.	FABLED expressly binds to register this Agreement at the REGISTER, for which, CORDILLERAS, compels to cooperate in whichever that may result necessary in order to carry out the register without any setback.
	 	 
	SÉPTIMA.Las partes están de acuerdo en que este Contrato será terminados por cualquiera de las siguientes causas:	SEVENTH. Parties agree that this Agreement will be terminated for any of the following causes:
	 	 
	1.       Si FABLED notificase a CORDILLERAS, antes del fin de la vigencia de este Contrato, con treinta (30) días de anticipación, su decisión de terminarlos anticipadamente.	1.        If FABLED would notice CORDILLERAS, before the end of the term of this Agreement, of its decision to terminate it thirty (30) days in advance.

 

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	2.       No obstante cualquier estipulación prevista en este Contrato, si cualquiera de las partes (la “Parte Incumplida”) está en incumplimiento de cualquiera de sus obligaciones previstas en el presente, la parte afectada (la “Parte Afectada”) por dicho incumplimiento deberá dar aviso por escrito a la Parte Incumplida especificando el incumplimiento del que se trate, y la Parte Incumplida no perderá sus derecho previstos en este Contrato. En el caso de que: a) tratándose de las obligaciones de pago, si dentro de los cinco (5) días siguientes a la fecha de vencimiento del pago de que se trate, FLABED realiza dicho pago (b) tratándose de cualesquiera otras obligaciones, a menos que dentro de los 30 (treinta días) siguientes a que la Parte Afectada haya entregado el aviso de incumplimiento respectivo, la Parte Incumplida no ha tomado las medidas necesarias para remediar dicho incumplimiento, y si la Parte Incumplida no logra remediar o tomar las medidas razonables para remediar dicho incumplimiento, la Parte Afectada tendrá el derecho de rescindir el presente Contrato o demandar por los daños y perjuicios que considere, derivados de dicho incumplimiento	 2.        Notwithstanding any stipulation provided in this Agreement, if any party (a “Defaulting Party”) is in default of any requirement herein set forth, the party affected (the “Affected Party”) by such default shall give written notice to the Defaulting Party specifying the default and the Defaulting Party shall not lose any rights under this Agreement. Given the case that: (a) in the event of a default in making any of the required payments hereunder, if within five (5) days after failing to make the cash payments as required under this Agreement, FABLED makes such payments, or (b) in the event of any other default hereunder, unless thirty (30) days after giving notice of default by the Affected Party, the Defaulting Party has failed to take reasonable steps to cure the default by the appropriate performance, and if the Defaulting Party fails within such period to cure or take any reasonable steps to cure any default under this Agreement, the Affected Party shall be entitled to terminate this Agreement or to seek any other remedy it may have on account of such default
	 	 
	3.       Una vez que las partes hubiesen celebrado el Contrato de Cesión de los DERECHOS, de conformidad con la Cláusula SEGUNDA de estos Contratos, y ya no quedasen requisitos o formalidades pendientes para poder efectuar su transmisión a FABLED.	3.Once the Parties would have entered into the Assignment of the RIGHTS Agreement pursuant to Clause SECOND hereof, and there were no more requisites or pending formalities to be able to make its transfer to FABLED.
	 	 
	Al terminarse la vigencia de este Contrato, ya sea en forma anticipada o en la fecha de su vencimiento, y con el fin de proceder a la cancelación de la inscripción en el REGISTRO del mismo, desde ahora, las partes se comprometen a ratificar ante Notario o Corredor Público, el documento que consigne el consentimiento de ambas para dicha terminación.	At the end of the term of this Agreement, namely in advance or on the date of its expiration and with the purpose to proceed to cancel its registration in the REGISTRY thereof, pursuant to the first paragraph of Article 51 of the LAW and the last paragraph of Article 89 of the REGULATION, from now on, the Parties commit to ratify before a Notary Public or Public Broker, the document which consigns the consent of both for such termination

 

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	OCTAVA.
    Todas las comunicaciones que se hagan las
    partes conforme a estos Contratos serán por escrito, entregadas en el domicilio de la parte a que corresponda,
    personalmente o mediante telegrama, correo certificado con acuse de recibo o servicio de mensajería especializada y,
    al efecto, las partes señalan los siguientes domicilios:	 EIGHTH. All notices which the Parties send to each other will be in writing, delivered at the address of the corresponding Party, personally or by confirmed telegram, telefax, certificate mail with acknowledgment of receipt or courier and to this effect, the Parties indicate the following addresses:
	 	 
	CORDILLERAS:	CORDILLERAS:
	Minera Cordilleras S. de R.L. de C.V.	Minera Cordilleras S. de R.L. de C.V.
	Calle Río Támesis No. 2505	 Calle Río Támesis No. 2505
	Colonia Magdalenas	Colonia Magdalenas
	27919 Torreón, Coahuila, México	27919 Torreón, Coahuila, México
	Atención: Warren Rehn	 Atención: Warren Rehn
	Email:
    warren.rehn@goldenminerals.com	Email:
    warren.rehn@goldenminerals.com
	 	 
	 	 
	FABLED:	FABLED:
	Fabled Silver Gold Mexico Corp, S.A. de C.V.	Fabled Silver Gold Mexico Corp, S.A. de C.V.
	Avenida Ocampo 3806	Avenida Ocampo 3806
	Colonia Bellavista	Colonia Bellavista
	31050 Chihuahua, Chihuahua, México	31050 Chihuahua, Chihuahua, México
	Atención: Representante Legal	Attention: Legal Representative
	 	 
	Será obligación de cada una de las partes el notificar a la otra, por escrito y de forma fehaciente, cualquier cambio de domicilio; en caso de que alguna de las partes llegare a cambiarse y no notificara su nuevo domicilio, se tendrán por entregados legalmente los comunicados entregados en el domicilio aquí citado.	It is under each of the parties’ obligations to notify the other, in writing and reliably, of any change of address; in the event that any of the parties were to move and did not notify its new address, the communications delivered at the address mentioned here will be considered legally delivered.

 

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	NOVENA.Las partes contratantes quedarán relevadas del cumplimiento de sus obligaciones, por causa de fuerza mayor o por caso fortuito, mientras dicha fuerza mayor o caso fortuito subsistiese. La parte afectada deberá notificar y demostrar a la otra parte, tan pronto y como sea posible, de que ha ocurrido la causa de fuerza mayor o el caso fortuito. Una vez que ésta hubiese cesado, la parte afectada le notificará por escrito a la otra parte, reasumirá el cumplimiento de sus obligaciones y el ejercicio de sus derechos. Se entenderá como causas de fuerza mayor o caso fortuito todos los eventos tales como, problemas laborales de tipo general, regional o nacional; pandemias, emergencias sanitarias, problemas ejidales, comuneros, acción de los elementos, como fenómenos meteorológicos, mal tiempo, inundaciones, deslaves, hundimientos, terremotos y estíos prolongados; leyes, reglamentos, ordenamientos y solicitudes por parte de agencias gubernamentales; ordenamientos o fallos por parte de juzgados; la imposibilidad de obtener en términos y/o plazos razonablemente aceptables, cualquier licencia, permiso o autorización, pública o privada; paros o suspensión de las operaciones de desarrollo y minado llevadas a cabo en y para el beneficio de los LOTES para remediar o evitar violaciones reales o supuestas, presentes o futuras, a las leyes federales, estatales o locales de protección al medio ambiente; guerras o condiciones atribuibles a éstas, ya sean declaradas o no declaradas; motines o revueltas; catástrofes civiles; incendios; explosiones; o cualquier otra causa ya sea similar o no a las anteriores.	NINTH. The Parties will be released from the compliance of their obligations, for force majeure or fortuitous case, while such force majeure or fortuitous case would exist. The damaged Party will notice in writing to the other Party as soon as possible that the event has occurred. Once it has ceased, the affected party will give written notice to the other party, it will resume the compliance of its obligations and the exercise of its rights. It will be understood as force majeure or fortuitous case all events such as, regional, national or general type labor problems; pandemic, sanitary emergencies, agrarian problems, action of elements like meteorological phenomenon, bad weather, floods, landslides, downfalls, earthquakes and prolonged droughts; laws, regulations, ordinances and requests from Government Agencies; court orders or court decrees; impossibility to attain in terms and/or reasonably and acceptably periods, any public or private license, permit or authorization; stops or suspensions of the OPERATIONS to remedy to prevent actual or supposed, present or future violations to Federal, State or Local Laws of protection to environment; wars or conditions attributed to these namely declared or non-declared; mutinies or uprisings; civil catastrophes; fires; explosions; onerousness; or any other cause similar or not to the previous ones, except the impossibility to meet the financial obligations.
	 	 
	Desde ahora CORDILLERAS está de acuerdo en que FABLED quedará relevada de su compromiso pactado en la Cláusula SEGUNDA Punto 5, en caso de presentarse alguna causa de fuerza mayor o caso fortuito, tal y como ha quedado señalado, y reasumirá sus obligaciones, cuando haya cesado tal causa de fuerza mayor o el caso fortuito.	From now on, CORDILLERAS agrees that FABLED will be released from its commitment agreed on the SECOND Article , item 5, in which if were to be presented a force majeure or fortuitous case, just as it has been pointed out, and resume its obligations, once such force majeure or fortuitous case has ceased.

 

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        DÉCIMA. Las
        partes convienen en que, CORDILLERAS no podrá transferir total o parcialmente los derechos e interés en o con
        respecto al presente Contrato o el Contrato definitivo de Cesión de Derechos, sin el consentimiento previo de FABLED,
        salvo que

        dicha cesión sea a favor de una
        afiliada, en cuyo caso el consentimiento de FABLED no será requerido.

         

        Con excepción de los casos expresamente
        permitidos en el presente Contrato, FABLED no podrá transferir, o acordar la transmisión, de sus derechos con respecto
        a los LOTES y respecto de, o por virtud del presente Contrato o del Contrato definitivo de Cesión de Derechos, sin el consentimiento
        previo de CORDILLERAS, el cual no deberá ser denegado a su sola discreción, y cualquier cesión se considerará
        inválida a menos que FABLED cumpla con lo previsto en la presente Cláusula.
	
         TENTH. Parties
        agree that, CORDILLERAS may not transfer all or any part of its rights and interest in or with respect to this Agreement, or the
        Rights Assignment Agreement, without the prior consent of FABLED, save and except to an affiliate, which in such case the consent
        of FABLED will not be required.

        

	 	 
	DÉCIMA PRIMERA.El presente Contrato será obligatorio para las partes, sus herederos, causahabientes o cesionarios. Las partes, no obstante la naturaleza de estos instrumentos, declaran expresamente que en las convenciones objeto de los mismos, no existe lesión y, aún cuando la hubiese, renuncian expresamente al derecho de pedir la nulidad relativa de que tratan los Artículos respectivos del Código Civil Federal aplicable para toda la República en Materia Federal y los Artículos correlativos de los Códigos Civiles de todas las Entidades de los Estados Unidos Mexicanos y el correspondiente de la Ciudad de México.	Save and except as expressly permitted in accordance with this Agreement, FABLED may not transfer, or agree to transfer, any of its rights and interest in or with respect to the LOTS and under, or by virtue of this Agreement or the Rights Assignment Agreement without the prior consent of CORDILLERAS, which consent may not be withhold in its sole discretion, and any such transfer shall be void unless FABLED complies with the provisions of this Clause.
	 	 
	 	 
	DÉCIMA SEGUNDA. El presente Contrato se celebra en los términos del Artículo 78 del Código de Comercio, es de naturaleza mercantil, por lo que, para lo que no esté expresamente aquí pactado y para la interpretación y cumplimiento del mismo, se aplicarán la LEY, el REGLAMENTO y la Legislación Mercantil, así como, supletoriamente, el Código Civil Federal aplicable en toda la República en Materia Federal, para lo no previsto en las dos primeras legislaciones. Para la resolución de cualquier controversia que surgiese con motivo de este documento, las partes se someten expresamente a la jurisdicción de los tribunales federales competentes en la Ciudad de Chihuahua, Chihuahua, renunciando a cualquier jurisdicción que pudiese corresponderles debido a sus actuales o futuros domicilios o por cualquier otra causa por privilegiada que fuera.	ELEVENTH. This Agreement will be binding for the Parties, their Heirs, Constituents or Assignees. Parties, notwithstanding the nature of this Instrument, state expressly that in the conventions object thereof, there is no lesion, and even when there were, waive expressly to file relative nullity referred by the respective Articles of the Federal Civil Code applicable for all the Republic at the Federal Level and the related Articles of the Civil Codes of all Entities of The Mexican United States.

 

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        Asimismo, este Contrato se celebra en idiomas
        inglés y español, por lo que, en caso de existir alguna diferencia entre ambas versiones, subsistirá la versión
        en español.

         

         
	TWELVETH. This Agreement is entered into in the terms of Article 78 of the Commerce Code, is of business kind, therefore, whatever is not expressly agreed herein and for the interpretation and compliance thereof, the LAW, the REGULATION and the Business Law will be applied, as well as supplementarily, the applicable Federal Civil Code in all the Republic at the Federal level, for that non provided in the two first laws. For the resolution of any controversy which would arise due to this document, the Parties submit expressly to the jurisdiction of the competent courts in the City of Chihuahua, Chihuahua, waiving any jurisdiction which could correspond to them by reason of their present or future addresses or for any other cause.
	 
	 Furthermore, this Agreement is entered into in Spanish and English, therefore in case of any difference between both versions, the Spanish version shall prevail.
	 	 
	Este documento es hecho en cuatro ejemplares, uno para cada una de las partes, uno para fines notariales y el restante para el REGISTRO, y una vez leído, lo ratifican en todos sus términos y firman, para debida constancia: CORDILLERAS el ____ de diciembre del año 2020, en la Ciudad de Torreón, Estado de Coahuila, y FABLED el ____ de __________ del año 202__, en la Ciudad de __________, Estado de ____________.	
        This document is made in four counterparts,
        one for each one of the Parties, one more for notary purposes and the remaining for the REGISTRY, and once read, they ratify it
        in all its terms and sign for the record: CORDILLERAS on December _____, 2020, in the City of Torreón, State of Coahuila,
        and FABLED on December, ______, 202___ in the City of _________, State of _______________.

         

	 	 
	 	 
	CORDILLERAS	CORDILLERAS
	 	 
	 	 
	 	 
	MINERA DE CORDILLERAS, S. DE R.L. DE C.V.	 MINERA DE CORDILLERAS, S. DE R.L. DE C.V.
	Representada por	Represented by Mr.
	WARREN MICHAEL REHN	WARREN MICHAEL REHN
	 	 
	 	 
	FABLED	FABLED 
	 	 
	 	 
	 	 
	FABLED SILVER GOLD MEXICO CORP, S.A. DE C.V.	FABLED SILVER GOLD MEXICO CORP, S.A. DE C.V.
	Representada por	Represented by
	LUC PELCHAT	LUC PELCHAT

 

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	CONTRATO DE EXPLORACIÓN Y PROMESA DE CESIÓN DE DERECHOS MINEROS QUE CELEBRAN POR UNA PARTE LA PERSONA MORAL FABLED SILVER GOLD MEXICO CORP., S.A. DE C.V., REPRESENTADA EN ESTE ACTO POR EL SEÑOR LUC PELCHAT, Y POR LA OTRA PARTE, MINERA DE CORDILLERAS, S. DE R.L. DE C.V., REPRESENTADA EN ESTE ACTO POR EL SEÑOR WARREN MICHAEL REHN MISMO QUE SUJETAN AL TENOR DE LAS SIGUIENTES DEFINICIONES, DECLARACIONES Y CLÁUSULAS:	EXPLORATION AGREEMENT WITH PROMISE TO ASSIGN MINING RIGHTS ENTERED INTO FORCE BETWEEN THE COMPANY FABLED SILVER GOLD MEXICO CORP., S.A. DE C.V., REPRESENTED IN THIS ACT BY MR. LUC PELCHAT AND ON THE OTHER HAND, MINERA DE CORDILLERAS, S. DE R.L. DE C.V., REPRESENTED IN THIS ACT BY MR. WARREN MICHAEL REHN; SUBJECT TO THE FOLLOWING DEFINITIONS, STATEMENTS AND CLAUSES:
	 	 
	D E F I N I C I O N E S:	D E F I N I T I O N S:
	 	 
	Las partes acuerdan que, para los efectos de este Contrato, las definiciones utilizadas en el mismo tendrán los siguientes significados:	Both parties agree that, for the purpose of this Agreement, the definitions used herein will have the following meanings:
	 	 
	FABLED:      FABLED SILVER GOLD MEXICO CORP., S.A. DE C.V., así como sus causahabientes y cesionarios, y cualesquiera personas, sociedad o entidad jurídica, nacional o extranjera, que ésta designase para el ejercicio de cualquiera de los derechos derivados de este Contrato y que se encuentre legalmente capacitada para ello.	FABLED: FABLED SILVER GOLD MEXICO CORP., S.A. DE C.V., as well as its constituents, and any other individual, corporation or legal entity, domestic or foreign, that this would designate for the exercise of any of the rights derived from this Agreement and that is duly able to do so.
	 	 
	CORDILLERAS:      MINERA DE CORDILLERAS, S. DE R.L. DE C.V., así como sus causahabientes y cesionarios, y cualesquiera personas, sociedad o entidad jurídica, nacional o extranjera, que ésta designase para el ejercicio de cualquiera de los derechos derivados de este Contrato y que se encuentre legalmente capacitada para ello.	CORDILLERAS: MINERA DE CORDILLERAS, S. DE R.L. DE C.V., as well as its constituents and any other individual, corporation or legal entity, domestic or foreign, that this would designate for the exercise of any of the rights derived from this Agreement and that is duly able to do so.
	 	 
	CONTRATO DE EXPLORACIÓN: El Contrato de Exploración Minera y de Promesa de Cesión de Derechos celebrado entre el Ing. José Alfredo Cervantes Rivera y CORDILLERAS, de fecha 4 de agosto de 2017, con respecto a las concesiones mineras Maria, Título: 226591, Martia III Título: 231703 y MARIA II FRACC. I título 230200, en trámite de inscripción ante el REGISTRO, copia del cual se adjunta a este documento como Anexo 1, formando parte integral del mismo.	EXPLORATION AGREEMENT: The Contract of Mining Exploration and Promise of Assignment of Rights and Obligations entered into by and between Mr. José Alfredo Cervantes Rivera and CORDILLERAS, dated August 4th, 2017, regarding the following mining claims: Concession named Concession named María, Title number: 226591, Concession Martia III, Title number: 231703, and Concession MARIA II FRACC. I, Title number 230200, in process of being recorded against title with the REGISTRY, copy of such agreement is attach to this document as an Appendix 1, being an integral part of this document.

 

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	LOTES:           Las concesiones mineras Maria, Título: 226591, Martia III Título: 231703 y MARIA II FRACC. I título 230200, copia de los títulos de concesión minera de dichos LOTES se adjunta a este documento como Anexo 2, formando parte integral del mismo.	LOTS:   The mining concessions named Concession named María, Title number: 226591, Concession Martia III, Title number: 231703, and Concession MARIA II FRACC. I, Title number 230200, copies of the mining certificates of the LOTS are attach to this document as an Appendix 2, being and integral part of this document.
	 	 
	DERECHOS:   Los derechos de exploración y explotación minera derivados de los títulos de concesión minera con respecto a los LOTES.	RIGHTS: Rights of exploration and exploitation derived from the title of mining concessions concerning the LOTS.
	 	 
	CONDICIONES: Las siguientes condiciones que cada una de partes, respectivamente, deberá de cumplir para que se puedan transmitir, en su caso, el 100% de los derechos y la titularidad de los LOTES a favor de FABLED:	CONDITIONS: The following conditions that each of the parties, respectively, shall fulfill in order to be able to transfer, if that is the case, the 100% of the rights and ownership of the LOTS in favor of FABLED:
	 	 
	4.    FABLED deberá estar debidamente capacitada para ser titular de concesiones mineras conforme a la LEY y su REGLAMENTO.	4.    FABLED shall be duly authorized in order to be holder of mining concessions in accordance with the LAW and its REGULATION.
	 	 
	5.    CORDILLERAS deberá cumplir con lo previsto en el CONTRATO DE EXPLORACIÓN y con ello adquirir de manera fehaciente el 100% de los derechos y la titularidad de los LOTES, y convertirse en la titular registrada de los mismos ante el REGISTRO.	5.    CORDILLERAS shall fulfill the EXPLORATION AGREEMENT and acquire reliably the 100% of the rights and ownership of the LOTS, and become the registered holder of the same before the REGISTRY.
	 	 
	6.    FABLED deberá pagar a CORDILLERAS todos y cada uno de los pagos previstos en la Cláusula Segunda inciso 5, del presente Contrato.	6.    FABLED shall pay to CORDILLERAS each and all payments provided in the Clause Second, section 5, of this Agreement, and perform all of its obligations hereunder.

 

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	GRAVÁMENES PERMITIDOS: con respecto a los LOTES, (i) Gravámenes por evaluación, obligaciones de pago por indemnizaciones laborales o cualesquiera previstas en la legislación laboral y de previsión social, cargas o gravámenes impuestos por cualquier autoridad gubernamental, y que no estén todavía vencidas; (ii) Gravámenes por créditos fiscales que no estén aún vencidos; (iii) ocupaciones temporales, servidumbres, derechos de paso y otros derechos, reservaciones, condiciones, limitaciones, comodatos o restricciones que no interfieran materialmente con, materialmente afectar o materialmente impedir la operación en los LOTES; (iv) Gravámenes provenientes de, o solicitados por una persona o entidad distinta a CORDILLERAS; y (v) los derechos reservados o conferidos a cualquier autoridad gubernamental que controle o regule a los LOTES.	PERMITTED ENCUMBRANCES: with respect to the LOTS, (i) Encumbrances for assessments, obligations under workers compensation or other social welfare legislation or other requirements, charges or levies of any governmental authority, in each case not yet overdue; (ii) Encumbrances with respect to taxes that are not yet due and payable; (iii) easements, servitudes, rights-of-way and other rights, exceptions, reservations, conditions, limitations, covenants and other restrictions that will not materially interfere with, materially impair or materially impede operations on the LOTS; (iv) Encumbrances arising by, through or under a person or entity other than CORDILLERAS; and (v) the rights reserved to or vested in any governmental authority to control or regulate the LOTS.
	 	 
	LEY:         Ley Minera.	LAW: Mining Law
	 	 
	REGLAMENTO:         Reglamento de la Ley Minera.	REGULATION: Regulations of the Mining Law.
	 	 
	REGISTRO:         Registro Público de Minería.	REGISTRY: Mining Public Registry.
	 	 
	IVA: Impuesto al Valor Agregado.	IVA: Value Added Tax.
	 	 
	LFD: Ley Federal de Derechos.	LFD: Federal Fees Law.
	 	 
	LISR: Ley del Impuesto Sobre la Renta.	LISR: Income Tax Law.
	 	 
	D E C L A R A C I O N E S:	D E C L A R A T I O N S:
		 
	II.   Declara el representante de CORDILLERAS bajo protesta de decir verdad que:	I.CORDILLERAS’s legal representative hereby states, under truthful oath that:

 

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	9.	 Su representada es una sociedad minera, mexicana, constituida
conforme a las Leyes de los Estados Unidos Mexicanos, de conformidad con la escritura pública número 42,114 de fecha
9 de noviembre de 1994, otorgada ante el licenciado Javier del Valle Palazuelos, Notario Público número 61 del Distrito
Federal (ahora Ciudad de México), e inscrita en el Registro Público de la Propiedad y del Comercio de Agua Prieta,
Estado de Sonora, el día 21 de diciembre de 1994, bajo el número 129, de la Sección Comercio, volumen dos,
libro primero, con Registro Federal de Contribuyentes MCO941109LQ2, y legalmente capacitada para ser titular de concesiones mineras,
así como explorar, explotar y ceder las mismas, de conformidad con lo establecido en la LEY, el REGLAMENTO y el CONTRATO
DE EXPLORACIÓN, por lo tanto capacitada para celebrar el presente Contrato.	9.	 The company he represents is a Mexican mining company,
incorporated pursuant to the laws of the United Mexican States, as it shows in public deed number 42,114 dated November 9, 1994,
certified and attested to by Mr. Javier del Valle Palazuelos, Notary Public number 61 for the Federal District (now Mexico City),
and register with the Public Registry of Property and Commerce of Agua Prieta, State of Sonora, on December 21, 1994, under the
entry 129, of the Commerce Section, volume two, book first, , with TAX ID Number MCO941109LQ2; with the capacity of holding mining
concessions, as well as to explore, exploit, and assign mining concessions, pursuant to what is established in the LAW and its
REGULATION and the EXPLORATION AGREEMENT, and therefore, duly authorized to enter into this Agreement.
	 	 	 	 
	10.	 Tiene facultades suficientes para actuar en nombre y
representación de CORDILLERAS, obligándola en los términos de este Contrato; facultades que a la fecha de
la firma de estos documentos no le han sido revocadas o modificadas en forma alguna.	10.	 Has full powers and faculties to represent CORDILLERAS,
binding it under the terms of this Agreement; powers and faculties that have not been revoked or modified in any manner whatsoever,
as of the date hereof.
	 	 	 	 
	11. 	El CONTRATO DE EXPLORACIÓN se encuentra vigente,
y CORDILLERAS al corriente respecto del cumplimiento de sus obligaciones establecidas en el mismo, al momento de celebrar el presente
Contrato.	11.	The
EXPLORATION AGREEMENT is in place, and CORDILLERAS is in full compliance in respect to its obligations under the said agreement,
upon the execution of this Agreement.
	 	 	 	 
	 	Así mismo, el día 31 de julio de 2020,
el Ing. José Alfredo Cervantes Rivera y CORDILLERAS celebraron un Segundo Convenio Modificatorio a los Contratos de Exploración
Minera y de Promesa de Cesión de Derechos, a través del cual modifican los pagos necesarios para el ejercicio de
la opción concedida, extendiéndose el último pago hasta el día 4 de febrero de 2022.	 	Likewise, on July 31, 2020, José Alfredo Cervantes
Rivera and CORDILLERAS, entered into force a Second Modifying Covenant to the Mining Exploration and Option of Assignment of Rights
Agreement, whereby the necessary payments to exercise the option were modified and the last payment was extended until February
4, 2022.

 

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	En ese sentido, al día de hoy, CORDILLERAS ostenta los derechos de exploración sobre los LOTES, así como el derecho exclusivo e irrevocable de ejercer una opción de cesión de derechos definitiva para adquirirlo en su totalidad.	In consequence, as of today, CORDILLERAS holds the exploration rights of the LOTS, as well as the exclusive and irrevocable right to exercise an option of assignment of rights to acquire it in its entirety.
	 	 
	12.  CORDILLERAS adquirió el derecho de exclusivo de explorar y explotar los LOTES y la promesa de cesión de derechos de los mismos, de conformidad con el CONTRATO DE EXPLORACIÓN.	12.  CORDILLERAS acquired the exploration and exploitation rights of the LOTS and the promise of assignment of rights of such according to the EXPLORATION AGREEMENT.
	 	 
	En ese sentido, actualmente, CORDILLERAS es titular de los derechos de exploración y explotación sobre los LOTES.	In this sense, CORDILLERAS currently holds the exploration and exploitation rights over the LOTS.
	 	 
	Asimismo, y de conformidad con la Cláusula Décima Tercera del CONTRATO DE EXPLORACIÓN, CORDILLERAS tiene la facultad y/o el derecho de ceder total o parcialmente los derechos adquiridos y reconocidos en dicho instrumento, con la necesidad del consentimiento del titular de los LOTES.	Likewise, and according to the Thirteenth Clause of the EXPLORATION AGREEMENT, CORDILLERAS is entitled to totally or partially assign the rights acquired and recognized in such agreement, with the consent of the holder of the LOTS.
	 	 
	13.  Que los derechos y capacidad legal de CORDILLERAS, respecto a los LOTES no han sido limitados ni revocados, y que no ha incurrido en causal de nulidad, suspensión o insubsistencia de derechos y que no se encuentra en conocimiento de oposición alguna de cualquier tercero respecto de la firma de este documento y la celebración del CONTRATO DE EXPLORACIÓN establecido en el mismo, ni de la celebración de cualesquiera otros Contratos o documentos que de éste derivan.	13.  That the rights and legal capacity of CORDILLERAS regarding the LOTS, has not been limited or revoked and that it has not incurred in grounds of nullity, suspension or lack of subsistence of rights and that it is not aware of any opposition from any third party regarding the signing of this document and the conclusion of the EXPLORATION AGREEMENT established therein, nor of the conclusion of any other contracts or documents deriving therefrom.

 

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	14.   Los DERECHOS se encuentran libres de todo gravamen, afectación, carga o limitación de dominio de cualquier naturaleza, con excepción de los GRAVÁMENES PERMITIDOS y que, con excepción de este documento y de las obligaciones contenidas en el CONTRATO DE EXPLORACIÓN, no ha celebrado, ni celebrará contrato alguno, ni ha ejecutado, o ejecutará, acto alguno, que grave, afecte o limite, en cualquier forma, estos DERECHOS.	14.  The RIGHTS are free from any lien, limit, debt, encumbrance or ownership limitation of any nature other than PERMITTED ENCUMBRANCES and that, with the exception of this document, and the obligations contained in the EXPLORATION AGREEMENT, has neither executed entered nor will enter into any contract whatsoever, and has not performed and will not perform any act regarding the assets and rights that may burden, encumber, affect or limit in any form those RIGHTS.
	 	 
	15.  A la fecha, los LOTES se encuentran vigentes y en cumplimiento de sus obligaciones que establece la LEY.	15.  That at this date, the LOTS are currently valid and in good standing according to the LAW.
	 	 
	16.  Por medio del presente documento, desea transmitir a FABLED, el derecho exclusivo a explorar los LOTES en los términos y condiciones establecidas en el CONTRATO DE EXPLORACIÓN y el presente instrumento legal, y en su caso, celebrar una Cesión de Derechos Definitivo que se definirá debidamente en las siguientes Cláusulas, y sujeto al cumplimiento de las CONDICIONES.	16.  That by means of this document it is willing to transfer in favor of FABLED the exclusive right to explore the LOTS, according to the terms and conditions provided in the EXPLORATION AGREEMENT and the ones provided herein, and if applicable, enter into a Definitive Assignment Agreement defined below, and subject to the fulfillment of the CONDITIONS.

 

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	II. Declara el representante de FABLED bajo protesta de decir verdad que:	II. The legal representative of FABLED declares under truthful oath that:
	 	 
	4.      Su representada es una sociedad minera, mexicana, constituida conforme a las leyes de los Estados Unidos Mexicanos, como consta en la póliza número 14,955 de fecha 5 de Agosto de 2020, otorgada ante el Lic. Luis Arevalo Contreras, Corredor Público Número 1, en la ciudad de Acapulco, Estado de Guerrero, inscrita en el Registro Público de Comercio de dicha ciudad, bajo el folio mercantil electrónico número N-2020043055, el 7 de Agosto de 2020 y en trámite de registro en el Libro de Sociedades Mineras del REGISTRO.	3.    The company he represents is a Mexican mining company, incorporated pursuant to the laws of the United Mexican States, as it shows in public deed number 14,955 dated August 5, 2020, granted before Lic. Luis Arevalo Contreras, Notary Public Number -1 of Acapulco, Guerrero, registered in the Commerce Public Registry of said city, under electronic commercial folio N-2020043055 on August 7, 2020 and in process in the Book of Mining Companies of the REGISTRY.
	 	 
	5.    Tiene facultades suficientes para actuar en nombre y representación de FABLED, obligándola en los términos de este Contrato; facultades que a la fecha de la firma de este documento no le han sido revocadas o modificadas en forma alguna.	4.     Has sufficient authority to act in the name and representation of FABLED, binding it under the terms of this Agreement, authority that upon the date of execution of this document has not been revoked or modified in any form.
	 	 
	6.     FABLED desea adquirir los derechos de exploración derivados del CONTRATO DE EXPLORACIÓN, celebrar el presente Contrato, en los términos y condiciones que aquí se indican.	4.     FABLED wishes to acquire the exploration rights derived from the EXPLORATION AGREEMENT enter this agreement, under the terms and conditions provided herein.
	 	 
	Dadas las declaraciones anteriores, las partes convienen en las siguientes:	In virtue the above-mentioned representations and warranties, the parties agree upon the following:
	 	 
	C L Á U S U L A S:	C L A U S E S:
	 	 
	PRIMERA. Por medio del presente Contrato, CORDILLERAS, en los términos de las disposiciones legales aplicables, transmite a favor de FABLED los derechos exclusivos para la exploración (pero no de explotación) de los LOTES.	FIRST. Through this Agreement and in the terms of the applicable legal dispositions, CORDILLERAS transfers in favor of FABLED the exclusive rights for the exploration (but not the exploitation) of the LOTS.

 

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	Adicionalmente, CORDILLERAS otorga a FABLED durante la vigencia del presente Contrato, la opción exclusiva e irrevocable para adquirir el 100% (cien por ciento) de los derechos derivados de los LOTES, a través del ejercicio de la Opción de acuerdo con los términos que serán descritos más adelante (referida en los sucesivo como la OPCIÓN DE FABLED).	In addition, CORDILLERAS grants to FABLED during the term of this Agreement, the exclusive and irrevocable option to acquire 100% (one hundred percent) interest in the rights derived from the LOTS, by means of exercising the Option in the terms described herein below (hereinafter referred as the FABLED OPTION).
	 	 
	Ambas partes reconocen expresamente que los DERECHOS que se otorgan por medio del presente Contrato, así como la OPCIÓN DE FABLED que CORDILLERAS otorga a favor de FABLED, se encuentran libres de todo gravamen, y/o cualquier otra afectación legal que pudiese limitar y/o restringir su ejercicio, salvo por los GRAVÁMENES PERMITIDOS y las obligaciones pactadas en el CONTRATO DE EXPLORACIÓN.	Both parties expressly recognize that the RIGHTS granted through this Agreement, as well as the FABLED OPTION granted by CORDILLERAS in favor of FABLED, are free of encumbrances, liens, and/or any legal affection that could limit and/or restricts it duly exercise, except for PERMITTED ENCUMBRANCES and the agreed in the EXPLORATION AGREEMENT.
	 	 
	El derecho exclusivo de explorar los LOTES iniciará a partir de la fecha de ratificación ante Notario Público de este documento por ambas partes y seguirá en vigor durante los siguientes 24 (veinticuatro) meses, mismo plazo que será forzoso para CORDILLERAS y voluntario para FABLED, por lo que ésta última podrá darlo por terminado, en cualquier momento, mediante una notificación por escrito dirigida a CORDILLERAS, sin responsabilidad adicional alguna, excepto por las obligaciones de remediación y aquellos derechos sobre minería y demás obligaciones que le correspondan en virtud de este instrumento, en forma proporcional a la fecha en que éste se dé por terminado.	The sole right to explore the LOTS will start from the date of ratification before Notary Public of this document by both parties and will continue in force during the following 24 (twenty four) months, same term which will be binding for CORDILLERAS, and voluntary for the FABLED, therefore, FABLED will be able to terminate it at any time, by written notice addressed to CORDILLERAS, with no other liability, except for reclamation obligations and those mining rights and other obligations which correspond to it by virtue of this instrument, in a proportional way to the date on which this is terminated.

 

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	La exploración objeto de este Contrato comprende, entre otros, los trabajos que permitan localizar, identificar y cuantificar las substancias minerales existentes en los LOTES, consistentes en investigaciones, reconocimientos y exploraciones geológicas, geofísicas y geoquímicas, incluyendo trabajos topográficos, perforaciones de cualquier clase y obras mineras tales como tajos, socavones, frentes, cruceros, tiros y demás que la FABLED considere convenientes para los fines de la exploración minera.	The exploration object hereof, covers among others, the works which allow to locate, identify and quantify the existing mineral substances in the LOTS, consisting on investigations, recognitions and geological, geo-physical and geo-chemical explorations, including topographic works, drillings of any kind and mining works such as cuts, galleries, fronts, cleavages, shafts and other which FABLED deems convenient for the purposes of the mineral exploration.
	 	 
	FABLED queda facultada para ejecutar, a su costo y riesgo, todas las obras, así como para construir las estructuras, mejoras, vías de acceso y demás, así como para instalar y emplear toda la maquinaria y equipo que se requiera para la exploración, los que podrán ser retirados en cualquier momento, durante la vigencia de este Contrato de Exploración Minera y durante un plazo adicional de 90 (noventa) días naturales contados a partir de la fecha de su terminación. Queda entendido que las obras permanentes de fortificación, los ademes y, en general, las obras necesarias para la seguridad y estabilidad de las minas no podrán ser retiradas, de acuerdo con lo previsto por la Fracción V del Artículo 27 de la LEY.	FABLED remains empowered to execute, at its cost and risk, all works, as well as to construct the structures, buildings, improvements, access roads, and others, as well as to install and use all machinery and equipment required for the exploration, which may be withdrawn at any time, during the term of this Agreement and during an additional term of 90 (ninety) calendar days as of the date of its termination. It is understood that the permanent fortification works, pit props, and in general, necessary works for the safety and stability of mines may not be withdrawn, pursuant to Fraction V of Article 27 of the LAW.
	 	 
	CORDILLERAS, por su parte, coadyuvará con FABLED para, de ser necesario, negociar con los propietarios o poseedores de la superficie que abarcan los LOTES, el otorgamiento de cualesquier autorizaciones, permisos o servidumbres que fuesen necesarios para realizar las obras y construcciones, sean temporales o permanentes, a que se refiere el punto anterior, incluyendo el solicitar y obtener las expropiaciones, ocupaciones temporales o constitución de servidumbre de los terrenos indispensables para llevar a cabo las obras y trabajos de exploración, conforme la Fracción IV del Artículo 19 de la LEY, en tanto no se celebre el Contrato Definitivo de Cesión de Derechos que se mencionará más delante. Asimismo, desde ahora CORDILLERAS se obliga a coadyuvar con FABLED en todos y cada uno de los trámites que sean necesarios realizar ante la Secretaría de Medio Ambiente y Recursos Naturales, a efecto de realizar las OPERACIONES en los términos de estos Contratos.	CORDILLERAS, on its side, will assist FABLED, if necessary, to negotiate with the owners or possessors of the surface covered by the LOTS, the granting of any authorizations, permits or easements which were to be necessary to undertake the works and constructions, temporary or permanent, referred by the previous item, including to request and to obtain expropriations, temporary occupations or establishment of easement of indispensable lands to undertake the works and exploration activities, pursuant to Fraction IV of Article 19 of the LAW, while the final Rights Assignment Agreement is not entered into which will be mentioned below. Likewise, as of this moment, CORDILLERAS binds to help FABLED in any and all necessary processes to be performed before the Natural Resources and Environment Secretariat, for the purpose to undertake the OPERATIONS in the terms hereof.

 

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	Cada seis (6) meses según sea requerido, CORDILLERAS entregará sin demora a FABLED y en cualquier caso antes de los treinta (30) días previos a la fecha de pago un estado de cuenta detallando los derechos sobre minería que se deberán ser pagados respecto de los LOTES (más el correspondiente IVA).	Every six (6) months as required, CORDILLERAS will deliver to FABLED promptly and no later than thirty (30) days prior to their due dates an itemized statement of the mining taxes due for the LOTS (plus any applicable IVA).
	 	 
	FABLED deberá realizar el pago de los derechos sobre minería respecto de los LOTES, y deberá proporcionar copia de dichos pagos de derechos, con por lo menos veinte (20) días de anticipación a la fecha en que se venzan dichos pagos y si CORDILLERAS no recibe dicha información en tiempo y forma, CORDILLERAS podrá (más no estará obligada) a realizar dichos pagos directamente a la autoridad correspondiente en o el día previo a la fecha de vencimiento de dichos pagos. En tal caso, CORDILLERAS deberá entregar los recibos correspondientes de los pagos realizados, y FABLED deberá reembolsar a CORDILLERAS la cantidad que corresponda por dichos pagos.	FABLED shall make payment of the required amount of the mining taxes over the LOTS, and provide CORDILLERAS with evidence of such payment, at least twenty (20) days prior to the date each such payment is due. If CORDILLERAS does not timely receive such information, CORDILLERAS may (but shall not be obligated to) make such payments directly to the relevant governmental authority on or prior to the date any such payment is due. In that event, CORDILLERAS will provide FABLED with evidence such payment has been made and FABLED shall promptly reimburse CORDILLERAS for the amount of such payment.
	 	 
	Durante el término del presente Contrato, FABLED deberá realizar los trabajos y obras suficientes durante cada periodo de tiempo para cumplir con los montos mínimos de inversión y las comprobaciones de obras en los LOTES por cada periodo. FABLED deberá proporcionar evidencia de la realización de dichos trabajos, facturas y la información que soporte los mismos y sea razonablemente suficiente, a CORDILLERAS con por lo menos treinta (30) días de anticipación a la fecha en la cual se deban de presentar los informes de comprobación de obras ante la autoridad correspondiente en los términos de la LEY. CORDILLERAS deberá presentar los informes de comprobación de obras ante la autoridad gubernamental correspondiente por lo menos quince (15) días de anticipación a la fecha de vencimiento para presentar los mismos.	During the term of this Agreement, FABLED must conduct sufficient operations during each applicable time period as will satisfy the minimum expenditure amounts and the assessment work obligations for each of the LOTS for each such period. FABLED shall provide evidence of the performance of such operations, invoices and related back-up information as is reasonably required, to CORDILLERAS at least thirty (30) days prior to the date that proof of the performance of such assessment work must be filed with the appropriate governmental authority under the LAW. CORDILLERAS shall file proof of the performance of that work with the appropriate governmental authority at least fifteen (15) days prior to the applicable filing deadline.

 

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	En la ejecución de la exploración, FABLED se obliga a:	In the execution of the exploration purpose hereof, FABLED binds to:
	 	 
	a)	Ejecutar los trabajos de exploración conforme
a los usos y costumbres del buen minero, de acuerdo con la LEY y el REGLAMENTO y demás disposiciones legales relacionadas
con las actividades mineras.	a)	Execute the exploration works according to the usages
and customs of the good miner, pursuant to the LAW and the REGULATION and other legal provisions related to mining activities.
	 	 
	b)	Cubrir los derechos sobre minería a que se refiere
el Artículo correspondiente de la LFD respecto a los LOTES, siempre que este documento se encuentre vigente.	b)	Cover the fees on mining referred by the corresponding
Article of the LFD on mining concessions in respect to the LOTS, as long as this document is in force.
	 	 
	c)	Reparar y cuidar la conservación de la mojonera
del punto de partida de los LOTES, para lo cual, CORDILLERAS se obliga a entregar a FABLED la documentación correspondiente,
tal como trabajos periciales, certificados de amojonamiento y demás que se requieran.	e)	 Repair and take care of the keeping of the landmark
from the starting point of the LOTS, for which, CORDILLERAS binds to deliver to FABLED the corresponding documentation, such as
expert works, landmark certificates and others which were required.
	 	 
	d)	Entregar a CORDILLERAS, dentro de un plazo de 60 ( sesenta)
días naturales posteriores a la terminación de este Contrato, si no se llegase a celebrar el Contrato definitivo
de Cesión de Derechos que se mencionará más adelante, una información de los datos relacionados con
la ejecución de trabajos efectuados en los LOTES por el tiempo en que estuviese vigente este Contrato; en la información
general de los datos se incluirá copias de los planos geológicos, topográficos y de las perforaciones efectuadas.
Asimismo, FABLED pondrá a disposición de CORDILLERAS los sobrantes y testigos de las muestras producidas por la
barrenación que se hubiese desarrollado en los LOTES.	f)	 Deliver CORDILLERAS, within a 60 ( sixty) calendar day
term after the termination of this Agreement, if the final Rights Assignment Agreement which will be mentioned below were not
entered into, all information generated, in addition to the documentation related to the execution of works made during the last
calendar year during which this Agreement was in force; which will include assaying which would have been made, with copies of
the geological, topographic drawings and of the drillings made. Likewise, FABLED will make available to CORDILLERAS the remnants
and samples produced by the boring which would have taken place on the LOTS.

 

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	e)	Responder por las obligaciones en materia laboral, de
seguridad social, fiscal y demás, respecto al personal de FABLED que labore en los LOTES con motivo de los trabajos de
exploración que realice conforme a este Contrato.	e)	Be responsible for the labor, social security, tax and
other obligations, in respect to FABLED'S staff who works on the LOTS due to the exploration works it undertakes pursuant to this
Agreement.
	 	 
	f)	Cumplir con las disposiciones a que se refieren los
Artículos 34 y 39 de la LEY, por lo que FABLED será la única responsable de mitigar aquellos impactos ambientales
que pudiesen surgir como resultado de sus actividades exploratorias en los LOTES.	f)	Comply with provisions referred by Articles 34 and 39
of the LAW, so FABLED will be solely responsible for mitigating those environmental impacts which could arise as a result of its
exploratory activities in the LOTS,
	 	 
	En la ejecución de la exploración objeto del presente documento, FABLED se subroga única y exclusivamente respecto de las obligaciones de CORDILLERAS establecidas en la Cláusula Primera, numeral 6., del CONTRATO DE EXPLORACIÓN, es decir única y exclusivamente respecto de la ejecución de los trabajos de exploración.	In the execution of the exploration subject of this document, FABLED is subrogated with respect solely to the obligations provided in the Clause First, section 6., of the EXPLORATION AGREEMENT. , that is only and exclusively in respect to the execution of the exploration works.
	 	 
	PROMESA DE CESIÓN DE DERECHOS	RIGHTS ASSIGNMENT PROMISE
	 	 
	SEGUNDA.     CORDILLERAS, en este acto, promete y se obliga, en forma irrevocable, a ceder en propiedad a FABLED, y una vez que se hayan cumplido las CONDICIONES, en los términos de las disposiciones aplicables, sin reserva ni limitación alguna, libre de toda carga, limitación o gravamen, los DERECHOS, al solicitárseles la cesión de éstos, mediante aviso por escrito con 5 (cinco) días naturales de anticipación a la fecha en que se desee ejercitar el derecho de que se trata, en los términos del Artículo 83 del REGLAMENTO y conforme a lo siguiente:	SECOND.      CORDILLERAS in this act, promises and binds, in an irrevocable way, to assign the property to FABLED, and subject to the fulfillment of the CONDITIONS, in the terms of the applicable provisions, without reserve neither any limitation, free from all burden, limitation or encumbrance, the RIGHTS, by requesting the assignment of these, by written notice with 5 (five) calendar days in advance to the date in which it is desired to exercise the corresponding right, in the terms of Article 83 of the REGULATION and pursuant to the following:

 

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        1. El plazo dentro del cual FABLED, y sujeto
        al cumplimiento de las CONDICIONES, podrá ejercitar el derecho a que CORDILLERAS le ceda el 100% de la titularidad y los
        DERECHOS derivados de los LOTES, es de 24 (veinticuatro) meses, contados a partir de la fecha de firma y ratificación ante
        Notario Público de este documento por ambas partes.

         
	
        1. The term within which FABLED, and subject
        to the fulfillment of the CONDITIONS, will be able to exercise, the right for CORDILLERAS to assign the 100% ownership and the
        RIGHTS derived from the LOTS, is of 24 (twenty-four) months, as of the date of signature and ratification before a Public Notary
        hereof by both Parties.

         

	
        2. FABLED tendrá el derecho de adquirir
        el 100% de la titularidad y los DERECHOS derivados de los LOTES, en cualquier momento durante el periodo de 24 (veinticuatro) meses
        mencionado arriba, siempre y cuando se hayan cumplido todas las CONDICIONES establecidas en el presente Contrato.

         
	
        2. FABLED shall be entitled to acquire
        100% of the ownership and the RIGHTS derived from the LOTS, at any time during the 24 (twenty-four) month period referred above,
        provided that all of the conditions provided in this Agreement have been fulfilled.

         

	
        3. CORDILLERAS se obliga a que, durante
        el plazo señalado, no gravará, ni limitará, en forma alguna, los DERECHOS, ni celebrará contrato alguno
        respecto a los LOTES, salvo con FABLED, por lo que garantiza la existencia, legitimidad y disponibilidad de los derechos referidos.
        Asimismo, CORDILLERAS se obliga a no solicitar el desistimiento o reducción de la superficie concesionada que amparan los
        LOTES, sin autorización expresa y por escrito por parte de FABLED que establezca el común acuerdo de esa acción.

         
	
        3. CORDILLERAS binds, during the indicated
        term, not to burden, neither to limit in any way, the RIGHTS, nor enter into any contract in respect to the LOTS, except with FABLED,
        therefore, guarantees the existence, legitimacy and availability of said rights. Likewise, CORDILLERAS binds not to file the voluntary
        dismissal of action or reduction of the surface covering the LOTS, without express written authorization by FABLED which sets forth
        the common agreement of that action.

         

	
        4. FABLED se obliga a cumplir de conformidad
        con la LEY, con la ejecución y comprobación de obras o trabajos de exploración, además de las de pagos
        de derechos mineros, proporcionando a CORDILLERAS las evidencias que demuestren el cumplimiento de dichas obligaciones.

        
	
        4. FABLED binds to comply with the execution and verification
        of works of exploration works and other obligations referred by the LAW, and binds to perform them in addition to payments of mining
        fees, providing CORDILLERAS evidences which demonstrate the compliance of such obligations.

         

 

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        5. Por el otorgamiento de los derechos
        objeto de este Contrato, FABLED pagará a CORDILLERAS, las cantidades que se indican a continuación y dentro de los
        plazos que se expresan, sujeto a lo señalado en los siguientes incisos de este punto:

         
	
        5. For the granting of the rights object
        of this Agreement, the FABLED will pay to the CORDILLERAS, the amounts which are indicated herein below and within the terms which
        are expressed, subject to that indicated on the following incises hereof:

         

	
        a)      
        A la firma y ratificación del presente documento por ambas partes FABLED pagará a CORDILLERAS la cantidad total de
        $ 250,000.00 (DOSCIENTOS CINCUENTA MIL 00/100 USD) Dólares americanos, como contraprestación para que el derecho
        exclusivo de adquirir los DERECHOS se extienda por 12 (Doce) meses a partir de esta fecha.

         
	
        a)       Upon
        the signature and ratification of this document by both parties FABLED shall pay to CORDILLERAS the amount of $250,000.00 (TWO
        HUNDRED AND FIFTY- THOUSAND 00/100 USD) Dollars as a consideration so the exclusive right to acquire the RIGHTS is extended for
        12 (Twelve) months as of this date.

         

	
        b)       Por lo menos 15 (quince) días
        antes el 4 de febrero de 2021, la cantidad total de $120,000.00 (CIENTO VEINTE MIL 00/100) dólares americanos.

         
	
        b)      At least
        fifteen (15) days prior to February 4th, 2021, the total amount of $120,000.00 (ONE HUNDRED TWENTY THOUSAND 00/100)
        US Dollars.

         

	
        c)       Por lo menos 15 (quince) días
        antes del 4 de agosto del 2021, la cantidad total de $120,000.00 (CIENTO VEINTE MIL 00/100) dólares americanos.

         
	
        c)      At least
        fifteen (15) days prior to August 4th, 2021, the total amount of $120,000.00 (ONE HUNDRED TWENTY THOUSAND 00/100) US
        dollars.

         

	
        d)      A más
        tardar el día en que se cumplan 12 (doce) meses a partir de la fecha de firma y ratificación del presente documento
        por ambas partes, o al siguiente día hábil si no lo fuese, o al siguiente día hábil si no lo fuese,
        $750,000.00 (Setecientos cincuenta mil 00/100 USD) Dólares Americanos como contraprestación para que el derecho exclusivo
        de adquirir los DERECHOS se extienda por 12 (Doce) meses a partir de esta fecha.

         
	
        d)       At
        the latest, the day when the 12 (twelve) months elapse from the date of this Agreement is duly executed and ratified by both parties,
        or the next business day if it were not, the amount of $750,000.00 (Seven hundred and fifty- thousand 00/100 USD), Dollars as a
        consideration so the exclusive right to acquire the RIGHTS is extended for 12 (Twelve) months as of this date.

         

	
        e)       Por lo menos 15 (quince) días
        antes del 4 de febrero de 2022, la cantidad total de $140,000.00 (CIENTO CUARENTA MIL 00/100) dólares americanos.

         
	
        e)     At least fifteen
        (15) days prior to February 4th, 2022, the total amount of $140,000.00 (ONE HUNDRED FORTY THOUSAND 00/100) US dollars.

         

	
        f)      
        De llegarse a ejercer la opción por parte de FABLED para adquirir los DERECHOS, a más tardar el día en que
        se cumplan los 24 (veinticuatro) meses contados a partir de la fecha de firma y ratificación del presente documento por
        ambas partes, o al siguiente día hábil si el último día del periodo de 24 (veinticuatro) meses es inhábil
        de conformidad con las leyes de México. Las partes acuerdan que FABLED solo podrá ejercer la OPCIÓN FABLED
        si ejerce al mismo tiempo la opción para adquirir las concesiones denominadas Santa María, Título: 216532
        y Punto Com Título: 228022, de conformidad con lo establecido en el Contrato de Exploración y Promesa de Cesión
        de Derechos que con esta misma fecha están celebrando las partes respecto de dichas concesiones.

         
	
        f) If
        FABLED would exercise the option to acquire the RIGHTS, at the latest when the 24 (Twenty-four) months elapse from the date of
        signature and ratification of the foregoing document by both Parties, or the next business day if the last day of that 24-month
        period is not a business day under the laws of Mexico. The parties agree that FABLED may exercise the FABLED OPTION only if it
        exercises at the same time its option to purchase the concessions named Santa María, Title number: 216532 and Concession
        named Punto Com, Title number: 228022, as contemplated in that Exploration Agreement with Promise to Assign Mining Rights between
        the parties of even date herewith, over such concessions.

         

 

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        La cantidad de $1,000,000.00 (Un millón
        00/100 USD) Dólares Americanos, pago que será entregado por FABLED a CORDILLERAS como contraprestación total
        por la Cesión de los DERECHOS.

         
	
        The amount of $1,000,000.00 (One million
        00/100 USD), Dollars, payment that will be delivered by FABLED to CORDILLERAS as a total consideration for the assignment of RIGHTS.

         

	
        Asimismo, ambas partes pactaron que, una
        vez adquirida los DERECHOS derivados de los LOTES, FABLED pagará una regalía sobre las Liquidaciones Netas de Fundición
        (NSR) de los minerales proveniente de los LOTES, según se indica a continuación:

         
	
        Likewise, both parties agree that once
        the ownership of the LOTS and the RIGHTS over the LOTS are acquired by FABLED, it shall pay a royalty calculated over the Net Smelter
        Returns (NSR) from the minerals from the LOTS, according to the following:

         

	
        “Siempre y cuando FABLED, sus causahabientes
        o cesionarios, o la persona física o moral que ésta designe, a su total discreción, y lleve a cabo trabajos
        de explotación en los LOTES, pagará a CORDILLERAS, regalías
        del 1% (uno por ciento) sobre las Liquidaciones Netas de Fundición (NSR), por las ventas de minerales provenientes de los
        LOTES que llegase a explotar FABLED, sin incluir subsidio alguno o devoluciones de impuestos que el Gobierno Federal pudiese otorgar
        a FABLED por cualquier motivo.

         
	
        “Provided FABLED, its successors
        or assignors or the individual or corporation appointed, at its total discretion, carry out the exploitation works on the LOTS,
        it shall pay to CORDILLERAS, a royalty of 1% (One percent) of the Net Smelter Returns
        from the revenue of minerals produced from the LOTS that FABLED exploits, without including any subsidy or tax returns that the
        Federal Government could grant to FABLED by any reason.

         

	
        Las partes están de acuerdo en
        que a los pagos anteriores se les agregará el IVA correspondiente a tales cantidades, las cuales podrán ser cubiertas
        en su equivalente en Moneda Nacional al tipo de cambio vigente en el momento de efectuar el pago en base al tipo de cambio para
        solventar obligaciones denominadas en moneda extranjera pagaderas en la República Mexicana, publicadas por el Banco de México
        en el Diario Oficial de la Federación.

         
	
        The parties agree that the IVA corresponding
        to such amounts will be added to the previous payments, which may be covered in their equivalent in National Currency at the
        exchange rate in force at the time of payment based on the exchange rate to settle obligations denominated in foreign currency
        payable in Mexican Republic, published by the Bank of Mexico in the Federal Official Gazette.

         

 

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        6.       Queda
        expresamente convenido que FABLED tendrá el derecho a dar por terminado este Contrato en cualquier momento, mediante una
        notificación por escrito dirigida a CORDILLERAS y sin mayores obligaciones que las aquí pactadas, quedando liberada
        del pago de las cantidades a que se refieren los incisos b) al c) del Punto 5, anterior, cuyas fechas no se hubiesen cumplido.

         
	
        6.        It
        is expressly agreed that FABLED will be entitled to terminate this Agreement at any time, by written notice addressed to CORDILLERAS
        and with no further obligations than those agreed herein, being released from the payment of the amounts referred by clauses b)
        to c). of the previous item 5., whose dates have not elapsed.

         

	 	 
	OTROS ACUERDOS	OTHER AGREEMENTS
	 	 
	
        CUARTA. Las partes se obligan,
        mutua y expresamente, a cumplir fielmente con las obligaciones a que se refiere el Artículo 27 de la LEY, en lo que les
        corresponde a cada una de ellas en virtud de este Contrato y, a no incurrir en ninguna de las causas de nulidad, cancelación,
        suspensión e insubsistencia de derechos a que se refieren los Artículos correspondientes de la LEY y el REGLAMENTO,
        de lo contrario, desde ahora, se compromete una para con la otra a solucionar y, en su caso, reparar los daños y perjuicios
        que la parte cuyo incumplimiento de alguna de sus obligaciones hubiese ocasionado a la otra parte. Sin embargo, FABLED, si así
        lo decide, podrá coadyuvar con CORDILLERAS en la defensa de los DERECHOS, de ser el incumplimiento imputable a este último,
        en el entendido de que los honorarios y demás gastos que esto genere serán descontados de los pagos a que se ha hecho
        referencia en el Punto 5 de la Cláusula SEGUNDA.

         
	
        FOURTH. Parties bind,
        mutually and expressly, to comply truly with obligations referred by Article 27 of the LAW, as to what corresponds to each one
        of them by virtue of this Agreement and, not to incur in any of the nullity, cancellation, suspension and inexistence of rights
        cause referred by the corresponding Articles of the LAW and the REGULATION, otherwise, from now on, commits one to the other to
        solve and in its case, to repair tort which the Party whose default of any of its obligations would have caused to the other Party.
        However, FABLED, if it decides, may assist with CORDILLERAS in the defense of the RIGHTS, if the default is chargeable to the latter,
        in the understanding that the fees and other expenses that this generates, will be discounted from the payments referred on item
        5 of the SECOND article.

         

	
        QUINTA.Los honorarios
        de notario público que se causen con motivo del otorgamiento e inscripción de este Contrato, así como del
        otorgamiento del Contrato definitivo de Cesión de Derechos, serán por cuenta de FABLED, salvo el Impuesto Sobre la
        Renta, que será a cargo de CORDILLERAS, quien se obliga a expedir las facturas correspondientes por las cantidades que reciba,
        en los términos de la LISR, las que deberán ser presentadas a FABLED a más tardar en la fecha del pago que
        le corresponda; asimismo, CORDILLERAS se obliga a dar cumplimiento con todas las obligaciones que le imponen las leyes fiscales
        vigentes, en virtud de haber manifestado a FABLED estar inscrito en el RFC y que su actividad preponderante es la que la LISR califica
        como Persona Moral.

         
	
        FIFTH. The Public Notary
        honorarium and fees and taxes which are caused due to the registration and granting of this Agreement, as well as the granting
        of the final Rights Assignment Agreement, will be on account of FABLED, except the ISR on account of CORDILLERAS who binds to issue
        the corresponding invoices in the amounts they receive in the terms of the LISR, which should be presented to FABLED at the latest
        on the payment date which corresponds to them; likewise, CORDILLERAS binds to comply with all obligations ordered by the tax laws
        in force, by virtue of having stated to FABLED to be registered in the RFC and that their prevailing activity is that which the
        LISR rates as individuals with entrepreneurial activity.

         

 

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        Conforme a los términos de la Ley
        del IVA, las partes, por cada pago que reciban, trasladarán y desglosarán en forma expresa el IVA correspondiente,
        conforme a los Artículos 1, 4, 8 y demás aplicables de la citada Ley, así como el Artículo 14 y demás
        relativos del Código Fiscal de la Federación.

         
	
        Pursuant to the terms of the IVA Law, the
        Parties, for each payment they receive, will transfer and will break down in an express manner the corresponding IVA, according
        to Articles 1, 4, 8 and other applicable, as well as Article 14 and others related of the Federal Tax Code.

         

	
        SEXTA.CORDILLERAS se
        obliga a proporcionar a FABLED toda la información razonable necesaria que se le solicite en lo que concierne a este Contrato
        y el Contrato Definitivo de Cesión de Derechos, así como, firmar, acreditar y cumplir cualquier otro requisito necesario,
        a fin de que FABLED pueda ejercitar los derechos que aquí se le confieren.

         
	
        SIXTH. CORDILLERAS binds to provide FABLED all
        reasonable needed information requested to it as to this Agreement and the Final Rights Assignment Agreement, as well as to sign,
        to credit and to meet any other necessary requirement, so that FABLED may exercises the rights granted herein.

         

	
        FABLED se obliga expresamente a inscribir
        este Contrato en el REGISTRO, para lo cual, CORDILLERAS se compromete a cooperar con FABLED en todo lo que fuese necesario para
        que la mencionada inscripción se lleve a cabo sin contratiempos.

         
	
        FABLED expressly binds to register this
        Agreement at the REGISTER, for which, CORDILLERAS, compels to cooperate in whichever that may result necessary in order to carry
        out the register without any setback.

         

	
        SÉPTIMA.Las partes
        están de acuerdo en que este Contrato será terminados por cualquiera de las siguientes causas:

         
	
        SEVENTH. Parties agree that
        this Agreement will be terminated for any of the following causes:

         

	
        1.       Si
        FABLED notificase a CORDILLERAS, antes del fin de la vigencia de este Contrato, con treinta (30) días de anticipación,
        su decisión de terminarlos anticipadamente.

         
	
        1.        If FABLED would
        notice CORDILLERAS, before the end of the term of this Agreement, of its decision to terminate it thirty (30) days in advance.

         

	
        2.       No
        obstante cualquier estipulación prevista en este Contrato, si cualquiera de las partes (la “Parte Incumplida”)
        está en incumplimiento de cualquiera de sus obligaciones previstas en el presente, la parte afectada (la “Parte
        Afectada”) por dicho incumplimiento deberá dar aviso por escrito a la Parte Incumplida especificando el incumplimiento
        del que se trate, y la Parte Incumplida no perderá sus derecho previstos en este Contrato. En el caso de que: a) tratándose
        de las obligaciones de pago, si dentro de los cinco (5) días siguientes a la fecha de vencimiento del pago de que se trate,
        FLABED realiza dicho pago (b) tratándose de cualesquiera otras obligaciones, a menos que dentro de los 30 (treinta días)
        siguientes a que la Parte Afectada haya entregado el aviso de incumplimiento respectivo, la Parte Incumplida no ha tomado las medidas
        necesarias para remediar dicho incumplimiento, y si la Parte Incumplida no logra remediar o tomar las medidas razonables para remediar
        dicho incumplimiento, la Parte Afectada tendrá el derecho de rescindir el presente Contrato o demandar por los daños
        y perjuicios que considere, derivados de dicho incumplimiento

         
	
         2.        Notwithstanding
        any stipulation provided in this Agreement, if any party (a “Defaulting Party”) is in default of any requirement
        herein set forth, the party affected (the “Affected Party”) by such default shall give written notice to the
        Defaulting Party specifying the default and the Defaulting Party shall not lose any rights under this Agreement. Given the case
        that: (a) in the event of a default in making any of the required payments hereunder, if within five (5) days after failing to
        make the cash payments as required under this Agreement, FABLED makes such payments, or (b) in the event of any other default hereunder,
        unless thirty (30) days after giving notice of default by the Affected Party, the Defaulting Party has failed to take reasonable
        steps to cure the default by the appropriate performance, and if the Defaulting Party fails within such period to cure or take
        any reasonable steps to cure any default under this Agreement, the Affected Party shall be entitled to terminate this Agreement
        or to seek any other remedy it may have on account of such default

         

 

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        3.       Una
        vez que las partes hubiesen celebrado el Contrato de Cesión de los DERECHOS, de conformidad con la Cláusula SEGUNDA
        de estos Contratos, y ya no quedasen requisitos o formalidades pendientes para poder efectuar su transmisión a FABLED.

         
	
        3.Once the Parties would have entered into
        the Assignment of the RIGHTS Agreement pursuant to Clause SECOND hereof, and there were no more requisites or pending formalities
        to be able to make its transfer to FABLED.

         

	
        Al terminarse la vigencia de este Contrato,
        ya sea en forma anticipada o en la fecha de su vencimiento, y con el fin de proceder a la cancelación de la inscripción
        en el REGISTRO del mismo, desde ahora, las partes se comprometen a ratificar ante Notario o Corredor Público, el documento
        que consigne el consentimiento de ambas para dicha terminación.

         
	
        At the end of the term of this Agreement,
        namely in advance or on the date of its expiration and with the purpose to proceed to cancel its registration in the REGISTRY thereof,
        pursuant to the first paragraph of Article 51 of the LAW and the last paragraph of Article 89 of the REGULATION, from now on, the
        Parties commit to ratify before a Notary Public or Public Broker, the document which consigns the consent of both for such termination

         

	
        OCTAVA. Todas las comunicaciones

        que se hagan las partes conforme a estos
        Contratos serán por escrito, entregadas en el domicilio de la parte a que corresponda, personalmente o mediante telegrama,
        correo certificado con acuse de recibo o servicio de mensajería especializada y, al efecto, las partes señalan los
        siguientes domicilios:

         
	
        EIGHTH. All notices which
        the Parties send to each other will be in writing, delivered at the address of the corresponding Party, personally or by confirmed
        telegram, telefax, certificate mail with acknowledgment of receipt or courier and to this effect, the Parties indicate the following
        addresses:

         

	
        CORDILLERAS:

        Minera Cordilleras S. de R.L. de C.V.

        Calle Río Támesis No. 2505

        Colonia Magdalenas

        27919 Torreón Coahuila

        Atención: Warren Rehn

        Email: warren.rehn@goldenminerals.com

         
	
        CORDILLERAS:

        Minera Cordilleras S. de R.L. de C.V.

        Calle Río Támesis No. 2505

        Colonia Magdalenas

        27919 Torreón Coahuila

        Atención: Warren Rehn

        Email: warren.rehn@goldenminerals.com

         

	
        FABLED:

        Fabled Silver Gold Mexico Corp, S.A. de
        C.V.

        Avenida Ocampo 3806

        Colonia Bellavista

        31050 Chihuahua, Chihuahua, México

        Atención: Representante Legal

         
	
        FABLED:

        Fabled Silver Gold Mexico Corp, S.A. de
        C.V.

        Avenida Ocampo 3806

        Colonia Bellavista

        31050 Chihuahua, Chihuahua, México

        Attention: Legal Representative

         

	
        Será obligación de cada una
        de las partes el notificar a la otra, por escrito y de forma fehaciente, cualquier cambio de domicilio; en caso de que alguna de
        las partes llegare a cambiarse y no notificara su nuevo domicilio, se tendrán por entregados legalmente los comunicados
        entregados en el domicilio aquí citado.

         
	
        It is under each of the parties’
        obligations to notify the other, in writing and reliably, of any change of address; in the event that any of the parties were to
        move and did not notify its new address, the communications delivered at the address mentioned here will be considered legally
        delivered.

         

 

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        NOVENA.Las partes contratantes
        quedarán relevadas del cumplimiento de sus obligaciones, por causa de fuerza mayor o por caso fortuito, mientras dicha fuerza
        mayor o caso fortuito subsistiese. La parte afectada deberá notificar y demostrar a la otra parte, tan pronto y como sea
        posible, de que ha ocurrido la causa de fuerza mayor o el caso fortuito. Una vez que ésta hubiese cesado, la parte afectada
        le notificará por escrito a la otra parte, reasumirá el cumplimiento de sus obligaciones y el ejercicio de sus derechos.
        Se entenderá como causas de fuerza mayor o caso fortuito todos los eventos tales como, problemas laborales de tipo general,
        regional o nacional; pandemias, emergencias sanitarias, problemas ejidales, comuneros, acción de los elementos, como fenómenos
        meteorológicos, mal tiempo, inundaciones, deslaves, hundimientos, terremotos y estíos prolongados; leyes, reglamentos,
        ordenamientos y solicitudes por parte de agencias gubernamentales; ordenamientos o fallos por parte de juzgados; la imposibilidad
        de obtener en términos y/o plazos razonablemente aceptables, cualquier licencia, permiso o autorización, pública
        o privada; paros o suspensión de las operaciones de desarrollo y minado llevadas a cabo en y para el beneficio de los LOTES
        para remediar o evitar violaciones reales o supuestas, presentes o futuras, a las leyes federales, estatales o locales de protección
        al medio ambiente; guerras o condiciones atribuibles a éstas, ya sean declaradas o no declaradas; motines o revueltas; catástrofes
        civiles; incendios; explosiones; o cualquier otra causa ya sea similar o no a las anteriores.

         
	
        NINTH. The Parties will be
        released from the compliance of their obligations, for force majeure or fortuitous case, while such force majeure or fortuitous
        case would exist. The damaged Party will notice in writing to the other Party as soon as possible that the event has occurred.
        Once it has ceased, the affected party will give written notice to the other party, it will resume the compliance of its obligations
        and the exercise of its rights. It will be understood as force majeure or fortuitous case all events such as, regional, national
        or general type labor problems; pandemic, sanitary emergencies, agrarian problems, action of elements like meteorological phenomenon,
        bad weather, floods, landslides, downfalls, earthquakes and prolonged droughts; laws, regulations, ordinances and requests from
        Government Agencies; court orders or court decrees; impossibility to attain in terms and/or reasonably and acceptably periods,
        any public or private license, permit or authorization; stops or suspensions of the OPERATIONS to remedy to prevent actual or supposed,
        present or future violations to Federal, State or Local Laws of protection to environment; wars or conditions attributed to these
        namely declared or non-declared; mutinies or uprisings; civil catastrophes; fires; explosions; onerousness; or any other cause
        similar or not to the previous ones, except the impossibility to meet the financial obligations.

         

	
        Desde ahora CORDILLERAS está de
        acuerdo en que FABLED quedará relevada de su compromiso pactado en la Cláusula SEGUNDA Punto 5, en caso de presentarse
        alguna causa de fuerza mayor o caso fortuito, tal y como ha quedado señalado, y reasumirá sus obligaciones, cuando
        haya cesado tal causa de fuerza mayor o el caso fortuito.

         
	
        From now on, CORDILLERAS agrees that FABLED
        will be released from its commitment agreed on the SECOND Article , item 5, in which if were to be presented a force majeure or
        fortuitous case, just as it has been pointed out, and resume its obligations, once such force majeure or fortuitous case has ceased.

         

	
        DÉCIMA.Las partes
        convienen en que, CORDILLERAS no podrá transferir total o parcialmente los derechos e interés en o con respecto al
        presente Contrato o el Contrato definitivo de Cesión de Derechos, sin el consentimiento previo de FABLED, salvo que

        dicha cesión sea a favor de una
        afiliada, en cuyo caso el consentimiento de FABLED no será requerido.

         
	
        TENTH. Parties agree
        that, CORDILLERAS may not transfer all or any part of its rights and interest in or with respect to this Agreement, or the Rights
        Assignment Agreement, without the prior consent of FABLED, save and except to an affiliate, which in such case the consent of FABLED
        will not be required.

         

	
        Con excepción de los casos expresamente
        permitidos en el presente Contrato, FABLED no podrá transferir, o acordar la transmisión, de sus derechos con respecto
        a los LOTES y respecto de, o por virtud del presente Contrato o del Contrato definitivo de Cesión de Derechos, sin el consentimiento
        previo de CORDILLERAS, el cual no deberá ser denegado a su sola discreción, y cualquier cesión se considerará
        inválida a menos que FABLED cumpla con lo previsto en la presente Cláusula.

         
	
        Save and except as expressly permitted
        in accordance with this Agreement, FABLED may not transfer, or agree to transfer, any of its rights and interest in or with respect
        to the LOTS and under, or by virtue of this Agreement or the Rights Assignment Agreement without the prior consent of CORDILLERAS,
        which consent may not be withhold in its sole discretion, and any such transfer shall be void unless FABLED complies with the provisions
        of this Clause.

         

 

    Page 84 of 87

     

    

 

	
        DÉCIMA PRIMERA.El
        presente Contrato será obligatorio para las partes, sus herederos, causahabientes o cesionarios. Las partes, no obstante
        la naturaleza de estos instrumentos, declaran expresamente que en las convenciones objeto de los mismos, no existe lesión
        y, aún cuando la hubiese, renuncian expresamente al derecho de pedir la nulidad relativa de que tratan los Artículos
        respectivos del Código Civil Federal aplicable para toda la República en Materia Federal y los Artículos correlativos
        de los Códigos Civiles de todas las Entidades de los Estados Unidos Mexicanos y el correspondiente de la Ciudad de México.

         
	
        ELEVENTH. This Agreement
        will be binding for the Parties, their Heirs, Constituents or Assignees. Parties, notwithstanding the nature of this Instrument,
        state expressly that in the conventions object thereof, there is no lesion, and even when there were, waive expressly to file relative
        nullity referred by the respective Articles of the Federal Civil Code applicable for all the Republic at the Federal Level and
        the related Articles of the Civil Codes of all Entities of The Mexican United States.

         

	
        DÉCIMA SEGUNDA.
        El presente Contrato se celebra en los términos del Artículo 78 del Código de Comercio, es de naturaleza mercantil,
        por lo que, para lo que no esté expresamente aquí pactado y para la interpretación y cumplimiento del mismo,
        se aplicarán la LEY, el REGLAMENTO y la Legislación Mercantil, así como, supletoriamente, el Código
        Civil Federal aplicable en toda la República en Materia Federal, para lo no previsto en las dos primeras legislaciones.
        Para la resolución de cualquier controversia que surgiese con motivo de este documento, las partes se someten expresamente
        a la jurisdicción de los tribunales federales competentes en la Ciudad de Chihuahua, Chihuahua, renunciando a cualquier
        jurisdicción que pudiese corresponderles debido a sus actuales o futuros domicilios o por cualquier otra causa por privilegiada
        que fuera.

         
	
        TWELVETH. This Agreement
        is entered into in the terms of Article 78 of the Commerce Code, is of business kind, therefore, whatever is not expressly agreed
        herein and for the interpretation and compliance thereof, the LAW, the REGULATION and the Business Law will be applied, as well
        as supplementarily, the applicable Federal Civil Code in all the Republic at the Federal level, for that non provided in the two
        first laws. For the resolution of any controversy which would arise due to this document, the Parties submit expressly to the jurisdiction
        of the competent courts in the City of Chihuahua, Chihuahua, waiving any jurisdiction which could correspond to them by reason
        of their present or future addresses or for any other cause.

         

	
        Asimismo, este Contrato se celebra en idiomas
        inglés y español, por lo que, en caso de existir alguna diferencia entre ambas versiones, subsistirá la versión
        en español.

         
	
        Furthermore, this Agreement is entered
        into in Spanish and English, therefore in case of any difference between both versions, the Spanish version shall prevail.

         

	
        Este documento es hecho en cuatro ejemplares,
        uno para cada una de las partes, uno para fines notariales y el restante para el REGISTRO, y una vez leído, lo ratifican
        en todos sus términos y firman, para debida constancia: CORDILLERAS el ____ de diciembre del año 2020, en la Ciudad
        de Torreón, Estado de Coahuila, y

        FABLED el ____ de __________ del año 202__, en la Ciudad
        de __________, Estado de ____________.

         
	
        This document is made in four counterparts,
        one for each one of the Parties, one more for notary purposes and the remaining for the REGISTRY, and once read, they ratify it
        in all its terms and sign for the record: CORDILLERAS on December _____, 2020, in the City of Torreón, State of Coahuila,
        and

        FABLED on December, ______, 202___ in the
        City of _________, State of _______________.

	 	 
	CORDILLERAS	CORDILLERAS
	 	 
	
        MINERA DE
        CORDILLERAS, S. DE R.L. DE C.V.

        Representada
        por

        WARREN MICHAEL REHN
	
        MINERA DE
        CORDILLERAS, S. DE R.L. DE C.V.

        Represented by Mr.

        WARREN MICHAEL REHN

	 	 
	FABLED	FABLED
	 	 
	
        FABLED SILVER
        GOLD MEXICO CORP, S.A. DE C.V.

        Representada por

        SR. LUC PELCHAT

         
	
        FABLED SILVER
        GOLD MEXICO CORP, S.A. DE C.V.

        Represented by

        MR. LUC PELCHAT

 

 

    Page 85 of 87

     

    

 

 

SCHEDULE E

 

DISCLOSURE SCHEDULE

 

 

2.1(c) Title to the Punto Com claim and GMC Mexico’s ability
to acquire and subsequently transfer it is subject to acceptance and recording of pending documents at the Registry of Mines.

 

2.1(h) Completion of the option to purchase and the transfer
of title to the Santa Maria and the Punto Com concessions is subject to the adjudication and settlement of the estate of Joaquin
Chavez in addition to recording at the Registry of Mines.

 

2.1(k) Reclamation obligations may exist for disturbance caused
during the 2015 and 2018 drill campaigns as well as for waste dump material that was excavated and left on surface as noted under
the disclosure below.

 

2.1(l) Waste rock material was excavated from underground workings
on the Santa Maria concession and placed on the concession during mining activities conducted by GMC Mexico in 2015 and 2016. Underground
openings that are known to GMC Mexico have been fenced, however there may be others either not of significant size or depth, or
unknown to GMC Mexico, that remain open and unfenced.

 

    Page 86 of 87

     

    

 

Schedule
F

 

Issued
and outstanding Capital of Fabled silver gold corp.

 

 

 

	Authorized Share Capital	 	Issued and Outstanding
 Common Shares	 	 	Stock Options	 	 	Share Purchase 
Warrants	 	 	Unit Purchase Warrants*	 
	Unlimited Common Shares	 	 	47,051,930	 	 	 	187,007 - $0.30
 1,401,994 - $0.10
 1,401,994 - $0.15
 
	 	 	 	 	 	 	 	 	 
	Shares to be issued  re: Financing	 	 	92,000,000	 	 	 	 	 	 	 	92,000,000	 	 	 	7,280,000	 
	To be issued to Golden Minerals	 	 	1,000,000	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	140,051,930	 	 	 	2,991,055	 	 	 	92,000,000	 	 	 	7,280,000	 

 

 

*unit
Warrants were issued to the Agent and can be exercised into one common share and one warrant that is itself exercisable into one
common share.

 

    Page 87 of 87

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