Document:

Nord Resources Corp.: Exhibit 4.7 - Filed by newsfilecorp.com

- 1 -

NEITHER THIS NOTE NOR THE COMMON SHARES INTO WHICH THIS
NOTE IS CONVERTIBLE HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR APPLICABLE STATE SECURITIES
LAWS. THIS NOTE AND THE COMMON SHARES INTO WHICH THIS NOTE IS CONVERTIBLE MAY
NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT AND IN
ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO AN
EXEMPTION OR EXCLUSION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY
APPLICABLE STATE SECURITIES LAWS. THIS NOTE AND THE COMMON SHARES INTO WHICH
THIS NOTE IS CONVERTIBLE CANNOT BE THE SUBJECT OF HEDGING TRANSACTIONS UNLESS
SUCH TRANSACTIONS ARE CONDUCTED IN COMPLIANCE WITH THE U.S. SECURITIES
ACT.

THIS CONVERTIBLE NOTE MAY NOT BE CONVERTED INTO COMMON
SHARES BY OR FOR THE ACCOUNT OR BENEFIT OF A "U.S. PERSON" OR A PERSON IN THE
UNITED STATES, AND THE COMMON SHARES MAY NOT BE DELIVERED TO AN ADDRESS WITHIN
THE UNITED STATES, UNLESS THE CONVERTIBLE NOTE AND THE UNDERLYING COMMON SHARES
HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS, OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS
AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S
UNDER THE U.S. SECURITIES ACT.

CONVERTIBLE PROMISSORY NOTE

	Principal Amount: Up to $75,267.12 	Issue Date: July 18, 2013 
	Due Date: July 18, 2016 	  

For value received the undersigned NORD RESOURCES
CORPORATION (the “Borrower” or the “Company”), a corporation
incorporated under the laws of the State of Delaware with its principal
executive offices located at 1 West Wetmore Rd., Suite 203, Tucson, AZ 85705,
promises to pay to the order of Stephen D. Seymour (the “Lender” or the
“Holder”), at 1 West Wetmore Rd., Suite 203, Tucson, AZ 85705 (or at such
other place as the Lender may designate in writing) the principal sum of
$75,267.12 (the “Loan”), together with interest thereon on the terms set
out in this convertible promissory note (this “Promissory Note” or this
“Note”).

1. The Lender shall advance the principal amount of $75,267.12
on the issue date (the “Issue Date”) of this Promissory Note for the
purposes of: (i) application by the Borrower of $62,767.12 to payment in full of
the outstanding principal amount and accrued interest to the date hereof under
that certain convertible promissory note issued by the Borrower to the Lender on
December 29, 2010, in the principal amount of $50,000 and bearing interest at
the rate of 10.0% per annum; and (ii) general working capital purposes. 

2. The principal amount of the Loan or such amount thereof as
shall remain outstanding from time to time shall bear interest from and after
the Issue Date at a rate of 10.0% per annum both before and after each of the
Due Date, maturity, default and judgment. Interest shall be calculated and
payable on the Due Date (as defined below).

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3. The unpaid principal amount of the Loan and accrued interest
shall be payable in full on the earlier of the closing of a financing
transaction by the Company for gross proceeds in excess of $20,000,000 or July
18, 2016 (the “Due Date”).

4. The Borrower agrees that in the absence of manifest error,
the books and records of the Lender shall constitute evidence of the outstanding
principal amount of the Loan.

5. If any payment obligation under this Note is not paid when
due, the remaining unpaid principal balance and any accrued interest shall
become due immediately at the option of the Lender.

6. If any payment obligation under this Note is not paid when
due, the Borrower promises to pay all costs of collection, including reasonable
attorney fees, whether or not a lawsuit is commenced as part of the collection
process.

7. If any of the following events of default occur, this Note
shall become due immediately, without demand or notice:

	 	(a) 	
      The failure of the Borrower to pay the principal and any
      accrued interest in full on or before the Due Date;

	 	 	 
	 	(b) 	
      The filing of bankruptcy proceedings involving the
      Borrower as a debtor;

	 	 	 
	 	(c) 	
      The application for the appointment of a receiver for the
      Borrower;

	 	 	 
	 	(d) 	
      The making of a general assignment for the benefit of the
      Borrower's creditors;

	 	 	 
	 	(e) 	
      The insolvency of the Borrower.

8. If any one or more of the provisions of this Note are
determined to be unenforceable, in whole or in part, for any reason, the
remaining provisions shall remain fully operative.

9. All references to currency in this Note refer to, and all
payments of principal and interest on this Note shall be paid in, the legal
currency of the United States. The Borrower waives presentment for payment,
protest, and notice of protest and nonpayment of this Note.

10. The unpaid principal and accrued interest outstanding under
this Note (together, the “Loan Amount”) shall be convertible, in whole
and not in part, at the option of the Lender at any time prior to the Due Date
by notice to the Company into shares of the Company’s common stock (each a
“Common Share”) at the conversion price (the “Conversion Price”)
per Common Share equal to $0.04 per Common Share, subject to adjustment in
accordance with this Note.

11. Common Shares shall be issued to the Holder upon conversion
in an amount equal to a fraction, the numerator of which is the Loan Amount so
converted, and the denominator of which is the Conversion Price. All Common
Shares so issued shall be deemed to have been issued as fully paid and non-assessable at
the applicable Conversion Price.

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12. The Holder may convert the Loan Amount by surrendering this
Note to the Company at the Company’s head office, together with a conversion
notice in the form attached hereto or any other written notice in a form
satisfactory to the Company (the “Conversion Notice”), in either case
duly executed by the Holder or his legal representative or attorney duly
appointed by an instrument in writing. Thereupon the Holder shall be entitled to
be entered in the books of the Company as the holder of the number of the
underlying Common Shares into which this Note is convertible in accordance with
its terms. As soon as practicable thereafter, the Company shall deliver to the
Holder and, subject as aforesaid, his nominee(s) or assignee(s), a certificate
or certificates for the Common Shares into which this Note is converted.

13. The date (the “Conversion Date”) on which this Note
shall be deemed to be surrendered for conversion shall be the 3rd
business day following the receipt of the Conversion Notice from the
Holder. If the Conversion Date is a day on which the register of the Company’s
Common Shares is closed, the person or persons entitled to receive Common Shares
shall become the holder or holders of record of such Common Shares as at the
date on which such register is next reopened.

14. The Company will give to the Holder notice of the record
date for a declaration of dividends, a rights offering or other distribution to
the holders of Common Shares not less than ten business days before any such
record date. If this Note is surrendered for conversion in accordance with this
section, the Holder shall not be entitled to participate as a holder of the
Common Shares issuable upon conversion if the record date for the distribution
is prior to the Conversion Date.

15. Conversion of the Loan Amount under this Note in accordance
herewith shall operate to discharge the Company’s obligations with respect to
repayment of the Loan Amount so converted, provided that delivery of the
appropriate number of Common Shares issued upon such conversion is made by the
Company. The Company shall not be bound to enquire into the title of the Holder,
save as ordered by a court of competent jurisdiction or as required by statute.
The Company shall not be bound to see to the execution of any trust affecting
the ownership of this Note nor be charged with notice of any equity that may be
subsisting in respect thereof, unless the Company has actual notice thereof.
Upon conversion of this Note pursuant to the provisions hereof, this Note shall
be forthwith delivered to and cancelled by the Company.

16. The Company shall not be required to issue fractional
Common Shares upon the conversion of this Note. If any fractional interest in
Common Shares would, except for the provisions hereof, be issuable upon the
conversion of this Note, the number of Common Shares issued upon such conversion
shall be rounded down to the next whole number of Common Shares and the Company
shall not be required to make any payment in lieu of delivering any certificates
of such fractional interest.

17. The Company covenants and agrees that during the period
within which the conversion rights represented by this Note may be exercised,
the Company shall at all times have authorized and reserved, a sufficient number of
Common Shares to provide for the exercise of the conversion rights represented
by this Note. The Company also covenants and agrees to issue and submit to its
registrar and transfer agent as soon as practicable and, in any event, within
three business days following receipt by the Company of the Conversion Notice, a
Treasury Order directing the issuance of Common Shares in accordance with such
Conversion Notice.

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18. The Note and the Common Shares issuable upon exercise of
the conversion rights hereunder (together, the “Subject Securities”) have
not been, and will not be, registered under the United States Securities Act of
1933 (the “U.S. Securities Act”), as amended, or under any state
securities laws, and will be “restricted securities” as defined in Rule
144(a)(3) under the U.S. Securities Act. Subject to certain exceptions, none of
the Subject Securities nor any rights thereto or interest therein may be offered
for purchase or sale, sold, transferred or otherwise disposed of, directly or
indirectly, in the United States, its territories or possessions, or to or for
the account or benefit of any “U.S. person” as that term is defined in
Regulation S under the U.S. Securities Act. 

19. The Holder understands and acknowledges that this Note may
not be converted in the United States, or by or on behalf of a U.S. person or a
person in the United States, unless an exemption is available from the
registration requirements of the U.S. Securities Act and the securities laws of
all applicable states, and the holder has furnished an opinion of counsel
satisfactory to the Company to such effect; provided that the Holder will not be
required to deliver an opinion of counsel in connection with the due conversion
of this Note by the Holder if the Holder certifies that:

	 	(a) 	
      the Holder is the original holder of this Note, and, to
      the Holder’s knowledge, no commission or other remuneration has been paid
      or given, directly or indirectly, for soliciting such
conversion;

	 	 	 
	 	(b) 	
      the Holder at the time of conversion of this Note was not
      in the United States, is not a U.S. person and is not converting this Note
      on behalf of, or for the account or benefit of a U.S. person or a person
      in the United States, and the Holder did not execute or deliver the
      Conversion Notice in the United States; or

	 	 	 
	 	(c) 	
      the Holder at the time of conversion of this Note is an
      “accredited investor” as defined in Rule 501(a) of Regulation D under the
      U.S. Securities Act, and is not converting this Note as a result of any
      “general solicitation” or “general advertising” as those terms are used in
      Rule 502 of Regulation D under the U.S. Securities
Act.

20. In addition to the legend noted on the Conversion Notice
attached to this Note, if required by applicable securities laws or regulations
of any stock exchange or other applicable regulatory authority, the certificates
for the Common Shares to be issued upon conversion of this Note shall bear such
forms of legend as may be necessary to comply with all applicable laws and
regulations.

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21. The Conversion Price shall be subject to adjustment from
time to time in the events and in the manner provided in section 22, as
follows:

	 	(a) 	
      if during the Adjustment Period (as hereinafter defined)
      the Company shall:

	 	 	 	 
	 		(i) 	
      issue to all or substantially all the holders of the
      Common Shares, by way of a stock dividend or otherwise, Common Shares or
      Convertible Securities; or

	 	 	 	 
	 		(ii) 	
      subdivide its outstanding Common Shares into a greater
      number of shares; or

	 	 	 	 
	 		(iii) 	
      combine or consolidate its outstanding Common Shares into
      a smaller number of shares,

(any of such events being herein
called a “Common Share Reorganization”), the Conversion Price shall be
adjusted effective immediately after the record date at which the holders of
Common Shares are determined for the purposes of the Common Share Reorganization
to a number which is the product of (1) the Conversion Price in effect on such
record date and (2) a fraction:

	 	(iv) 	
      the numerator of which is the number of Common Shares
      outstanding on such record date before giving effect to the Common Share
      Reorganization; and

	 	 	 
	 	(v) 	
      the denominator of which is the number of Common Shares
      outstanding after giving effect to such Common Share
  Reorganization;

	 	(b) 	
      if during the Adjustment Period the Company shall issue
      or distribute to all or substantially all the holders of Common Shares,
      (i) shares of any class other than Common Shares, or (ii) rights, options
      or warrants (other than pursuant to a stock option plan or employee share
      purchase plan adopted by the shareholders of the Company at a general
      meeting of shareholders of the Company), or (iii) evidences of
      indebtedness, or (iv) any other assets (excluding cash dividends paid in
      the ordinary course) and such issuance or distribution does not constitute
      a Common Share Reorganization (any of such events being herein called a
      “Special Distribution”), the Conversion Price shall be adjusted
      effective immediately after the record date at which the holders of Common
      Shares are determined for purposes of the Special Distribution to a price
      which is the product of (1) the Conversion Price in effect on such record
      date and (2) a fraction:

	 	 	 
	 		
      (i) the numerator of which shall be the difference
      between:

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	 	(I) 	
      the product of (i) the number of Common Shares
      outstanding on such record date and (ii) the Current Market Price (as
      hereinafter defined) of the Common Shares on such date; and

	 	 	 
	 	(II) 	
      the aggregate fair market value (as determined by the
      board of directors of the Company, whose determination shall be
      conclusive) of the shares, rights, options, warrants, evidences of
      indebtedness or other assets issued or distributed in the Special
      Distribution; and

	 	(ii) 	
      the denominator of which shall be the product of (A) the
      number of Common Shares outstanding on such record date and (B) the
      Current Market Price of the Common Shares on such
date.

	 		
      Any Common Shares owned by or held for the account of the
      Company shall be deemed not to be outstanding for the purpose of any such
      computation. To the extent that such distribution of shares, rights,
      options, warrants, evidences of indebtedness or assets is not so made or
      to the extent that any rights, options or warrants so distributed are not
      exercised, the Conversion Price shall be readjusted to the Conversion
      Price which would then be in effect based upon such shares, rights,
      options, warrants, evidences of indebtedness or assets actually
      distributed or based upon the number of Common Shares or Convertible
      Securities actually delivered upon the exercise of such rights, options or
      warrants, as the case may be, but subject to any other adjustment required
      hereunder by reason of any event arising after such record date;

	 	 	 
	 	(c) 	
      if during the Adjustment Period there is a reorganization
      of the Company not otherwise provided for in subsection 21(a) or a
      consolidation or merger or amalgamation of the Company with or into
      another body corporate including a transaction whereby all or
      substantially all of the Company’s undertaking and assets become the
      property of any other corporation (any such event being herein called a
      “Capital Reorganization”), the Holder, if he has not converted the
      entire Loan Amount prior to the effective date of such Capital
      Reorganization, shall be entitled to receive and shall accept, upon the
      exercise of such right of conversion at any time after the effective date
      of such Capital Reorganization, in lieu of the number of Common Shares to
      which he was theretofore entitled upon conversion of this Note, the
      aggregate number of shares or other securities or property of the Company,
      or such continuing, successor or purchasing corporation, as the case may
      be, under the Capital Reorganization that the Holder would have been
      entitled to receive as a result of such Capital Reorganization if, on the
      effective date thereof, he had been the holder of the number of Common
      Shares to which immediately before such transaction he was entitled upon
      conversion of this Note. No such Capital Reorganization shall be carried
      into effect unless all necessary steps shall have been taken so that the
      Holder shall thereafter be entitled to receive such number of shares
      or other securities or property of the Company, or of such continuing
      successor or purchasing corporation, as the case may be, under the Capital
      Reorganization, subject to adjustment thereafter in accordance with
      provisions the same, as nearly as may be possible, as those contained in
  this section 21 or section 22;

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	 	(d) 	
      if the Company reclassifies or otherwise changes the
      outstanding Common Shares, the conversion right shall be adjusted
      effective immediately upon such reclassification becoming effective so
      that Holder shall be entitled to receive such Common Shares as he would
      have received had the principal amount of this Note been converted
      immediately prior to such effective date, subject to adjustment thereafter
      in accordance with provisions of this Note, as nearly as may be possible
      as those contained in this section 21 or section
22.

22. The following rules and procedures are applicable to
adjustments made pursuant to section 21:

	 	(a) 	
      the adjustments and readjustments provided for in herein
      are cumulative and, subject to subsection 22(b), apply (without
      duplication) to successive issues, subdivisions, combinations,
      consolidations, distributions and any other events which require
      adjustment of the Conversion Price or the number or kind of shares or
      securities issuable hereunder;

	 	 	 
	 	(b) 	
      no adjustment in the Conversion Price shall be required
      unless such adjustment would result in a change of at least 1% in the
      Conversion Price then in effect, provided however, that any adjustments
      which, except for the provisions of this subsection 22(b) would otherwise
      have been required to be made, shall be carried forward and taken into
      account in any subsequent adjustment;

	 	 	 
	 	(c) 	
      no adjustment in the Conversion Price shall be made in
      respect of any event described in subsections 21(a)(i), 21(b) or 21(c) if
      the Holder is entitled to participate in such event on the same terms,
      mutatis mutandis, as if the Holder had converted the entire Loan
      Amount immediately prior to the effective date or record date of such
      event;

	 	 	 
	 	(d) 	
      no adjustment in the Conversion Price shall be made
      pursuant to subsection 21 in respect of the issue of Common Shares
      pursuant to:

	 	(i) 	
      this Note; or

	 	 	 
	 	(ii) 	
      any stock option or purchase plan for officers, employees
      or directors of the Company outstanding or in existence as at the date
      hereof or any amendment to such plan;

and any such issue shall be deemed not
to be a Common Share Reorganization or a Special Distribution.

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	 	(e) 	
      if a dispute arises with respect to adjustments of the
      Conversion Price, such dispute shall be conclusively determined by the
      auditors of the Company or if they are unable or unwilling to act, by such
      firm of independent public accountants as may be selected by the board of
      directors of the Company and acceptable to the Holder and any such
      determination shall be binding upon the Company and the Holder;
  and

	 	 	 
	 	(f) 	
      if the Company sets a record date to determine the
      holders of Common Shares for the purpose of entitling them to receive any
      dividend or distribution or any subscription or purchase rights and shall
      thereafter legally abandon its plans to pay or deliver such dividend,
      distribution or subscription or purchase rights, then no adjustment in the
      Conversion Price shall be required by reason of the setting of such record
      date.

23. In any case where the application of the foregoing
provisions results in a decrease of the Conversion Price taking effect
immediately after the record date for a specific event, if the Loan Amount is
converted after that record date and prior to completion of the event, the
Company may postpone the issuance to the Holder of the Common Shares to which
the Holder is entitled by reason of the decrease of the Conversion Price, but
such Common Shares shall be so issued and delivered to the Holder upon
completion of that event with the number of such Common Shares calculated on the
basis of the Conversion Price on the exercise date adjusted for completion of
that event. The Company shall deliver to the person or persons in whose name or
names the Common Shares are to be issued an appropriate instrument evidencing
his or their right to receive such Common Shares.

24. Subject to any requirement for a longer notice period
pursuant to applicable securities legislation or stock exchange policy, at least
10 business days prior to the effective date or record date, as the case may be,
of any event referred to in sections 21 or 22, whether or not the event requires
or might require an adjustment in the conversion rights pursuant hereto, if the
Holder is not then an officer or director of the Company, the Company shall give
notice to the Holder of the particulars of such event and, if determinable, any
adjustment. Such notice need only set forth such particulars as shall have been
determined at the date that notice is given.

25. In case any adjustment for which a notice in section 24 has
been given is not then determinable, the Company shall promptly after such
adjustment is determinable give notice to the Holder of the adjustment.

26. As used in this Note, the following terms, unless the
context otherwise requires, shall have the following meanings:

	 	(a) 	
      “Adjustment Period” means the period from and
      including the date hereof to and including the last business day prior to
      the Due Date;

	 	 	 
	 	(b) 	
      “business day” means any day which is not a
      Saturday, Sunday, or statutory holiday in the City of Tucson or the City
      of New York;

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	 	(c) 	
      “Convertible Security” means a security of the
      Company convertible into or exchangeable for or otherwise carrying the
      right to acquire Common Shares;

	 	 	 
	 	(d) 	
      “Current Market Price” means, with reference to
      Common Shares, the average of the VWAPs for the 30 trading days
      immediately preceding the applicable date for determination of the Current
      Market Price;

	 	 	 
	 	(e) 	
      “effective date” and “record date” shall
      mean the close of business on the relevant date;

	 	 	 
	 	(f) 	
      VWAP” means, for any date, the price determined by
      the first of the following clauses that applies: (a) if the Common Shares
      are then listed or quoted on the NYSE MKT exchange, the daily volume
      weighted average price of the Common Shares for such date (or the nearest
      preceding date) as reported by Bloomberg L.P. (based on a trading day from
      9:30 a.m. (New York City time) to 4:02 p.m. (New York City time); (b) if
      the Common Shares are not then traded on NYSE MKT exchange, the volume
      weighted average price of the Common Shares for such date (or the nearest
      preceding date) on the OTC Bulletin Board; (c) if the Common Shares are
      not then quoted for trading on the OTC Bulletin Board and if prices for
      the Common Shares are then reported on the “OTC Pink” market published by
      OTC Markets Inc. (or a similar organization or agency succeeding to its
      functions of reporting prices), the most recent bid price per Common Share
      so reported; or (d) in all other cases, the fair market value of a share
      of Common Shares as determined by an independent appraiser selected in
      good faith by the Holder and reasonably acceptable to the Company, the
      fees and expenses of which shall be paid by the
Company.

27. Any notice required or permitted to be given hereunder
shall be given by facsimile transmission or by personal delivery to the party
for whom it is intended, addressed as follows:

	 	(a) 	to the Company at: 
	 	  	 
	 	  	1 West Wetmore Rd. 
	 	  	Suite 203 
	 	  	Tucson AZ 85705 
	 	  	  	  
	 	  	Attention: 	President and Chief Executive Officer 
	 	  	  	Fax: (520) 292-0268 
	 	  	  	  
		(b) 	to the Holder at its registered
      address as it appears in the records of the Company. 

28. Any notice given pursuant to section 27 shall be deemed to
have been given and received on the date of delivery or, in the case of a
facsimile transmission, at the time indicated on the transmission report. The
Company or the Holder may, from time to time, notify the other in writing of a
change of address which thereafter, until changed by like notice, shall be the address of the Company or the Holder, as
the case may be, for all purposes of this Note.

- 10 -

29. No renewal or extension of this Note, delay in enforcing
any right of the Lender under this Note, or assignment by Lender of this Note
shall affect the liability or the obligations of the Borrower. All rights of the
Lender under this Note are cumulative and may be exercised concurrently or
consecutively at the Lender's option.

This Note shall be construed in accordance with the laws of the
State of Arizona. 

Signed this 18th day of July 2013.

Borrower:

	NORD RESOURCES CORPORATION. 
	1 West Wetmore Rd., Suite 203 
	Tucson, Arizona 85705 

	By: 	/s/ Wayne Morrison 
	  	WAYNE MORRISON 
	  	President and Chief Executive Officer
  

SCHEDULE A TO 
NOTE CERTIFICATE

CONVERSION FORM

TO: NORD RESOURCES CORPORATION (the “Corporation”)

1. The undersigned registered holder of the within Note hereby
irrevocably elects to convert the said Note into Common Shares of the
Corporation in accordance with the terms of the Note.

2. The Common Shares are to be registered as follows:

Name:
______________________________________________________________________
      
     (print clearly) 

Address in full:
_______________________________________________________________

3. Certificates representing the Common Shares are to be sent
by courier to:

Name:
______________________________________________________________________
      
     (print clearly) 

Address in full:
_______________________________________________________________

Note: In the absence of instructions to the contrary, the
securities will be issued in the name of or to the Holder and will be sent by
first class mail to the last address of the Holder appearing in the records
maintained by the Corporation.

4. The undersigned represents, warrants and certifies as
follows (one of the following must be
checked):

	(a) [ ] 	
      the undersigned holder is the original holder of the
      Note, and, to the undersigned’s knowledge, no commission or other
      remuneration has been paid or given, directly or indirectly, for
      soliciting, such conversion; 

	  	
      

	(b) [ ] 	
      the undersigned holder is resident in the United States
      or is a U.S. person who is a resident of the jurisdiction referred to in
      the address appearing above, and is an “accredited investor” (as such term
      is defined in Rule 501(a) of Regulation D under the United States
      Securities Act of 1933, as amended (the “U.S. Securities Act”), and
      has completed the U.S. Accredited Investor Status Certificate in the form
      attached to this Conversion Form; 

	  	
      

	(c) [ ] 	
      the undersigned holder at the time of conversion of the
      Note is not in the United States, is not a “U.S. person” as defined in
      Regulation S under U.S. Securities Act, and is not converting the Note on
      behalf of, or for the account or benefit of a U.S. person or a
  person in the United States and did not execute or
  deliver this Conversion Form in the United States; or 

- 2 -

	(d) [ ] 	
      if the undersigned holder is resident in the United
      States or is a U.S. person, the undersigned holder has delivered to the
      Corporation and the Corporation’s transfer agent an opinion of counsel
      (which will not be sufficient unless it is in form and substance
      satisfactory to the Corporation) or such other evidence satisfactory to
      the Corporation to the effect that with respect to the securities to be
      delivered upon conversion of the Note, the issuance of such securities has
      been registered under the U.S. Securities Act and applicable state
      securities laws or an exemption from the registration requirements of the
    U.S. Securities Act and applicable state securities laws is available.    

“United States” and “U.S. person” are as defined
in Regulation S under the U.S. Securities Act.

Note: Certificates representing Common Shares will not be
registered or delivered to an address in the United States unless Box 4(a), 4(b)
or 4(d) above is checked.

5. If the undersigned has indicated that the undersigned is a
U.S. Accredited Investor by marking alternative 4(a) or 4(b) above, the
undersigned represents and warrants to the Corporation that:

	(a) 	
      the undersigned has such knowledge and experience in
      financial and business matters as to be capable of evaluating the merits
      and risks of an investment in the Common Shares, and the undersigned is
      able to bear the economic risk of loss of his or her entire
    investment;

	 	 
	(b) 	
      the undersigned is: (i) acquiring the Common Shares for
      his or her own account or for the account of one or more U.S. Accredited
      Investors with respect to which the undersigned is exercising sole
      investment discretion, and not on behalf of any other person; (ii) is
      purchasing the Common Shares for investment purposes only and not with a
      view to resale, distribution or other disposition in violation of United
      States federal or state securities laws; and (iii) in the case of the
      acquisition by the undersigned of the Common Shares as agent or trustee
      for any other person or persons (each a “Beneficial Owner”), the
      undersigned holder has due and proper authority to act as agent or trustee
      for and on behalf of each such Beneficial Owner in connection with the
      transactions contemplated hereby; provided that: (x) if the undersigned
      holder, or any Beneficial Owner, is a corporation or a partnership,
      syndicate, trust or other form of unincorporated organization, the
      undersigned holder or each such Beneficial Owner was not incorporated or
      created solely, nor is it being used primarily to permit purchases without
      a prospectus or registration statement under applicable law; and (y) each
      Beneficial Owner, if any, is a U.S. Accredited Investor; and

	 	 
	(c) 	
      the undersigned has not converted the Note as a result of
      any form of general solicitation or general advertising, including
      advertisements, articles, notices or other communications published in any
      newspaper, magazine or similar media or broadcast over radio, television
      or other form of telecommunications, or any seminar or meeting whose
      attendees have been invited by general solicitation or general
      advertising.

- 3 -

6. The undersigned also acknowledges and agrees that:

	(a) 	
      if the undersigned decides to offer, sell or otherwise
      transfer any of the Common Shares, the undersigned must not, and will not,
      offer, sell or otherwise transfer any of such securities directly or
      indirectly, unless:

(i) the sale is to the Corporation;

(ii) the sale is made outside the
United States in a transaction meeting the requirements of Rule 904 of
Regulation S under the U.S. Securities Act and in compliance with applicable
local laws and regulations;

(iii) the sale is made pursuant to the
exemption from the registration requirements under the U.S. Securities Act
provided by Rule 144 thereunder, if available, and in accordance with any
applicable state securities or “blue sky” laws; or

(iv) such securities are sold in a
transaction that does not require registration under the U.S. Securities Act or
any applicable state laws and regulations governing the offer and sale of
securities, and it has prior to such sale furnished to the Corporation an
opinion of counsel reasonably satisfactory to the Corporation;

	(b) 	
      the Common Shares are “restricted securities”
      under applicable federal securities laws and that the U.S. Securities Act
      and the rules of the United States Securities and Exchange Commission
      provide in substance that the undersigned may dispose of the securities
      only pursuant to an effective registration statement under the U.S.
      Securities Act or an exemption therefrom;

	 	 
	(c) 	
      the Corporation has no obligation to register any of the
      Common Shares or to take action so as to permit sales pursuant to the U.S.
      Securities Act (including Rule 144 thereunder);

	 	 
	(d) 	
      the Corporation may make a notation on its records or
      giving instructions to any transfer agent of the Corporation in order to
      implement the restrictions on transfer set forth and described in this
      Conversion Form;

	 	 
	(e) 	
      upon the issuance thereof, and until such time as the
      same is no longer required under the applicable requirements of the U.S.
      Securities Act or applicable U.S. state laws and regulations, the
      certificates representing the Common Shares, and all securities issued in
      exchange therefor or in substitution thereof, will bear a legend in
      substantially the following form:

THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “U.S. SECURITIES ACT”) OR APPLICABLE STATE SECURITIES LAWS. THESE
SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS
THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT AND
SUCH LAWS COVERING SUCH SECURITIES, OR THE COMPANY RECEIVES AN OPINION OF
COUNSEL ACCEPTABLE TO THE COMPANY STATING THAT SUCH OFFER, SALE, PLEDGE OR OTHER
TRANSFER IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF
THE U.S. SECURITIES ACT AND SUCH LAWS. THE SECURITIES REPRESENTED BY THE CERTIFICATE CANNOT BE THE SUBJECT OF HEDGING TRANSACTIONS UNLESS SUCH TRANSACTIONS ARE CONDUCTED IN COMPLIANCE WITH THE U.S. SECURITIES ACT.;

- 4 -

DATED the __________day of ________________, 20___.

	If a Corporation, Partnership or Other Entity: 	 	If an Individual: 
	 	 	 
	Name of Entity 	 	Signature 
	 	 	 
	 	 	 
	Type of Entity 	 	Print or Type Name 
	 	 	 
	 	 	 
	Signature of Person Signing 	 	  
	 	 	 
	 	 	 
	Print or Type Name and Title of Person Signing 	 	  

Instructions:

1. The registered Holder may exercise its right to receive
Common Shares by completing this form and surrendering this form and the Note to
the Corporation at its principal office at Suite 203, 1 West Wetmore Road,
Tucson, Arizona 85705, Attention: President and Chief Executive Officer, and
such other documents as the Corporation may reasonably require.

2. If Box 4(c) is checked, any opinion tendered must be from
counsel of recognized standing in form and substance reasonably satisfactory to
the Corporation. Holders planning to deliver an opinion of counsel in connection
with the conversion of the Note should contact the Corporation in advance to
determine whether any opinion tendered will be acceptable to the
Corporation.

- 5 -

U.S. ACCREDITED INVESTOR STATUS CERTIFICATE

In connection with the conversion of a Note of NORD RESOURCES
CORPORATION (the “Corporation”) by the holder, the holder hereby represents and
warrants to the Corporation that the holder, and each beneficial owner (each a
“Beneficial Owner”), if any, on whose behalf the holder is exercising such
warrants, satisfies one or more of the following categories of Accredited
Investor (please write “H” for the undersigned holder, and “B/O” for each
beneficial owner, if any, on each line that applies):

	_____	(1) 	
      Any bank as defined in Section 3(a)(2) of the United
      States Securities Act of 1933, as amended (the "U.S. Securities
      Act"), or any savings and loan association or other institution as
      defined in Section 3(a)(5)(A) of the U.S. Securities Act whether acting in
      its individual or fiduciary capacity; any broker or dealer registered
      pursuant to Section 15 of the U.S. Securities Exchange Act of 1934; any
      insurance company as defined in Section 2(a)(13) of the U.S. Securities
      Act; any investment company registered under the U.S. Investment Company
      Act of 1940 or a business development company as defined in Section
      2(a)(48) of that Act; any Small Business Investment Company licensed by
      the U.S. Small Business Administration under Section 301(c) or (d) of the
      U.S. Small Business Investment Act of 1958; any plan established and
      maintained by a state, its political subdivisions, or any agency or
      instrumentality of a state or its political subdivisions, for the benefit
      of its employees, if such plan has total assets in excess of US$5,000,000;
      any employee benefit plan within the meaning of the U.S. Employee
      Retirement Income Security Act of 1974 if the investment decision is made
      by a plan fiduciary, as defined in Section 3(21) of such Act, which is
      either a bank, savings and loan association, insurance company, or
      registered investment adviser, or if the employee benefit plan has total
      assets in excess of US$5,000,000, or, if a self-directed plan, with
      investment decisions made solely by persons that are "accredited
      investors" (as such term is defined in Rule 501 of Regulation D of the
      U.S. Securities Act); 

	 	  	
       

	_____	(2) 	
      Any private business development company as defined in
      Section 202(a)(22) of the U.S. Investment Advisers Act of 1940; 

	 	  	
       

	_____	(3) 	
      An organization described in Section 501(c)(3) of the
      U.S. Internal Revenue Code, corporation, Massachusetts or similar business
      trust, or partnership, not formed for the specific purpose of acquiring
      the securities offered, with total assets in excess of US$5,000,000;
    

	 	  	
       

	_____	(4) 	
      A trust with total assets in excess of US$5,000,000, not
      formed for the specific purpose of acquiring the securities offered, whose
      purchase is directed by a sophisticated person (being defined as a person
      who has such knowledge and experience in financial and business matters
      that he or she is capable of evaluating the merits and risks of the
      prospective investment); 

	 	  	
       

	_____	(5) 	
      A natural person whose individual net worth, or joint net
      worth with that person’s spouse, at the time of purchase, exceeds
      US$1,000,000 (for the purposes of calculating net worth, (i) the person’s
      primary residence shall not be included as an asset; (ii) indebtedness
      that is secured by the person’s primary residence, up to the estimated
      fair market value of the primary residence at the time of this
      certification, shall not be included as a liability (except that if the
      amount of such indebtedness outstanding at the time of this certification
      exceeds the amount outstanding 60 days before such time, other than as a
      result of the acquisition of the primary residence, the amount of such
      excess shall be included as a liability); and (iii) indebtedness that is
      secured by the person’s primary residence in excess of the estimated fair
      market value of the primary residence shall be included as a liability);
      

	 	  	
       

	_____	(6) 	
      A natural person who had annual gross income during each
      of the last two full calendar years in excess of US$200,000 (or together
      with his or her spouse in excess of US$300,000) and reasonably expects to
      have annual gross income in excess of US$200,000 (or together with his or
      her spouse in excess of US$300,000) during the current calendar year, and
      no reason to believe that his or her annual gross income will not remain
      in excess of US$200,000 (or that together with his or her spouse will not
      remain in excess of US$300,000) for the foreseeable future; 

	 	  	
       

	_____	(7) 	
      Any director or executive officer of the Corporation; or
      

	 	  	
       

	_____	(8) 	
      An entity in which all of the equity owners meet the
      requirements of at least one of the above categories.Nord Resources Corp.: Exhibit 4.8 - Filed by newsfilecorp.com

- 1 -

NEITHER THIS NOTE NOR THE COMMON SHARES INTO WHICH THIS
NOTE IS CONVERTIBLE HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR APPLICABLE STATE SECURITIES
LAWS. THIS NOTE AND THE COMMON SHARES INTO WHICH THIS NOTE IS CONVERTIBLE MAY
NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT AND IN
ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO AN
EXEMPTION OR EXCLUSION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY
APPLICABLE STATE SECURITIES LAWS. THIS NOTE AND THE COMMON SHARES INTO WHICH
THIS NOTE IS CONVERTIBLE CANNOT BE THE SUBJECT OF HEDGING TRANSACTIONS UNLESS
SUCH TRANSACTIONS ARE CONDUCTED IN COMPLIANCE WITH THE U.S. SECURITIES
ACT.

THIS CONVERTIBLE NOTE MAY NOT BE CONVERTED INTO COMMON
SHARES BY OR FOR THE ACCOUNT OR BENEFIT OF A "U.S. PERSON" OR A PERSON IN THE
UNITED STATES, AND THE COMMON SHARES MAY NOT BE DELIVERED TO AN ADDRESS WITHIN
THE UNITED STATES, UNLESS THE CONVERTIBLE NOTE AND THE UNDERLYING COMMON SHARES
HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS, OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS
AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S
UNDER THE U.S. SECURITIES ACT.

CONVERTIBLE PROMISSORY NOTE

	Principal Amount: Up to $28,914.24 	Issue Date: July 18, 2013 
	Due Date: January 18, 2014 	  

For value received the undersigned NORD RESOURCES
CORPORATION (the “Borrower” or the “Company”), a corporation
incorporated under the laws of the State of Delaware with its principal
executive offices located at 1 West Wetmore Rd., Suite 203, Tucson, AZ 85705,
promises to pay to the order of Ronnie Moss (the “Lender” or the
“Holder”), at 505 East 79th Street, Apt. 12 K, New York, N.Y.
10075, (or at such other place as the Lender may designate in writing) the
principal sum of $28,914.24 (the “Loan”), together with interest thereon
on the terms set out in this convertible promissory note (this “Promissory
Note” or this “Note”).

1. The Lender shall advance the principal amount of $28,914.24
on the issue date (the “Issue Date”) of this Promissory Note for the
purposes of application by the Borrower of $28,914.24 to payment in full of the
outstanding principal amount and accrued interest to the date hereof under that
certain convertible promissory note issued by the Borrower to the Lender on July
27, 2012, in the principal amount of $25,000 and bearing interest at the rate of
15.0% per annum. 

2. The principal amount of the Loan or such amount thereof as
shall remain outstanding from time to time shall bear interest from and after
the Issue Date at a rate of 20.0% per annum both before and after each of the
Due Date, maturity, default and judgment. Interest shall be calculated and
payable on the Due Date (as defined below).

3. The unpaid principal amount of the Loan and accrued interest
shall be payable in full on the earlier of 30 days after receipt by the Lender
of notice of the closing of a financing transaction by the Company for gross proceeds in
excess of $20,000,000 or January 18, 2014, which date at the option of the
Lender may be extended from time to time to a date prior to July 18, 2014 (the
“Due Date”).

- 2 -

4. The Borrower agrees that in the absence of manifest error,
the books and records of the Lender shall constitute evidence of the outstanding
principal amount of the Loan.

5. If any payment obligation under this Note is not paid when
due, the remaining unpaid principal balance and any accrued interest shall
become due immediately at the option of the Lender.

6. If any payment obligation under this Note is not paid when
due, the Borrower promises to pay all costs of collection, including reasonable
attorney fees, whether or not a lawsuit is commenced as part of the collection
process.

7. If any of the following events of default occur, this Note
shall become due immediately, without demand or notice:

	 	(a) 	
      The failure of the Borrower to pay the principal and any
      accrued interest in full on or before the Due Date;

	 	 	 
	 	(b) 	
      The filing of bankruptcy proceedings involving the
      Borrower as a debtor;

	 	 	 
	 	(c) 	
      The application for the appointment of a receiver for the
      Borrower;

	 	 	 
	 	(d) 	
      The making of a general assignment for the benefit of the
      Borrower's creditors;

	 	 	 
	 	(e) 	
      The insolvency of the Borrower.

8. If any one or more of the provisions of this Note are
determined to be unenforceable, in whole or in part, for any reason, the
remaining provisions shall remain fully operative.

9. All references to currency in this Note refer to, and all
payments of principal and interest on this Note shall be paid in, the legal
currency of the United States. The Borrower waives presentment for payment,
protest, and notice of protest and nonpayment of this Note.

10. The unpaid principal and accrued interest outstanding under
this Note (together, the “Loan Amount”) shall be convertible, in whole
and not in part, at the option of the Lender at any time prior to the Due Date
by notice to the Company into shares of the Company’s common stock (each a
“Common Share”) at the conversion price (the “Conversion Price”)
per Common Share equal to $0.02 per Common Share, subject to adjustment in
accordance with this Note.

11. Common Shares shall be issued to the Holder upon conversion
in an amount equal to a fraction, the numerator of which is the Loan Amount so
converted, and the denominator of which is the Conversion Price. All Common
Shares so issued shall be deemed to have been issued as fully paid and non-assessable at
the applicable Conversion Price.

- 3 -

12. The Holder may convert the Loan Amount by surrendering this
Note to the Company at the Company’s head office, together with a conversion
notice in the form attached hereto or any other written notice in a form
satisfactory to the Company (the “Conversion Notice”), in either case
duly executed by the Holder or his legal representative or attorney duly
appointed by an instrument in writing. Thereupon the Holder shall be entitled to
be entered in the books of the Company as the holder of the number of the
underlying Common Shares into which this Note is convertible in accordance with
its terms. As soon as practicable thereafter, the Company shall deliver to the
Holder and, subject as aforesaid, his nominee(s) or assignee(s), a certificate
or certificates for the Common Shares into which this Note is converted.

13. The date (the “Conversion Date”) on which this Note
shall be deemed to be surrendered for conversion shall be the 3rd
business day following the receipt of the Conversion Notice from the
Holder. If the Conversion Date is a day on which the register of the Company’s
Common Shares is closed, the person or persons entitled to receive Common Shares
shall become the holder or holders of record of such Common Shares as at the
date on which such register is next reopened.

14. The Company will give to the Holder notice of the record
date for a declaration of dividends, a rights offering or other distribution to
the holders of Common Shares not less than ten business days before any such
record date. If this Note is surrendered for conversion in accordance with this
section, the Holder shall not be entitled to participate as a holder of the
Common Shares issuable upon conversion if the record date for the distribution
is prior to the Conversion Date.

15. Conversion of the Loan Amount under this Note in accordance
herewith shall operate to discharge the Company’s obligations with respect to
repayment of the Loan Amount so converted, provided that delivery of the
appropriate number of Common Shares issued upon such conversion is made by the
Company. The Company shall not be bound to enquire into the title of the Holder,
save as ordered by a court of competent jurisdiction or as required by statute.
The Company shall not be bound to see to the execution of any trust affecting
the ownership of this Note nor be charged with notice of any equity that may be
subsisting in respect thereof, unless the Company has actual notice thereof.
Upon conversion of this Note pursuant to the provisions hereof, this Note shall
be forthwith delivered to and cancelled by the Company.

16. The Company shall not be required to issue fractional
Common Shares upon the conversion of this Note. If any fractional interest in
Common Shares would, except for the provisions hereof, be issuable upon the
conversion of this Note, the number of Common Shares issued upon such conversion
shall be rounded down to the next whole number of Common Shares and the Company
shall not be required to make any payment in lieu of delivering any certificates
of such fractional interest.

17. The Company covenants and agrees that during the period
within which the conversion rights represented by this Note may be exercised,
the Company shall at all times have authorized and reserved, a sufficient number of
Common Shares to provide for the exercise of the conversion rights represented
by this Note. The Company also covenants and agrees to issue and submit to its
registrar and transfer agent as soon as practicable and, in any event, within
three business days following receipt by the Company of the Conversion Notice, a
Treasury Order directing the issuance of Common Shares in accordance with such
Conversion Notice.

- 4 -

18. The Note and the Common Shares issuable upon exercise of
the conversion rights hereunder (together, the “Subject Securities”) have
not been, and will not be, registered under the United States Securities Act of
1933 (the “U.S. Securities Act”), as amended, or under any state
securities laws, and will be “restricted securities” as defined in Rule
144(a)(3) under the U.S. Securities Act. Subject to certain exceptions, none of
the Subject Securities nor any rights thereto or interest therein may be offered
for purchase or sale, sold, transferred or otherwise disposed of, directly or
indirectly, in the United States, its territories or possessions, or to or for
the account or benefit of any “U.S. person” as that term is defined in
Regulation S under the U.S. Securities Act. 

19. The Holder understands and acknowledges that this Note may
not be converted in the United States, or by or on behalf of a U.S. person or a
person in the United States, unless an exemption is available from the
registration requirements of the U.S. Securities Act and the securities laws of
all applicable states, and the holder has furnished an opinion of counsel
satisfactory to the Company to such effect; provided that the Holder will not be
required to deliver an opinion of counsel in connection with the due conversion
of this Note by the Holder if the Holder certifies that:

	 	(a) 	
      the Holder is the original holder of this Note, and, to
      the Holder’s knowledge, no commission or other remuneration has been paid
      or given, directly or indirectly, for soliciting such
conversion;

	 	 	 
	 	(b) 	
      the Holder at the time of conversion of this Note was not
      in the United States, is not a U.S. person and is not converting this Note
      on behalf of, or for the account or benefit of a U.S. person or a person
      in the United States, and the Holder did not execute or deliver the
      Conversion Notice in the United States; or

	 	 	 
	 	(c) 	
      the Holder at the time of conversion of this Note is an
      “accredited investor” as defined in Rule 501(a) of Regulation D under the
      U.S. Securities Act, and is not converting this Note as a result of any
      “general solicitation” or “general advertising” as those terms are used in
      Rule 502 of Regulation D under the U.S. Securities
Act.

20. In addition to the legend noted on the Conversion Notice
attached to this Note, if required by applicable securities laws or regulations
of any stock exchange or other applicable regulatory authority, the certificates
for the Common Shares to be issued upon conversion of this Note shall bear such
forms of legend as may be necessary to comply with all applicable laws and
regulations.

- 5 -

21. The Conversion Price shall be subject to adjustment from
time to time in the events and in the manner provided in section 22, as
follows:

	 	(a) 	
      if during the Adjustment Period (as hereinafter defined)
      the Company shall:

	 	 	 	 
	 		(i) 	
      issue to all or substantially all the holders of the
      Common Shares, by way of a stock dividend or otherwise, Common Shares or
      Convertible Securities; or

	 	 	 	 
	 		(ii) 	
      subdivide its outstanding Common Shares into a greater
      number of shares; or

	 	 	 	 
	 		(iii) 	
      combine or consolidate its outstanding Common Shares into
      a smaller number of shares,

(any of such events being herein
called a “Common Share Reorganization”), the Conversion Price shall be
adjusted effective immediately after the record date at which the holders of
Common Shares are determined for the purposes of the Common Share Reorganization
to a number which is the product of (1) the Conversion Price in effect on such
record date and (2) a fraction:

	 	(iv) 	
      the numerator of which is the number of Common Shares
      outstanding on such record date before giving effect to the Common Share
      Reorganization; and

	 	 	 
	 	(v) 	
      the denominator of which is the number of Common Shares
      outstanding after giving effect to such Common Share
  Reorganization;

	 	(b) 	
      if during the Adjustment Period the Company shall issue
      or distribute to all or substantially all the holders of Common Shares,
      (i) shares of any class other than Common Shares, or (ii) rights, options
      or warrants (other than pursuant to a stock option plan or employee share
      purchase plan adopted by the shareholders of the Company at a general
      meeting of shareholders of the Company), or (iii) evidences of
      indebtedness, or (iv) any other assets (excluding cash dividends paid in
      the ordinary course) and such issuance or distribution does not constitute
      a Common Share Reorganization (any of such events being herein called a
      “Special Distribution”), the Conversion Price shall be adjusted
      effective immediately after the record date at which the holders of Common
      Shares are determined for purposes of the Special Distribution to a price
      which is the product of (1) the Conversion Price in effect on such record
      date and (2) a fraction:

	 	 	 
	 		
      (i) the numerator of which shall be the difference
      between:

- 6 -

	 	(I) 	
      the product of (i) the number of Common Shares
      outstanding on such record date and (ii) the Current Market Price (as
      hereinafter defined) of the Common Shares on such date; and

	 	 	 
	 	(II) 	
      the aggregate fair market value (as determined by the
      board of directors of the Company, whose determination shall be
      conclusive) of the shares, rights, options, warrants, evidences of
      indebtedness or other assets issued or distributed in the Special
      Distribution; and

	 	(ii) 	
      the denominator of which shall be the product of (A) the
      number of Common Shares outstanding on such record date and (B) the
      Current Market Price of the Common Shares on such
date.

	 		
      Any Common Shares owned by or held for the account of the
      Company shall be deemed not to be outstanding for the purpose of any such
      computation. To the extent that such distribution of shares, rights,
      options, warrants, evidences of indebtedness or assets is not so made or
      to the extent that any rights, options or warrants so distributed are not
      exercised, the Conversion Price shall be readjusted to the Conversion
      Price which would then be in effect based upon such shares, rights,
      options, warrants, evidences of indebtedness or assets actually
      distributed or based upon the number of Common Shares or Convertible
      Securities actually delivered upon the exercise of such rights, options or
      warrants, as the case may be, but subject to any other adjustment required
      hereunder by reason of any event arising after such record date;

	 	 	 
	 	(c) 	
      if during the Adjustment Period there is a reorganization
      of the Company not otherwise provided for in subsection 21(a) or a
      consolidation or merger or amalgamation of the Company with or into
      another body corporate including a transaction whereby all or
      substantially all of the Company’s undertaking and assets become the
      property of any other corporation (any such event being herein called a
      “Capital Reorganization”), the Holder, if he has not converted the
      entire Loan Amount prior to the effective date of such Capital
      Reorganization, shall be entitled to receive and shall accept, upon the
      exercise of such right of conversion at any time after the effective date
      of such Capital Reorganization, in lieu of the number of Common Shares to
      which he was theretofore entitled upon conversion of this Note, the
      aggregate number of shares or other securities or property of the Company,
      or such continuing, successor or purchasing corporation, as the case may
      be, under the Capital Reorganization that the Holder would have been
      entitled to receive as a result of such Capital Reorganization if, on the
      effective date thereof, he had been the holder of the number of Common
      Shares to which immediately before such transaction he was entitled upon
      conversion of this Note. No such Capital Reorganization shall be carried
      into effect unless all necessary steps shall have been taken so that the
      Holder shall thereafter be entitled to receive such number of shares
      or other securities or property of the Company, or of such continuing
      successor or purchasing corporation, as the case may be, under the Capital
      Reorganization, subject to adjustment thereafter in accordance with
      provisions the same, as nearly as may be possible, as those contained in
  this section 21 or section 22;

- 7 -

	 	(d) 	
      if the Company reclassifies or otherwise changes the
      outstanding Common Shares, the conversion right shall be adjusted
      effective immediately upon such reclassification becoming effective so
      that Holder shall be entitled to receive such Common Shares as he would
      have received had the principal amount of this Note been converted
      immediately prior to such effective date, subject to adjustment thereafter
      in accordance with provisions of this Note, as nearly as may be possible
      as those contained in this section 21 or section
22.

22. The following rules and procedures are applicable to
adjustments made pursuant to section 21:

	 	(a) 	
      the adjustments and readjustments provided for in herein
      are cumulative and, subject to subsection 22(b), apply (without
      duplication) to successive issues, subdivisions, combinations,
      consolidations, distributions and any other events which require
      adjustment of the Conversion Price or the number or kind of shares or
      securities issuable hereunder;

	 	 	 
	 	(b) 	
      no adjustment in the Conversion Price shall be required
      unless such adjustment would result in a change of at least 1% in the
      Conversion Price then in effect, provided however, that any adjustments
      which, except for the provisions of this subsection 22(b) would otherwise
      have been required to be made, shall be carried forward and taken into
      account in any subsequent adjustment;

	 	 	 
	 	(c) 	
      no adjustment in the Conversion Price shall be made in
      respect of any event described in subsections 21(a)(i), 21(b) or 21(c) if
      the Holder is entitled to participate in such event on the same terms,
      mutatis mutandis, as if the Holder had converted the entire Loan
      Amount immediately prior to the effective date or record date of such
      event;

	 	 	 
	 	(d) 	
      no adjustment in the Conversion Price shall be made
      pursuant to subsection 21 in respect of the issue of Common Shares
      pursuant to:

	 	(i) 	
      this Note; or

	 	 	 
	 	(ii) 	
      any stock option or purchase plan for officers, employees
      or directors of the Company outstanding or in existence as at the date
      hereof or any amendment to such plan;

and any such issue shall be deemed not
to be a Common Share Reorganization or a Special Distribution.

- 8 -

	 	(e) 	
      if a dispute arises with respect to adjustments of the
      Conversion Price, such dispute shall be conclusively determined by the
      auditors of the Company or if they are unable or unwilling to act, by such
      firm of independent public accountants as may be selected by the board of
      directors of the Company and acceptable to the Holder and any such
      determination shall be binding upon the Company and the Holder;
  and

	 	 	 
	 	(f) 	
      if the Company sets a record date to determine the
      holders of Common Shares for the purpose of entitling them to receive any
      dividend or distribution or any subscription or purchase rights and shall
      thereafter legally abandon its plans to pay or deliver such dividend,
      distribution or subscription or purchase rights, then no adjustment in the
      Conversion Price shall be required by reason of the setting of such record
      date.

23. In any case where the application of the foregoing
provisions results in a decrease of the Conversion Price taking effect
immediately after the record date for a specific event, if the Loan Amount is
converted after that record date and prior to completion of the event, the
Company may postpone the issuance to the Holder of the Common Shares to which
the Holder is entitled by reason of the decrease of the Conversion Price, but
such Common Shares shall be so issued and delivered to the Holder upon
completion of that event with the number of such Common Shares calculated on the
basis of the Conversion Price on the exercise date adjusted for completion of
that event. The Company shall deliver to the person or persons in whose name or
names the Common Shares are to be issued an appropriate instrument evidencing
his or their right to receive such Common Shares.

24. Subject to any requirement for a longer notice period
pursuant to applicable securities legislation or stock exchange policy, at least
10 business days prior to the effective date or record date, as the case may be,
of any event referred to in sections 21 or 22, whether or not the event requires
or might require an adjustment in the conversion rights pursuant hereto, if the
Holder is not then an officer or director of the Company, the Company shall give
notice to the Holder of the particulars of such event and, if determinable, any
adjustment. Such notice need only set forth such particulars as shall have been
determined at the date that notice is given.

25. In case any adjustment for which a notice in section 24 has
been given is not then determinable, the Company shall promptly after such
adjustment is determinable give notice to the Holder of the adjustment.

26. As used in this Note, the following terms, unless the
context otherwise requires, shall have the following meanings:

	 	(a) 	
      “Adjustment Period” means the period from and
      including the date hereof to and including the last business day prior to
      the Due Date;

	 	 	 
	 	(b) 	
      “business day” means any day which is not a
      Saturday, Sunday, or statutory holiday in the City of Tucson or the City
      of New York;

- 9 -

	 	(c) 	
      “Convertible Security” means a security of the
      Company convertible into or exchangeable for or otherwise carrying the
      right to acquire Common Shares;

	 	 	 
	 	(d) 	
      “Current Market Price” means, with reference to
      Common Shares, the average of the VWAPs for the 30 trading days
      immediately preceding the applicable date for determination of the Current
      Market Price;

	 	 	 
	 	(e) 	
      “effective date” and “record date” shall
      mean the close of business on the relevant date;

	 	 	 
	 	(f) 	
      VWAP” means, for any date, the price determined by
      the first of the following clauses that applies: (a) if the Common Shares
      are then listed or quoted on the NYSE MKT exchange, the daily volume
      weighted average price of the Common Shares for such date (or the nearest
      preceding date) as reported by Bloomberg L.P. (based on a trading day from
      9:30 a.m. (New York City time) to 4:02 p.m. (New York City time); (b) if
      the Common Shares are not then traded on NYSE MKT exchange, the volume
      weighted average price of the Common Shares for such date (or the nearest
      preceding date) on the OTC Bulletin Board; (c) if the Common Shares are
      not then quoted for trading on the OTC Bulletin Board and if prices for
      the Common Shares are then reported on the “OTC Pink” market published by
      OTC Markets Inc. (or a similar organization or agency succeeding to its
      functions of reporting prices), the most recent bid price per Common Share
      so reported; or (d) in all other cases, the fair market value of a share
      of Common Shares as determined by an independent appraiser selected in
      good faith by the Holder and reasonably acceptable to the Company, the
      fees and expenses of which shall be paid by the
Company.

27. Any notice required or permitted to be given hereunder
shall be given by facsimile transmission or by personal delivery to the party
for whom it is intended, addressed as follows:

	 	(a) 	to the Company at: 
	 	  	  	  
	 	  	1 West Wetmore Rd. 
	 	  	Suite 203 	  
	 	  	Tucson AZ 85705 
	 	  	  	  
	 	  	Attention: 	President and Chief Executive Officer 
	 	  	  	Fax: (520) 292-0268 
	 	  	  	  
		(b) 	to the Holder at its registered
      address as it appears in the records of the Company. 

28. Any notice given pursuant to section 27 shall be deemed to
have been given and received on the date of delivery or, in the case of a
facsimile transmission, at the time indicated on the transmission report. The
Company or the Holder may, from time to time, notify the other in writing of a
change of address which thereafter, until changed by like notice, shall be the address of the Company or the Holder, as
the case may be, for all purposes of this Note.

- 10 -

29. No renewal or extension of this Note, delay in enforcing
any right of the Lender under this Note, or assignment by Lender of this Note
shall affect the liability or the obligations of the Borrower. All rights of the
Lender under this Note are cumulative and may be exercised concurrently or
consecutively at the Lender's option.

This Note shall be construed in accordance with the laws of the
State of Arizona. 

Signed this 18th day of July 2013.

Borrower:

	NORD RESOURCES CORPORATION. 
	1 West Wetmore Rd., Suite 203 
	Tucson, Arizona 85705 

	By: 	/s/ Wayne Morrison 
	  	WAYNE MORRISON 
	  	President and Chief Executive Officer
  

SCHEDULE A TO 
NOTE CERTIFICATE

CONVERSION FORM

TO: NORD RESOURCES CORPORATION (the “Corporation”)

1. The undersigned registered holder of the within Note hereby
irrevocably elects to convert the said Note into Common Shares of the
Corporation in accordance with the terms of the Note.

2. The Common Shares are to be registered as follows:

Name:
______________________________________________________________________
      
     (print clearly) 

Address in full:
_______________________________________________________________

3. Certificates representing the Common Shares are to be sent
by courier to:

Name:
______________________________________________________________________
      
     (print clearly) 

Address in full:
_______________________________________________________________

Note: In the absence of instructions to the contrary, the
securities will be issued in the name of or to the Holder and will be sent by
first class mail to the last address of the Holder appearing in the records
maintained by the Corporation.

4. The undersigned represents, warrants and certifies as
follows (one of the following must be
checked):

	(a) [ ] 	
      the undersigned holder is the original holder of the
      Note, and, to the undersigned’s knowledge, no commission or other
      remuneration has been paid or given, directly or indirectly, for
      soliciting, such conversion; 

	  	
       

	(b) [ ] 	
      the undersigned holder is resident in the United States
      or is a U.S. person who is a resident of the jurisdiction referred to in
      the address appearing above, and is an “accredited investor” (as such term
      is defined in Rule 501(a) of Regulation D under the United States
      Securities Act of 1933, as amended (the “U.S. Securities Act”), and
      has completed the U.S. Accredited Investor Status Certificate in the form
      attached to this Conversion Form; 

	  	
       

	(c) [ ] 	
      the undersigned holder at the time of conversion of the
      Note is not in the United States, is not a “U.S. person” as defined in
      Regulation S under U.S. Securities Act, and is not converting the Note on
      behalf of, or for the account or benefit of a U.S. person or a
  person in the United States and did not execute or
  deliver this Conversion Form in the United States; or 

- 2 -

	(d) [ ] 	
      if the undersigned holder is resident in the United
      States or is a U.S. person, the undersigned holder has delivered to the
      Corporation and the Corporation’s transfer agent an opinion of counsel
      (which will not be sufficient unless it is in form and substance
      satisfactory to the Corporation) or such other evidence satisfactory to
      the Corporation to the effect that with respect to the securities to be
      delivered upon conversion of the Note, the issuance of such securities has
      been registered under the U.S. Securities Act and applicable state
      securities laws or an exemption from the registration requirements of the
    U.S. Securities Act and applicable state securities laws is available.    

“United States” and “U.S. person” are as defined
in Regulation S under the U.S. Securities Act.

Note: Certificates representing Common Shares will not be
registered or delivered to an address in the United States unless Box 4(a), 4(b)
or 4(d) above is checked.

5. If the undersigned has indicated that the undersigned is a
U.S. Accredited Investor by marking alternative 4(a) or 4(b) above, the
undersigned represents and warrants to the Corporation that:

	(a) 	
      the undersigned has such knowledge and experience in
      financial and business matters as to be capable of evaluating the merits
      and risks of an investment in the Common Shares, and the undersigned is
      able to bear the economic risk of loss of his or her entire
    investment;

	 	 
	(b) 	
      the undersigned is: (i) acquiring the Common Shares for
      his or her own account or for the account of one or more U.S. Accredited
      Investors with respect to which the undersigned is exercising sole
      investment discretion, and not on behalf of any other person; (ii) is
      purchasing the Common Shares for investment purposes only and not with a
      view to resale, distribution or other disposition in violation of United
      States federal or state securities laws; and (iii) in the case of the
      acquisition by the undersigned of the Common Shares as agent or trustee
      for any other person or persons (each a “Beneficial Owner”), the
      undersigned holder has due and proper authority to act as agent or trustee
      for and on behalf of each such Beneficial Owner in connection with the
      transactions contemplated hereby; provided that: (x) if the undersigned
      holder, or any Beneficial Owner, is a corporation or a partnership,
      syndicate, trust or other form of unincorporated organization, the
      undersigned holder or each such Beneficial Owner was not incorporated or
      created solely, nor is it being used primarily to permit purchases without
      a prospectus or registration statement under applicable law; and (y) each
      Beneficial Owner, if any, is a U.S. Accredited Investor; and

	 	 
	(c) 	
      the undersigned has not converted the Note as a result of
      any form of general solicitation or general advertising, including
      advertisements, articles, notices or other communications published in any
      newspaper, magazine or similar media or broadcast over radio, television
      or other form of telecommunications, or any seminar or meeting whose
      attendees have been invited by general solicitation or general
      advertising.

- 3 -

6. The undersigned also acknowledges and agrees that:

	(a) 	
      if the undersigned decides to offer, sell or otherwise
      transfer any of the Common Shares, the undersigned must not, and will not,
      offer, sell or otherwise transfer any of such securities directly or
      indirectly, unless:

(i) the sale is to the Corporation;

(ii) the sale is made outside the
United States in a transaction meeting the requirements of Rule 904 of
Regulation S under the U.S. Securities Act and in compliance with applicable
local laws and regulations;

(iii) the sale is made pursuant to the
exemption from the registration requirements under the U.S. Securities Act
provided by Rule 144 thereunder, if available, and in accordance with any
applicable state securities or “blue sky” laws; or

(iv) such securities are sold in a
transaction that does not require registration under the U.S. Securities Act or
any applicable state laws and regulations governing the offer and sale of
securities, and it has prior to such sale furnished to the Corporation an
opinion of counsel reasonably satisfactory to the Corporation;

	(b) 	
      the Common Shares are “restricted securities”
      under applicable federal securities laws and that the U.S. Securities Act
      and the rules of the United States Securities and Exchange Commission
      provide in substance that the undersigned may dispose of the securities
      only pursuant to an effective registration statement under the U.S.
      Securities Act or an exemption therefrom;

	 	 
	(c) 	
      the Corporation has no obligation to register any of the
      Common Shares or to take action so as to permit sales pursuant to the U.S.
      Securities Act (including Rule 144 thereunder);

	 	 
	(d) 	
      the Corporation may make a notation on its records or
      giving instructions to any transfer agent of the Corporation in order to
      implement the restrictions on transfer set forth and described in this
      Conversion Form;

	 	 
	(e) 	
      upon the issuance thereof, and until such time as the
      same is no longer required under the applicable requirements of the U.S.
      Securities Act or applicable U.S. state laws and regulations, the
      certificates representing the Common Shares, and all securities issued in
      exchange therefor or in substitution thereof, will bear a legend in
      substantially the following form:

THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “U.S. SECURITIES ACT”) OR APPLICABLE STATE SECURITIES LAWS. THESE
SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS
THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT AND
SUCH LAWS COVERING SUCH SECURITIES, OR THE COMPANY RECEIVES AN OPINION OF
COUNSEL ACCEPTABLE TO THE COMPANY STATING THAT SUCH OFFER, SALE, PLEDGE OR OTHER
TRANSFER IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF
THE U.S. SECURITIES ACT AND SUCH LAWS. THE SECURITIES REPRESENTED BY THE CERTIFICATE CANNOT BE THE SUBJECT OF HEDGING TRANSACTIONS UNLESS SUCH TRANSACTIONS ARE CONDUCTED IN COMPLIANCE WITH THE U.S. SECURITIES ACT.;

- 4 -

DATED the __________day of ________________, 20___.

	If a Corporation, Partnership or Other Entity: 	 	If an Individual: 
	 	 	 
	Name of Entity 	 	Signature 
	 	 	 
	 	 	 
	Type of Entity 	 	Print or Type Name 
	 	 	 
	 	 	 
	Signature of Person Signing 	 	  
	 	 	 
	 	 	 
	Print or Type Name and Title of Person Signing 	 	  

Instructions:

1. The registered Holder may exercise its right to receive
Common Shares by completing this form and surrendering this form and the Note to
the Corporation at its principal office at Suite 203, 1 West Wetmore Road,
Tucson, Arizona 85705, Attention: President and Chief Executive Officer, and
such other documents as the Corporation may reasonably require.

2. If Box 4(c) is checked, any opinion tendered must be from
counsel of recognized standing in form and substance reasonably satisfactory to
the Corporation. Holders planning to deliver an opinion of counsel in connection
with the conversion of the Note should contact the Corporation in advance to
determine whether any opinion tendered will be acceptable to the
Corporation.

- 5 -

U.S. ACCREDITED INVESTOR STATUS CERTIFICATE

In connection with the conversion of a Note of NORD RESOURCES
CORPORATION (the “Corporation”) by the holder, the holder hereby represents and
warrants to the Corporation that the holder, and each beneficial owner (each a
“Beneficial Owner”), if any, on whose behalf the holder is exercising such
warrants, satisfies one or more of the following categories of Accredited
Investor (please write “H” for the undersigned holder, and “B/O” for each
beneficial owner, if any, on each line that applies):

	_____	(1) 	
      Any bank as defined in Section 3(a)(2) of the United
      States Securities Act of 1933, as amended (the "U.S. Securities
      Act"), or any savings and loan association or other institution as
      defined in Section 3(a)(5)(A) of the U.S. Securities Act whether acting in
      its individual or fiduciary capacity; any broker or dealer registered
      pursuant to Section 15 of the U.S. Securities Exchange Act of 1934; any
      insurance company as defined in Section 2(a)(13) of the U.S. Securities
      Act; any investment company registered under the U.S. Investment Company
      Act of 1940 or a business development company as defined in Section
      2(a)(48) of that Act; any Small Business Investment Company licensed by
      the U.S. Small Business Administration under Section 301(c) or (d) of the
      U.S. Small Business Investment Act of 1958; any plan established and
      maintained by a state, its political subdivisions, or any agency or
      instrumentality of a state or its political subdivisions, for the benefit
      of its employees, if such plan has total assets in excess of US$5,000,000;
      any employee benefit plan within the meaning of the U.S. Employee
      Retirement Income Security Act of 1974 if the investment decision is made
      by a plan fiduciary, as defined in Section 3(21) of such Act, which is
      either a bank, savings and loan association, insurance company, or
      registered investment adviser, or if the employee benefit plan has total
      assets in excess of US$5,000,000, or, if a self-directed plan, with
      investment decisions made solely by persons that are "accredited
      investors" (as such term is defined in Rule 501 of Regulation D of the
      U.S. Securities Act); 

	 	  	
       

	_____	(2) 	
      Any private business development company as defined in
      Section 202(a)(22) of the U.S. Investment Advisers Act of 1940; 

	 	  	
       

	_____	(3) 	
      An organization described in Section 501(c)(3) of the
      U.S. Internal Revenue Code, corporation, Massachusetts or similar business
      trust, or partnership, not formed for the specific purpose of acquiring
      the securities offered, with total assets in excess of US$5,000,000;
    

	 	  	
       

	_____	(4) 	
      A trust with total assets in excess of US$5,000,000, not
      formed for the specific purpose of acquiring the securities offered, whose
      purchase is directed by a sophisticated person (being defined as a person
      who has such knowledge and experience in financial and business matters
      that he or she is capable of evaluating the merits and risks of the
      prospective investment); 

	 	  	
       

	_____	(5) 	
      A natural person whose individual net worth, or joint net
      worth with that person’s spouse, at the time of purchase, exceeds
      US$1,000,000 (for the purposes of calculating net worth, (i) the person’s
      primary residence shall not be included as an asset; (ii) indebtedness
      that is secured by the person’s primary residence, up to the estimated
      fair market value of the primary residence at the time of this
      certification, shall not be included as a liability (except that if the
      amount of such indebtedness outstanding at the time of this certification
      exceeds the amount outstanding 60 days before such time, other than as a
      result of the acquisition of the primary residence, the amount of such
      excess shall be included as a liability); and (iii) indebtedness that is
      secured by the person’s primary residence in excess of the estimated fair
      market value of the primary residence shall be included as a liability);
      

	 	  	
       

	_____	(6) 	
      A natural person who had annual gross income during each
      of the last two full calendar years in excess of US$200,000 (or together
      with his or her spouse in excess of US$300,000) and reasonably expects to
      have annual gross income in excess of US$200,000 (or together with his or
      her spouse in excess of US$300,000) during the current calendar year, and
      no reason to believe that his or her annual gross income will not remain
      in excess of US$200,000 (or that together with his or her spouse will not
      remain in excess of US$300,000) for the foreseeable future; 

	 	  	
       

	_____	(7) 	
      Any director or executive officer of the Corporation; or
      

	 	  	
       

	_____	(8) 	
      An entity in which all of the equity owners meet the
      requirements of at least one of the above categories.

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