Document:

Cardero Resource Corp. - Exhibit 4.9 - Filed by newsfilecorp.com

GUARANTEE 

            This
Guarantee dated this 8th day of August, 2013 is made by CARDERO
COAL LTD. to and in favour of E.L. II Properties Trust and Kopple Family
Partnership, L.P. (the “Secured Creditors”). 

WHEREAS: 

	A. 	
      The Secured Creditors have agreed to purchase from the
      Borrower the Notes on the terms and conditions contained
therein;

	 	 
	B. 	
      The Guarantor requires the use of proceeds from the sale
      of the Notes for its business purposes;

	 	 
	C. 	
      It is a requirement under the Notes that the Guarantor
      execute and deliver this Guarantee; and

	 	 
	D. 	
      The Guarantor considers it in its best interests to
      provide this Guarantee.

            NOW
THEREFORE, to induce the Secured Creditors to extend credit to the Borrower,
and in consideration thereof, and for other good and valuable consideration, the
receipt and sufficiency of which are acknowledged, the Guarantor agrees as
follows: 

ARTICLE 1 
INTERPRETATION 

	1.1 	
      Defined Terms.

	 	 
		
      As used in this Guarantee the following terms have the
      following meanings:

	 	 
		
      “Borrower” means Cardero Resource Corp., a
      corporation existing under the laws of the Province of British Columbia,
      and its successors and permitted assigns.

	 	 
		
      “Business Day” means a day other than a Saturday,
      Sunday or any other day on which Canadian chartered banks located in the
      City of Vancouver, Province of British Columbia are not open for
      business.

	 	 
		
      “Credit Documents” means the Notes, this
      Agreement, the Security Documents, a subscription agreement dated as of
      the date hereof and all other documents to be executed and delivered to
      the Secured Creditors by the Borrower and the Guarantor.

	 	 
		
      “Guarantee” means this guarantee.

	 	 
		
      “Guarantor” means Cardero Coal Ltd. and its
      successors and permitted assigns.

	 	 
		
      “Guarantor Security Documents” means any and all
      agreements and documents executed and delivered contemporaneously
      herewith, and held by the Secured Creditors from time to time in
      connection with the Obligations.

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      “Intercorporate Indebtedness” has the meaning
      specified in Section 3.5.

	 	 	 
		
      “Notes” means the Senior Secured Notes of the
      Borrower purchased by the Secured Creditors in the aggregate principal
      amount of $5,700,000.

	 	 	 
		
      “Notice” has the meaning specified in Section
      5.1.

	 	 	 
		
      “Obligations” means (i) all debts, liabilities and
      obligations, present or future, direct or indirect, absolute or
      contingent, at any time or from time to time due or accruing due and owing
      by or otherwise payable by the Borrower to the Secured Creditors, in any
      currency, however or wherever incurred, and whether incurred by the
      Borrower alone or jointly with another or others and whether as principal,
      guarantor or surety and in whatever name or style, and (ii) the due
      performance and compliance by the Borrower with all of the terms and
      conditions of the Notes and the other Credit Documents, as such debts,
      liabilities and obligations may be varied from time to time as
      contemplated by Section 3.7.

	 	 	 
		
      “Other Taxes” means present and future stamp and
      documentary taxes and any other excise and property taxes, charges,
      financial institutions duties, debits taxes and similar levies which arise
      from any payment made by the Guarantor under this Guarantee or under any
      of the Guarantor Security Documents or from the execution, delivery or
      registration of, or otherwise with respect to, this Guarantee or any of
      the Guarantor Security Documents.

	 	 	 
		
      “Security Documents” at any time means each
      agreement, document and instrument delivered to the Secured Creditors as
      security for the Obligations.

	 	 	 
		
      “Taxes” means all taxes, levies, imposts,
      deductions, charges or withholdings and all related liabilities imposed by
      any country (or any political subdivision or taxing authority of
    it).

	 	 	 
	1.2 	
      Interpretation.

	 	 	 
		(a) 	
      Capitalized terms used in this Guarantee but not defined
      have the meanings given to them in the Notes.

	 	 	 
		(b) 	
      In this Guarantee the words “including”, “includes” and
      “include” mean “including (or includes or include) without limitation”.
      The phrase “the aggregate of”, “the total of”, “the sum of”, or a phrase
      of similar meaning means “the aggregate (or total or sum), without
      duplication, of”. The expression “Article”, “Section” or other subdivision
      followed by a number mean and refer to the specified Article, Section or
      other subdivision of this Guarantee.

	 	 	 
		(c) 	
      Any reference in this Guarantee to gender includes all
      genders. Words importing the singular number only include the plural and
      vice versa.

- 3 - 

	 	(d) 	
      The division of this Guarantee into Articles, Sections
      and other subdivisions and the insertion of headings are for convenient
      reference only and are not to affect its interpretation.

	 	 	 
	 	(e) 	
      The schedules attached to this Guarantee form an integral
      part of it for all purposes of it.

	 	 	 
	 	(f) 	
      Except as otherwise provided in this Guarantee, any
      reference to this Guarantee, any Credit Document or any Guarantor Security
      Document refers to this Guarantee or such Credit Document or Guarantor
      Security Document as the same may have been or may from time to time be
      amended, modified, extended, renewed, restated, replaced or supplemented
      and includes all schedules to it. Except as otherwise provided in this
      Guarantee, any reference in this Guarantee to a statute refers to such
      statute and all rules and regulations made under it as the same may have
      been or may from time to time be amended or re-enacted.

	 	 	 
	 	(g) 	
      All references in this Guarantee to dollars, unless
      otherwise specifically indicated, are expressed in lawful currency of the
      United States of America.

ARTICLE 2 
GUARANTEE 

2.1      Guarantee.

            The
Guarantor irrevocably and unconditionally guarantees to the Secured Creditors
the due and punctual payment, and the due performance, whether at stated
maturity, by acceleration or otherwise, of the Obligations. The Guarantor agrees
that the Obligations will be paid to the Secured Creditors strictly in
accordance with their terms and conditions. 

2.2      Indemnity.

            If
any or all of the Obligations are not duly performed by the Borrower and are not
performed by the Guarantor under Section 2.1 for any reason whatsoever, the
Guarantor will, as a separate and distinct obligation, indemnify and save
harmless the Secured Creditors from and against all losses resulting from the
failure of the Borrower to duly perform such Obligations. 

2.3      Primary
Obligation 

            If
any or all of the Obligations are not duly performed by the Borrower and are not
performed by the Guarantor under Section 2.1 or the Secured Creditors are not
indemnified under Section 2.2, in each case, for any reason whatsoever, such
Obligations will, as a separate and distinct obligation, be performed by the
Guarantor as primary obligor. The Guarantor may, by notice in writing delivered
to the Secured Creditors, with effect from and after the date that is 30 days
following the date of receipt by the Secured Creditors of such notice, determine
its liability under this Guarantee in respect of liabilities thereafter incurred
or arising but not in respect of any liabilities theretofore incurred or arising
even though not then matured, provided, however, that notwithstanding receipt of
any such notice the Secured Creditors may fulfil any requirements of the Guarantor based on agreements express or
implied made prior to the receipt of such notice and any resulting liabilities
shall be covered by this Guarantee. 

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2.4      Absolute
Liability. 

            The
Guarantor agrees that the liability of the Guarantor under Section 2.1 and
Section 2.3 and, for greater certainty, under Section 2.2, is absolute and
unconditional irrespective of: 

	 	(a) 	
      the lack of validity or enforceability of any terms of
      any of the Credit Documents;

	 	 	 
	 	(b) 	
      any contest by the Borrower or any other Person as to the
      amount of the Obligations, the validity or enforceability of any terms of
      the Credit Documents or the perfection or priority of any security granted
      to the Secured Creditors;

	 	 	 
	 	(c) 	
      any defence, counter claim or right of set-off available
      to the Borrower;

	 	 	 
	 	(d) 	
      any release, compounding or other variance of the
      liability of the Borrower or any other Person liable in any manner under
      or in respect of the Obligations or the extinguishment of all or any part
      of the Obligations by operation of law;

	 	 	 
	 	(e) 	
      any change in the time or times for, or place or manner
      or terms of payment or performance of the Obligations or any consent,
      waiver, renewal, alteration, extension, compromise, arrangement,
      concession, release, discharge or other indulgences which the Secured
      Creditors may grant to the Borrower or any other Person;

	 	 	 
	 	(f) 	
      any amendment or supplement to, or alteration or renewal
      of, or restatement, replacement, refinancing or modification or variation
      of (including any increase in the amounts available thereunder or the
      inclusion of an additional borrower thereunder), or other action or
      inaction under, the Notes, the other Credit Documents or any other related
      document or instrument, or the Obligations;

	 	 	 
	 	(g) 	
      any discontinuance, termination, reduction, renewal,
      increase, abstention from renewing or other variation of any credit or
      credit facilities to, or the terms or conditions of any transaction with,
      the Borrower or any other Person;

	 	 	 
	 	(h) 	
      any change in the ownership, control, name, objects,
      businesses, assets, capital structure or constitution of the Borrower or
      the Guarantor or any reorganization (whether by way of reconstruction,
      consolidation, amalgamation, merger, transfer, sale, lease or otherwise)
      of the Borrower or the Guarantor or their respective businesses;

	 	 	 
	 	(i) 	
      any dealings with the security which the Secured
      Creditors hold or may hold pursuant to the terms and conditions of the
      Credit Documents, including the taking, giving up or exchange of
      securities, their variation or realization, the accepting of compositions
      and the granting of releases and discharges;

- 5 - 

	 	(j) 	
      any limitation of status or power, disability, incapacity
      or other circumstance relating to the Borrower or the Guarantor or any
      other Person, including any bankruptcy, insolvency, reorganization,
      composition, adjustment, dissolution, liquidation, winding-up or other
      like proceeding involving or affecting the Borrower or the Guarantor or
      any other Person or any action taken with respect to this Guarantee by any
      trustee or receiver, or by any court, in any such proceeding, whether or
      not the Guarantor shall have notice or knowledge of any of the
      foregoing;

	 	 	 
	 	(k) 	
      the assignment of all or any part of the benefits of this
      Guarantee by the Secured Creditors;

	 	 	 
	 	(l) 	
      any impossibility, impracticability, frustration of
      purpose, force majeure or illegality of any Credit Document, or the
      occurrence of any change in the laws, rules, regulations or ordinances of
      any jurisdiction or by any present or future action of (i) any
      governmental entity that amends, varies, reduces or otherwise affects, or
      purports to amend, vary, reduce or otherwise affect, any of the
      Obligations or the obligations of the Guarantor under this Guarantee, or
      (ii) any court order that amends, varies, reduces or otherwise affects any
      of the Obligations;

	 	 	 
	 	(m) 	
      any taking or failure to take security, any loss of, or
      loss of value of, any security, or any invalidity, non-perfection or
      unenforceability of any security held by the Secured Creditors, or any
      exercise or enforcement of, or failure to exercise or enforce, security,
      or irregularity or defect in the manner or procedure by which the Secured
      Creditors realize on such security;

	 	 	 
	 	(n) 	
      any application of any sums received to the Obligations,
      or any part thereof, and any change in such application; and

	 	 	 
	 	(o) 	
      any other circumstances which might otherwise constitute
      a defence available to, or a discharge of, the Guarantor, the Borrower or
      any other Person in respect of the Obligations or this
  Guarantee.

ARTICLE 3 
ENFORCEMENT 

3.1      Remedies.

            The
Secured Creditors are not bound to exhaust their recourse against the Borrower
or any other Person or realize on any security it may hold in respect of the
Obligations before being entitled to (i) enforce payment and performance under
this Guarantee or (ii) pursue any other remedy against the Guarantor, and the
Guarantor renounces all benefits of discussion and division. 

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3.2      Amount of
Obligations. 

            Any
account settled or stated by or between the Secured Creditors and the Borrower,
or if any such account has not been settled or stated immediately before demand
for payment under this Guarantee, any account stated by the Secured Creditors
shall, in the absence of manifest error, be accepted by the Guarantor as
conclusive evidence of the amount of the Obligations which is due by the
Borrower to the Secured Creditors or remains unpaid by the Borrower to the
Secured Creditors. 

3.3      Payment on
Demand. 

            The
Guarantor will pay and perform the Obligations and pay all other amounts payable
by it to the Secured Creditors under this Guarantee, and the obligation to do so
arises, immediately after demand for such payment or performance is made in
writing to it. The liability of the Guarantor bears interest from the date of
such demand at the rate or rates of interest then applicable to the Obligations
under and calculated in the manner provided in the Credit Documents (including
any adjustment to give effect to the provisions of the Interest Act
(Canada)). 

3.4      Costs and
Expenses. 

            The
Guarantor is liable for and will pay on demand by the Secured Creditors any and
all reasonable expenses, costs and charges incurred by or on behalf of the
Secured Creditors in connection with this Agreement, including all reasonable
legal fees, courts costs, receivers or agent’s remuneration and other expenses
in connection with enforcing any of their rights under any of the Credit
Documents. 

3.5      Assignment
and Postponement. 

	 	(a) 	
      All obligations, liabilities and indebtedness of the
      Borrower to the Guarantor of any nature whatsoever and all security
      therefor (the “Intercorporate Indebtedness”) are assigned and
      transferred to the Secured Creditors as general, continuing and collateral
      security for the Guarantor’s obligations under this Guarantee and
      postponed to the payment in full of all Obligations. Until the occurrence
      of an Event of Default (unless it is waived in writing by the Secured
      Creditors), the Guarantor may receive payments in respect of the
      Intercorporate Indebtedness as permitted under the Notes. The Guarantor
      will not assign all or any part of the Intercorporate Indebtedness to any
      Person other than the Secured Creditors.

	 	 	 
	 	(b) 	
      Upon the occurrence of an Event of Default which is not
      waived in writing by the Secured Creditors, all Intercorporate
      Indebtedness shall be, and shall be deemed to be, held in trust for the
      Secured Creditors and will be collected, enforced or proved subject to,
      and for the purpose of, this Guarantee. In such event, any payments
      received by the Guarantor in respect of the Intercorporate Indebtedness
      shall be, and shall be deemed to be, held in trust for the Secured
      Creditors and segregated from other funds and property held by the
      Guarantor and immediately paid to the Secured Creditors on account of the
      Obligations.

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	 	(c) 	
      The Intercorporate Indebtedness shall not be released or
      withdrawn by the Guarantor without the prior written consent of the
      Secured Creditors. The Guarantor will not allow a limitation period to
      expire on the Intercorporate Indebtedness or ask for or obtain any
      security or negotiable paper for, or other evidence of, the Intercorporate
      Indebtedness except for the purpose of delivering the same to the Secured
      Creditors.

	 	 	 
	 	(d) 	
      In the event of any insolvency, bankruptcy or other
      proceeding involving the liquidation, arrangement, compromise,
      reorganization or other relief with respect to the Borrower or its debts,
      the Guarantor will, upon the request of the Secured Creditors, make and
      present a proof of claim or commence such other proceedings against the
      Borrower on account of the Intercorporate Indebtedness as may be
      reasonably necessary to establish the Guarantor’s entitlement to payment
      of any Intercorporate Indebtedness. Such proof of claim or other
      proceeding must be made or commenced prior to the earlier of (i) the day
      which is 30 days after notice requesting such action is delivered by or on
      behalf of the Secured Creditors to the Guarantor, and (ii) the day which
      is 10 days preceding the date when such proof of claim or other proceeding
      is required by applicable law to be made or commenced. Such proof of claim
      or other proceeding must be in form and substance acceptable to the
      Secured Creditors, acting reasonably.

	 	 	 
	 	(e) 	
      If the Guarantor fails to make and file such proof of
      claim or commence such other proceeding in accordance with this Section,
      the Secured Creditors are irrevocably authorized, empowered and directed
      and appointed the true and lawful attorney of the Guarantor (but is not
      obliged) with the power to exercise for and on behalf of the Guarantor the
      following rights, upon the occurrence of an Event of Default which is not
      waived in writing by the Secured Creditors: (i) to make and present for
      and on behalf of the Guarantor proofs of claims or other such proceedings
      against the Borrower on account of the Intercompany Indebtedness, (ii) to
      demand, sue for, receive and collect any and all dividends or other
      payments or disbursements made in respect of the Intercompany Indebtedness
      in whatever form the same may be paid or issued and to apply the same on
      account of the Obligations, and (iii) to demand, sue for, collect and
      receive each such payment and distribution and give acquittance therefor
      and to file claims and take such other actions, in their own names or in
      the name of the Guarantor or otherwise, as the Secured Creditors may deem
      necessary or advisable to enforce their rights under this
  Guarantee.

	 	 	 
	 	(f) 	
      The Guarantor will execute all subordinations,
      postponements, assignments and other agreements as the Secured Creditors
      may reasonably request to more effectively subordinate and postpone the
      Intercorporate Indebtedness to the payment and performance of the
      Obligations.

	 	 	 
	 	(g) 	
      The provisions of this Section 3.5 survive the
      termination of this Guarantee and remain in full force and effect until
      (i) the Obligations and all other amounts owing under the Credit Documents
      are indefeasibly repaid and performed in full; and (ii) the Secured Creditors has no further obligations under
any of the Credit Documents. 

- 8 - 

3.6      Suspension
of Guarantor Rights. 

            So
long as there are any Obligations, the Guarantor shall not exercise any rights
which it may at any time have by reason of the performance of any of its
obligations under this Guarantee (i) to be indemnified by the Borrower, (ii) to
claim contribution from any other Person, or (iii) subject to Section 3.8, to
take the benefit (in whole or in part and whether by way of subrogation or
otherwise) of any rights of the Secured Creditors under any of the Credit
Documents. 

3.7      No Prejudice
to Secured Creditors. 

            The
Secured Creditors are not prejudiced in any way in the right to enforce any
provision of this Guarantee by any act or failure to act on the part of the
Borrower or the Secured Creditors. The Secured Creditors may, at any time and
from time to time, in such manner it determines is expedient, without any
consent of, or notice to, the Guarantor and without impairing or releasing the
obligations of the Guarantor (i) change the manner, place, time or terms of
payment or performance of the Obligations, (ii) renew or alter the Obligations,
(iii) amend, vary, modify, supplement or replace any Credit Document or any
other related document or instrument, (iv) discontinue, reduce, renew, increase,
abstain from renewing or otherwise vary any credit or credit facilities to, any
transaction with, the Borrower or any other Person, (v) release, compound or
vary the liability of the Borrower or any other Person liable in any manner
under or in respect of the Obligations, (vi) take or abstain from taking
securities or collateral from any other Person, or from perfecting securities or
collateral of any other Person, (vii) exercise or enforce or refrain from
exercising or enforcing any right or security against the Borrower, the
Guarantor or any other Person, (viii) accept compromises or arrangement from any
Person, (ix) apply any sums from time to time received to the Obligations, or
any part thereof, and change any such application in whole or in part from time
to time, (x) otherwise deal with, or waive or modify their right to deal with,
any Person and security. In their dealings with the Borrower, the Secured
Creditors need not enquire into the authority or power of any Person purporting
to act for or on behalf of the Borrower. 

3.8      Rights of
Subrogation. 

            Any
rights of subrogation acquired by the Guarantor by reason of payment under this
Guarantee shall not be exercised until the Obligations and all other amounts due
to the Secured Creditors have been indefeasibly paid and performed in full and
such rights of subrogation shall be no greater than the rights held by the
Secured Creditors. In the event (i) of the liquidation, winding up or bankruptcy
of the Borrower (whether voluntary or compulsory), (ii) that the Borrower makes
a bulk sale of any of its assets within the meaning of any bulk sales or
insolvency legislation, or (iii) that the Borrower makes any composition with
creditors or enters into any scheme of arrangement, the Secured Creditors have
the right to rank in priority to the Guarantor for their full claims in respect
of the Obligations and receive all dividends and other payments until their
claims have been indefeasibly paid in full. The Guarantor will continue to be
liable, less any payments made by it, for any balance which may be owing to the
Secured Creditors by the Borrower. No valuation or retention of their security
by the Secured Creditors shall, as between the Secured Creditors and the Guarantor, be
considered as a purchase of such security or as payment or satisfaction or
reduction of all or any part of the Obligations. If any amount is paid to the
Guarantor at any time when all the Obligations and other amounts due to the
Secured Creditors have not been paid in full, the amount shall be, and shall be
deemed to be, held in trust for the benefit of the Secured Creditors and
immediately paid to the Secured Creditors to be credited and applied to the
Obligations as it sees fit, whether matured or unmatured. The Guarantor has no
recourse against the Secured Creditors for any invalidity, non-perfection or
unenforceability of any security held by the Secured Creditors or any
irregularity or defect in the manner or procedure by which the Secured Creditors
realize on such security. 

- 9 - 

3.9      No Set-off.

            To
the fullest extent permitted by law, the Guarantor makes all payments under this
Guarantee without regard to any defence, adverse claim, counter-claim or right
of set-off available to it. 

3.10    Successors of the
Borrower. 

            This
Guarantee will not be revoked by any change in the constitution of the Borrower.
This Guarantee and the Guarantor Security Documents extend to any Person
acquiring, or from time to time carrying on, the business of the Borrower. 

3.11    Continuing Guarantee
and Continuing Obligations. 

            The
obligation of the Guarantor under Section 2.1 is a continuing guarantee, and the
obligations of the Guarantor under Section 2.2 and Section 2.3 are continuing
obligations. Each of Section 2.1, Section 2.2 and Section 2.3 extends to all
present and future Obligations, applies to and secures the ultimate balance of
the Obligations due or remaining due to the Secured Creditors and is binding as
a continuing obligation of the Guarantor until the Secured Creditors releases
the Guarantor. This Guarantee shall continue to be effective or be reinstated,
as the case may be, if at any time any payment of any of the Obligations is
rescinded or must otherwise be returned by the Secured Creditors upon the
insolvency, bankruptcy or reorganization of the Borrower or otherwise, all as
though the payment had not been made. 

3.12    Supplemental Security.

            This
Guarantee is in addition and without prejudice to and supplemental to all other
guarantees, indemnities, obligations and security now held or which may
hereafter be held by the Secured Creditors. 

3.13    Security for Guarantee.

            The
Guarantor acknowledges that this Guarantee is intended to secure payment and
performance of the Obligations and that the payment and performance of the
Obligations and the other obligations of the Guarantor under this Guarantee are
secured pursuant to the terms and provisions of the Guarantor Security
Documents. 

- 10 - 

3.14    Right of Set-off.

            Upon
the occurrence of any Event of Default which is not waived in writing by the
Secured Creditors, the Secured Creditors are authorized by the Guarantor at any
time and from time to time and may, to the fullest extent permitted by law, set
off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other indebtedness at any time owing
by the Secured Creditors to or for the credit or the account of the Guarantor
against any and all of the obligations of the Guarantor now or hereafter
existing irrespective of whether or not (i) the Secured Creditors have made any
demand under this Guarantee, or (ii) any of the obligations comprising the
Obligations which are contingent or unmatured. The rights of the Secured
Creditors under this Section 3.14 are in addition and without prejudice to and
supplemental to other rights and remedies which the Secured Creditors may have.

3.15    Interest Act (Canada).

            The
Guarantor acknowledges that certain of the rates of interest applicable to the
Obligations may be computed on the basis of a year of 365 days. For purposes of
the Interest Act (Canada), whenever any interest is calculated using a
rate based on a year of 365 days, such rate determined pursuant to such
calculation, when expressed as an annual rate is equivalent to (i) the
applicable rate based on a year of 365 days, (ii) multiplied by the actual
number of days in the calendar year in which the period for such interest is
payable (or compounded) ends, and (iii) divided by 365. 

3.16    Taxes. 

	 	(a) 	
      All payments to the Secured Creditors by the Guarantor
      under this Guarantee or under any of the Guarantor Security Documents will
      be made free and clear of and without deduction or withholding for any and
      all Taxes, unless such Taxes are required by applicable law to be deducted
      or withheld. If the Guarantor is required by applicable law to deduct or
      withhold any such Taxes from or in respect of any amount payable under
      this Guarantee or under any of the Guarantor Security Documents (i) the
      amount payable shall be increased (and for greater certainty, in the case
      of interest, the amount of interest shall be increased) as may be
      necessary so that after making all required deductions or withholdings
      (including deductions or withholdings applicable to any additional amounts
      paid under this Section 3.16), the Secured Creditors receive an amount
      equal to the amount it would have received if no such deduction or
      withholding had been made, (ii) the Guarantor will make such deductions or
      withholdings, and (iii) the Guarantor will immediately pay the full amount
      deducted or withheld to the relevant Governmental Entity in accordance
      with applicable law.

	 	 	 
	 	(b) 	
      The Guarantor agrees to immediately pay any Other
      Taxes.

	 	 	 
	 	(c) 	
      The Guarantor will indemnify the Secured Creditors for
      the full amount of Taxes and Other Taxes (including, without limitation,
      any Taxes or Other Taxes imposed by any jurisdiction on amounts payable by
      the Guarantor under this Section 3.16 but specifically excluding regular income
      tax paid on interest income) paid by the Secured Creditors and any
      liability (including penalties, interest and expenses) arising from or
      with respect to such Taxes and Other Taxes, whether or not they were
      correctly or legally asserted. Payment under this indemnification will be
      made within 30 days from the date the Secured Creditors make written
      demand for it. A certificate as to the amount of such Taxes and Other
      Taxes submitted to the Guarantor by the Secured Creditors is conclusive
      evidence, absent manifest error, of the amount due from the Guarantor to
  the Secured Creditors.

- 11 - 

	 	(d) 	
      The Guarantor will furnish to the Secured Creditors the
      original or a certified copy of a receipt evidencing payment of any Taxes
      or Other Taxes made by the Guarantor within 30 days after the date of any
      payment of such Taxes or Other Taxes.

	 	 	 
	 	(e) 	
      The provisions of this Section 3.16 survive the
      termination of this Guarantee.

ARTICLE 4 
REPRESENTATIONS, WARRANTIES AND
COVENANTS 

4.1     
Representations and Warranties. 

            The
Guarantor represents and warrants, acknowledging and confirming that that the
Secured Creditors are relying on such representations and warranties in
connection with the acceptance of this Guarantee, that: 

	 	(a) 	
      Incorporation and Qualification. The Guarantor is
      a corporation incorporated and existing under the laws of its jurisdiction
      of incorporation.

	 	 	 	 
	 	(b) 	
      Corporate Power. The Guarantor has the corporate
      power to (i) own, lease and operate its properties and assets and carry on
      its business as now being conducted by it, and (ii) enter into and perform
      its obligations under the Credit Documents to which it is a
  party.

	 	 	 	 
	 	(c) 	
      Conflict With Other Instruments. The execution and
      delivery by the Guarantor and the performance by it under, and compliance
      with the terms, conditions and provisions of, the Credit Documents to
      which it is a party:

	 	 	 	 
	 		(i) 	
      do not and will not (or would not with the giving of
      notice, the lapse of time or the happening of any other event or
      condition) constitute or result in a violation or breach of, or conflict
      with, or allow any other Person to exercise any rights under, any of the
      terms or provisions of its constating documents or by-laws;

	 	 	 	 
	 		(ii) 	
      do not and will not (or would not with the giving of
      notice, the lapse of time or the happening or any other event or
      condition) constitute or result in a material breach or violation of, or
      conflict with or allow any other Person to exercise any rights under, any
      of the terms or provisions of any material contracts, leases or instruments to which it is
      a party or pursuant to which any of its assets or property may be
  affected; and

- 12 - 

	 	(iii) 	
      do not and will not result in the violation of any law,
      regulation or rule or any judgment, injunction, order, writ, decision,
      ruling or award which is binding on it.

	 	(d) 	
      Authorized and Issued Capital. At this date, 100%
      of the issued and outstanding shares of the Guarantor are owned by the
      Borrower as the registered and beneficial owner with a good title, free
      and clear of all Liens other than Permitted Encumbrances and those
      restrictions on transfer, if any, contained in the articles of the
      Guarantor.

	 	 	 
	 	(e) 	
      Execution and Binding Obligation. This Guarantee
      and the other Credit Documents to which it is a party have been duly
      executed and delivered by the Guarantor and constitute legal, valid and
      binding agreements of it enforceable against it in accordance with their
      respective terms, subject only to any limitation under applicable laws
      relating to (i) bankruptcy, insolvency, arrangement and other laws of
      general application affecting the enforcement of creditors’ rights, and
      (ii) the discretion that a court may exercise in the granting of equitable
      remedies.

	 	 	 
	 	(f) 	
      Notes Representations. Each representation and
      warranty made by the Borrower pursuant to the subscription agreement
      between the Secured Creditors and the Borrower dated the date hereof, to
      the extent it pertains to the Guarantor, the business of the Guarantor and
      the Credit Documents to which the Guarantor is a party, is true, accurate
      and complete in all material respects.

4.2      Notes
Covenants. 

            Until
the Obligations and all other amounts owing under this Guarantee are
indefeasibly paid or repaid in full, the Obligations are performed in full and
the Secured Creditors have no obligations under the Credit Documents, the
Guarantor covenants and agrees that it will take, or will refrain from taking,
as the case may be, all actions that are necessary to be taken or not taken so
that no violation of any provision, covenant or agreement contained in the
Notes, and so that no Event of Default, is caused by the actions of the
Guarantor. 

ARTICLE 5 
GENERAL 

5.1      Notices,
etc. 

            Any
notice or other communication required or permitted to be given hereunder shall
be in writing and shall be given by registered mail, by facsimile or other means
of electronic communication or by hand-delivery as hereinafter provided. Any
such notice or other communication, if mailed by registered mail at any time
other than during, or within three (3) business days prior to, a general
discontinuance of postal service due to strike, lockout or otherwise, shall be
deemed to have been received on the fourth business day after the postmarked
date thereof, or if sent by facsimile or other means of
electronic communication, shall be deemed to have been received on the Business
Day of the sending (provided it was sent before 4:30 p.m. Toronto time) and the
applicable printed facsimile record shall be definitive evidence of the time and
date of such facsimile transmission, or if delivered by hand shall be deemed to
have been received at the time it is delivered to the applicable address noted
below either to the individual designated below or to an employee of the
addressee at such address with responsibility for matters to which the
information relates. Notice of change of address shall also be governed by this
Section 8.7. In the event of a general discontinuance of postal service due to
strike, lock-out or otherwise, notices or other communications shall be
delivered by hand or sent by facsimile or other means of electronic
communication and shall be deemed to have been received in accordance with the
foregoing. Notices and other communications shall be addressed as follows: 

- 13 - 

Cardero Resource Corp. 
Suite 2300 –
1177 West Hastings Street. 
Vancouver, British Columbia V6E 2K3 

Attention:              Lawrence
Talbot, Vice-President & General Counsel

Facsimile:              
604-408-7499 

with a copy (that does not constitute
notice) to: 

Gowling Lafleur Henderson LLP 
550
Burrard Street, Suite 2300 
Vancouver, BC V6C 2B5 

Attention:              Daniel
Allen

Fascimile:              
604-689-8610 

if to the Secured Creditors: 

[Redacted] 

Attention:              Robert
C. Kopple, Trustee

Facsimile:               •

with a copy (that does not constitute
notice) to: 

Owen Bird Law Corporation
Bentall 3

595 Burrard Street, Suite 2900 
Vancouver, BC V7X 1J5 

Attention:              Jeffrey
B. Lightfoot

Facsimile:              
604-688-2827 

- 14 - 

5.2      No Merger,
Survival of Representations and Warranties. 

            The
representations, warranties and covenants of the Guarantor in this Guarantee
survive the execution and delivery of this Guarantee. Notwithstanding any
investigation made by or on behalf of the Secured Creditors, the
representations, warranties and covenants in this Guarantee continue in full
force and effect. 

5.3      Further
Assurances. 

	 	(a) 	
      The Guarantor will do all acts and things and execute and
      deliver, or cause to be executed and delivered, all documents and
      instruments that the Secured Creditors may reasonably request to give full
      effect to this Guarantee and to perfect and preserve the rights and powers
      of the Secured Creditors under this Guarantee, including any
      acknowledgements and confirmations of this Guarantee and the Guarantor
      Security Documents.

	 	 	 
	 	(b) 	
      The Guarantor acknowledges and confirms that the
      Guarantor itself has established its own adequate means of obtaining from
      the Borrower on a continuing basis all information desired by the
      Guarantor concerning the financial condition of the Borrower and that the
      Guarantor will look to the Borrower and not to the Secured Creditors, in
      order for the Guarantor to keep adequately informed of changes in the
      Borrower’ financial condition.

5.4      Successors
and Assigns. 

            This
Guarantee is binding upon the Guarantor, its successors and assigns, and enures
to the benefit of the Secured Creditors and their successors and assigns. This
Guarantee may be assigned by the Secured Creditors in accordance with the
provisions of the Notes. In any action brought by an assignee to enforce any
such right or remedy, the Guarantor will not assert against the assignee any
claim or defence which the Guarantor now has or may have against the Secured
Creditors. The Guarantor may not assign, transfer or delegate any of its rights
or obligations under this Guarantee without the prior written consent of the
Secured Creditors which may be unreasonably withheld. 

5.5      Amendment.

            This
Guarantee may only be amended, supplemented or otherwise modified by written
agreement executed by the Secured Creditors and the Guarantor. 

5.6      Waivers,
etc. 

	 	(a) 	
      No consent or waiver by the Secured Creditors in respect
      of this Guarantee is binding unless made in writing and signed by an
      authorized officer of the Secured Creditors. Any consent or waiver given
      under this Guarantee is effective only in the specific instance and for
      the specific purpose for which given. No waiver of any of the provisions
      of this Guarantee constitutes a waiver of any other
  provision.

- 15 - 

	 	(b) 	
      A failure or delay on the part of the Secured Creditors
      in exercising a right under this Guarantee does not operate as a waiver
      of, or impair, any right of the Secured Creditors however arising. A
      single or partial exercise of a right on the part of the Secured Creditors
      does not preclude any other or further exercise of that right or the
      exercise of any other right by the Secured
Creditors.

5.7    
 Severability. 

            If
any court of competent jurisdiction from which no appeal exists or is taken,
determines that any provision of this Guarantee is illegal, invalid or
unenforceable, that provision will be severed from this Guarantee and the
remaining provisions will remain in full force and effect. 

5.8      Application
of Proceeds. 

            All
monies collected by the Secured Creditors under this Guarantee will be applied
as provided in the Notes. To the extent any other Credit Document requires
proceeds of collateral under such Credit Document to be applied in accordance
with the provisions of this Guarantee, the Secured Creditors or holder under
such other Credit Document shall apply such proceeds in accordance with this
Section 5.8. 

5.9      Governing
Law. 

	 	(a) 	
      This Guarantee shall exclusively (without regard to any
      principle or rule relating to conflicts of laws) be governed by,
      interpreted and enforced in accordance with the laws of the Province of
      British Columbia and the federal laws of Canada applicable
  therein.

	 	 	 
	 	(b) 	
      The Guarantor irrevocably attorns and submits to the
      non-exclusive jurisdiction of any court of competent jurisdiction of the
      Province of British Columbia sitting in Vancouver in any action or
      proceeding arising out of or relating to this Guarantee and the other
      Credit Documents to which it is a party. The Guarantor irrevocably waives
      objection to the venue of any action or proceeding in such court or that
      such court provides an inconvenient forum. Nothing in this Section 5.9
      limits the right of the Secured Creditors to bring proceedings against the
      Guarantor in the courts of any other jurisdiction.

	 	 	 
	 	(c) 	
      The Guarantor hereby irrevocably consents to the service
      of any and all process in any such action or proceeding by the delivery of
      copies of such process to the Guarantor at the address of the Guarantor
      set out herein. Nothing in this Section 5.9 affects the right of the
      Secured Creditors to serve process in any manner permitted by
  law.

5.10    Paramountcy.

            In
the event of any conflict with the provisions hereof and the provisions of the
Notes, the provisions of the Notes shall prevail and govern but only to the
extent of such conflict. 

[Remainder of Page Intentionally Left Blank.] 

- 16 - 

      
     IN WITNESS WHEREOF the Guarantor has
executed and delivered this Guarantee under seal by its duly authorized signing
officer. 

CARDERO COAL LTD. 

 

	 	By: 	(signed) Lawrence Talbot 
	 	  	Name: Lawrence Talbot 
	 	  	Title: Vice-President & General Counsel
  
	 	  	Authorized Signing OfficerCardero Resolurce Corp. - Exhibit 4.10 - Filed by newsfilecorp.com

THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES
ISSUABLE ON EXERCISE HEREOF ARE SUBJECT TO THE RESTRICTIONS SET FORTH ELSEWHERE
IN THE TERMS AND CONDITIONS HEREOF. 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE DECEMBER 9, 2013. 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON
THE TORONTO STOCK EXCHANGE (“TSX”); HOWEVER, THE SAID SECURITIES CANNOT BE
TRADED THROUGH THE FACILITIES OF THE TSX SINCE THEY ARE NOT FREELY TRANSFERABLE,
AND CONSEQUENTLY ANY CERTIFICATE REPRESENTING SUCH SECURITIES IS NOT ‘GOOD
DELIVERY’ IN SETTLEMENT OF TRANSACTIONS ON THE TSX. 

	Number of Warrants: • 	Issue Date: August 8, 2013 (the “Issue
      Date”) 
	Certificate No: 2013-Warrant-K• 	Expiry Date: August 8, 2020 (the “Expiry
      Date”) 

WARRANT CERTIFICATE 

CARDERO RESOURCE CORP. 

For value received, • (the “Holder”) is the
registered holder of that number of transferable warrants (the
“Warrants”) of Cardero Resource Corp. (the “Corporation”) as set
forth above. 

1.                      
Warrants. Each Warrant shall entitle the holder thereof to purchase one
common share of the Corporation (a “Share”) as constituted on the Issue
Date, until 4:00 pm (Vancouver time) on the Expiry Date, at a price of
$0.095.

2.                     
 Transfer and Restrictions. Subject to the provisions hereof,
applicable securities legislation and the rules, policies, notices and orders
issued by applicable securities regulatory authorities, including the Toronto
Stock Exchange (“TSX”), NYSE MKT LLC, or such other stock exchange as the
Shares may then be listed and posted for trading on (any such stock exchange,
the “Exchange”), the Warrants evidenced hereby (or any portion thereof)
may be assigned or transferred by the holder by duly completing and executing
the Transfer Form attached hereto as Schedule “B”. The rights and obligations of
the parties hereunder shall be binding upon and enure to the benefit of their
successors and permitted assigns. 

THE HOLDER OF THIS SECURITY SHALL NOT BE ENTITLED TO
EXERCISE ANY WARRANTS REPRESENTED HEREBY AT ANY TIME WHERE, FOLLOWING SUCH
EXERCISE, SUCH HOLDER AND ITS ASSOCIATES AND AFFILIATES WOULD HOLD MORE THAN
19.9% OF THE THEN ISSUED AND OUTSTANDING COMMON SHARES OF CARDERO RESOURCE CORP.
(THE “CORPORATION”) UNLESS PRIOR APPROVAL OF THE TSX OR THE CORPORATION'S
SHAREHOLDERS IS OBTAINED IN ACCORDANCE WITH THE POLICIES OF THE TSX. 

THE HOLDER OF THIS SECURITY SHALL NOT BE ENTITLED TO
EXERCISE ANY WARRANTS REPRESENTED HEREBY AT ANY TIME WHERE, FOLLOWING SUCH
EXERCISE, SUCH HOLDER AND ITS ASSOCIATES AND AFFILIATES WOULD HOLD 10% OR MORE
OF THE THEN ISSUED AND OUTSTANDING COMMON SHARES OF THE CORPORATION UNLESS PRIOR
APPROVAL OF THE TSX IS OBTAINED IN ACCORDANCE WITH THE POLICIES OF THE TSX.

- 2 - 

THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES
ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (the “1933 ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE
HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF
CARDERO RESOURCE CORP. (THE “CORPORATION”) THAT SUCH SECURITIES MAY BE OFFERED,
SOLD OR OTHERWISE TRANSFERRED ONLY (A) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE 1933 ACT; (B) TO THE CORPORATION, (C) OUTSIDE THE UNITED
STATES IN ACCORDANCE WITH REGULATION S UNDER THE 1933 ACT AND IN COMPLIANCE WITH
APPLICABLE LOCAL LAWS OR (D) WITHIN THE UNITED STATES (1) IN ACCORDANCE WITH THE
EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT PROVIDED BY RULE 144 OR RULE 144A
THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES
LAWS OR (2) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933
ACT OR APPLICABLE STATE SECURITIES LAWS, AND THE HOLDER HAS PROVIDED THE
CORPORATION, PRIOR TO SUCH OFFER, SALE OR TRANSFER WITH AN OPINION OF COUNSEL,
IN FORM AND SUBSTANCE SATISFACTORY TO THE CORPORATION OR OTHER EVIDENCE
SATISFACTORY TO THE CORPORATION THAT SUCH SECURITIES ARE REGISTERED UNDER THE
1933 ACT OR MAY BE SO OFFERED, SOLD OR TRANSFERRED WITHOUT REGISTRATION UNDER
THE 1933 ACT OR APPLICABLE STATE SECURITIES LAWS. NOTWITHSTANDING THE FOREGOING,
THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR
OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES. 

THESE WARRANTS AND THE SECURITIES DELIVERABLE UPON EXERCISE
HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.
THESE WARRANTS MAY NOT BE EXERCISED BY OR ON BEHALF OF A U.S. PERSON OR A PERSON
IN THE UNITED STATES UNLESS THESE WARRANTS AND THE SECURITIES ISSUABLE UPON
EXERCISE OF THESE WARRANTS HAVE BEEN REGISTERED UNDER THE 1933 ACT AND THE
APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR EXEMPTIONS FROM SUCH
REGISTRATION REQUIREMENTS ARE AVAILABLE. “UNITED STATES” AND “U.S. PERSON” ARE
AS DEFINED BY REGULATION S UNDER THE 1933 ACT. 

THE HOLDER OF THIS SECURITY SHALL NOT BE ENTITLED TO
EXERCISE ANY WARRANTS REPRESENTED HEREBY UNTIL THE SECURITIES DELIVERABLE UPON
EXERCISE HAVE BEEN APPROVED FOR LISTING BY THE NYSE MKT, OR SUCH APPROVAL IS NO
LONGER NECESSARY. 

3.                      
Warrants Exercise Procedure. This Warrant may be exercised at any time
prior to the Expiry Date by surrendering the original of this Warrant
certificate at the offices of the Corporation set out in subsection 17(g) hereof
together with a subscription form in the form attached as Schedule “A” hereto
duly completed and executed, such additional documents as may be contemplated
thereby, and a certified cheque, bank draft or money order in lawful money of
Canada payable to or to the order of the Corporation.

4.                     
 Partial Exercise. The Holder may subscribe for and purchase less
than the full number of Shares entitled to be subscribed for and purchased
hereunder. In the event that the Holder subscribes for and purchases less than
the full number of Shares entitled to be subscribed for and purchased under this
Warrant certificate prior to the Expiry Date, the Corporation shall issue a new
Warrant certificate to the Holder in the substantially the same form as this
Warrant certificate with appropriate changes to reflect the unexercised balance
of the Warrants. 

5.                      
Delivery of Shares. Within five business days of receipt by the
Corporation of this Warrant certificate in accordance with, and the documents
and payment noted in, Section 3, the Corporation will deliver a certificate(s)
representing the Shares subscribed for and purchased by the Holder hereunder,
and a replacement Warrant certificate, if any. 

6.                      
No Rights of Shareholders. Nothing contained in this Warrant certificate
shall be construed as conferring upon the Holder any right or interest
whatsoever as a holder of Shares of the Corporation or any other right or
interest except as herein expressly provided. 

- 3 - 

7.                      
Adjustment of Subscription and Purchase Rights. The rights evidenced by
this Warrant certificate are to purchase Shares. If there shall, prior to the
exercise of any of the rights evidenced hereby, be any (i) reorganization of the
authorized capital of the Corporation by way of consolidation, merger,
sub-division, amalgamation, arrangement, reclassification or otherwise; (ii)
transfer, sale, lease or exchange of the undertaking or assets of the
Corporation as an entirety or substantially as an entirety to another person;
(iii) the payment of any stock dividends (other than in the ordinary course of
business); (iv) a special distribution or rights offering; (v) the change or
exchange of the Shares into or with another security; or (vi) any similar event
or transaction not specifically contemplated by this Section 7 as determined by
the Corporation in its sole discretion (collectively, a
“Reorganization”), then there shall, subject to the consent of the
Exchange (if required), automatically be an adjustment, as applicable, in (A)
the number of Shares of the Corporation which may be issued pursuant hereto
and/or the exercise price for the Shares, by corresponding amounts if
applicable, and/or (B) the kind and aggregate number of shares or other
securities or property resulting from the Reorganization, so that the rights
evidenced hereby shall thereafter be as reasonably as possible equivalent to the
rights originally granted hereby and such that the Holder, upon exercise of this
Warrant following the effective date of the Reorganization, shall receive the
kind and type of shares, securities or property the Holder would have been
entitled to receive if, on the effective date thereof, the Holder had been the
registered holder of the number of Shares which the Holder was theretofore
entitled to purchase or receive upon the exercise of this Warrant certificate.
In accordance with this certificate, the Corporation will make adjustments as it
considers necessary and equitable acting in good faith, subject to any approvals
required by the Exchange. If at any time a dispute arises with respect to
adjustments provide for herein, such dispute will be conclusively determined by
the Canadian auditors of the Corporation or if they are unable or unwilling to
act, by such other firm of Canadian independent chartered accountants as may be
selected by the directors of the Corporation and any such determination, absent
manifest error, will be binding upon the Corporation, the Holder and
shareholders of the Corporation. The Corporation will provide such auditors or
accountants with access to all necessary records of the Corporation and fees
payable to such accountants or auditors will be paid by the Corporation. 

8.                      
No Fractional Shares. The Corporation shall not be required to issue
fractional Shares upon the exercise of the Warrants evidenced hereby and the
Holder shall not be entitled to any cash payment or compensation in lieu of a
fractional Share. 

9.                      
Legending of Shares. 

The Warrants have been, and the Shares will be, issued pursuant
to an exemption (an “Exemption”) from the registration and prospectus
requirements of applicable securities law. To the extent that the Corporation
relies on such Exemption, the Shares may be subject to restrictions on resale
and transferability contained in applicable securities laws. 

The Holder hereby agrees and consents by acceptance hereof that
the certificate or certificates representing the Shares issued before the date
that is four months and one day from the Issue Date upon exercise of the
Warrant, shall be impressed with a legend in the following form: 

UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE
[Insert the date that is four months and one day from the Issue Date]

THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE LISTED ON THE TORONTO STOCK EXCHANGE (“TSX”); HOWEVER, THE SAID
SECURITIES CANNOT BE TRADED THROUGH THE FACILITIES OF THE TSX SINCE THEY ARE NOT
FREELY TRANSFERABLE, AND CONSEQUENTLY ANY CERTIFICATE REPRESENTING SUCH
SECURITIES IS NOT ‘GOOD DELIVERY’ IN SETTLEMENT OF TRANSACTIONS ON THE TSX 

This Warrant and the Shares issuable upon exercise hereof have
not been registered under the United States Securities Act of 1933, as amended
(the “1933 Act”), or the securities laws of any state of the United
States. Accordingly, this Warrant and the Shares issuable upon exercise hereof
may not be offered or sold, directly or indirectly, in the United States except
pursuant to registration under the 1933 Act and the applicable securities laws
of all applicable states or available exemption therefrom. This
Warrant may not be exercised by or on behalf of a U.S. person or person in the
United States unless this Warrant and the securities issuable upon exercise of
this Warrant have been registered under the 1933 Act and the applicable
securities legislation of any such state or an exemption from such registration
requirements is available. “United States” and “U.S. person” are as defined by
Regulation S under the 1933 Act. The Holder hereby agrees and consents by
acceptance hereof that all certificates representing Shares acquired upon
exercise of this Warrant by, or for the account or benefit of, U.S. persons or
persons in the United States shall have the following legend: 

- 4 - 

THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (the “1933
ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING
SUCH SECURITIES, AGREES FOR THE BENEFIT OF CARDERO RESOURCE CORP. (THE
“CORPORATION”) THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED ONLY (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
1933 ACT; (B) TO THE CORPORATION, (C) OUTSIDE THE UNITED STATES IN ACCORDANCE
WITH REGULATION S UNDER THE 1933 ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL
LAWS OR (D) WITHIN THE UNITED STATES (1) IN ACCORDANCE WITH THE EXEMPTION FROM
REGISTRATION UNDER THE 1933 ACT PROVIDED BY RULE 144 OR RULE 144A THEREUNDER, IF
AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS OR (2) IN
A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT OR
APPLICABLE STATE SECURITIES LAWS, AND THE HOLDER HAS PROVIDED THE CORPORATION,
PRIOR TO SUCH OFFER, SALE OR TRANSFER WITH AN OPINION OF COUNSEL, IN FORM AND
SUBSTANCE SATISFACTORY TO THE CORPORATION OR OTHER EVIDENCE SATISFACTORY TO THE
CORPORATION THAT SUCH SECURITIES ARE REGISTERED UNDER THE 1933 ACT OR MAY BE SO
OFFERED, SOLD OR TRANSFERRED WITHOUT REGISTRATION UNDER THE 1933 ACT OR
APPLICABLE STATE SECURITIES LAWS. NOTWITHSTANDING THE FOREGOING, THE SECURITIES
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR
FINANCING ARRANGEMENT SECURED BY THE SECURITIES. 

provided, that if the Shares are being sold under clause (B)
above, at a time when the Corporation is a “foreign issuer” as defined in Rule
902 of Regulation S under the 1933 Act, the legend set forth above may be
removed by providing a declaration to the Corporation and its registrar and
transfer agent in the form attached hereto as Schedule “C” or such other
evidence of exemption as the Corporation or its registrar and transfer agent may
from time to time prescribe (which may include an opinion satisfactory to the
Corporation and its registrar and transfer agent), to the effect that the sale
of the Shares is being made in compliance with Rule 904 of Regulation S under
the 1933 Act; provided further, that if any of the Shares are being sold
pursuant to Rule 144 of the 1933 Act and in compliance with any applicable state
securities laws, the legend may be removed by delivery to the Corporation’s
registrar and transfer agent of an opinion satisfactory to the Corporation and
its registrar and transfer agent to the effect that the legend is no longer
required under applicable requirements of the 1933 Act or state securities laws.

10.                    
Change; Waiver. Subject to the approval of the Exchange (if required),
the provisions of these Warrants may from time to time be amended, modified or
waived, if such amendment, modification or waiver is in writing and consented to
in writing by the Corporation and the Holder. 

11.                     No
Obligation to Purchase. Nothing herein contained or done pursuant hereto
shall obligate the Holder to purchase or pay for or the Corporation to issue any
Shares except those Shares in respect of which the Holder shall have exercised
its right to purchase in the manner provided hereunder. 

12.                     Covenants.

	 	(a) 	
      The Corporation covenants that (i) so long as any Shares
      evidenced hereby remain outstanding, it shall reserve and there shall
      remain unissued out of its authorized capital a sufficient number of
      Shares to satisfy the right of purchase provided for herein should the
      Holder determine to exercise its rights in respect of all the Shares
      available for purchase and issuance under outstanding Warrants, and (ii)
      all Shares which shall be issued upon the due exercise of the right to
      purchase provided for herein, upon payment therefor of the amount
      at which such Shares may at the time be purchased pursuant to the
      provisions hereof, shall be issued as fully paid and non-assessable common
      shares in the capital of the Corporation and free of all liens, charges
  and encumbrances.

- 5 - 

	 	(b) 	
      The Corporation will maintain the listing of its Shares
      on the TSX up to and including the Expiry Date, provided the foregoing
      shall not, in any manner, preclude the Corporation from pursuing or
      completing a transaction that would result in the delisting of the Shares
      from the TSX or NYSE MKT LLC where the board of directors of the
      Corporation, acting in good faith and in accordance with applicable laws,
      determines that such a transaction is in the best interests of the
      Corporation.

13.                    
Successor Corporations. The Corporation will not effect any
Reorganization which could result in a successor to the Corporation unless prior
to or simultaneously with the consummation thereof, the entity succeeding the
Corporation acknowledges in writing that it is bound by and will comply with the
provisions set forth in this Warrant certificate. 

14.                     Representations
and Warranties. 

	 	(a) 	
      The Corporation hereby represents and warrants with and
      to the Holder that the Corporation is duly authorized and has the
      corporate and lawful power and authority to create and issue this Warrant
      certificate and the Shares issuable upon the exercise hereof and perform
      its obligations hereunder and that this Warrant certificate represents a
      valid, legal and binding obligation of the Corporation enforceable in
      accordance with its terms.

	 	 	 
	 	(b) 	
      The Corporation has applied to the TSX to list all Shares
      issuable upon the exercise of the Warrants and the Corporation has
      received conditional listing approval from the TSX in respect
    thereof.

15.                    
Lost Certificate. If this Warrant certificate becomes stolen, lost,
mutilated or destroyed, the Corporation may, on such terms as it may in its
discretion impose, respectively issue and countersign a new Warrant certificate
of like denomination, tenor and date as the Warrant certificate so stolen, lost,
mutilated or destroyed. 

16.                     Anti-Dilution.
For so long as any of the Warrants remain outstanding and are held by Kopple
Family Partnership, L.P., or any of the Warrants issued on August 6, 2013 to
E.L. II Properties Trust (together with the Warrants, the “Lender
Warrants”) remain outstanding and are held by E.L. II Properties Trust
(together with Kopple Family Partnership, L.P., the “Major Holders”), the
Major Holders will have the right to participate in all future equity financings
undertaken by the Corporation as to their respective percentage equity holdings
in the Corporation as if the Lender Warrants then held by the Major Holders were
fully exercised, subject to receipt of any necessary acceptances for
filing/approvals of the Exchanges (or any other stock exchange or quotation
system on which the Corporation’s securities are then listed), and subject to
the availability of exemptions from the registration and qualification
requirements of all applicable laws (except to the extent the Corporation
proposes that such offering be so registered or qualified).

17.                    
General. 

	 	(a) 	
      The headings in this certificate are for reference only
      and do not constitute terms of the Warrant certificate.

	 	 	 
	 	(b) 	
      Whenever the singular or masculine is used in this
      Warrant certificate the same shall be deemed to include the plural or the
      feminine or the body corporate as the context may require.

	 	 	 
	 	(c) 	
      This Warrant certificate shall enure to the benefit of
      and be binding upon the parties hereto and their respective successors and
      assigns.

	 	 	 
	 	(d) 	
      Time shall be of the essence of this Warrant
      certificate.

- 6 - 

	 	(e) 	
      This Warrant shall be governed by and construed in
      accordance with the laws of the Province of British Columbia and the
      federal laws of Canada applicable therein, without reference to its
      principles governing the choice or conflict of laws. The Corporation and
      the Holder hereby irrevocably attorn and submit to the exclusive
      jurisdiction of the courts of the Province of British Columbia, sitting in
      the City of Vancouver, with respect to any dispute related to or arising
      from this Warrant certificate.

	 	 	 
	 	(f) 	
      All references herein to monetary amounts are references
      to lawful money of Canada.

	 	 	 
	 	(g) 	
      All notices or other communications to be given to the
      Holder by the Corporation under this Warrant certificate shall be
      delivered by hand, courier, ordinary prepaid mail, facsimile or electronic
      mail; and, if delivered by hand, shall be deemed to have been given on the
      delivery date, if delivered by ordinary prepaid mail shall be deemed to
      have been given on the fifth day following the delivery date and, if sent
      by facsimile or electronic mail, on the date of transmission if sent
      before 5:00 p.m. (local time where the notice is received) on a business
      day or, if such day is not a business day, on the first business day
      following the date of transmission.

	 	 	 
	 		
      Notices to the Holder shall be addressed to the address
      of the Holder set out on the register of warrantholders maintained by the
      Corporation.

	 	 	 
	 		
      Notices to the Corporation shall be addressed
  to:

Cardero Resource Corp. 
Suite 2300
– 1177 West Hastings Street 
Vancouver, BC V6E 2K3 

Attention:           
Vice-President and General Counsel 
Fax
Number:         (604) 408-7499 

Each of the Corporation and the Holder may change its address
for service by notice in writing to the other of them specifying its new address
for service under this Warrant certificate. 

- 7 - 

IN WITNESS WHEREOF the Corporation has caused this Warrant
certificate to be signed by its duly authorized officer on August ____, 2013.

 

CARDERO RESOURCE CORP. 

 

By:
____________________________________________________
       
Authorized Signatory 

SCHEDULE “A”

WARRANT CERTIFICATE SUBSCRIPTION FORM 

Cardero Resource Corp. 
Suite 2300 – 1177 West Hastings
Street 
Vancouver, BC V6E 2K3 

Dear Sirs: 

The undersigned hereby exercises the right to purchase and
hereby subscribes for ___________ Shares of Cardero Resource Corp. (the
“Corporation”) referred to in the Warrant certificate attached hereto
according to the conditions thereof, and herewith makes payment of the purchase
price in full for the Shares. 

In connection with the exercise of the Warrant certificate, the
undersigned represents as follows: (Please check the ONE box
applicable): 

	[   ]	1. 	
      The undersigned (i) at the time of exercise is not a U.S.
      person, (ii) at the time of exercise is not within the United States,
      (iii) is not exercising any of the Warrants represented by this Warrant
      certificate for the account or benefit of any U.S. person or person within
      the United States, and (iv) did not execute or deliver this Subscription
      Form in the United States.

	 	 	 
	[   ]	2. 	
      The undersigned (i) purchased the Warrants directly from
      the Corporation pursuant to a subscription agreement for the purchase of
      notes and warrants of the Corporation, (ii) is exercising the Warrants
      solely for its own account, (iii) it was on the date the Warrants were
      purchased from the Corporation, and is on the date of exercise of the
      Warrants, an “accredited investor” (as defined in Rule 501(a) of
      Regulation D under the 1933 Act) and (iv) the representations, warranties
      and covenants set forth in the written subscription agreement for the
      purchase of units from the Corporation continue to be true and
    correct.

	 	 	 
	[   ]	3. 	
      The undersigned has delivered to the Corporation a
      written opinion of U.S. counsel reasonably satisfactory to the Corporation
      to the effect that the Shares to be delivered upon exercise hereof are
      exempt from registration under the 1933 Act and the securities laws of all
      applicable states of the United States.

“1933 Act” means the United States Securities Act of
1933, as amended. “U.S. person” and “United States” are as defined by
Regulation S under the 1933 Act. 

Certificates representing Shares will not be registered or
delivered to an address in the United States unless Box 2 or Box 3 above is
checked and the requirements in connection therewith have been satisfied. 

Certificates representing Shares issued upon exercise of
Warrants pursuant to Box 2 or Box 3 above will bear a U.S. restrictive legend.

If any Shares represented by this Warrant certificate are not
being exercised, a new Warrant certificate will be issued and delivered with the
Share certificate(s). 

- 2 - 

Please issue and deliver a certificate for the Shares being
purchased as follows: 

	 	NAME: 	 
	 		(please
      print)  
	 	 	 
	 	ADDRESS: 	 
			
	 	 	 
	 	 	 
	 	  	 
	 	DELIVERY 	 
	 	 	 
	 	 	 

INSTRUCTIONS:

	1. 	
      The registered holder of a Warrant may exercise its right
      to acquire Shares by completing and surrendering this Subscription Form
      and the ORIGINAL Warrant certificate representing the Warrants being
      converted to the Corporation, together with the aggregate amount of the
      exercise price for the Shares as provided for in the Warrant certificate.
      Certificates representing the Shares to be acquired on exercise will be
      sent by prepaid first class mail to the address(es) above within five
      business days after the receipt of all required documentation, subject to
      the terms of the Warrant certificate.

	 	 
	2. 	
      If this Subscription Form indicates that the Shares are
      to be issued to a person or persons other than the registered holder of
      the Warrants to be converted: (i) the signature of the registered holder
      on this Subscription Form must be medallion guaranteed by an authorized
      officer of a chartered bank, trust company or an investment dealer who is
      a member of a recognized stock exchange, and (ii) the registered holder
      must pay to the Corporation all applicable taxes and other
  duties.

	 	 
	3. 	
      If this Subscription Form is signed by a trustee,
      executor, administrator, custodian, guardian, attorney, officer of a
      corporation or any other person acting in a fiduciary or representative
      capacity, this Subscription Form must be accompanied by evidence of
      authority to sign satisfactory to the Corporation.

DATED this _______day of
__________________________________, ___________________. 

	 	 	 
	  	  	(Signature) 
	  	  	  
	  	) 	     
	Signature of Witness 	) 	Signature of registered holder or Signatory
      thereof 
	[Please Note Instruction 2] 	) 	  
	  	) 	     
	  	) 	If applicable, print Name and Office of
      Signatory 
	Print name of Witness 	) 	  
	  	) 	     
	  	) 	Print Name of registered holder as on
      certificate 
	  	) 	  
	  	) 	     
	  	) 	Street Address 
	  	) 	  
	  	) 	     
	  	) 	City, Province/State and Postal/ZIP Code  

SCHEDULE “B”
WARRANT CERTIFICATE TRANSFER FORM

Cardero Resource Corp. 
Suite 2300 – 1177 West Hastings
Street 
Vancouver, BC V6E 2K3 

Dear Sirs: 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto:

	NAME: 	 
		(please
      print)  
	  	 
	ADDRESS: 	 
	 	 
	 	 

_______________________________________of the Warrants of
Cardero Resource Corp. (the “Corporation”) registered in the name of the
undersigned represented by the within certificate and hereby appoints
_____________________________________________________as its attorney with full
power of substitution to transfer the said Warrants on the register of
warrantholders maintained by the Corporation. 

[   ]         If
the transfer is to, or for the account or benefit of, a U.S. person or person in
the United States (as such terms are defined in Rule 902 under the United States
Securities Act of 1933, as amended (the “1933 Act”)), check this box.

DATED this _________day of ______________________,
20__.

	 	 	 
	Signature Guaranteed 	 	Name of Holder 
	 	 	 
	 	 	 
	 	 	 
	Name of Authorized Representative 	 	Signature of Holder or Authorized
      Representative 
	 	 	 
	 	 	 
	 	 	 
	Title or Capacity or Authorized Representative 	 	Daytime Phone Number of Holder or Authorized
      Representative 

INSTRUCTIONS

	1. 	
      The registered holder of a Warrant may transfer its right
      to acquire Shares in accordance with the Warrant certificate by completing
      and surrendering this Transfer Form and the ORIGINAL Warrant certificate
      representing the Warrants being transferred to the Corporation.

	 	 
	2. 	
      The signature to this transfer must correspond with the
      name as recorded on the Warrant certificate in every particular without
      alteration or enlargement or any change whatever, or accompanied by stock
      powers of attorney satisfactory to the Corporation. The signature of the
      registered holder on this Transfer Form must be medallion guaranteed by an
      authorized officer of a chartered bank, trust company or an investment
      dealer who is a member of a recognized stock
exchange.

- 2 - 

	3. 	
      Warrants shall only be transferable in accordance with
      the provisions of the Warrant certificate, applicable laws and the rules
      and policies of any applicable stock exchange. Without limiting the
      foregoing, if the Warrant certificate bears a legend restricting the
      transfer of the Warrants except pursuant to an exemption from registration
      under the 1933 Act, this Transfer Form must be accompanied by a properly
      completed and executed Declaration for Removal of U.S. Legend in the form
      attached to the Warrant certificate as Schedule “C” or such other evidence
      of exemption as the Corporation or its registrar and transfer agent may
      from time to time prescribe (which may include an opinion satisfactory to
      the Corporation and its registrar and transfer agent), or a written
      opinion of counsel or other evidence of exemption as is satisfactory to
      the Corporation that the transfer complies with the 1933 Act and
      applicable state securities laws.

SCHEDULE “C” 

FORM OF DECLARATION FOR REMOVAL OF U.S. LEGEND

	
      To: 
	
      Computershare Investor Services Inc., as Registrar and
      Transfer Agent for the Shares of Cardero Resource Corp. (the
      “Corporation”). 

	  	  
	And To: 	The Corporation 

The undersigned (a) acknowledges that the sale of the
securities of the Corporation to which this declaration relates is being made in
reliance on Rule 904 of Regulation S under the United States Securities Act of
1933, as amended (the “1933 Act”) and (b) certifies that (1) the undersigned is
not an “affiliate” of the Corporation (as that term is defined in Rule 405 under
the 1933 Act), (2) the offer of such securities was not made to a person in the
United States and either (A) at the time the buy order was originated, the buyer
was outside the United States, or the seller and any person acting on its behalf
reasonably believed that the buyer was outside the United States, or (B) the
transaction was executed in, on or through the facilities of the TSX and neither
the seller nor any person acting on its behalf knows that the transaction has
been prearranged with a buyer in the United States, (3) neither the seller nor
any affiliate of the seller nor any person acting on any of their behalf has
engaged or will engage in any directed selling efforts in the United States in
connection with the offer and sale of such securities, (4) the sale is bona fide
and not for the purpose of “washing off” the resale restrictions imposed because
the securities are “restricted securities” (as such term is defined in Rule
144(a)(3) under the 1933 Act), (5) the seller does not intend to replace such
securities with fungible unrestricted securities of the Corporation and (6) the
contemplated sale is not a transaction, or part of a series of transactions
which, although in technical compliance with Regulation S, is part of a plan or
scheme to evade the registration provisions of the 1933 Act. Terms used herein
have the meanings given to them by Regulation S under the 1933 Act. 

 

	  	 	X 
	  	 	Authorized signatory (if Holder is not
      an 
	Date 	 	individual) 
	  	 	  
	  	 	  
	X 	 	Name of authorized signatory (please
      print) 
	  	 	  
	Signature of individual (if Holder is an individual)
    	 	 
    
	  	 	Official capacity of authorized signatory

	  	 	(please print) 
	Name of Holder (please print)

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