Document:

EX-10.2

 Exhibit 10.2 

FIRST AMENDMENT TO THE 

AMENDED AND RESTATED 

GASTAR EXPLORATION INC. 

LONG-TERM INCENTIVE PLAN 

THIS FIRST AMENDMENT (the “First Amendment”) to the Amended and Restated Gastar Exploration Inc. Long-Term Incentive
Plan, as amended from time to time (the “Plan”), is made by Gastar Exploration Inc. (the “Company”). 

W I T N E S S E T H: 

WHEREAS, the Company previously adopted the Plan, under which the Company is authorized to grant equity-based incentive awards to
certain employees and other service providers of the Company and its affiliates; 
 WHEREAS, Section 10(c) of the Plan provides
that the Company’s board of directors (the “Board”) may amend the Plan from time to time without approval of the stockholders of the Company, except that any amendment to the Plan of which approval of the stockholders is
required by any federal or state law or regulation or the rules of any stock exchange or automated quotation system on which the shares of the Company are listed or quoted must be approved by the stockholders of the Company; and 

WHEREAS, the Board has determined that it is desirable to modify the tax withholding provisions of the Plan to reflect changes allowed
under Financial Accounting Standards Board Accounting Standards Codification Topic 718 to withhold taxes in amounts not to exceed the maximum statutory tax rate in each employee’s relevant tax jurisdiction. 

NOW, THEREFORE, the Plan shall be amended effective as of January 1, 2017 as set forth below: 

1.     Section 4(c) of the Plan is hereby deleted in its entirety and replaced by the following: 

(c) Availability of Shares Not Issued under Awards. Shares of Stock subject to an Award under the Plan that expires or
is canceled, forfeited, exchanged, settled in cash or otherwise terminated, including (i) shares forfeited with respect to Restricted Stock, (ii) shares that were subject to an Option or an SAR and were not issued or delivered upon the net
settlement or net exercise of such Option or SAR and (iii) except to the extent provided below, shares tendered or withheld in payment of any exercise or purchase price of an Award or taxes relating to an Award, shall be available again for
issuance in connection with Awards under the Plan. Shares received or withheld by the Company or any Subsidiary, as applicable, pursuant to Section 10(b) herein, in payment of taxes relating to an Award of Restricted Stock will not be available
for future Awards under the Plan to the extent such shares are withheld in an amount greater than the minimum statutory rate in the Participant’s relevant tax jurisdiction. 

 2.    Section 10(b) of the Plan is hereby deleted in its entirety and
replaced by the following: 
 (b)    Taxes. Each of the Company and any Subsidiary is authorized
to withhold from any Award granted, or any payment relating to an Award under the Plan, including from a distribution of Stock, amounts of withholding and other taxes due or potentially payable in connection with any transaction involving an Award,
and to take such other action as the Committee may deem advisable to enable the Company and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award. This authority shall include the
authority to withhold or receive shares of Stock or other property and to make cash payments in respect thereof in satisfaction of the federal, state, foreign and/or local tax withholding obligations, including payroll tax withholding, with respect
to a Participant in amounts up to the maximum statutory rate in the Participant’s relevant tax jurisdiction, as determined in the sole discretion of the Company and its Affiliates and pursuant to procedures established by the Company. 

RESOLVED FURTHER, that except as provided above, the Plan shall continue to read in the current state. 

[Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the Company has caused the execution of this First Amendment by its
duly authorized officer. 
  

			
	GASTAR EXPLORATION INC.

 
			
		
	By:	 	 /s/ J. Russell Porter

	Name:	 	J. Russell Porter
	Title:	 	President and Chief Executive Officer
		
	Date:	 	December 15, 2016GOLD
BAR NORTH

 

PURCHASE
AND SALE AGREEMENT

 

BETWEEN

 

NEVADA
GOLD VENTURES, LLC,

 

AS
SELLER,

 

AND

 

U.S.
GOLD CORP,

 

AS
BUYER

 

DATED
JUNE    , 2017

 

    	 

    	 

    

 

Table
of Contents

 

	 	 	Page
	ARTICLE 1 DEFINITIONS	1
	ARTICLE 2 PURCHASE AND SALE	6
	2.1	Purchase
    and Sale	6
	2.2	Purchase
    Price	6
	2.3	Consents	6
	2.4	Excluded
    Assets	6
	2.5	Assumed
    Obligations	7
	2.6	Excluded
    Obligations	7
	2.7	Closing	8
	2.8	Transactions
    to be Effected at the Closing	8
	ARTICLE 3 BUYER’S CONDITIONS PRECEDENT	9
	3.1	Inspection
    of Property.	9
	3.2	Information
    and Data.	9
	3.3	Title
    Matters.	9
	3.4	Buyer’s
    Disapproval of Property During Inspection Period.	10
	ARTICLE 4 ROYALTY	10
	4.1	Royalty.	10
	4.2	Hedging.	10
	4.3	Manner
    of Payment.	10
	4.4	Audits;
    Objections to Payments.	11
	4.5	Commingling
    of Ores.	11
	4.6	Ore
    Processing.	11
	4.7	Ore
    Samples.	12
	4.8	Waste
    Rock, Spoil and Tailings.	12
	4.9	No
    Covenants.	12
	4.10	Nature
    of Nevada Gold’s Interest.	12
	4.11	Proportionate
    Reduction.	12
	4.12	Royalty
    Buy Down.	12
	ARTICLE 5 ADDITIONAL AGREEMENTS OF THE PARTIES	13
	5.1	Intentional
    Abandonment.	13
	5.2	After
    Acquired Claims.	13

 

    	i 

    	 

    

 

Table
of Contents continued

 

	 	 	Page
	ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF SELLER	14
	6.1	Organization	14
	6.2	Due
    Authorization, Execution and Delivery; Enforceability	14
	6.3	No
    Conflicts; Consents	14
	6.4	Litigation	14
	6.5	Taxes	14
	6.6	Financial
    Advisors	15
	6.7	Title
    to Gold Bar North Property	15
	6.8	Contracts	16
	6.9	Compliance
    with Laws; Permits	17
	6.10	Environmental
    Matters	17
	6.11	Undisclosed
    Liabilities	17
	6.12	Royalties.	17
	6.13	Endangered
    Species/Sage Grouse Decision.	17
	6.14	Native
    American Indians.	18
	6.15	Refuse.	18
	6.16	Insurance	18
	6.17	Intellectual
    Property	18
	6.18	Corporate
    Records	19
	6.19	Investment
    Representations	19
	6.20	Survival
    of Representations and Warranties.	19
	ARTICLE 7 REPRESENTATIONS AND WARRANTIES OF BUYER	20
	7.1	Organization	20
	7.2	Due
    Authorization, Execution and Delivery; Enforceability	20
	7.3	No
    Conflicts; Consents	20
	7.4	Capitalization
    of Buyer	20
	7.5	Buyer
    Financial Information	21
	7.6	Litigation	21
	7.7	Taxes	21
	7.8	Financial
    Advisors	22
	7.9	Compliance
    with Laws; Permits	22
	7.10	Environmental
    Matters	22
	7.11	Undisclosed
    Liabilities	22
	7.12	Employment
    Matters	22
	7.13	Corporate
    Records	22
	7.14	Sufficiency
    of Funds	22
	7.15	Legal
    Proceedings	22

 

    	ii 

    	 

    

 

Table of
Contents continued

 

	 	 	Page
	ARTICLE 8 COVENANTS	23
	8.1	Conduct
    of Business Prior to the Closing	23
	8.2	Access
    to Information	23
	8.3	Confidentiality	23
	8.4	Governmental
    Approvals and Other Third-Party Consents	24
	8.5	Books
    and Records	24
	8.6	Public
    Announcements	25
	8.7	Further
    Assurances	25
	8.8	Transfer
    Taxes	25
	ARTICLE 9 CONDITIONS TO CLOSING	25
	9.1	Conditions
    to Obligations of All Parties	25
	9.2	Conditions
    to Obligations of Buyer	25
	9.3	Conditions
    to Obligations of Seller	26
	ARTICLE 10 INDEMNIFICATION, SURVIVAL AND LIABILITY LIMITATIONS	27
	10.1	Survival	27
	10.2	Indemnification
    by the Seller	27
	10.3	Indemnification
    by the Buyer	27
	10.4	Indemnification
    Procedures	28
	ARTICLE 11 TAX MATTERS; CLOSING PRORATIONS	29
	11.1	Allocation
    of Purchase Price	29
	11.2	Prorations	29
	ARTICLE 12 TERMINATION	29
	12.1	Termination	29
	12.2	Effect
    of Termination	30
	ARTICLE 13 MISCELLANEOUS	30
	13.1	Expenses	30
	13.2	Notices	31
	13.3	Interpretation	31
	13.4	Headings	31
	13.5	Severability	32
	13.6	Entire
    Agreement	32
	13.7	Successors
    and Assigns	32
	13.8	No
    Third-Party Beneficiaries	32
	13.9	Amendment
    and Modification; Waiver	32
	13.10	Governing
    Law; Submission to Jurisdiction	32
	13.11	Specific
    Performance	33
	13.12	Attorneys’
    Fees.	33
	13.13	Limitation
    on Damages	33
	13.14	Representation.	33
	13.15	Counterparts	33

 

    	iii 

    	 

    

 

Gold
Bar North PURCHASE AND SALE AGREEMENT

 

 

This
Gold Bar North Purchase and Sale Agreement (this “Agreement”), is made and entered into this _____
day of June, 2017 (the “Effective Date”), by and among Nevada Gold Ventures, LLC, a Nevada limited
liability company (hereinafter either “Seller” or “Nevada Gold”) and U.S.
Gold Corp., a Nevada corporation (“U.S. Gold”), and U.S. Gold Acquisition Corporation, a Nevada
corporation (hereinafter either “U.S.GAC” or “Buyer”). Each of U.S. Gold,
Buyer and Seller is a “Party,” and U.S. Gold, Buyer and Seller together are the
“Parties”

 

Recitals

 

A.
WHEREAS, Seller owns certain mining claims related to a gold development project located in Eureka County, Nevada, which claims
are set forth on Exhibit “A” attached hereto and made a part hereof (the “Gold Bar North Property”).

 

B.
WHEREAS, the Seller desires to sell and the Buyer desires to purchase all right, title and interest in the Gold Bar North Property
described and defined herein upon the terms and conditions set forth in this Agreement.

 

Agreement

 

NOW
THEREFORE, in consideration of the mutual covenants, conditions, and obligations contained in this Agreement, and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:

 

ARTICLE
1

Definitions

 

The
following terms have the meanings specified or referred to in this Article 1:

 

“Affiliate”
of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by,
or is under common control with, such Person. The term “control” (including the terms “controlled by”
and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Affiliated
Group” means any affiliated group within the meaning of Internal Revenue Code Section 1504(a) or any similar group
under a similar provision of state, local or foreign law.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Area
of Interest” means that area encompassed within intersecting lines drawn parallel to and one (1) mile from the outer
boundaries of any portion of the Gold Bar North Property.

 

    	Page 1 of 33

    	 

    

 

“Assumed
Obligations” has the meaning set forth in Section 2.5

 

“Business
Day” means any day except Saturday, Sunday or any other day on which commercial banks located in Eureka, Nevada
are closed for business.

 

“Buyer”
has the meaning set forth in the preamble.

 

“Buyer’s
Closing Condition” has the meaning set forth in Article 3.

 

“Buyer’s
Parties” has the meaning set forth in Section 3.1.

 

“Closing
Cash” has the meaning set forth in Section 2.2.

 

“Closing
Date” has the meaning set forth in Section 2.7.

 

“Closing
Shares” means that number of shares of Buyer Common Stock, to be issued to Seller at the Closing in the amount of
15,000 shares to Seller.

 

“Contracts”
has the meaning set forth in Section 6.8.

 

“Direct
Claim” has the meaning set forth in Section 10.4(c).

 

“Disapproved
Title Matters” has the meaning set forth in Section 3.3.

 

“Disclosure
Schedules” means the Disclosure Schedules delivered by the Seller and the Buyer concurrently with the execution
and delivery of this Agreement, if any.

 

“Dollars”
or “$” means the lawful currency of the United States.

 

“Encumbrance”
means any lien, pledge, mortgage, deed of trust, security interest, charge, claim, easement, encroachment, title defect or other
similar encumbrance.

 

“Environmental
Claim” means any action, suit, claim, investigation or other legal proceeding by any Person alleging liability of
whatever kind or nature (including liability or responsibility for the costs of enforcement proceedings, investigations, cleanup,
governmental response, removal or remediation, natural resources damages, property damages, personal injuries, medical monitoring,
penalties, contribution, indemnification and injunctive relief) arising out of, based on or resulting from: (a) the presence,
Release of, or exposure to, any Hazardous Materials; or (b) any actual or alleged non-compliance with any Environmental Law or
term or condition of any Environmental Permit.

 

“Environmental
Law” means any applicable Law, and any Governmental Order or binding agreement with any Governmental Authority:
(a) relating to pollution (or the cleanup thereof) or the protection of natural resources, endangered or threatened species, human
health or safety, or the environment (including ambient air, soil, surface water or groundwater, or subsurface strata); (b) concerning
the presence of, exposure to, or the management, manufacture, use, containment, storage, recycling, reclamation, reuse, treatment,
generation, discharge, transportation, processing, production, disposal or remediation of any Hazardous Materials; or (c) concerning
reclamation or restoration of lands damaged or disturbed by exploration, mining or related activities or operations. The term
“Environmental Law” includes, without limitation, the following (including their implementing regulations and
any state analogs): the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund
Amendments and Reauthorization Act of 1986, 42 U.S.C. §§ 9601 et seq.; the Solid Waste Disposal Act, as amended by the
Resource Conservation and Recovery Act of 1976, as amended by the Hazardous and Solid Waste Amendments of 1984, 42 U.S.C. §§
6901 et seq.; the Federal Water Pollution Control Act of 1972, as amended by the Clean Water Act of 1977, 33 U.S.C. §§
1251 et seq.; the Toxic Substances Control Act of 1976, as amended, 15 U.S.C. §§ 2601 et seq.; the Emergency Planning
and Community Right-to-Know Act of 1986, 42 U.S.C. §§ 11001 et seq.; the Clean Air Act of 1966, as amended by the Clean
Air Act Amendments of 1990, 42 U.S.C. §§ 7401 et seq.; and the Occupational Safety and Health Act of 1970, as amended,
29 U.S.C. §§ 651 et seq.

 

    	Page 2 of 33

    	 

    

 

“Environmental
Notice” means any written directive, notice of violation or infraction, or notice respecting any Environmental Claim
relating to actual or alleged non-compliance with any Environmental Law or any term or condition of any Environmental Permit.

 

“Environmental
Permit” means any Permit, letter, clearance, consent, waiver, closure, exemption, decision or other action required
under or issued, granted, given, authorized by or made pursuant to Environmental Law.

 

“Excluded
Assets” has the meaning set forth in Section 2.4.

 

“Excluded
Obligations” has the meaning set forth in Section 2.6.

 

“Governmental
Authority” means any federal, state, local or foreign government or political subdivision thereof, or any agency
or instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory
authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority
have the force of Law), or any arbitrator, court or tribunal of competent jurisdiction.

 

“Governmental
Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with
any Governmental Authority.

 

“Hazardous
Materials” means: (a) any material, substance, chemical, waste, product, derivative, compound, mixture, solid, liquid,
mineral or gas, in each case, whether naturally occurring or man-made, that is hazardous, acutely hazardous, toxic, or words of
similar import or regulatory effect under Environmental Laws; and (b) any petroleum or petroleum-derived products, radon (above
background levels), radioactive materials or wastes (above background levels), asbestos in any form, lead or lead-containing materials,
urea formaldehyde foam insulation and polychlorinated biphenyls.

 

“Indemnified
Party” has the meaning set forth in Section 10.4.

 

“Indemnifying
Party” has the meaning set forth in Section 10.4.

  

    	Page 3 of 33

    	 

    

 

“Inspection
Period” has the meaning set forth in Section 3.1.

 

“Gold
Bar North Property” has the meaning set forth in Recital A, and shall further mean all right, title and interest
of Seller in and to or related to any parcel of land, including without limitation, all surface and mineral rights and interests,
improvements, fixtures, easements, rights of way, surface use agreements or water rights, and appurtenances, buildings, structures
and facilities, whether owned in fee, leased, held by means of unpatented mining claims or mill sites, granted or reserved by
easement agreement, license or special use permit, or otherwise acquired or retained by such Seller. Gold Bar North Property includes,
without limitation, the minerals, mining claims, and easements, together with all dips, spurs, and angles in and to all the ores,
mineral-bearing materials, quartz, rock and earth or other deposits therein or thereon, and in and to all of the rights, privileges
and franchises thereto incident, and in and to all and singular the tenements, hereditaments and appurtenances thereunto belonging
or in anywise appertaining, and the rents, issues and profits thereof; and also in and to all the estate, right, title, interest,
property, possession, claim and demand whatsoever, in law as well as in equity, of Seller, of, in or to the premises and every
part and parcel thereof, with the appurtenances, including all after acquired title.

 

“Knowledge”
means, when referring to the knowledge of Seller, or any similar phrase or qualification based on knowledge, the actual knowledge
of the executive officers of Seller after due inquiry.

 

“Law”
means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement
or rule of law of any Governmental Authority.

 

“Loss”
or “Losses” means actual out-of-pocket losses, damages, liabilities, costs or expenses, including reasonable
attorneys’ fees and expert witness fees.

 

“Net
Revenues” means the gross revenues received by Buyer from the sale of Valuable Minerals from a smelter, refinery
or other ore buyer, after the deduction of smelter and/or refining charges, ore or bullion treatment changes and any penalties,
less (a) all costs to Buyer of weighing, sampling, determining moisture content and packaging such Valuable Minerals, and loading
and transporting those Valuable Minerals from the mine mount or the pit to processing facilities and to the point of sale, including
insurance and in-transit security costs, (b) marketing costs and commissions, and (c) ad valorem taxes, net proceeds taxes, severance
taxes, and any other taxes, charges or assessments (including, without limitation, royalties that may become payable to the federal
government). For purposes of calculating net revenues in the event Buyer elects not to sell any portion of any gold and/or silver
extracted and produced from the Property, but instead elects to have the final product of any such gold and/or silver credited
to or held for its account with any smelter, refiner or broker, such gold and/or silver shall be deemed to have been sold at the
quoted price on the day such gold and/or silver is actually credited to or placed in Buyer’s account. The quoted price shall
be the price per ounce of gold and/or silver (as the case may be) as quoted on the London Metals Exchange at the London P.M. fix
on the day such gold and/or silver is actually credited to or placed in Buyer’s account.

 

    	Page 4 of 33

    	 

    

 

“Permits”
means all governmental (whether federal, state or local) permits, licenses, authorizations, franchises, grants, easements, variances,
exceptions, consents, certificates, approvals and related instruments or rights of any Governmental Authority or other third party,
and any writ, judgment, decree, award, order, injunction or similar order, writ, ruling, directive or other requirement of any
Governmental Authority (in each such case whether preliminary or final), required of Seller for the ownership, operation or use
of the Gold Bar North Property.

 

“Permitted
Encumbrances” means: (a) statutory liens for current Taxes, assessments or other governmental charges not yet delinquent
or the amount or validity of which is being contested in good faith by appropriate proceedings; (b) environmental regulations
by any Governmental Authority, except as otherwise provided in ARTICLE 6; (c) all covenants, conditions, restrictions,
easements, charges, rights-of-way, title defects or other encumbrances on title and similar matters filed of record in the real
property records that do not materially interfere with the exploration, development and operation of the Gold Bar North Property
in the ordinary course of business, subject to Section 3.3; or (d) such liens, imperfections in title, charges, easements,
restrictions, encumbrances or other matters that are due to zoning or subdivision, entitlement, and other land use Laws or regulations,
except as otherwise provided in ARTICLE 6.

 

“Person”
means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated
organization, trust, association or other entity.

 

“Purchase
Price” has the meaning set forth in Section 2.2.

 

“Release”
means any actual or threatened release, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping,
leaching, dumping, abandonment, disposing or allowing to escape or migrate into or through the environment (including, without
limitation, ambient air (indoor or outdoor), surface water, groundwater, land surface or subsurface strata or within any building,
structure, facility or fixture).

 

“Representative”
means, with respect to any Person, any and all directors, officers, employees, consultants, financial advisors, counsel, accountants
and other agents of such Person.

 

“Royalty”
has the meaning set forth in Section 4.1.

 

“Securities
Act” means the U.S. Securities Act of 1933, as amended.

 

“Seller”
has the meaning set forth in the preamble.

 

“Surety
Arrangements” means bonds, letters of credit, guarantees and other instruments or arrangements securing or guarantying
performance of obligations.

 

“Taxes”
means all federal, state, local, foreign and other income, gross receipts, sales, use, production, ad valorem, net proceeds of
minerals, transfer, franchise, registration, profits, license, lease, service, service use, withholding, payroll, employment,
unemployment, estimated, excise, severance, environmental, stamp, occupation, premium, property (real or personal), real property
gains, windfall profits, customs, duties or other taxes, fees, assessments or charges of any kind whatsoever, together with any
interest, additions or penalties with respect thereto and any interest in respect of such additions or penalties.

 

    	Page 5 of 33

    	 

    

 

“Tax
Return” means any return, declaration, report, claim for refund, information return or statement or other document
required to be filed with respect to Taxes, including any schedule or attachment thereto, and including any amendment thereof.

 

“Third-Party
Claim” has the meaning set forth in Section 10.4(a).

 

“Title
Materials” has the meaning set forth in Section 3.3.

 

“U.S.
Gold Common Stock” means shares of the Buyer’s common stock, par value $0.001 per share.

 

“U.S.
Gold Financial Statements” has the meaning set forth in Section 7.5.

 

“Valuable
Minerals” has the meaning set forth in Section 4.1(a).

 

ARTICLE
2

PURCHASE
AND SALE

 

2.1
Purchase and Sale. Subject to the terms
and conditions set forth herein, at the Closing, Seller shall sell and convey, and Buyer shall purchase, the Gold Bar North Property,
free and clear of all Encumbrances other than Permitted Encumbrances, for the consideration specified in Section 2.2.

 

2.2
Purchase Price. The purchase price (the
“Purchase Price”) for the Gold Bar North Property shall be the following: (a) cash payment in the amount
of $20,479.23 (the “Closing Cash”), which shall be paid to the Seller at Closing by wire transfer of
immediately available funds, and (b) the Closing Shares. The Closing Cash amount shall be subject to adjustment for prorations
and attorneys’ fees pursuant to Section 11.2.

 

2.3
Consents. Anything in this Agreement to
the contrary notwithstanding, this Agreement shall not constitute an agreement to assign all or any portion of the Gold Bar North
Property or any claim or right or any benefit or obligation thereunder or resulting therefrom if an assignment thereof, without
the consent of a third party thereto, would constitute a breach or violation thereof and such consent is not obtained. If such
a consent is required or if an attempted assignment is ineffective, the Seller shall use commercially reasonable efforts to obtain
such consent as soon as possible after the Closing Date and shall cooperate with Buyer in any reasonable arrangement requested
by Buyer to provide for Buyer the benefits under any such property until such consent is obtained.

 

2.4
Excluded Assets. All assets of the Seller
that are not specifically included as part of this transaction, shall be deemed to be an excluded asset for purposes of this Agreement
(the “Excluded Assets”).

 

    	Page 6 of 33

    	 

    

 

2.5
Assumed Obligations. The Buyer shall assume,
and agree to pay, perform, fulfill and discharge only those obligations of the Seller which are required to be performed, and
which accrue, after the Closing Date under the Contracts and Permits to the extent such Contracts and Permits, and all rights
of Seller thereunder, are effectively assigned to Buyer, and for which Buyer expressly agrees to assume and perform, on the Closing
Date (the “Assumed Obligations”).

 

2.6
Excluded Obligations. Except for the Assumed
Obligations and other obligations expressly assumed by Buyer in writing at the Closing, Buyer shall not assume or otherwise be
liable, or be deemed to have assumed or otherwise be liable, in respect of a liability of the Seller or any of its Affiliates
whatsoever, including, but not limited to, the following (collectively, the “Excluded Obligations”):

 

(a)
Any Tax obligations of the Seller, including
any Taxes on Seller’s income, any Taxes related to any of the shareholders or members of the Seller and any Taxes that accrue
to the Seller pursuant to Section 8.8;

 

(b)
any debt of the Seller;

 

(c)
any costs or expenses incurred by the Seller
in connection with this Agreement;

 

(d)
any liability, cost or expense related to the
ownership or operation of the business of the Seller or the ownership of the Gold Bar North Property prior to Closing, including
any liabilities, costs or expenses in respect of a breach of or default under any Contracts by the Seller prior to the Closing,
or arising from or related to any violation of Law, breach of warranty, tort or infringement by the Seller’s prior to the
Closing;

 

(e)
any environmental liabilities or any liabilities
related to the Release, disposal, discharge, treatment or storage of Hazardous Materials to the extent the same arises out of
any circumstances, events or actions occurring on or prior to the Closing Date;

 

(f)
any liability arising from infringement by the
Seller of intellectual property rights of third parties or breach of contract occurring at any time prior to the Closing Date;

 

(g)
any liability for federal, state, local or foreign
income, excise, capital stock, property, payroll, capital gains, gross receipts, transfer, sales, mercantile, value added, capital
stock, franchise or other taxes;

 

(h)
any liabilities in the nature of indebtedness
for borrowed money including, without limitation, bank debt, development bond debt and debt due to the members or the shareholders
of the Seller; and

 

(i)
any and all liabilities to any member or shareholder
of the Seller (in their capacities as such) whether triggered by the transactions contemplated by this Agreement or otherwise.

 

    	Page 7 of 33

    	 

    

 

2.7
Closing. Subject to the terms and conditions
of this Agreement, the consummation of the sale and purchase of the Gold Bar North Property contemplated by this Agreement (the
“Closing”) shall take place at 10:00 a.m., local time, at the U.S. Gold Corp. office, located in Elko,
Nevada, on or before the thirtieth (30th) calendar day following the last to occur of (a) Buyer’s Inspection
of Property referenced in Section 3.1; (b) Buyer’s receipt of the Seller’s information referenced in Section
3.2; and, (c) the Title Materials referenced in Section 3.3, or at such other time and place as is mutually
agreeable to the Parties. The date on which the closing occurs is referred to as the “Closing Date.”

 

2.8
Transactions to be Effected at the Closing.
At the Closing:

 

(a)
The Buyer and/or U.S. Gold shall deliver to the
Seller:

 

(i)
the Closing Cash in accordance with Section
2.2,

 

(ii)
original share certificates for the Closing Shares;

 

(iii)
a Royalty Deed to Nevada Gold in accordance with
Section 4.1 as prepared and approved by Buyer’s attorney;

 

(iv)
an assumption agreement, if any, for the Assumed
Obligations in form reasonably acceptable to the Buyer; and

 

(v)
all other agreements, documents, instruments
or certificates required to be delivered by the Buyer at or prior to the Closing pursuant to Section 9.3.

 

(b)
The Seller shall deliver to the Buyer:

 

(i)
A General Warranty Deed prepared and approved
by Buyer’s attorney, subject only to the Permitted Exceptions conveying to Buyer good and marketable title to the Gold Bar
North Property (“Seller’s Deed”);

 

(ii)
appropriate assignments of related property interests
in the Gold Bar North Property in recordable form where appropriate;

 

(iii)
such other assignments, bills of sale, or deeds
necessary to transfer the Gold Bar North Property to the Buyer;

 

(iv)
a certificate certifying that Seller is not a
foreign person as defined in Treasury Regulation Section 1.445 2(b) and will not be subject to withholding under Section 1445
of the Internal Revenue Code of 1986 with respect to the sale to the Buyer of the Gold Bar North Property in a form that is reasonably
acceptable to the Buyer and the Seller; and

 

(v)
all other agreements, documents, instruments
or certificates required to be delivered by the Seller at or prior to the Closing pursuant to Section 9.2.

 

    	Page 8 of 33

    	 

    

 

ARTICLE
3

BUYER’S
CONDITIONS PRECEDENT

 

Buyer’s
duty to perform its obligations under this Agreement and purchase the Gold Bar North Property is contingent upon the satisfaction,
or waiver or deemed waiver by Buyer, of each of the following conditions precedent (“Buyer’s Closing Condition”):

 

3.1
Inspection of Property. Buyer shall have
until 5:00 p.m. PT on the                    (         )
day from and after the Effective Date (the “Inspection Period”) to inspect any and all conditions and aspects
of the Gold Bar North Property, including, without limitation, the physical and economic feasibility of the Gold Bar North Property
for Buyer’s intended purposes and use thereof; the certainty of obtaining all BLM permits, and to give notice to Seller
of its approval or disapproval of the conditions and aspects of the Gold Bar North Property. Seller hereby grants to Buyer and
its agents, employees, consultants, members, contractors and representatives (the “Buyer Parties”), the right
to enter upon the Gold Bar North Property during the Inspection Period to obtain or make such tests, inspections and analyses
as Buyer may require. Buyer hereby agrees to and shall defend, indemnify and hold harmless Seller, its shareholders, agents, officers,
directors and employees from and against all claims and costs, including, without limitation, reasonable attorneys’ fees
and proceeding costs, solely arising out of or solely in connection with the activities of the Buyer Parties, on or about the
Gold Bar North Property, including, without limitation, mechanics’ liens; provided, however, that Buyer shall have no responsibility
for any pre-existing condition or aspect of the Gold Bar North Property discovered or revealed, but not exacerbated, by Buyer’s
inspections of the Gold Bar North Property. Buyer shall not authorize, commission or conduct any invasive testing of the Gold
Bar North Property without first obtaining the written consent of Seller, which consent shall not be unreasonably withheld.

 

3.2
Information and Data. Upon execution of
this Agreement, Seller shall deliver to Buyer all records, data and information in Seller’s possession relating to title
and environmental conditions at the Gold Bar North Property, and all maps, surveys, technical reports, drill logs, mine, mill
and smelter records, and all metallurgical, geological, geophysical, geochemical and other technical data pertaining to the Gold
Bar North Property.

 

3.3
Title Matters. Within five (5) days of
the Effective Date, Buyer shall retain the services of a professional Landman to investigate and review all documents or instruments
evidencing the title to the Gold Bar North Property, including all exceptions, reservations, liens and encumbrances on the Gold
Bar North Property (“Title Materials”). Buyer shall have ten (10) days from Buyer’s receipt of
the Landman’s Title Materials report to notify Seller of Buyer’s objection, if any, to one or more of the Title Materials,
exceptions and/or conditions shown or disclosed in the Title Materials. Buyer’s failure to notify Seller of Buyer’s
objection to any exceptions and/or conditions within such time period shall constitute Buyer’s approval of the Title Materials.
In the event Buyer objects to any such Title Materials, exceptions or conditions of title (the “Disapproved Title Matters”)
as reflected in the Title Materials, Seller may, but shall have no obligation to, remove or cure such Disapproved Title Matters
within such period as may be mutually agreed upon by the Parties. If Buyer notifies Seller of any Disapproved Title Matters, then
Seller shall have until 5:00 p.m., PT, on the fifth (5th) day after Seller’s receipt of such notice to advise Buyer in writing
that: (i) Seller shall use its reasonable efforts to either (a) cause such Disapproved Title Matters to be removed by the agreed
upon time, or (b) obtain, at Seller’s expense, a cure for such Disapproved Title Matters; or (ii) Seller elects not to cause
any such Disapproved Title Matters to be removed.

 

    	Page 9 of 33

    	 

    

 

If
Seller gives Buyer notice under item (ii) above, or if Seller gives notice under item (i) above, but later provides notice to
Buyer that Seller has been unable to cure or remove the applicable Disapproved Title Matter, then Buyer shall have until 5:00
p.m., PT, on the tenth (10th) business day after Buyer’s receipt of either such notice to notify Seller that (i) Buyer revokes
its disapproval of such exception(s) and will proceed with the purchase without any reduction in the Purchase Price and take title
to the Gold Bar North Property subject to such exception(s), or (ii) Buyer will terminate this Agreement. Buyer’s failure
to deliver such election notice within such ten (10) day period shall be deemed Buyer’s election of (i) next above. The
foregoing procedure shall also be applicable to any newly disclosed title matter. Those exceptions to and conditions of title
accepted or deemed accepted by Buyer are the “Permitted Encumbrances.”

 

3.4 Buyer’s
Disapproval of Property During Inspection Period. In the event Buyer’s studies, review
or investigations reveal matters which are not satisfactory to Buyer, as determined by Buyer in Buyer’s sole
discretion, then upon termination of this Agreement by Buyer during the Inspection Period, Buyer shall have no further
obligation hereunder. Buyer’s notice to Seller of its disapproval of any matter set forth in this ARTICLE 3 given on or
before the end of the Inspection Period shall be effective to relieve Buyer of its obligations hereunder. Buyer shall be
entitled to a full refund of all sums which Buyer may deposit in relation to this Agreement, which refund shall be timely
made to Buyer without any restrictions, limitations, conditions, or offsets whatsoever.

 

ARTICLE
4

royalty

 

4.1 Royalty.
Nevada Gold shall retain an underlying production royalty on the Gold Bar North Property (the
“Royalty”), as follows:

 

(a)
A three and one-half percent (3.5%) underlying
production royalty of the Net Revenues of the net smelter returns from ores, metals, minerals and materials (“Valuable
Minerals”) produced and sold from the mining claims comprising the Gold Bar North Property.

 

4.2 Hedging.
Buyer shall have the exclusive right to market and sell all Valuable Materials produced from the Gold
Bar North Property in any manner Buyer desires, including without limitation the forward sale of Valuable Minerals on
the commodity market and the repayment of gold loans. Seller shall have absolutely no right to participate or obligation to
share whatsoever in any price protections or hedging activities of Buyer, including any sales of Valuable Minerals derived
from the Gold Bar North Property by Buyer on the commodity market or otherwise, or in any
profits received or losses suffered by Buyer as a result of such marketing or hedging activities.

 

4.3
Manner of Payment. Buyer shall pay royalty
payments to Seller on an annual basis on or before the sixtieth (60th) day following each anniversary of the Closing Date for
each prior year in which production occurs and Royalties are generated. Royalties shall accrue to Seller’s account upon
final settlement and final payment by the smelter, refinery or other ore buyer to Buyer for the Valuable Minerals sold and for
which the Royalty is payable. All Royalty payments shall be accompanied by a statement and settlement sheet showing the quantities
and grades of Valuable Minerals mined and sold from the Gold Bar North Property, proceeds of
sale, costs, assays and analyses, and other pertinent information in sufficient detail to explain the calculation of the Royalty
payment. All payments hereunder shall be sent by registered or certified mail, return receipt requested, to Seller at Seller’s
address designated in Section 13.2 below, or by wire transfer to an account designated by and in accordance with written
instructions from Seller. The date of placing such payment in the United States mail by Buyer, or the date the wire transfer process
in initiated, shall be the date of such payment. Payments by Buyer in accordance herewith shall fully discharge Buyer’s
obligation with respect to such payment, and Buyer shall have no duty to apportion or allocate any payment due to Seller, its
successors or assigns.

 

    	Page 10 of 33

    	 

    

 

4.4
Audits; Objections to Payments. Seller,
at Seller’s sole election and expense, shall have the right to procure, not more frequently than once annually following
the close of each calendar year, an audit of Buyer’s accounts relating to payment of the Royalty hereunder, by any authorized
representative of Seller. Any such inspection shall be for a reasonable length of time, during regular business hours, at a mutually
convenient time, and upon reasonable advance written notice to Buyer. All Royalty payments made in any calendar year shall be
considered final and in full satisfaction of all obligations of Buyer with respect thereto, unless Seller gives written notice
describing and setting forth a specific objection to the calculation thereof within one (1) year following the close of that calendar
year. Buyer shall account for any agreed upon deficit or excess in the payment made to Seller by adjusting the next quarterly
statement following completion of such audit to account for such deficit or excess.

 

4.5
Commingling of Ores. Buyer shall have
the right of mixing or commingling, either underground, at the surface, or at processing plants or other treatment facilities,
any material containing Valuable Minerals mined or extracted from the Gold Bar North Property
with any similar substances derived from other lands or properties; provided, however, that before commingling, Buyer shall calculate
from representative samples the average grade of the ore from the Gold Bar North Property and
shall either weigh or volumetrically calculate the number of tons of ore from the Gold Bar North Property
to be commingled. As products are produced from the commingled ores, Buyer shall calculate from representative samples the average
percentage recovery of products produced from the commingled ores during each month. In obtaining representative samples, calculating
the average grade of commingled ores and average percentage of recovery, Buyer shall be entitled to use any procedures acceptable
in the mining and metallurgical industry which Buyer believes to be accurate and cost-effective for the type of mining and processing
activity being conducted. In addition, comparable procedures may be used by Buyer to apportion among the commingled ores any penalty
charges imposed by the smelter or refiner on commingled ores or concentrates. The records relating to commingled ores shall be
available for inspection by Seller, at its sole expense, at all reasonable times, and shall be retained by Buyer for a period
of one (1) year.

 

4.6
Ore Processing. All determinations with
respect to: (a) whether ore from the Gold Bar North Property shall be beneficiated, processed
or milled by Buyer or sold in a raw state; (b) the methods of transporting, beneficiating, processing or milling any such ore;
(c) the constituents to be recovered therefrom; and (d) the purchasers to whom any ore, minerals or mineral substances derived
from the Gold Bar North Property may be sold, may be made by Buyer in its sole and absolute
discretion.

 

    	Page 11 of 33

    	 

    

 

4.7
Ore Samples. The mineral content of all
ore mined and removed from the Gold Bar North Property (excluding ore leached in place) and
the quantities of constituents recovered by Buyer shall be determined by Buyer, or with respect to such ore which is sold, by
the mill or smelter to which the ore is sold, in accordance with standard sampling and analysis procedures.

 

4.8 Waste
Rock, Spoil and Tailings. Any ore, mine waters, leachates, pregnant liquors, pregnant slurries, and other products or
compounds or metals or minerals mined from the Gold Bar North Property shall be the
property of Buyer, subject to payment of the Royalty. The Royalty shall be payable only on metals, ores, or minerals
recovered prior to the time waste rock, spoil, tailings, or other mine waste and residue are first disposed of as such, and
such waste and residue shall be the sole property of Buyer. Buyer shall have the sole right to dump, deposit, sell, dispose
of, or reprocess such waste rock, spoil, tailings, or other mine wastes and residues, and Seller shall have no claim or
interest therein other than for payment of the Royalty to the extent any gold or silver metals are produced and sold
therefrom.

 

4.9 No
Covenants. The parties agree that in no event shall Buyer have a duty or obligation, express or implied, to explore for,
develop, mine or produce ores, minerals or mineral substances from the Gold Bar North Property,
and the timing, manner, method and amounts of such exploration, development, mining or production, if any, shall be in the
sole discretion of Buyer.

 

4.10
Nature of Nevada Gold’s Interest.
Beginning on the Closing Date of this Agreement, Seller shall have only a royalty interest in the Gold
Bar North Property and rights and incidents of ownership of a non-executive, non-participating royalty interest owner.
Seller shall not have any fee simple estate or possessory interest in the Gold Bar North Property
nor any of the incidents of such estate or interest. By way of example but not by way of limitation, Seller shall not have (a)
a right to participate in the execution of applications for authorities, permits or licenses, mining leases, option, farm-outs
or other conveyances, (b) the right to share in bonus payments or rental payments received as the consideration for the execution
of such leases, options, farm-outs, or other conveyances, or (c) the right to enter upon the Gold Bar
North Property and prospect for, mine, drill for, or remove ores, minerals or mineral products therefrom.

 

4.11 Proportionate
Reduction. In the event Seller owns and conveys to Buyer an interest in the Gold Bar North Property
which is less than the entire undivided mineral and working interest in the Gold Bar North Property,
then the Royalty granted to Nevada Gold from the Gold Bar North Property shall be paid to
Seller only in the proportion that Seller’s interest in such Valuable Minerals bears to the entire undivided mineral or
working interest therein.

 

4.12 Royalty
Buy Down. Buyer shall have the option, in Buyer’s sole discretion, to buy down the Royalty, as follows:

 

    	Page 12 of 33

    	 

    

 

(a)
Buyer may buy down one percent (1%) of the Royalty
anytime through the fifth (5th) anniversary of the Closing Date for the sum of FOUR HUNDRED THOUSAND DOLLARS AND NO CENTS ($400,000.00).

 

(b)
Buyer may buy down an additional one percent
(1%) of the Royalty anytime through the eighth (8th) anniversary of the Closing Date for the sum of ONE MILLION DOLLARS AND NO
CENTS ($1,000,000.00).

 

(c)
Buyer’s buy-down of Seller’s interest
in the Royalty shall be accomplished by conveyance documents and agreements as determined by Buyer with respect to the form, substance,
manner and nature to which Seller will convey to Buyer the requisite portion of Seller’s Royalty, free and clear of all
liens, claims, encumbrances and defects.

 

ARTICLE
5

ADDITIONAL
AGREEMENTS OF THE PARTIES

 

5.1 Intentional
Abandonment. If Buyer intends to abandon any of the claims within the Gold Bar North Property Area of Interest, then
prior to the “intentional abandonment” (not followed by relocation) by Buyer of any of the claims within the Bold
Bar North Property, Buyer shall notify Seller of its intention (which such notice must be given by Buyer to Seller not later
than forty-five (45) days prior to the end of any assessment year) and Seller, by written notice to Buyer within twenty (20)
days after Seller’s receipt of such notice from Buyer, may elect to have any or all of such claims conveyed to Seller
by quitclaim deed from Buyer. Said quitclaim shall be provided no later than twenty (20) days after Seller provides written
notice to Buyer. So long as Buyer timely provides notice of its intention to abandon, Seller will be responsible for paying
any required claim maintenance/holding fees or performing any required assessment work (and making all filings and recordings
with any governmental agencies and recording offices required in connection therewith) for any such claims within the Gold
Bar North Property Seller desires to re-acquire. Neither (i) abandoning any claims within the Gold Bar North Property for
purposes of acquiring fee title to the surface of minerals within the ground covered by those claims within the Gold bar
North Property, (ii) relocation of the same ground covered by any abandoned claims within the Gold Bar North Property with
mining claims or millsites, or (iii) transfers or conveyances by Buyer of all or any portion of the claims within the Gold
Bar North Property shall be considered an “intentional abandonment” of such claims within the
Keystone Property.

 

5.2
After Acquired Claims. In the event that
Seller or any of its respective Affiliates, locate or acquire, directly or indirectly, either alone or in combination with others,
any mining claim within the Area of Interest, then such mining claim shall be deemed part of the Gold Bar North Project hereunder,
and Seller shall transfer to Buyer all of such Seller’s right, title and interest to such mining claims for no additional
consideration from Buyer, except the Royalty provided for hereunder.

 

    	Page 13 of 33

    	 

    

 

ARTICLE
6

Representations
and warranties of SELLER

 

The
Seller represents and warrants to Buyer that:

 

6.1
Organization. Nevada Gold is a limited
liability company duly organized, validly existing and in good standing under the laws of the State of Nevada and has all necessary
corporate power and authority to own, operate or lease the properties and assets now owned, operated or leased by it and to carry
on its business as it is currently conducted.

 

6.2
Due Authorization, Execution and Delivery;
Enforceability. Seller has the requisite corporate power and authority to enter into this Agreement, to carry out each of
its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery by Seller, the performance
by Seller of its obligations hereunder and the consummation by Seller of the transactions contemplated hereby have been duly authorized
by all requisite corporate action of Seller and its shareholders or members, as applicable. This Agreement has been duly executed
and delivered by Seller and constitutes the legal, valid and binding obligation of Seller, enforceable against Seller in accordance
with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
Laws affecting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought
in a proceeding at law or in equity).

 

6.3
No Conflicts; Consents. The execution,
delivery and performance by Seller of this Agreement, and the consummation of the transactions contemplated hereby, do not and
will not: (a) result in a violation or breach of any provision of the articles of incorporation, articles of organization, bylaws
or operating agreement of Seller, as applicable, or any of Seller’s parent entities; (b) conflict with, violate, result
in a breach of, constitute a default under any contract to which Seller or any of Seller’s parent entities is a party or
by which Seller or any of Seller’s parent entities is bound or affected, (c) result in the creation or imposition of any
Encumbrance against or upon any of the assets of Seller, or (d) result in a violation or breach of any provision of any Law or
Governmental Order applicable to such Seller. No consent, approval, Permit, Governmental Order, declaration or filing with, or
notice to, any Governmental Authority or stock exchange is required by or with respect to a Seller in connection with the execution
and delivery of this Agreement and the consummation of the transactions contemplated hereby.

 

6.4
Litigation. There are no actions, suits,
claims, investigations or other legal proceedings pending or threatened against either Seller.

 

6.5
Taxes.

 

(a)
All Taxes required to be paid by Seller have
been timely paid or caused to be paid through the date hereof and as of the Closing.

 

(b)
All Taxes that Seller was required by law to
withhold or collect have been duly withheld or collected and, to the extent required, have been properly paid to the appropriate
Governmental Authority, and Seller has complied with all information reporting and backup withholding requirements, including
the maintenance of required records with respect thereto, in connection with amounts paid to any past or present shareholder,
member, manager, director, officer, agent, employee, independent contractor, creditor, or other third party.

 

    	Page 14 of 33

    	 

    

 

(c)
Seller has filed or caused to be filed in a timely
manner (within any applicable extension periods) all income Tax Returns and other Tax Returns required to be filed by it with
the appropriate Governmental Authority in all jurisdictions in which such Tax Returns are required to be filed, and such Tax Returns
were complete and correct in all material respects as of the time of filing.

 

(d)
Seller is not nor has ever been a member of an
Affiliated Group.

 

(e)
There are no ongoing Tax audits or other Tax
proceedings and no waivers of statutes of limitations have been given or requested with respect to Seller.

 

(f)
No Tax liens, other than Permitted Encumbrances,
have been filed against Seller.

 

(g)
No unresolved deficiencies or additions to Taxes
have been proposed, asserted, or assessed in writing against Seller by any Governmental Authority.

 

(h)
No claim has been made in writing by any Governmental
Authority in a jurisdiction in which Seller does not file Tax Returns that Seller is or may be subject to taxation by that jurisdiction.

 

(i)
Seller (i) is not a party to any joint venture,
partnership, or other arrangement that is treated as a partnership for United States Federal Income Tax purposes, (ii) has not
made an entity classification (“check-the-box”) election under Section 7701, (iii) is not or has ever been a shareholder
of a “controlled foreign corporation” as defined in Section 957 of the Code (or any similar provision of state, local
or foreign Law), or (iv) is not and has never been a shareholder in a “passive foreign investment company” within
the meaning of Section 1297 of the Code.

 

(j)
Seller is not a party to or bound by any Tax
indemnity, Tax sharing, Tax allocation or similar agreement.

 

6.6
Financial Advisors. No broker, finder
or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions
contemplated by this Agreement based upon arrangements made by or on behalf of Seller.

 

6.7
Title to Gold Bar North Property

 

(a)
Seller has good and marketable title in and to
its interests in the Gold Bar North Property, free and clear of all Encumbrances except for Permitted
Encumbrances.

 

(b)
Exhibit “A” to this Agreement sets
forth a true and complete list of all mining claims owned by Seller. Seller holds title to each mining claim owned by Seller free
and clear of all Encumbrances except for Permitted Encumbrances.

 

    	Page 15 of 33

    	 

    

 

(c)
Exhibit “A” to this Agreement sets
forth a true and complete list of all mining claims, including any associated royalties, leases or subleases by Seller.

 

(d)
Subject to the paramount title of the United
States of America and the rights of third parties under applicable law to use the surface of the Property:

 

(i)
each mining claim was properly located and monumented
on public land open to appropriation by mineral location;

 

(ii)
location notices and certificates were properly
posted and recorded for each claim comprising the Gold Bar North Property;

 

(iii)
all filings and recording required to maintain
each mining claim comprising the Gold Bar North Property is and shall be in good standing through
the Closing Date, including evidence of proper performance of annual assessment work or payment of required claim maintenance/holding
fees, have been timely and properly made in the appropriate governmental offices;

 

(iv)
assessment work, performed reasonably and in
good faith in accordance with accepted industry practice, which Seller believes was sufficient to satisfy the requirements for
maintaining each mining claim comprising the Gold Bar North Property, was performed through
the assessment year ending September 1, 2016;

 

(v)
all required annual claim maintenance/holding
fees and other payments necessary to maintain each mining claim comprising the Gold Bar North Property
through the assessment year ending September 1, 2017, have been timely and properly made, and

 

(vi)
each of the mining claims comprising the Gold
Bar North Property has been remonumented as necessary, and evidence of such remonumentation has been timely and properly
recorded, and in compliance with the provisions of Nevada Revised Statutes 517.030.

 

(e)
Seller, as applicable, has contractual or common
law rights to use the surface of the Gold Bar North Property in a manner sufficient to allow for the development and operation
of either surface or underground mines thereon, without payment of additional consideration to any third party.

 

6.8
Contracts. Seller has performed, and Seller
is not in default, and will not be in default as a result of the consummation of the transactions contemplated by this Agreement,
all material obligations required to be performed by Seller under any contract, agreement, commitment, mortgage, indenture, loan
agreement, lease, license, or other instrument (the “Contracts”) to which
Seller is a party, and such Contract affects or relates to the Gold Bar North Property. Seller’s warrant that there are
no Contracts currently in effect or otherwise affecting the Gold Bar North Property that will in any way bind Buyer or become
an encumbrance on the Gold Bar North Property. Seller agrees that Buyer shall not become liable for any of Seller’s Contracts
unless Seller has expressly disclosed such Contracts to Buyer in writing, and Buyer affirmatively assumes liability and/or performance
of said Contracts.

 

    	Page 16 of 33

    	 

    

 

6.9
Compliance with Laws; Permits

 

(a)
Buyer’s ownership and use of the respective
interests of Seller of the Gold Bar North Property does not, and will not, violate any Laws applicable to Seller. Seller has not
received any written notice claiming any violation of Law applicable to the Gold Bar North Property.

 

(b)
Any and all of Seller’s Permits from Governmental
Authorities held by or for the benefit of Seller in relation to the Gold Bar North Property are currently in full force and effect
in accordance with the terms of such Permits.

 

6.10
Environmental Matters.

 

(a)
Seller is in compliance with all Environmental
Laws and Seller has not received from any Person any Environmental Notice or Environmental Claim, which either remains pending
or unresolved, or is the source of ongoing obligations or requirements as of the Closing Date.

 

(b)
Seller has obtained and is in material compliance
with all Environmental Permits.

 

(c)
Seller warrants there has been no Release of
Hazardous Materials in contravention of Environmental Laws by Seller, and there does not exist any Hazardous Materials with respect
Gold Bar North Property, and Seller has not received any Environmental Notice that any portion of the Gold Bar North Property
currently or previously owned, operated or leased in connection with this Agreement has been contaminated with any Hazardous Material.

 

(d)
Prior to the close of the Inspection Period,
Seller shall provide Buyer with a copy of any and all material environmental reports, studies, audits, records, sampling data,
site assessments and other similar documents with respect to the Gold Bar North Property.

 

6.11
Undisclosed Liabilities. Seller has no
undisclosed liability or obligation of any nature or amount (including outstanding indebtedness) relating to the Gold Bar North
Property or any part thereof.

 

6.12 Royalties.
There are no royalties or other burdens on production affecting the Property, other than the Royalty payable under this
Agreement to Nevada Gold, as set forth in Section 4.1.

 

6.13
Endangered Species/Sage Grouse Decision.

 

(a)
Seller has no knowledge of any protected or endangered
species, plant or animal, under the laws of the State of Nevada and/or the United States of America which would in any manner
affect the ability of Buyer to use and enjoy the Gold Bar North Property to its fullest intended extent other than as expressly
disclosed in writing by Seller to Buyer.

 

    	Page 17 of 33

    	 

    

 

(b)
Seller has no knowledge that the BLM’s
Record of Decision (“ROD”) and Approved Resource Management Plan Amendments (“ARMPA”)
for the Great Basin Region, Including the Greater Sage-Grouse Sub Regions of Idaho and Southwestern Montana, Nevada and Northeastern
California, Oregon, and Utah, dated September 15, 2015, will in any manner materially affect the ability of Buyer to use and enjoy
the Gold Bar North Property to its fullest intended extent other than as expressly disclosed in writing by Seller to Buyer; further,
Seller has actively and affirmatively investigated the potential impact of said ROD and ARMPA and have no knowledge that the use
and enjoyment of the Gold Bar North Property will be adversely impacted or impaired, other than as expressly so disclosed in writing
by Seller to Buyer.

 

6.14
Native American Indians. Seller has no
knowledge of any claims by native American Indians or others, not of record, as to any rights to use the Gold Bar North Property,
or otherwise enjoy privileges to remove minerals from the Gold Bar North Property, or of any archaeologically significant sites
or burial grounds existing on the Gold Bar North Property other than as expressly disclosed in writing by Seller to Buyer.

 

6.15
Refuse. That there are no landfills, refuse
pits, dumps or other such refuse disposal sites located on the Gold Bar North Property, other than as expressly disclosed in writing
by Seller to Buyer, and that Seller has no knowledge of any such use, authorized or not, by third parties.

 

6.16
Insurance. Upon written demand from Buyer,
Seller shall provide Buyer with true, accurate and complete particulars of all insurance policies in force as the Effective Date
that are maintained by Seller or its Affiliates with respect to such Seller’s operations at the Gold Bar North Property,
specifying in each case, the name of the insurer, the name(s) of the insured, the risks insured against, the amount of the coverage,
the amount of the deductible, the policy number, and any pending claims under the policy.

 

6.17
Intellectual Property. Prior to the close
of the Inspection Period, Seller shall provide Buyer in writing with all intellectual property owned or licensed by Seller and
used with respect to the Gold Bar North Property or business of Seller at the Gold Bar North Property.

 

(a)
Seller owns or is licensed or otherwise has the
right to use all intellectual property that is used in the ownership of the Gold Bar North Property and operation of its business
without conflict with the rights of any other Person.

 

(b)
Seller has not received any notice of any claim
of infringement or similar claim or proceeding relating to any of the intellectual property and no present or former employee
of Seller or of any Affiliated Group and no other Person owns or claims to own or has or claims to have any interest, direct or
indirect, in whole or in part, in any of the intellectual property of Seller.

 

    	Page 18 of 33

    	 

    

 

6.18
Corporate Records. Seller has made available
to the Buyer the minute books of Seller and all corporate records, proceedings and actions for Seller in its possession to the
extent related to the subject transaction.

 

6.19
Investment Representations. Seller is
acquiring the Closing Shares issued to it solely for its own account for investment purposes and not with a view to, or for offer
or sale in connection with, any distribution thereof. Seller acknowledges that the Closing Shares issued to it are not registered
under the Securities Act or any state securities laws, and that the Closing Shares may not be transferred or sold except pursuant
to the registration provisions of the Securities Act or pursuant to an applicable exemption therefrom and subject to state securities
laws and regulations, as applicable. Seller is able to bear the economic risk of holding the Closing Shares issued to it for an
indefinite period (including total loss of its investment), and has sufficient knowledge and experience in financial and business
matters so as to be capable of evaluating the merits and risk of its investment. Seller is, on the date hereof, an “accredited
investor” (as defined in Rule 501(a) of Regulation D under the Securities Act). Seller acknowledges that the certificates
representing the Closing Shares issued to it will bear legends substantially in the form set forth below:

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933
ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF U.S. GOLD
CORP. (THE “CORPORATION”) THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO
THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE 1933 ACT AND IN COMPLIANCE
WITH ANY APPLICABLE LOCAL SECURITIES LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE 1933
ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS OR (D) IN A TRANSACTION
THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT
HOLDER HAS DELIVERED TO THE CORPORATION AND THE REGISTRAR AND TRANSFER AGENT AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM
AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION AND THE REGISTRAR AND TRANSFER AGENT TO SUCH EFFECT.

 

6.20
Potential Merger. Seller acknowledges
and understands that U.S. Gold may be acquired by and merged into a public company, which merger will thereupon affect the number
of shares of U.S. Gold Common Stock issued to Seller hereunder and the value thereof. Seller further acknowledges and understands
that upon the consummation of any such merger it will be a requirement for U.S. Gold’s shareholders to execute a two (2)
year lock-up agreement restricting the sale or transfer of stock and other limitations.

 

6.21 Survival
of Representations and Warranties. The representations and warranties contained in this Article 6 shall survive
the execution and delivery of this Agreement, as well as any assignment or conveyance hereof. The obligations of Seller
contained in this Article shall survive the close of escrow and the recording of the Seller’s Deed and shall not be
deemed merged therein upon its recordation.

 

    	Page 19 of 33

    	 

    

 

ARTICLE
7

Representations
and warranties of buyer

 

The
Buyer represents and warrants to Seller that:

 

7.1
Organization. Buyer is a corporation duly
organized, validly existing and in good standing under the Laws of Nevada and has all necessary corporate power and authority
to own, operate or lease the properties and assets now owned, operated or leased by it and to carry on its business as it is currently
conducted.

 

7.2
Due Authorization, Execution and Delivery;
Enforceability. Buyer has the requisite corporate power and authority to enter into this Agreement, to carry out its obligations
hereunder and to consummate the transactions contemplated hereby. The execution and delivery by Buyer, the performance by Buyer
of its obligations hereunder and the consummation by Buyer of the transactions contemplated hereby have been duly authorized by
all requisite corporate action. This Agreement has been duly executed and delivered by Buyer and constitutes the legal, valid
and binding obligation of Buyer, enforceable against Buyer in accordance with its terms, except as such enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally and
by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

7.3
No Conflicts; Consents. The execution,
delivery and performance by Buyer of this Agreement, and the consummation of the transactions contemplated hereby, do not and
will not: (a) result in a violation or breach of any provision of the articles of incorporation or bylaws of Buyer; (b) conflict
with, violate, result in a breach of, constitute a default under any contract to which Buyer is a party or by which Buyer is bound
or affected, or (c) result in a violation or breach of any provision of any Law or Governmental Order applicable to Buyer. No
consent, approval, Permit, Governmental Order, declaration or filing with, or notice to, any Governmental Authority or other Person
is required by or with respect to Buyer in connection with the execution and delivery of this Agreement and the consummation of
the transactions contemplated hereby.

 

7.4
Capitalization of Buyer

 

(a)
There are currently 45,879,262 shares outstanding
of common stock.

 

(b)
Upon issuance at Closing, the Closing Shares
have been duly authorized and will be validly issued, fully paid and non-assessable shares, free and clear of all Encumbrances.

 

(c)
Except for the issued and outstanding U.S. Gold
Common Stock described in Section 7.4(a), there are no outstanding shares of capital stock of U.S. Gold which would affect
the number of shares being issued to Seller hereunder, or, except for the matters set forth in Section 6.20, any outstanding
or authorized options, warrants, convertible securities or other rights, agreements, arrangements or commitments of any character
relating to the capital stock of U.S. Gold or obligating U.S. Gold to issue or sell any shares of capital stock of, or any other
interest in, U.S. Gold. U.S. Gold does not have outstanding or authorized any stock appreciation, phantom stock, profit participation
or similar rights. There are no voting trusts, stockholder agreements, proxies or other agreements or understandings in effect
with respect to the voting or transfer of any of the U.S. Gold Common Stock.

 

    	Page 20 of 33

    	 

    

 

7.5
Buyer Financial Information. Upon Seller’s
written demand, U.S. Gold shall provide to Seller Buyer’s balance sheet, dated as of February 29, 2017 (the “U.S.
Gold Financial Statements”).

 

7.6
Litigation. There are no actions, suits,
claims, investigations or other legal proceedings pending or threatened against Buyer.

 

7.7
Taxes

 

(a)
All Taxes required to be paid by Buyer have been
timely paid or caused to be paid through the date hereof and as of the Closing.

 

(b)
All Taxes that Buyer was required by law to withhold
or collect have been duly withheld or collected and, to the extent required, have been properly paid to the appropriate Governmental
Authority, and Buyer has complied with all information reporting and backup withholding requirements, including the maintenance
of required records with respect thereto, in connection with amounts paid to any past or present shareholder, director, officer,
agent, employee, independent contractor, creditor, or other third party.

 

(c)
Buyer has filed or caused to be filed in a timely
manner (within any applicable extension periods) all income Tax Returns and other Tax Returns required to be filed by it with
the appropriate Governmental Authority in all jurisdictions in which such Tax Returns are required to be filed, and such Tax Returns
were complete and correct in all material respects as of the time of filing.

 

(d)
Each Affiliated Group has filed all Tax Returns
that it was required to file for each taxable period during which Buyer was a member of such Affiliated Group and has paid all
material Taxes shown as due thereon.

 

(e)
There are no ongoing Tax audits or other Tax
proceedings and no waivers of statutes of limitations have been given or requested with respect to Buyer.

 

(f)
No Tax liens, other than Permitted Encumbrances,
have been filed against Buyer.

 

(g)
No unresolved deficiencies or additions to Taxes
have been proposed, asserted, or assessed in writing against Buyer by any Governmental Authority.

 

    	Page 21 of 33

    	 

    

 

(h)
No claim has been made in writing by any Governmental
Authority in a jurisdiction in which Buyer does not file Tax Returns that Buyer is or may be subject to taxation by that jurisdiction.

 

(i)
Buyer (i) is not a party to any joint venture,
partnership, or other arrangement that is treated as a partnership for United States federal income Tax purposes, (ii) has never
made an entity classification (“check-the-box”) election under Section 7701, (iii) is not and has never been a shareholder
of a “controlled foreign corporation” as defined in Section 957 of the Code (or any similar provision of state, local
or foreign Law), or (iv) is not and has never been a shareholder in a “passive foreign investment company” within
the meaning of Section 1297 of the Code.

 

(j)
Buyer is not a party to or bound by any Tax indemnity,
Tax sharing, Tax allocation or similar agreement.

 

7.8
Financial Advisors. No broker, finder
or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions
contemplated by this Agreement based upon arrangements made by or on behalf of Buyer.

 

7.9
Compliance with Laws; Permits

 

(a)
The ownership and use of the Gold Bar North Property
will not violate any Laws applicable to Buyer. Buyer has not received any written notice claiming any violation of Law applicable
to Buyer’s properties, assets or operations.

 

7.10
Environmental Matters. Buyer is in compliance,
in all material respects, with all Environmental Laws and Buyer has not received from any Person any Environmental Notice or Environmental
Claim, which either remains pending or unresolved, or is the source of ongoing obligations or requirements as of the Closing Date.

 

7.11
Undisclosed Liabilities. Buyer does not
have any liability or obligation of any nature (including outstanding indebtedness).

 

7.12
Employment Matters. Buyer is not bound
by any collective bargaining or other agreement with any labor organization.

 

7.13
Corporate Records. Buyer has made available
to Seller the minute books of Buyer and all corporate records, proceedings and actions for Buyer in its possession to the extent
related to the subject transaction.

 

7.14
Sufficiency of Funds. Buyer has sufficient
cash on hand and authorized Buyer Common Stock to enable it to make payment of the Purchase Price, issue the Closing Shares and
consummate the transactions contemplated by this Agreement.

 

7.15
Legal Proceedings. There are no actions,
suits, claims, investigations or other legal proceedings pending or, to Buyer’s knowledge, threatened against Buyer or any
Affiliate of Buyer that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement.

 

    	Page 22 of 33

    	 

    

 

ARTICLE
8

Covenants

 

8.1
Conduct of Business Prior to the Closing.
From the date hereof until the Closing, except as otherwise provided in this Agreement or consented to in writing by Buyer
(which consent shall not be unreasonably withheld, conditioned or delayed), Seller shall not conduct any operations or other business
activities with respect to the Gold Bar North Property and matters subject to this Agreement.

 

8.2
Access to Information

 

 

(a)
From the date hereof until the Closing, Seller
shall: (i) afford Buyer and its Representatives reasonable access to and the right to inspect all of Seller’s Real Property,
properties, assets, premises, books and records, contracts, agreements and other documents and data; (ii) furnish Buyer and its
Representatives with such financial, operating and other data and information related to Seller as Buyer or any of its Representatives
may reasonably request; and (iii) instruct the Representatives of such Seller to cooperate with Buyer in its investigation of
such Seller and the Gold Bar North Property.

 

(b)
From the date hereof until the Closing, the Buyer
shall: (i) afford Seller and its Representatives reasonable access to and the right to inspect all of Buyer’s, properties,
assets, premises, books and records, contracts, agreements and other documents and data; (ii) furnish Seller and its Representatives
with such financial, operating and other data and information related to Buyer as Seller or any of its Representatives may reasonably
request; and (iii) instruct the Representatives of Buyer to cooperate with Seller in its investigation of Buyer’s operations
and assets with respect to the Gold Bar North Property and matters subject to this Agreement.

 

8.3
Confidentiality

 

(a)
The Buyer and/or U.S. Gold shall hold, and shall
use its reasonable best efforts to cause their Representatives to hold, in confidence any and all information, whether written
or oral, concerning Seller, except to the extent that the Buyer and/or U.S. Gold can show that such information (i) is generally
available to or known by the public through no fault of Buyer and/or U.S. Gold or their Representatives; (ii) is lawfully acquired
by Buyer and/or U.S. Gold from and after the Closing from sources which are not prohibited from disclosing such information by
a legal, contractual or fiduciary obligation; or (iii) is required to be disclosed by applicable Law or judicial or administrative
process. If the Buyer and/or U.S. Gold or its Representatives are compelled to disclose any information by judicial or administrative
process or by other requirements of Law, the Buyer and/or U.S. Gold shall promptly notify the Seller in writing and shall disclose
only that portion of such information which Buyer and/or U.S. Gold is advised by its counsel is legally required to be disclosed,
provided, that Buyer and/or U.S. Gold shall use commercially reasonable efforts to obtain an appropriate protective order or other
reasonable assurance that confidential treatment will be accorded such information.

 

    	Page 23 of 33

    	 

    

 

(b)
The Seller shall hold, and shall use its reasonable
best efforts to cause its Representatives to hold, in confidence any and all information, whether written or oral, concerning
the Buyer and/or U.S. Gold and except to the extent that the Seller can show that such information (i) is generally available
to or known by the public through no fault of Seller or any of its Affiliates or Representatives; (ii) is lawfully acquired by
Seller from and after the Closing from sources which are not prohibited from disclosing such information by a legal, contractual
or fiduciary obligation; or (iii) is required to be disclosed by applicable Law or judicial or administrative process. If Seller
or any of its Affiliates or Representatives are compelled to disclose any information by judicial or administrative process or
by other requirements of Law, Seller, as applicable, shall promptly notify Buyer and/or U.S. Gold in writing and shall disclose
only that portion of such information which Seller is advised by its counsel is legally required to be disclosed, provided, that
Seller shall use commercially reasonable efforts to obtain an appropriate protective order or other reasonable assurance that
confidential treatment will be accorded such information.

 

8.4
Governmental Approvals and Other Third-Party
Consents

 

(a)
Each party hereto shall use commercially reasonable
efforts to obtain, or cause to be obtained, all consents, authorizations, orders and approvals from all Governmental Authorities
that may be or become necessary for its execution and delivery of this Agreement and the performance of its obligations pursuant
to this Agreement on the Closing Date. Each party shall cooperate fully with the other party and its Affiliates in promptly seeking
to obtain all such consents, authorizations, orders and approvals. The parties hereto shall not take any action that will have
the effect of delaying, impairing or impeding the receipt of any required consents, authorizations, orders and approvals.

 

(b)
Seller and Buyer shall use commercially reasonable
efforts to give all notices to, and obtain all consents from, all third parties that are described in Sections 6.3 and
7.3.

 

8.5
Books and Records

 

(a)
In order to facilitate the resolution of any
claims made against or incurred by Seller prior to the Closing, or for any other reasonable purpose, for a period of seven years
after the Closing, Buyer shall: (i) retain the books and records (including personnel files) of Seller pertaining to the Gold
Bar North Property and relating to periods prior to the Closing; and (ii) upon reasonable notice, afford the Representatives of
Seller reasonable access (including the right to make, at Seller’s expense, photocopies), during normal business hours,
to such books and records.

 

(b)
In order to facilitate the resolution of any
claims made against or incurred by Buyer after the Closing, or for any other reasonable purpose, for a period of seven years following
the Closing, Seller shall: (i) retain the books and records (including personnel files) of Seller which relate to the Gold Bar
North Property for periods prior to the Closing; and (ii) upon reasonable notice, afford the Representatives of Buyer reasonable
access (including the right to make, at Buyer’s expense, photocopies), during normal business hours, to such books and records.

 

    	Page 24 of 33

    	 

    

 

8.6
Public Announcements. Unless otherwise
required by applicable Law or stock exchange requirements (based upon the reasonable advice of counsel), no party to this Agreement
shall make any public announcements in respect of this Agreement or the transactions contemplated hereby or otherwise communicate
with any news media without the prior written consent of the other party (which consent shall not be unreasonably withheld, conditioned
or delayed), and the parties shall cooperate as to the timing and contents of any such announcement.

 

8.7
Further Assurances. Following the Closing,
each of the parties hereto shall, and shall cause their respective Affiliates to, execute and deliver such additional documents,
instruments, conveyances and assurances and take such further actions as may be reasonably required to carry out the provisions
hereof and give effect to the transactions contemplated by this Agreement.

 

8.8
Transfer Taxes. All transfer, documentary,
sales, use, stamp, registration, value added and other such Taxes and fees (including any penalties and interest) incurred in
connection with this Agreement (including any real property transfer Tax and any other similar Tax) shall be borne and paid by
Seller when due. Seller shall, at Seller’s own expense, timely file any Tax Return or other document required to be filed
by Seller with respect to such Taxes or fees (and Buyer shall cooperate with respect thereto as necessary).

 

ARTICLE
9

Conditions
to closing

 

9.1
Conditions to Obligations of All Parties.
The obligations of each party to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment,
at or prior to the Closing, of each of the following conditions:

 

(a)
No Governmental Authority shall have enacted,
issued, promulgated, enforced or entered any Governmental Order which is in effect and has the effect of making the transactions
contemplated by this Agreement illegal, otherwise restraining or prohibiting consummation of such transactions or causing any
of the transactions contemplated hereunder to be rescinded following completion thereof.

 

(b)
Seller shall have received all consents, authorizations,
orders and approvals from the Governmental Authorities and stock exchanges referred to in Section 6.3 and Buyer shall have
received all consents, authorizations, orders and approvals from the Governmental Authorities referred to in Section 7.3,
in each case, in form and substance reasonably satisfactory to the Buyer and the Seller, and no such consent, authorization, order
or approval shall have been revoked.

 

9.2
Conditions to Obligations of Buyer. The
obligations of the Buyer to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment or
the Buyer’s waiver, at or prior to the Closing, of each of the following conditions:

 

(a)
The representations and warranties of the Seller
contained in Article 6 that are qualified by materiality shall be true and correct in all respects as of the Closing Date
with the same effect as though made at and as of such date (except those representations and warranties that address matters only
as of a specified date, which shall be true and correct as of that specified date); The representations and warranties of the
Seller contained in ARTICLE 6 that are not qualified by materiality shall be true and correct in all material respects
as of the Closing Date with the same effect as though made at and as of such date (except those representations and warranties
that address matters only as of a specified date, which shall be true and correct in all material respects as of that specified
date);

 

    	Page 25 of 33

    	 

    

 

(b)
The Seller shall have duly performed and complied
in all material respects with all agreements and covenants required by this Agreement to be performed or complied with by the
Seller prior to or on the Closing Date.

 

(c)
The Buyer shall have received a certificate,
dated the Closing Date and signed by a duly authorized officer of Seller, that each of the conditions set forth in Section
9.2(a) and Section 9.2(b) has been satisfied.

 

(d)
The Buyer shall have received a certificate of
the Secretary (or equivalent officer) of Seller certifying that attached thereto are (i) true and complete copies of all resolutions
adopted by the board of directors or board of managers, as applicable, of Seller authorizing the execution, delivery and performance
of this Agreement and the consummation of the transactions contemplated hereby, and that all such resolutions are in full force
and effect and are all the resolutions adopted in connection with the transactions contemplated hereby, and (ii) true and correct
copies of the articles of incorporation, articles of organization, bylaws, operating or other constituent documents of Seller
in effect as of the Closing Date.

 

(e)
Seller shall have executed and delivered a shareholder
agreement as prepared and approved by Buyer’s attorney.

 

9.3
Conditions to Obligations of Seller. The
obligations of Seller to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment or Seller’s
waiver, at or prior to the Closing, of each of the following conditions:

 

(a)
The representations and warranties of Buyer and/or
U.S. Gold contained in Article 7 shall be true and correct as of the Closing Date with the same effect as though made at
and as of such date (except those representations and warranties that address matters only as of a specified date, which shall
be true and correct in all material respects as of that specified date).

 

(b)
Buyer shall have duly performed and complied
in all material respects with all agreements, covenants and conditions required by this Agreement to be performed or complied
with by Buyer prior to or on the Closing Date.

 

(c)
Seller shall have received a certificate, dated
the Closing Date and signed by a duly authorized officer of Buyer, that each of the conditions set forth in Section 9.3(a)
and Section 9.3(b) have been satisfied.

 

(d)
The Seller shall have received a certificate
of the Secretary (or equivalent officer) of the Buyer and U.S. Gold certifying that attached thereto are (i) true and complete
copies of all resolutions adopted by the board of directors of the Buyer and U.S. Gold authorizing the execution, delivery and
performance of this Agreement and the consummation of the transactions contemplated hereby, and that all such resolutions are
in full force and effect and are all the resolutions adopted in connection with the transactions contemplated hereby, and (ii)
true and correct copies of the articles of incorporation, bylaws or other constituent documents of the Buyer in effect as of the
Closing Date.

 

    	Page 26 of 33

    	 

    

 

(e)
The Buyer and U.S. Gold shall have delivered
to Seller the Closing Cash and the Closing Shares in accordance with Section 2.2.

 

(f)
All shareholders of U.S. Gold shall have executed
and delivered a shareholder agreement as prepared and approved by Buyer’s attorney.

 

ARTICLE
10

Indemnification,
survival and liability limitations

 

10.1
Survival. Subject to the limitations and
other provisions of this Agreement, the Seller’s and the Buyer’s representations, warranties, covenants and agreements
contained herein, the Parties’ respective obligation to indemnify the other party pursuant to Section 10.2 and Section
10.3, and any claims related to this Agreement (whether based on breach of contract, tort or otherwise) shall survive the
Closing and shall remain in full force and effect until the date that is eighteen (18) months from the Closing Date (and shall
thereafter expire and terminate). Notwithstanding the foregoing, (a) the covenants contained in Section 8.5 shall survive
for the period set out therein; (b) the covenants contained in Section 8.3, Section 8.7, Section 8.8, and
ARTICLE 1, ARTICLE 11 and ARTICLE 13 shall survive the Closing indefinitely; and (c) any claims asserted
in good faith with reasonable specificity (to the extent known at such time) and in writing by notice from the party asserting
such claim to the other party prior to the expiration date of the survival period shall not thereafter be barred by the expiration
of such survival period and such claims shall survive until finally resolved.

 

10.2
Indemnification by the Seller. Subject
to the other terms and conditions of this ARTICLE 10, the Seller shall indemnify the Buyer and U.S. Gold against, and shall
hold the Buyer and U.S. Gold harmless from and against, all Excluded Obligations and any and all Losses incurred or sustained
by, or imposed upon, the Buyer and U.S. Gold based upon, arising out of, with respect to or by reason of any inaccuracy in or
breach of any of the representations or warranties of the Seller contained in this Agreement or any other document delivered pursuant
to this Agreement, or any failure of the Seller to perform any of its covenants, agreements or obligations in this Agreement.

 

10.3
Indemnification by the Buyer. Subject
to the other terms and conditions of this ARTICLE 10, the Buyer and U.S. Gold, solely as to each of their respective representations
or warranties, shall indemnify the Seller against, and shall hold the Seller harmless from and against, all Assumed Obligations
and any and all Losses incurred or sustained by, or imposed upon, the Seller based upon, arising out of, with respect to or by
reason of any inaccuracy in or breach of any of the representations or warranties of the Buyer and U.S. Gold contained in this
Agreement or any other document delivered pursuant to this Agreement, or any failure by the Buyer and U.S. Gold to perform any
of its covenants, agreements or obligations in this Agreement.

 

    	Page 27 of 33

    	 

    

 

10.4
Indemnification Procedures

 

(a)
The party making a claim under this ARTICLE
10 is referred to as the “Indemnified Party” and the party against whom such claims are asserted under
this ARTICLE 10 is referred to as the “Indemnifying Party.”

 

(b)
Third-Party Claims. If any Indemnified
Party receives notice of the assertion or commencement of any action, suit, claim or other legal proceeding made or brought by
any Person who is not a party to this Agreement or an Affiliate of a party to this Agreement or a Representative of the foregoing
(a “Third-Party Claim”) against such Indemnified Party with respect to which the Indemnifying Party
is obligated to provide indemnification under this Agreement, the Indemnified Party shall give the Indemnifying Party prompt written
notice thereof. The failure to give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification
obligations, except and only to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure.
Such notice by the Indemnified Party shall describe the Third-Party Claim in reasonable detail, shall include copies of all material
written evidence thereof and shall indicate the estimated amount, if reasonably practicable, of the Loss that has been or may
be sustained by the Indemnified Party. Provided that the Indemnifying party acknowledges in writing that it is indemnifying the
Indemnified Party with respect to the Third Party Claim, the Indemnifying Party shall have the right to participate in the defense
of any Third-Party Claim at the Indemnifying Party’s expense and by the Indemnifying Party’s own counsel. If the Indemnifying
Party fails to promptly notify the Indemnified Party in writing of its acknowledgement of its obligation to indemnify the Indemnified
Party, the Indemnified Party may pay, compromise, defend such Third-Party Claim and seek indemnification for any and all Losses
based upon, arising from or relating to such Third-Party Claim. Seller and Buyer shall cooperate with each other in all reasonable
respects in connection with the defense of any Third-Party Claim, including making available records relating to such Third-Party
Claim and furnishing, without expense (other than reimbursement of actual out-of-pocket expenses) to the other party, management
employees of such party as may be reasonably necessary for the preparation of the defense of such Third-Party Claim.

 

(c)
Direct Claims. Any claim by an Indemnified
Party on account of a Loss which does not result from a Third-Party Claim (a “Direct Claim”) shall be
asserted by the Indemnified Party giving the Indemnifying Party prompt written notice thereof. The failure to give such prompt
written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to the extent
that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified Party shall
describe the Direct Claim in reasonable detail, shall include copies of all material written evidence thereof and shall indicate
the estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party. The Indemnifying
Party shall have thirty (30) days after its receipt of such notice to respond in writing to such Direct Claim. During such 30-day
period, the Indemnified Party shall allow the Indemnifying Party and its professional advisors to investigate the matter or circumstance
alleged to give rise to the Direct Claim, and whether and to what extent any amount is payable in respect of the Direct Claim
and the Indemnified Party shall assist the Indemnifying Party’s investigation by giving such information and assistance
(including access to the Seller’s or the Buyer’s premises and personnel and the right to examine and copy any accounts,
documents or records) as the Indemnifying Party or any of its professional advisors may reasonably request. If the Indemnifying
Party does not so respond within such 30-day period, the Indemnifying Party shall be deemed to have rejected such claim, in which
case the Indemnified Party shall be free to pursue such remedies as may be available to the Indemnified Party on the terms and
subject to the provisions of this Agreement.

 

    	Page 28 of 33

    	 

    

 

ARTICLE
11

tax
matters; CLOSING PRORATIONS

 

11.1
Allocation of Purchase Price. The Purchase
Price (and related capitalizable costs) and Assumed Obligations shall be allocated among the Gold Bar North Property for all purposes
(including Tax and financial accounting) by agreement of the parties prior to or at the Closing. The Seller and the Buyer shall
each make all required filings under Section 1060 of the Internal Revenue Code consistent with such allocation and shall not take
any position inconsistent with such allocation in any other of their respective Tax Returns. The Seller and the Buyer shall provide
each other with copies of their completed Internal Revenue Service Forms 8594 before filing their respective tax returns.

 

11.2
Prorations. Taxes and assessments on the
Gold Bar North Property for the year of Closing, if any, shall be prorated as of the Closing Date upon the amount of such taxes
for the year of Closing, using the amount of taxes for the year of Closing if known and, if not known, the most recent available
mill levy and assessed value, if any. At the request of either Party, the foregoing proration shall be re-prorated and adjusted
between the Parties, on the basis of the tax bills for the year of Closing when received. Administrative costs and associated
attorneys’ fees expended or incurred for filing deeds, transfers, assignments of lease, if any, and Permits with Governmental
Authorities shall be shared equally by the Buyer and the Seller. Any prorations pursuant to this Section 11.2 shall be
made by means of adjustment of the Closing Cash to the extent such amount is known or estimated as of the Closing Date and shall
thereafter be adjusted by payment between the parties for any increase or decrease in the actual amount from that paid at Closing.

 

ARTICLE
12

Termination

 

12.1
Termination. This Agreement may be terminated
at any time prior to the Closing:

 

(a)
by the mutual written consent of the Seller and
the Buyer;

 

(b)
by the Buyer by written notice to the Seller
if:

 

(i)
the Buyer is not then in material breach of any
provision of this Agreement and there has been a material breach, inaccuracy in or failure to perform any representation, warranty,
covenant or agreement made by the Seller pursuant to this Agreement that would give rise to the failure of any of the conditions
specified in ARTICLE 3 or ARTICLE 9 and such breach, inaccuracy or failure cannot be cured by the Seller on or prior
to the Closing Date; or

 

    	Page 29 of 33

    	 

    

 

(ii)
any of the conditions set forth in Section
9.1 or Section 9.2 shall not have been fulfilled by the Closing Date, unless such failure shall be due to the failure
of the Buyer to perform or comply with any of the covenants, agreements or conditions hereof to be performed or complied with
by it prior to the Closing;

 

(c)
by the Seller by written notice to the Buyer
if:

 

(i)
the Seller is not then in material breach of
any provision of this Agreement and there has been a material breach, inaccuracy in or failure to perform any representation,
warranty, covenant or agreement made by the Buyer pursuant to this Agreement that would give rise to the failure of any of the
conditions specified in ARTICLE 9 and such breach, inaccuracy or failure cannot be cured by the Buyer by the Closing Date;
or

 

(ii)
(any of the conditions set forth in Section
9.1 or Section 9.3 shall not have been fulfilled by the Closing Date, unless such failure shall be due to the failure
of the Seller to perform or comply with any of the covenants, agreements or conditions hereof to be performed or complied with
by it prior to the Closing; or

 

(d)
by the Buyer or the Seller in the event that:

 

(i)
there shall be any Law that makes consummation
of the transactions contemplated by this Agreement illegal or otherwise prohibited; or

 

(ii)
any Governmental Authority shall have issued
a Governmental Order restraining or enjoining the transactions contemplated by this Agreement, and such Governmental Order shall
have become final and non-appealable.

 

12.2
Effect of Termination.
In the event of the termination of this Agreement in accordance with this ARTICLE 12, the provisions of Section 8.3 (Confidentiality),
Section 8.6 (Public Announcement), and ARTICLE 13 (Miscellaneous) shall survive the termination of this Agreement. Nothing herein
shall relieve any party from liability for any breach of any provision hereof prior to termination. 

 

ARTICLE
13

Miscellaneous

 

13.1
Expenses. Except as otherwise expressly
provided herein, all costs and expenses, including, without limitation, fees and disbursements of counsel, financial advisors
and accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the Party
incurring such costs and expenses, whether or not the Closing shall have occurred.

 

    	Page 30 of 33

    	 

    

 

13.2
Notices. All notices, requests, consents,
claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when
delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized
overnight courier (receipt requested); (c) on the date sent by e-mail of a PDF document (with confirmation of transmission) if
sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient;
or (d) on the fifth day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such
communications must be sent to the respective Parties at the following addresses (or at such other address for a Party as shall
be specified in a notice given in accordance with this Section 13.2):

 

	 	If
    to Nevada Gold:	Nevada
                                         Gold Ventures, LLC

        Attention:
        David Mathewson

        P.O.
        Box 2092

        Elko,
        NV 89803

        Email:
        dcmathewson@sbcglobal.net

	 	 	 
	 	If
    to Buyer:	US
                                         Gold Acquisition Corp.

        Attention:
        Edward Karr

        19
        Blvd. Georges-Favon

        Geneva,
        CHE CH-1204

        Email:
        ek@rampartners.ch

	 	 	 
	 	If
    to U.S. Gold:	US
                                         Gold Corp.

        Attention:
        Edward Karr

        19
        Blvd. Georges-Favon

        Geneva,
        CHE CH-1204

        Email:
        ek@rampartners.ch

 

13.3
Interpretation. For purposes of this Agreement:
(a) the words “include,” “includes” and “including” shall be deemed to be followed by the
words “without limitation”; and (b) the words “herein,” “hereof,” “hereby,” “hereto”
and “hereunder” refer to this Agreement as a hole. Unless the context otherwise requires, references herein: (i) to
an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified
from time to time to the extent permitted by the provisions thereof; and (ii) to a statute means such statute as amended from
time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Agreement shall be
construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument
or causing any instrument to be drafted.

 

13.4
Headings. The headings in this Agreement
are for reference only and shall not affect the interpretation of this Agreement.

 

    	Page 31 of 33

    	 

    

 

13.5
Severability. If any term or provision
of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall
not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other
jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible
in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to
the greatest extent possible.

 

13.6
Entire Agreement. This Agreement constitutes
the sole and entire agreement of the Parties to this Agreement with respect to the subject matter contained herein and supersedes
all prior and contemporaneous representations, warranties, understandings and agreements, both written and oral, with respect
to such subject matter.

 

13.7
Successors and Assigns. This Agreement
shall be binding upon and shall inure to the benefit of the Parties hereto and their respective successors and permitted assigns.
No Party may assign its rights or obligations hereunder without the prior written consent of the other Parties, which consent
shall not be unreasonably withheld, conditioned or delayed. No assignment shall relieve the assigning Party of any of its obligations
hereunder.

 

13.8
No Third-Party Beneficiaries. This Agreement
is for the sole benefit of the Parties hereto and their respective successors and permitted assigns and nothing herein, express
or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of
any nature whatsoever under or by reason of this Agreement.

 

13.9
Amendment and Modification; Waiver. This
Agreement may only be amended, modified or supplemented by an agreement in writing signed by each Party hereto. No waiver by any
Party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the Party so waiving.
No waiver by any Party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified
by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure
to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed
as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any
other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

13.10
Governing Law; Submission to Jurisdiction

 

(a)
This Agreement shall be governed by and construed
in accordance with the internal laws of the State of Nevada without giving effect to any choice or conflict of law provision or
rule (whether of the State of Nevada or any other jurisdiction).

 

(b)
Any legal suit, action or proceeding arising
out of or based upon this Agreement or the transactions contemplated hereby may be instituted in the federal courts of the United
States of America or the courts of the State of Nevada located in Reno, Nevada and Eureka, Nevada, respectively, and each Party
irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of process, summons,
notice or other document by mail to such Party’s address set forth herein shall be effective service of process for any
suit, action or other proceeding brought in any such court. The Parties irrevocably and unconditionally waive any objection to
the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree not to plead or claim
in any such court that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

 

    	Page 32 of 33

    	 

    

 

13.11
Specific Performance. The Parties agree
that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof
and that the Parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy to which they
are entitled at law or in equity.

 

13.12 Attorneys’
Fees. In the event of any controversy, claim, or dispute
between the Parties, arising out of or relating to this Agreement or the breach thereof, the prevailing Party shall be
entitled to recover from the non-prevailing Party all such reasonable expenses, attorneys’ fees, expert witness fees,
and costs.

 

13.13
Limitation on Damages. In no event shall
any Party be liable to any other Party for any punitive, incidental, consequential, or special damages relating to the breach
or alleged breach of this Agreement.

 

13.14
Representation. Each Party acknowledges
that they have had the opportunity to be represented by legal counsel, tax advisors, experts, or any other consultants necessary
or relevant to this transaction and in the preparation and execution of this Agreement; that the terms, provisions, and potential
legal or tax effects that may result from this Agreement have been fully explained to such Party; and each Party understands the
terms, provisions, legal and tax effects of this Agreement.

 

13.15
Counterparts. This Agreement may be executed
in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement.
A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have
the same legal effect as delivery of an original signed copy of this Agreement.

 

[Signature
page follows]

 

    	Page 33 of 33

    	 

    

 

The
Parties hereto have caused this Agreement to be executed as of the date first written above by their respective officers thereunto
duly authorized.

 

	SELLER:	 	BUYER:
	 	 	 
	NEVADA GOLD VENTURES,
    LLC, a Nevada limited liability company	 	U.S. GOLD ACQUISITION CORP., a Nevada corporation

 

 

	By:	 	 	By:	 
	 	 	 	 
	Its:
    	 	 	Its:
    	 

 

U.S. GOLD:

 

U.S. GOLD CORP., a Nevada corporation

 

	 	By:	
	 	 	 
	 	Its:	

 

    	 

    	 

    

 

EXHIBIT
“A”

 

GOLD
BAR NORTH PROPERTY

 

AGGREGATE
TOTAL CLAIMS 49

 

Nevada
Gold Ventures (Owned 100%, subject to three and one-half percent (3.5%) NSR to Nevada Gold)

 

49
unpatented lode mining claims situated in Eureka County, Nevada in Sections 29, 30, 31, and 32, Township 23 North, Range 49 East,
and Sections 5 and 6, Township 22 North, Range 49 East, Mount Diablo Base Line and Meridian.

 

	Claim
    Name/Number	 	BLM
    NMC No.
	GBN
    1	 	NMC849278
	GBN
    2	 	NMC849279
	GBN
    3	 	NMC849280
	GBN
    4	 	NMC849281
	GBN
    5	 	NMC849282
	GBN
    6	 	NMC849283
	GBN
    7	 	NMC849284
	GBN
    8	 	NMC849285
	GBN
    9	 	NMC849286
	GBN
    10	 	NMC849287
	GBN
    11	 	NMC849288
	GBN
    12	 	NMC849289
	GBN
    13	 	NMC849290
	GBN
    14	 	NMC849291
	GBN
    15	 	NMC849292
	GBN
    16	 	NMC849293
	GBN
    17	 	NMC1120435
	GBN
    18	 	NMC1120436
	GBN
    19	 	NMC1120437
	GBN
    20	 	NMC1120438
	GBN
    21	 	NMC1120439
	GBN
    22	 	NMC1120440
	GBN
    23	 	NMC1120441
	GBN
    24	 	NMC1120442
	GBN
    25	 	NMC864727
	GBN
    26	 	NMC864728
	GBN
    27	 	NMC1120443
	GBN
    28	 	NMC864729
	GBN
    29	 	NMC1120444
	GBN
    30	 	NMC1120445
	GBN
    31	 	NMC1120446
	GBN
    32	 	NMC1120447
	GBN
    33	 	NMC1120448
	GBN
    34	 	NMC1120449
	GBN
    35	 	NMC1120450
	GBN
    36	 	NMC1120451
	GBN
    37	 	NMC1120452
	GBN
    38	 	NMC1120453
	GBN
    39	 	NMC1120454
	GBN
    40	 	NMC1120455
	GBN
    41	 	NMC1120456
	GBN
    42	 	NMC1120457
	GBN
    43	 	NMC1120458
	GBN
    44	 	NMC1120459
	GBN
    45	 	NMC1120460
	GBN
    46	 	NMC1120461
	GBN
    47	 	NMC1120462
	GBN
    48	 	NMC1120463
	GBN
    49	 	NMC1120464
	Total
    Claims	 	49

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

APN:
N/A (unpatented mining claims)

 

Recorded
at the request

of and return to:

Neil.
E. Whitmer

U.S.
Gold Corporation

1910
E. Idaho St.

Suite
102, Box 604

Elko,
NV 89801

 

The
undersigned hereby affirms that this document, including any exhibits, does not contain the personal information of any person.

 

ROYALTY
DEED

 

THIS
ROYALTY DEED is made and entered into this _____ day of June, 2017, (“Effective Date”) by and between U.S. GOLD ACQUISITION
CORPORATION, a Nevada corporation (“Grantor”); and NEVADA GOLD VENTURES, LLC, a Nevada limited liability company (“Grantee”).

 

WITNESSETH:

 

That
the said Grantor, for good and valuable consideration given by the Grantee, the receipt of which is hereby acknowledged, does
by the presents, grant, bargain, and sell unto Grantee, and to Grantee’s successors and assigs, a production royalty (“Production
Royalty”) of three and one-half percent (3.5%) of the Net Revenues from any and all ores, metals, minerals and materials
(“Valuable Minerals”), including by-products and co-products thereof, produced and sold from those unpatented mining
claims listed on Exhibit “A” attached hereto and incorporated herein. Net Revenues are defined and the Production
Royalty shall be calculated and paid, as set forth in Exhibit “B” attached hereto and incorporated herein.

 

(Signatures
to Follow on Next Page)

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the said Grantor has executed this Deed as of the day and year first hereinabove written.

 

	 	GRANTOR:
	 	 	 
	 	U.S.
    GOLD ACQUISITION CORPORATION, a Nevada corporation
	 	 	 
	 	BY:	
	 	 	EDWARD
    KARR
	 	 	 
	 	ITS:	PRESIDENT

 

	STATE
    OF NEVADA	}	 
	 	}	SS
	COUNTY
    OF ELKO	}	 

 

On
__________________, 2017, personally appeared before me, a Notary Public, EDWARD KARR, personally known to me, or proven to me
on the basis of satisfactory evidence, to be the person whose name is subscribed to the above Royalty Deed who acknowledged that
he executed said instrument on behalf of U.S. GOLD ACQUISITION CORPORATION, a Nevada corporation

 

	 	 
	NOTARY
    PUBLIC	 

 

    	 

    	 

    

 

EXHIBIT
“A”

 

Production
Royalty of Three and One-Half Percent (3.5%) Net Smelter Return Royalty (“Net Revenues”) to Nevada Gold Ventures,
LLC, a Nevada limited liability company, as follows:

 

49
unpatented lode mining claims situated in Eureka County, Nevada, in Sections 29, 30, 31, and 32, Township 23 North, Range 49 East,
and Sections 5 and 6, Township 22 North, Range 49 East, Mount Diablo Base Line and Meridian.

 

	Claim
    

Name/Number	 	BLM
    NMC

No.
	GBN
    1	 	NMC849278
	GBN
    2	 	NMC849279
	GBN
    3	 	NMC849280
	GBN
    4	 	NMC849281
	GBN
    5	 	NMC849282
	GBN
    6	 	NMC849283
	GBN
    7	 	NMC849284
	GBN
    8	 	NMC849285
	GBN
    9	 	NMC849286
	GBN
    10	 	NMC849287
	GBN
    11	 	NMC849288
	GBN
    12	 	NMC849289
	GBN
    13	 	NMC849290
	GBN
    14	 	NMC849291
	GBN
    15	 	NMC849292
	GBN
    16	 	NMC849293
	GBN
    17	 	NMC1120435
	GBN
    18	 	NMC1120436
	GBN
    19	 	NMC1120437
	GBN
    20	 	NMC1120438
	GBN
    21	 	NMC1120439
	GBN
    22	 	NMC1120440
	GBN
    23	 	NMC1120441
	GBN
    24	 	NMC1120442
	GBN
    25	 	NMC864727
	GBN
    26	 	NMC864728
	GBN
    27	 	NMC1120443
	GBN
    28	 	NMC864729
	GBN
    29	 	NMC1120444
	GBN
    30	 	NMC1120445
	GBN
    31	 	NMC1120446
	GBN
    32	 	NMC1120447
	GBN
    33	 	NMC1120448
	GBN
    34	 	NMC1120449
	GBN
    35	 	NMC1120450
	GBN
    36	 	NMC1120451
	GBN
    37	 	NMC1120452
	GBN
    38	 	NMC1120453
	GBN
    39	 	NMC1120454
	GBN
    40	 	NMC1120455
	GBN
    41	 	NMC1120456
	GBN
    42	 	NMC1120457
	GBN
    43	 	NMC1120458
	GBN
    44	 	NMC1120459
	GBN
    45	 	NMC1120460
	GBN
    46	 	NMC1120461
	GBN
    47	 	NMC1120462
	GBN
    48	 	NMC1120463
	GBN
    49	 	NMC1120464
	Total
    Claims	 	49

 

    	 

    	 

    

 

EXHIBIT
“B”

 

1.
“Net Revenues” means the gross revenues received by Grantor from the sale of Valuable Minerals from
a smelter, refinery or other ore purchaser, after the deduction of smelter and/or refining charges, ore or bullion treatment changes
and any penalties, less (a) all costs to Grantor of weighing, sampling, determining moisture content and packaging such Valuable
Minerals, and loading and transporting those Valuable Minerals from the mine mouth or the pit to processing facilities and to
the point of sale, including insurance and in-transit security costs, (b) marketing costs and commissions, and (c) ad valorem
taxes, net proceeds taxes, severance taxes, and any other taxes, charges or assessments (including, without limitation, royalties
that may become payable to the federal government). For purposes of calculating net revenues in the event Grantor elects not to
sell any portion of any gold and/or silver extracted and produced from the Claims, but instead elects to have the final product
of any such gold and/or silver credited to or held for its account with any smelter, refiner or broker, such gold and/or silver
shall be deemed to have been sold at the quoted price on the day such gold and/or silver is actually credited to or placed in
Grantor’s account. The quoted price shall be the price per ounce of gold and/or silver (as the case may be) as quoted on
the London Metals Exchange at the London P.M. fix on the day such gold and/or silver is actually credited to or placed in Grantor’s
account.

 

2.
Hedging. Grantor shall have the exclusive right to market and sell all Valuable Materials produced from the Claims
in any manner Grantor desires, including without limitation the forward sale of Valuable Minerals on the commodity market and
the repayment of gold loans. Grantee shall have absolutely no right to participate or obligation to share whatsoever in any price
protections or hedging activities of Grantor, including any sales of Valuable Minerals derived from the Claims by Grantor on the
commodity market or otherwise, or in any profits received or losses suffered by Grantor as a result of such marketing or hedging
activities.

 

3.
Manner of Payment. Grantor shall pay royalty payments to Grantee on an annual basis on or before the sixtieth (60th)
day following each anniversary of the Closing Date for each prior year in which production occurs and Royalties are generated.
Royalties shall accrue to Grantee’s account upon final settlement and final payment by the smelter, refinery or other ore
purchaser to Grantor for the Valuable Minerals sold and for which the Production royalty is payable. All Production Royalty payments
shall be accompanied by a statement and settlement sheet showing the quantities and grades of Valuable Minerals mined and sold
from the Claims, proceeds of sale, costs, assays and analyses, and other pertinent information in sufficient detail to explain
the calculation of the Production Royalty payment. All payments hereunder shall be sent by registered or certified mail, return
receipt requested, to Grantee (c/o David Mathewson, P.O. Box 2092, Elko, NV 89803), unless otherwise agreed, or by wire transfer
to an account designated by and in accordance with written instructions from Grantee. The date of placing such payment in the
United States mail by Grantor, or the date the wire transfer process is initiated, shall be the date of such payment. Payments
by Grantor in accordance herewith shall fully discharge Grantor’s obligation with respect to such payment, and Grantor shall
have no duty to apportion or allocate any payment due to grantee, its successors or assigns.

 

    	 

    	 

    

 

4.
Audits; Objections to Payments. Grantee, at Grantee’s sole election and expense, shall have the right to procure,
not more frequently than once annually following the close of each calendar year, an audit of Grantor’s accounts relating
to payment of the Production Royalty hereunder, by any authorized representative of Grantee. Any such inspection shall be for
a reasonable length of time, during regular business hours, at a mutually convenient time, and upon reasonable advance written
notice to Grantor. All Production Royalty payments made in any calendar year shall be considered final and in full satisfaction
of all obligations of Grantor with respect thereto, unless Grantee gives written notice describing and setting forth a specific
objection to the calculation thereof within one (1) year following the close of that calendar year. Grantor shall account for
any agreed upon deficit or excess in the payment made to Grantee by adjusting the next annual statement following completion of
such audit to account for such deficit or excess.

 

5.
Commingling of ores. Grantor shall have the right of mixing or commingling, either underground, at the surface,
or at processing plants or other treatment facilities, any material containing Valuable Minerals mined or extracted from the Claims
with any similar substances derived from other lands or properties; provided, however, that before commingling, Grantor shall
calculate from representative samples the average grade of the ore from the Claims and shall either weigh or volumetrically calculate
the number of tons of ore from the Claims to be commingled. As products are produced from the commingled ores, Grantor shall calculate
from representative samples the average percentage recovery of products produced from the commingled ores during each month. In
obtaining representative samples, calculating the average grade of commingled ores and average percentage of recovery, Grantor
shall be entitled to use any procedures acceptable in the mining and metallurgical industry which Grantor believes to be accurate
and cost-effective for the type of mining and processing activity being conducted. In addition, comparable procedures may be used
by Grantor to apportion among the commingled ores any penalty charges imposed by the smelter or refiner on commingled ores or
concentrates. The records relating to commingled ores shall be available for inspection by Grantee, at its sole expense, at all
reasonable times, and shall be retained by Grantor for a period of one (1) year.

 

6.
Ore Processing. All determinations with respect to: (a) whether ore from the Claims shall be beneficiated, processed
or milled by Grantor or sold in a raw state; (b) the methods of transporting, beneficiating, process or milling any such ore;
(c) the constituents to be recovered therefrom; and (d) the purchasers to whom any ore, minerals or mineral substances derived
from the Claims may be sold, may be made by Grantor in its sole and absolute discretion.

 

7.
Ore Samples. The mineral content of all ore mined and removed from the Claims (excluding ore leached in place) and
the quantities of constituents recovered by Grantor shall be determined by Grantor, or with respect to such ore which is sold,
by the mill or smelter to which the ore is sold, in accordance with standard sampling and analysis procedures.

 

8.
Waste Rock, Spoil and Tailings. Any ore, mine waters, leachates, pregnant liquors, pregnant slurries, and other
products or compounds or metals or minerals mined from the Claims shall be the property of Grantor, subject to payment of the
Production royalty. The Production Royalty shall be payable only on metals, ores, or minerals recovered prior to the time waste
rock, spoil, tailings, or other mine waste and residue are first disposed of as such, and such waste and residue shall be the
sole property of Grantor. Grantor shall have the sole right to dump, deposit, sell, dispose of, or reprocess such waste rock,
spoil, tailings, or other mine wastes and residues, and Grantee shall have no claim or interest therein other than for payment
of the Production Royalty to the extent any gold or silver metals are produced and sold therefrom.

 

    	 

    	 

    

 

9.
No Covenants. The parties agree that in no event shall grantor have a duty or obligation, express or implied, to
explore for, develop, mine or produce ores, minerals or mineral substances from the Claims, and the timing, manner, method and
amounts of such exploration, development, mining or production, if any, shall be in the sole discretion of Grantor.

 

10.
Nature of Grantee’s Interest. Grantee shall have only a royalty interest in the Claims and rights and incidents
of ownership of a non-executive, non-participating royalty interest owner. Grantee shall not have any fee simple estate or possessory
interest in the Claims nor any of the incidents of such estate or interest. By way of example but not by way of limitation, Grantee
shall not have (a) a right to participate in the execution of applications for authorities, permits or licenses, mining leases,
option, farm-outs or other conveyances, (b) the right to share in bonus payments or rental payments received as the consideration
for the execution of such leases, options, farmouts, or other conveyances, or (c) the right to enter upon the Claims and prospect
for, mine, drill for, or remove ores, minerals or mineral products therefrom.

 

11.
Proportionate Reduction. Immediately prior to the recording of this Royalty Deed, Grantee has, by separate Warranty
Deed, conveyed and recorded the Claims to Grantor. In the event such conveyance to Grantor is less than the entire undivided mineral
and working interest in the Claims, then the Production Royalty granted to Grantee from the Claims shall be paid to Grantee only
in the proportion that the interest of Grantee has in such Valuable Minerals bears to the entire undivided mineral or working
interest therein.

 

12.
Royalty Buy Down. Grantor shall have the option, in Grantor’s sole discretion, to buy down the Royalty, as
follows:

 

a.
Grantor may buy down one percent (1%) of the Production Royalty at any time through the fifth (5th) anniversary of
the Effective Date for the sum of FOUR HUNDRED THOUSAND DOLLARS ($400,000).

 

b.
Grantor may buy down an additional one percent (1%) of the Production Royalty anytime through the eighth (8th) anniversary
of the Effective Date for the sum of ONE MILLION DOLLARS ($1,000,000).

 

c.
Grantor’s buy-down of Grantee’s interest in the Production Royalty shall be accomplished by conveyance documents and
agreements as determined by Grantor with respect to the form, substance, manner and nature to which Grantee will convey to Grantor
the requisite portion of Grantee’s Production Royalty, free and clear of all liens, claims, encumbrances and defects.

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