Document:

Exhibit 10.4

 

Subscription
Agreement

 

This SUBSCRIPTION AGREEMENT
(this “Subscription Agreement”) is entered into this 14th day of March, 2022, by and between Hycroft Mining Holding
Corporation, a Delaware corporation (the “Company”), and the undersigned (“Subscriber” or “you”).

 

WHEREAS, Subscriber desires
to subscribe for and purchase from the Company a unit consisting of (i) a number of shares of the Company’s Class A common stock,
par value $0.0001 per share (the “Shares”) and (ii) an equal number of warrants to purchase Shares exercisable for
a period of five years at an exercise price of $1.068 (the “Warrants” and together with the Shares, “Units”),
each set forth on the signature page hereto, for a purchase price of $1.193 per Unit, which is the “Minimum Price” required
by Nasdaq Stock Market Rule 5635(d) such that approval of the Company’s stockholders is not required, and the Company desires to
issue and sell to Subscriber the Units in consideration of the payment of the applicable purchase price by or on behalf of Subscriber
to the Company on or prior to the Closing (as defined below).

 

WHEREAS, concurrently with the
Closing, the Company and Subscriber desire to enter into a Warrant Agreement (the “Warrant Agreement”), substantially
in the form attached hereto as Exhibit B, pursuant to which the Warrants shall be governed.

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein contained, and intending
to be legally bound hereby, the parties hereto hereby agree as follows:

 

1.                 
Subscription. Subject to the terms and conditions hereof, Subscriber hereby agrees to subscribe for and purchase,
and the Company hereby agrees to issue and sell to Subscriber, upon the payment of the applicable purchase price, the Units (such subscription
and issuance, the “Subscription”).

 

2.                 
Representations, Warranties and Agreements.

 

2.1             
Subscriber’s Representations, Warranties and Agreements. To induce the Company to issue the Units to Subscriber, Subscriber
hereby represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1       
If Subscriber is not an individual, Subscriber has been duly formed or incorporated and is validly existing in good standing under
the laws of its jurisdiction of incorporation or formation, with power and authority to enter into, deliver and perform its obligations
under this Subscription Agreement. If Subscriber is an individual, Subscriber has the authority to enter into, deliver and perform its
obligations under this Subscription Agreement.

 

2.1.2        If
Subscriber is not an individual, this Subscription Agreement has been duly authorized, executed and delivered by Subscriber. If
Subscriber is an individual, the signature on this Subscription Agreement is genuine, and Subscriber has legal competence and
capacity to execute the same. This Subscription Agreement is enforceable against Subscriber in accordance with its terms, except as
may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws
relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

 

     

     

    

 

2.1.3       
The execution, delivery and performance by Subscriber of this Subscription Agreement and the consummation of the transactions contemplated
herein will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under,
or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Subscriber or any of
its subsidiaries pursuant to[1] the terms
of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which Subscriber or any
of its subsidiaries is a party or by which Subscriber or any of its subsidiaries is bound or to which any of the property or assets of
Subscriber or any of its subsidiaries is subject, which would reasonably be expected to have a material adverse effect on the business,
properties, financial condition, stockholders’ equity or results of operations of Subscriber and its subsidiaries, taken as a whole
(a “Subscriber Material Adverse Effect”) or materially affect the legal authority of Subscriber to comply in all material
respects with the terms of this Subscription Agreement; (ii) if Subscriber is not an individual, result in any violation of the provisions
of the organizational documents of Subscriber or any of its subsidiaries; or (iii) result in any violation of any statute or any judgment,
order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Subscriber or any
of its subsidiaries or any of their respective properties that would reasonably be expected to have a Subscriber Material Adverse Effect
or materially affect the legal authority of Subscriber to comply in all material respects with this Subscription Agreement.

 

2.1.4       
Subscriber is an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act of 1933, as amended
(the “Securities Act”)) satisfying the applicable requirements set forth on Schedule A, (i) is acquiring the
Units only for its own account and not for the account of others, and (ii) is not acquiring the Units with a view to, or for offer or
sale in connection with, any distribution thereof in violation of the Securities Act (and shall provide the requested information on Schedule
A following the signature page hereto). Subscriber is not an entity formed for the specific purpose of acquiring the Shares.

 

2.1.5        Subscriber
understands that the Units are being offered in a transaction not involving any public offering within the meaning of the Securities
Act and that the Shares have not been registered under the Securities Act. Subscriber understands that the Units may not be resold,
transferred, pledged or otherwise disposed of by Subscriber absent an effective registration statement under the Securities Act,
except (i) to the Company or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur outside the
United States within the meaning of Regulation S under the Securities Act or (iii) pursuant to another applicable exemption from the
registration requirements of the Securities Act, and that any certificates representing the Shares and Warrants shall contain a
legend to such effect. Subscriber acknowledges that the Shares and Warrants will not be eligible for resale pursuant to Rule 144A
promulgated under the Securities Act. Subscriber understands and agrees that the Shares and Warrants will be subject to transfer
restrictions and, as a result of these transfer restrictions, Subscriber may not be able to readily resell the Shares and/or
Warrants and may be required to bear the financial risk of an investment in the Shares and Warrants for an indefinite period of
time. Subscriber understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer
of any of the Shares and/or Warrants.

 

 

 

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2.1.6       
Subscriber understands and agrees that Subscriber is purchasing the Units directly from the Company. Subscriber further acknowledges
that there have been no representations, warranties, covenants and agreements made to Subscriber by the Company or any of its officers
or directors, expressly or by implication, other than those representations, warranties, covenants and agreements included in this Subscription
Agreement.

 

2.1.7       
Subscriber represents and warrants that its acquisition and holding of the Shares and Warrants will not constitute or result in
a non-exempt prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended, Section 4975
of the Internal Revenue Code of 1986, as amended (the “Code”), or any applicable similar law.

 

2.1.8       
In making its decision to purchase the Units, Subscriber represents that it has relied solely upon independent investigation made
by Subscriber. Subscriber represents that it has received such information as Subscriber deems necessary in order to make an investment
decision with respect to the Units. Subscriber represents and agrees that Subscriber and Subscriber’s professional advisor(s), if
any, have had the full opportunity to ask such questions, receive such answers and obtain such information as Subscriber and such Subscriber’s
professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Units.

 

2.1.9       
Subscriber acknowledges that the Company represents and warrants that the Units (i) were not offered by any form of general solicitation
or general advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation
of, the Securities Act, or any state securities laws. Subscriber acknowledges that it is not relying upon, and has not relied upon, any
statement, representation or warranty made by any person, except for the statements, representations and warranties contained in the private
placement documentation.

 

2.1.10    
Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Units.
Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of
an investment in the Units, and Subscriber has sought such accounting, legal and tax advice as Subscriber has considered necessary to
make an informed investment decision.

 

2.1.11    
Alone, or together with any professional advisor(s), Subscriber represents and acknowledges that Subscriber has adequately analyzed
and fully considered the risks of an investment in the Units and determined that the Shares are a suitable investment for Subscriber and
that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss of Subscriber’s investment
in the Company. Subscriber acknowledges specifically that a possibility of total loss exists.

 

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2.1.12  
     Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the
offering of the Units or made any findings or determination as to the fairness of this investment.

 

2.1.13     
Subscriber represents and warrants that Subscriber is not (i) a person or entity named on the List of Specially Designated Nationals
and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”)
or in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC List”), or a
person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations,
31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (collectively, a
 “Prohibited Investor”). Subscriber agrees to provide law enforcement agencies, if requested thereby, such records as
required by applicable law, provided that Subscriber is permitted to do so under applicable law. Subscriber represents that if it is a
financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as amended by the
USA PATRIOT Act of 2001 (the “PATRIOT Act”), and its implementing regulations (collectively, the “BSA/PATRIOT
Act”), that Subscriber maintains policies and procedures reasonably designed to comply with applicable obligations under the
BSA/PATRIOT Act. Subscriber also represents that, to the extent required, it maintains policies and procedures reasonably designed for
the screening of its investors against the OFAC sanctions programs, including the OFAC List. Subscriber further represents and warrants
that, to the extent required, it maintains policies and procedures reasonably designed to ensure that the funds held by Subscriber and
used to purchase the Units were legally derived.

 

2.1.14     
Subscriber has, and at the Closing will have, sufficient funds to pay the applicable purchase price pursuant to Section 3.1.

 

2.1.15    
Subscriber represents that no disqualifying event described in Rule 506(d)(1)(i-viii) of the Securities Act (a “Disqualification
Event”) is applicable to Subscriber or any of its Rule 506(d) Related Parties (as defined below), except, if applicable, for
a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. Subscriber hereby agrees that it shall notify
the Company promptly in writing in the event a Disqualification Event becomes applicable to Subscriber or any of its Rule 506(d) Related
Parties, except, if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. For purposes
of this Section 2.1.15, “Rule 506(d) Related Party” shall mean a person or entity that is a beneficial owner of Subscriber’s
securities for purposes of Rule 506(d) of the Securities Act.

 

2.2             
Company’s Representations, Warranties and Agreements. Except as otherwise disclosed in writing to the Subscriber prior
to the Closing Date, the Company and each of its direct or indirect subsidiaries listed on the signature pages hereto (“Subsidiaries”),
jointly and severally, represent and warrant to the Subscriber as set forth below as of the date hereof.

 

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2.2.1        Organization
of the Company and its Subsidiaries. The Company and each of its Subsidiaries is a corporation or limited liability
company (as the case may be) duly organized or formed (as applicable), validly existing and in good standing (to the extent such
concept is applicable) under the Laws (as defined below) of its jurisdiction of organization or formation (as applicable), and has
full corporate or limited liability company (as applicable) power and authority to conduct its business as it is now conducted. The
Company and each of its Subsidiaries is duly qualified or registered to do business as a foreign corporation or limited liability
company (as the case may be) and is in good standing (to the extent such concept is applicable) under the Laws of each jurisdiction
in which either the ownership or use of the properties owned or used by it, or the nature of the activities conducted by it,
requires such qualification or registration, except where the failure to be so qualified would not, individually or in the
aggregate, reasonably be expected to result in a conflict with or a breach or violation of any of the terms or provisions of, or
constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or
assets of the Company pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other
agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the property or assets
of the Company is subject, which would reasonably be expected to have a material adverse effect on the business, properties,
financial condition, stockholders’ equity or results of operations of the Company (a “Material Adverse
Effect”).

 

2.2.2       
Authority; No Conflict; Consents.

 

(a)  
The Company (i) has the requisite corporate or limited liability company (as applicable) power and authority (A) to enter into,
execute and deliver this Agreement and the Warrant Agreement, and (B) to perform and consummate any of the transactions contemplated by
this Agreement and the Warrant Agreement, and (ii) has taken all necessary corporate action required for (x) the due authorization, execution
and delivery of this Agreement, the Shares and the Warrant Agreement and (y) the performance and consummation of the transactions contemplated
by this Agreement and the Warrant Agreement. This Agreement has been (or, in the case of the Warrant Agreement to be entered into by the
Company at or prior to the Closing, will be) duly executed and delivered by the Company. This Agreement constitutes (or, in the case of
the Warrant Agreement to be entered into by the Company, as the case may be, at or prior to the Closing, will constitute) the legal, valid
and binding obligation of each of the Company, enforceable against the Company in accordance with its terms, except to the extent that
the enforceability thereof may be limited by (I) applicable bankruptcy, insolvency, moratorium, reorganization and other laws of general
application limiting the enforcement of creditors’ rights generally and (II) the fact that the courts may deny the granting or enforcement
of equitable remedies.

 

(b)  
Neither the execution and delivery by the Company of this Agreement or the Warrant Agreement, nor the execution or the performance
or consummation by the Company of any of the transactions contemplated by this Agreement or the Warrant Agreement will, directly or indirectly
(with or without notice or lapse of time or both):

 

		(i)	contravene, conflict with or result in a violation or breach
of the second amended and restated certificate of incorporation of the Company, or the amended and restated by-laws of the Company (“Organizational
Documents”);

 

		(ii)	contravene, conflict with or result in a violation of any Law
or order, writ, judgment, injunction, decree, rule, ruling, directive, stipulation, determination or award made, issued or entered by
or with any Governmental Body (as defined below), whether preliminary, interlocutory or final (each, an “Order”) to
which the Company or any of the properties, assets, rights or interests owned or used by any of the Company may be subject;

 

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		(iii)	contravene, conflict with or result in a violation or breach
of any provision of, or give rise to any right of termination, acceleration or cancellation under, any agreement, contract, obligation,
promise, undertaking or understanding, whether written or oral to which any of the Company is a party or which any of the Company’s
properties, assets, rights or interests are bound; or

 

		(iv)	result in the imposition or creation of any charge, claim, community
property interest, condition, equitable interest, lien, option, pledge, security interest, right of first refusal or restriction of any
kind, including any restriction on use, voting, transfer, receipt of income or exercise of any other attribute of ownership (collectively,
 “Liens”) upon or with respect to any of the assets, properties, rights, interests or businesses owned or used by any
of the Company;

 

except, in the case of clauses (ii) and
(iii) above, where such occurrence, event or result, would not, individually or in the aggregate, reasonably be expected to be
adverse in any material respect to the Company.

 

 (c)   The Company will not be required to give any notice to, make any filing with or obtain any consent, waiver, approval, order or authorization from, any individual, partnership, joint venture, corporation, limited liability company, trust, unincorporated organization or Governmental Body (each, a “Person”) in connection with the execution and delivery of this Agreement or the Warrant Agreement, or the performance or consummation of any of the transactions contemplated by this Agreement or the Warrant Agreement.

 

2.2.3       
Proceedings. There are no pending, outstanding or, to the knowledge of the Company, threatened actions, arbitrations, audits,
hearings, investigations, inquires, litigation or suits (whether civil, criminal, administrative, investigative or informal) commenced,
brought, conducted or heard by or before, or otherwise involving, any federal, national, supranational, foreign, state, provincial, local,
county, municipal or other government, any governmental, regulatory or administrative authority, agency, department, bureau, board, commission
or official or any quasi-governmental or private body exercising any regulatory, taxing, importing or other governmental or quasi-governmental
authority, or any court, tribunal, judicial or arbitral body to which any of the Company or any of its Subsidiaries is a party or to which
any properties, assets, rights or interests of any of them are subject.

 

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2.2.4       
 Brokers or Finders. Neither the Company nor any of its Subsidiaries nor any of their respective employees, officers, directors,
accountants, attorneys and other advisors or other representatives have incurred any obligation or liability, contingent or otherwise,
for brokerage or finders’ fees or agents’ commissions or other similar payments in connection with this Agreement or Warrant
Agreement.

 

2.2.5       
Exemption from Registration. Assuming the accuracy of the Subscriber’s representations set forth in Section 4
hereof, the issuance of the Units, including the Shares and Warrants hereunder will be exempt from the registration and prospectus delivery
requirements of the Securities Act.

 

2.2.6       
Issuance. The Units issued and delivered to the Subscriber pursuant to this Agreement will be free and clear of all taxes,
Liens, pre-emptive rights, rights of first refusal, subscription and similar rights (other than any such Liens created by a Subscriber).

 

2.2.7       
No Violation or Default. Neither the Company nor any of its Subsidiaries is in violation of its Organizational Documents.
Neither the Company nor any of its Subsidiaries is: (a) in default, and no event has occurred that, with notice or lapse of time or both,
would constitute a default, under any agreement, contract, obligation, promise, undertaking or understanding, whether written or oral
to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or to which any
of the properties, assets, rights or interests of the Company or any of its Subsidiaries is subject; or (b) in violation of any Law or
Order, except, in the case of clauses (a) and (b) above, for any such default or violation that would not, individually
or in the aggregate, reasonably be expected to be adverse in any material respect to the Company or any of its Subsidiaries taken as a
whole.

 

2.2.8        Title
to Intellectual Property. Each of the Company and its Subsidiaries owns, or is licensed or otherwise has the right to use, all
patents, inventions and discoveries (whether patentable or not), trademarks, service marks, trade names, trade dress, internet
domain names, copyrights, published and unpublished works of authorship (including software), and all registrations, recordations
and applications of the foregoing and know-how (including trade secrets and other unpatented and/or unpatentable proprietary or
confidential information, systems or procedures) and licenses related to any of the foregoing (“IP Rights”) owned
by or used in the conduct of the businesses of each of the Company and its Subsidiaries (“Company IP Rights”),
except where the failure to own or possess such rights to (or have licenses related to) any such IP Rights would not, individually
or in the aggregate, reasonably be expected to be adverse in any material respect to any of the Company and its Subsidiaries, taken
as a whole; and, to the knowledge of the Company, the conduct of the businesses of each of the Company and its Subsidiaries does not
infringe or misappropriate in any material respect with any IP Rights of others, and each of the Company and its Subsidiaries has
not received any written notice of any claim of infringement or misappropriation of any IP Rights of others. None of the Company IP
Rights owned by any of the Company and/or any of its Subsidiaries have been adjudged invalid or unenforceable, and the Company and
its Subsidiaries have maintained all registered patents, trademarks and copyrights in full force and effect and used commercially
reasonable efforts to protect all trade secrets, except where such adjudication or failure to maintain would not, individually or in
the aggregate, reasonably be expected to be adverse in any material respect to the Company and its Subsidiaries, taken as a whole.
To the knowledge of the Company, no third party has infringed or misappropriated any Company IP Rights, except where such
infringement or misappropriation of any such IP Rights would not, individually or in the aggregate, reasonably be expected to be
adverse in any material respect to the Company or its Subsidiaries taken as a whole.

 

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2.2.9       
Licenses and Permits. Each of the Company and its Subsidiaries holds all material licenses, certificates of approval, approvals,
registrations, permits and consents by, and have given all material notices to, the appropriate Governmental Bodies that are required
to operate their businesses where they are currently being operated, except where the failure to have such licenses, certificates of approval,
approvals, registrations, permits and consents could not reasonably be expected to be adverse in any material respect to the Company or
any of its Subsidiaries. Neither the Company nor any of its Subsidiaries has received notice of any revocation or modification of any
such license, certificate, permit, or authorization, or has any reason to believe that any such license, certificate, permit, or authorization
will not be renewed in the ordinary course, or that any such renewal will be materially impeded, delayed, hindered or burdensome to obtain,
except to the extent that any of the foregoing would not, individually or in the aggregate, reasonably be expected to be adverse in any
material respect to the Company or any of its Subsidiaries.

 

2.2.10    
Compliance with Environmental Laws. Except in the case of any of the following that would not, individually or in the aggregate,
reasonably be expected to be adverse in any material respect to the Company or any of its Subsidiaries, each of the Company and its Subsidiaries:

 

(a)              
is in compliance with any and all material applicable Laws and Orders relating to pollution or the regulation and protection of
human or animal health, safety, the environment or natural resources, including without limitation, the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended (42 U.S.C. § 9601 et seq.); the Hazardous Materials Transportation Uniform Safety
Act, as amended (49 U.S.C. 5101 et seq.); the Federal Insecticide, Fungicide, and Rodenticide Act, as amended (7 U.S.C. § 136 et
seq.); the Resource Conservation and Recovery Act, as amended (42 U.S.C. § 6901 et seq.); the Oil Pollution Act of 1990, as amended
(33 U.S.C. § 2701 et seq.); the Toxic Substances Control Act, as amended (15 U.S.C. § 2601 et seq.); the Clean Air Act, as amended
(42 U.S.C. § 7401 et seq.); the Federal Water Pollution Control Act, as amended (33 U.S.C. § 1251 et seq.); the Occupational
Safety and Health Act, as amended (29 U.S.C. § 651 et seq.); the Safe Drinking Water Act, as amended (42 U.S.C. § 300f et seq.);
and their state, municipal and local counterparts or equivalents and any transfer of ownership notification or approval statutes (collectively,
 “Environmental Laws”);

 

(b)              
have received and are in compliance with all material permits, licenses, approvals or other consent, waiver, approval, Order or
authorization of, or registration, declaration or filing with or notice to, any Governmental Body or other Person required of them under
applicable Environmental Laws to conduct their respective businesses; and

 

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(c)               have
no knowledge and have not received written notice from any federal, national, supranational, foreign, state, provincial, local,
county, municipal or other government, any governmental, regulatory or administrative authority, agency, department, bureau, board,
commission or official or any quasi-governmental or private body exercising any regulatory, taxing, importing or other governmental
or quasi-governmental authority, or any court, tribunal, judicial or arbitral body (in each case, a “Governmental
Body”) or any Person of (i) any material violations of, or liability under, Environmental Laws with respect to the
presence of any hazardous or toxic substances or wastes, pollutants or contaminants at, on, under, or emanating from any of their
respective businesses and (ii) any actual or potential material liability for the investigation or remediation of any disposal or
release of hazardous or toxic substances or wastes, pollutants or contaminants at, on, under or emanating from any of their
respective currently owned, operated or leased real properties or tangible personal properties, or any of their respective formerly
owned, operated or leased real properties or tangible personal properties, or any of their respective divested businesses or
predecessors in interest. For purposes of this Section 2.2.10 , “Disposal” and “Release” shall have
the same meanings as those terms are defined in the Comprehensive Environmental Response, Compensation, and Liability Act of 1980,
as amended (42 U.S.C. § 9601 et seq.).

 

2.2.11     
Compliance with ERISA. All material employee benefit, compensation and incentive plans, arrangements and agreements (including,
but not limited to, employee benefit plans within the meaning of Section 3(3) of Employee Retirement Income Security Act of 1974, as amended
(“ERISA”)) (all such plans, arrangements and agreements, whether or not material, the “Benefit Plans”)
maintained, administered or contributed to by the Company or any of its Subsidiaries for or on behalf of any employees or former employees
of the Company or any of its affiliates have been maintained in compliance in all material respects with its terms and the requirements
of any applicable [Laws or Orders], including, but not limited to, ERISA and the Code. None of the Benefit Plans are, and neither the
Company and its Subsidiaries, nor any of their respective members of any of the Company or its Subsidiaries’ controlled group, or
under common control with any of the Company or its Subsidiaries, within the meaning of Section 414 of the Code, maintain, contribute
to, or have an obligation to contribute to, or in the past six (6) years has maintained, contributed to, or had an obligation to contribute
to, or have any liability with respect to, (i) a plan subject to Title IV of ERISA or Sections 412 or 4971 of the Code or (ii) a multiemployer
plan (within the meaning of Section 4001(3) of ERISA or 413(c) of the Code).

 

2.2.12      No
Unlawful Payments. Neither the Company nor any of its Subsidiaries nor, to the knowledge of the Company, any current or former
director, officer or employee of the Company or any of its Subsidiaries has, directly or indirectly: (a) made, offered or promised
to make or offer any payment, loan or transfer of anything of value, including any reward, advantage or benefit of any kind, to or
for the benefit of any employee or official of a Governmental Body, candidate for public office, political party or political
campaign, for the purpose of (i) influencing any act or decision of such employee, official, candidate, party or campaign, (ii)
inducing such employee, official, candidate, party or campaign to do or omit to do any act in violation of a lawful duty, (iii)
obtaining or retaining business for or with any Person, (iv) expediting or securing the performance of official acts of a routine
nature, or (v) otherwise securing any improper advantage; (b) paid, offered or promised to pay or offer any bribe, payoff, influence
payment, kickback, unlawful rebate, or other similar unlawful payment of any nature; (c) made, offered or promised to make or offer
any unlawful contributions, gifts, entertainment or other unlawful expenditures; (d) established or maintained any unlawful fund of
corporate monies or other properties; (e) created or caused the creation of any false or inaccurate books and records of any of the
Company or any of its Subsidiaries related to any of the foregoing; or (f) otherwise violated any provision of the Foreign Corrupt
Practices Act of 1977, 15 U.S.C. §§ 78dd-1, et seq., or any other applicable anti-corruption or anti-bribery law.

 

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2.2.13     
Title to Property; Leases.

 

(a)           
The Company and its Subsidiaries have good, valid and marketable title to (or, (i) in the case of leased assets or property (including,
without limitation, all real property rights and interests, mining claims (whether patented or unpatented),
mining leases or concessions leased by each of the Company or any of its Subsidiaries (the “Leased Real Property”)),
a valid and subsisting leasehold interest in, or (ii) in the case of real property rights and interests,
mining claims (whether patented or unpatented), mining leases or concessions owned by each of the Company or any of its Subsidiaries
(the “Owned Real Property”), good, valid and marketable title to) all assets and properties that, individually or in
the aggregate, are material to the conduct of the business of each of the Company and its Subsidiaries, free and clear of all Liens other
Liens permitted under the Company’s existing indebtedness. As of the date hereof all leases relating to the Leased Real Property
are in full force and effect and enforceable by the Company and its Subsidiaries in accordance with their respective terms.

 

(b)           
To the knowledge of the Company, none of the buildings or structures situated on or forming part of the Owned Real Property or
the Leased Real Property, or the operation or maintenance thereof, encroaches on any property owned by others, other than any such encroachments
that would not, individually or in the aggregate, reasonably be expected to be adverse in any material respect to the Company or any of
its Subsidiaries. To the knowledge of the Company, the Owned Real Property and the Leased Real Property and the current uses thereof by
the Company and its Subsidiaries comply in all respects with applicable federal, national, supranational, foreign, state, provincial,
local, county, municipal or similar statute, law, common law, writ, injunction, decree, guideline, policy, ordinance, regulation, rule,
code, Order, constitution, treaty, requirement, judgment or judicial or administrative doctrines enacted, promulgated, issued, enforced
or entered by any Governmental Body (collectively, “Laws”), other than any such noncompliance that would not, individually
or in the aggregate, reasonably be expected to be adverse in any material respect to the Company or any of its Subsidiaries. No taking
has been commenced or, to the knowledge of the Company, is contemplated with respect to all or any portion of any Owned Real Property
or Leased Real Property.

 

(c)            With
respect to all patented and unpatented mining claims included in the Leased Real Property and the Owned Real Property (the
 “Mining Claims”), (i) such Mining Claims are validly located and recorded and are maintained, in each case, in
accordance, in all material respects, with the Laws of the United States and the State of Nevada, (ii) neither the Company nor
any of its Subsidiaries have any liability or obligations to any Person with respect to any Mining Claims (other than obligations in
respect of the payment of royalties under a mining lease with the owner of certain patented and unpatented Mining Claims relating to
the gold and silver mine commonly referred to as the “Hycroft Mine”), (iii) there is no material adverse claim
against or challenge to the title of the Company or any of its Subsidiaries with
respect to any Mining Claim that, if determined adversely to the Company or any of its
Subsidiaries, would materially and adversely affect the ability of the Company or any
of its Subsidiaries to make use of, transfer or otherwise exploit such Mining Claim, (iv) no other Person has any material interest
in any Mining Claim that would affect the interest of the Company or any of its
Subsidiaries in the Mining Claims, and (v) neither the Company nor any of its
Subsidiaries has received any written notice or, to the knowledge of the Company, any
oral notice from any Governmental Body of any revocation or intent to revoke any of the Company’s or any of its
Subsidiaries’ interest in any of the Mining Claims.

 

    10

     

    

 

(d)          
The Company and its Subsidiaries own or have valid rights to use all water rights, surface
use rights, access rights or agreement, easements and rights of way, tunnels, drifts, powerlines and roads that are necessary for the
Company and its Subsidiaries to operate their business in the ordinary course of business.

 

2.3             
Reports. Reports. The Company has filed or furnished, as applicable all forms, reports, schedules, prospectuses, registration
statements and other statements and documents required to be filed or furnished by it with the SEC under the Exchange Act or the Securities
Act since January 1, 2021, or prior to the date of this Subscription Agreement (each, a “Company Report”). As of its
respective date, and, if amended, as of the date of the last such amendment, each Company Report complied in all material respects as
to form with the applicable requirements of the Securities Act and the Exchange Act, and any rules and regulations promulgated thereunder
applicable to such Company Report. As of its respective date, and, if amended, as of the date of the last such amendment, no Company Report
contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make
the statements made therein, in light of the circumstances in which they were made, not misleading. The consolidated financial statements
of the Company and its subsidiaries included in the Company Reports present fairly, in all material respects, the financial condition,
results of operations and cash flows of the Company on a consolidated basis as of the dates and for the periods indicated, comply as to
form with the applicable accounting requirements of the Exchange Act and have been prepared in conformity with United States generally
accepted accounting principles applied on a consistent basis throughout the periods involved (except as otherwise noted therein).

 

2.3.1       
Tax Matters.

 

(a)              
(i) All tax returns required to be filed by or on behalf of the Company or any of its Subsidiaries, or any Affiliated Group
(as defined in Section 1504(a) of the Code) of which the Company or any of its Subsidiaries is or was a member, have been properly prepared
and duly and timely filed with the appropriate taxing authorities in all jurisdictions in which such tax returns are required to be filed
(after giving effect to any valid extensions of time in which to make such filings); (ii) all material taxes payable by or on behalf
of the Company or any of its Subsidiaries either directly, as part of the consolidated tax return of another taxpayer, or otherwise, have
been fully and timely paid, and adequate reserves or accruals for taxes have been provided in the balance sheet included as part of the
Financial Statements in respect of any period for which tax returns have not yet been filed or for which taxes are not yet due and owing;
(iii) no agreement, waiver or other document or arrangement extending or having the effect of extending the period for assessment or collection
of a material amount of taxes (including any applicable statute of limitations) has been executed or filed with the IRS or any other Governmental
Body by or on behalf of any the Company, any of its Subsidiaries or any Affiliated Group of which the Company or any of its Subsidiaries
is or was a member, and no power of attorney in respect of any tax matter is currently in force.

 

    11

     

    

 

(b)           
 Each of the Company and its Subsidiaries have complied in all material respects with all applicable Laws relating to the payment
and withholding of taxes and have duly and timely withheld from employee salaries, wages, and other compensation and have paid over to
the appropriate taxing authorities or other applicable Governmental Bodies all amounts required to be so withheld and paid over for all
periods under all applicable Laws.

 

(c)           
 (i) All material deficiencies asserted or assessments made as a result of any examinations by the IRS or any other Governmental
Body of the tax returns of or covering or including the Company or any of its Subsidiaries have been fully paid, and there are no other
material audits or investigations by any taxing authority or any other Governmental Body in progress, nor has the Company, any of its
Subsidiaries or any Affiliated Group of which the Company or any of its Subsidiaries is or was a member received notice from any taxing
authority or other applicable Governmental Body that it intends to conduct such an audit or investigation; (ii) no issue has been raised
by a federal, state, local, or foreign taxing authority or other applicable Governmental Body in any current or prior examination that,
by application of the same or similar principles, could reasonably be expected to result in a material proposed deficiency for any subsequent
taxable period; and (iii) there are no Liens for taxes with respect to the Company or any of its Subsidiaries, or with respect to the
assets or business of the Company or any of its Subsidiaries, nor is there any such Lien that is pending or threatened, other than Liens
permitted under the Company existing indebtedness.

 

2.3.2       
Labor and Employment Compliance. Each of the Company and its Subsidiaries is in compliance with all applicable Laws or Orders
respecting employment and employment practices, except where the failure to comply with such applicable Laws or Orders would not, individually
or in the aggregate, reasonably be expected to be adverse in any material respect to the Company or any of its Subsidiaries. There is
no action, arbitration, audit, hearing, investigation, inquiry, litigation or suit (whether civil, criminal, administrative, investigative
or informal) commenced, brought, conducted or heard by or before, or otherwise involving, any Governmental Body (in each case, a “Proceeding”)
pending or, to the Company’s knowledge, threatened against the Company or any of its Subsidiaries alleging unlawful discrimination
in employment before any Governmental Body and there is no Proceeding with regard to any unfair labor practice against the Company or
any of its Subsidiaries pending before the National Labor Relations Board or any other Governmental Body, except for any such Proceedings
that would not, individually or in the aggregate, reasonably be expected to be adverse in any material respect to the Company or any of
its Subsidiaries. None of the employees of the Company or any of its Subsidiaries is covered by any collective bargaining agreement, and
no collective bargaining agreement is currently being negotiated by the Company or any of its Subsidiaries.

 

2.3.3       
Internal Control Over Financial Reporting. The Company and each of its Subsidiaries maintain a system of internal accounting
controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or
specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with
generally accepted accounting principles and to maintain asset accountability; (iii) access to assets is permitted only in accordance
with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing
assets at reasonable intervals and appropriate action is taken with respect to any differences.

 

    12

     

    

 

2.3.4       
 Disclosure Controls and Procedures. The Company and its Subsidiaries maintain “disclosure controls and procedures”
(as such term is defined in Rule 13a-15(e) under the Exchange Act) and to the extent required thereunder and except as would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect, such disclosure controls and procedures are effective.

 

2.3.5       
Full Disclosure. No representations or warranties by any of the Company or its Subsidiaries in this Subscription Agreement,
and no statement contained in any document (including the Financial Statements, certificates or other writing furnished or to be furnished
by Company pursuant to the provisions hereof or in connection with this Subscription Agreement), contains any untrue statement of material
fact or omits to state any material fact necessary to make the statements herein or therein, in light of the circumstances under which
it was made, not misleading in any material respect.

 

2.3.6       
Authorization. The Shares and Warrants (including the Shares underlying the Warrants) have been duly authorized and the
Shares and Warrants (including the Shares underlying the Warrants) will not have been authorized in violation of or subject to any preemptive
or similar rights created under the Company’s amended and restated certificate of incorporation or under the Delaware General Corporation
Law. Neither the Company, nor any person acting on its or their behalf has, directly or indirectly, made any offers or sales of any Company
security or solicited any offers to buy any security, under circumstances that would adversely affect reliance by the Company on Section
4(a)(2) of the Securities Act for the exemption from registration for the transactions contemplated hereby or would require registration
of the Shares and/or Warrants under the Securities Act.

 

2.3.7       
No Solicitation. Neither the Company nor any person acting on its behalf has conducted any general solicitation or general
advertising (as those terms are used in Regulation D of the Securities Act) in connection with the offer or sale of any of the Units.

 

2.3.8       
Access to Information. The Company has provided Subscriber an opportunity to ask questions regarding the Company and made
available to Subscriber all the information reasonably available to the Company that Subscriber has requested for deciding whether to
acquire the Units.

 

2.3.9       
No Disqualification Event. No Disqualification Event is applicable to the Company or, to the Company’s knowledge,
any Company Covered Person (as defined below), except for a Disqualification Event as to which Rule 506(d)(2)(ii-iv) or (d)(3) of the
Securities Act is applicable. The Company has complied, to the extent applicable, with any disclosure obligations under Rule 506(e) under
the Securities Act. “Company Covered Person” means, with respect to the Company as an “issuer” for purposes
of Rule 506 of the Securities Act, any Person listed in the first paragraph of Rule 506(d)(1) of the Securities Act.

 

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2.3.10      Restrictive
Legend. The Shares and Warrants shall contain a legend to the effect that they may not be resold, transferred, pledged or
otherwise disposed of by Subscriber absent an effective registration statement under the Securities Act, except (i) to the Company
or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur outside the United States within the
meaning of Regulation S under the Securities Act or (iii) pursuant to another applicable exemption from the registration
requirements of the Securities Act.

 

3.                 
Settlement Date and Delivery.

 

3.1             
Closing. The closing of the Subscription contemplated hereby (the “Closing”) shall occur on March 15[2],
2022 (the “Closing Date”). Subscriber shall deliver to the Company on the Closing Date the applicable purchase price
for the Units by wire transfer of United States dollars in immediately available funds to the account specified by the Company in against
delivery by the Company to Subscriber of the Shares and Warrants in book entry form.

 

3.2             
Conditions to Closing.

 

The Closing shall be subject to the conditions
that, on the Closing Date:

 

3.2.1       
No suspension of the qualification of the Units for offering or sale or trading in any jurisdiction, or initiation or threatening
of any proceedings for any of such purposes, shall have occurred.

 

3.2.2       
All representations and warranties of the Company and Subscriber contained in this Subscription Agreement shall be true and correct
in all material respects as of the Closing Date, and consummation of the Closing shall constitute a reaffirmation by Subscriber of each
of the representations, warranties and agreements contained in this Subscription Agreement as of the Closing Date.

 

3.2.3       
No governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, rule or regulation
(whether temporary, preliminary or permanent) which is then in effect and has the effect of making consummation of the transactions contemplated
hereby illegal or otherwise preventing or prohibiting consummation of the transactions contemplated hereby.

 

3.2.4       
The Company shall have concurrently: (a) entered into binding commitments to raise an additional $25 million of equity capital
with American Multi-Cinema, Inc., (b) entered into (i) that certain letter agreement dated March 11, 2022 with Sprott Private Resource
Lending II (Collector), LP to amend the principal repayment terms under the Sprott Credit Agreement such that no further scheduled payments
of principal shall be required prior to the Maturity Date conditioned upon receipt by the Company of at least $50 million in gross proceeds
from equity financing transactions and a commitment reasonably satisfactory to the Subscribers to extend the scheduled maturity of the
Sprott Credit Agreement for a period of two years, and (ii) an Amendment to 10% Senior Secured Notes and Note Exchange Agreement, to amend
the maturity from December 1, 2025 until December 1, 2027 conditioned upon receipt by the Company of at least $50 million in gross proceeds
from equity financing transactions; and (c) has executed an equity distribution or similar agreement to facilitate a public “at
the market” offering that will enable the Company to raise additional equity capital. Commitment

 

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4.                 
Registration Rights.

 

4.1             
The Company and Subscriber agree that, within ten (10) business days after the filing of the Company’s Annual Report on Form
10-K for the year ended December 31, 2021, the Company will use its commercially reasonable efforts to file with the U.S. Securities and
Exchange Commission (the “SEC”) a registration statement registering the resale of the Shares and Warrants, including
Shares issuable upon the exercise of the Warrants (the “Registration Statement”), and the Company shall use its commercially
reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof; provided, however,
that the Company’s obligations to include the Shares and Warrants, including Shares issuable upon exercise of the Warrants, and
those other Shares and warrants of the Company held by any Subscriber in the Registration Statement are contingent upon such Subscriber
furnishing in writing to the Company such information regarding such Subscriber, the securities of the Company held by such Subscriber
and the intended method of disposition of the Shares and Warrants as shall be reasonably requested by the Company to effect the registration
of the Shares, and shall execute such documents in connection with such registration as the Company may reasonably request that are customary
of a selling stockholder in similar situations. The Company shall use its commercially reasonable efforts to maintain the continuous effectiveness
of the Registration Statement until the earliest of (i) the date on which the Shares and Warrants may be resold without volume, manner
of sale or current public information limitations pursuant to Rule 144 promulgated under the Securities Act (“Rule 144”),
(ii) the date on which such Shares have actually been sold and (iii) the date which is three years after the Closing.

 

4.2              Notwithstanding
anything to the contrary in this Subscription Agreement, the Company shall be entitled to delay or postpone the effectiveness of the
Registration Statement, and from time to time to require any Subscriber not to sell under the Registration Statement or to suspend
the effectiveness thereof, if the negotiation or consummation of a transaction by the Company or its subsidiaries is pending or an
event has occurred, which negotiation, consummation or event, the Company’s board of directors reasonably believes, upon the
advice of legal counsel, would require additional disclosure by the Company in the Registration Statement of material information
that the Company has a bona fide business purpose for keeping confidential and the non-disclosure of which in the Registration
Statement would be expected, in the reasonable determination of the Company’s board of directors, upon the advice of legal
counsel, to cause the Registration Statement to fail to comply with applicable disclosure requirements (each such circumstance, a
 “Suspension Event”); provided, however, that the Company may not delay or suspend the
Registration Statement on more than two occasions or for more than sixty (60) consecutive calendar days, or more than ninety (90)
total calendar days, in each case during any twelve-month period. Upon receipt of any written notice from the Company of the
happening of any Suspension Event (which notice shall not contain material non-public information) during the period that the
Registration Statement is effective or if as a result of a Suspension Event the Registration Statement or related prospectus
contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were made (in the case of the prospectus) not
misleading, each Subscriber agrees that (i) it will immediately discontinue offers and sales of the Shares and Warrants under the
Registration Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144) until such Subscriber
receives copies of a supplemental or amended prospectus (which the Company agrees to promptly prepare) that corrects the
misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective or
unless otherwise notified by the Company that it may resume such offers and sales, and (ii) it will maintain the confidentiality of
any information included in such written notice delivered by the Company unless otherwise required by law or subpoena. If so
directed by the Company, each Subscriber will deliver to the Company or, in such Subscriber’s sole discretion destroy, all
copies of the prospectus covering the Shares and Warrants in such Subscriber’s
possession; provided, however, that this obligation to deliver or destroy all copies of the prospectus
covering the Shares and Warrants shall not apply (i) to the extent such Subscriber is required to retain a copy of such prospectus
(a) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (b) in accordance with a
bona fide pre-existing document retention policy or (ii) to copies stored electronically on archival servers as a result of
automatic data back-up.

 

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4.3               The
Company shall, notwithstanding any termination of this Subscription Agreement, indemnify, defend and hold harmless the Subscriber
(to the extent a seller under the Registration Statement), the officers, directors and agents of each of them, and each person who
controls such Subscriber (within the meaning of Section 15 of the Securities Act or Section 20 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)) to the fullest extent permitted by applicable law, from and against
any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and
expenses (collectively, “Losses”), as incurred, that arise out of or are based upon (i) any untrue or alleged
untrue statement of a material fact contained in the Registration Statement, any prospectus included in the Registration Statement
or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating
to any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements
therein (in the case of any prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they
were made) not misleading, or (ii) any violation or alleged violation by the Company of the Securities Act, Exchange Act or any
state securities law or any rule or regulation thereunder, in connection with the performance of its obligations under this Section
4, except to the extent, but only to the extent, that such untrue statements, alleged untrue statements, omissions or alleged
omissions are based upon information regarding such Subscriber furnished in writing to the Company by such Subscriber expressly for
use therein or such Subscriber has omitted a material fact from such information or otherwise violated the Securities Act, Exchange
Act or any state securities law or any rule or regulation thereunder; provided, however, that the
indemnification contained in this Section 4 shall not apply to amounts paid in settlement of any Losses if such settlement is
effected without the consent of the Company (which consent shall not be unreasonably withheld, conditioned or delayed), nor shall
the Company be liable for any Losses to the extent they arise out of or are based upon a violation which occurs (A) in reliance upon
and in conformity with written information furnished by a Subscriber, (B) in connection with any failure of such person to deliver
or cause to be delivered a prospectus made available by the Company in a timely manner, (C) as a result of offers or sales effected
by or on behalf of any person by means of a “free writing prospectus” (as defined in Rule 405 under the Securities
Act) that was not authorized in writing by the Company, or (D) in connection with any offers or sales effected by or on behalf of a
Subscriber in violation of Section 4.2 hereof. The Company shall notify such Subscriber promptly of the institution, threat or
assertion of any proceeding arising from or in connection with the transactions contemplated by this Section 4 of which the Company
is aware (provided, that the failure to give prompt notice shall not impair any person’s or entity’s right to
indemnification hereunder to the extent such failure has not prejudiced the indemnifying party). Such indemnity shall remain in full
force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the
Shares by such Subscriber.

 

    16

     

    

 

4.4             
The Subscriber shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, agents and employees,
and each person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange
Act), to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising out of or based upon any untrue
or alleged untrue statement of a material fact contained in any Registration Statement, any prospectus included in the Registration Statement,
or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to
any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the
case of any prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not
misleading to the extent, but only to the extent, that such untrue statements or omissions are based upon information regarding the Subscriber
furnished in writing to the Company by such Subscriber expressly for use therein; provided, however, that the
indemnification contained in this Section 4 shall not apply to amounts paid in settlement of any Losses if such settlement is effected
without the consent of the Subscriber (which consent shall not be unreasonably withheld, conditioned or delayed). In no event shall the
liability of the Subscriber be greater in amount than the dollar amount of the net proceeds received by such Subscriber upon the sale
of the Shares giving rise to such indemnification obligation. The Subscriber shall notify the Company promptly of the institution, threat
or assertion of any proceeding arising from or in connection with the transactions contemplated by this Section 4 of which the Subscriber
is aware (provided, that the failure to give prompt notice shall not impair any person’s or entity’s right to indemnification
hereunder to the extent such failure has not prejudiced the indemnifying party). Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Shares by the Subscriber.

 

5.                 
Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and all
rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof,
upon the earlier to occur of (i) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement
or (ii) if any of the conditions to Closing set forth in Section 3.2 of this Subscription Agreement are not satisfied on or prior to the
Closing and, as a result thereof, the transactions contemplated by this Subscription Agreement are not consummated at the Closing; provided,
that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party
will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such breach.

 

6.                 
Miscellaneous.

 

6.1              Further
Assurances. At the Closing, the parties hereto shall execute and deliver such additional documents and take such additional
actions as the parties reasonably may deem to be practical and necessary in order to consummate the Subscription as contemplated by
this Subscription Agreement.

 

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6.1.1       
Subscriber acknowledges that the Company and others will rely on the acknowledgments, understandings, agreements, representations
and warranties contained in this Subscription Agreement. Prior to the Closing, Subscriber agrees to promptly notify the Company if any
of the acknowledgments, understandings, agreements, representations and warranties set forth herein are no longer accurate in all material
respects.

 

6.1.2       
The Company is entitled to rely upon this Subscription Agreement and is irrevocably authorized to produce this Subscription Agreement
or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered
hereby.

 

6.1.3       
The Company may request from Subscriber such additional information as the Company may deem necessary to evaluate the eligibility
of Subscriber to acquire the Units, and Subscriber shall provide such information as may be reasonably requested, to the extent readily
available and to the extent consistent with its internal policies and procedures.

 

6.1.4       
The Company shall pay all of the reasonable documented out-of-pocket expenses of the Subscriber, including the reasonable fees,
disbursements and expenses of counsel for the Subscriber in connection with this Subscription Agreement and the transactions contemplated
herein.

 

6.2             
Notices. Any notice or communication required or permitted hereunder shall be in writing and either delivered personally,
emailed or sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall
be deemed to be given and received (i) when so delivered personally, (ii) when sent, with no mail undeliverable or other rejection notice,
if sent by email, or (iii) three (3) business days after the date of mailing to the address below or to such other address or addresses
as such person may hereafter designate by notice given hereunder:

 

(i)       if
to Subscriber, to such address or addresses set forth on the signature page hereto;

 

(ii)      if to the Company,
to:

 

Hycroft Mining Holding
Corporation

4300 Water Canyon Road,
Unit 1

Winnemucca, NV 89445 

Attention:

Telephone:

Email:

 

          with a required copy
to (which copy shall not constitute notice):

 

Neal, Gerber & Eisenberg
LLP

2 N. LaSalle Street,
Suite 1700

Chicago, IL 60602

Attention: David S.
Stone

Email: dstone@nge.com

 

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6.3             
Entire Agreement. This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof. This
Subscription Agreement shall not confer rights or remedies upon any person other than the parties hereto and their respective successors
and assigns.

 

6.4             
Modifications and Amendments. This Subscription Agreement may not be modified, waived or terminated except by an instrument
in writing, signed by the party against whom enforcement of such modification, waiver, or termination is sought.

 

6.5             
Waivers and Consents. The terms and provisions of this Subscription Agreement may be waived, or consent for the departure
therefrom granted, only by a written document executed by the party entitled to the benefits of such terms or provisions. No such waiver
or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Subscription
Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for
which it was given, and shall not constitute a continuing waiver or consent.

 

6.6             
Assignment. Neither this Subscription Agreement nor any rights that may accrue to Subscriber hereunder (other than the Shares,
if any, acquired hereunder) may be transferred or assigned

 

6.7             
Benefit. Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit
of the parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements,
representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs,
executors, administrators, successors, legal representatives and permitted assigns.

 

6.8             
Governing Law. This Subscription Agreement, and any claim or cause of action hereunder based upon, arising out of or related
to this Subscription Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution,
performance or enforcement of this Subscription Agreement, shall be governed by and construed in accordance with the Laws of the State
of Delaware, without giving effect to the principles of conflicts of law thereof.

 

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6.9              Consent
to Jurisdiction; Waiver of Jury Trial. Each of the parties irrevocably consents to the exclusive jurisdiction and venue of the
Court of Chancery of the State of Delaware, provided, that if subject matter jurisdiction over the matter that is the subject of the
legal proceeding is vested exclusively in the U.S. federal courts, such legal proceeding shall be heard in the U.S. District Court
for the District of Delaware (together with the Court of Chancery of the State of Delaware, “Chosen Courts”), in
connection with any matter based upon or arising out of this Subscription Agreement and each other document executed in connection
with the transaction contemplated hereby, and the consummation thereof, agrees that process may be served upon them in any manner
authorized by the Laws of the State of Delaware for such persons and waives and covenants not to assert or plead any objection which
they might otherwise have to such manner of service of process. Each party may do so only if he, she or it hereby waives, and shall
not assert as a defense in any legal dispute, that (i) such person is not personally subject to the jurisdiction of the Chosen
Courts for any reason, (ii) such legal proceeding may not be brought or is not maintainable in the Chosen Courts, (iii) such
person’s property is exempt or immune from execution, (iv) such legal proceeding is brought in an inconvenient forum or (v)
the venue of such legal proceeding is improper. Each party hereby agrees not to commence or prosecute any such action, claim, cause
of action or suit other than before the Chosen Courts, nor to make any motion or take any other action seeking or intending to cause
the transfer or removal of any such action, claim, cause of action or suit to any court other than the Chosen Courts, whether on the
grounds of inconvenient forum or otherwise. Each party hereby consents to service of process in any such proceeding in any manner
permitted by Delaware law, and further consents to service of process by nationally recognized overnight courier service
guaranteeing overnight delivery, or by registered or certified mail, return receipt requested, at its address specified pursuant to
Section 6.2. Notwithstanding the foregoing in this Section 6.9, a party may commence any action, claim, cause of action or suit in a
court other than the Chosen Courts solely for the purpose of enforcing an order or judgment issued by the Chosen Courts. TO THE
EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH OF THE PARTIES MAY DO SO ONLY IF HE, SHE OR IT IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIMS OR COUNTERCLAIMS ASSERTED IN ANY LEGAL DISPUTE RELATING TO THIS
SUBSCRIPTION AGREEMENT AND EACH OTHER DOCUMENT EXECUTED IN CONNECTION WITH THE TRANSACTION, AND THE CONSUMMATION THEREOF, AND FOR
ANY COUNTERCLAIM RELATING THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. IF THE SUBJECT MATTER OF ANY SUCH LEGAL
DISPUTE IS ONE IN WHICH THE WAIVER OF JURY TRIAL IS PROHIBITED, NO PARTY SHALL ASSERT IN SUCH LEGAL DISPUTE A NONCOMPULSORY
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT AND EACH OTHER DOCUMENT EXECUTED IN CONNECTION WITH THE
TRANSACTION, AND THE CONSUMMATION THEREOF. FURTHERMORE, NO PARTY SHALL SEEK TO CONSOLIDATE ANY SUCH LEGAL DISPUTE WITH A SEPARATE
ACTION OR OTHER LEGAL PROCEEDING IN WHICH A JURY TRIAL CANNOT BE WAIVED.

 

6.10         
Severability. If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity,
legality or enforceability of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby
and shall continue in full force and effect.

 

    20

     

    

 

6.11          No
Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under this
Subscription Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or
remedy of such party. No single or partial exercise of any right, power or remedy under this Subscription Agreement by a party
hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from
any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a
party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on
a party not expressly required under this Subscription Agreement shall entitle the party receiving such notice or demand to any
other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such
notice or demand to any other or further action in any circumstances without such notice or demand.

 

6.12         
Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this Subscription
Agreement or in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery
hereof and any investigations made by or on behalf of the parties.

 

6.13         
No Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Subscription Agreement or the transactions contemplated hereby in such a way
as to create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim or
demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed
by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

6.14         
Headings and Captions. The headings and captions of the various subdivisions of this Subscription Agreement are for convenience
of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.15         
Counterparts. This Subscription Agreement may be executed in one or more counterparts, all of which when taken together
shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original
thereof.

 

6.16         
Construction. The words “include,” “includes,” and “including”
will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be
construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the
context otherwise requires. The words “this Subscription Agreement,” “herein,” “hereof,”
 “hereby,” “hereunder,” and words of similar import refer to this Subscription Agreement as a whole
and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant
contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained
herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless
of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party
hereto is in breach of the first representation, warranty, or covenant.

 

    21

     

    

 

6.17         
 Mutual Drafting. This Subscription Agreement is the joint product of Subscriber and the Company and each provision hereof
has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party
hereto.

 

7.                 
Disclosure. Subscriber hereby acknowledges that the terms of this Subscription Agreement will be disclosed by the
Company in a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on or around the date hereof, and a form
of this Subscription Agreement will be filed with the Securities and Exchange Commission as an exhibit thereto.

 

[Signature Page Follows]

 

    22

     

    

 

IN WITNESS WHEREOF,
each of the Company and Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized representative
as of the date set forth below.

 

 

	 	HYCROFT MINING HOLDING CORPORATION
	 	 	 
	 	By:	/s/ Diane Garrett
	 	Name:	Diane Garrett
	 	Title:	President and Chief Executive Officer

 

	Accepted and agreed this 14th day of March, 2022.

 

    23

     

    

 

	SUBSCRIBER:	 
	 	 
	2176423 ONTARIO LTD.	 
	 	 
	By:	/s/ Eric Sprott	 
	Name: Eric Sprott	 
	Title: Director & President	 
	 	 
	Date: March 14, 2022	 

 

	2176423 Ontario Ltd.	 
	Name in which securities are to be registered	 
	(if different from the name of Subscriber listed directly above):	 

 

	Email Address:	 
	Subscriber’s EIN:	 	 
	Business Address-Street:	 
	Royal Bank Plaza, South Tower	 
	200 Bay Street, Suite 2600	 
	City, State, Zip:	 

Toronto, ON M5J 2J1

	Attn:	 
	Telephone No.:	415-274-7242	 
	Facsimile No.:	 	 
	 	 
	Units of One Share and One Warrant issued in the Subscription:	 
	23,408,240 Units	 
	Unit Purchase Price: $27,926,030.32	 
	 	 
	 	 

 

    24

     

    

 

You must pay the applicable purchase price by wire transfer of U.S.
dollars in immediately available funds to the account specified by the Company.

 

    25

     

    

 

SCHEDULE A

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER

 

INSTITUTIONAL ACCREDITED INVESTOR STATUS

(Please check the applicable subparagraphs):

 

		1.	 ̈     We are an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act) or an entity in which
all of the equity holders are accredited investors within the meaning of Rule 501(a) under the Securities Act, and have marked and initialed
the appropriate box on the following page indicating the provision under which we qualify as an “accredited investor.”

 

		2.	 ̈     We are not a natural person.

 

*** AND ***

 

AFFILIATE STATUS

(Please check the applicable box)

SUBSCRIBER:

		 ̈	is:

 

		 ̈	is not:

an “affiliate” (as defined in Rule 144 under the Securities Act) of the Company or acting on behalf of an affiliate of the
Company.

 

This page should be
completed by Subscriber

and constitutes a part of the Subscription Agreement.

 

    26

     

    

 

Rule 501(a), in relevant part, states that an “accredited investor”
shall mean any person who comes within any of the below listed categories, or who the issuer reasonably believes comes within any of the
below listed categories, at the time of the sale of the securities to that person. Subscriber has indicated, by marking and initialing
the appropriate box below, the provision(s) below which apply to Subscriber and under which Subscriber accordingly qualifies as an “accredited
investor.”

 

If Subscriber is an entity:

 

	 ̈	A bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity.
	 ̈	A broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934.
	 ̈	An investment adviser registered pursuant to Section 203 of the Investment Advisers Act or registered pursuant to the laws of a state.
	 ̈	An investment adviser relying on the exemption from registering with the SEC under Section 203(l) or (m) of the Investment Advisers Act.
	 ̈	An insurance company as defined in Section 2(a)(13) of the Securities Act.
	 ̈	An investment company registered under the Investment Company Act or a business development company as defined in Section 2(a)(48) of the Investment Company Act.
	 ̈	A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958.
	 ̈	A Rural Business Investment Company as defined in Section 384A of the Consolidated Farm and Rural Development Act.
	 ̈	A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000.
	 ̈	An employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), (i) the investment decisions of which are made by a plan fiduciary which is either a bank, savings and loan association, insurance company or registered investment adviser, or (ii) which has total assets in excess of $5,000,000.
	 ̈	A self-directed employee benefit plan within the meaning of ERISA, the investment decisions of which are made solely by persons that are “Accredited Investors.”
	 ̈	A private business development company as defined in Section 202(a)(22) of the Investment Advisers Act.

 

    27

     

    

 

	 ̈	
    An entity with total assets in excess of $5,000,000
    which was not formed for the specific purpose of investing in the Company and is one or more of the following (check one or more, as appropriate):

     

     ̈
    (i) an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended
    (the “Code”), 

     

     ̈
    (ii) a corporation, 

     

     ̈
    (iii) a Massachusetts business trust or similar business trust, 

     

     ̈
    (iv) a partnership, or

     

     ̈
    (v) a limited liability company.

     

	 ̈	
    A trust with total assets exceeding $5,000,000,
    which was not formed for the specific purpose of investing in the Company and whose investment decisions are directed by a person who
    has such knowledge and experience in financial and business matters that he or she is capable of evaluating the merits and risks of the
    investment in the Company.

     

	 ̈	
    An entity, of a type not listed in the foregoing
    subsections, not formed for the specific purpose of investing in the Company, and which owns investments in excess of $5,000,000.

     

	 ̈	
    A “family office,” as defined in Rule
    202(a)(11)(G)-1 under the Investment Advisers Act: (i) with assets under management in excess of $5,000,000, (ii) that is not formed for
    the specific purpose of investing in the Company, and (iii) whose prospective investment is directed by a person who has such knowledge
    and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective
    investment in the Company.

     

	 ̈	A “family client,” as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act, of a family office meeting the requirements in the paragraph above and whose prospective investment in the Company is directed by such family office pursuant to the paragraph above.
	 ̈	An entity in which all of the beneficial equity owners qualify as accredited individual investors.

 

If Subscriber is an individual:

 

	 ̈	The Subscriber has a net worth (or joint net worth together with his or her spouse or spousal equivalent) in excess of $1,000,000 (excluding the value of his/her/their primary residence[3]), and he or she has no reason to believe that his or her net worth will not remain in excess of $1,000,000 for the foreseeable future.

 

 

 

3             The related amount of indebtedness secured by the primary
residence up to its fair market value may also be excluded from calculating the Investor’s net worth; provided, however,
(a) indebtedness secured by the primary residence in excess of the value of the primary residence and (b) any increase in the indebtedness
secured by the primary residence within the past 60 days, should be considered a liability and deducted from the Investor’s net
worth.

 

    28

     

    

 

	 ̈	The Subscriber has had an annual income during the last two full calendar years in excess of $200,000 (or joint annual income together with his or her spouse or spousal equivalent in excess of $300,000) and reasonably expects to have an annual income in excess of $200,000 (or joint annual income together with his or her spouse in excess of $300,000) during the current calendar year.  The Subscriber has no reason to believe that his or her income will not remain in excess of $200,000 (or joint annual income in excess of $300,000) for the foreseeable future.
	 ̈	The Subscriber is an IRA in which there is one beneficial owner and such beneficial owner is an “Accredited Investor.”  If this box is checked, please also check the box in this Section V indicating the basis upon which such beneficial owner qualifies as an “Accredited Investor.”
	 ̈	The Subscriber is a Keogh Plan in which the participants are limited to an individual and his or her spouse, the Keogh Plan was established with respect to a business that is wholly owned by the participant and his or her spouse and such participant is an “Accredited Investor.”  If this box is checked, please also check the box in this section indicating the basis upon which such participant qualifies as an “Accredited Investor.”
	 ̈	The Subscriber is a revocable trust whose grantor is an “Accredited Investor.”  If this box is checked, please also check the box in this section indicating the basis upon which such grantor qualifies as an “Accredited Investor.”
	 ̈	The Subscriber is an executive officer or manager of the Company, or a manager, director, general partner or executive officer of a manager of the Company.
	 ̈	
    The Subscriber is a “knowledgeable employee,” as defined
    in Rule 3c5(a)(4) under the Investment Company Act, of the Company.

     

	 ̈	The Subscriber holds one of the following licenses in good standing:  General Securities Representative license (Series 7), the Private Securities Offerings Representative license (Series 82), or the Investment Adviser Representative license (Series 65).

 

	
    33426877.3

     

    29Exhibit 10.5

 

WARRANT AGREEMENT

 

THIS
WARRANT AGREEMENT (this “Agreement”), dated as of March 14, 2022, is by and between Hycroft Mining Holding
Corporation, a Delaware corporation (the “Company”), and American Multi-Cinema, Inc., a Missouri corporation (such
entity, or its successors or permitted assignees, a “Holder”).

 

WHEREAS,
the Company and the Holder entered into a Subscription Agreement, dated as of March 14, 2022, pursuant to which the Company agreed to
issue to the Holder an aggregate of 23,408,240 warrants (the “Warrants”) to purchase one (1) share of Class A common
stock of the Company (the “Common Stock”) per Warrant, bearing the Legend set forth in Exhibit B hereto;

 

WHEREAS,
the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and
the respective rights, limitation of rights, and immunities of the Company and the holders of the Warrants; and

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Warrants the valid, binding and legal obligations of
the Company, and to authorize the execution and delivery of this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.             [Reserved].

 

2.             Warrants.

 

2.1           Form of Warrant. Each Warrant shall be issued in registered form only, and, if a physical certificate (a “Physical
Certificate”) is issued, shall be in substantially the form of Exhibit A hereto, the provisions of which are incorporated
herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Company’s board of directors (the “Board”),
President, Chief Executive Officer, Chief Financial Officer, Secretary or other principal officer of the Company. In the event the person
whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the
Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of
issuance. All of the Warrants shall initially be represented by one (1) or more book-entry certificates (each, a “Book-Entry
Warrant Certificate”).

 

2.2           Effect of Countersignature. If a physical certificate is issued, unless and until countersigned by the Company pursuant
to this Agreement, a Warrant certificate shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.3           Registration.

 

2.3.1        Warrant Register. The Company shall maintain books (the “Warrant Register”) for the registration of original
issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book entry form, the Company shall
issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with
instructions delivered to the Company by the holder.

 

     

     

    

 

2.3.2        Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company may deem and treat
the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute
owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on a Physical
Certificate made by anyone other than the Company), for the purpose of any exercise thereof, and for all other purposes, and the Company
shall not be affected by any notice to the contrary.

 

2.4           Transfer of Warrants. Subject to the transfer conditions referred to in the legend endorsed hereon, the Warrant and all
rights hereunder are transferable, in whole or in part, by the Holder without charge to the Holder, upon surrender of this Warrant to
the Company at its then principal executive offices. Upon such compliance, surrender and delivery, the Company shall execute and deliver
a new Warrant or Warrants in the name of the assignee or assignees and in the denominations specified in such instrument of assignment,
and shall issue to the assignor a new Warrant evidencing the portion of this Warrant, if any, not so assigned and this Warrant shall promptly
be cancelled.

 

3.             Terms and Exercise of Warrants.

 

3.1           Warrant Price. Each Warrant shall entitle the Registered Holder thereof, subject to the provisions of this Agreement, to
purchase from the Company one share of Common Stock, at the price of $1.068 per share, subject to the adjustments provided in Section
4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement
shall mean the price per share at which shares of Common Stock may be purchased at the time a Warrant is exercised. The Company in its
sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than
twenty (20) Business Days, provided, that the Company shall provide at least twenty (20) days prior written notice of such reduction
to Registered Holders of the Warrants and, provided, further, that any such reduction shall be identical among all of the
Warrants.

 

3.2           Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) commencing
on the date hereof and terminating at 5:00 p.m., New York City time on the date that is five (5) years after the date hereof (the “Expiration
Date”). Each outstanding Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder
and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company
in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, that the Company shall
provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided,
further, that any such extension shall be identical in duration among all the Warrants.

 

    2 

     

    

 

3.3           Exercise of Warrants.

 

3.3.1       
Payment. Subject to the provisions of this Agreement, a Warrant may be exercised by the Registered Holder thereof by delivering
to the Company (i) the Physical Certificate evidencing the Warrants to be exercised, or, in the case of a Book-Entry Warrant Certificate,
the Warrants to be exercised on the records of the Company, (ii) an election to purchase (“Election to Purchase”) shares
of Common Stock pursuant to the exercise of a Warrant, properly completed and executed by the Registered Holder in the form presented
on the reverse of the Physical Certificate attached hereto as Exhibit A, and (iii) payment in full of the Warrant Price for each full
share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the
Warrant, the exchange of the Warrant for the shares of Common Stock and the issuance of such shares of Common Stock, as follows:

 

(a)           by certified check payable to the order of the Company or by wire transfer;

 

(b)           [Reserved];

 

(c)           by surrendering the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product
of the number of shares of Common Stock underlying the Warrants, multiplied by the difference between the Warrant Price and the “Fair
Market Value”, as defined in this Section 3.3.1(c), by (y) the Fair Market Value. Solely for purposes of this Section
3.3.1(c), the “Fair Market Value” shall mean the average reported last sale price of the Common Stock for the ten (10)
trading days ending on the third trading day prior to the date on which notice of exercise of the Warrant is sent to the Company; or

 

(d)           [Reserved].

 

3.3.2        Issuance of Shares of Common Stock on Exercise. As soon as practicable after the exercise of any Warrant and the clearance
of the funds in payment of the Warrant Price (if payment is pursuant to Section 3.3.1(a)), the Company shall issue to the Registered
Holder of such Warrant a book-entry position or certificate, as applicable, for the number of full shares of Common Stock to which he,
she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been
exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the number of shares of Common Stock as to which
such Warrant shall not have been exercised. If fewer than all the Warrants evidenced by a Book-Entry Warrant Certificate are exercised,
a notation shall be made to the records maintained by the Company, evidencing the balance of the Warrants remaining after such exercise.
In no event will the Company be required to net cash settle the Warrant exercise. If, by reason of any exercise of Warrants on a “cashless
basis,” the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share
of Common Stock, the Company shall round down to the nearest whole number, the number of shares of Common Stock to be issued to such holder.

 

    3 

     

    

 

3.3.3        Valid Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement
shall be validly issued, fully paid and non-assessable.

 

3.3.4        Date of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for shares of Common
Stock is issued shall for all purposes be deemed to have become the holder of record of such shares of Common Stock on the date on which
the Warrant, or book-entry position representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective
of the date of delivery of such certificate in the case of a certificated Warrant, except that, if the date of such surrender and payment
is a date when the share transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares
of Common Stock at the close of business on the next succeeding date on which the share transfer books or book-entry system are open.

 

3.3.5        Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the
provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she
or it makes such election. If the election is made by a holder, the Company shall not effect the exercise of the holder’s Warrant,
and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person
(together with such person’s affiliates), to the Company’s actual knowledge, would beneficially own in excess of 4.9% or 9.8%
(as specified by the holder)(the “Maximum Percentage”) of the shares of Common Stock outstanding immediately after
giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned
by such person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Warrant with respect
to which the determination of such sentence is being made, but shall exclude shares of Common Stock that would be issuable upon (x) exercise
of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion
of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates
(including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion
or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph,
beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). For purposes of the Warrant, in determining the number of outstanding shares of Common Stock, the holder may rely on
the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent annual report on Form 10-K, quarterly
report on Form 10-Q, current report on Form 8-K or other public filing with the Securities and Exchange Commission (the “Commission”)
as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company setting forth the number
of shares of Common Stock outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company
shall, within two (2) Business Days, confirm orally and in writing to such holder the number of shares of Common Stock then outstanding.
In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of
equity securities of the Company by the holder and its affiliates since the date as of which such number of outstanding shares of Common
Stock was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage
applicable to such holder to any other percentage specified in such notice; provided, however, that any such increase shall not be effective
until the sixty-first (61st) day after such notice is delivered to the Company.

 

    4 

     

    

 

4.             Adjustments.

 

4.1           Stock Dividends.

 

4.1.1        Split-Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares
of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock or other
similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable
on exercise of each Warrant shall be increased in proportion to such increase in the outstanding shares of Common Stock. A rights offering
to holders of the Common Stock entitling holders to purchase shares of Common Stock at a price less than the “Fair Market Value”
(as defined below) shall be deemed a stock dividend of a number of shares of Common Stock equal to the product of (i) the number of shares
of Common Stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that
are convertible into or exercisable for the Common Stock) and (ii) one (1) minus the quotient of (x) the price per share of Common Stock
paid in such rights offering divided by (y) the Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is
for securities convertible into or exercisable for Common Stock, in determining the price payable for Common Stock, there shall be taken
into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii)
 “Fair Market Value” means the volume weighted average price of the Common Stock as reported during the ten (10) trading day
period ending on the trading day prior to the first date on which the shares of Common Stock trade on the applicable exchange or in the
applicable market, regular way, without the right to receive such rights.

 

4.1.2        Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend
or make a distribution in cash, securities or other assets to the holders of Common Stock on account of such shares of Common Stock (or
other shares of the Company’s capital stock into which the Warrants are convertible), other than (a) as described in Section
4.1.1 hereof or (b) Ordinary Cash Dividends (as defined below) (any such non-excluded event being referred to herein as an “Extraordinary
Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary
Dividend, by the amount of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets
paid on each share of Common Stock in respect of such Extraordinary Dividend. For purposes of this Section 4.1.2, “Ordinary
Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts
of all other cash dividends and cash distributions paid on the Common Stock during the 365-day period ending on the date of declaration
of such dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section
4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of shares
of Common Stock issuable on exercise of each Warrant) does not exceed $0.05.

 

    5 

     

    

 

4.2           Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 4.6 hereof, the number
of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares
of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification
or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease
in outstanding shares of Common Stock.

 

4.3           Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants
is adjusted, as provided in Section 4.1.1 or Section 4.2 hereof, the Warrant Price shall be adjusted (to the nearest cent)
by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of
shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of
which shall be the number of shares of Common Stock so purchasable immediately thereafter.

 

4.4           Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding
shares of Common Stock (other than a change under Section 4.1.1, or Section 4.1.2 or Section 4.2 hereof or that solely
affects the par value of such shares of Common Stock), or in the case of any merger or consolidation of the Company with or into another
entity or conversion of the Company as another entity (other than a consolidation or merger in which the Company is the continuing corporation
and that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale
or conveyance to another entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection
with which the Company is dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis
and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock immediately theretofore purchasable
and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property
(including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such
sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately
prior to such event (the “Alternative Issuance” ); provided, however, that in connection with the closing
of any such consolidation, merger, sale or conveyance, the successor or purchasing entity shall execute an amendment hereto with the Company
providing for delivery of such Alternative Issuance; provided, further, that (i) if the holders of Common Stock were entitled
to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger,
then the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become
exercisable shall be deemed to be the weighted average of the kind and amount received per share by the holders of Common Stock in such
consolidation or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made
to and accepted by the holders of Common Stock (other than a tender, exchange or redemption offer made by the Company in connection with
redemption rights held by stockholders of the Company as provided for in the Company’s amended and restated certificate of incorporation)
under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group
(within the meaning of Rule 13d-5(b)(1) under the Exchange Act (or any successor rule)) of which such maker is a part, and together with
any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act (or any successor rule)) and any members
of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange
Act (or any successor rule)) more than 50% of the outstanding shares of Common Stock, the holder of a Warrant shall be entitled to receive
as the Alternative Issuance, the highest amount of cash, securities or other property to which such holder would actually have been entitled
as a stockholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such
offer and all of the Common Stock held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments
(from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in
this Section 4; provided, further, that if less than 70% of the consideration receivable by the holders of Common
Stock in the applicable event is payable in the form of common stock in the successor entity that is listed for trading on a national
securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following
such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the
consummation of such applicable event by the Company pursuant to a Current Report on Form 8-K filed with the Commission, the Warrant Price
shall be reduced by an amount (in dollars) (but in no event less than zero) equal to the difference of (i) the Warrant Price in effect
prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) minus (B) the Black-Scholes Warrant Value (as defined
below). The “Black-Scholes Warrant Value” means the value of a Warrant immediately prior to the consummation of the applicable
event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”).
For purposes of calculating such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of each share
of Common Stock shall be the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending
on the trading day prior to the effective date of the applicable event, (3) the assumed volatility shall be the 90 day volatility obtained
from the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable
event, and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term
of the Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the Common Stock consists exclusively
of cash, the amount of such cash per share of Common Stock, and (ii) in all other cases, the volume weighted average price of the Common
Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event.
If any reclassification or reorganization also results in a change in shares of Common Stock covered by Section 4.1.1 hereof, then
such adjustment shall be made pursuant to Section 4.1.1 or Section 4.2, Section 4.3 hereof and this Section 4.4.
The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations,
sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of
the Warrant.

 

    6 

     

    

 

4.5           Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares of Common Stock issuable
upon exercise of a Warrant, the Company shall give written notice thereof to each holder of the Warrant the , which notice shall state
the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of shares of Common Stock purchasable
at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such
calculation is based. Upon the occurrence of any event specified in Section 4.1, Section 4.2, Section 4.3 or Section
4.4 hereof, the Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address
set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice,
or any defect therein, shall not affect the legality or validity of such event.

 

4.6           No Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue
fractional shares of Common Stock upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4,
the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company
shall, upon such exercise, round down to the nearest whole number the number of shares of Common Stock to be issued to such holder.

 

4.7           Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and
Warrants issued after such adjustment may state the same Warrant Price and the same number of shares of Common Stock as is stated in the
Warrants initially issued pursuant to this Agreement; provided, however, that the Company may at any time in its sole discretion
make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant
thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as
so changed.

 

4.8           Other Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections
of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid
an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company
shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which
shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent
and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment. The Company
shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

5.             Transfer and Exchange of Warrants.

 

5.1           Registration of Transfer. The Company shall register the transfer, from time to time, of any outstanding Warrant upon the
Warrant Register, upon surrender of such Warrant for transfer, in the case of certificated Warrants, properly endorsed with signatures
properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal
aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Company.

 

5.2           Procedure for Surrender of Warrants. Warrants may be surrendered to the Company, together with a written request for exchange
or transfer, and thereupon the Company shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder
of the Warrants so surrendered, representing an equal aggregate number of Warrants; .

 

    7 

     

    

 

5.3           Fractional Warrants. The Company shall not be required to effect any registration of transfer or exchange which shall result
in the issuance of a warrant certificate or book-entry position for a fraction of a warrant.

 

5.4           Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.

 

5.5           [Reserved]

 

6.             [Reserved]

 

7.             Other Provisions Relating to Rights of Holders of Warrants.

 

7.1           No Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder
of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights
to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors of
the Company or any other matter.

 

7.2           Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company may
on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include
the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed.
Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated,
or destroyed Warrant shall be at any time enforceable by anyone.

 

7.3           Reservation of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued
shares of Common Stock that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

8.             Other Matters.

 

8.1           Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company
in respect of the issuance or delivery of shares of Common Stock upon the exercise of the Warrants, but the Company shall not be obligated
to pay any transfer taxes in respect of the Warrants or such shares of Common Stock.

 

8.2           [Reserved]

 

8.3           [Reserved]

 

8.4           [Reserved]

 

8.5           [Reserved]

 

8.6           [Reserved]

 

    8 

     

    

 

9.             Miscellaneous Provisions.

 

9.1           Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company shall bind and inure
to the benefit of its successors and assigns.

 

9.2           Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant to
or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private
courier service within five (5) days after deposit of such notice, postage prepaid, addressed, as follows:

 

Hycroft Mining Holding Corporation

4300 Water Canyon Road, Unit 1

Winnemucca, Nevada 89445

Attention: Corporate Secretary

 

9.3           Applicable Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in
all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out
of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

 

9.4           Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any
person or corporation other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by
reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations,
promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors
and assigns and of the Registered Holders of the Warrants.

 

9.5           Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office
of the Company, for inspection by the Registered Holder of any Warrant.

 

9.6           Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

9.7           Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not
affect the interpretation thereof.

 

9.8           Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder (i) for the
purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing
any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable
and that the parties deem shall not adversely affect the interest of the Registered Holders, and (ii) to provide for the delivery of Alternative
Issuance pursuant to Section 4.4 hereof. All other modifications or amendments, including any amendment to increase the Warrant
Price or shorten the Exercise Period and any amendment to the terms of the Warrants shall require the vote or written consent of the Registered
Holders of 65% of the then outstanding Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the
duration of the Exercise Period pursuant to Section 3.1 and Section 3.2 hereof, respectively, without the consent of the
Registered Holders.

 

9.9           Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision
hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu
of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement
a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

[Signature Page Follows]

 

    9 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed as of the date first above written.

 

	HYCROFT MINING HOLDING CORPORATION	 
	 	 
	By:	/s/ Diane Garrett	 
	 	Name: Diane Garrett	 
	 	Title: President and Chief Executive Officer	 
	 	 
	 	 
	AMERICAN MULTI-CINEMA, INC.	 
	 	 
	By:	/s/ Adam Aron	 
	 	Name: Adam Aron	 
	 	Title: Chief Executive Officer & President	 

 

 

[Signature Page to Warrant Agreement]

 

    

     

    

 

EXHIBIT
A

[Form of Warrant Certificate]

[FACE]

 

Number

 

Warrants

THIS WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

HYCROFT MINING HOLDING CORPORATION

Incorporated Under the Laws of the State of Delaware

 

Warrant Certificate

 

This
Warrant Certificate certifies that [●], or registered assigns, is the registered holder of warrant(s) evidenced hereby
(the “Warrants” and each, a “Warrant”) to purchase shares of Class A common stock, $0.0001 par value
per share (“Common Stock”), of Hycroft Mining Holding Corporation, a Delaware corporation (the “Company”).
Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from
the Company that number of fully paid and non-assessable shares of Common Stock as set forth below, at the exercise price (the “Exercise
Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise”
as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the
Exercise Price at the office or agency of the Company referred to below, subject to the conditions set forth herein and in the Warrant
Agreement . Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant
Agreement.

 

Each Warrant is initially
exercisable for one (1) fully paid and non-assessable share of Common Stock. No fractional shares will be issued upon exercise of any
Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in a share of Common Stock, the
Company will, upon exercise, round down to the nearest whole number the number of shares of Common Stock to be issued to the Warrant holder.
The number of shares of Common Stock issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events
set forth in the Warrant Agreement.

 

The initial Exercise Price
per share of Common Stock for any Warrant is equal to $1.068 per share. The Exercise Price is subject to adjustment upon the occurrence
of certain events set forth in the Warrant Agreement.

 

Subject to the conditions
set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the
end of such Exercise Period, such Warrants shall become void.

 

    

     

    

 

Reference is hereby made to
the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes
have the same effect as though fully set forth at this place.

 

This Warrant Certificate shall
be governed by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles
thereof.

 

	 	HYCROFT MINING HOLDING CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    

     

    

 

[Form of Warrant Certificate]

[Reverse]

 

The Warrants evidenced by
this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive shares of Common
Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of [●], 2022 (the “Warrant Agreement”),
duly executed by the Company and the Holder, which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument
and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the
Company and the holders (the words “holders” or “holder” meaning the Registered Holders or Registered Holder)
of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms
used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

Warrants may be exercised
at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate
may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed
and executed, together with payment of the Exercise Price as specified in the Warrant Agreement (or through “cashless exercise”
as provided for in the Warrant Agreement) at the principal corporate office of the Company. In the event that upon any exercise of Warrants
evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there shall be issued
to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised.

 

Notwithstanding anything else
in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration statement
covering the shares of Common Stock to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder
relating to the shares of Common Stock is current, except through “cashless exercise” as provided for in the Warrant Agreement.

 

The Warrant Agreement provides
that upon the occurrence of certain events the number of shares of Common Stock issuable upon exercise of the Warrants set forth on the
face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled to receive
a fractional interest in a share of Common Stock, the Company shall, upon exercise, round down to the nearest whole number of shares of
Common Stock to be issued to the holder of the Warrant. Warrant Certificates, when surrendered at the principal corporate trust office
of the Company by the Registered Holder thereof in person or by legal representative or attorney duly authorized in writing, may be exchanged,
in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another
Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants.

 

Upon due presentation for
registration of transfer of this Warrant Certificate at the office of the Company a new Warrant Certificate or Warrant Certificates of
like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant
Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge
imposed in connection therewith.

 

The Company may deem and treat
the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other
writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other
purposes, and the Company shall not be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles
any holder hereof to any rights of a stockholder of the Company.

 

    

     

    

 

Election to Purchase

(To Be Executed Upon Exercise of Warrant)

 

The undersigned hereby irrevocably
elects to exercise the right, represented by this Warrant Certificate, to receive shares of Common Stock and herewith tenders payment
for such shares of Common Stock to the order of Hycroft Mining Holding Corporation (the “Company”) in the amount of
$[●] in accordance with the terms hereof. The undersigned requests that a certificate for such shares of Common Stock be registered
in the name of [●], whose address is [●] and that such shares of Common Stock be delivered to [●] whose address is [●].
If said number of shares of Common Stock is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests
that a new Warrant Certificate representing the remaining balance of such shares of Common Stock be registered in the name of [●],
whose address is [●] and that such Warrant Certificate be delivered to [●], whose address is [●].

 

In the event that the Warrant
is to be exercised on a “cashless” basis pursuant to Section 3.3.1(c) of the Warrant Agreement, the number of shares
of Common Stock that this Warrant is exercisable for shall be determined in accordance with Section 3.3.1(c) of the Warrant Agreement.

 

In the event that the Warrant
may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of shares of Common Stock that
this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for
such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise
the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive shares
of Common Stock. If said number of shares is less than all of the shares of Common Stock purchasable hereunder (after giving effect to
the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares of Common
Stock be registered in the name of [●], whose address is [●] and that such Warrant Certificate be delivered to [●],
whose address is [●].

 

 

[Signature Page Follows]

 

    

     

    

 

Date:

 

 

	 	 
	(Signature)	 
	 	 
	 	 
	 	 
	 	 
	(Address)	 
	 	 
	 	 
	(Tax Identification Number)	 

 

    

     

    

 

EXHIBIT B

LEGEND

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR PURSUANT TO THE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE.
SUCH SECURITIES MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, OR OTHERWISE ASSIGNED EXCEPT PURSUANT TO A REGISTRATION STATEMENT WITH
RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE UNDER SUCH ACT OR PURSUANT TO AN EXEMPTION FROM OR IN A TRANSACTION NOT SUBJECT TO THE REGISTRATION
REQUIREMENTS OF SUCH ACT OR ANY APPLICABLE “BLUE SKY” LAWS. SECURITIES EVIDENCED BY THIS CERTIFICATE AND SHARES OF COMMON
STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES ARE ENTITLED TO REGISTRATION RIGHTS, AS SET FORTH IN A SUBSCRIPTION AGREEMENT
(THE “AGREEMENT”) DATED AS OF MARCH 14, 2022 BY AND AMONG THE COMPANY AND AMERICAN MULTI-CINEMA, INC.

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