Document:

BE Resources Inc.: Exhibit 10.3 - Filed by newsfilecorp.com

Exhibit 10.3 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE OCTOBER 19, 2010. 

THE SECURITIES REPRESENTED HEREBY AND ANY SECURITIES ISSUABLE
UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THESE SECURITIES MAY BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO BE RESOURCES INC. (“THE
COMPANY”), (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (C) IN COMPLIANCE WITH RULE 144 OR 144A
THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS, (D) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR (E) IN A
TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY
APPLICABLE STATE SECURITIES LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE,
FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION,
IN EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY. HEDGING TRANSACTIONS
INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE
SECURITIES ACT. 

AGENT COMPENSATION OPTIONS 
TO PURCHASE UP TO
<> UNITS OF 
BE RESOURCES INC. 

THIS IS TO CERTIFY THAT for valuable consideration
<>
[NTD: insert name and address] (the “Holder”) is entitled, at any
time prior to 5:00 p.m. (Toronto time), on June 18, 2012 (the “Expiry
Time”), upon and subject to the terms and conditions set forth herein and in
the schedules attached hereto, which schedules form an integral part hereof and
shall be deemed to be incorporated herein (the whole being referred to herein as
this “Compensation Option Certificate” and the rights of the Holder
represented by this Compensation Option Certificate being referred to herein as
this “Compensation Option”), to subscribe in whole or in part for up to
<> units (“Units” and which term shall include any other shares or
securities to be issued in addition thereto or in substitution or replacement
therefor as provided herein) of BE Resources Inc. (the “Corporation”), a
corporation incorporated under the Colorado Business Corporation
Act, as constituted on the date hereof. Each Unit is comprised of one common
share in the capital of the Corporation (“Common Share”) and one-half of
one Series 2010 – I Common Share purchase warrant (each whole Common Share
purchase warrant, a “Warrant”). Each Warrant shall entitle the holder
thereof to purchase one Common Share at an exercise price of $0.50 at any time
before the Expiry Time, subject to adjustments and earlier expiry in certain
events. 

The purchase price (the purchase price in effect from time to
time being called the “Exercise Price”) payable for each Unit subscribed
for upon the exercise of this Compensation Option shall be $0.30 subject to
adjustment from time to time as herein provided. No fractional Common Shares or
Warrants will be issuable upon any exercise of this Compensation Option and the
Holder will not be entitled to any cash payment or compensation in lieu of a
fractional Common Share or Warrant. 

This Compensation Option shall become wholly void and the
unexercised portion of the subscription rights represented hereby will expire
and terminate at the Expiry Time, provided that if prior to the Expiry Time early expiry of the Warrants in accordance with their
terms has occurred, this Compensation Option shall be exercisable only for
Common Shares. 

-2- 

All Units which are to be issued upon the exercise of this
Compensation Option shall be issued to the Holder, upon payment therefor of the
number of Units being purchased multiplied by the Exercise Price, pursuant to
the provisions hereof, and the Holder shall be deemed to have become the holder
of record of such Units, on the date of delivery of this Compensation Option
Certificate together with payment of the aggregate Exercise Price, unless the
transfer books of the Corporation shall be closed on such date, in which event
the Units shall be deemed to be issued, and the Holder shall be deemed to have
become the holder of record of such Units, on the date on which such transfer
books are reopened and such Units shall be issued at the Exercise Price in
effect on the date of delivery of this Compensation Option Certificate together
with payment for the Units subscribed for by the Holder. 

The Holder may purchase less than the number of Units which the
Holder is entitled to purchase hereunder on delivery of this Compensation Option
Certificate, in which event a new certificate, in form identical hereto but with
appropriate changes, representing the Units not purchased, shall be issued to
the Holder. 

This Compensation Option does not entitle the Holder to any
rights or interest whatsoever as a shareholder of the Corporation or any other
rights or interests except as expressly provided in this Compensation Option
Certificate. 

This Compensation Option is non-assignable and
non-transferable. 

If this Compensation Option Certificate or any replacement
hereof becomes stolen, lost, mutilated or destroyed, the Corporation shall, on
such terms as it may in its discretion impose, acting reasonably, issue and
deliver a new certificate, in form identical hereto but with appropriate
changes, representing any unexercised portion of the subscription rights
represented hereby to replace the certificate so stolen, lost, mutilated or
destroyed. 

By acceptance hereof, the Holder hereby represents and warrants
to the Corporation that the Holder is acquiring this Compensation Option as
principal for its own account and not for the benefit of any other person. 

All amounts of money referred to in this Compensation Option
Certificate are referred to lawful money of Canada. 

This Compensation Option shall enure to the benefit of, and
shall be binding upon, the Holder and the Corporation and their respective
successors. 

-3- 

IN WITNESS WHEREOF the Corporation has caused this Compensation
Option Certificate to be issued under the signature of a properly authorized
officer of the Corporation. 

DATED as of the _______ day of June,
2010. 

	BE RESOURCES INC. 
	  
	  
	By: _____________________________________
	       Name: David
      Tognoni 
	       Title: President
      and Chief Executive Officer 

SCHEDULE A 

Additional Terms and Conditions of this Compensation
Option 

	1. 	
      Exercise: In the event that the
      Holder desires to exercise the right to purchase Units conferred hereby,
      the Holder shall (a) complete to the extent possible in the manner
      indicated and execute a subscription form in the form attached as Schedule
      B to this Compensation Option Certificate, (b) surrender this Compensation
      Option Certificate to the Corporation in accordance with section 7 of this
      Compensation Option Certificate, and (c) pay the amount payable on the
      exercise of this Compensation Option in respect of the Units subscribed
      for by certified cheque, bank draft or money order in lawful money of
      Canada payable to the Corporation or by transmitting same day funds in
      lawful money of Canada by wire to such account as the Corporation shall
      direct the Holder. Upon such surrender and payment as aforesaid, the
      Holder shall be deemed for all purposes to be the holder of record of the
      number of Common Shares and Warrants to be so issued and the Holder shall
      be entitled to delivery of certificates representing such Common Shares
      and Warrants and the Corporation shall cause such certificate or
      certificates to be delivered to the Holder at the address specified in the
      subscription form within three business days of such surrender and payment
      as aforesaid. No fractional Common Shares or Warrants will be issuable
      upon any exercise of this Compensation Option and the Holder will not be
      entitled to any cash payment or compensation in lieu of a fractional
      Common Share or Warrant.

	 	 
	2. 	
      Covenants, Representations and Warranties:
      The Corporation hereby covenants and agrees that it is duly authorized and
      has the corporate and lawful power and authority to create and issue this
      Compensation Option and the Common Shares and Warrants from time to time
      subscribed for and purchased in the manner provided in this Compensation
      Option Certificate and the certificates representing this Compensation
      Option and such Common Shares and Warrants to be issued and that, at all
      times prior to the Expiry Time, it will reserve and there will remain
      unissued a sufficient number of Common Shares to satisfy the right of
      purchase provided in this Compensation Option Certificate. All Units which
      are issued upon the exercise of the right of purchase provided in this
      Compensation Option Certificate, upon payment therefor of the amount at
      which such Units may be purchased pursuant to the provisions of this
      Compensation Option Certificate, shall be and be deemed to be validly
      issued as fully paid and non-assessable and free from all taxes, liens and
      charges with respect to the issue thereof. The Corporation hereby
      represents and warrants that this Compensation Option Certificate is a
      valid and enforceable obligation of the Corporation, enforceable in
      accordance with the provisions of this Compensation Option
    Certificate.

	 	 
	3. 	
      Adjustment to Exercise
  Price:

	 	(1) 	
      Definitions: For the purposes of this section 3,
      unless there is something in the subject matter or context inconsistent
      therewith, the words and terms defined below shall have the respective
      meanings specified therefor in this
subsection:

	 	(a) 	
      “Current Market Price” at any date, means the
      weighted average of the sale prices per Common Share at which the Common
      Shares have traded on the TSX Venture Exchange, or, if the Common Shares
      in respect of which a determination of Current Market Price is being made
      are not listed thereon, on such stock exchange on which such shares are
      listed as may be selected for such purpose by the directors, or, if the
      Common Shares are not listed on any stock exchange, then on the
      over-the-counter market, for 20 consecutive trading days ending 5 trading
      days before such date, or in the event that at any date the Common
      Shares are not listed on any exchange or on the over-the-counter
      market, the Current Market Price shall be as determined by the directors
      or such firm of independent chartered accountants as may be selected by
      the directors acting reasonably and in good faith in their sole
      discretion; for these purposes, the weighted average price for any period
      shall be determined by dividing the aggregate sale prices during such
      period by the total number of Common Shares sold during such
  period;

-2- 

	 	(b) 	
      “Equity Shares” means the Common Shares and any
      shares of any other class or series of the Corporation which may from time
      to time be authorized for issue if by their terms such shares confer on
      the holders thereof the right to participate in the distribution of assets
      upon the voluntary or involuntary liquidation, dissolution or winding up
      of the Corporation beyond a fixed sum or a fixed sum plus accrued
      dividends; and

	 	 	 
	 	(c) 	
      “trading day” with respect to a stock exchange or
      over-the-counter market means a day on which such stock exchange or market
      is open for business.

	 	(2) 	
      Adjustments: The Exercise Price in effect at any
      time is subject to adjustment from time to time in the events and in the
      manner provided as follows:

	 	(a) 	
      If and whenever at any time after the date hereof the
      Corporation:

	 	(i) 	
      issues Common Shares or securities exchangeable for or
      convertible into Common Shares to all or substantially all the holders of
      the Common Shares as a stock dividend; or

	 	 	 
	 	(ii) 	
      makes a distribution on its outstanding Common Shares
      payable in Common Shares or securities exchangeable for or convertible
      into Common Shares; or

	 	 	 
	 	(iii) 	
      subdivides its outstanding Common Shares into a greater
      number of shares; or

	 	 	 
	 	(iv) 	
      consolidates its outstanding Common Shares into a smaller
      number of shares;

(any of such events being called a
“Common Share Reorganization”), then the Exercise Price will be adjusted
effective immediately after the effective date or record date for the happening
of a Common Share Reorganization, as the case may be, at which the holders of
Common Shares are determined for the purpose of the Common Share Reorganization
by multiplying the Exercise Price in effect immediately prior to such effective
date or record date by a fraction, the numerator of which is the number of
Common Shares outstanding on such effective date or record date before giving
effect to such Common Share Reorganization and the denominator of which is the
number of Common Shares outstanding immediately after giving effect to such
Common Share Reorganization (including, in the case where securities
exchangeable for or convertible into Common Shares are distributed, the number
of Common Shares that would have been outstanding had all such securities been
exchanged for or converted into Common Shares on such effective date or record
date). 

-3- 

	 	(b) 	
      If and whenever at any time after the date hereof the
      Corporation fixes a record date for the issue of rights, options or
      warrants to the holders of all or substantially all of its outstanding
      Common Shares under which such holders are entitled to subscribe for or
      purchase Common Shares or securities exchangeable for or convertible into
      Common Shares, where:

	 	(i) 	
      the right to subscribe for or purchase Common Shares, or
      the right to exchange securities for or convert securities into Common
      Shares, expires not more than 45 days after the date of such issue (the
      period from the record date to the date of expiry being herein in this
      Subsection 3(2) called the “Rights Period”), and

	 	 	 
	 	(ii) 	
      the cost per Common Share during the Rights Period
      (inclusive of any cost of acquisition of securities exchangeable for or
      convertible into Common Shares in addition to any direct cost of Common
      Shares) (herein in this Subsection 3(2) called the “Per Share
      Cost”) is less than 95% of the Current Market Price of the Common
      Shares on the record date,

(any of such events being called a
“Rights Offering”), then the Exercise Price will be adjusted effective
immediately after the end of the Rights Period to a price determined by
multiplying the Exercise Price in effect immediately prior to the end of the
Rights Period by a fraction: 

	 	(A) 	
      the numerator of which is the aggregate
  of:

	 	(1) 	
      the number of Common Shares outstanding as of the record
      date for the Rights Offering; and

	 	 	 
	 	(2) 	
      a number determined by dividing the product of the Per
      Share Cost and:

	 	(I) 	
      where the event giving rise to the application of this
      subsection 3(2)(b) was the issue of rights, options or warrants to the
      holders of Common Shares under which such holders are entitled to
      subscribe for or purchase additional Common Shares, the number of Common
      Shares so subscribed for or purchased during the Rights Period,
  or

	 	 	 
	 	(II) 	
      where the event giving rise to the application of this
      subsection 3(2)(b) was the issue of rights, options or warrants to the
      holders of Common Shares under which such holders are entitled to
      subscribe for or purchase securities exchangeable for or convertible into
      Common Shares, the number of Common Shares for which those securities so
      subscribed for or purchased during the Rights Period could have been
      exchanged or into which they could have been converted during the Rights
      Period, by the Current Market Price of the Common Shares as of the
record date for the Rights Offering; and 

-4- 

	 	(B) 	
      the denominator of which is:

	 	(1) 	
      in the case described in subparagraph 3(2)(b)(A)(2)(I),
      the number of Common Shares outstanding, or

	 	 	 
	 	(2) 	
      in the case described in subparagraph 3(2)(b)(A)(2)(II),
      the number of Common Shares that would be outstanding if all the Common
      Shares described in subparagraph 3(2)(b)(A)(2)(II) had been
  issued,

as at the end of the Rights Period.

Any Common Shares owned by or held for
the account of the Corporation or any subsidiary or affiliate (as defined in the
Securities Act (Ontario)) of the Corporation will be deemed not to be
outstanding for the purpose of any such computation. 

If by the terms of the rights, options
or warrants referred to in this Subsection 3(2), there is more than one
purchase, conversion or exchange price per Common Share, the aggregate price of
the total number of additional Common Shares offered for subscription or
purchase, or the aggregate conversion or exchange price of the convertible
securities so offered, will be calculated for purposes of the adjustment on the
basis of: 

	 	(I) 	
      the lowest purchase, conversion or exchange price per
      Common Share, as the case may be, if such price is applicable to all
      Common Shares which are subject to the rights, options or warrants,
    and

	 	 	 
	 	(II) 	
      the average purchase, conversion or exchange price per
      Common Share, as the case may be, if the applicable price is determined by
      reference to the number of Common Shares acquired.

To the extent that any adjustment in
the Exercise Price occurs pursuant to this Subsection 3(2) as a result of the
fixing by the Corporation of a record date for the distribution of rights,
options or warrants referred to in this Subsection 3(2), the Exercise Price will
be readjusted immediately after the expiration of any relevant exchange,
conversion or exercise right to the Exercise Price which would then be in effect
based upon the number of Common Shares actually issued and remaining issuable
after such expiration, and will be further readjusted in such manner upon
expiration of any further such right. 

If the Holder has exercised this
Compensation Option in accordance herewith during the period beginning
immediately after the record date for a Rights Offering and ending on the last
day of the Rights Period therefor, the Holder will, in addition to the Common
Shares to which it is otherwise entitled upon such exercise, be entitled to that
number of additional Common Shares equal to the result obtained when the
Exercise Price in effect immediately prior to the end of such Rights Offering
pursuant to this subsection is multiplied by the number of Common Shares received upon the exercise of this Compensation
Option during such period, and the resulting product is divided by the Exercise
Price as adjusted for such Rights Offering pursuant to this subsection. Such
additional Common Shares will be deemed to have been issued to the Holder
immediately following the end of the Rights Period and a certificate for such
additional Common Shares will be delivered to such Holder within ten (10)
Business Days following the end of the Rights Period. 

-5- 

	 	(c) 	
      If and whenever at any time after the date hereof the
      Corporation fixes a record date for the issue or the distribution to the
      holders of all or substantially all its Common Shares
of:

	 	(i) 	
      shares of the Corporation of any class other than Common
      Shares;

	 	 	 
	 	(ii) 	
      rights, options or warrants to acquire shares or
      securities exchangeable for or convertible into shares or property or
      other assets of the Corporation;

	 	 	 
	 	(iii) 	
      evidence of indebtedness; or

	 	 	 
	 	(iv) 	
      any property or other assets,

and if such issuance or distribution
does not constitute (A) a Common Share Reorganization, (B) a Rights Offering or
(C) the issue of rights, options or warrants to the holders of all or
substantially all of its outstanding Common Shares under which such holders are
entitled to subscribe for or purchase Common Shares or securities exchangeable
for or convertible into Common Shares, where: 

	 	(1) 	
      the right to subscribe for or purchase Common Shares, or
      the right to exchange securities for or convert securities into Common
      Shares, expires not more than 45 days after the date of such issue,
    and

	 	 	 
	 	(2) 	
      the cost per Common Share during the Rights Period,
      inclusive of the Per Share Cost, is 95% or more than the Current Market
      Price of the Common Shares on the record date

(any of such non-excluded events being
called a “Special Distribution”), the Exercise Price will be adjusted
effective immediately after such record date to a price determined by
multiplying the Exercise Price in effect on such record date by a fraction: 

	 	(A) 	
      the numerator of which is:

	 	(1) 	
      the product of the number of Common Shares outstanding on
      such record date and the Current Market Price of the Common Shares on such
      record date; less

	 	 	 
	 	(2) 	
      the aggregate fair market value (as determined by action
      by the directors of the Corporation, subject, however, to the prior
      written consent of the TSX Venture Exchange, where
  required) to the holders of the Common Shares of such securities or
property or other assets so issued or distributed in the Special Distribution;
and 

-6- 

	 	(B) 	
      the denominator of which is the number of Common Shares
      outstanding on such record date multiplied by the Current Market Price of
      the Common Shares on such record date.

	 		
      Any Common Shares owned by or held for the account of the
      Corporation or any subsidiary or affiliate (as defined in the
      Securities Act (Ontario)) of the Corporation will be deemed not to
      be outstanding for the purpose of any such computation.

	 	 	 
	 	(d) 	
      If and whenever at any time after the date hereof there
      is a Common Share Reorganization, a Rights Offering, a Special
      Distribution, a reclassification or redesignation of the Common Shares
      outstanding at any time or change of the Common Shares into other shares
      or into other securities (other than a Common Share Reorganization), or a
      consolidation, amalgamation or merger of the Corporation with or into any
      other corporation or other entity (other than a consolidation,
      amalgamation or merger which does not result in any reclassification or
      redesignation of the outstanding Common Shares or a change of the Common
      Shares into other shares), or a transfer of the undertaking or assets of
      the Corporation as an entirety or substantially as an entirety to another
      corporation or other entity (any of such events being called a “Capital
      Reorganization”), the Holder, upon exercising this Compensation Option
      after the effective date of such Capital Reorganization, will be entitled
      to receive in lieu of the number of Units to which such Holder was
      theretofore entitled upon such exercise, the aggregate number of shares,
      other securities or other property which such Holder would have been
      entitled to receive as a result of such Capital Reorganization if, on the
      effective date thereof, the Holder had been the registered holder of the
      number of Common Shares and Warrants to which such Holder was theretofore
      entitled upon exercise of this Compensation Option. If determined
      appropriate by action of the directors of the Corporation, appropriate
      adjustments will be made as a result of any such Capital Reorganization in
      the application of the provisions set forth in this Subsection 3(2) with
      respect to the rights and interests thereafter of the Holder to the end
      that the provisions set forth in this Subsection 3(2) will thereafter
      correspondingly be made applicable as nearly as may reasonably be in
      relation to any shares, other securities or other property thereafter
      deliverable upon the exercise hereof. Any such adjustment must be made by
      and set forth in an amendment to this Compensation Option approved by
      action by the directors of the Corporation and will for all purposes be
      conclusively deemed to be an appropriate adjustment.

	 	 	 
	 	(e) 	
      If at any time after the date hereof and prior to the
      Expiry Time any adjustment in the Exercise Price shall occur as a result
      of:

	 	(i) 	
      an event referred to in Subsection 3(2)(a);

	 	 	 
	 	(ii) 	
      the fixing by the Corporation of a record date for an
      event referred to in Subsection 3(2)(b); or

-7- 

	 	(iii) 	
      the fixing by the Corporation of a record date for an
      event referred to in Subsection 3(2)(c) if such event constitutes the
      issue or distribution to the holders of all or substantially all of its
      outstanding Common Shares of (A) Equity Shares, or (B) securities
      exchangeable for or convertible into Equity Shares at an exchange or
      conversion price per Equity Shares less than the Current Market Price on
      such record date or (C) rights, options or warrants to acquire Equity
      Shares at an exercise, exchange or conversion price per Equity Share less
      than the Current Market Price on such record date,

then, where required, the number of
Units purchasable upon the subsequent exercise of this Compensation Option shall
be simultaneously adjusted by multiplying the number of Units purchasable upon
the exercise of this Compensation Option immediately prior to such adjustment by
a fraction which shall be the reciprocal of the fraction employed in the
adjustment of the Exercise Price. To the extent any adjustment in subscription
rights occurs pursuant to this Subsection 3(2)(e) as a result of a distribution
of exchangeable or convertible securities other than Equity Shares referred to
in Subsection 3(2)(a) or as a result of the fixing by the Corporation of a
record date for the distribution of rights, options or warrants referred to in
Subsection 3(2)(b), the number of Units purchasable upon exercise of this
Compensation Option shall be readjusted immediately after the expiration of any
relevant exchange, conversion or exercise right to the number of Units which
would be purchasable based upon the number of Common Shares actually issued and
remaining issuable immediately after such expiration, and shall be further
readjusted in such manner upon expiration of any further such right. To the
extent that any adjustment in subscription rights occurs pursuant to this
Subsection 3(2)(e) as a result of the fixing by the Corporation of a record date
for the distribution of exchangeable or convertible securities other than Equity
Shares or rights, options or warrants referred to in subsection 3(2)(c), the
number of Units purchasable upon exercise of this Compensation Option shall be
readjusted immediately after the expiration of any relevant exchange, conversion
or exercise right to the number which would be purchasable pursuant to this
Subsection 3(2)(e) if the fair market value of such securities or such rights,
options or warrants had been determined for purposes of the adjustment pursuant
to this Subsection 3(2)(e) on the basis of the number of Equity Shares issued
and remaining issuable immediately after such expiration, and shall be further
readjusted in such manner upon expiration of any further such right. 

	 	(3) 	
      Rules Regarding Calculation of Adjustment of Exercise
      Price:

	 	(a) 	
      The adjustments provided for in Subsection 3(2) are
      cumulative and will, in the case of adjustments to the Exercise Price, be
      computed to the nearest one-tenth of one cent and will be made
      successively whenever an event referred to therein occurs, subject to the
      following subsections of this Subsection 3(3).

	 	 	 
	 	(b) 	
      No adjustment in the Exercise Price is required to be
      made unless such adjustment would result in a change of at least 1% in the
      prevailing Exercise Price; provided, however, that any adjustments which,
      except for the provisions of this subsection, would otherwise have been
      required to be made, will be carried forward and taken into account in any
      subsequent adjustments.

-8- 

	 	(c) 	
      No adjustment in the Exercise Price will be made in
      respect of any event described in Subsection 3(2), other than the events
      referred to in clauses 3(2)(a)(iii) and (iv), if the Holder is entitled to
      participate in such event on the same terms, mutatis mutandis, as
      if the Holder had exercised this Compensation Option prior to or on the
      effective date or record date of such event.

	 	 	 
	 	(d) 	
      No adjustment in the Exercise Price will be made under
      Subsection 3(2) in respect of the issue from time to time of Common Shares
      issuable from time to time as dividends paid in the ordinary course to
      holders of Common Shares who exercise an option or election to receive
      substantially equivalent dividends in Common Shares in lieu of receiving a
      cash dividend, and any such issue will be deemed not to be a Common Share
      Reorganization.

	 	 	 
	 	(e) 	
      If at any time a dispute arises with respect to
      adjustments provided for in Subsection 3(2), such dispute will be
      conclusively determined by the auditors of the Corporation or if they are
      unable or unwilling to act, by such other firm of independent chartered
      accountants as may be selected by action by the directors of the
      Corporation and any such determination, where required, will be binding
      upon the Corporation, the Holder and shareholders of the Corporation. The
      Corporation will provide such auditors or accountants with access to all
      necessary records of the Corporation.

	 	 	 
	 	(f) 	
      In case the Corporation after the date of issuance of
      this Compensation Option takes any action affecting the Common Shares,
      other than action described in Subsection 3(2), which in the opinion of
      the board of directors of the Corporation would materially affect the
      rights of the Holder, the Exercise Price will be adjusted in such manner,
      if any, and at such time, by action by the directors of the Corporation
      but subject in all cases to the prior written consent of the Toronto Stock
      Exchange, where required, and any necessary regulatory approval.

	 	 	 
	 	(g) 	
      If the Corporation sets a record date to determine the
      holders of the Common Shares for the purpose of entitling them to receive
      any dividend or distribution or sets a record date to take any other
      action and, thereafter and before the distribution to such shareholders of
      any such dividend or distribution or the taking of any other action,
      decides not to implement its plan to pay or deliver such dividend or
      distribution or take such other action, then no adjustment in the Exercise
      Price will be required by reason of the setting of such record
  date.

	 	 	 
	 	(h) 	
      In the absence of a resolution of the directors of the
      Corporation fixing a record date for a Special Distribution or Rights
      Offering, the Corporation will be deemed to have fixed as the record date
      therefor the date on which the Special Distribution or Rights Offering is
      effected.

	 	 	 
	 	(i) 	
      As a condition precedent to the taking of any action
      which would require any adjustment to this Compensation Option, including
      the Exercise Price, the Corporation must take any corporate action which
      may be necessary in order that the Corporation have unissued and reserved
      in its authorized capital and may validly and legally issue as fully paid
      and non-assessable all the shares or other securities which the Holder is
      entitled to receive on the full exercise thereof in accordance with the
      provisions hereof.

-9- 

	 	(j) 	
      The Corporation will from time to time, immediately after
      the occurrence of any event which requires an adjustment or readjustment
      as provided in Subsection 3(2), forthwith give notice to the Holder
      specifying the event requiring such adjustment or readjustment and the
      results thereof, including the resulting Exercise Price.

	 	 	 
	 	(k) 	
      The Corporation covenants to and in favour of the Holder
      that so long as this Compensation Option remains outstanding, it will give
      notice to the Holder of its intention to fix a record date for any event
      referred to in Subsection 3(2)(a), (b) or (c) (other than the subdivision
      or consolidation of the Common Shares) which may give rise to an
      adjustment in the Exercise Price, and, in each case, such notice must
      specify the particulars of such event and the record date and the
      effective date for such event; provided that the Corporation is only
      required to specify in such notice such particulars of such event as have
      been fixed and determined on the date on which such notice is given. Such
      notice shall be given not less than 14 days prior to each such applicable
      record date or effective date.

	4. 	
      Further Assurances: The Corporation
      hereby covenants and agrees that it will do, execute, acknowledge and
      deliver, or cause to be done, executed, acknowledged and delivered, all
      and every such other act, deed and assurance as the Holder shall
      reasonably require for the better accomplishing and effectuating of the
      intentions and provisions of this Compensation Option
  Certificate.

	 	 
	5. 	
      Time: Time shall be of the essence of this
      Compensation Option Certificate.

	 	 
	6. 	
      Laws: This Compensation Option Certificate
      shall be construed in accordance with the laws of the Province of Ontario
      and the laws of Canada applicable therein.

	 	 
	7. 	
      Notices: All notices or other
      communications to be given under this Compensation Option Certificate
      shall be delivered by hand or by telecopier and, if delivered by hand,
      shall be deemed to have been given on the delivery date and, if sent by
      telecopier, on the date of transmission if sent before 4:00 p.m. on a
      business day or, if such day is not a business day, on the first business
      day following the date of transmission.

Notices to the Corporation shall be
addressed to: 

BE Resources Inc. 
50 Richmond
Street East 
Suite 101 
Toronto ON M5C 1N7 
Canada 

Attention: David Q. Tognoni

Telecopier: (416) 848-0790 

Notices to the Holder shall be
addressed to: 

<>  

Attention:
<>  
Telecopier:
<> 

-10- 

The Corporation or the Holder may
change its address for service by notice in writing to the other of them
specifying its new address for service under this Compensation Option
Certificate. 

	8. 	
      Legends on Common
  Shares:

	 	(1) 	
      Any certificate representing Common Shares or Warrants
      issued upon the exercise of this Compensation Option prior to the date
      which is four months and one day after the date hereof will bear the
      following legends:

	 	 	 
	 		
      “UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE
      HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE OCTOBER
      [19], 2010.”

	 	 	 
	 		
      and

	 	 	 
	 		
      “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
      REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
      “SECURITIES ACT”). THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR
      OTHERWISE TRANSFERRED ONLY (A) TO BE RESOURCES INC. (“BE RESOURCES”), (B)
      OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S
      UNDER THE SECURITIES ACT, (C) IN COMPLIANCE WITH RULE 144 OR 144A
      THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE
      SECURITIES LAWS, (D) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR
      (E) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE
      SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND THE HOLDER
      HAS, PRIOR TO SUCH SALE, FURNISHED TO BE RESOURCES AN OPINION OF COUNSEL
      OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO
      BE RESOURCES. HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE
      CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”

	 	 	 
	 		
      provided that at any time subsequent to the date which is
      four months and one day after the date hereof any certificate representing
      such Common Shares or Warrants may be exchanged for a certificate or
      certificates bearing no such legends. The Corporation hereby covenants and
      agrees that it will use the best efforts thereof to deliver or to cause to
      be delivered a certificate or certificates representing such Common Shares
      or Warrants bearing no such legends within three business days after
      receipt of the legended certificate or
certificates.

	9. 	
      Language: The parties hereto
      acknowledge and confirm that they have requested that this Compensation
      Option Certificate as well as all notices and other documents contemplated
      hereby be drawn up in the English language. Les parties aux présentes
      reconnaissent et confirment qu’elles ont exigé que la présente convention
      ainsi que tous les avis et documents qui s’y rattachent soient rédigés en
      langue anglaise.

SCHEDULE B 

TO: BE RESOURCES INC. 

SUBSCRIPTION FORM 

The undersigned hereby subscribes for ____________ common
shares (“Common Shares”) of BE Resources Inc. (the “Corporation”)
and ______ warrants (“Warrants”) of the Corporation (or such other number
of Common Shares or other securities to which such subscription entitles the
undersigned in lieu thereof or in addition thereto pursuant to the provisions of
the compensation option certificate (the “Compensation Option
Certificate”) dated as of June <>, 2010 issued by the Corporation to
the Holder) at the purchase price of $0.30 per Common Share and one half of one
Warrant (or at such other purchase price as may then be in effect under the
provisions of the Compensation Option Certificate) and on and subject to the
other terms and conditions specified in the Compensation Option Certificate and
hereunder and encloses herewith a certified cheque, bank draft or money order in
lawful money of Canada payable to the Corporation or has transmitted same day
funds in lawful money of Canada by wire to such account as the Corporation
directed the undersigned in payment of the subscription price. 

By executing this subscription form the undersigned represents
and warrants that the undersigned is not a U.S. Person or a Person within the
United States and that the Common Shares are not being subscribed for on behalf
of a U.S. Person (as such terms are defined for purposes of the United States
Securities Act of 1933, as amended). 

The undersigned hereby directs that the Common Shares and
Warrants subscribed for be registered and delivered as follows: 

	  	 	Address 	 	Number of 	 	  
	Name in Full 	 	(include Postal Code) 	 	Common Shares 	 	Number of Warrants 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

DATED this _______ day of
______________ , 201___. 

	By: _____________________________
	       Name: 
	       Title:
  

SCHEDULE C 

WARRANT CERTIFICATE 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE OCTOBER 19, 2010. 

THE SECURITIES REPRESENTED HEREBY AND ANY SECURITIES ISSUABLE
UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THESE SECURITIES MAY BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO BE RESOURCES INC. (THE
“COMPANY”), (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (C) IN COMPLIANCE WITH RULE 144 OR 144A
THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS, (D) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR (E) IN A
TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY
APPLICABLE STATE SECURITIES LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE,
FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION,
IN EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY. HEDGING TRANSACTIONS
INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE
SECURITIES ACT. 

EXERCISABLE ONLY PRIOR TO 5:00 P.M., TORONTO TIME, ON JUNE
18, 2012 UNLESS ACCELERATED IN ACCORDANCE WITH THE TERMS HEREOF, AFTER WHICH
TIME THESE WARRANTS SHALL BE NULL AND VOID 

SERIES 2010 – I 
WARRANT TO PURCHASE COMMON SHARES
OF BE RESOURCES INC. 

	  	Number of warrants 
	  	represented by this 
	Certificate Number ______________	certificate – _____ 

THIS CERTIFIES THAT, for
value received, ____________________ is entitled, at any time prior to the
Expiry Time, to purchase, at the Exercise Price, one Common Share in the capital
of the Company, for each Warrant evidenced hereby, by surrendering to the
Company at 50 Richmond Street East, Suite 101, Toronto ON M5C 1N7, this Warrant,
together with a Subscription Form in the form attached hereto as Schedule “A”,
duly completed and executed, and cash or a certified cheque, money order or bank
draft in lawful money of Canada payable to or to the order of the Company for
the amount equal to the Exercise Price per Common Share multiplied by the number
of Common Shares subscribed for, on and subject to the terms and conditions set
forth below. 

Nothing contained herein shall
confer any right upon the Holder to subscribe for or purchase any Common Shares
of the Company at any time after the Expiry Time, and from and after the Expiry
Time these Warrants and all rights hereunder shall be void and of no value. 

1 

These Warrants and the Common
Shares issuable upon the exercise of these Warrants have not been and will not
be registered under the United States Securities Act of 1933, as amended (the
“U.S. Securities Act”) or any state securities laws. These Warrants may
not be exercised in the United States or by a U.S. Person (as defined in
Regulation S under the U.S. Securities Act) unless the Warrants and the Common
Shares issuable upon exercise hereof have been registered under the U.S.
Securities Act and any applicable state securities laws or unless an exemption
from such registration is available and established as set forth in this Warrant
Certificate. Unless the Common Shares issuable upon exercise of the Warrants
have been registered under the U.S. Securities Act, the certificate representing
the Common Shares will bear a legend restricting transfer in accordance with
such Act upon exercise of the Warrant.

	1. 	
      Definitions

In this Warrant, including the
preamble, unless there is something in the subject matter or context
inconsistent therewith, the following expressions shall have the following
meanings namely: 

	(a) 	
      “Business Day” means a day which is not a
      Saturday, Sunday, or a civic or statutory holiday in the City of Toronto,
      Ontario Canada;

	 	 
	(b) 	
      “Common Shares” means the common shares of the
      Company as such shares were constituted on the date hereof, as the same
      may be reorganized, reclassified or redesignated pursuant to any of the
      events set out in Section 12 hereof;

	 	 
	(c) 	
      “Company” means BE Resources Inc., a corporation
      formed under the laws of the State of Colorado, U.S.A. and its successors
      and assigns;

	 	 
	(d) 	
      “Current Market Price” at any date, means the
      weighted average of the sale prices per Common Share at which the Common
      Shares have traded on the TSX Venture Exchange, or, if the Common Shares
      in respect of which a determination of Current Market Price is being made
      are not listed thereon, on such stock exchange on which such shares are
      listed as may be selected for such purpose by the directors, or, if the
      Common Shares are not listed on any stock exchange, then on the
      over-the-counter market, for 20 consecutive trading days ending 5 trading
      days before such date, or in the event that at any date the Common Shares
      are not listed on any exchange or on the over-the-counter market, the
      Current Market Price shall be as determined by the directors or such firm
      of independent chartered accountants as may be selected by the directors
      acting reasonably and in good faith in their sole discretion; for these
      purposes, the weighted average price for any period shall be determined by
      dividing the aggregate sale prices during such period by the total number
      of Common Shares sold during such period;

	 	 
	(e) 	
      “Equity Shares” means the Common Shares and any
      shares of any other class or series of the Company which may from time to
      time be authorized for issue if by their terms such shares confer on the
      holders thereof the right to participate in the distribution of assets
      upon the voluntary or involuntary liquidation, dissolution or winding up
      of the Company beyond a fixed sum or a fixed sum plus accrued
      dividends;

2 

	
      (f) 
	
      “Exercise Price” means Cdn$0.50 per Common Share,
      unless such price shall have been adjusted in accordance with the
      provisions of Section 12, in which case it shall mean the adjusted price
      in effect at such time; 

	  	  
	(g) 	“Expiry Time” means 5:00 p.m., Toronto
      time, on June 18, 2012, provided that if the 
		
      closing price of the Common Shares on the TSX Venture
      Exchange (or such other stock exchange on which the Common Shares are
      listed and where a majority of trading volume occurs) equals or exceeds
      Cdn$0.75 for a period of ten consecutive Trading Days, the Company may,
      within five days of the last day of any such ten day period, notify the
      Holder of the early expiry of the Warrants (“Early Expiration Notice”) and
      thereafter, such Warrants will expire on the earlier of: (i) 3:30 p.m.,
      Toronto time, on the date which is twenty-one days after the date of the
      Early Expiration Notice; and (ii) 5:00 p.m., Toronto time, on June 18,
      2012; in which case the “Expiry Time” shall thereafter mean the time and
      date specified in such notice; 

	  	  
	(h) 	“Form of Transfer” means the form of
      transfer annexed hereto as Schedule “B”; 
	  	  
	(i) 	“Holder” means the registered holder of
      this Warrant; 
	  	  
	
      (j) 
	
      “person” means an individual, corporation,
      partnership, unincorporated syndicate, unincorporated organization, trust,
      trustee, executor, administrator, or other legal representative, or any
      group or combination thereof; 

	  	  
	(k) 	“Subscription Form” means the form of
      subscription annexed hereto as Schedule “A”; 
	  	  
	
      (l) 
	
      “this Warrant”, “Warrant”, “herein”,
      “hereby”, “hereof”, “hereto”, “hereunder” and
      similar expressions mean or refer to this Warrant certificate and any deed
      or instrument supplemental or ancillary hereto and any schedules hereto or
      thereto and not to any particular article, section, subsection, clause,
      subclause or other portion hereof or thereof; and 

	  	  
	(m) 	“Trading Day” means a day on which the
      TSX Venture Exchange is open for business. 
	  	  
	2. 	Expiry Time 

After the Expiry Time, all rights
under any Warrants evidenced hereby, in respect of which the right of
subscription and purchase herein provided for shall not theretofore have been
exercised, shall wholly cease and terminate and such Warrants shall be void and
of no value or effect. 

	3. 	
      Exercise Procedure

The Holder may exercise the right
of purchase herein provided for by surrendering or delivering to the Company
prior to the Expiry Time at its principal office: 

	(a) 	
      this Warrant, with the Subscription Form duly completed
      and executed by the Holder, or by its legal representative or attorney
      duly appointed by an instrument in writing in form and manner satisfactory
      to the Company; and

3 

	(b) 	
      cash or a certified cheque, money order or bank draft
      payable to or to the order of the Company in lawful money of Canada in an
      amount equal to the Exercise Price multiplied by the number of Common
      Shares for which subscription is being made.

Any Warrant and cash, certified
cheque, money order or bank draft referred to in the foregoing clauses (a) and
(b) shall be deemed to be surrendered only upon delivery thereof to the Company
at its principal office in the manner provided in Section 27 hereof. 

	4. 	
      Entitlement to Certificate

Upon such delivery and payment as
aforesaid, the Company shall cause to be issued to the Holder hereof the Common
Shares subscribed for not exceeding those which such Holder is entitled to
purchase pursuant to this Warrant and the Holder hereof shall become a
shareholder of the Company in respect of such Common Shares with effect from the
date of such delivery and payment and shall be entitled to delivery of a
certificate or certificates evidencing such Common Shares and the Company shall
cause such certificate or certificates to be mailed to the Holder hereof at the
address or addresses specified in such subscription within three (3) Business
Days of such delivery and payment. 

	5. 	
      Register of Warrant Holders and Transfer of
      Warrants

The Company shall cause a
register to be kept in which shall be entered the names and addresses of all
holders of the Warrants and the number of Warrants held by them. No transfer of
Warrants shall be valid unless made by the Holder or its executors,
administrators or other legal representatives or its attorney duly appointed by
an instrument in writing in form and execution satisfactory to the Company, upon
compliance with such reasonable requirements as the Company may prescribe,
including compliance with all applicable securities legislation, and recorded on
the register of holders of Warrants maintained by the Company, nor until stamp
or governmental or other charges arising by reason of such transfer have been
paid. The transferee of a Warrant shall, after a Form of Transfer in the form
attached hereto as Schedule “B”, is duly completed and the Warrant is lodged
with the Company and upon compliance with all other reasonable requirements of
the Company or law, be entitled to have its name entered on the register as the
owner of such Warrant, free from all equities or rights of set-off or
counterclaim between the Company and the transferor or any previous holder of
such Warrant, save in respect of equities of which the Company is required to
take notice by statute or by order of a court of competent jurisdiction. The
Company may treat the registered holder of any Warrant certificate as the
absolute owner of the Warrants represented thereby for all purposes, and the
Company shall not be affected by any notice or knowledge to the contrary except
where the Company is required to take notice by statute or by order of a court
of competent jurisdiction. 

	6. 	
      Partial Exercise

The Holder may subscribe for and
purchase a number of Common Shares less than the number the Holder is entitled
to purchase pursuant to this Warrant. In the event of any such subscription and
purchase prior to the Expiry Time, the Holder shall in addition be entitled to
receive, without charge, a new Warrant certificate in respect of the balance of
the Common Shares of which he was entitled to purchase pursuant to this
certificate and which were then not purchased. 

4 

	7. 	
      No Fractional Shares

Notwithstanding any adjustments
provided for in Section 12 hereof or otherwise, the Company shall not be
required, upon the exercise of any Warrants, to issue fractional Common Shares
in satisfaction of its obligations hereunder. Where a fractional Common Share
would, but for this Section 7, have been issued upon exercise of a Warrant, the
Company shall be entitled to round down to the nearest whole number of Common
Shares and no amount shall be paid to the Holder for any fractional Common
Shares not issued. 

	8. 	
      Not a Shareholder

Nothing in this certificate or in
the holding of the Warrants evidenced hereby shall be construed as conferring
upon the Holder any right or interest whatsoever as a shareholder of the
Company. 

	9. 	
      No Obligation to Purchase

Nothing herein contained or done
pursuant hereto shall obligate the Holder to purchase or pay for, or the Company
to issue, any Common Shares except those Common Shares in respect of which the
Holder shall have exercised its right to purchase hereunder in the manner
provided herein. 

	10. 	
      Ranking of Warrants

All Series 2010-I warrants shall
rank pari passu, notwithstanding the actual date of the issue thereof. 

	11. 	Covenants 
	 	 
	(a) 	The Company covenants and agrees that:
  

	 	(i) 	
      so long as any Warrants evidenced hereby remain
      outstanding, it shall reserve and there shall remain unissued out of its
      authorized capital a sufficient number of Common Shares to satisfy the
      right of purchase herein provided for should the Holder determine to
      exercise its rights in respect of all the Common Shares for the time being
      called for by such outstanding Warrants; and

	 	 	 
	 	(ii) 	
      all Common Shares which shall be issued upon the exercise
      of the right to purchase herein provided for, upon payment therefor of the
      amount at which such Common Shares may at the time be purchased pursuant
      to the provisions hereof, shall be issued as fully paid and non-assessable
      Common Shares and the holders thereof shall not be liable to the Company
      or to its creditors in respect thereof.

5 

	
      (b) 
	
      The Company shall make all requisite filings under the
      Securities Act (Ontario) and the regulations made thereunder
      including those necessary to remain a reporting issuer not in default of
      any requirement of such act and regulations. 

	  	  
	
      (c) 
	
      The Company shall use all commercially reasonable efforts
      to preserve and maintain its corporate existence. 

	  	  
	12. 	Adjustment to Exercise Price
  

The Exercise Price in effect at
any time is subject to adjustment from time to time in the events and in the
manner provided as follows: 

	(a) 	
      If and whenever at any time after the date hereof the
      Company:

	 	(i) 	
      issues Common Shares or securities exchangeable for or
      convertible into Common Shares to all or substantially all the holders of
      the Common Shares as a stock dividend; or

	 	 	 
	 	(ii) 	
      makes a distribution on its outstanding Common Shares
      payable in Common Shares or securities exchangeable for or convertible
      into Common Shares; or

	 	 	 
	 	(iii) 	
      subdivides its outstanding Common Shares into a greater
      number of shares; or

	 	 	 
	 	(iv) 	
      consolidates its outstanding Common Shares into a smaller
      number of shares;

	 	 	 
	 		
      (any of such events being called a “Common Share
      Reorganization”), then the Exercise Price will be adjusted effective
      immediately after the effective date or record date for the happening of a
      Common Share Reorganization, as the case may be, at which the holders of
      Common Shares are determined for the purpose of the Common Share
      Reorganization by multiplying the Exercise Price in effect immediately
      prior to such effective date or record date by a fraction, the numerator
      of which is the number of Common Shares outstanding on such effective date
      or record date before giving effect to such Common Share Reorganization
      and the denominator of which is the number of Common Shares outstanding
      immediately after giving effect to such Common Share Reorganization
      (including, in the case where securities exchangeable for or convertible
      into Common Shares are distributed, the number of Common Shares that would
      have been outstanding had all such securities been exchanged for or
      converted into Common Shares on such effective date or record
  date).

	(b) 	
      If and whenever at any time after the date hereof the
      Company fixes a record date for the issue of rights, options or warrants
      to the holders of all or substantially all of its outstanding Common
      Shares under which such holders are entitled to subscribe for or purchase
      Common Shares or securities exchangeable for or convertible into Common
      Shares, where:

	 	(i) 	
      the right to subscribe for or purchase Common Shares, or
      the right to exchange securities for or convert securities into Common
      Shares, expires not more than 45 days after the date of such issue (the period from the
      record date to the date of expiry being herein in this Section 12 called
      the “Rights Period”), and

6 

	 	(ii) 	
      the cost per Common Share during the Rights Period
      (inclusive of any cost of acquisition of securities exchangeable for or
      convertible into Common Shares in addition to any direct cost of Common
      Shares) (herein in this Section 12 called the “Per Share Cost”) is
      less than 95% of the Current Market Price of the Common Shares on the
      record date,

	 	 	 
	 		
      (any of such events being called a “Rights
      Offering”), then the Exercise Price will be adjusted effective
      immediately after the end of the Rights Period to a price determined by
      multiplying the Exercise Price in effect immediately prior to the end of
      the Rights Period by a fraction:

	 	(A) 	
      the numerator of which is the aggregate
  of:

	 	(1) 	
      the number of Common Shares outstanding as of the record
      date for the Rights Offering; and

	 	 	 
	 	(2) 	
      a number determined by dividing the product of the Per
      Share Cost and:

	 	(I) 	
      where the event giving rise to the application of this
      subsection 12(b) was the issue of rights, options or warrants to the
      holders of Common Shares under which such holders are entitled to
      subscribe for or purchase additional Common Shares, the number of Common
      Shares so subscribed for or purchased during the Rights Period,
  or

	 	 	 
	 	(II) 	
      where the event giving rise to the application of this
      subsection 12(b) was the issue of rights, options or warrants to the
      holders of Common Shares under which such holders are entitled to
      subscribe for or purchase securities exchangeable for or convertible into
      Common Shares, the number of Common Shares for which those securities so
      subscribed for or purchased during the Rights Period could have been
      exchanged or into which they could have been converted during the Rights
      Period,

by the Current Market Price of the
Common Shares as of the record date for the Rights Offering; and 

	 	(B) 	
      the denominator of which is:

	 	(1) 	
      in the case described in subparagraph 12(b)(A)(2)(I), the
      number of Common Shares outstanding, or

7 

	 	(2) 	
      in the case described in subparagraph 12(b)(A)(2)(II),
      the number of Common Shares that would be outstanding if all the Common
      Shares described in subparagraph 12(b)(A)(2)(II) had been
issued,

	 	 	 
	 		
      as at the end of the Rights
Period.

Any Common Shares owned by or held for
the account of the Company or any subsidiary or affiliate (as defined in the
Securities Act (Ontario)) of the Company will be deemed not to be
outstanding for the purpose of any such computation. 

If by the terms of the rights, options
or warrants referred to in this Section 12, there is more than one purchase,
conversion or exchange price per Common Share, the aggregate price of the total
number of additional Common Shares offered for subscription or purchase, or the
aggregate conversion or exchange price of the convertible securities so offered,
will be calculated for purposes of the adjustment on the basis of: 

	 	(I) 	
      the lowest purchase, conversion or exchange price per
      Common Share, as the case may be, if such price is applicable to all
      Common Shares which are subject to the rights, options or warrants,
    and

	 	 	 
	 	(II) 	
      the average purchase, conversion or exchange price per
      Common Share, as the case may be, if the applicable price is determined by
      reference to the number of Common Shares acquired.

To the extent that any adjustment in
the Exercise Price occurs pursuant to this Section 12 as a result of the fixing
by the Company of a record date for the distribution of rights, options or
warrants referred to in this Section 12, the Exercise Price will be readjusted
immediately after the expiration of any relevant exchange, conversion or
exercise right to the Exercise Price which would then be in effect based upon
the number of Common Shares actually issued and remaining issuable after such
expiration, and will be further readjusted in such manner upon expiration of any
further such right. 

If the Holder has exercised this
Warrant in accordance herewith during the period beginning immediately after the
record date for a Rights Offering and ending on the last day of the Rights
Period therefor, the Holder will, in addition to the Common Shares to which it
is otherwise entitled upon such exercise, be entitled to that number of
additional Common Shares equal to the result obtained when the Exercise Price in
effect immediately prior to the end of such Rights Offering pursuant to this
subsection is multiplied by the number of Common Shares received upon the
exercise of this Warrant during such period, and the resulting product is
divided by the Exercise Price as adjusted for such Rights Offering pursuant to
this subsection; provided that the provisions of Section 6 will be applicable to
any fractional interest in a Common Share to which such Holder might otherwise
be entitled. Such additional Common Shares will be deemed to have been issued to
the Holder immediately following the end of the Rights Period and a certificate for such additional Common Shares will be
      delivered to such Holder within ten (10) Business Days following the end
      of the Rights Period.

8 

	(c) 	
      If and whenever at any time after the date hereof the
      Company fixes a record date for the issue or the distribution to the
      holders of all or substantially all its Common Shares
of:

	 	(i) 	
      shares of the Company of any class other than Common
      Shares;

	 	 	 
	 	(ii) 	
      rights, options or warrants to acquire shares or
      securities exchangeable for or convertible into shares or property or
      other assets of the Company;

	 	 	 
	 	(iii) 	
      evidence of indebtedness; or

	 	 	 
	 	(iv) 	
      any property or other assets,

and if such issuance or distribution
does not constitute (A) a Common Share Reorganization, (B) a Rights Offering or
(C) the issue of rights, options or warrants to the holders of all or
substantially all of its outstanding Common Shares under which such holders are
entitled to subscribe for or purchase Common Shares or securities exchangeable
for or convertible into Common Shares, where: 

	 	(1) 	
      the right to subscribe for or purchase Common Shares, or
      the right to exchange securities for or convert securities into Common
      Shares, expires not more than 45 days after the date of such issue,
    and

	 	 	 
	 	(2) 	
      the cost per Common Share during the Rights Period,
      inclusive of the Per Share Cost, is 95% or more than the Current Market
      Price of the Common Shares on the record date

(any of such non-excluded events being
called a “Special Distribution”), the Exercise Price will be adjusted
effective immediately after such record date to a price determined by
multiplying the Exercise Price in effect on such record date by a fraction: 

	 	(A) 	
      the numerator of which is:

	 	(1) 	
      the product of the number of Common Shares outstanding on
      such record date and the Current Market Price of the Common Shares on such
      record date; less

	 	 	 
	 	(2) 	
      the aggregate fair market value (as determined by action
      by the directors of the Company, subject, however, to the prior written
      consent of the TSX Venture Exchange, where required) to the holders of the
      Common Shares of such securities or property or other assets so issued or
      distributed in the Special Distribution; and

9 

	 	(B) 	
      the denominator of which is the number of Common Shares
      outstanding on such record date multiplied by the Current Market Price of
      the Common Shares on such record date.

		
      Any Common Shares owned by or held for the account of the
      Company or any subsidiary or affiliate (as defined in the Securities
      Act (Ontario)) of the Company will be deemed not to be outstanding for
      the purpose of any such computation.

	 	 
	(d) 	
      If and whenever at any time after the date hereof there
      is a Common Share Reorganization, a Rights Offering, a Special
      Distribution, a reclassification or redesignation of the Common Shares
      outstanding at any time or change of the Common Shares into other shares
      or into other securities (other than a Common Share Reorganization), or a
      consolidation, amalgamation or merger of the Company with or into any
      other corporation or other entity (other than a consolidation,
      amalgamation or merger which does not result in any reclassification or
      redesignation of the outstanding Common Shares or a change of the Common
      Shares into other shares), or a transfer of the undertaking or assets of
      the Company as an entirety or substantially as an entirety to another
      corporation or other entity (any of such events being called a “Capital
      Reorganization”), the Holder, upon exercising this Warrant after the
      effective date of such Capital Reorganization, will be entitled to receive
      in lieu of the number of Common Shares to which such Holder was
      theretofore entitled upon such exercise, the aggregate number of shares,
      other securities or other property which such Holder would have been
      entitled to receive as a result of such Capital Reorganization if, on the
      effective date thereof, the Holder had been the registered holder of the
      number of Common Shares to which such Holder was theretofore entitled upon
      exercise of this Warrant. If determined appropriate by action of the
      directors of the Company, appropriate adjustments will be made as a result
      of any such Capital Reorganization in the application of the provisions
      set forth in this Section 12 with respect to the rights and interests
      thereafter of the Holder to the end that the provisions set forth in this
      Section 12 will thereafter correspondingly be made applicable as nearly as
      may reasonably be possible in relation to any shares, other securities or
      other property thereafter deliverable upon the exercise hereof. Any such
      adjustment must be made by and set forth in an amendment to this Warrant
      approved by action by the directors of the Company and will for all
      purposes be conclusively deemed to be an appropriate adjustment.

	 	 
	(e) 	
      If at any time after the date hereof and prior to the
      Expiry Time any adjustment in the Exercise Price shall occur as a result
      of:

	 	(i) 	
      an event referred to in subsection 12(a);

	 	 	 
	 	(ii) 	
      the fixing by the Company of a record date for an event
      referred to in subsection 12(b); or

	 	 	 
	 	(iii) 	
      the fixing by the Company of a record date for an event
      referred to in subsection 12(c) if such event constitutes the issue or
      distribution to the holders of all or substantially all of its outstanding
      Common Shares of (A) Equity Shares, or (B) securities exchangeable for or
      convertible into Equity Shares at an exchange or conversion price per Equity Shares less than the Current Market
Price on such record date or (C) rights, options or warrants to acquire Equity
Shares at an exercise, exchange or conversion price per Equity Share less than
the Current Market Price on such record date, 

10 

then, where required, the number of
Common Shares purchasable upon the subsequent exercise of this Warrant shall be
simultaneously adjusted by multiplying the number of Common Shares purchasable
upon the exercise of this Warrant immediately prior to such adjustment by a
fraction which shall be the reciprocal of the fraction employed in the
adjustment of the Exercise Price. To the extent any adjustment in subscription
rights occurs pursuant to this subsection 12(e) as a result of a distribution of
exchangeable or convertible securities other than Equity Shares referred to in
subsection 12(a) or as a result of the fixing by the Company of a record date
for the distribution of rights, options or warrants referred to in subsection
12(b), the number of Common Shares purchasable upon exercise of this Warrant
shall be readjusted immediately after the expiration of any relevant exchange,
conversion or exercise right to the number of Common Shares which would be
purchasable based upon the number of Common Shares actually issued and remaining
issuable immediately after such expiration, and shall be further readjusted in
such manner upon expiration of any further such right. To the extent that any
adjustment in subscription rights occurs pursuant to this subsection 12(e) as a
result of the fixing by the Company of a record date for the distribution of
exchangeable or convertible securities other than Equity Shares or rights,
options or warrants referred to in subsection 12(c), the number of Common Shares
purchasable upon exercise of this Warrant shall be readjusted immediately after
the expiration of any relevant exchange, conversion or exercise right to the
number of Common Shares which would be purchasable pursuant to this subsection
12(e) if the fair market value of such securities or such rights, options or
warrants had been determined for purposes of the adjustment pursuant to this
subsection 12(e) on the basis of the number of Equity Shares issued and
remaining issuable immediately after such expiration, and shall be further
readjusted in such manner upon expiration of any further such right. 

	13. 	Rules Regarding Calculation of Adjustment of
      Exercise Price 
	  	  
	
      (a) 
	
      The adjustments provided for in Section 12 are cumulative
      and will, in the case of adjustments to the Exercise Price, be computed to
      the nearest one-tenth of one cent and will be made successively whenever
      an event referred to therein occurs, subject to the following subsections
      of this Section 13. 

	  	  
	
      (b) 
	
      No adjustment in the Exercise Price is required to be
      made unless such adjustment would result in a change of at least 1% in the
      prevailing Exercise Price; provided, however, that any adjustments which,
      except for the provisions of this subsection, would otherwise have been
      required to be made, will be carried forward and taken into account in any
      subsequent adjustments. 

	  	  
	
      (c) 
	
      No adjustment in the Exercise Price will be made in
      respect of any event described in Section 12, other than the events
      referred to in clauses 12(a)(iii) and (iv), if the Holder is entitled to participate in such event on the same terms,
      mutatis mutandis, as if the Holder had exercised this Warrant prior
      to or on the effective date or record date of such event.

11 

	(d) 	
      No adjustment in the Exercise Price will be made under
      Section 12 in respect of the issue from time to time of Common Shares
      issuable from time to time as dividends paid in the ordinary course to
      holders of Common Shares who exercise an option or election to receive
      substantially equivalent dividends in Common Shares in lieu of receiving a
      cash dividend, and any such issue will be deemed not to be a Common Share
      Reorganization.

	 	 
	(e) 	
      If at any time a dispute arises with respect to
      adjustments provided for in Section 12, such dispute will be conclusively
      determined by such firm of independent chartered accountants as may be
      selected by action by the directors of the Company and any such
      determination, where required, will be binding upon the Company, the
      Holder and shareholders of the Company. The Company will provide such
      accountants with access to all necessary records of the Company.

	 	 
	(f) 	
      In case the Company after the date of issuance of this
      Warrant takes any action affecting the Common Shares, other than action
      described in Section 12, which in the opinion of the board of directors of
      the Company would materially affect the rights of the Holder, the Exercise
      Price will be adjusted in such manner, if any, and at such time, by action
      by the directors of the Company but subject in all cases to the prior
      written consent of the TSX Venture Exchange, where required, and any
      necessary regulatory approval.

	 	 
	(g) 	
      If the Company sets a record date to determine the
      holders of the Common Shares for the purpose of entitling them to receive
      any dividend or distribution or sets a record date to take any other
      action and, thereafter and before the distribution to such shareholders of
      any such dividend or distribution or the taking of any other action,
      decides not to implement its plan to pay or deliver such dividend or
      distribution or take such other action, then no adjustment in the Exercise
      Price will be required by reason of the setting of such record
  date.

	 	 
	(h) 	
      In the absence of a resolution of the directors of the
      Company fixing a record date for a Special Distribution or Rights
      Offering, the Company will be deemed to have fixed as the record date
      therefor the date on which the Special Distribution or Rights Offering is
      effected.

	 	 
	(i) 	
      As a condition precedent to the taking of any action
      which would require any adjustment to this Warrant, including the Exercise
      Price, the Company must take any corporate action which may be necessary
      in order that the Company have unissued and reserved in its authorized
      capital and may validly and legally issue as fully paid and non-assessable
      all the Common Shares or other securities which the Holder is entitled to
      receive on the full exercise thereof in accordance with the provisions
      hereof.

	 	 
	(j) 	
      The Company will from time to time, immediately after the
      occurrence of any event which requires an adjustment or readjustment as
      provided in Section 12, forthwith give notice to the Holder specifying the
      event requiring such adjustment or readjustment and the results thereof,
      including the resulting Exercise Price.

12 

	
      (k) 
	
      The Company covenants to and in favour of the Holder that
      so long as this Warrant remains outstanding, it will give notice to the
      Holder of its intention to fix a record date for any event referred to in
      subsections 12(a), (b) or (c) (other than the subdivision or consolidation
      of the Common Shares) which may give rise to an adjustment in the Exercise
      Price, and, in each case, such notice must specify the particulars of such
      event and the record date and the effective date for such event; provided
      that the Company is only required to specify in such notice such
      particulars of such event as have been fixed and determined on the date on
      which such notice is given. Such notice shall be given not less than 14
      days prior to each such applicable record date or effective date.
  

	  	  
	14. 	Consolidation and Amalgamation 
	  	  
	
      (a) 
	
      The Company shall not enter into any transaction whereby
      all or substantially all of its undertakings, property and assets would
      become the property of any other corporation (herein called a “successor
      corporation”) whether by way of reorganization, reconstruction,
      consolidation, amalgamation, merger, transfer, sale, disposition or
      otherwise, unless prior to or contemporaneously with the consummation of
      such transaction the Company and the successor corporation shall have
      executed such instruments and done such things as are necessary or
      advisable to establish that upon the consummation of such transaction:
    

	 	(i) 	
      the successor corporation will have assumed all the
      covenants and obligations of the Company under this Warrant; and

	 	 	 
	 	(ii) 	
      the Warrant will be a valid and binding obligation of the
      successor corporation entitling the Holder, as against the successor
      corporation, to all the rights of the Holder under this
  Warrant.

	(b) 	
      Whenever the conditions of subsection 14(a) shall have
      been duly observed and performed the successor corporation shall possess,
      and from time to time may exercise, each and every right and power of the
      Company under this Warrant in the name of the Company or otherwise and any
      act or proceeding by any provision hereof required to be done or performed
      by any director or officer of the Company may be done and performed with
      like force and effect by the like directors or officers of the successor
      corporation.

	 	 
	15. 	
      Representation and
Warranty

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

	16. 	
      If Share Transfer Books
Closed

The Company shall not be required
to deliver certificates for Common Shares while the share transfer books of the
Company are properly closed, prior to any meeting of shareholders or for the
payment of dividends or for any other purpose and in the event of the surrender
of any Warrant in accordance with the provisions hereof and the making
of any subscription and payment for the Common Shares called for thereby during
any such period delivery of certificates for Common Shares may be postponed for
a period not exceeding five (5) Business Days after the date of the re-opening
of said share transfer books. Provided however that any such postponement of
delivery of certificates shall be without prejudice to the right of the Holder,
if the Holder has surrendered the same and made payment during such period, to
receive such certificates for the Common Shares called for after the share
transfer books have been reopened. 

13 

	17. 	
      Protection of Shareholders, Officers and
      Directors

Subject as herein provided, all
or any of the rights conferred upon the Holder may be enforced by the Holder by
appropriate legal proceedings. No recourse under or upon any obligation,
covenant or agreement herein contained or in any of the Warrants represented
hereby shall be taken against any shareholder, officer or director of the
Company, either directly or through the Company, it being expressly agreed and
declared that the obligations under the Warrants evidenced hereby are solely
corporate obligations of the Company and that no personal liability whatever
shall attach to or be incurred by the shareholders, officers, or directors of
the Company or any of them in respect thereof, any and all rights and claims
against every such shareholder, officer or director being hereby expressly
waived as a condition of and as a consideration for the issue of the Warrants
evidenced hereby. 

	18. 	
      Lost Certificate

If the Warrant certificate
evidencing the Warrants issued hereby becomes stolen, lost, mutilated or
destroyed the Company may, on such terms, as it may in its discretion impose,
respectively issue and countersign a new warrant of like denomination, tenor and
date as the certificate so stolen, lost mutilated or destroyed. 

	19. 	
      Governing Law

This Warrant shall be governed
by, and construed in accordance with, the laws of the Province of Ontario and
the federal laws of Canada applicable therein but the reference to such laws
shall not, by conflict of laws rules or otherwise, require the application of
the law of any jurisdiction other than the Province of Ontario. The parties
hereto hereby irrevocably attorn to the non-exclusive jurisdiction of the Courts
of the Province of Ontario.

	20. 	
      Severability

If any one or more of the
provisions or parts thereof contained in this Warrant should be or become
invalid, illegal or unenforceable in any respect in any jurisdiction, the
remaining provisions or parts thereof contained herein shall be and shall be
conclusively deemed to be, as to such jurisdiction, severable therefrom and:

	 	(i) 	
      the validity, legality or enforceability of such
      remaining provisions or parts thereof shall not in any way be affected or
      impaired by the severance of the provisions or parts thereof severed;
      and

14 

	 	(ii) 	
      the invalidity, illegality or unenforceability of any
      provision or part thereof contained in this Warrant in any jurisdiction
      shall not affect or impair such provision or part thereof or any other
      provisions of this Warrant in any other
jurisdiction.

	21. 	
      Headings

The headings of the articles,
sections, subsections and clauses of this Warrant have been inserted for
convenience and reference only and do not define, limit, alter or enlarge the
meaning of any provision of this Warrant. 

	22. 	
      Numbering of Articles,
etc.

Unless otherwise stated, a
reference herein to a numbered or lettered article, section, subsection, clause, subclause or schedule refers to the article, section, subsection, clause,
subclause or schedule bearing that number or letter in this Warrant. 

	23. 	
      Gender

Whenever used in this Warrant,
words importing the singular number only shall include the plural, and vice
versa, and words importing the masculine gender shall include the feminine
gender. 

	24. 	
      Day not a Business Day

In the event that any day on or
before which any action is required to be taken hereunder is not a Business Day,
then such action shall be required to be taken on or before the requisite time
on the next succeeding day that is a Business Day. If the payment of any amount
is deferred for any period, then such period shall be included for purposes of
the computation of any interest payable hereunder. 

	25. 	
      Computation of Time Period

Except to the extent otherwise
provided herein, in the computation of a period of time from a specified date to
a later specified date, the word “from” means “from and including” and the words
“to” and “until” each mean “to but excluding”. 

	26. 	
      Binding Effect

This Warrant and all of its
provisions shall enure to the benefit of the Holder and his heirs, executors,
administrators, legal personal representatives, permitted assigns and successors
and shall be binding upon the Company and its successors and permitted assigns.

15 

	27. 	
      Notice

Any notice, document or
communication required or permitted by this Warrant to be given by a party
hereto shall be in writing and is sufficiently given if delivered personally, or
if sent by prepaid registered mail, or if transmitted by any form of recorded
telecommunication tested prior to transmission, to such party addressed as
follows: 

	 	(i) 	
      to the Holder, in the register to be maintained pursuant
      to Section 5 hereof; and

	 	 	 
	 	(ii) 	
      to the Company at:

	 	 	 
	 		
      50 Richmond Street East 
Suite 101 
Toronto
    ON

	 		
      M5C 1N7

	 	 	 
	 		
      Attention: David Q. Tognoni

	 	 	 
	 		
      Telefacsimile: (416) 848-0790

Notice so mailed shall be deemed
to have been given on the fifth (5th) Business Day after deposit in a
post office or public letter box. Neither party shall mail any notice, request
or other communication hereunder during any period in which applicable postal
workers are on strike or if such strike is imminent and may reasonably be
anticipated to affect the normal delivery of mail. Notice transmitted by a form
of recorded telecommunication or delivered personally shall be deemed given on
the day of transmission or personal delivery, as the case may be. Any party may
from time to time notify the other in the manner provided herein of any change
of address which thereafter, until change by like notice, shall be the address
of such party for all purposes hereof. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

16 

	28. 	
      Time of Essence

Time shall be of the essence hereof. 

IN WITNESS WHEREOF the
Company has caused this Warrant Certificate to be signed by its duly authorized
officer as of this ________ day of June, 2010. 

	BE RESOURCES INC. 
	 
	Per:                                                           
      
	        Authorized
      Signing Officer 

17 

SCHEDULE “A” 

SUBSCRIPTION FORM 

	TO: 	BE RESOURCES INC. 
	  	50 Richmond Street East 
	  	Suite 101, 
	  	Toronto ON 
	  	M5C 1N7 

The undersigned holder of the
within Warrant certificate hereby irrevocably subscribes for __________ Common
Shares of BE Resources Inc. (the “Company”) pursuant to the within
Warrant certificate at the Exercise Price per share specified in the said
Warrant certificate and encloses herewith cash or a certified cheque, money
order or bank draft payable to the order of the Company in payment of the
subscription price therefor. Capitalized terms used herein have the meanings set
forth in the within Warrant certificate. 

The capitalized terms used herein
have the meanings set forth on Appendix “A” to this Subscription Form. In
connection with the exercise of the Warrant Certificate, the undersigned
represents as follows: (Please check the ONE box applicable): 

	 [   ]	1. 	
      The undersigned hereby certifies that (i) it was the
      original purchaser in the Company’s private placement of the securities in
      which the Warrants were issued, (ii) it is an Accredited Investor and
      (iii) the representations and warranties made to the Company in connection
      with the acquisition of the securities remain true and correct on the date
      of this Subscription Form; or

	 	 	 
	 [   ]	2. 	
      The undersigned is delivering a written opinion of U.S.
      Counsel to the effect that the Warrants and the Common Shares to be
      delivered upon exercise hereof have been registered under the United
      States Securities Act of 1933 as amended (the “US Securities Act”)
      or are exempt from registration thereunder.

The undersigned holder understands that the certificate
representing the Common Shares issued upon exercise of this Warrant will bear
the following, or a substantially equivalent restrictive legend:

“THE SECURITIES REPRESENTED HEREBY AND ANY SECURITIES ISSUABLE
UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THESE SECURITIES MAY BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO BE RESOURCES INC. (THE
“COMPANY”), (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (C) IN COMPLIANCE WITH RULE 144 OR 144A
THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS, (D) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR (E) IN A
TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY
APPLICABLE STATE SECURITIES LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE,
FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION,
IN EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY. HEDGING TRANSACTIONS
INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE
SECURITIES ACT.” 

1 

provided, that if any such Securities are being sold in
compliance with the requirements of Rule 904 of Regulation S under the U.S.
Securities Act and in compliance with Canadian local laws and regulations, the
legend may be removed by providing a declaration to the Company’s registrar and
transfer agent and the Company in the form attached hereto as Appendix “B” (or
as the Company may prescribe from time to time); and provided, further, that, if
any such Securities are being sold pursuant to Rule 144 of the U.S. Securities
Act or a transaction that does not require registration under the U.S.
Securities Act or applicable state securities laws, the legend may be removed by
delivery to the registrar and transfer agent of the Company of an opinion of
counsel, of recognized standing reasonably satisfactory to the Company, to the
effect that such legend is no longer required under applicable requirements of
the U.S. Securities Act or applicable state securities laws; 

The undersigned hereby
acknowledges that the following legend will be placed on the certificates
representing the Common Shares being acquired if the Warrants are exercised
prior to October 19, 2010: 

“UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE
OCTOBER 19, 2010.” 

DATED this ______ day of
___________ , 20____. 

	NAME: __________________________
	 
	Signature: __________________________
	  
	  
	Address:
__________________________

If any Warrants represented by
this certificate are not being exercised, a new Warrant certificate will be
issued and delivered with the Common Share certificates. 

2 

Appendix “A” to Subscription Form 

DEFINITIONS 

The following terms used in the
Subscription Form shall have the following meanings: 

“Accredited Investor” means “accredited investor” as
that term is defined in Rule 501(a) of Regulation D; 

“Foreign Issuer” means “foreign issuer” as that term is
defined in Regulation S; 

“Foreign Reporting Issuer” means a Foreign Issuer that
is a “reporting issuer” as that term is defined in Regulation S; 

“Off-Shore Transaction” means “off-shore transaction” as
that term is defined in Regulation S; 

“Regulation D” means Regulation D of the U.S. Securities
Act; 

“Regulation S” means Regulation S of the U.S. Securities
Act; 

“Substantial U.S. Market Interest” means “substantial
U.S. market interest” as that term is defined in Regulation S; 

“United States” means United States as that term is
defined in Regulation S; 

“U.S. Person” means U.S. Person as that term is defined
in Regulation S; and 

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

Appendix “B” to Subscription Form 

DECLARATION FOR REMOVAL OF LEGEND 

	To: 	The registrar and transfer agent for the
      Common Shares of BE Resources Inc. (the “Company”)

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

	By: ________________________________	Date: ________________________________
	       Signature 	  
	  	  
	Name (please print) ________________________________	  

SCHEDULE “B” 

FORM OF TRANSFER 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto (name) ________________________ (the
“Transferee”), of  ________________________ (residential
address)  ________________________ Warrants of BE Resources Inc. (the
“Company”) registered in the name of the undersigned on the records of
the Company represented by the within certificate, and irrevocably appoints the
Secretary of the Company as the attorney of the undersigned to transfer the said
securities on the books or register of transfer, with full power of
substitution. 

DATED the _____day of _______, 20__. 

	________________________  	_____________________________________  
	Signature Guaranteed 	(Signature of Warrant Holder, to be the same as
    
	  	appears on the face of this Warrant
      Certificate) 

- 3 - 

SCHEDULE "C"

WARRANT CERTIFICATE 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE OCTOBER 19, 2010. 

THE SECURITIES REPRESENTED HEREBY AND ANY SECURITIES ISSUABLE
UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THESE SECURITIES MAY BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO BE RESOURCES INC. (THE
“COMPANY”), (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (C) IN COMPLIANCE WITH RULE 144 OR 144A
THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS, (D) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR (E) IN A
TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY
APPLICABLE STATE SECURITIES LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE,
FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION,
IN EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY. HEDGING TRANSACTIONS
INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE
SECURITIES ACT. 

EXERCISABLE ONLY PRIOR TO 5:00 P.M., TORONTO TIME, ON JUNE
18, 2012 UNLESS ACCELERATED IN ACCORDANCE WITH THE TERMS HEREOF, AFTER WHICH
TIME THESE WARRANTS SHALL BE NULL AND VOID 

SERIES 2010 – I 
WARRANT TO PURCHASE COMMON SHARES
OF BE RESOURCES INC. 

	  	Number of warrants 
	  	represented by this 
	Certificate Number ______________	certificate – _____ 

THIS CERTIFIES THAT, for
value received, ____________________ is entitled, at any time prior to the
Expiry Time, to purchase, at the Exercise Price, one Common Share in the capital
of the Company, for each Warrant evidenced hereby, by surrendering to the
Company at 50 Richmond Street East, Suite 101, Toronto ON M5C 1N7, this Warrant,
together with a Subscription Form in the form attached hereto as Schedule “A”,
duly completed and executed, and cash or a certified cheque, money order or bank
draft in lawful money of Canada payable to or to the order of the Company for
the amount equal to the Exercise Price per Common Share multiplied by the number
of Common Shares subscribed for, on and subject to the terms and conditions set
forth below. 

Nothing contained herein shall
confer any right upon the Holder to subscribe for or purchase any Common Shares
of the Company at any time after the Expiry Time, and from and after the Expiry
Time these Warrants and all rights hereunder shall be void and of no value. 

1 

These Warrants and the Common
Shares issuable upon the exercise of these Warrants have not been and will not
be registered under the United States Securities Act of 1933, as amended (the
“U.S. Securities Act”) or any state securities laws. These Warrants may
not be exercised in the United States or by a U.S. Person (as defined in
Regulation S under the U.S. Securities Act) unless the Warrants and the Common
Shares issuable upon exercise hereof have been registered under the U.S.
Securities Act and any applicable state securities laws or unless an exemption
from such registration is available and established as set forth in this Warrant
Certificate. Unless the Common Shares issuable upon exercise of the Warrants
have been registered under the U.S. Securities Act, the certificate representing
the Common Shares will bear a legend restricting transfer in accordance with
such Act upon exercise of the Warrant.

	1. 	
      Definitions

In this Warrant, including the
preamble, unless there is something in the subject matter or context
inconsistent therewith, the following expressions shall have the following
meanings namely: 

	(a) 	
      “Business Day” means a day which is not a
      Saturday, Sunday, or a civic or statutory holiday in the City of Toronto,
      Ontario Canada;

	 	 
	(b) 	
      “Common Shares” means the common shares of the
      Company as such shares were constituted on the date hereof, as the same
      may be reorganized, reclassified or redesignated pursuant to any of the
      events set out in Section 12 hereof;

	 	 
	(c) 	
      “Company” means BE Resources Inc., a corporation
      formed under the laws of the State of Colorado, U.S.A. and its successors
      and assigns;

	 	 
	(d) 	
      “Current Market Price” at any date, means the
      weighted average of the sale prices per Common Share at which the Common
      Shares have traded on the TSX Venture Exchange, or, if the Common Shares
      in respect of which a determination of Current Market Price is being made
      are not listed thereon, on such stock exchange on which such shares are
      listed as may be selected for such purpose by the directors, or, if the
      Common Shares are not listed on any stock exchange, then on the
      over-the-counter market, for 20 consecutive trading days ending 5 trading
      days before such date, or in the event that at any date the Common Shares
      are not listed on any exchange or on the over-the-counter market, the
      Current Market Price shall be as determined by the directors or such firm
      of independent chartered accountants as may be selected by the directors
      acting reasonably and in good faith in their sole discretion; for these
      purposes, the weighted average price for any period shall be determined by
      dividing the aggregate sale prices during such period by the total number
      of Common Shares sold during such period;

	 	 
	(e) 	
      “Equity Shares” means the Common Shares and any
      shares of any other class or series of the Company which may from time to
      time be authorized for issue if by their terms such shares confer on the
      holders thereof the right to participate in the distribution of assets
      upon the voluntary or involuntary liquidation, dissolution or winding up
      of the Company beyond a fixed sum or a fixed sum plus accrued
      dividends;

2 

	
      (f) 
	
      “Exercise Price” means Cdn$0.50 per Common Share,
      unless such price shall have been adjusted in accordance with the
      provisions of Section 12, in which case it shall mean the adjusted price
      in effect at such time; 

	  	  
	(g) 	
    “Expiry Time” means 5:00 p.m., Toronto
      time, on June 18, 2012, provided that if the closing price of the Common Shares on the TSX Venture
      Exchange (or such other stock exchange on which the Common Shares are
      listed and where a majority of trading volume occurs) equals or exceeds
      Cdn$0.75 for a period of ten consecutive Trading Days, the Company may,
      within five days of the last day of any such ten day period, notify the
      Holder of the early expiry of the Warrants (“Early Expiration Notice”) and
      thereafter, such Warrants will expire on the earlier of: (i) 3:30 p.m.,
      Toronto time, on the date which is twenty-one days after the date of the
      Early Expiration Notice; and (ii) 5:00 p.m., Toronto time, on June 18,
      2012; in which case the “Expiry Time” shall thereafter mean the time and
      date specified in such notice; 

	  	  
	(h) 	“Form of Transfer” means the form of
      transfer annexed hereto as Schedule “B”; 
	  	  
	(i) 	“Holder” means the registered holder of
      this Warrant; 
	  	  
	
      (j) 
	
      “person” means an individual, corporation,
      partnership, unincorporated syndicate, unincorporated organization, trust,
      trustee, executor, administrator, or other legal representative, or any
      group or combination thereof; 

	  	  
	(k) 	“Subscription Form” means the form of
      subscription annexed hereto as Schedule “A”; 
	  	  
	
      (l) 
	
      “this Warrant”, “Warrant”, “herein”,
      “hereby”, “hereof”, “hereto”, “hereunder” and
      similar expressions mean or refer to this Warrant certificate and any deed
      or instrument supplemental or ancillary hereto and any schedules hereto or
      thereto and not to any particular article, section, subsection, clause,
      subclause or other portion hereof or thereof; and 

	  	  
	(m) 	“Trading Day” means a day on which the
      TSX Venture Exchange is open for business. 
	  	  
	2. 	Expiry Time 

After the Expiry Time, all rights
under any Warrants evidenced hereby, in respect of which the right of
subscription and purchase herein provided for shall not theretofore have been
exercised, shall wholly cease and terminate and such Warrants shall be void and
of no value or effect. 

	3. 	
      Exercise Procedure

The Holder may exercise the right
of purchase herein provided for by surrendering or delivering to the Company
prior to the Expiry Time at its principal office: 

	(a) 	
      this Warrant, with the Subscription Form duly completed
      and executed by the Holder, or by its legal representative or attorney
      duly appointed by an instrument in writing in form and manner satisfactory
      to the Company; and

3 

	(b) 	
      cash or a certified cheque, money order or bank draft
      payable to or to the order of the Company in lawful money of Canada in an
      amount equal to the Exercise Price multiplied by the number of Common
      Shares for which subscription is being made.

Any Warrant and cash, certified
cheque, money order or bank draft referred to in the foregoing clauses (a) and
(b) shall be deemed to be surrendered only upon delivery thereof to the Company
at its principal office in the manner provided in Section 27 hereof. 

	4. 	
      Entitlement to Certificate

Upon such delivery and payment as
aforesaid, the Company shall cause to be issued to the Holder hereof the Common
Shares subscribed for not exceeding those which such Holder is entitled to
purchase pursuant to this Warrant and the Holder hereof shall become a
shareholder of the Company in respect of such Common Shares with effect from the
date of such delivery and payment and shall be entitled to delivery of a
certificate or certificates evidencing such Common Shares and the Company shall
cause such certificate or certificates to be mailed to the Holder hereof at the
address or addresses specified in such subscription within three (3) Business
Days of such delivery and payment. 

	5. 	
      Register of Warrant Holders and Transfer of
      Warrants

The Company shall cause a
register to be kept in which shall be entered the names and addresses of all
holders of the Warrants and the number of Warrants held by them. No transfer of
Warrants shall be valid unless made by the Holder or its executors,
administrators or other legal representatives or its attorney duly appointed by
an instrument in writing in form and execution satisfactory to the Company, upon
compliance with such reasonable requirements as the Company may prescribe,
including compliance with all applicable securities legislation, and recorded on
the register of holders of Warrants maintained by the Company, nor until stamp
or governmental or other charges arising by reason of such transfer have been
paid. The transferee of a Warrant shall, after a Form of Transfer in the form
attached hereto as Schedule “B”, is duly completed and the Warrant is lodged
with the Company and upon compliance with all other reasonable requirements of
the Company or law, be entitled to have its name entered on the register as the
owner of such Warrant, free from all equities or rights of set-off or
counterclaim between the Company and the transferor or any previous holder of
such Warrant, save in respect of equities of which the Company is required to
take notice by statute or by order of a court of competent jurisdiction. The
Company may treat the registered holder of any Warrant certificate as the
absolute owner of the Warrants represented thereby for all purposes, and the
Company shall not be affected by any notice or knowledge to the contrary except
where the Company is required to take notice by statute or by order of a court
of competent jurisdiction. 

	6. 	
      Partial Exercise

The Holder may subscribe for and
purchase a number of Common Shares less than the number the Holder is entitled
to purchase pursuant to this Warrant. In the event of any such subscription and
purchase prior to the Expiry Time, the Holder shall in addition be entitled to
receive, without charge, a new Warrant certificate in respect of the balance of
the Common Shares of which he was entitled to purchase pursuant to this
certificate and which were then not purchased. 

4 

	7. 	
      No Fractional Shares

Notwithstanding any adjustments
provided for in Section 12 hereof or otherwise, the Company shall not be
required, upon the exercise of any Warrants, to issue fractional Common Shares
in satisfaction of its obligations hereunder. Where a fractional Common Share
would, but for this Section 7, have been issued upon exercise of a Warrant, the
Company shall be entitled to round down to the nearest whole number of Common
Shares and no amount shall be paid to the Holder for any fractional Common
Shares not issued. 

	8. 	
      Not a Shareholder

Nothing in this certificate or in
the holding of the Warrants evidenced hereby shall be construed as conferring
upon the Holder any right or interest whatsoever as a shareholder of the
Company. 

	9. 	
      No Obligation to Purchase

Nothing herein contained or done
pursuant hereto shall obligate the Holder to purchase or pay for, or the Company
to issue, any Common Shares except those Common Shares in respect of which the
Holder shall have exercised its right to purchase hereunder in the manner
provided herein. 

	10. 	
      Ranking of Warrants

All Series 2010-I warrants shall
rank pari passu, notwithstanding the actual date of the issue thereof. 

	11. 	Covenants 
	 	 
	(a) 	The Company covenants and agrees that:
  

	 	(i) 	
      so long as any Warrants evidenced hereby remain
      outstanding, it shall reserve and there shall remain unissued out of its
      authorized capital a sufficient number of Common Shares to satisfy the
      right of purchase herein provided for should the Holder determine to
      exercise its rights in respect of all the Common Shares for the time being
      called for by such outstanding Warrants; and

	 	 	 
	 	(ii) 	
      all Common Shares which shall be issued upon the exercise
      of the right to purchase herein provided for, upon payment therefor of the
      amount at which such Common Shares may at the time be purchased pursuant
      to the provisions hereof, shall be issued as fully paid and non-assessable
      Common Shares and the holders thereof shall not be liable to the Company
      or to its creditors in respect thereof.

5 

	
      (b) 
	
      The Company shall make all requisite filings under the
      Securities Act (Ontario) and the regulations made thereunder
      including those necessary to remain a reporting issuer not in default of
      any requirement of such act and regulations. 

	  	  
	
      (c) 
	
      The Company shall use all commercially reasonable efforts
      to preserve and maintain its corporate existence. 

	  	  
	12. 	Adjustment to Exercise Price
  

The Exercise Price in effect at
any time is subject to adjustment from time to time in the events and in the
manner provided as follows: 

	(a) 	
      If and whenever at any time after the date hereof the
      Company:

	 	(i) 	
      issues Common Shares or securities exchangeable for or
      convertible into Common Shares to all or substantially all the holders of
      the Common Shares as a stock dividend; or

	 	 	 
	 	(ii) 	
      makes a distribution on its outstanding Common Shares
      payable in Common Shares or securities exchangeable for or convertible
      into Common Shares; or

	 	 	 
	 	(iii) 	
      subdivides its outstanding Common Shares into a greater
      number of shares; or

	 	 	 
	 	(iv) 	
      consolidates its outstanding Common Shares into a smaller
      number of shares;

	 	 	 
	 		
      (any of such events being called a “Common Share
      Reorganization”), then the Exercise Price will be adjusted effective
      immediately after the effective date or record date for the happening of a
      Common Share Reorganization, as the case may be, at which the holders of
      Common Shares are determined for the purpose of the Common Share
      Reorganization by multiplying the Exercise Price in effect immediately
      prior to such effective date or record date by a fraction, the numerator
      of which is the number of Common Shares outstanding on such effective date
      or record date before giving effect to such Common Share Reorganization
      and the denominator of which is the number of Common Shares outstanding
      immediately after giving effect to such Common Share Reorganization
      (including, in the case where securities exchangeable for or convertible
      into Common Shares are distributed, the number of Common Shares that would
      have been outstanding had all such securities been exchanged for or
      converted into Common Shares on such effective date or record
  date).

	(b) 	
      If and whenever at any time after the date hereof the
      Company fixes a record date for the issue of rights, options or warrants
      to the holders of all or substantially all of its outstanding Common
      Shares under which such holders are entitled to subscribe for or purchase
      Common Shares or securities exchangeable for or convertible into Common
      Shares, where:

	 	(i) 	
      the right to subscribe for or purchase Common Shares, or
      the right to exchange securities for or convert securities into Common
      Shares, expires not more than 45 days after the date of such issue (the period from the
      record date to the date of expiry being herein in this Section 12 called
      the “Rights Period”), and

6 

	 	(ii) 	
      the cost per Common Share during the Rights Period
      (inclusive of any cost of acquisition of securities exchangeable for or
      convertible into Common Shares in addition to any direct cost of Common
      Shares) (herein in this Section 12 called the “Per Share Cost”) is
      less than 95% of the Current Market Price of the Common Shares on the
      record date,

	 	 	 
	 		
      (any of such events being called a “Rights
      Offering”), then the Exercise Price will be adjusted effective
      immediately after the end of the Rights Period to a price determined by
      multiplying the Exercise Price in effect immediately prior to the end of
      the Rights Period by a fraction:

	 	(A) 	
      the numerator of which is the aggregate
  of:

	 	(1) 	
      the number of Common Shares outstanding as of the record
      date for the Rights Offering; and

	 	 	 
	 	(2) 	
      a number determined by dividing the product of the Per
      Share Cost and:

	 	(I) 	
      where the event giving rise to the application of this
      subsection 12(b) was the issue of rights, options or warrants to the
      holders of Common Shares under which such holders are entitled to
      subscribe for or purchase additional Common Shares, the number of Common
      Shares so subscribed for or purchased during the Rights Period,
  or

	 	 	 
	 	(II) 	
      where the event giving rise to the application of this
      subsection 12(b) was the issue of rights, options or warrants to the
      holders of Common Shares under which such holders are entitled to
      subscribe for or purchase securities exchangeable for or convertible into
      Common Shares, the number of Common Shares for which those securities so
      subscribed for or purchased during the Rights Period could have been
      exchanged or into which they could have been converted during the Rights
      Period,

by the Current Market Price of the
Common Shares as of the record date for the Rights Offering; and 

	 	(B) 	
      the denominator of which is:

	 	(1) 	
      in the case described in subparagraph 12(b)(A)(2)(I), the
      number of Common Shares outstanding, or

7 

	 	(2) 	
      in the case described in subparagraph 12(b)(A)(2)(II),
      the number of Common Shares that would be outstanding if all the Common
      Shares described in subparagraph 12(b)(A)(2)(II) had been
issued,

	 	 	 
	 		
      as at the end of the Rights
Period.

Any Common Shares owned by or held for
the account of the Company or any subsidiary or affiliate (as defined in the
Securities Act (Ontario)) of the Company will be deemed not to be
outstanding for the purpose of any such computation. 

If by the terms of the rights, options
or warrants referred to in this Section 12, there is more than one purchase,
conversion or exchange price per Common Share, the aggregate price of the total
number of additional Common Shares offered for subscription or purchase, or the
aggregate conversion or exchange price of the convertible securities so offered,
will be calculated for purposes of the adjustment on the basis of: 

	 	(I) 	
      the lowest purchase, conversion or exchange price per
      Common Share, as the case may be, if such price is applicable to all
      Common Shares which are subject to the rights, options or warrants,
    and

	 	 	 
	 	(II) 	
      the average purchase, conversion or exchange price per
      Common Share, as the case may be, if the applicable price is determined by
      reference to the number of Common Shares acquired.

To the extent that any adjustment in
the Exercise Price occurs pursuant to this Section 12 as a result of the fixing
by the Company of a record date for the distribution of rights, options or
warrants referred to in this Section 12, the Exercise Price will be readjusted
immediately after the expiration of any relevant exchange, conversion or
exercise right to the Exercise Price which would then be in effect based upon
the number of Common Shares actually issued and remaining issuable after such
expiration, and will be further readjusted in such manner upon expiration of any
further such right. 

If the Holder has exercised this
Warrant in accordance herewith during the period beginning immediately after the
record date for a Rights Offering and ending on the last day of the Rights
Period therefor, the Holder will, in addition to the Common Shares to which it
is otherwise entitled upon such exercise, be entitled to that number of
additional Common Shares equal to the result obtained when the Exercise Price in
effect immediately prior to the end of such Rights Offering pursuant to this
subsection is multiplied by the number of Common Shares received upon the
exercise of this Warrant during such period, and the resulting product is
divided by the Exercise Price as adjusted for such Rights Offering pursuant to
this subsection; provided that the provisions of Section 6 will be applicable to
any fractional interest in a Common Share to which such Holder might otherwise
be entitled. Such additional Common Shares will be deemed to have been issued to
the Holder immediately following the end of the Rights Period and a certificate for such additional Common Shares will be
      delivered to such Holder within ten (10) Business Days following the end
      of the Rights Period.

8 

	(c) 	
      If and whenever at any time after the date hereof the
      Company fixes a record date for the issue or the distribution to the
      holders of all or substantially all its Common Shares
of:

	 	(i) 	
      shares of the Company of any class other than Common
      Shares;

	 	 	 
	 	(ii) 	
      rights, options or warrants to acquire shares or
      securities exchangeable for or convertible into shares or property or
      other assets of the Company;

	 	 	 
	 	(iii) 	
      evidence of indebtedness; or

	 	 	 
	 	(iv) 	
      any property or other assets,

and if such issuance or distribution
does not constitute (A) a Common Share Reorganization, (B) a Rights Offering or
(C) the issue of rights, options or warrants to the holders of all or
substantially all of its outstanding Common Shares under which such holders are
entitled to subscribe for or purchase Common Shares or securities exchangeable
for or convertible into Common Shares, where: 

	 	(1) 	
      the right to subscribe for or purchase Common Shares, or
      the right to exchange securities for or convert securities into Common
      Shares, expires not more than 45 days after the date of such issue,
    and

	 	 	 
	 	(2) 	
      the cost per Common Share during the Rights Period,
      inclusive of the Per Share Cost, is 95% or more than the Current Market
      Price of the Common Shares on the record date

(any of such non-excluded events being
called a “Special Distribution”), the Exercise Price will be adjusted
effective immediately after such record date to a price determined by
multiplying the Exercise Price in effect on such record date by a fraction: 

	 	(A) 	
      the numerator of which is:

	 	(1) 	
      the product of the number of Common Shares outstanding on
      such record date and the Current Market Price of the Common Shares on such
      record date; less

	 	 	 
	 	(2) 	
      the aggregate fair market value (as determined by action
      by the directors of the Company, subject, however, to the prior written
      consent of the TSX Venture Exchange, where required) to the holders of the
      Common Shares of such securities or property or other assets so issued or
      distributed in the Special Distribution; and

9 

	 	(B) 	
      the denominator of which is the number of Common Shares
      outstanding on such record date multiplied by the Current Market Price of
      the Common Shares on such record date.

		
      Any Common Shares owned by or held for the account of the
      Company or any subsidiary or affiliate (as defined in the Securities
      Act (Ontario)) of the Company will be deemed not to be outstanding for
      the purpose of any such computation.

	 	 
	(d) 	
      If and whenever at any time after the date hereof there
      is a Common Share Reorganization, a Rights Offering, a Special
      Distribution, a reclassification or redesignation of the Common Shares
      outstanding at any time or change of the Common Shares into other shares
      or into other securities (other than a Common Share Reorganization), or a
      consolidation, amalgamation or merger of the Company with or into any
      other corporation or other entity (other than a consolidation,
      amalgamation or merger which does not result in any reclassification or
      redesignation of the outstanding Common Shares or a change of the Common
      Shares into other shares), or a transfer of the undertaking or assets of
      the Company as an entirety or substantially as an entirety to another
      corporation or other entity (any of such events being called a “Capital
      Reorganization”), the Holder, upon exercising this Warrant after the
      effective date of such Capital Reorganization, will be entitled to receive
      in lieu of the number of Common Shares to which such Holder was
      theretofore entitled upon such exercise, the aggregate number of shares,
      other securities or other property which such Holder would have been
      entitled to receive as a result of such Capital Reorganization if, on the
      effective date thereof, the Holder had been the registered holder of the
      number of Common Shares to which such Holder was theretofore entitled upon
      exercise of this Warrant. If determined appropriate by action of the
      directors of the Company, appropriate adjustments will be made as a result
      of any such Capital Reorganization in the application of the provisions
      set forth in this Section 12 with respect to the rights and interests
      thereafter of the Holder to the end that the provisions set forth in this
      Section 12 will thereafter correspondingly be made applicable as nearly as
      may reasonably be possible in relation to any shares, other securities or
      other property thereafter deliverable upon the exercise hereof. Any such
      adjustment must be made by and set forth in an amendment to this Warrant
      approved by action by the directors of the Company and will for all
      purposes be conclusively deemed to be an appropriate adjustment.

	 	 
	(e) 	
      If at any time after the date hereof and prior to the
      Expiry Time any adjustment in the Exercise Price shall occur as a result
      of:

	 	(i) 	
      an event referred to in subsection 12(a);

	 	 	 
	 	(ii) 	
      the fixing by the Company of a record date for an event
      referred to in subsection 12(b); or

	 	 	 
	 	(iii) 	
      the fixing by the Company of a record date for an event
      referred to in subsection 12(c) if such event constitutes the issue or
      distribution to the holders of all or substantially all of its outstanding
      Common Shares of (A) Equity Shares, or (B) securities exchangeable for or
      convertible into Equity Shares at an exchange or conversion price per Equity Shares less than the Current Market
Price on such record date or (C) rights, options or warrants to acquire Equity
Shares at an exercise, exchange or conversion price per Equity Share less than
the Current Market Price on such record date, 

10 

then, where required, the number of
Common Shares purchasable upon the subsequent exercise of this Warrant shall be
simultaneously adjusted by multiplying the number of Common Shares purchasable
upon the exercise of this Warrant immediately prior to such adjustment by a
fraction which shall be the reciprocal of the fraction employed in the
adjustment of the Exercise Price. To the extent any adjustment in subscription
rights occurs pursuant to this subsection 12(e) as a result of a distribution of
exchangeable or convertible securities other than Equity Shares referred to in
subsection 12(a) or as a result of the fixing by the Company of a record date
for the distribution of rights, options or warrants referred to in subsection
12(b), the number of Common Shares purchasable upon exercise of this Warrant
shall be readjusted immediately after the expiration of any relevant exchange,
conversion or exercise right to the number of Common Shares which would be
purchasable based upon the number of Common Shares actually issued and remaining
issuable immediately after such expiration, and shall be further readjusted in
such manner upon expiration of any further such right. To the extent that any
adjustment in subscription rights occurs pursuant to this subsection 12(e) as a
result of the fixing by the Company of a record date for the distribution of
exchangeable or convertible securities other than Equity Shares or rights,
options or warrants referred to in subsection 12(c), the number of Common Shares
purchasable upon exercise of this Warrant shall be readjusted immediately after
the expiration of any relevant exchange, conversion or exercise right to the
number of Common Shares which would be purchasable pursuant to this subsection
12(e) if the fair market value of such securities or such rights, options or
warrants had been determined for purposes of the adjustment pursuant to this
subsection 12(e) on the basis of the number of Equity Shares issued and
remaining issuable immediately after such expiration, and shall be further
readjusted in such manner upon expiration of any further such right. 

	13. 	Rules Regarding Calculation of Adjustment of
      Exercise Price 
	  	  
	
      (a) 
	
      The adjustments provided for in Section 12 are cumulative
      and will, in the case of adjustments to the Exercise Price, be computed to
      the nearest one-tenth of one cent and will be made successively whenever
      an event referred to therein occurs, subject to the following subsections
      of this Section 13. 

	  	  
	
      (b) 
	
      No adjustment in the Exercise Price is required to be
      made unless such adjustment would result in a change of at least 1% in the
      prevailing Exercise Price; provided, however, that any adjustments which,
      except for the provisions of this subsection, would otherwise have been
      required to be made, will be carried forward and taken into account in any
      subsequent adjustments. 

	  	  
	
      (c) 
	
      No adjustment in the Exercise Price will be made in
      respect of any event described in Section 12, other than the events
      referred to in clauses 12(a)(iii) and (iv), if the Holder is entitled to participate in such event on the same terms,
      mutatis mutandis, as if the Holder had exercised this Warrant prior
      to or on the effective date or record date of such event.

11 

	(d) 	
      No adjustment in the Exercise Price will be made under
      Section 12 in respect of the issue from time to time of Common Shares
      issuable from time to time as dividends paid in the ordinary course to
      holders of Common Shares who exercise an option or election to receive
      substantially equivalent dividends in Common Shares in lieu of receiving a
      cash dividend, and any such issue will be deemed not to be a Common Share
      Reorganization.

	 	 
	(e) 	
      If at any time a dispute arises with respect to
      adjustments provided for in Section 12, such dispute will be conclusively
      determined by such firm of independent chartered accountants as may be
      selected by action by the directors of the Company and any such
      determination, where required, will be binding upon the Company, the
      Holder and shareholders of the Company. The Company will provide such
      accountants with access to all necessary records of the Company.

	 	 
	(f) 	
      In case the Company after the date of issuance of this
      Warrant takes any action affecting the Common Shares, other than action
      described in Section 12, which in the opinion of the board of directors of
      the Company would materially affect the rights of the Holder, the Exercise
      Price will be adjusted in such manner, if any, and at such time, by action
      by the directors of the Company but subject in all cases to the prior
      written consent of the TSX Venture Exchange, where required, and any
      necessary regulatory approval.

	 	 
	(g) 	
      If the Company sets a record date to determine the
      holders of the Common Shares for the purpose of entitling them to receive
      any dividend or distribution or sets a record date to take any other
      action and, thereafter and before the distribution to such shareholders of
      any such dividend or distribution or the taking of any other action,
      decides not to implement its plan to pay or deliver such dividend or
      distribution or take such other action, then no adjustment in the Exercise
      Price will be required by reason of the setting of such record
  date.

	 	 
	(h) 	
      In the absence of a resolution of the directors of the
      Company fixing a record date for a Special Distribution or Rights
      Offering, the Company will be deemed to have fixed as the record date
      therefor the date on which the Special Distribution or Rights Offering is
      effected.

	 	 
	(i) 	
      As a condition precedent to the taking of any action
      which would require any adjustment to this Warrant, including the Exercise
      Price, the Company must take any corporate action which may be necessary
      in order that the Company have unissued and reserved in its authorized
      capital and may validly and legally issue as fully paid and non-assessable
      all the Common Shares or other securities which the Holder is entitled to
      receive on the full exercise thereof in accordance with the provisions
      hereof.

	 	 
	(j) 	
      The Company will from time to time, immediately after the
      occurrence of any event which requires an adjustment or readjustment as
      provided in Section 12, forthwith give notice to the Holder specifying the
      event requiring such adjustment or readjustment and the results thereof,
      including the resulting Exercise Price.

12 

	
      (k) 
	
      The Company covenants to and in favour of the Holder that
      so long as this Warrant remains outstanding, it will give notice to the
      Holder of its intention to fix a record date for any event referred to in
      subsections 12(a), (b) or (c) (other than the subdivision or consolidation
      of the Common Shares) which may give rise to an adjustment in the Exercise
      Price, and, in each case, such notice must specify the particulars of such
      event and the record date and the effective date for such event; provided
      that the Company is only required to specify in such notice such
      particulars of such event as have been fixed and determined on the date on
      which such notice is given. Such notice shall be given not less than 14
      days prior to each such applicable record date or effective date.
  

	  	  
	14. 	Consolidation and Amalgamation 
	  	  
	
      (a) 
	
      The Company shall not enter into any transaction whereby
      all or substantially all of its undertakings, property and assets would
      become the property of any other corporation (herein called a “successor
      corporation”) whether by way of reorganization, reconstruction,
      consolidation, amalgamation, merger, transfer, sale, disposition or
      otherwise, unless prior to or contemporaneously with the consummation of
      such transaction the Company and the successor corporation shall have
      executed such instruments and done such things as are necessary or
      advisable to establish that upon the consummation of such transaction:
    

	 	(i) 	
      the successor corporation will have assumed all the
      covenants and obligations of the Company under this Warrant; and

	 	 	 
	 	(ii) 	
      the Warrant will be a valid and binding obligation of the
      successor corporation entitling the Holder, as against the successor
      corporation, to all the rights of the Holder under this
  Warrant.

	(b) 	
      Whenever the conditions of subsection 14(a) shall have
      been duly observed and performed the successor corporation shall possess,
      and from time to time may exercise, each and every right and power of the
      Company under this Warrant in the name of the Company or otherwise and any
      act or proceeding by any provision hereof required to be done or performed
      by any director or officer of the Company may be done and performed with
      like force and effect by the like directors or officers of the successor
      corporation.

	 	 
	15. 	
      Representation and
Warranty

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

	16. 	
      If Share Transfer Books
Closed

The Company shall not be required
to deliver certificates for Common Shares while the share transfer books of the
Company are properly closed, prior to any meeting of shareholders or for the
payment of dividends or for any other purpose and in the event of the surrender
of any Warrant in accordance with the provisions hereof and the making
of any subscription and payment for the Common Shares called for thereby during
any such period delivery of certificates for Common Shares may be postponed for
a period not exceeding five (5) Business Days after the date of the re-opening
of said share transfer books. Provided however that any such postponement of
delivery of certificates shall be without prejudice to the right of the Holder,
if the Holder has surrendered the same and made payment during such period, to
receive such certificates for the Common Shares called for after the share
transfer books have been reopened. 

13 

	17. 	
      Protection of Shareholders, Officers and
      Directors

Subject as herein provided, all
or any of the rights conferred upon the Holder may be enforced by the Holder by
appropriate legal proceedings. No recourse under or upon any obligation,
covenant or agreement herein contained or in any of the Warrants represented
hereby shall be taken against any shareholder, officer or director of the
Company, either directly or through the Company, it being expressly agreed and
declared that the obligations under the Warrants evidenced hereby are solely
corporate obligations of the Company and that no personal liability whatever
shall attach to or be incurred by the shareholders, officers, or directors of
the Company or any of them in respect thereof, any and all rights and claims
against every such shareholder, officer or director being hereby expressly
waived as a condition of and as a consideration for the issue of the Warrants
evidenced hereby. 

	18. 	
      Lost Certificate

If the Warrant certificate
evidencing the Warrants issued hereby becomes stolen, lost, mutilated or
destroyed the Company may, on such terms, as it may in its discretion impose,
respectively issue and countersign a new warrant of like denomination, tenor and
date as the certificate so stolen, lost mutilated or destroyed. 

	19. 	
      Governing Law

This Warrant shall be governed
by, and construed in accordance with, the laws of the Province of Ontario and
the federal laws of Canada applicable therein but the reference to such laws
shall not, by conflict of laws rules or otherwise, require the application of
the law of any jurisdiction other than the Province of Ontario. The parties
hereto hereby irrevocably attorn to the non-exclusive jurisdiction of the Courts
of the Province of Ontario.

	20. 	
      Severability

If any one or more of the
provisions or parts thereof contained in this Warrant should be or become
invalid, illegal or unenforceable in any respect in any jurisdiction, the
remaining provisions or parts thereof contained herein shall be and shall be
conclusively deemed to be, as to such jurisdiction, severable therefrom and:

	 	(i) 	
      the validity, legality or enforceability of such
      remaining provisions or parts thereof shall not in any way be affected or
      impaired by the severance of the provisions or parts thereof severed;
      and

14 

	 	(ii) 	
      the invalidity, illegality or unenforceability of any
      provision or part thereof contained in this Warrant in any jurisdiction
      shall not affect or impair such provision or part thereof or any other
      provisions of this Warrant in any other
jurisdiction.

	21. 	
      Headings

The headings of the articles,
sections, subsections and clauses of this Warrant have been inserted for
convenience and reference only and do not define, limit, alter or enlarge the
meaning of any provision of this Warrant. 

	22. 	
      Numbering of Articles,
etc.

Unless otherwise stated, a
reference herein to a numbered or lettered article, section, subsection, clause, subclause or schedule refers to the article, section, subsection, clause,
subclause or schedule bearing that number or letter in this Warrant. 

	23. 	
      Gender

Whenever used in this Warrant,
words importing the singular number only shall include the plural, and vice
versa, and words importing the masculine gender shall include the feminine
gender. 

	24. 	
      Day not a Business Day

In the event that any day on or
before which any action is required to be taken hereunder is not a Business Day,
then such action shall be required to be taken on or before the requisite time
on the next succeeding day that is a Business Day. If the payment of any amount
is deferred for any period, then such period shall be included for purposes of
the computation of any interest payable hereunder. 

	25. 	
      Computation of Time Period

Except to the extent otherwise
provided herein, in the computation of a period of time from a specified date to
a later specified date, the word “from” means “from and including” and the words
“to” and “until” each mean “to but excluding”. 

	26. 	
      Binding Effect

This Warrant and all of its
provisions shall enure to the benefit of the Holder and his heirs, executors,
administrators, legal personal representatives, permitted assigns and successors
and shall be binding upon the Company and its successors and permitted assigns.

15 

	27. 	
      Notice

Any notice, document or
communication required or permitted by this Warrant to be given by a party
hereto shall be in writing and is sufficiently given if delivered personally, or
if sent by prepaid registered mail, or if transmitted by any form of recorded
telecommunication tested prior to transmission, to such party addressed as
follows: 

	 	(i) 	
      to the Holder, in the register to be maintained pursuant
      to Section 5 hereof; and

	 	 	 
	 	(ii) 	
      to the Company at:

	 	 	 
	 		
      50 Richmond Street East 
Suite 101 
Toronto
    ON

	 		
      M5C 1N7

	 	 	 
	 		
      Attention: David Q. Tognoni

	 	 	 
	 		
      Telefacsimile: (416) 848-0790

Notice so mailed shall be deemed
to have been given on the fifth (5th) Business Day after deposit in a
post office or public letter box. Neither party shall mail any notice, request
or other communication hereunder during any period in which applicable postal
workers are on strike or if such strike is imminent and may reasonably be
anticipated to affect the normal delivery of mail. Notice transmitted by a form
of recorded telecommunication or delivered personally shall be deemed given on
the day of transmission or personal delivery, as the case may be. Any party may
from time to time notify the other in the manner provided herein of any change
of address which thereafter, until change by like notice, shall be the address
of such party for all purposes hereof. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

16 

	28. 	
      Time of Essence

Time shall be of the essence hereof. 

IN WITNESS WHEREOF the
Company has caused this Warrant Certificate to be signed by its duly authorized
officer as of this ________ day of June, 2010. 

	BE RESOURCES INC. 
	 
	Per:                                                           
      
	        Authorized
      Signing Officer 

17 

SCHEDULE “A” 

SUBSCRIPTION FORM 

	TO: 	BE RESOURCES INC. 
	  	50 Richmond Street East 
	  	Suite 101, 
	  	Toronto ON 
	  	M5C 1N7 

The undersigned holder of the
within Warrant certificate hereby irrevocably subscribes for __________ Common
Shares of BE Resources Inc. (the “Company”) pursuant to the within
Warrant certificate at the Exercise Price per share specified in the said
Warrant certificate and encloses herewith cash or a certified cheque, money
order or bank draft payable to the order of the Company in payment of the
subscription price therefor. Capitalized terms used herein have the meanings set
forth in the within Warrant certificate. 

The capitalized terms used herein
have the meanings set forth on Appendix “A” to this Subscription Form. In
connection with the exercise of the Warrant Certificate, the undersigned
represents as follows: (Please check the ONE box applicable): 

	 [   ]	1. 	
      The undersigned hereby certifies that (i) it was the
      original purchaser in the Company’s private placement of the securities in
      which the Warrants were issued, (ii) it is an Accredited Investor and
      (iii) the representations and warranties made to the Company in connection
      with the acquisition of the securities remain true and correct on the date
      of this Subscription Form; or

	 	 	 
	 [   ]	2. 	
      The undersigned is delivering a written opinion of U.S.
      Counsel to the effect that the Warrants and the Common Shares to be
      delivered upon exercise hereof have been registered under the United
      States Securities Act of 1933 as amended (the “US Securities Act”)
      or are exempt from registration thereunder.

The undersigned holder understands that the certificate
representing the Common Shares issued upon exercise of this Warrant will bear
the following, or a substantially equivalent restrictive legend:

“THE SECURITIES REPRESENTED HEREBY AND ANY SECURITIES ISSUABLE
UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THESE SECURITIES MAY BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO BE RESOURCES INC. (THE
“COMPANY”), (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (C) IN COMPLIANCE WITH RULE 144 OR 144A
THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS, (D) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR (E) IN A
TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY
APPLICABLE STATE SECURITIES LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE,
FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION,
IN EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY. HEDGING TRANSACTIONS
INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE
SECURITIES ACT.” 

1 

provided, that if any such Securities are being sold in
compliance with the requirements of Rule 904 of Regulation S under the U.S.
Securities Act and in compliance with Canadian local laws and regulations, the
legend may be removed by providing a declaration to the Company’s registrar and
transfer agent and the Company in the form attached hereto as Appendix “B” (or
as the Company may prescribe from time to time); and provided, further, that, if
any such Securities are being sold pursuant to Rule 144 of the U.S. Securities
Act or a transaction that does not require registration under the U.S.
Securities Act or applicable state securities laws, the legend may be removed by
delivery to the registrar and transfer agent of the Company of an opinion of
counsel, of recognized standing reasonably satisfactory to the Company, to the
effect that such legend is no longer required under applicable requirements of
the U.S. Securities Act or applicable state securities laws; 

The undersigned hereby
acknowledges that the following legend will be placed on the certificates
representing the Common Shares being acquired if the Warrants are exercised
prior to October 19, 2010: 

“UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE
OCTOBER 19, 2010.” 

DATED this ______ day of
___________ , 20____. 

	NAME: __________________________
	 
	Signature: __________________________
	  
	  
	Address:
__________________________

If any Warrants represented by
this certificate are not being exercised, a new Warrant certificate will be
issued and delivered with the Common Share certificates. 

2 

Appendix “A” to Subscription Form 

DEFINITIONS 

The following terms used in the
Subscription Form shall have the following meanings: 

“Accredited Investor” means “accredited investor” as
that term is defined in Rule 501(a) of Regulation D; 

“Foreign Issuer” means “foreign issuer” as that term is
defined in Regulation S; 

“Foreign Reporting Issuer” means a Foreign Issuer that
is a “reporting issuer” as that term is defined in Regulation S; 

“Off-Shore Transaction” means “off-shore transaction” as
that term is defined in Regulation S; 

“Regulation D” means Regulation D of the U.S. Securities
Act; 

“Regulation S” means Regulation S of the U.S. Securities
Act; 

“Substantial U.S. Market Interest” means “substantial
U.S. market interest” as that term is defined in Regulation S; 

“United States” means United States as that term is
defined in Regulation S; 

“U.S. Person” means U.S. Person as that term is defined
in Regulation S; and 

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

Appendix “B” to Subscription Form 

DECLARATION FOR REMOVAL OF LEGEND 

	To: 	The registrar and transfer agent for the
      Common Shares of BE Resources Inc. (the “Company”)

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

	By: ________________________________	Date: ________________________________
	       Signature 	  
	  	  
	Name (please print) ________________________________	  

SCHEDULE “B” 

FORM OF TRANSFER 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto (name) ________________________ (the
“Transferee”), of  ________________________ (residential
address)  ________________________ Warrants of BE Resources Inc. (the
“Company”) registered in the name of the undersigned on the records of
the Company represented by the within certificate, and irrevocably appoints the
Secretary of the Company as the attorney of the undersigned to transfer the said
securities on the books or register of transfer, with full power of
substitution. 

DATED the _____day of _______, 20__. 

	________________________  	_____________________________________  
	Signature Guaranteed 	(Signature of Warrant Holder, to be the same as
    
	  	appears on the face of this Warrant
      Certificate) 

- 3 -BE Resources Inc.: Exhibit 10.4 - Filed by newsfilecorp.com

Exhibit 10.4 

BE RESOURCES INC. 

SUBSCRIPTION AGREEMENT 

(Canadian and Non-U.S. Subscribers) 

(UNITS) 

THE UNITS BEING OFFERED FOR SALE MAY ONLY BE PURCHASED BY CANADIAN RESIDENTS AND RESIDENTS OF A JURISDICTION OTHER THAN CANADA (EXCLUDING RESIDENTS OF THE UNITED STATES OF AMERICA), IN EACH CASE PURSUANT TO AVAILABLE EXEMPTIONS UNDER APPLICABLE
SECURITIES LEGISLATION. 

INSTRUCTIONS 

All Subscribers: 

	
1. 		
Complete and sign the Execution Pages of the subscription agreement.

	
	 	 
	
2. 		
Complete and sign Schedule B attached to the subscription agreement.

	
	 	 
	
3. 		
Complete Schedule C attached to the subscription agreement.

	

Canadian Subscribers only: 

Also complete and sign Schedule D attached to the subscription agreement, if applicable, and Appendix A attached thereto (this schedule does not have to be completed and signed by Subscribers who are not Canadian or by Subscribers purchasing at
least $150,000). 

__________________________________________ 

A completed and originally executed copy of, and the other documents required to be delivered with, this subscription agreement must be delivered by no later than 1:00 p.m. (Toronto time) on May 28, 2010 to MGI Securities Inc. at Suite 900,
26 Wellington St. East, Toronto, Ontario M5E 1S2, Attention: Ross Oldcorn (Tel: 416-864-6484, Fax: 416-864-6485, email: roldcorn@mgisecurities.com). 

SUBSCRIPTION AGREEMENT 

TO: Purchasers of Units of BE RESOURCES INC. 

Dear Sirs/Mesdames: 

Re: Sale of Units 

This subscription agreement is to confirm your agreement to purchase from BE Resources Inc. (the “Corporation”), subject to the terms and conditions set forth herein, that number of Units (as hereinafter defined) set out above your name on
the execution pages hereof at the price of $0.30 per Unit (the “Purchase Price”).  Each Unit is comprised of one common share in the capital of the Corporation (a “Common Share”) and one-half of one common share purchase
warrant of the Corporation, each whole warrant (a “Warrant”) being exercisable to acquire one Common Share at an exercise price of $0.50 per Common Share for a period of 24 months after the Closing Date (as hereinafter defined),
subject to early expiry as set out in Schedule A herein. The Purchased Securities (as hereinafter defined) form part of a larger sale by the Corporation of up to an aggregate of 10,000,000 Units through MGI Securities Inc. (the “Agent”). A
term sheet with respect to the Offering (as hereinafter defined) of the Offered Securities (as hereinafter defined) is attached hereto as Schedule A. 

The Corporation and the undersigned further agree that $0.29 of the Purchase Price will be allocated to the Common Share comprising part of each Unit and that $0.01 of the Purchase Price will be allocated to the one-half of one
Warrant comprising part of each Unit. The proceeds of the Offered Securities will be immediately available to the Corporation. 

- 2 - 

	
1. 		
Definitions

	
	 	 	 	 
		
(a) 		
Definitions: In this Agreement, unless the context otherwise requires:

	
	 	 	 	 
			
(i) 		
“Agency Agreement” means the agency agreement to be dated the Closing Date between the Corporation and the Agent;

	
	 	 	 	 
			
(ii) 		
“Agent” has the meaning ascribed to such term on the face page hereof;

	
	 	 	 	 
			
(iii) 		
“Agent’s Compensation Options” means the non-transferable compensation options granted to the Agent or selling group member by the Corporation entitling the holder to purchase one Unit at a price of $0.30 per
Unit at any time prior to the date that is 24 months from the Closing Date;

	
	 	 	 	 
			
(iv) 		
“Agreement” means this subscription agreement, including all schedules, as the same may be amended, supplemented or restated from time to time;

	
	 	 	 	 
			
(v) 		
“Business Day” means a day on which Canadian chartered banks are open for the transaction of regular business in the City of Toronto, Ontario;

	
	 	 	 	 
			
(vi) 		
“Closing” means the closing of the purchase and sale of the Offered Securities;

	
	 	 	 	 
			
(vii) 		
“Closing Date” means June 1, 2010 or such other date as the Corporation and the Agent may mutually agree upon in writing;

	
	 	 	 	 
			
(viii) 		
“Commission” has the meaning ascribed thereto in clause 8(a) hereof:

	
	 	 	 	 
			
(ix) 		
“Common Share” has the meaning ascribed to such term on the face page hereof;

	
	 	 	 	 
			
(x) 		
“Corporation” has the meaning ascribed to such term on the face page hereof;

	
	 	 	 	 
			
(xi) 		
“Dollar” or “$” means a dollar of lawful money of Canada;

	
	 	 	 	 
			
(xii) 		
“Information” means all information regarding the Corporation that is, or becomes, publicly available, together with all information prepared by the Corporation and provided to the Agent or to potential subscribers of
the Offered Securities, if any, and includes but is not limited to, all press releases, material change reports, financial statements of the Corporation and all other information regarding the Corporation that is publicly accessible through the
Internet’s System for Electronic Document Analysis and Retrieval (SEDAR) available at www.sedar.com;

	
	 	 	 	 
			
(xiii) 		
“NI 45-106” means National Instrument 45-106 – Prospectus and Registration Exemptions of the Canadian Securities Administrators;

	
	 	 	 	 
			
(xiv) 		
“Offered Securities” means the up to 10,000,000 Units offered for sale by the Corporation through the Agent;

	
	 	 	 	 
			
(xv) 		
“Offering” means the offering of the Offered Securities on a best-efforts private placement basis;

	

- 3 - 

	
 	
 	
(xvi) 		
“Offering Jurisdictions” means each of the provinces and territories of Canada and such other jurisdictions as may be mutually agreed upon by the Agent and the Corporation where the Offered Securities are offered to
prospective purchasers, as the context permits or requires, collectively;

	
	 	 	 	 
	
 	
 	
(xvii) 		
“Person” means an individual, a firm, a corporation, a syndicate, a partnership, a trust, an association, an unincorporated organization, a joint venture, an investment club, a government or an agency or political
subdivision thereof and every other form of legal or business entity of whatsoever nature or kind;

	
	 	 	 	 
	
 	
 	
(xviii) 		
“Purchase Price” has the meaning ascribed to such term on the face page hereof;

	
	 	 	 	 
	
 	
 	
(xix) 		
“Purchased Securities” means the Offered Securities purchased by the Subscriber;

	
	 	 	 	 
	
 	
 	
(xx) 		
“Regulation D” means Regulation D under the U.S. Securities Act;

	
	 	 	 	 
	
 	
 	
(xxi) 		
“Regulation S” means Regulation S under the U.S. Securities Act;

	
	 	 	 	 
	
 	
 	
(xxii) 		
“Reporting Jurisdictions” means British Columbia, Alberta and Ontario collectively;

	
	 	 	 	 
	
 	
 	
(xxiii) 		
“SEC” means the United States Securities and Exchange Commission;

	
	 	 	 	 
	
 	
 	
(xxiv) 		
“Securities Laws” means the securities legislation and regulations of, and the instruments, policies, rules, orders, codes, notices and interpretation notes of the applicable securities regulatory authority or applicable
securities regulatory authorities of, the applicable jurisdiction or jurisdictions collectively;

	
	 	 	 	 
	
 	
 	
(xxv) 		
“Stock Exchange” means the TSX Venture Exchange;

	
	 	 	 	 
	
 	
 	
(xxvi) 		
“Subject Shares” means the Unit Shares and the Warrant Shares, collectively;

	
	 	 	 	 
	
 	
 	
(xxvii) 		
“Subscriber” means the Person purchasing the Purchased Securities and whose name appears on the first execution page hereof and who has signed this Agreement or, if the Person whose name appears on the first execution
page hereof has signed this Agreement as agent for, or on behalf of, a beneficial purchaser and is not a trust company, trust corporation or portfolio manager deemed to be purchasing the Purchased Securities as principal under NI 45- 106, the Person
who is the beneficial purchaser of the Purchased Securities as disclosed on the execution pages hereof;

	
	 	 	 	 
	
 	
 	
(xxviii) 		
“Units” means the units of the Corporation being offered for sale by the Corporation pursuant to the Offering through the Agent, each Unit being comprised of one Common Share and one-half of one Warrant;

	
	 	 	 	 
	
 	
 	
(xxix) 		
“Unit Shares” means the Common Shares comprising part of the Units;

	
	 	 	 	 
	
 	
 	
(xxx) 		
“United States” or “U.S.” means the United States of America, its territories and possessions, any State of the United States and the District of Columbia;

	

- 4 - 

	
 	
 	
(xxxi) 		
“U.S. Person” means a “U.S. person” as defined in Regulation S. Without limiting the foregoing, but for greater clarity in this Agreement, a U.S. Person includes, subject to the exclusions set forth in
Regulation S, (1) any natural person resident in the United States, (2) any partnership or corporation organized or incorporated under the laws of the United States, (3) any estate or trust of which any executor, administrator or trustee is a U.S.
Person, (4) any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the United States, and (5) any partnership or corporation
organized or incorporated under the laws of any non U.S. jurisdiction which is formed by a U.S. Person principally for the purpose of investing in securities not registered under the U.S. Securities Act, unless it is organized or incorporated, and
owned, by U.S. Accredited Investors who are not natural persons, estates or trusts;

	
	 	 	 	 
	
 	
 	
(xxxii) 		
“U.S. Purchaser” means any Person who is a U.S. Person, a Person in the United States or a Person purchasing the Purchased Securities for the account or for the benefit of a U.S. Person or a Person in the United States,
or a Person who is otherwise subject to the Securities Laws of the United States;

	
	 	 	 	 
	
 	
 	
(xxxiii) 		
“U.S. Securities Act” means the United States Securities Act of 1933, as amended;

	
	 	 	 	 
	
 	
 	
(xxxiv) 		
“Warrant Certificates” means the certificates representing the Warrants;

	
	 	 	 	 
	
 	
 	
(xxxv) 		
“Warrant Shares” means the Common Shares issuable upon the exercise of the Warrants; and

	
	 	 	 	 
	
 	
 	
(xxxvi) 		
“Warrants” has the meaning ascribed to such term on the face page hereof.

	

	
2. 		
Conditions of Purchase

	

In connection with your purchase of the Purchased Securities, the following documents are attached hereto which you are requested to complete and sign as indicated and return together with an executed copy of this Agreement as soon as possible and
in any event no later than 1:00 p.m. (Toronto time) on May 28, 2010: 

	
 	
(a) 		
Schedule B, an information sheet and, to the extent required, Appendix A to Schedule B, being Form 4C in the form required by the Stock Exchange;

	
	 	 	 
	
 	
(b) 		
Schedule C, with respect to registration and delivery instructions; and

	
	 	 	 
	
 	
(c) 		
if you are, or, if applicable, the beneficial purchaser for whom you are contracting hereunder is, a resident of, or otherwise subject to the Securities Laws of, a jurisdiction of Canada (and subscribing for less than $150,000
of Units), Schedule D, being, among other things, the applicable “accredited investor” certificate, unless paragraph 4B(b) applies.

	

The obligation of the Corporation to sell the Purchased Securities to the Subscriber is subject to, among other things, the conditions that:

- 5 - 

	
 	
(a) 		
you execute and return all documents required by the Securities Laws of the applicable Offering Jurisdiction and the policies of the Stock Exchange for delivery on your behalf, including the forms set out in Schedules B to D
attached hereto, as applicable, to the Corporation as the sale of the Purchased Securities by the Corporation to the Subscriber will not be qualified by a prospectus or registration statement;

	
	 	 	 
	
 	
(b) 		
the representations and warranties made by you and, if applicable, any beneficial purchaser for whom you are contracting hereunder (including representations and warranties made in any schedule attached hereto, as applicable),
herein are true and correct when made and are true and correct on the Closing Date with the same force and effect as if they had been made on and as of such date;

	
	 	 	 
	
 	
(c) 		
all covenants, agreements and conditions contained in this Agreement to be performed by you and, if applicable, any beneficial purchaser for whom you are contracting hereunder, on or prior to the Closing Date shall have been
performed or complied with in all material respects; and

	
	 	 	 
	
 	
(d) 		
all necessary regulatory approvals being obtained prior to the Closing Date.

	

By returning this Agreement you consent and, if applicable, any beneficial purchaser for whom you are contracting hereunder consents, to the filing by the Corporation of all documents and personal information concerning the Subscriber provided in
this Agreement required by the Securities Laws of the Offering Jurisdictions and the policies of the Stock Exchange. 

If you are not subscribing for the Purchased Securities as principal for your own account and you are not an accredited investor that is a trust company, trust corporation or portfolio manager deemed to be purchasing as principal under NI 45-106,
each beneficial purchaser for whom you are contracting hereunder must be purchasing the Purchased Securities as principal, be disclosed on the execution page hereof as the Principal and (unless you are an authorized agent with power to sign on
behalf of the beneficial purchaser) must execute all documents required by the Securities Laws of the Offering Jurisdictions and the policies of the Stock Exchange with respect to the Purchased Securities being acquired by each such beneficial
purchaser as principal. If you are signing this Agreement as agent or pursuant to a power of attorney for the Subscriber, you represent and warrant that you have authority to bind the Subscriber.

You agree, and you agree to cause any beneficial purchaser for whom you are contracting hereunder, to comply with all Securities Laws of the Offering Jurisdictions and with the policies of the Stock Exchange concerning the purchase of, the holding
of, and the resale restrictions applicable to, the Purchased Securities.

You acknowledge and, if applicable, any beneficial purchaser for whom you are contracting hereunder acknowledges, that the Corporation has the right to close the subscription books at any time without notice and to accept or reject any subscription,
in whole or in part, in its sole discretion. 

	
3. 		
The Closing

	

Delivery and payment for the Purchased Securities will be completed at the Closing of the purchase and sale of the Offered Securities at the offices of counsel to the Corporation at Suite 3900, 1 First Canadian Place, 100 King Street West, Toronto,
ON M5X 1B2 at 10:00 am, Toronto time, on the Closing Date. If, at the Closing, the terms and conditions contained in the Agency Agreement have been complied with to the satisfaction of the Agent or waived by the Agent, the Agent will deliver to the
Corporation all
completed subscription agreements, including this Agreement, and deliver to the Corporation the net subscription proceeds of the Offering, against delivery by the Corporation of certificates representing the Purchased Securities, certificates
representing the Agent’s Compensation Options and such other documentation as may be requested by the Agent.

- 6 - 

Certificates representing the Purchased Securities will be available for delivery to you against payment to the Agent of the amount of the Purchase Price for the Purchased Securities in freely transferable Canadian funds. Such payment is to be made
by bank draft, certified cheque or other form of immediately available funds payable in favour of the Agent through which the Subscriber subscribed for the Purchased Securities or such other Person as the Agent shall advise you. You, on your behalf
or on behalf of others for whom you are contracting hereunder, hereby irrevocably appoint the Agent to act as your agent for the purpose of acting as your representative at the Closing and hereby appoint the Agent, with full power of substitution,
as your true and lawful attorney in your place or stead to execute in your name and on your behalf all closing receipts and documents required, to complete or correct any errors or omissions in any form or document provided by you, to approve any
opinion, certificate or other document addressed to you, to waive, in whole or in part, any representation, warranty, covenant or condition for your benefit and contained in the Agency Agreement or in this Agreement, to exercise any right of
termination contained in the Agency Agreement and to terminate or not deliver this Agreement if any condition is not satisfied, in such manner and on such terms and conditions as the Agent in its sole discretion may determine and to accept delivery
of the certificates representing the Purchased Securities on the Closing Date.

	4.	 Prospectus Exemptions

The sale of the Purchased Securities by the Corporation to the Subscriber is conditional upon such sale being exempt from the requirements as to the filing of a prospectus or registration statement and as to the preparation and delivery of an
offering memorandum or similar document contained in any statute, regulation, instrument, rule or policy applicable to the sale of the Purchased Securities or upon the issue of such orders, consents or approvals as may be required to permit such
sale without the requirement of filing a prospectus or registration statement or delivering an offering memorandum or similar document.

You acknowledge and agree that:

	
 	
(a) 		
you, and, if applicable, others for whom you are contracting hereunder, have been independently advised as to or are aware: (i) of the restrictions with respect to trading in, and the restricted period or statutory hold period
applicable to, the Unit Shares, the Warrants and the Warrant Shares imposed by the Securities Laws of the jurisdiction in which you reside or to which you are subject and by the policies of the Stock Exchange; (ii) that the resale of the Offered
Securities and, if applicable, the Warrant Shares, may be prohibited until the expiry of the applicable hold period except for any resale made in accordance with limited exemptions under applicable Securities Laws; (iii) it is the Subscriber’s
responsibility to find out what restrictions apply and to comply with them; and (iv) that a suitable legend or legends will be placed on the certificates representing the Unit Shares, the Warrants and, if applicable the Warrant Shares, to reflect
the applicable restricted period and statutory hold period to which the Unit Shares, the Warrants and, if applicable, the Warrant Shares are subject;

	
	 	 	 
	
 	
(b) 		
you, and, if applicable, others for whom you are contracting hereunder: (i) have not received or been provided with a prospectus, registration statement, offering memorandum (within the meaning of the Securities Laws of the
Offering Jurisdictions) or any document purporting to describe the business and affairs of the Corporation which has been prepared for review by prospective purchasers to assist in making an investment decision in respect of the Offered Securities; and (ii) that your decision, or, if applicable, the decision of others for whom you are
contracting hereunder, to enter into this Agreement and to purchase the Purchased Securities from the Corporation is based entirely upon this Agreement and the Information and not upon any other verbal or written representation as to fact or
otherwise made by or on behalf of the Corporation or the Agent;

	

- 7 - 

	
 	
(c) 		
you, or, if applicable, others for whom you are contracting hereunder,

	
	 	 	 	 
	 		
(i) 		
acknowledge that the Information on which you, or, if applicable, others for whom you are contracting hereunder relied in connection with the investment in the Purchased Securities has not been independently investigated or
verified by the Agent; and

	
	 	 	 	 
	 		
(ii) 		
acknowledge that you are not relying upon the Agent to conduct any due diligence investigation on your behalf concerning the business, financial position, condition or prospects of the Corporation and agree that the Agent assumes
no responsibility or liability of any nature whatsoever for the accuracy, adequacy or completeness of any such Information or as to whether all information concerning the Corporation required to be disclosed by the Corporation has been publicly
disclosed;

	
	 	 	 	 
	
 	
(d) 		
the Subscriber is solely responsible for obtaining such tax, investment, legal and other professional advice as it considers appropriate in connection with the execution, delivery and performance by it of this Agreement and the
transactions contemplated hereunder (including the resale and transfer restrictions referred to herein), and, without limiting the generality of the foregoing:

	
	 	 	 	 
	 		
(i) 		
the Corporation’s counsel are acting solely as counsel to the Corporation and not as counsel to the Subscriber;

	
	 	 	 	 
	 		
(ii) 		
the Agent’s counsel are acting solely as counsel to the Agent and not as counsel to the Subscriber; and

	
	 	 	 	 
	 		
(iii) 		
the Agent is acting solely as financial advisors to the Corporation and not as financial advisors to the Subscriber, or as agent of, the Subscriber, except insofar as is necessary at the Closing to deliver payment for the
Purchased Securities to the Corporation on behalf of the Subscriber and to accept and deliver the Purchased Securities to the Subscriber after the Closing;

	
	 	 	 	 
	
 	
(e) 		
as a consequence of the sale of the Purchased Securities being exempt from the prospectus and registration requirements of the Securities Laws of the Offering Jurisdictions:

	
	 	 	 	 
	 		
(i) 		
certain protections, rights and remedies provided by the Securities Laws of the Offering Jurisdictions, including statutory rights of rescission and certain statutory remedies against an issuer, agents, underwriters, auditors,
directors and officers that are available to investors who acquire securities offered by a prospectus or registration statement, will not be available to you, or, if applicable, others for whom you are contracting hereunder;

	

- 8 - 

	 		
(ii) 		
the common law may not provide you or, if applicable, others whom you are contracting hereunder, with an adequate remedy if you or, if applicable, others for whom you are contracting hereunder, suffer investment losses in
connection with the Purchased Securities;

	
	 	 	 	 
	 		
(iii) 		
you, or, if applicable, others for whom you are contracting hereunder, may not receive information that would otherwise be required to be given under the Securities Laws of the Offering Jurisdictions; and

	
	 	 	 	 
	 		
(iv) 		
the Corporation is relieved from certain obligations that would otherwise apply under the Securities Laws of the Offering Jurisdictions;

	
	 	 	 	 
	
 	
(f) 		
no Person has made any written or oral representation:

	
	 	 	 	 
	 		
(i) 		
that any Person will resell or repurchase the Purchased Securities;

	
	 	 	 	 
	 		
(ii) 		
that any Person will refund the Purchase Price; or

	
	 	 	 	 
	 		
(iii) 		
as to the future price or value of the Common Shares or the Warrants comprising the Units; and

	
	 	 	 	 
	
 	
(g) 		
the Corporation may complete additional financings in the future which may have a dilutive effect on existing shareholders at such time.

	

By your acceptance of this Agreement, you, and, if applicable, any others for whom you are contracting hereunder represent, warrant and acknowledge to the Agent and to the Corporation (which representations, warranties and acknowledgements shall be
true and correct both as of the date of execution of this Agreement and as of the Closing Date and shall survive the Closing) that: 

	
A. 		
General:

	
	 	 	 
		
(a) 		
You are, and any beneficial purchaser for whom you are contracting hereunder is, resident, or if not an individual, has the head office, in the jurisdiction set out on the line entitled “residential address, including postal
code” above your signature or on the line entitled “residential address and telephone number of beneficial purchaser” below your signature, as applicable, set forth on the execution pages of this Agreement, which address is your
residence or place of business, or the residence or place of business of any beneficial purchaser for whom you are contracting hereunder, as applicable, and such address was not obtained or used solely for the purpose of acquiring the Purchased
Securities.

	
	 	 	 
		
(b) 		
If you are an individual, you have attained the age of majority in the jurisdiction in which you are resident and have the legal capacity and competence to enter into and be bound by this Agreement and to perform the covenants and
obligations herein.

	
	 	 	 
		
(c) 		
If you are not an individual: (i) you have the legal capacity to authorize, execute and deliver this Agreement; and (ii) the individual signing this Agreement has been duly authorized to execute and deliver this Agreement.

	

- 9 - 

	
 	
(d) 		
You are, and any beneficial purchaser for whom you are contracting hereunder is, at arm’s-length, within the meaning of the Securities Laws of the Offering Jurisdictions and the policies of the Stock Exchange, with the
Corporation.

	
	 	 	 
	
 	
(e) 		
Legal counsel retained by the Corporation and legal counsel retained by the Agent are acting as counsel to the Corporation and the Agent respectively and not as counsel to the Subscriber and the Subscriber may not rely upon such
counsel in any respect. The Subscriber understands it should obtain independent legal advice with respect to the investment in the Purchased Securities. The Subscriber has been independently advised as to the meanings of all terms contained herein
relevant to the Subscriber for the purposes of giving representations, warranties and covenants hereunder and with respect to full particulars of applicable resale restrictions in its jurisdiction.

	
	 	 	 
	
 	
(f) 		
If you are, or, if applicable, any beneficial purchaser for whom you are contracting hereunder is, a resident of a jurisdiction other than a jurisdiction in Canada, you, and, if applicable, any beneficial purchaser for whom you
are contracting hereunder: (i) have knowledge of or have been independently advised as to and will comply with the requirements of all the Securities Laws of the jurisdiction of your residence or the residence of any beneficial purchaser for whom
you are contracting hereunder, as the case may be; (ii) confirm that the requirements of the Securities Laws in the jurisdiction of your residence or the residence of any beneficial purchaser for whom you are contracting hereunder, as the case may
be, do not (A) require the Corporation to make any filings or seek any approvals of any kind whatsoever from any regulatory authority of any kind or nature whatsoever, (B) require the Corporation to prepare and file a prospectus, registration
statement or similar document or to register the Units or (C) impose any registration or other requirements on the Agent; and (iii) will provide such evidence of compliance with all such matters as the Corporation or the Agent may request.

	
	 	 	 
	
 	
(g) 		
You are, and, if applicable, any beneficial purchaser for whom you are contracting hereunder is capable of assessing the proposed investment in the Purchased Securities as a result of financial or investment experience or as a
result of advice received from a registered person other than the Corporation or an affiliate thereof and you are or, if applicable, any beneficial purchaser for whom you are contracting hereunder is, as the case may be, able to bear the economic
loss of the investment in the Purchased Securities;

	
	 	 	 
	
 	
(h) 		
You are not a U.S. Purchaser and you are not acquiring the Purchased Securities on behalf of any U.S. Purchaser;

	
	 	 	 
	
 	
(i) 		
The Purchased Securities were not offered to you or any beneficial purchaser for whom you are contracting in the United States;

	
	 	 	 
	
 	
(j) 		
At the time the buy order for the Purchased Securities was originated, you were, and, if applicable, any beneficial purchaser for whom you are contracting hereunder was, outside the United States and this Agreement was not
executed or delivered in the United States;

	
	 	 	 
	
 	
(k) 		
The Offered Securities were not offered to you or any beneficial purchaser for whom you are contracting hereunder as a result of any directed selling efforts (as that term is defined by Regulation S) in the United States, which
would include any activity (such as placing an advertisement in a publication with a general circulation in the United States that refers to the Offered Securities) undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for any of the Offered Securities;

	

- 10 - 

	
 	
(l) 		
The current structure of this transaction and all transactions and activities contemplated hereunder is not a scheme to evade the registration requirements of the U.S. Securities Act;

	
	 	 	 
	
 	
(m) 		
The Offered Securities have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States or to any U.S. Person, unless the securities are registered under the U.S.
Securities Act and all applicable state securities laws or an exemption from such registration requirements is available and further agrees that hedging transactions involving such securities may not be conducted unless in compliance with the U.S.
Securities Act;

	
	 	 	 
	
 	
(n) 		
The Subscriber and if applicable, any beneficial purchaser for whom you are contracting hereunder, understands that the Corporation is the seller of the Purchased Securities and that, for purposes of Regulation S, a
“distributor” is any underwriter, dealer or other person who participates, pursuant to a contractual arrangement, in the distribution of securities sold in reliance on Regulation S and that an “affiliate” is any partner, officer,
director or any person directly or indirectly controlling, controlled by or under common control with any person in question. Except as otherwise permitted by Regulation S, the Subscriber and if applicable, any beneficial purchaser for whom you are
contracting hereunder, agrees that it will not, during the distribution compliance period described in Regulation S, act as a distributor, either directly or through any affiliate, or sell, transfer, hypothecate or otherwise convey the Purchased
Securities or underlying securities other than to a non-U.S. Person;

	
	 	 	 
	
 	
(o) 		
Neither the Subscriber nor any beneficial purchaser for whom you are contracting hereunder will offer, sell or otherwise dispose of the Purchased Securities in the United States or to a U.S. Person unless (A) the Corporation has
consented to such offer, sale or disposition and such offer, sale or disposition is made in accordance with an exemption from the registration requirements under the U.S. Securities Act and the securities laws of all applicable states of the United
States or (B) the SEC has declared effective a registration statement in respect of such securities, and the Subscriber understands that the Corporation will refuse to transfer the Purchased Securities absent compliance with the foregoing;

	
	 	 	 
	
 	
(p) 		
The Subscriber, and if applicable, any beneficial purchaser for whom you are contracting hereunder, acknowledges and understands that in the event the Purchased Securities are offered, sold or otherwise transferred by the
Subscriber or if applicable, the beneficial purchaser for whom you are contracting hereunder, to a non-U.S Person prior to the expiration of the distribution compliance period specified in Regulation S, the purchaser or transferee must agree not to
resell such securities except in accordance with the provisions of Regulation S, pursuant to registration under the U.S. Securities Act, or pursuant to an available exemption from registration; and must further agree not to engage in hedging
transactions with regard to such securities unless in compliance with the U.S. Securities Act;

	
	 	 	 
	
 	
(q) 		
In order to exercise the Warrants included in the Units, the holder must certify in writing that it is not a U.S. Person and the Warrant is not being exercised on behalf of a U.S. Person, or that the person provided an opinion of
counsel satisfactory to the Corporation that the exercise of the Warrant is exempt from the registration provisions of the U.S. Securities Act;

	

- 11 - 

	
 	
(r) 		
The Purchased Securities to be issued hereunder are not being purchased with knowledge of any material fact about the Corporation that has not been generally disclosed;

	
	 	 	 
	
 	
(s) 		
You acknowledge and, if applicable, any beneficial purchaser for whom you are contracting hereunder acknowledges, that no agency, governmental authority, securities commission or similar regulatory body, stock exchange or other
entity has reviewed, passed on or made any finding or determination as to the merit for investment of the Units nor have any such agencies or governmental authorities made any recommendation or endorsement with respect to the Units;

	
	 	 	 
	
 	
(t) 		
This Agreement has been duly executed and delivered and, when accepted by the Corporation, will constitute a legal, valid and binding obligation enforceable against you and, if you are signing this Agreement on behalf of a
beneficial purchaser, also against such beneficial purchaser, in each case in accordance with the terms hereof;

	
	 	 	 
	
 	
(u) 		
If you are contracting hereunder as trustee or agent (including, for greater certainty, a portfolio manager or comparable adviser) for one or more beneficial purchasers, you are authorized to execute and deliver this Agreement and
all other necessary documentation in connection with the subscription made on behalf of such beneficial purchaser or beneficial purchasers and this Agreement has been authorized, executed and delivered on behalf of such beneficial purchaser or
beneficial purchasers, and you acknowledge that any or all of the Corporation and the Agent may be required by law to disclose the identity of each beneficial purchaser for whom you are contracting hereunder;

	
	 	 	 
	
 	
(v) 		
The execution and delivery of this Agreement, the performance and compliance with the terms hereof, the purchase of the Purchased Securities and the completion of the transactions described herein will not result in any material
breach of, or be in conflict with or constitute a material default under, or create a state of facts which, after notice or lapse of time, or both, would, if you are not or any beneficial purchaser for whom you are contracting hereunder is not an
individual, constitute a material default under any term or provision of your constating documents, by-laws or resolutions or the constating documents, by-laws or resolutions of any beneficial purchaser for whom you are contracting hereunder, as the
case may be, the Securities Laws or any other laws applicable to you or any beneficial purchaser for whom you are contracting hereunder, any agreement to which you are or any beneficial purchaser for whom you are contracting hereunder is a party, or
any judgment, decree, order, statute, rule or regulation applicable to you or any beneficial purchaser for whom you are contracting hereunder;

	
	 	 	 
	
 	
(w) 		
The funds representing the aggregate Purchase Price in respect of the Purchased Securities which will be advanced by the Subscriber to the Corporation hereunder will not represent proceeds of crime for the purposes of the
Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) (for the purposes of this paragraph the “PCMLTFA”) or the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act (United States) (commonly referred to as the “USA PATRIOT Act”), and you acknowledge that the Corporation may in the future be required by law to disclose the name of the Subscriber and other information relating
to this Agreement and the subscription hereunder, on a confidential basis, pursuant to the PCMLTFA. To the best of your knowledge, none of the subscription funds provided by the Subscriber: (i) have been or will be derived directly or indirectly from or related to any activity that is deemed criminal under the laws of Canada, the United States or any other jurisdiction; or (ii) are
being tendered on behalf of a person or entity who has not been identified to you, and you will promptly notify the Corporation if you discover that any of such representations cease to be true and will provide the Corporation with appropriate
information in connection therewith;

	

- 12 - 

	
 	
(x) 		
You, on your own behalf and, if applicable, on behalf of each beneficial purchaser for whom you are contracting hereunder, acknowledge and consent to the fact that the Corporation and the Agent are collecting your personal
information (as that term is defined under applicable privacy legislation, including, without limitation, the Personal Information Protection and Electronic Documents Act (Canada) and any other applicable similar, replacement or supplemental
provincial or federal legislation or laws in effect from time to time), and, if applicable, that of each beneficial purchaser for whom you are contracting hereunder, for the purpose of completing this Agreement. You, on your own behalf and, if
applicable, on behalf of each beneficial purchaser for whom you are contracting hereunder, acknowledge and consent to the Corporation and the Agent retaining such personal information for as long as permitted or required by law or business
practices. You, on your own behalf and, if applicable, on behalf of each beneficial purchaser for whom you are contracting hereunder, further acknowledge and consent to the fact that the Corporation or the Agent may be required by the Securities
Laws of the Offering Jurisdictions, the rules and policies of any stock exchange or the rules of the Investment Industry Regulatory Organization of Canada to provide regulatory authorities with any personal information provided under this Agreement.
You represent and warrant, as applicable, that you have the authority to provide the consents and acknowledgements set out in this paragraph on behalf of each beneficial purchaser for whom you are contracting hereunder. In addition to the foregoing,
you agree and acknowledge that the Corporation or the Agent, as the case may be, may use and disclose your personal information, or that of each beneficial purchaser for whom you are contracting hereunder, as follows:

	
	 	 	 	 
	 		
(i) 		
for internal use with respect to managing the relationships between and contractual obligations of the Corporation or the Agent and you or any beneficial purchaser for whom you are contracting hereunder;

	
	 	 	 	 
	 		
(ii) 		
for use and disclosure for income tax related purposes, including without limitation, where required by law, disclosure to Canada Revenue Agency;

	
	 	 	 	 
	 		
(iii) 		
for disclosure to securities regulatory authorities and other regulatory bodies with jurisdiction with respect to reports of trades and similar regulatory filings;

	
	 	 	 	 
	 		
(iv) 		
for use and disclosure to the Stock Exchange (as set forth in Stock Exchange Appendix 6A) pursuant to Stock Exchange Form 4B entitled “Private Placement Notice Form”;

	
	 	 	 	 
	 		
(v) 		
for disclosure to a governmental or other authority to which the disclosure is required by court order or subpoena compelling such disclosure and where there is no reasonable alternative to such disclosure;

	
	 	 	 	 
	 		
(vi) 		
for disclosure to professional advisers of the Corporation or the Agent in connection with the performance of their professional services;

	

- 13 - 

	 		
(vii) 		
for disclosure to any person where such disclosure is necessary for legitimate business reasons and is made with your prior written consent;

	
	 	 	 	 
	 		
(viii) 		
for disclosure to a court determining the rights of the parties under this Agreement; or

	
	 	 	 	 
	 		
(ix) 		
for use and disclosure as otherwise required or permitted by law;

	
	 	 	 	 
	
 	
(y) 		
If you are, or the beneficial purchaser for whom you are contracting hereunder is, a resident of the Province of Ontario, you authorize the indirect collection of personal information (as defined in the Securities Laws of the
Province of Ontario) by the Ontario Securities Commission and confirm that you have been notified by the Corporation:

	
	 	 	 	 
	 		
(i) 		
that the Corporation will be delivering such personal information to the Ontario Securities Commission;

	
	 	 	 	 
	 		
(ii) 		
that such personal information is being collected indirectly by the Ontario Securities Commission under the authority granted to it in the Securities Laws of the Province of Ontario;

	
	 	 	 	 
	 		
(iii) 		
that such personal information is being collected for the purpose of the administration and enforcement of the Securities Laws of the Province of Ontario; and

	
	 	 	 	 
	 		
(iv) 		
that the title, business address and business telephone number of the public official in the Province of Ontario who can answer questions about the Ontario Securities Commission’s indirect collection of personal information
is as follows:

	

Administrative Assistant to the Director of Corporate Finance 

Ontario Securities Commission 

Suite 1903, Box 55, 20 Queen Street West 

Toronto, Ontario M5H 3S8 

Telephone:     416-593-8086 

	
 	
(z) 		
You, on your own behalf and, if applicable, on behalf of each beneficial purchaser for whom you are contracting hereunder, acknowledge and consent to the fact that the Stock Exchange, its affiliates, authorized agents,
subsidiaries and divisions collect personal information (as such term is defined in the Corporate Finance Manual of the Stock Exchange) in certain information forms, which are submitted to the Stock Exchange, including the form attached hereto as
Schedule B, and use such information for the following purposes:

	
	 	 	 	 
	 		
(i) 		
to conduct background checks;

	
	 	 	 	 
	 		
(ii) 		
to verify the personal information that has been provided about each individual;

	
	 	 	 	 
	 		
(iii) 		
to provide disclosure to market participants as to the security holdings of directors, officers, other insiders and promoters of the Corporation, or its associates or affiliates;

	

- 14 - 

	 		
(iv) 

		
to conduct enforcement proceedings; and
	 	 	 	 	 	 
	 		
(v)

		
to perform other investigations as required by and to ensure
compliance with all applicable rules, policies, rulings and regulations of the Stock Exchange, securities legislation and other legal and regulatory requirements governing the conduct and protection of the public markets in Canada.

	 	 	 	 	 	 
	 		
As part of above-mentioned process, the Stock Exchange also collects additional personal information from other sources, including but not limited to, securities regulatory authorities in Canada or elsewhere, investigative, law
enforcement or self-regulatory organizations, regulations services providers and each of their subsidiaries, affiliates, regulators and authorized agents, to ensure that the purposes set out above can be accomplished.

	
	 	 	 	 	 	 
	 			
The personal information collected by the Stock Exchange may also be disclosed:

	
	 	 	 	 	 	 
	 			
(i) 		
to the agencies and organizations in the preceding paragraph, or as otherwise permitted or required by law, and they may use it in their own investigations for the purposes described above; and

	
	 	 	 	 	 	 
	 			
(ii) 		
on the website of the Stock Exchange or through printed materials published by or pursuant to the directions of the Stock Exchange.

	
	 	 	 	 	 	 
	 			
You on your own behalf and, if applicable, on behalf of each beneficial purchaser for whom you are contracting hereunder, acknowledge and consent to all of the foregoing and to the fact that the Stock Exchange may from time to
time use third parties to process information and/or provide other administrative services. In this regard, the Stock Exchange may share the information with such third party service providers; and

	
	 	 	 	 	 	 
	 		
(aa) 		
The representations, warranties and covenants of the Subscriber herein are made with the intent that they may be relied upon in determining the suitability of a purchaser of Units and will survive the completion of the issuance of
the Units.

	
	 	 	 	 	 	 
	
 	
B. 		
All Purchasers: If you, or any beneficial purchaser for whom you are contracting, are resident in, or are otherwise subject to the Securities Laws of a jurisdiction of Canada, then either of paragraph 4B(a) or 4B(b) applies
to you:

	
	 	 	 	 	 	 
	 		
(a) 		
Accredited Investors:

	
	 	 	 	 	 	 
	 			
(i) 		
you are either purchasing the Purchased Securities:

	
	 	 	 	 	 	 
	 				
(A) 		
as principal and not for the benefit of any other Person, or you are deemed under NI 45-106 to be purchasing the Purchased Securities as principal, and you are an “accredited investor” within the meaning of NI 45-106;
or

	
	 	 	 	 	 	 
	 				
(B) 		
as agent for a beneficial purchaser disclosed as the principal on the second execution page of this Agreement, and you are an agent or trustee with proper authority to execute all documents required in connection with the purchase
of the Purchased Securities on behalf of such disclosed beneficial purchaser and such disclosed beneficial purchaser for whom
you are contracting hereunder is purchasing as principal and not for the benefit of any other Person, or is deemed under NI 45-106 to be purchasing the Purchased Securities as principal, and such disclosed beneficial purchaser is an “accredited
investor” within the meaning of NI 45-106; 

	

- 15 - 

	 	 		
(ii) 		
if you are, or the beneficial purchaser for whom you are contracting hereunder is, as the case may be, a Person, other than an individual or investment fund, that has net assets of at least $5,000,000, you were not, or the
beneficial purchaser for whom you are contracting hereunder was not, as the case may be, created or used solely to purchase or hold securities as an accredited investor; and

	
	 	 	 	 	 	 
	 	 		
(iii) 		
you have concurrently executed and delivered a certificate in the form attached as Schedule D hereto.

	
	 	 	 	 	 	 
	
 	
 	
(b) 		
Minimum Amount Investment:

	
	 	 	 	 	 	 
	 	 		
(i) 		
you are either purchasing the Purchased Securities:

	
	 	 	 	 	 	 
	 	 			
(A) 		
as principal and not for the benefit of any other Person, and your aggregate acquisition cost, payable by you in cash at the Closing, for the Purchased Securities is not less than $150,000; or

	
	 	 	 	 	 	 
	 	 			
(B) 		
as agent for a beneficial purchaser disclosed on the second execution page of this Agreement, and you are an agent or trustee with proper authority to execute all documents required in connection with the purchase of the Purchased
Securities on behalf of such disclosed beneficial purchaser and such disclosed beneficial purchaser for whom you are contracting hereunder is purchasing as principal and not for the benefit of any other Person, and the aggregate acquisition cost of
such disclosed beneficial purchaser, payable by such disclosed beneficial purchaser in cash at the Closing, for the Purchased Securities is not less than $150,000; and

	
	 	 	 	 	 	 
	 	 		
(ii) 		
you were not, or the beneficial purchaser for whom you are contracting hereunder was not, as the case may be, created or used solely to purchase or hold securities in reliance on this exemption from the prospectus requirement.

	

	
5. 		
Legends

	

You acknowledge that the certificates representing the Unit Shares, and, if necessary, the certificates representing the Warrant Shares, will bear the following legends: 

“UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [the date which is four months and one day after the Closing Date will be inserted].” 

and 

- 16 - 

“WITHOUT PRIOR WRITTEN APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH
THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL [the date which is four months and one day after the Closing Date will be inserted].” 

You also acknowledge that the Warrant Certificates will bear the following legends: 

“UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [the date which is four months and one day after the Closing Date will be inserted].” 

and 

“WITHOUT PRIOR WRITTEN APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF MAY NOT BE SOLD,
TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL [the date which is four months and one day after the Closing Date
will be inserted].”

For purposes of complying with the United States securities laws, the Subscriber and each beneficial purchaser, if any, understands and acknowledges that all certificates issued to the Purchaser representing the Unit Shares, the Warrant and the
Warrant Shares shall bear the following legends: 

THE SECURITIES REPRESENTED HEREBY [IN THE CASE OF THE WARRANTS: AND ANY SECURITIES ISSUABLE UPON EXERCISE HEREOF] HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THESE
SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO BE RESOURCES INC., (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (C) IN COMPLIANCE WITH RULE 144 OR 144A THEREUNDER,
IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, (D) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR (E) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS,
AND THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE CORPORATION AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE CORPORATION.  HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE
CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT; 

provided, that if any such Securities are being sold in compliance with the requirements of Rule 904 of Regulation S under the U.S. Securities Act and in compliance with Canadian local laws and regulations, the legend may be removed by providing a
declaration to the Corporation’s registrar and transfer agent and the Corporation in the form attached hereto as Schedule E (or as the Corporation may prescribe from
time to time); and provided, further, that, if any such Securities are being sold pursuant to Rule 144 of the U.S. Securities Act or a transaction that does not require registration under the U.S. Securities Act or applicable state securities laws,
the legend may be removed by delivery to the registrar and transfer agent of the Corporation of an opinion of counsel, of recognized standing reasonably satisfactory to the Corporation, to the effect that such legend is no longer required under
applicable requirements of the U.S. Securities Act or applicable state securities laws; 

- 17 - 

The Corporation will make a notation on its records or give instructions to any registrar and transfer agent of the Securities in order to implement the restrictions on transfer described herein. 

	
6. 		
Representations and Warranties of the Corporation

	

The Corporation hereby agrees with the Subscriber that the representations and warranties made by the Corporation to the Agent in the Agency Agreement shall be true and correct in all material respects as of the Closing Date (save and except as
waived by the Agent). The Subscriber shall be entitled to rely on the representations, warranties and covenants made by the Corporation to the Agent for the benefit of the Subscribers in the Agency Agreement to the extent that they have not been
varied, amended, altered or waived, in whole or in part, by the Agent and they shall survive the Closing of the Offering and shall continue in full force and effect for the benefit of the Subscriber in accordance with the terms of the Agency
Agreement. The representations, warranties and covenants made by the Corporation to the Agent for the benefit of the Subscribers in the Agency Agreement are hereby incorporated by reference such that they form an integral part of this Agreement.

	
7. 		
Covenants

	

The Corporation hereby covenants and agrees with the Subscriber as follows: 

	
 	
(a) 		
Reporting Issuer: The Corporation shall maintain its status as a “reporting issuer” in, and not in default of any requirement of the Securities Laws of, the Reporting Jurisdictions for a period of at least 18
months after the Closing Date.

	
	 	 	 
	
 	
(b) 		
Corporate Status: For a period of a least 18 months after the Closing Date, the Corporation shall remain a corporation validly subsisting under the laws of its jurisdiction of incorporation, licensed, registered or
qualified as an extra-provincial or foreign corporation in all jurisdictions where the character of its properties owned or leased or the nature of the activities conducted by it make such licensing, registration or qualification necessary and shall
carry on its business in the ordinary course and in compliance in all material respects with all applicable laws, rules and regulations of each such jurisdiction.

	
	 	 	 
	
 	
(c) 		
Listing on Stock Exchanges: The Corporation shall maintain the listing on the Stock Exchange or another stock exchange acceptable to the Agent of the class of shares of which the Subject Shares form a part for a period of
at least 18 months after the Closing Date. The Corporation shall obtain from the Stock Exchange not later than the Closing Date, approval to issue the Purchased Securities.

	
	 	 	 
	
 	
(d) 		
Securities Filings: Forthwith after the Closing the Corporation shall file such forms and documents as may be required under the Securities Laws of the Offering Jurisdictions relating to the offering of the Purchased
Securities which, without limiting the generality of the foregoing, shall include a Form 45-106F1 as prescribed by NI 45-106.

	

- 18 - 

		
(e) 		
Performance of Acts: The Corporation shall perform and carry out all of the acts and things to be completed by it as provided in this Agreement.

	
	 	 	 
		
(f) 		
Directed Selling Efforts and General Solicitation: Prior to the completion of the offering of the Offered Securities, the Corporation will not engage in any “directed selling efforts” as defined in Regulation S or
any “general solicitation or general advertising” as defined in Regulation D.

	
	 	 	 
		
(g) 		
SEC Foreign Issuer: The Corporation will not take any action which would cause the Corporation not to be an “SEC Foreign Issuer” as defined in National Instrument 71-102 – Continuous Disclosure and Other
Exemptions Relating to Foreign Issuers for a period of 18 months after the Closing Date.

	
	 	 	 
		
(h) 		
Use of Proceeds Amount: The Corporation shall use the net proceeds of the Offered Securities to fund drilling activities at its Warm Springs property and for general working capital purposes.

	
	 	 	 
	
8. 		
Fee to Agent

	
	 	 	 
		
(a) 		
Fee: You, if you are the Subscriber, or if you are not the Subscriber, then on behalf of the Subscriber, acknowledge that the Agent is offering the Offered Securities on a best- efforts private placement basis and, in
connection therewith, the Corporation and the Agent will have entered as of the Closing Date into an Agency Agreement pursuant to which the Agent, or members of a selling group formed by the Agent, will receive an aggregate cash commission (the
“Commission”) equal to 8% of the gross proceeds of the Offering and Agent’s Compensation Options exercisable to acquire that number of Units from the Corporation as is equal to 10% of the aggregate number of Units sold pursuant to the
Offering. The Agent retains the option, in its own and sole discretion, to elect to take all or any part of the Commission in the form of Units upon the closing of the Offering. No other fee or commission is payable by the Corporation in connection
with the sale of the Offered Securities.

	
	 	 	 
		
(b) 		
Acknowledgement: You, if you are the Subscriber, or if you are not the Subscriber then on behalf of the Subscriber, acknowledge that the Agent has been appointed by the Corporation to act as agent of the Corporation to
offer the Offered Securities on a best- efforts private placement basis and acknowledge that the Agent assumes no responsibility or liability of any nature whatsoever for the accuracy or adequacy of the information regarding the Corporation which is
publicly available, that the Agent has not engaged in or conducted an independent investigation with respect to the Corporation and that the Agent and the representatives and agents thereof are not liable for any information given or statement made
to the Subscriber by the Corporation in connection with the Corporation or the transaction contemplated by this Agreement and the Subscriber hereby releases the Agent and the representatives and agents thereof from any claim that may arise in
respect of this Agreement or the transaction contemplated hereby.

	
	 	 	 
	
9. 		
General

	
	 	 	 
		
(a) 		
Headings: The division of this Agreement into articles and sections and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement. The terms
“this Agreement,” “hereof,” “hereunder”, “herein” and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement supplemental thereto and any exhibits attached hereto. Unless something in the subject matter or context is inconsistent therewith, reference herein to articles, sections
and paragraphs are to articles, sections, subsections and paragraphs of this Agreement.

	

- 19 - 

	
 	
(b) 		
Number and Gender: Words importing the singular number only shall include the plural and vice versa, words importing the masculine gender shall include the feminine gender and neuter and vice versa.

	
	 	 	 
	
 	
(c) 		
Severability: If one or more of the provisions contained in this Agreement shall be invalid, illegal or unenforceable in any respect under any applicable law, the validity, legality or enforceability of the remaining
provisions hereof shall not be affected or impaired thereby. Each of the provisions of this Agreement is hereby declared to be separate and distinct.

	
	 	 	 
	
 	
(d) 		
Notices: All notices or other communications to be given hereunder shall be delivered by hand or by telecopier, and if delivered by hand, shall be deemed to have been given on the date of delivery or, if sent by telecopier,
on the date of transmission if sent before 5:00 p.m. (Toronto time) and such day is a Business Day or, if not, on the first Business Day following the date of transmission.

	
	 	 	 
	
 	
(e) 		
Notices to the Corporation shall be addressed to:

	

	
 	
 	
BE RESOURCES INC.
	
	
 	
 	
107 Hackney Circle
	
	
 	
 	
Elephant Butte, New Mexico
	
	
 	
 	
87935 USA
		
 
	
	
 	
 	
 
		
 
	
	
 	
 	
Attention:
		
David Q. Tognoni
	
	
 	
 	
Telecopier:
		
(575) 744-4014
	

Notices to the Subscriber shall be addressed to the address of the Subscriber set out on the execution pages hereof. 

Either the Corporation or the Subscriber may change its address for service aforesaid by notice in writing to the other party hereto specifying its new address for service hereunder. 

	
 	
(f) 		
Further Assurances: Each party hereto shall from time to time at the request of the other party hereto do such further acts and execute and deliver such further instruments, deeds and documents as shall be reasonably
required in order to fully perform and carry out the provisions of this Agreement. The parties hereto agree to act honestly and in good faith in the performance of their respective obligations hereunder.

	
	 	 	 
	
 	
(g) 		
Successors and Assigns: Except as otherwise provided, this Agreement shall enure to the benefit of and shall be binding upon the parties hereto and their respective successors and permitted assigns.

	
	 	 	 
	
 	
(h) 		
Entire Agreement: The terms of this Agreement express and constitute the entire agreement between the parties hereto with respect to the subject matter hereof and no implied term or implied liability of any kind is created or shall arise by reason of anything in this Agreement.

	

- 20 - 

	
 	
(i) 		
Time of Essence: Time is of the essence of this Agreement.

	
	 	 	 
	
 	
(j) 		
Amendments: The provisions of this Agreement may only be amended with the written consent of all of the parties hereto.

	
	 	 	 
	
 	
(k) 		
Survival: Notwithstanding any other provision of this Agreement, the representations, warranties, covenants and indemnities of or by the Corporation and the Subscriber contained herein or in any certificate, document or
instrument delivered pursuant hereto shall survive the completion of the transactions contemplated by this Agreement.

	
	 	 	 
	
 	
(l) 		
Governing Law and Venue: This Agreement, any amendment, addendum, annex, exhibit, supplement or other document relating hereto, any dispute arising from or related hereto, and all related rights, duties and remedies shall
be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein, without reference to their principles governing the choice or conflict of laws, and the parties hereto and their
successors in interest irrevocably attorn and submit to the exclusive jurisdiction of the courts of the Province of Ontario, sitting in the City of Toronto, with respect to any dispute arising from or related thereto.

	
	 	 	 
	
 	
(m) 		
Counterparts: This Agreement may be executed in two or more counterparts which when taken together shall constitute one and the same agreement. Delivery of counterparts may be effected by facsimile transmission thereof.

	
	 	 	 
	
 	
(n) 		
Facsimile Copies: The Corporation and the Agent shall be entitled to rely on a facsimile or an electronic copy of an executed Agreement and acceptance, including facsimile or electronic acceptance, by the Corporation, of
such facsimile or electronic subscription shall be legally effective to create a valid and binding agreement between the Subscriber and the Corporation in accordance with the terms thereof.

	

If the foregoing is in accordance with your understanding, please sign and return this Agreement together with the other required documents signifying your agreement to purchase the Purchased Securities. You hereby authorize the Agent through which
the Subscriber subscribed for the Purchased Securities, to deliver a copy of this Agreement on your behalf to the Corporation. 

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

EXECUTION PAGES 

UNITS 

TO:                 BE RESOURCES INC.

AND TO:       MGI SECURITIES INC. 

AND TO:       CANACCORD FINANCIAL INC. 

The undersigned hereby accepts the foregoing and agrees to be bound by the terms set forth herein and, without limitation, agrees that you may rely upon the covenants, representations and warranties of the undersigned contained herein. 

DATED as of this         day of ___________, 2010. 

	
Number of Offered Securities to be purchased
		
 
	
at $0.30 each:
		
 
	
Aggregate Purchase Price:
		
 
	
  $
	
  
	
Name (full legal name of Subscriber) and
		
 
	
Residential Address of Subscriber:
		
 
	
 
		
 
	
 	
 
	
 
		
 
	
 
		
 
	
 
		
 
	
 
		
 
	
 	
(residential address, including postal code)
	
	
 	
 
	
	
 	
 
	
	
 	
(telephone number)
	
	
 	
 
	
 	
 
	
 	
(facsimile number)
	
	
 	
 
	
	
 By:
	
	
  
	
 	
 
	
	
 	
 
	
	
 	
(signature)
	
	
 	
 
	
	
 	
 
	
	
 	
(please print name)
	
	
 	
 
	
	
 	
 
	
	
 	
(official capacity)
	
	
 	
 
	
 	
 
	
 	
(social insurance number or federal
	
	
 	
corporate/business account number)
	

If you are signing this Agreement as agent for a beneficial purchaser and are not a trust company, trust corporation or portfolio manager deemed to be purchasing as principal under NI 45-106, please provide the following information for each
beneficial purchaser: 

	
(name of beneficial purchaser)
	
	
 
	
 
	
 
	
 
	
(residential address and telephone number of
	
	
beneficial purchaser)
	
	
 
	
 
	
(social insurance number or federal
	
	
corporate/business account number)
	

	
The above-mentioned subscription is hereby accepted by BE Resources Inc.
	
	
  
	
                    DATED as of this
day of _________ , 2010.
	

	
BE RESOURCES INC.
	
	
 
	
	
By:
	
	
        Authorized Signing Officer
	

 

Schedule A 

BE RESOURCES INC. 

UP TO CDN$3,000,000

BEST EFFORTS PRIVATE PLACEMENT OF UNITS 

TERM SHEET 

	
    ISSUER: 
	BE Resources Inc. (the “Corporation”)
      (TSXV:BER). 
	
      
	  
	
    AGENT: 
	MGI Securities Inc. (the “Agent”).

	
      
	  
	
    DESCRIPTION OF AGENCY: 
	The Agent will act as the Corporation's
      exclusive agent to sell units (the “Units”) in the capital of the
      Corporation as presently constituted in a private placement (“Private
      Placement”) on a best efforts basis. The Agent is not obligated under any
      circumstances to purchase any Units but may choose to do so in its sole
      discretion. 
	
      
	  
	
    OFFERING: 
	Private Placement of up to an aggregate of
      10,000,000 Units, with each Unit being comprised of one common share in
      the capital of the Corporation (a “Unit Share”) and one half of one common
      share purchase warrant (each whole warrant a “Warrant”). 
	
      
	  
	
    COMMON SHARE PURCHASE WARRANTS: 
	Each Warrant will entitle the holder thereof to
      purchase one additional common share in the capital of the Corporation (a
      “Warrant Share”) at an exercise price of $0.50 per Warrant Share to the
      extent such Warrant is exercised on or before the date that is 24 months
      from the Closing Date (as hereinafter defined). In the event that after
      four months and one day after the Closing Date, the closing price of the
      Corporation's common shares on the TSX Venture Exchange (or such other
      stock exchange on which the Corporation's shares are listed and where a
      majority of the trading volume occurs), for a period of ten (10)
      consecutive trading days equals or exceeds $0.75 per common share, the
      Corporation may, within five (5) days after such an event, provide notice
      to the warrant holders of early expiry of the Warrants held by each
      warrant holder and thereafter, such Warrants will expire at 3:30 p.m.
      (Toronto time) on the date which is twenty-one (21) days after the date of
      the notice to the warrant holders. 
	
      
	  
	
    ISSUE PRICE: 
	CDN$0.30 per Unit. 
	
      
	  
	
    SIZE OF THE OFFERING: 
	Up to an aggregate of $3,000,000. 
	
      
	  
	
    FINANCIAL ADVISORY AGREEMENT: 
	In the event the Offering is successfully
      completed raising not less than $2,500,000 in aggregate gross proceeds,
      the Agent, the Corporation, and Canaccord agree to enter into a mutually
      acceptable financial advisory agreement (the "Advisory Agreement")
      whereby the Agent and Canaccord will act, for a period of 24-months
      following the Closing Date, as a financial advisor to the Corporation. The
      terms of the Advisory Agreement will be negotiated in good faith between
      the parties prior to the Closing Date. 
	
      
	  
	
    USE OF PROCEEDS: 
	The proceeds of the Offering will be used to fund drilling
      activities at the Corporation’s Warm Spring property and for general
      working capital purposes. 

	
    OFFERING JURISDICTIONS: 
	The Offering will be effected on a private
      placement basis exempt from the prospectus requirements of the securities
      legislation, regulation, rules and policies of all Provinces and
      Territories of Canada and qualified purchasers resident outside of Canada
      and the United States. 
	
      
	  
	
    CLOSING: 
	All subscriptions for the Units are anticipated
      to be completed and accepted by the Corporation on or before the close of
      business on June 1st, 2010 or such other dates as agreed to by
      the Agent and the Corporation (the “Closing Date”). Upon the closing of
      the Offering, funds are to be released to the Corporation net of
      Commission (as hereinafter defined) and expenses. 
	
      
	  
	
    REPORTING ISSUER: 
	The Corporation is a reporting issuer in the
      Provinces of British Columbia, Alberta, and Ontario. 
	
      
	  
	
    LISTING: 
	The Unit Shares and the Warrant Shares
      will be listed on the TSX Venture Exchange, a division of TSX Venture
      Exchange Inc.
	
      

	
    PRIVATE PLACEMENT RESALE RESTRICTIONS: 
	The Unit Shares, the Warrant Shares and the Warrants
      comprised within the Units issued on Closing and any Warrant Shares issued
      upon due exercise of the Warrants will be subject to a hold period of 4
      months and a day from the respective Closing Dates. 
	
      
	  
	
    COSTS AND EXPENSES: 
	Whether or not the Offering is completed,
      reasonable costs related to the Offering, due diligence expenses, travel
      expenses and other expenses including the fees of the Agent’s designated
      legal counsel plus disbursements and taxes shall be borne by the
      Corporation. 
	
      
	  
	
    AGENT’S COMPENSATION 
	A cash commission (the “Commission”) equal to
      8% of the aggregate gross proceeds of the Offering shall be payable upon
      the closing of the Offering on the Closing Date. In addition, the
      Corporation will issue to the Agent, on the Closing Date, non-transferable
      compensation options (“Agent’s Compensation Options”) equal to 10% of the
      aggregate number of Units sold pursuant to the Offering. Each Agent’s
      Compensation Option entitles the Agent to purchase one Unit of the
      Corporation at a price of $0.30 per Unit at any time prior to the date
      that is 24 months from the Closing Date. 
	
      
	  
	
    
	The parties agree and acknowledge that the
      Agent retains the option, in its own and sole discretion, to elect to take
      all or any portion of the Commission in the form of Units upon the closing
      of the Offering. 

Schedule B 

ALL SUBSCRIBERS 

INFORMATION SHEET 

Information to be completed by the Subscriber: 

	A. 	
      Registration Form

The Subscriber, if not an individual, either [check
appropriate box]: 

	[  ]	has previously filed with the TSX Venture
      Exchange (the “Exchange”) a Form 4C, Corporate Placee Registration Form
      and represents and warrants that there has been no change to any of the
      information in the Corporate Placee Registration Form previously filed
      with the Exchange up to the date hereof; or 
	 	  
	[  ]	hereby delivers a completed Form 4C,
      Corporate Placee Registration Form, in the form attached as appendix A to
      this schedule B to the Corporation for filing with the Exchange. 
	 	 

	B. 	
      Present Ownership of
  Securities

The Subscriber either [check appropriate box]; 

	[  ]	does not own directly or indirectly, or exercise
      control or direction over, any common shares of the Corporation or
      securities convertible into common shares of the Corporation; or 
	 	 
	[  ]	owns directly or indirectly, or exercises
      control or direction over, ____________ outstanding common shares of the Corporation
      and convertible securities entitling the Subscriber to acquire
      additional common shares of the Corporation which, if converted, in
      the aggregate would represent ____________ common shares of the Corporation. 

	C. 	
      Insider Status

The Subscriber either [check appropriate box]: 

	[  ]	is an “Insider” of the Corporation as
      defined in the policies of the Exchange, as follows: 
	 	 	 
	 	(a) 	a director or senior officer of the
      Corporation; 
	 	 	 
	 	(b) 	a director or senior officer of a company that
      is itself an insider or subsidiary of the Corporation; 
	 	 	 
	 	(c) 	a person that beneficially owns or controls,
      directly or indirectly, voting shares of the Corporation carrying more
      than 10% of the voting rights attached to all the Corporation’s
      outstanding voting shares; or 
	 	 	 
	 	(d) 	the Corporation itself if it holds any
      of its own securities of its own. 
	 	 
	[  ]	is not an Insider of the Corporation.
  

	D. 	
      Member of “Pro
Group”

The Subscriber either [check appropriate box]: 

	[  ]	is a Member of the “Pro Group” as defined
      in the Rules of the Exchange, as follows: 
	 	 	 
	 	(1) 	subject to subparagraphs (2),
      (3) and (4), either individually or as a group: 
	 	 	 	 
	 	  	(a) 	the member (i.e. a member of the
      Exchange under the Exchange requirements); 
	 	 	 	 
	 	  	(b) 	employees of the member; 
	 	 	 	 
	 	  	(c) 	partners, officers or directors of the
      member; 
	 	 	 	 
	 	  	(d) 	affiliates of the member; and 
	 	 	 	 
	 	  	(e) 	associates of any parties referred to in
      subparagraphs (a) through (e); 
	 	 	 
	 	(2) 	the Exchange may, in its discretion,
      include a person or party in the Pro Group for the purposes of a
      particular calculation where the Exchange determines that the person is
      not acting at arm’s length with the member; 
	 	 	 
	 	(3) 	the Exchange may, in its discretion,
      exclude a person from the Pro Group for the purposes of a particular
      calculation where the Exchange determines that the person is acting at
      arm’s length with the member; 
	 	 	 
	 	(4) 	the member may deem a person who
      would otherwise be included in the Pro Group pursuant to subparagraph (1)
      to be excluded from the Pro Group where the member determines that: 
	 	 	 	 
	 		(a) 	the person is an affiliate or associate of the
      member acting at arm’s length of the member; 
	 	 	 	 
	 	  	(b) 	the associate or affiliate has a
      separate corporate and reporting structure; 
	 	 	 	 
	 		(c) 	there are sufficient controls on information
      flowing between the member and the associate or affiliate; and 
	 	 	 	 
	 	  	(d) 	the member maintains a list of such
      excluded persons; or 
	 	 
	[  ]	is not a member of the Pro Group.
  

Appendix A to Schedule B 

CORPORATE SUBSCRIBERS 

THE TSX VENTURE EXCHANGE 

PRIVATE PLACEMENT FORM 

FORM 4C 

CORPORATE PLACEE REGISTRATION FORM 

Where subscribers to a Private Placement are not individuals,
the following information about the Placee must be provided if such subscribers:

	 	(a) 	
      will hold more than 5% of the Issuer’s issued and
      outstanding Listed Shares on a upon completion of the Private Placement;
      or

	 	 	 
	 	(b) 	
      are subscribing for more than 25% of the Private
      Placement.

This Form will remain on file with the Exchange. The
corporation, trust, portfolio manager or other entity (the “Placee”) need only
file it on one time basis, and it will be referenced for all subsequent Private
Placements in which it participates. If any of the information provided in this
Form changes, the Placee must notify the Exchange prior to participating in
further placements with Exchange listed Issuers. If as a result of the Private
Placement, the Placee becomes an Insider of the Issuer, Insiders of the Placee
are reminded that they must file a Personal Information Form (2A) or, if
applicable, Declarations, with the Exchange. 

	1. 	
      Placee Information:

	 	 	 
		(a) 	
      Name:
      ______________________________________________________________

	 	 	 
		(b) 	
      Complete Address:
      ____________________________________________________

	 	 	 
	 	 	
      ___________________________________________________________________
	 	 	
       
		(c) 	
      Jurisdiction of Incorporation or Creation:
      ___________________________________

	 	 	 
	2. 	
      (a) Is the Placee purchasing securities as a portfolio
      manager: (Yes/No)? __________________

	 	 	 
		(b) 	
      Is the Placee carrying on business as a portfolio manager
      outside of Canada: (Yes/No)? ____

	 	 	 
	3. 	
      If the answer to 2(b) above was “Yes”, the undersigned
      certifies that:

	 	 	 
		(a) 	
      It is purchasing securities of an Issuer on behalf of
      managed accounts for which it is making the investment decision to
      purchase the securities and has full discretion to purchase or sell
      securities for such accounts without requiring the client’s express
      consent to a transaction;

	 	 	 
		(b) 	
      it carries on the business of managing the investment
      portfolios of clients through discretionary authority granted by those
      clients (a “portfolio manager” business) in ____________________
      [jurisdiction], and it is permitted by law to carry on a portfolio
      manager business in that jurisdiction;

	 	 	 
		(c) 	
      it was not created solely or primarily for the purpose of
      purchasing securities of the Issuer;

	 	 	 
		(d) 	
      the total asset value of the investment portfolios it
      manages on behalf of clients is not less than $20,000,000; and

	 	 	 
		(e) 	
      it has no reasonable grounds to believe, that any of the
      directors, senior officers and other insiders of the Issuer, and the
      persons that carry on investor relations activities for the Issuer has a
      beneficial interest in any of the managed accounts for which it is
      purchasing.

	
4. 		
If the answer to 2(a) above was “No”, please provide the names and addresses of Control Persons of the Placee:

	

	
Name *
	
	
City
	
	
Province or State
	
	
Country
	

	
 	
 	
 	
 
	
 	
 	
 	
 
	
 	
 	
 	
 

	
 	
* 		
If the Control Person is not an individual, provide the name of the individual that makes the investment decisions on behalf of the Control Person.

	

The undersigned acknowledges that it is bound by the provisions of applicable Securities Law, including provisions concerning the filing of insider reports and reports of acquisitions. 

Dated at ___________________ on ___________________ 

	
(Authorized Signature)
	
	
 
	
 
	
(Official Capacity - please print)
	
	
 
	
 
	
(Please print name of individual whose signature
appears above)
	

Acknowledgement - Personal Information 

“Personal Information” means any information about an identifiable individual, and includes information contained in sections 1, 2 and 4, as applicable, of this Form. 

The undersigned hereby acknowledges and agrees that it has obtained the express written consent of each individual to: 

	
(a) 		
the disclosure of Personal Information by the undersigned to the Exchange (as defined in Appendix 6B) pursuant to this Form; and

	
	 	 
	
(b) 		
the collection, use and disclosure of Personal Information by the Exchange for the purposes described in Appendix 6B or as otherwise identified by the Exchange, from time to time.

	

Dated at ___________________ on ___________________ 

	
(Name of Purchaser - please print)
	
	
 
	
 
	
(Authorized Signature)
	
	
 
	
 
	
(Official Capacity - please print)
	
	
 
	
 
	
(Please print name of individual whose signature
appears above)
	

THIS IS NOT A PUBLIC DOCUMENT 

Schedule C 

ALL SUBSCRIBERS 

REGISTRATION AND DELIVERY INSTRUCTIONS 

	
Delivery: Please deliver the certificates representing the Purchased Securities to:
	
	
 
	
 
	
Name
	
	
 
	
 
	
Account reference, if applicable
	
	
 
	
 
	
Contact name
	
	
 
	
 
	
Address, including postal code
	
	
 
	
 
	
Telephone number
	
	
 
	
 
	
Registration: The certificates representing the Purchased Securities which are to be delivered at
Closing should be registered as follows:
	
	
 
	
 
	
Name
	
	
 
	
 
	
Account reference, if applicable
	
	
 
	
 
	
 
	
 
	
 
	
 
	
Address, including postal code
	

Words and terms herein with the initial letter or letters thereof capitalized and defined in the Agreement shall have the meanings given to such capitalized words and terms in the Agreement. 

Schedule D 

ALL CANADIAN SUBSCRIBERS 

IF YOUR SUBSCRIPTION PRICE EXCEEDS $150,000 AND SUBSECTION
4B(b) OF THIS AGREEMENT APPLIES TO YOU, YOU ARE NOT REQUIRED TO COMPLETE AND
SIGN THIS CERTIFICATE. 

	TO: 	BE RESOURCES INC. 
	AND TO: 	MGI SECURITIES INC. 

CERTIFICATE 

In connection with the purchase of units (the “Purchased
Securities”) of Champion Minerals Inc. (the “Corporation”), the undersigned
hereby represents, warrants and certifies that: 

	I. 	ALL SUBSCRIBERS PURCHASING UNDER THE
      “ACCREDITED INVESTOR” EXEMPTION OR THE “AFFILIATE” EXEMPTION
  
	  	  
	1. 	the Subscriber is resident in a jurisdiction of
      Canada, is subject to the securities laws of a jurisdiction of Canada or
      is a non-Canadian portfolio manager. 
	  	  
	2. 	the Subscriber is purchasing the Purchased
      Securities as principal or is deemed under National Instrument 45-106 -
      Prospectus and Registration Exemptions of the Canadian Securities
      Administrators (“NI 45-106”) to be purchasing the Purchased Securities as
      principal; and 
	  	  
	3. 	the Subscriber is an “accredited investor”
      within the meaning of NI 45-106 by virtue of satisfying the indicated
      criterion as set out in appendix “A” to this certificate (YOU MUST ALSO
      INITIAL OR PLACE A CHECK-MARK ON THE APPROPRIATE LINE IN APPENDIX A
      ATTACHED TO THIS CERTIFICATE); 

The above representations and warranties will be true and
correct both as of the execution of this certificate and as of the closing time
of the purchase and sale of the Purchased Securities and the undersigned
acknowledges that they will survive the completion of the issue of the Purchased
Securities. 

The undersigned acknowledges that the foregoing representations
and warranties are made by the undersigned with the intent that they be relied
upon in determining the suitability of the Subscriber as a purchaser of the
Purchased Securities and that this certificate is incorporated into and forms
part of the Subscription Agreement and the undersigned undertakes to immediately
notify the Corporation of any change in any statement or other information
relating to the Subscriber set forth herein which takes place prior to the
closing time of the purchase and sale of the Purchased Securities. 

	
Dated: ________________________, 2010.
	
	
  	
  
	
  	
 Print name of Subscriber (or person signing as agent)
	
	
 
	
 

	
  	
  
	
 By:   
	
	
 Signature
	
	
 	
 
	
	
  	
  
	
  	
 Title
	
	
  	
  
	
  	
  
	
  	
 (please print name of individual
whose signature
	
	
  	
 appears above, if different from
name of Subscriber
	
	
  	
 or agent printed above)
	

Appendix A to Schedule D 

Accredited Investor - (defined in NI 45-106) means: 

	
 	
 	
(a) 		
a Canadian financial institution or an authorized foreign bank named in Schedule III of the Bank Act (Canada),

	
	 	 	 	 	 
	
 	
 	
(b) 		
the Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada),

	
	 	 	 	 	 
	
 	
 	
(c) 		
a subsidiary of any person referred to in paragraph (a) or (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that
subsidiary,

	
	 	 	 	 	 
	
 	
 	
(d) 		
a person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer, other than a person registered solely as a limited market dealer under one or both of the Securities Act (Ontario) or
the Securities Act (Newfoundland and Labrador),

	
	 	 	 	 	 
	
 	
 	
(e) 		
an individual registered or formerly registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (d),

	
	 	 	 	 	 
	
 	
 	
(f) 		
the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly-owned entity of the Government of Canada or a jurisdiction of Canada,

	
	 	 	 	 	 
	
 	
 	
(g) 		
a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l’île de Montréal or an intermunicipal management board in
Quebec,

	
	 	 	 	 	 
	
 	
 	
(h) 		
any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government,

	
	 	 	 	 	 
	
 	
 	
(i) 		
a pension fund that is regulated by either the Office of the Superintendent of Financial Institutions (Canada) or a pension commission or similar regulatory authority of a jurisdiction of Canada,

	
	 	 	 	 	 
	
 	
 	
(j) 		
an individual who, either alone or with a spouse, beneficially owns, directly or indirectly, financial assets having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds
$1,000,000,

	
	 	 	 	 	 
	
 	
 	
(k) 		
an individual whose net income before taxes exceeded $200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent
calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year,

	
	 	 	 	 	 
	
 	
 	
(l) 		
an individual who, either alone or with a spouse, has net assets of at least $5,000,000,

	
	 	 	 	 	 
	
 	
 	
(m) 		
a person, other than an individual or investment fund, that has net assets of at least $5,000,000 as shown on its most recently prepared financial statements,

	
	 	 	 	 	 
	
 	
 	
(n) 		
an investment fund that distributes or has distributed its securities only to,

	
	 	 	 	 	 
	 	 		
(i) 		
a person that is or was an accredited investor at the time of the distribution,

	
	 	 	 	 	 
	 	 		
(ii) 		
a person that acquires or acquired securities in the circumstances referred to in sections 2.10 [Minimum amount investment] and 2.19 [Additional investment in investment funds] of NI 45-106, or

	

	 	 		
(iii) 		
a person described in paragraph (i) or (ii) immediately above that acquires or acquired securities under section 2.18 [Investment fund reinvestment] of NI 45- 106,

	
	 	 	 	 	 
	
 	
 	
(o) 		
an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Quebec, the securities regulatory authority, has issued a receipt,

	
	 	 	 	 	 
	
 	
 	
(p) 		
a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction,
acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be,

	
	 	 	 	 	 
	
 	
 	
(q) 		
a person acting on behalf of a fully managed account managed by that person, if that person:

	
	 	 	 	 	 
	 	 		
(i) 		
is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction, and

	
	 	 	 	 	 
	 	 		
(ii) 		
in Ontario, is purchasing a security that is not a security of an investment fund,

	
	 	 	 	 	 
	
 	
 	
(r) 		
a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of
the registered charity to give advice on the securities being traded,

	
	 	 	 	 	 
	
 	
 	
(s) 		
an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) in form and function,

	
	 	 	 	 	 
	
 	
 	
(t) 		
a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors,

	
	 	 	 	 	 
	
 	
 	
(u) 		
an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser, or

	
	 	 	 	 	 
	
 	
 	
(v) 		
a person that is recognized or designated by the securities regulatory authority or, except in Ontario and Quebec, the regulator as an accredited investor, or an exempt purchaser in Alberta or British Columbia after NI 45-106 came
into force.

	

	

NOTE:
	
	
The investor must initial or place a check-mark beside the portion of the above definition
applicable to the investor.
	

For the purposes hereof: 

	
(a) 		
“Canadian financial institution” means

	
	 	 	 
		
(i) 		
an association governed by the Cooperative Credit Associations Act (Canada) or a central cooperative credit society for which an order has been made under section 473(1) of the Cooperative Credit Associations Act (Canada), or

	
	 	 	 
		
(ii) 		
a bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse populaire, financial services cooperative, or league that, in each case, is authorized by an enactment of Canada
or a jurisdiction of Canada to carry on business in Canada or a jurisdiction of Canada;

	

	
(b) 		
“control person” has the meaning ascribed to that term in securities legislation except in Manitoba, Ontario, Quebec, Nova Scotia, Newfoundland and Labrador, Prince Edward Island, the Northwest Territories
and Nunavut where “control person” means any person that holds or is one of a combination of persons that hold

	
	 	 	 	 
		
(i) 		
a sufficient number of any of the securities of an issuer so as to affect materially the control of the issuer, or

	
	 	 	 	 
		
(ii) 		
more than 20% of the outstanding voting securities of an issuer except where there is evidence showing that the holding of those securities does not affect materially the control of that issuer;

	
	 	 	 	 
	
(c) 		
“eligibility adviser” means

	
	 	 	 	 
		
(i) 		
a person that is registered as an investment dealer and authorized to give advice with respect to the type of security being distributed, and

	
	 	 	 	 
		
(ii) 		
in Saskatchewan or Manitoba, also means a lawyer who is a practising member in good standing with a law society of a jurisdiction of Canada or a public accountant who is a member in good standing of an institute or association of
chartered accountants, certified general accountants or certified management accountants in a jurisdiction of Canada provided that the lawyer or public accountant must not:

	
	 	 	 	 
			
(A) 		
have a professional, business or personal relationship with the issuer, or any of its directors, executive officers, founders or control persons, and

	
	 	 	 	 
			
(B) 		
have acted for or been retained personally or otherwise as an employee, executive officer, director, associate or partner of a person that has acted for or been retained by the issuer or any of its directors, executive officers,
founders or control persons within the previous 12 months;

	
	 	 	 	 
	
(d) 		
“executive officer” means, for an issuer, an individual who is

	
	 	 	 	 
		
(i) 		
a chair, vice-chair or president,

	
	 	 	 	 
		
(ii) 		
a vice-president in charge of a principal business unit, division or function including sales, finance or production, or

	
	 	 	 	 
		
(iii) 		
performing a policy-making function in respect of the issuer;

	
	 	 	 	 
	
(e) 		
“financial assets” means (i) cash, (ii) securities or (iii) a contract of insurance, a deposit or an evidence of a deposit that is not a security for the purposes of securities legislation;

	
	 	 	 	 
	
(f) 		
“founder” means, in respect of an issuer, a person who,

	
	 	 	 	 
		
(i) 		
acting alone, in conjunction or in concert with one or more persons, directly or indirectly, takes the initiative in founding, organizing or substantially reorganizing the business of the issuer, and

	
	 	 	 	 
		
(ii) 		
at the time of the trade is actively involved in the business of the issuer;

	
	 	 	 	 
	
(g) 		
“fully managed account” means an account of a client for which a person makes the investment decisions if that person has full discretion to trade in securities for the account without requiring the
client’s express consent to a transaction;

	
	 	 	 	 
	
(h) 		
“investment fund” has the meaning ascribed thereto in National Instrument 81-106 - Investment Fund Continuous Disclosure;

	

	
(i) 		
“person” includes

	
	 	 	 
		
(i) 		
an individual,

	
	 	 	 
		
(ii) 		
a corporation,

	
	 	 	 
		
(iii) 		
a partnership, trust, fund and an association, syndicate, organization or other organized group of persons, whether incorporated or not, and

	
	 	 	 
		
(iv) 		
an individual or other person in that person’s capacity as a trustee, executor, administrator or personal or other legal representative;

	
	 	 	 
	
(j) 		
“related liabilities” means

	
	 	 	 
		
(i) 		
liabilities incurred or assumed for the purpose of financing the acquisition or ownership of financial assets, or

	
	 	 	 
		
(ii) 		
liabilities that are secured by financial assets;

	
	 	 	 
	
(k) 		
“spouse” means, an individual who,

	
	 	 	 
		
(i) 		
is married to another individual and is not living separate and apart within the meaning of the Divorce Act (Canada), from the other individual,

	
	 	 	 
		
(ii) 		
is living with another individual in a marriage-like relationship, including a marriage-like relationship between individuals of the same gender, or

	
	 	 	 
		
(iii) 		
in Alberta, is an individual referred to in paragraph (i) or (ii) immediately above or is an adult interdependent partner within the meaning of the Adult Interdependent Relationships Act (Alberta); and

	
	 	 	 
	
(l) 		
“subsidiary” means an issuer that is controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary;

	

Affiliated Entities and Control

	
1. 		
An issuer is considered to be an affiliate of another issuer if one of them is the subsidiary of the other, or if each of them is controlled by the same person.

	
	 	 	 
	
2. 		
A person (first person) is considered to control another person (second person) if

	
	 	 	 
		
(a) 		
the first person, directly or indirectly, beneficially owns or exercises control or direction over securities of the second person carrying votes which, if exercised, would entitle the first person to elect a majority of the
directors of the second person, unless the first person holds the voting securities only to secure an obligation,

	
	 	 	 
		
(b) 		
the second person is a partnership, other than a limited partnership, and the first person holds more than 50% of the interests in the partnership, or

	
	 	 	 
		
(c) 		
the second person is a limited partnership and the general partner of the limited partnership is the first person.

	

All monetary references are in Canadian Dollars. 

SCHEDULE E 

DECLARATION FOR REMOVAL OF LEGEND 

To:     The registrar and transfer agent for the Common Shares and Warrants of

 BE Resources Inc. (the “Company”) 

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

	
By:___________________________
		
Date:
	
	
 
		
 
	
	
                    Signature
		
 
	
	
      ___________________________
		
 
	
 	
 
	
Name (please print)

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